<SEC-DOCUMENT>0001193125-14-163165.txt : 20140428
<SEC-HEADER>0001193125-14-163165.hdr.sgml : 20140428
<ACCEPTANCE-DATETIME>20140428164409
ACCESSION NUMBER:		0001193125-14-163165
CONFORMED SUBMISSION TYPE:	F-1/A
PUBLIC DOCUMENT COUNT:		20
FILED AS OF DATE:		20140428
DATE AS OF CHANGE:		20140428

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Tuniu Corp
		CENTRAL INDEX KEY:			0001597095
		STANDARD INDUSTRIAL CLASSIFICATION:	TRANSPORTATION SERVICES [4700]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-1/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-195075
		FILM NUMBER:		14790008

	BUSINESS ADDRESS:	
		STREET 1:		TUNIU BUILDING, NO. 699-32
		STREET 2:		XUANWUDADAO, XUANWU DISTRICT
		CITY:			NANJING
		STATE:			F4
		ZIP:			210042
		BUSINESS PHONE:		86 25 86853969

	MAIL ADDRESS:	
		STREET 1:		TUNIU BUILDING, NO. 699-32
		STREET 2:		XUANWUDADAO, XUANWU DISTRICT
		CITY:			NANJING
		STATE:			F4
		ZIP:			210042
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-1/A
<SEQUENCE>1
<FILENAME>d652797df1a.htm
<DESCRIPTION>AMENDMENT NO.1 TO FORM F-1
<TEXT>
<HTML><HEAD>
<TITLE>Amendment No.1 to Form F-1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>As filed with the Securities and Exchange Commission on April 28, 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right"><B>Registration No.&nbsp;333-195075 </B></P>  <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>  <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENT
NO. 1 TO </B></P>  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>FORM F-1 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>REGISTRATION STATEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>UNDER </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>THE
SECURITIES ACT OF 1933 </I></B></P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:22pt; font-family:Times New Roman" ALIGN="center"><B>Tuniu Corporation </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Exact
name of Registrant as specified in its charter) </B></P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Not Applicable
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Translation of Registrant&#146;s name into English) </B></P>
<P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"><B>Cayman Islands</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>4700</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Not Applicable</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>incorporation or organization)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Primary Standard Industrial</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Classification Code Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification Number)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Tuniu Building, No.&nbsp;699-32 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Xuanwudadao, Xuanwu District </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Nanjing, Jiangsu Province 210042 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>People&#146;s Republic of China </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Tel: +86 25 8685-3969 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address, including zip code, and telephone number, including area code, of Registrant&#146;s principal executive offices) </B></P>
<P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Law Debenture Corporate Services Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>400 Madison Avenue, Suite 4D </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>New York, New York 10017 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>+1 212 750-6474 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name,
address, including zip code, and telephone number, including area code, of agent for service) </B></P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B><I>Copies to:
</I></B></P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Z. Julie Gao, Esq.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Will H. Cai, Esq.</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Skadden,
Arps, Slate, Meagher &amp; Flom LLP</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>c/o 42/F, Edinburgh Tower, The Landmark</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>15 Queen&#146;s Road Central</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Hong Kong</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>+852
3740-4700</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Matthew Bersani, Esq.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Shuang Zhao, Esq.</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Shearman
&amp; Sterling LLP</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>c/o 12/F, Gloucester Tower, The Landmark</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>15 Queen&#146;s Road Central</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Hong Kong</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>+852
2978-8000</B></P></TD></TR>
</TABLE> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Approximate date of commencement of proposed sale to the public: </B>as soon as practicable after the effective date of this registration statement. </P>
<P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">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,
check the following box.&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </P> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">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.&nbsp;&nbsp;<FONT
STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </P> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">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;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </P>
<P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">If this Form is a post-effective amendment filed pursuant to Rule 462(d) 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;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>CALCULATION OF
REGISTRATION FEE </B></P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="44%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD></TR>


<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title of each class of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>securities to be registered</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Amount of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>shares to be<BR>registered<SUP STYLE="font-size:85%; vertical-align:top">(1)(2)</SUP></B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Proposed<BR>maximum<BR>offering price<BR>per share<SUP
STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Proposed<BR>maximum<BR>aggregate</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>offering&nbsp;
price<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP><SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Amount&nbsp;of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>registration&nbsp;fee</B></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Class A ordinary shares, par value US$0.0001 per&nbsp;share<SUP
STYLE="font-size:85%; vertical-align:top"> (2)(3)</SUP></B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>27,600,000</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><B>US$3.67</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><B>US$101,200,000</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><B>US$13,034.56<SUP STYLE="font-size:85%; vertical-align:top">(4)</SUP></B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Estimated solely for the purpose of determining the amount of registration fee in accordance with Rule 457(a) under the Securities Act. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">Includes Class A ordinary shares initially offered and sold outside the United States that may be resold from time to time in the United States either as part of their distribution or within 40 days after the later of
the effective date of this registration statement and the date the shares are first bona fide offered to the public, and also includes ordinary shares that may be purchased by the underwriters pursuant to an over-allotment option. These Class A
ordinary shares are not being registered for the purpose of sales outside the United States. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">American depositary shares issuable upon deposit of the Class A ordinary shares registered hereby will be registered under a separate registration statement on Form F-6 with the Securities and Exchange Commission
(Registration No. 333-195515). Each American depositary share represents three Class A ordinary shares. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top">Previously paid. </TD></TR></TABLE>  <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>The Registrant hereby amends
this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in
accordance with Section&nbsp;8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to such Section&nbsp;8(a), may determine.
</B></P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Arial Narrow"><FONT COLOR="#cc062a"><B>The information in this preliminary prospectus is not complete and may be changed. We
and the selling shareholders may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and we are not
soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted. </B></FONT></P>  <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#cc062a"><I>PROSPECTUS (Subject to Completion) </I></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#cc062a"><I>Issued April 28, 2014 </I></FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:15pt; font-family:Times New Roman" ALIGN="center"><I>8,000,000 American Depositary Shares </I></P>  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g652797g10p49.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:20pt; font-family:Times New Roman" ALIGN="center"><I>Tuniu Corporation </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><I>REPRESENTING 24,000,000 CLASS A ORDINARY SHARES </I></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:28%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Bodoni MT"><B><I>Tuniu Corporation is offering
7,380,000 American depositary shares, or ADSs, and the selling shareholders are offering 620,000 ADSs. Each ADS represents three Class A ordinary shares, par value <FONT STYLE="font-family:Times New Roman">US$</FONT>0.0001 per share. This is our
initial public offering and no public market currently exists for our ADSs or Class A ordinary shares. We anticipate the initial public offering price of our ADSs will be between <FONT STYLE="font-family:Times New Roman">US$</FONT>9.00 and <FONT
STYLE="font-family:Times New Roman">US$</FONT>11.00 per ADS. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Bodoni MT"><B><I>Upon completion of this offering, we will have a dual class ordinary share structure.
Our ordinary shares will be divided into Class A ordinary shares and Class B ordinary shares. Holders of Class A ordinary shares are entitled to one vote per share, while holders of Class B ordinary shares are entitled to ten votes per share.
Holders of Class A and Class B ordinary shares will vote together as one class on all matters that require a shareholders&#146; vote. Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof, while
Class A ordinary shares are not convertible into Class B ordinary shares under any circumstance. Upon the completion of this offering, our existing shareholders will own an aggregate of 106,764,391 Class B ordinary shares, which will represent 96.9%
of the then total voting power of our outstanding shares, assuming the initial public offering price will be <FONT STYLE="font-family:Times New Roman">US$</FONT>10.00 per ADS, the mid-point of the estimated initial public offering price range shown
herein. </I></B></P>  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:28%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Bodoni MT"><B><I>We are an &#147;emerging growth company&#148; under applicable U.S. federal securities laws and are eligible for reduced public company reporting requirements.
</I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:28%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Bodoni MT"><B><I>We have applied for the listing of our ADSs on the NASDAQ Global Market under the symbol &#147;TOUR.&#148; </I></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:28%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Bodoni MT"><B><I>Investing in the ADSs involves risks. See &#147;<A HREF="#rom652797_2">Risk Factors</A>&#148; beginning on page 13. </I></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:28%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>PRICE US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AN ADS </I></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:28%">&nbsp;</P></center>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="85%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="52%"></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT STYLE="font-family:Bodoni MT; font-size:7pt"><B><I>Price&nbsp;to&nbsp;public</I></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT STYLE="font-family:Bodoni MT; font-size:7pt"><B><I>Underwriting<BR>Discounts<BR>and<BR>Commissions</I></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT STYLE="font-family:Bodoni MT; font-size:7pt"><B><I>Proceeds<BR>before<BR>expenses <BR>to&nbsp;Company</I></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00px solid #000000"><FONT STYLE="font-family:Bodoni MT; font-size:7pt"><B><I>Proceeds<BR>before<BR>expenses to<BR>Selling<BR>Shareholders</I></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><I>Per&nbsp;ADS</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>US$</I></TD>
<TD VALIGN="bottom" ALIGN="right"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></TD>
<TD NOWRAP VALIGN="bottom"><I>&nbsp;&nbsp;</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>US$</I></TD>
<TD VALIGN="bottom" ALIGN="right"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></TD>
<TD NOWRAP VALIGN="bottom"><I>&nbsp;&nbsp;</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>US$</I></TD>
<TD VALIGN="bottom" ALIGN="right"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></TD>
<TD NOWRAP VALIGN="bottom"><I>&nbsp;&nbsp;</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>US$</I></TD>
<TD VALIGN="bottom" ALIGN="right"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></TD>
<TD NOWRAP VALIGN="bottom"><I>&nbsp;&nbsp;</I></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><I>Total</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>US$</I></TD>
<TD VALIGN="bottom" ALIGN="right"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></TD>
<TD NOWRAP VALIGN="bottom"><I>&nbsp;&nbsp;</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>US$</I></TD>
<TD VALIGN="bottom" ALIGN="right"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></TD>
<TD NOWRAP VALIGN="bottom"><I>&nbsp;&nbsp;</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>US$</I></TD>
<TD VALIGN="bottom" ALIGN="right"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></TD>
<TD NOWRAP VALIGN="bottom"><I>&nbsp;&nbsp;</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>US$</I></TD>
<TD VALIGN="bottom" ALIGN="right"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></TD>
<TD NOWRAP VALIGN="bottom"><I>&nbsp;&nbsp;</I></TD></TR>
</TABLE>   <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Bodoni MT"><I>We have granted the underwriters the right to purchase up to 1,200,000 additional ADSs to cover over-allotments within 30
days after the date of this prospectus. We will not receive any of the proceeds from the sale of the ADSs by the selling shareholders. </I></P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Bodoni MT"><I>The
Securities and Exchange Commission and state securities regulators have not approved or disapproved of these securities, or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Bodoni MT"><I>The underwriters expect to deliver the ADSs to purchasers on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2014. </I></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:28%">&nbsp;</P></center>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="35%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman"><I>MORGAN&nbsp;STANLEY</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><I>CREDIT&nbsp;SUISSE</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><I>CHINA&nbsp;RENAISSANCE</I></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:28%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>OPPENHEIMER &amp; CO. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Bodoni MT"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2014 </I></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>


<IMG SRC="g652797ifc_2.jpg" ALT="LOGO">
 </B></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc"></A>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;
</P><DIV STYLE="position:relative;float:left; margin-right:1%; width:48%;padding-right:9pt;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom652797_1">Prospectus Summary</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom652797_2">Risk Factors</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom652797_3">Special Note Regarding Forward-Looking Statements</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom652797_4">Use of Proceeds</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom652797_5">Dividend Policy</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom652797_6">Capitalization</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom652797_7">Dilution</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom652797_8">Exchange Rate Information</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom652797_9">Enforceability of Civil Liabilities</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom652797_10">Corporate History and Structure</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom652797_11">Selected Consolidated Financial and Operating Data</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom652797_29">Recent Developments</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom652797_12">Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR></TABLE>
</DIV><DIV STYLE="position:relative;float:right; width:48%;padding-right:9pt;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom652797_13">Industry Overview</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom652797_14">Business</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">95</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom652797_15">PRC Regulation</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">110</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom652797_16">Management</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">123</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom652797_17">Principal and Selling Shareholders</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">131</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom652797_18">Related Party Transactions</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">135</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom652797_19">Description of Share Capital</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">136</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom652797_20">Description of American Depositary Shares</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">145</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom652797_21">Shares Eligible for Future Sale</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">157</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom652797_22">Taxation</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">159</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom652797_23">Underwriting</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">166</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom652797_24">Expenses Relating to This Offering</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">172</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom652797_25">Legal Matters</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">173</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom652797_26">Experts</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">174</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom652797_27">Where You Can Find Additional Information</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">175</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom652797_28">Index to Consolidated Financial Statements</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">F-1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE>  </DIV><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>
  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You should rely only on the information contained in this prospectus or in any related
free-writing prospectus. We have not authorized anyone to provide you with information different from that contained in this prospectus or any free-writing prospectus. We and the selling shareholders are offering to sell, and seeking offers to buy,
the ADSs only in jurisdictions where offers and sales are permitted. The information contained in this prospectus is current only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of the ADSs.
</P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have not taken any action to permit a public offering of the ADSs outside the United States or to permit the possession or
distribution of this prospectus outside the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about and observe any restrictions relating to the offering of the ADSs and the
distribution of the prospectus outside the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Until
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2014 (the 25<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day after the date of this prospectus), all dealers that
buy, sell or trade ADSs, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the obligation of dealers to deliver a prospectus when acting as underwriters and with respect to their unsold
allotments or subscriptions. </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px;MARGIN-RIGHT:0px;WIDTH:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom652797_1"></A>PROSPECTUS SUMMARY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>This summary highlights information contained elsewhere in this prospectus and does not contain all of the information that you should
consider in making your investment decision. Before investing in the ADSs, you should carefully read the entire prospectus, including our financial statements and related notes included in this prospectus and the information set forth under the
headings &#147;Risk Factors&#148; and &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations.&#148; In addition, we commissioned iResearch Consulting Group, or iResearch, a third-party research firm, to
prepare a report for the purpose of providing various industry and other information and illustrating our position in the leisure travel industry in China. Information from the report prepared by iResearch, or the iResearch Report, appears in
&#147;Prospectus Summary,&#148; &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations,&#148; &#147;Industry Overview,&#148; &#147;Business&#148; and other sections of this prospectus. We have taken such
care as we consider reasonable in the reproduction and extraction of information from the iResearch Report and other third-party sources. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Our
Business </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are a leading online leisure travel company in China. We offer a large selection of packaged tours, including organized
tours and self-guided tours, as well as travel-related services for leisure travelers. We ranked first in China&#146;s online organized tours market as measured by transaction value in 2013, according to iResearch, a third-party research firm. We
believe we are well positioned to benefit from the significant growth potential of China&#146;s online leisure travel market, which is expected to grow at a compound annual growth rate, or CAGR, of 35.6% from 2013 to 2016 as measured by transaction
value, according to iResearch. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We started offering packaged tours online in 2007, and are among the earliest Chinese companies that focus
on the online leisure travel market. As an early mover in China&#146;s online leisure travel market, we have sold over three million packaged tours since our inception. We offer packaged tours sourced from over 3,000 travel suppliers, covering over
70 countries as well as all popular tourist attractions in China. Our product portfolio consists of over 100,000 <FONT STYLE="white-space:nowrap">stock-keeping</FONT> units, or SKUs, of organized tours, over 100,000 SKUs of self-guided tours, and
tickets for over 1,000 domestic and overseas tourist attractions. Our core strength is in overseas leisure travel products and services, which contributed over 70% of our gross bookings in 2013. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have established &#147;Tuniu&#148; as a trusted and widely recognized brand in leisure travel in China, powered by a compelling customer
experience. Our online platform, which comprises our <I>tuniu.com </I>website and mobile platform, provides comprehensive product and travel information through user-friendly interfaces to enable leisure travelers to plan their travels and search
for itineraries that best suit their needs. Our online platform contains travel guides featuring photos, information and recommendations for all destinations we cover, as well as user-generated content that serves as valuable references for other
travelers. We have more than 900,000 customer reviews about our products and services and over 20,000 travel stories on our online platform. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To cultivate customer loyalty and ensure customer satisfaction, we complement our online platform with an extensive nationwide service
network, including our centralized call center in Nanjing and 15 regional service centers across China. We have a team of over 400 well-trained tour advisors to closely assist customers through their booking process. We believe that our high-quality
customer service has contributed to the continuous growth in our customer base. The total number of trips sold by us grew from approximately 850,000 in 2012 to approximately 1,280,000 in 2013. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our recognized brand in leisure travel and growing customer base enable us to source a broad range of products from high-quality travel
suppliers at competitive prices. We rigorously select our travel suppliers to </P>
 <P STYLE="margin-top:0pt;margin-bottom:0pt; font-size:8pt">&nbsp;</P></div></div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px;MARGIN-RIGHT:0px;WIDTH:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
ensure quality and reliability. We have developed our proprietary supply chain management system&#151;N-booking system&#151;to streamline our interactions with travel suppliers, allowing them to
receive booking information real-time, more efficiently manage travel products and better understand customer preferences. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have
achieved significant growth in recent years. Our net revenues increased from RMB765.5 million in 2011 to RMB1,112.9 million in 2012 and further to RMB1,949.7 million (US$322.1 million) in 2013, representing a CAGR of 59.6%. We had a net loss of
RMB91.9 million, RMB107.2 million and RMB79.6 million (US$13.2 million) in 2011, 2012 and 2013, respectively. We generally collect payments from our customers upon contract confirmation before we pay our travel suppliers, which allows us to generate
positive cash flow from operations. Our net cash provided by operating activities was RMB36.3 million, RMB14.7 million and RMB116.7 million (US$19.3 million) in 2011, 2012 and 2013, respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our ability to achieve and maintain profitability depends on our ability to effectively reduce our costs and expenses as a percentage of our
net revenues. Our cost of revenues as a percentage of our net revenues decreased from 96.9% in 2011 to 96.5% in 2012 and further to 93.8% in 2013. Cost to suppliers of our organized tours, which were attributed solely to revenues from organized
tours, accounted for 92.1%, 93.8% and 92.4% of our revenues from organized tours in 2011, 2012 and 2013, respectively. Our operating expenses as a percentage of our net revenues decreased from 16.2% in 2011 to 13.7% in 2012 and further to 11.1% in
2013. Such decreases were primarily attributable to the improved operational efficiency and decrease of our average procurement costs for travel products. However, our past results of operations should not be taken as indicative of our future
performance. We plan to increase our sales and marketing efforts, including advertising campaigns, to further increase our market share. We also expect our share-based compensation to increase. As a result, we expect our operating expenses to
increase in absolute amount. If we fail to effectively reduce our costs and expenses as a percentage of our net revenues, we may not be able to achieve and maintain profitability. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Our Industry </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Demand for vacation,
recreation and other forms of leisure travel has risen rapidly in China, driven by higher levels of disposable income, favorable government policies and growing interests in leisure activities. According to iResearch, the leisure travel industry in
China, which primarily includes organized tours and self-guided tours, is expected to grow at a CAGR of 13.3% from RMB394.0 billion (US$65.1 billion) in 2013 to reach RMB573.0 billion (US$94.7 billion) in 2016, as measured by transaction value. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The online leisure travel market in China enjoys a significantly higher growth rate compared to the overall leisure travel industry.
China&#146;s online leisure travel market is expected to grow at a CAGR of 35.6% from 2013 to 2016 to reach RMB75.5 billion (US$12.5 billion), according to iResearch. The penetration rate of China&#146;s online leisure travel market remains low. The
size of the online leisure travel market as a percentage of the overall leisure travel industry in China was only 7.7% in 2013 and is expected to reach 13.2% in 2016, according to iResearch. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The rapid growth of China&#146;s online leisure travel market is mainly driven by the migration of leisure travel bookings from offline to
online and the increasing popularity of overseas travel among Chinese consumers. Inefficiencies in offline leisure travel bookings, the increasing Internet and mobile Internet penetration and a surging trend of shopping online have all contributed
to the growth in online leisure travel bookings. At the same time, rising disposable income, an expanding middle class and relaxing visa requirements are leading to the growth in overseas travel demand. As such, the online leisure travel market has
been, and is expected to continue to be, the fastest growing segment in the online travel industry in China. </P>  <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Our Competitive Strengths </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We believe the following competitive strengths have contributed to our strong market position: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">leading online leisure travel company; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">trusted brand powered by compelling customer experience; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:10pt">comprehensive product offerings; </P></TD></TR></TABLE>
 <P STYLE="margin-top:0pt;margin-bottom:0pt; font-size:8pt">&nbsp;</P></div></div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px;MARGIN-RIGHT:0px;WIDTH:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">extensive supplier network and strong supply chain management expertise; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">robust technology capabilities. </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Our Strategies </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our goal is to become Chinese consumers&#146; destination for leisure travel products and services. We aim to further expand our online leisure
travel market share by pursuing the following strategies: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">expand our product selection and offering; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">further grow our user base and increase our user engagement; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">strengthen supply chain management; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">enhance our mobile platform; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">continue to invest in technology and product development capabilities; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">pursue strategic alliances and acquisitions. </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Our Challenges </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The successful execution of our strategies is subject to risks and uncertainties related to our business and industry, including those relating
to our ability to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">adapt to declines and disruptions in the leisure travel industry in China; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">continue to provide competitive travel products and services; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">maintain the quality of customer services; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">adequately control and ensure the quality of travel products and services sourced from our travel suppliers; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">achieve and maintain profitability given our history of net losses; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">adapt to the more stringent regulations on tour operators under the newly promulgated Tourism Law; </TD></TR></TABLE>  <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">compete successfully against existing and new competitors; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">enhance our brand recognition; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">manage the proceedings or claims arising from travel-related accidents or customer misconducts; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">maintain the satisfactory performance of our online platform and management systems. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In
addition, we face risks and uncertainties related to our corporate structure and doing business in China, including: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">risks associated with our control over Nanjing Tuniu Technology Co., Ltd., or Nanjing Tuniu, which is based on contractual arrangements rather than equity ownership, including our ability to use and enjoy assets held by
Nanjing Tuniu and its subsidiaries that are material to the operation of our business, such as the domain names and trademarks held by Nanjing Tuniu; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">risks related to the potential conflicts of interest between the shareholders of Nanjing Tuniu and our company; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">uncertainties associated with the interpretation and application of PRC regulations and policies, including those relating to the distribution of internet content in China; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">risks related to our ability to use the proceeds of this offering to make additional capital contributions or loans to our PRC subsidiaries as a result of PRC regulations and governmental control of currency conversion.
</TD></TR></TABLE>
 <P STYLE="margin-top:0pt;margin-bottom:0pt; font-size:8pt">&nbsp;</P></div></div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px;MARGIN-RIGHT:0px;WIDTH:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">See &#147;Risk Factors&#148; and &#147;Special Note Regarding Forward-Looking
Statements&#148; for a discussion of these and other risks and uncertainties associated with our business and investing in our ADSs. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Corporate History
and Structure </B></P>  <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We began our operation in China through Nanjing Tuniu, a PRC company formed in December 2006. In June 2008, we
incorporated Tuniu Corporation under the laws of the Cayman Islands as our offshore holding company in order to facilitate international financing. In May 2011, we established our wholly owned Hong Kong subsidiary, Tuniu (HK) Limited. Tuniu
Corporation established a wholly owned PRC subsidiary, Beijing Tuniu Technology Co., Ltd., or Beijing Tuniu, in September 2008. Tuniu (HK) Limited established another wholly owned PRC subsidiary, Tuniu (Nanjing) Information Technology Co., Ltd., in
August 2011, and acquired 100% of the equity interests in Beijing Tuniu in September 2011. Through Beijing Tuniu, we obtained control over Nanjing Tuniu by entering into a series of contractual arrangements, including purchase option agreement,
equity interest pledge agreement, shareholders&#146; voting rights agreement, powers of attorney and cooperation agreement, with Nanjing Tuniu and the shareholders of Nanjing Tuniu. Nanjing Tuniu holds our Internet content provision license, or ICP
license, as an Internet content provider and operates our website. Beijing Tuniu International Travel Service Co., Ltd. and Nanjing Tuniu International Travel Service Co. Ltd., both of which are Nanjing Tuniu&#146;s subsidiaries, hold our operation
permits for overseas travel business. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">These contractual arrangements allow us to: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">exercise effective control over Nanjing Tuniu; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">receive substantially all of the economic benefits of Nanjing Tuniu; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">have an option to purchase all or part of the equity interests in Nanjing Tuniu when and to the extent permitted by PRC law. </TD></TR></TABLE>
 <P STYLE="margin-top:0pt;margin-bottom:0pt; font-size:8pt">&nbsp;</P></div></div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px;MARGIN-RIGHT:0px;WIDTH:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following diagram illustrates our corporate structure, including our principal
subsidiaries and consolidated affiliated entities, as of the date of this prospectus: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>  <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g652797g34v50.jpg" ALT="LOGO">
 </P>  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Messrs. Dunde Yu, Haifeng Yan, Tong Wang, Jiping Wang, Xin Wen, Yongquan Tan and Haifeng Wang hold 28.66%, 19.11%, 7.71%, 4.82%, 0.96%, 0.96% and 37.78% equity interests in Nanjing Tuniu, respectively. Among the
shareholders of Nanjing Tuniu, Messrs. Dunde Yu and Haifeng Yan are founders, directors and ultimate shareholders of Tuniu Corporation. Messrs. Tong Wang, Jiping Wang, Xin Wen and Yongquan Tan are ultimate shareholders of Tuniu Corporation.
Mr.&nbsp;Haifeng Wang is an employee of one of our preferred shareholders. </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Corporate Information </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our principal executive offices are located at Tuniu Building, No.699-32, Xuanwudadao, Xuanwu District, Nanjing, Jiangsu Province 210042,
People&#146;s Republic of China. Our telephone number at this address is +86 25 8685-3969. Our registered office in the Cayman Islands is located at International Corporation Services Ltd., P.O. Box 472, 2nd Floor, Harbour Place, 103 South Church
Street, George Town, Grand Cayman KY1-1106, Cayman Islands. Our agent for service of process in the United States is Law Debenture Corporate Services Inc., located at 400 Madison Avenue, 4<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>
Floor, New York, New York 10017. Investors should contact us for any inquiries through the address and telephone number of our principal executive offices. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our website is <I>www.tuniu.com</I>. The information contained on our website is not a part of this prospectus. </P>
 <P STYLE="margin-top:0pt;margin-bottom:0pt; font-size:8pt">&nbsp;</P></div></div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px;MARGIN-RIGHT:0px;WIDTH:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Implications of Being an Emerging Growth Company </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a company with less than US$1.0 billion (RMB6.1 billion) in revenue for the last fiscal year, we qualify as an &#147;emerging growth
company&#148; pursuant to the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public
companies. These provisions include exemption from the auditor attestation requirement under Section&nbsp;404 of the Sarbanes-Oxley Act of 2002, or Section&nbsp;404, in the assessment of the emerging growth company&#146;s internal control over
financial reporting. The JOBS Act also provides that an emerging growth company does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or
revised accounting standards. However, we have elected to &#147;opt out&#148; of this provision and, as a result, we will comply with new or revised accounting standards as required when they are adopted for public companies. This decision to opt
out of the extended transition period under the JOBS Act is irrevocable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will remain an emerging growth company until the earliest of
(a)&nbsp;the last day of our fiscal year during which we have total annual gross revenues of at least US$1.0 billion (RMB6.1 billion); (b)&nbsp;the last day of our fiscal year following the fifth anniversary of completion of this offering;
(c)&nbsp;the date on which we have, during the previous three year period, issued more than US$1.0 billion (RMB6.1 billion) in non-convertible debt; or (d)&nbsp;the date on which we are deemed to be a &#147;large accelerated filer&#148; under the
Securities Exchange Act of 1934, as amended, or the Exchange Act, which would occur if the market value of our ADSs that are held by non-affiliates exceeds US$700 million (RMB4.2 billion) as of the last business day of our most recently completed
second fiscal quarter. Once we cease to be an emerging growth company, we will not be entitled to the exemptions provided in the JOBS Act discussed above. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Conventions Which Apply to this Prospectus </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In this prospectus, unless otherwise indicated or the context otherwise requires, </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">&#147;ADSs&#148; refer to American depositary shares, representing our Class A ordinary shares; each ADS represents three Class A ordinary shares; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">&#147;China&#148; or &#147;PRC&#148; refers to the People&#146;s Republic of China, excluding, for the purpose of this prospectus only, Taiwan, Hong Kong and Macau; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">&#147;gross bookings&#148; refer to the total amount paid by our customers for the travel products that we have delivered and the travel services that we have rendered, including the related taxes, fees and other
charges borne by our customers; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">&#147;ordinary shares&#148; refer to the Class A and Class B ordinary shares of Tuniu Corporation, par value US$0.0001 (RMB0.0006) per share; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">&#147;preferred shares&#148; refer to Series A, Series B, Series C and Series D preferred shares, par value US$0.0001 (RMB0.0006) per share, of Tuniu Corporation; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">&#147;RMB&#148; or &#147;Renminbi&#148; refers to the legal currency of China; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">&#147;trips&#148; refers to the number of packaged tours sold by us, including organized tours and self-guided tours; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">&#147;unique visitor&#148; to our online platform refers to a visitor to our website from a specific IP address or a visitor to our mobile platform using a specific mobile device; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">&#147;we,&#148; &#147;us,&#148; &#147;our,&#148; and &#147;our company&#148; refer to Tuniu Corporation, a Cayman Islands company, and its subsidiaries, and, in the context of describing our operations and consolidated
financial information, also include the consolidated affiliated entities, Nanjing Tuniu Technology Co., Ltd. and its subsidiaries. </TD></TR></TABLE>
 <P STYLE="margin-top:0pt;margin-bottom:0pt; font-size:8pt">&nbsp;</P></div></div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px;MARGIN-RIGHT:0px;WIDTH:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The Offering </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following information assumes that the underwriters will not exercise their option to purchase additional ADSs in the offering, unless
otherwise indicated. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Offering price </P></TD>
<TD>We currently estimate that the initial public offering price will be between US$9.00 (RMB54.48) and US$11.00 (RMB66.59) per ADS. </TD></TR></TABLE>  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">ADSs offered by us </P></TD>
<TD>7,380,000 ADSs. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">ADSs offered by the selling shareholders </P></TD>
<TD>620,000 ADSs. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Concurrent Private Placement </P></TD>
<TD>Concurrently with, and subject to, the completion of this offering, DCM Hybrid RMB Fund, L.P., our existing shareholder, Ctrip Investment Holding Ltd., or Ctrip, and Qihoo 360 Technology Co.&nbsp;Ltd., or Qihoo 360, have each agreed to purchase
from us US$15.0&nbsp;million (RMB90.8 million), US$15.0 million (RMB90.8&nbsp;million) and US$5.0 million (RMB30.3 million), respectively, in Class A ordinary shares at a price per share equal to the initial public offering price adjusted to reflect
the ADS-to-ordinary-share ratio (the &#147;Concurrent Private Placement&#148;). Assuming an initial offering price of US$10.00 (RMB60.54) per ADS, the mid-point of the estimated range of the initial public offering price shown on the front cover
page of this prospectus, each of these investors will purchase 4,500,000 Class A ordinary shares, 4,500,000 Class A ordinary shares and 1,500,000 Class A ordinary shares from us, respectively. Our proposed issuance and sale of Class A ordinary
shares to these investors are being made through private placement pursuant to an exemption from registration with the U.S. Securities and Exchange Commission, or the SEC, under Regulation S of the Securities Act of 1933, as amended, or the
Securities Act. Each of the investors has agreed with the underwriters not to, directly or indirectly, sell, transfer or dispose of any Class A ordinary shares acquired in the Concurrent Private Placement for a period of 180&nbsp;days after the date
of this prospectus, subject to certain exceptions. In addition, we have granted Ctrip the right to designate and appoint one person to join our board of directors as a new director immediately after the closing of this offering. See
&#147;Underwriting.&#148; </TD></TR></TABLE>  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Ordinary shares outstanding immediately after this offering </P></TD>
<TD> <P STYLE="font-family:Times New Roman; font-size:10pt">We will adopt a dual class ordinary share structure immediately prior to the completion of this offering. Immediately upon completion of this offering, 141,264,391 ordinary shares (or
144,864,391 ordinary shares if the underwriters exercise their over-allotment option in full) will be outstanding, comprised of (1) 34,500,000 Class A ordinary shares, par value US$0.0001 (RMB0.0006) per share (or 38,100,000 Class A ordinary shares
if the underwriters exercise their over-allotment option in full), including a total of 10,500,000 Class A ordinary shares we will issue in the Concurrent Private Placement at an assumed initial public offering price of US$10.00 (RMB60.54) per
</P></TD></TR></TABLE>
 <P STYLE="margin-top:0pt;margin-bottom:0pt; font-size:8pt">&nbsp;</P></div></div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px;MARGIN-RIGHT:0px;WIDTH:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:0%; font-size:10pt; font-family:Times New Roman">
ADS, the mid-point of the estimated range of the initial public offering price shown on the front cover page of this prospectus, and (2) 106,764,391 Class&nbsp;B ordinary shares, par value
US$0.0001 (RMB0.0006) per share. Class&nbsp;B ordinary shares outstanding immediately after the completion of this offering will represent 75.6% of our total outstanding shares and 96.9% of the then total voting power (or 73.7% of our total
outstanding shares and 96.6% of the then total voting power if the underwriters exercise their over-allotment option in full). We have agreed with the holders of our Series D preferred shares to issue additional Class&nbsp;B ordinary shares to such
shareholders if the final offering price is below US$10.00 per ADS (RMB60.54). See &#147;Principal and Selling Shareholders.&#148; </P></TD></TR></TABLE>  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">ADSs outstanding immediately after this offering </P></TD>
<TD>8,000,000 ADSs (or 9,200,000 ADSs if the underwriters exercise their over-allotment option in full). </TD></TR></TABLE>  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">The ADSs </P></TD>
<TD>Each ADS represents three Class A ordinary shares, par value US$0.0001 (RMB0.0006) per share. </TD></TR></TABLE>  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The depositary will hold Class A ordinary shares underlying your ADSs. You will have rights as provided in the deposit agreement. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">If we declare dividends on our ordinary shares, the depositary will pay you the cash dividends and other distributions it receives on our Class A ordinary shares, after deducting its fees and expenses.
</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">You may turn in your ADSs to the depositary in exchange for Class A ordinary shares. The depositary will charge you fees for any exchange. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">We may amend or terminate the deposit agreement without your consent. If you continue to hold your ADSs, you agree to be bound by the deposit agreement as amended. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">To better understand the terms of the ADSs, you should carefully read the &#147;Description of American Depositary Shares&#148; section of this prospectus. You should also read the deposit agreement, which is filed as
an exhibit to the registration statement that includes this prospectus. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Ordinary shares </P></TD>
<TD>We will issue 22,140,000 Class A ordinary shares represented by our ADSs in this offering. </TD></TR></TABLE>  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">All of our existing ordinary shares will be redesignated as Class B ordinary shares and all of our outstanding preferred shares will be redesignated or automatically converted into Class B ordinary shares on a
one-for-one basis immediately prior to the completion of this offering. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">All options, regardless of grant dates, will entitle holders to the equivalent number of Class A ordinary shares once the vesting and exercising conditions on such share-based compensation awards are met.
</TD></TR></TABLE>
 <P STYLE="margin-top:0pt;margin-bottom:0pt; font-size:8pt">&nbsp;</P></div></div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px;MARGIN-RIGHT:0px;WIDTH:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Holders of Class A ordinary shares will be entitled to one vote per share, while holders of Class B ordinary shares will be entitled to ten votes per share on all matters subject to shareholders&#146; vote.
</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Upon any transfer
of Class B ordinary shares by a holder to any person or entity which is not an affiliate of such holder, such Class B ordinary shares will be automatically and immediately converted into the equivalent number of Class A ordinary shares.
</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:38%; font-size:10pt; font-family:Times New Roman">See &#147;Description of Share Capital.&#148; </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Over-allotment option </P></TD>
<TD>We have granted to the underwriters an option, which is exercisable within 30 days from the date of this prospectus, to purchase up to an additional 1,200,000 ADSs to cover over-allotments. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Use of proceeds </P></TD>
<TD>Our net proceeds from this offering will be about US$65.0 million (RMB393.4 million), assuming an initial public offering price per ADS of US$10.00 (RMB60.54), the midpoint of the estimated public offering price range, and assuming no exercise
of the underwriters&#146; over-allotment option. In addition, we expect to receive net proceeds of approximately US$35.0 million (RMB211.9 million) from the Concurrent Private Placement. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">We intend to use the net proceeds received by us from this offering and the Concurrent Private Placement for the following purposes: </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">approximately US$30.0 million (RMB181.6 million) to expand our sales and marketing efforts; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">approximately US$20.0 million (RMB121.1 million) to expand our product selection and offerings; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">approximately US$10.0 million (RMB60.5 million) to strengthen our technology and product development capabilities; and </TD></TR></TABLE>  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the balance for general corporate purposes, including strategic investments in and acquisitions of complementary businesses, although we have not identified any near-term investment or acquisition targets.
</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">See &#147;Use of Proceeds&#148; for additional information. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">We will not receive any of the proceeds from the sale of ADSs by the selling shareholders. </TD></TR></TABLE>  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Lock-up </P></TD>
<TD> <P STYLE="font-family:Times New Roman; font-size:10pt">We and all of our directors and officers, all of our existing shareholders, all investors in the Concurrent Private Placement and certain optionholders have agreed with the underwriters,
subject to certain exceptions, not to sell, transfer or dispose of, directly or indirectly, any of our ADSs or ordinary shares or securities convertible into or exercisable or exchangeable for our ADSs or
</P></TD></TR></TABLE>
 <P STYLE="margin-top:0pt;margin-bottom:0pt; font-size:8pt">&nbsp;</P></div></div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px;MARGIN-RIGHT:0px;WIDTH:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:0%; font-size:10pt; font-family:Times New Roman">
ordinary shares for a period of 180 days after the date of this prospectus. In addition, through a letter agreement, we will instruct JPMorgan Chase Bank, N.A., as depositary, not to accept any
deposit of any ordinary shares or issue any ADSs for 180 days after the date of this prospectus unless we otherwise instruct the depositary with the prior written consent of the representatives. The foregoing does not affect the right of ADS holders
to cancel their ADSs and withdraw the underlying ordinary shares. See &#147;Shares Eligible for Future Sale&#148; and &#147;Underwriting&#148; for more information. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">NASDAQ Global Market symbol </P></TD>
<TD>We have applied to have the ADSs listed on the NASDAQ Global Market under the symbol &#147;TOUR.&#148; Our ADSs and ordinary shares will not be listed on any other stock exchange or traded on any automated quotation system. </TD></TR></TABLE>
 <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Payment and settlement </P></TD>
<TD>The underwriters expect to deliver the ADSs against payment therefor through the facilities of the Depository Trust Company on
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2014. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Depositary </P></TD>
<TD>JPMorgan Chase Bank, N.A. </TD></TR></TABLE>  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Directed share program </P></TD>
<TD>At our request, the underwriters have reserved for sale, at the initial public offering price, up to 560,000 ADSs offered by this prospectus to our directors, officers, employees, business associates and related persons. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Risk factors </P></TD>
<TD>See &#147;Risk Factors&#148; and other information included in this prospectus for a discussion of risks that you should carefully consider before investing in our ADSs. </TD></TR></TABLE>
 <P STYLE="margin-top:0pt;margin-bottom:0pt; font-size:8pt">&nbsp;</P></div></div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px;MARGIN-RIGHT:0px;WIDTH:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Summary Consolidated Financial and Operating Data </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following summary consolidated statements of comprehensive loss data (other than ADS data) and summary consolidated statements of cash
flow for the years ended December&nbsp;31, 2011, 2012 and 2013 and the summary consolidated balance sheet data as of December&nbsp;31, 2011, 2012 and 2013 have been derived from our audited consolidated financial statements included elsewhere in
this prospectus. Our consolidated financial statements are prepared and presented in accordance with accounting principles generally accepted in the United States, or U.S. GAAP. Our historical results for any period are not necessarily indicative of
results to be expected for any future period. You should read the following summary financial information in conjunction with the consolidated financial statements and related notes and the information under &#147;Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operations&#148; included elsewhere in this prospectus. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="60%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For the Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2011</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center"><B>(in thousands, except for share, per share and per ADS<BR>data)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Summary Consolidated Statements of Comprehensive Loss Data:</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD COLSPAN="13" VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Revenues:</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD COLSPAN="13" VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Organized tours</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">751,388</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,075,094</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,892,826</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">312,673</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Self-guided tours</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,559</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32,359</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48,901</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,078</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Others</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,667</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,875</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,744</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,426</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total revenues</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">771,614</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,120,328</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,962,471</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">324,177</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Less: Business and related taxes</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,071</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,447</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(12,784</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,112</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net revenues</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">765,543</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,112,881</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,949,687</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">322,065</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cost of revenues</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(741,716</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,073,732</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,829,665</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(302,239</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Gross profit</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23,827</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39,149</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">120,022</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,826</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Operating expenses:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Research and product development</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(21,386</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(33,370</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(38,994</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,441</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sales and marketing</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(50,589</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(57,994</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(110,071</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(18,182</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">General and administrative</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(53,877</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(62,006</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(69,679</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11,510</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other operating income</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,651</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">775</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,689</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">278</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Loss from operations</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(100,374</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(113,446</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(97,033</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(16,029</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other income/(expenses):</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest income</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,287</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,432</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,163</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,670</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Foreign exchange related gains/(losses), net</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,529</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(741</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,286</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">213</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other loss, net</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(392</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(357</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(48</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss before provision for income taxes</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(91,950</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(107,112</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(79,632</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13,154</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Provision for income taxes</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(78</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net loss</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(91,950</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(107,190</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(79,632</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13,154</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deemed dividends to preferred shareholders</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(30,929</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(59,428</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(9,817</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net loss attributable to ordinary shareholders</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(122,879</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(107,190</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(139,060</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(22,971</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net loss per ordinary share attributable to ordinary shareholders</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Basic</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4.73</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4.12</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5.35</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.88</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Diluted</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4.73</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4.12</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5.35</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.88</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Weighted average number of ordinary shares used in computing basic and diluted earnings per share</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE>
 <P STYLE="margin-top:0pt;margin-bottom:0pt; font-size:8pt">&nbsp;</P></div></div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px;MARGIN-RIGHT:0px;WIDTH:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="64%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As of December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2011</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" NOWRAP ALIGN="center"><B>(in thousands)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Summary Consolidated Balance Sheet Data:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">332,101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">299,238</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">419,403</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69,280</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Restricted cash</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,530</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,875</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,250</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,528</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Short-term investments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">327,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54,017</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Prepayments and other current assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56,635</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">127,050</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">286,560</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47,336</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">427,766</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">502,838</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,075,373</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">177,639</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55,822</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">127,240</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">288,965</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47,734</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Advances from customers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">157,919</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">244,214</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">396,738</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">65,536</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">250,938</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">433,262</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">784,017</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">129,510</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total mezzanine equity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">350,744</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">350,744</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">716,441</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">118,348</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total shareholders&#146; deficit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(173,915</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(281,168</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(425,086</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(70,219</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For&nbsp;the&nbsp;Year&nbsp;Ended&nbsp;December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2011</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center"><B>(in thousands)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Summary Consolidated Statements of Cash Flow</B> <B>Data:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash provided by operating activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36,270</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,663</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">116,736</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,283</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash used in investing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(20,686</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(46,786</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(304,218</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(50,253</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash provided by financing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">257,447</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">306,360</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50,607</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table presents summary operating data for the years indicated: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="66%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For the Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2011</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Gross bookings (in thousands)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Organized tours (excluding local tours)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:10pt">613,909</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:10pt">910,071</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:10pt">1,645,030</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:10pt">271,740</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Local tours</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">137,479</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">165,023</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">247,796</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40,933</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Self-guided tours</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:10pt">277,444</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:10pt">590,597</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:10pt">1,128,531</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:10pt">186,420</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Number of trips (in thousands)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Organized tours (excluding local tours)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:10pt">174</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:10pt">236</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:10pt">367</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:10pt">367</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Local tours</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">409</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">503</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">687</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">687</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Self-guided tours</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:10pt">49</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:10pt">110</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:10pt">221</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:10pt">221</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Average gross bookings per trip </B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Organized tours (excluding local tours)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:10pt">3,528</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:10pt">3,856</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:10pt">4,482</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:10pt">740</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Local tours</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">336</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">328</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">361</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Self-guided tours<SUP STYLE="font-size:85%; vertical-align:top"></SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:10pt">5,662</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:10pt">5,369</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:10pt">5,106</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:10pt">844</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <P STYLE="margin-top:0pt;margin-bottom:0pt; font-size:8pt">&nbsp;</P></div></div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom652797_2"></A>RISK FACTORS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>An investment in our ADSs involves significant risks. You should carefully consider all of the information in this prospectus, including
the risks and uncertainties described below, before making an investment in our ADSs. Any of the following risks could have a material adverse effect on our business, financial condition and results of operations. In any such case, the market price
of our ADSs could decline, and you may lose all or part of your investment. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risks Related to Our Business and Industry </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Declines or disruptions in the leisure travel industry in China may materially and adversely affect our business and results of
operations. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are dependent on the leisure travel industry for substantially all of our revenues. The leisure travel industry is
dependent on personal discretionary spending levels, which may be materially and adversely affected by economic downturns and recessions. Although the leisure travel industry in China has experienced rapid growth over the past decade, any severe or
prolonged slowdown in the Chinese economy could reduce expenditures for leisure travel, which in turn may adversely affect our financial condition and results of operations. The Chinese economy recovered in 2010 and remained relatively stable in
2011, but the growth rate of China&#146;s GDP decreased in 2012 and 2013, and it is uncertain whether this economic slowdown will continue into 2014 and beyond. Any severe or prolonged slowdown in the Chinese economy, slowdown in the growth rate of
disposable income per capita in China or the recurrence of any financial disruptions may materially and adversely affect the leisure travel industry in China and our business, financial condition and results of operations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our business may also be significantly affected by other factors that tend to reduce leisure travel, including increased prices in hotel,
air-ticketing, fuel or other travel-related sectors, work stoppages or labor unrest at airlines, increased occurrence of travel-related accidents, outbreaks of contagious diseases, natural disasters and extreme unexpected bad weather. For example,
the travel industry was negatively impacted by the outbreak of severe acute respiratory syndrome in several regions in Asia, including Hong Kong and China, in early 2003, snowstorms that severely affected southern China in early 2008, the outbreak
of H1N1 influenza (swine flu) that occurred in Mexico and the United States in April 2009, which was and continues to be discovered in China and Hong Kong, the earthquake, tsunami and nuclear crisis in Japan in early 2011, and heavy haze that
shrouded central and northern China and some Southeast Asian countries in 2013. As another example, the incident of the missing plane of Malaysia Airlines in March 2014 has had and may continue to have a negative impact on air travel among our
target customers. In addition, overseas leisure travel products and services, which accounted for over 70% of our total gross bookings in 2013, may be restricted by any adverse change of visa policies of foreign countries that prevents Chinese
nationals from obtaining tourist visas. Terrorist attacks or threats of terrorist attacks, political unrests, wars, imposition of taxes or surcharges by regulatory authorities and regional hostilities may also reduce the demand for overseas tours.
For example, the political protests in early 2009 and late 2013 in Thailand negatively impacted travels to Thailand. We have little or no control over the occurrence of such declines or disruptions, which could result in a decrease in demand for our
travel products and services. This decrease in demand, depending on the scope and duration, could materially and adversely affect our business and results of operations over the short and long term. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>If we do not continue to provide competitive travel products and services, we may not be able to attract new customers or to retain
existing customers, and our business, financial condition and results of operations could suffer. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our success depends on our
ability to attract new customers or to retain existing customers, which in turn requires our continuous provision of a wide array of competitive travel products and services. Participants in the online travel industry are continuously developing new
travel products and services. We strive to stay abreast of emerging and rapidly changing customer preferences and be able to anticipate trends that will appeal to existing </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
and potential customers. We will also continue to invest in research and development in order to continuously improve the speed, accuracy and comprehensiveness of our online platform. If we fail
to continuously improve our travel products and services and platform at a competitive pace, we may lose customers to our competitors and may not attract new customers. In addition to packaged tours, we provide other travel-related services, such as
sales of tourist attraction tickets and visa processing services. We intend to further broaden our product selection by extending our coverage of departing cities and travel destinations as well as offering more departure time selections. If we fail
to continue to source quality travel products and services tailored to accommodate our customers&#146; changing needs and preferences, we may not be able to sell additional products and services to our current customers, retain our current customers
or attract new customers, and our business, financial condition and results of operations will be materially and adversely affected. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Failure to maintain the quality of customer services could harm our reputation and our ability to retain existing customers and attract
new customers, which may materially and adversely affect our business, financial condition and results of operations. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our business
is significantly affected by the overall size of our customer base, which in turn is determined by, among other factors, their experience with our customer services. As such, the quality of customer services is critical to retaining our existing
customers and attracting new customers. If we fail to provide quality customer services, our customers may be less inclined to book travel products and services with us or recommend us to new customers, and may switch to our competitors. Failure to
maintain the quality of customer services could harm our reputation and our ability to retain existing customers and attract new customers, which may materially and adversely affect our business, financial condition and results of operations. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We may not be able to adequately control and ensure the quality of travel products and services sourced from our travel suppliers. If
there is any deterioration in the quality of their performance, our customers may seek damages from us and not continue using our online platform. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our ability to ensure satisfactory customer experience in a large part depends on our travel suppliers to provide high-quality travel products
and services. Our reputation and brand will be negatively affected if our travel suppliers fail to provide quality travel products and services. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The actions we take to monitor and enhance the performance of our travel suppliers may be inadequate in discovering quality issues timely.
There have been customer complaints and litigation against us due to our travel suppliers&#146; failure to provide satisfactory travel products or services. If our customers are dissatisfied with the travel products and services provided, they may
reduce their use of, or completely forgo, our online platform, and may even demand refunds of their payments to us or claim compensations from us for the damages they suffered from our travel suppliers&#146; performance or misconduct, which could
materially and adversely affect our business, financial condition and results of operations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We have incurred losses in the past
and may incur losses in the future. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have incurred net losses historically and may incur losses in the future as we grow our
business. We had a net loss of RMB91.9 million, RMB107.2 million and RMB79.6 million (US$13.2 million) in 2011, 2012 and 2013, respectively. Our historical net losses were partially attributable to our sales and marketing expenses that we incurred
to build, operate and expand our online platform, grow our customer base and establish our market position, and to our research and product development expenses. We expect that we will continue to incur significant expenses to continue to grow our
business, which may affect our profitability and cash flow from operations in the future. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, our ability to achieve
profitability is affected by various factors that are beyond our control. For example, our revenues and profitability depend on the continuous development of the online leisure travel </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
industry in China and consumers&#146; preference to make travel bookings online. We cannot assure you that making travel bookings online will become more widely accepted in China or that
consumers will increase their spending on online leisure travel booking. Factors negatively affecting our travel suppliers&#146; profitability may in turn adversely affect our financial condition and results of operations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If we are unsuccessful in addressing any of these risks and uncertainties, our business may be materially and adversely affected and we may
continue to incur net loss in the future. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>The Tourism Law may reduce the demand of organized tours and materially and adversely
affect our business and results of operations. </I></B></P>  <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On April&nbsp;25, 2013, the Standing Committee of the National People&#146;s
Congress promulgated the Tourism Law, which became effective as of October&nbsp;1, 2013. The Tourism Law imposes more stringent restrictions on tour operators. Pursuant to the Tourism Law, tour operators are prohibited from arranging compulsory
shopping or other activities which charge additional fees on top of the contract prices that tourists have already paid, unless it is agreed upon by both parties through consultation or requested by the tourists and does not affect the itinerary of
other tourists. See &#147;PRC Regulation&#151;Regulations on Travel Companies.&#148; If our travel suppliers fail to comply with these restrictions, our reputation and brand may be negatively affected. In addition, as a result of the Tourism Law,
the commissions or rebates that tour operators receive from shopping places have declined and organized tour prices have risen, which may reduce the demand of organized tours in the short term and may continue to reduce the demand of organized tours
in the future. If customers cannot adapt to the increased organized tour prices, our business and results of operations will be materially and adversely affected. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We face intense competition and may not be able to compete successfully against existing and new competitors. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We operate in a highly competitive travel industry in China. We compete with not only other online travel companies, but also traditional
travel service providers and tour operators, airlines and hotels and large, established Internet search engines. See &#147;Business&#151;Competition.&#148; Some of our current and potential competitors may have greater financial, marketing and other
resources than we do. In addition, some of our competitors may be acquired by, receive investments from or enter into strategic relationships with larger, well-established and well-financed companies or investors. Furthermore, our business model
causes us to maintain a cooperative-competitive relationship with some of our competitors, especially tour operators, as they are also our travel suppliers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Many of our competitors have launched, and may continue to launch, aggressive advertising campaigns, special promotions and other marketing
activities to promote their brands, acquire new customers or increase their market shares. In response, we have started to take and may continue to take similar measures and as a result will incur significant expenses, which could increase our net
loss. Sales and marketing expenses accounted for 6.6%, 5.2% and 5.6% of our net revenues in 2011, 2012 and 2013, respectively. We cannot assure you that we will be able to successfully compete against existing or new competitors. If we are not able
to compete successfully, we may lose our market share and our business, financial condition and results of operations may be materially and adversely affected. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>If we fail to enhance our brand recognition, we may face difficulty in retaining existing and attracting new customers and travel
suppliers and our business may be harmed. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Recognition and reputation of our &#147;Tuniu&#148; brand among our targeted customers
and travel suppliers have contributed significantly to our growth. We have made continuous investment in enhancing awareness of our brand among customers and travel suppliers since our inception. Our brand recognition and reputation also depend on
our ability to provide high-quality customer services, address customer needs and handle customer complaints properly, maintain our relationships with travel suppliers and provide a user-friendly online platform. See &#147;&#151;Risks Related to Our
Business and Industry&#151;Failure to maintain the quality of customer services could harm our reputation and our ability to retain existing customers and attract new customers, which may materially and adversely affect our business, financial
condition and results of operations&#148;, &#147;&#151;Risks Related to Our Business and Industry&#151;If we are unable to maintain existing relationships with our travel suppliers, or develop </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
relationships with new travel suppliers on favorable terms or terms similar to those we currently have, our business and results of operations may suffer&#148; and &#147;&#151;Risks Related to
Our Business and Industry&#151;The proper functioning of our online platform and management systems is essential to our business. Any failure to maintain their satisfactory performance will materially and adversely affect our business, reputation,
financial condition and results of operations.&#148; Failure to maintain the strength of our brand could reduce the number of customers and deteriorate our relationships with travel suppliers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, some of our competitors have well-established brands in the travel industry, and may have more financial and other resources to
advertise and promote their brands. Therefore, we intend to incur more advertising and marketing expenditures and other resources to maintain and increase our brand recognition. Our marketing costs may also increase as a result of inflation in media
pricing in China, including costs for purchasing search engine keywords and placing online and offline advertisements. If we fail to cost-effectively maintain and increase our brand recognition, our financial condition and results of operations may
be materially and adversely affected. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We are exposed to the proceedings or claims arising from travel-related accidents or customer
misconducts during their travels, the occurrence of which may be beyond our control. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Accidents are a leading cause of mortality
and morbidity among tourists. We are exposed to risks of our customers&#146; claims arising from or relating to travel-related accidents. As we enter into contracts with our customers directly, our customers typically take actions against us for the
damages they suffer during their travels. However, such accidents may result from the negligence or misconduct of our travel suppliers or other service providers, over which we have no or limited control. See also &#147;&#151;Risks Related to Our
Business and Industry&#151;We may not be able to adequately control and ensure the quality of travel products and services sourced from our travel suppliers. If there is any deterioration in the quality of their performance, our customers may seek
damages from us and not continue using our online platform.&#148; We maintain insurance coverage for our liabilities as a travel company, and are indemnified by the liable travel suppliers for the damages claimed by our customers. However, there is
no assurance that such insurance or indemnification will be sufficient to cover all of our losses. In addition, some of the travel-related accidents result from adventure activities undertaken by our customers during their travels, such as scuba
diving, white water rafting, wind surfing and skiing. Furthermore, we may be affected by our customer misconducts during their travels, over which we have no or limited control. However, such accidents and misconducts, even if not resulting from our
or our travel suppliers&#146; negligence or misconduct, could create a public perception that we are less reliable than our competitors, which would harm our reputation, and could adversely affect our business and results of operations. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>The proper functioning of our online platform and management systems is essential to our business. Any failure to maintain their
satisfactory performance will materially and adversely affect our business, reputation, financial condition and results of operations. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Availability, satisfactory performance and reliability of our online platform are critical to our ability to attract and retain customers and
provide quality travel products and services to our customers. Any unavailability or slowdown of our online platform would reduce the number of our customers and our customers&#146; travel bookings. Some of the telecommunications carriers have
system constraints that can affect our customer experience. For example, if a large number of customers use the same telecommunications carrier at the same time for services requiring a large amount of data transmission, the customers could
experience reduced speed or other technical issues due to the carrier&#146;s capacity restraints, over which we have no control. Our servers may also be vulnerable to computer viruses, physical or electronic break-ins or other potential disruptions,
which could lead to interruptions, delays, loss of data or the inability to accept and process customer queries or bookings. We may also experience interruptions caused by reasons beyond our control such as power outages. Unexpected interruptions
could damage our reputation and result in a material decrease in our revenues. Also, our online platform may contain undetected errors or &#147;bugs&#148; that could adversely affect their performance. Although only a small portion of our customers
make bookings by using our mobile platform currently, our </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
mobile platform serve as an important and integral part of their research on travel-related information. The lower functionality, speed and memory generally associated with mobile devices may
make it more difficult for our customers to access our mobile platform, and we may fail to attract and retain a significant portion of the growing number of customers who search for and book travel products and services through mobile devices. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, we rely significantly on our proprietary N-Booking system and other management systems to facilitate and process transactions. We
may in the future experience system interruptions that prevent us from efficiently fulfilling bookings or providing services and support to our customers or travel suppliers. Any interruptions, outages or delays in our systems, or deterioration in
their performance, could impair our ability to process transactions and decrease the quality of our services to our customers or travel suppliers. If we were to experience frequent or persistent system failures, our reputation and brand would be
harmed. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>If we are unable to maintain existing relationships with our travel suppliers, or develop relationships with new travel
suppliers on favorable terms or terms similar to those we currently have, our business and results of operations may suffer. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our
business is dependent on our ability to maintain our relationships and arrangements with existing travel suppliers. Currently, we do not prohibit our travel suppliers from developing business relationships with our competitors or selling, through
their direct sales, travel products that are the same as or similar to those they supply to us. If we are unable to maintain satisfactory relationships with our existing travel suppliers, or if our travel suppliers establish similar or more
favorable relationships with our competitors, or if our travel suppliers increase their competition with us through their direct sales, we may not have the necessary supply to meet the needs of our customers, or we may not obtain it at satisfactory
rates. However, we do not enter into any long-term agreements with our travel suppliers. We cannot assure you that our travel suppliers will renew our agreements in the future on favorable terms or terms similar to those we currently have agreed.
Our travel suppliers may increase the prices that they charge us or the deposits that they require from us. As a result, the amount, pricing and breadth of travel products and services that we are able to offer may be reduced and our business and
results of operations could be materially and adversely affected. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Furthermore, in order to grow our business, we will need to develop
relationships with new travel suppliers of good quality. We cannot assure you that we will be able to identify appropriate travel suppliers or enter into arrangements with those travel suppliers on favorable terms or at all. Any failure to do so
could harm the growth of our business and adversely affect our financial condition and results of operations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Our financial
condition and results of operations may be adversely affected if we are unable to predict the amount of travel products that we will need to purchase from our travel suppliers in advance and reserve for peak travel periods or for certain
destinations. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We typically purchase certain travel products from our travel suppliers in advance to secure adequate supplies for
our customers during peak travel periods or for certain destinations. For example, we reserve hotel rooms and air tickets before peak holiday seasons for certain popular destinations. If the demand for packaged tours, hotel rooms and air tickets
that we need to purchase for certain peak travel periods is lower than our prediction, we might have to write-off the cost of the travel products that we are unable to sell, and our financial condition and results of operations would be adversely
affected. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We may not be able to effectively manage our growth and expansion or implement our business strategies, in which case our
business and results of operations may be materially and adversely affected. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have experienced a period of rapid growth and
expansion, which has placed, and will continue to place, significant strain on our management and resources. We cannot assure you that this level of significant growth and expansion will be sustainable or achieved at all in the future. We believe
that our continued growth and expansion will depend on our ability to provide competitive travel products and services, attract new customers, continue developing travel products and services and innovative technologies in response to customer
demand </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
and preferences, increase brand awareness through marketing and promotional activities, expand into new market segments, and take advantage of any growth in the relevant markets. We cannot assure
you that we will achieve any of the above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To manage our growth and expansion, and to achieve profitability, we anticipate that we will
need to implement a variety of new and upgraded operational and financial systems, procedures and controls, including the improvement of our N-Booking system and other management systems. We will also need to further expand, train, manage and
motivate our workforce and manage our relationships with our travel suppliers and customers. All of these objectives entail risks and will require substantial management efforts and skills and significant additional expenditures. Our further
expansion may divert our management, operational or technological resources from our existing business operations. In addition, our expansion may require us to operate in new cities in China, including a number of small cities in China, where we may
have difficulty in adjusting to local market demands and regulatory requirements. We cannot assure you that we will be able to effectively manage our growth and expansion or implement our future business strategies effectively, and failure to do so
may materially and adversely affect our business and results of operations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Our quarterly results are likely to fluctuate because
of seasonality in the leisure travel industry in China. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our business experiences fluctuations, reflecting seasonal variations in
demand for leisure travel services. Sales of leisure travel products and services will increase in respect of holiday periods and decrease in respect of off-peak times and prices of leisure travel products and services are subject to fluctuation
between peak seasons and low seasons. For example, the third quarter of each year generally contributes the highest percentage of our annual revenues, because many of our customers tend to travel during summer holidays in July and August.
Consequently, our results of operations may fluctuate from quarter to quarter. Our rapid growth has tended to mask the seasonality of our business. As our growth rate slows, the seasonality in our business will become more pronounced and cause our
operating results to fluctuate. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>If we are unable to identify, attract, hire, train and retain key individuals and highly skilled
employees, our business may be adversely affected. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our future performance depends on the continued service of our senior
management, in particular, Mr.&nbsp;Dunde Yu, our co-founder, chairman and chief executive officer, and Mr.&nbsp;Haifeng Yan, our co-founder, director and chief operating officer. If one or more of our key executives were unable or unwilling to
continue in their present positions, we may not be able to replace them easily, our future growth may be constrained, our business may be disrupted and our financial condition and results of operations may be materially and adversely affected. There
is no assurance that we can continue to retain their services and there can be no assurance that they will not compete against us. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If our
business continues to expand, we will need to hire additional employees, including supplier management personnel to maintain and expand our travel supplier network, information technology and engineering personnel to maintain and expand our online
platform and customer service personnel to serve an increasing number of customers. If we are unable to identify, attract, hire, train and retain sufficient employees in these areas, our customers may not have satisfactory experiences with us and
may turn to our competitors, which may adversely affect our business and results of operations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We may be subject to legal or
administrative proceedings regarding our travel products and services, information provided on our online platform or other aspects of our business operations, which may be time-consuming to defend and affect our reputation. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">From time to time, we have become and may in the future become a party to various legal or administrative proceedings arising in the ordinary
course of our business, including breach of contract claims, anti-competition claims and other matters. Such proceedings are inherently uncertain and their results cannot be predicted with </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
certainty. Regardless of the outcome and merit of such proceedings, any such legal action could have an adverse impact on our business because of defense costs, negative publicity, diversion of
management&#146;s attention and other factors. In addition, it is possible that an unfavorable resolution of one or more legal or administrative proceedings, whether in the PRC or in another jurisdiction, could materially and adversely affect our
financial position, results of operations or cash flows in a particular period or damage our reputation. In addition, our online platform contains information about our travel products and services, vacation destinations and other travel-related
topics. It is possible that if any content accessible on our online platform contains errors or false or misleading information, our customers may take actions against us. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We may be subject to detrimental adverse publicity, malicious allegations or other conduct by people or entities, which could harm our
reputation, adversely affect our business and the trading price of our ADSs. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have been, and in the future may be, the target of
adverse publicity, malicious allegations or other detrimental conduct by people or entities. Such allegations, directly or indirectly against us, may be posted in internet chat-rooms or on blogs or any website by anyone on an anonymous basis. We may
be required to spend significant time and incur substantial costs in response to such allegations or other detrimental conduct, and there is no assurance that we will be able to conclusively refute each of them within a reasonable period of time, or
at all. Our reputation may be harmed as a result of the public dissemination of malicious allegations about our personnel, business, operations, accounting, prospects or business ethics, which in turn could adversely affect our business and the
trading price of our ADSs. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We have limited experience and operating history in developing and providing new products and services,
which may negatively affect our business, financial condition and results of operations. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As part of our growth strategy, we intend
to develop and offer new travel products and services to satisfy the evolving needs of our customers. In 2013, we launched discounted travel products that are exclusive to users of our mobile platform to enhance our mobile user engagement. We have
limited experience and operating history in developing and operating these new services. These and other new products and services we may offer in the future present operating and marketing challenges that are different from those we currently
encounter. In addition, the market for our new travel products and services may be highly competitive. If we fail to successfully develop and offer our new travel products and services in an increasingly competitive market, we may not be able to
capture the growth opportunities associated with them or recover the development and marketing costs, and our future results of operations and growth strategies could be adversely affected. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>If the fragmented travel industry in China becomes consolidated, our business, financial condition and results of operations may be
adversely affected. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">China&#146;s enormous size and population, imbalanced economic development and differences in consumer
behavior across the country have created a highly fragmented and diverse travel industry. In recent years, customers have been shifting from highly fragmented traditional offline travel companies to travel websites for a wider product selection and
greater convenience. If, however, traditional tour operators form alliances, or merge or consolidate among themselves, or if one of our travel suppliers is acquired by another company with which we do not have a relationship, we may not be able to
maintain our strength in offering a wider selection of travel products and services as compared to traditional travel companies, and our business, financial condition and results of operations may be adversely affected. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We may not be able to prevent others from using our intellectual property, which may harm our business and expose us to litigation.
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We regard our intellectual property as critical to our success. We rely primarily on a combination of copyright, software
registration, trademark, trade secret and unfair competition laws and contractual rights, such </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
as confidentiality agreements with our employees and others, to protect our intellectual property rights. The protection of intellectual property rights in China may not be as effective as that
in the United States. Unauthorized use or other misappropriation of our technologies would enable third parties to benefit from our technologies without paying us, or enable our competitors to offer travel products and services that are comparable
to or better than ours. From time to time, we may have to enforce our intellectual property rights through litigation. Such litigation may result in substantial costs and diversion of resources and management attention. If we are not successful in
protecting our intellectual property, our business, financial condition and results of operations may be materially and adversely affected. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Claims by third parties that we infringe on their intellectual property rights could lead to government administrative actions and
result in significant costs and have a material adverse effect on our business, financial condition and results of operations. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We
cannot be certain that our operations or any aspects of our business do not or will not infringe upon copyrights or other intellectual property rights held by third parties. We have been in the past, and may be from time to time in the future,
subject to legal proceedings, claims or government administrative actions relating to alleged infringement on copyrights or other intellectual property rights held by third parties in relation to the content on our online platform or intellectual
property rights otherwise used in our operation. For example, our website may be found to contain pictures that infringe on copyrights of third parties or hotel reviews that are third parties&#146; proprietary information. In addition, some of the
software that we are currently using in our business may infringe on third parties&#146; copyrights. If we are found to have infringed on the intellectual property rights of others, we may be subject to liability for our infringement activities or
may be prohibited from using such intellectual property, and we may incur licensing fees. Successful infringement or licensing claims made against us may result in significant monetary liabilities and may materially disrupt our business and
operations by restricting or prohibiting our use of the intellectual property in question. Moreover, regardless of whether we successfully defend against such claims, we could suffer negative publicity and our reputation could be severely damaged.
Any of these events could have a material and adverse effect on our business, financial condition and results of operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition,
user-generated content on our online platform may contain or provide links to information that infringes on the copyrights or other intellectual property rights of third parties or violates applicable rules or regulations in relation to censorship,
or we may use the user-generated content in a way that infringes on the rights of the users or third parties. Any claims, with or without merit, could be time-consuming to defend, result in litigation and divert management&#146;s attention and
resources. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>The successful operation of our business depends upon the performance and reliability of the Internet infrastructure and
telecommunications networks in China. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our business depends on the performance and reliability of the Internet infrastructure and
telecommunications networks in China. Almost all access to the Internet is maintained through state-owned telecommunications operators under the administrative control and regulatory supervision of the Ministry of Industry and Information Technology
of the PRC, or the MIIT. In addition, the national networks in China are connected to the Internet through international gateways controlled by the PRC government. These international gateways are the only channels through which a domestic user can
connect to the Internet. We rely on a limited number of telecommunications service providers, primarily China Telecom and China Unicom, to provide us with data communications capacity. We, our customers or travel suppliers, may not have access to
alternative networks in the event of disruptions, failures or other problems with China&#146;s Internet infrastructure. With the expansion of our business, we may be required to upgrade our technology and infrastructure to keep up with the
increasing traffic on our online platform. However, we have no control over the costs of the services provided by telecommunications service providers. If the prices we pay for telecommunications and Internet services rise significantly, our results
of operations may be materially and adversely affected. If Internet access fees or other charges to Internet users increase, the number of Internet users may decline and our business may be harmed. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Moreover, if we are not able to renew services agreements with the telecommunications carriers when they expire and are not able to enter into agreements with alternative carriers on commercially
reasonable terms or at all, the quality and stability of our online platform may be adversely affected. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We are subject to
payment-related risks. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We enable our customers to make payments through our website by working with various third-party online
payment processing service providers. As we rely on third parties to provide payment processing services, including processing payments made with credit cards and debit cards, it could disrupt our business if these companies become unwilling or
unable to provide these services to us. We may be subject to human error, fraud and other illegal activities in connection with third-party online payment services. If our data security systems are breached or compromised, we may lose our ability to
accept credit and debit card payments from our customers, and we may be subject to claims for damages from our customers and third parties, all of which could adversely and materially affect our reputation as well as our results of operations. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>If we fail to adopt new technologies or adapt our website online platform and management systems to changing user requirements,
increasing traffic or emerging industry standards, our business may be materially and adversely affected. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The online travel
industry is subject to rapid technological changes. To remain competitive, we must continue to enhance and improve the responsiveness, functionality and features of our online platform. The online travel industry is also characterized by rapid
technological evolution and changes in customer requirements and preferences. Our success will depend, in part, on our ability to identify, develop, acquire or license leading technologies useful in our business and respond to technological advances
and emerging industry standards and practices in a cost-effective and timely manner. The development of our online platform and other proprietary technology entails significant technical and business risks. In addition, the widespread adoption of
new Internet, networking or telecommunications technologies or other technological changes could require substantial expenditures to modify or adapt our infrastructure. We may not be able to use new technologies effectively or adapt our online
platform, proprietary technologies and operating systems to the requirements of our customers and travel suppliers or emerging industry standards. If we are unable to adapt in a cost-effective and timely manner to changing market conditions or user
requirements, whether for technical, legal, financial, or other reasons, our business may be materially and adversely affected. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our
business may be harmed if we are unable to upgrade our systems and infrastructure fast enough to accommodate increasing traffic levels, or to avoid obsolescence, or successfully integrate any newly developed or purchased technology with our existing
systems. Capacity constraints could cause unanticipated system disruptions, slower response times, poor customer experience, impaired quality and speed of reservations and confirmations and delays in reporting accurate financial and operating
information. These factors could cause us to lose customers. Additionally, we will continue to upgrade and improve our technology infrastructure to support our business growth. However, we cannot assure you that we will be successful in executing
these system upgrades and improvement strategies. In particular, our systems may experience interruptions during upgrades, and the new technologies or infrastructures may not be fully integrated with the existing systems on a timely basis, or at
all. If our existing or future technology infrastructure does not function properly, it could cause system disruptions and slow response times that affect data transmission, which in turn could materially and adversely affect our business. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We are exposed to risks associated with online security. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The secure transmission of confidential information over the Internet is essential in maintaining customer confidence in us. We conduct a
significant portion of our transactions through our website. We utilize digital certificates to help us conduct secure communications and transactions. In addition, customer sensitive information, such as password and payment information, is stored
with encryption, and our data servers are </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
secured with firewalls. However, advances in technology or other developments could result in a compromise or breach of the technology that we use to protect customer and transaction data. Our
security measures may not be sufficient to prevent security breaches. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Our use of open source software could adversely affect our
ability to offer our products and services and subject us to possible litigation. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We use open source software in connection with
our development of technology infrastructure. From time to time, companies that use open source software have faced claims challenging the use of open source software and/or compliance with open source license terms. We could be subject to suits by
parties claiming ownership of what we believe to be open source software, or claiming noncompliance with open source licensing terms. Some open source licenses require users who distribute software containing open source to make available all or
part of such software, which in some circumstances could include valuable proprietary code. While we monitor the use of open source software and try to ensure that none is used in a manner that would require us to disclose our proprietary source
code or that would otherwise breach the terms of an open source agreement, such use could inadvertently occur, in part because open source license terms are often ambiguous. Any requirement to disclose our proprietary source code or pay damages for
breach of contract could be harmful to our business, results of operations or financial condition, and could help our competitors develop travel products and services that are similar to or better than ours. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We may not be successful in pursuing strategic alliances and acquisitions, and future alliances and acquisitions may not bring us
anticipated benefits. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Part of our growth strategy is the pursuit of strategic alliances and acquisitions. There can be no
assurance that we will succeed in implementing this strategy as it is subject to many factors which are beyond our control, including our ability to identify and successfully execute suitable acquisition opportunities and alliances. This strategy
may also subject us to uncertainties and risks, including acquisition and financing costs, potential ongoing and unforeseen or hidden liabilities, diversion of management resources and cost of integrating acquired businesses. We could face
difficulties integrating the technology of acquired businesses with our existing technology, and employees of the acquired business into various departments and ranks in our company, and it could take substantial time and effort to integrate the
business processes being used in the acquired businesses with our existing business processes. Moreover, there is no assurance that such alliances or acquisitions will achieve our intended objectives or benefits. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>If we fail to implement and maintain an effective system of internal controls, we may be unable to accurately report our results of
operations or prevent fraud or fail to meet our reporting obligations, and investor confidence and the market price of our ADSs may be materially and adversely affected. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to this offering, we were a private company with limited accounting personnel and other resources with which to address our internal
controls and procedures. Our independent registered public accounting firm has not conducted an audit of our internal control over financial reporting. However, in preparing our consolidated financial statements as of and for the years ended
December&nbsp;31, 2011, 2012 and 2013, we and our independent registered public accounting firm identified one material weakness in our internal control over financial reporting, as defined in the standards established by the Public Company
Accounting Oversight Board of the United States, or PCAOB. The material weakness identified related to the lack of sufficient financial reporting and accounting personnel with appropriate knowledge of US GAAP and the SEC, reporting requirements to
formalize key controls over financial reporting and to prepare consolidated financial statements and related disclosures. Following the identification of the material weakness, we have taken measures and plan to continue to take measures to remedy
the material weakness. For details of these remedies, see &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#151;Internal Control over Financial Reporting.&#148; However, the implementation of these
measures may not fully address the material weakness in our internal control over financial reporting, and we cannot conclude that they have been fully remedied. Our failure </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
to correct the material weakness or our failure to discover and address any other material weakness or deficiencies could result in inaccuracies in our financial statements and could also impair
our ability to comply with applicable financial reporting requirements and related regulatory filings on a timely basis. As a result, our business, financial condition, results of operations and prospects, as well as the trading price of our ADSs,
may be materially and adversely affected. Moreover, ineffective internal control over financial reporting significantly hinders our ability to prevent fraud. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Furthermore, it is possible that, had our independent registered public accounting firm conducted an audit of our internal control over
financial reporting, such firm might have identified additional material weaknesses and deficiencies. Upon completion of this offering, we will become a public company in the United States subject to the Sarbanes-Oxley Act of 2002. Section&nbsp;404
of the Sarbanes-Oxley Act of 2002, or Section&nbsp;404, will require that we include a report of management on our internal control over financial reporting in our annual report on Form 20-F beginning with our annual report for the fiscal year
ending December&nbsp;31, 2015. In addition, once we cease to be an &#147;emerging growth company&#148; as such term is defined in the JOBS Act, our independent registered public accounting firm must attest to and report on the effectiveness of our
internal control over financial reporting. Our management may conclude that our internal control over financial reporting is not effective. Moreover, even if our management concludes that our internal control over financial reporting is effective,
our independent registered public accounting firm, after conducting its own independent testing, may issue a report that is qualified if it is not satisfied with our internal controls or the level at which our controls are documented, designed,
operated or reviewed, or if it interprets the relevant requirements differently from us. In addition, after we become a public company, our reporting obligations may place a significant strain on our management, operational and financial resources
and systems for the foreseeable future. We may be unable to timely complete our evaluation testing and any required remediation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">During
the course of documenting and testing our internal control procedures, in order to satisfy the requirements of Section&nbsp;404, we may identify other weaknesses and deficiencies in our internal control over financial reporting. In addition, if we
fail to maintain the adequacy of our internal control over financial reporting, as these standards are modified, supplemented or amended from time to time, we may not be able to conclude on an ongoing basis that we have effective internal control
over financial reporting in accordance with Section&nbsp;404. If we fail to achieve and maintain an effective internal control environment, we could suffer material misstatements in our financial statements and fail to meet our reporting
obligations, which would likely cause investors to lose confidence in our reported financial information. This could in turn limit our access to capital markets, harm our results of operations, and lead to a decline in the trading price of our ADSs.
Additionally, ineffective internal control over financial reporting could expose us to increased risk of fraud or misuse of corporate assets and subject us to potential delisting from the stock exchange on which we list, regulatory investigations
and civil or criminal sanctions. We may also be required to restate our financial statements from prior periods. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We have limited
business insurance coverage in China. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Insurance companies in China offer limited business insurance products. Business disruption
insurance is available to a limited extent in China, but we have determined that the risks of disruption, the cost of such insurance and the difficulties associated with acquiring such insurance make it commercially impractical for us to have such
insurance. We maintain insurance coverage for travel company liabilities, but we do not maintain insurance coverage for business disruptions and would have to bear the costs and expenses associated with any such events out of our own resources. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We may need additional capital, and financing may not be available on terms acceptable to us, or at all. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We believe that our current cash and cash equivalents, and anticipated cash flow from operations will be sufficient to meet our anticipated
cash needs for at least the next 12 months. We may, however, require additional cash resources due to changed business conditions or other future developments, including any marketing initiatives or investments we may decide to pursue. If these
resources are insufficient to satisfy our </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
cash requirements, we may seek to obtain a credit facility or sell additional equity or debt securities. The sale of additional equity securities could result in dilution of our existing
shareholders. The incurrence of indebtedness would result in increased debt service obligations and could result in operating and financing covenants that would restrict our operations. It is uncertain whether financing will be available in amounts
or on terms acceptable to us, if at all. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We have granted share options and may grant share options and other share-based awards in
the future, which may materially increase our net loss. </I></B></P>  <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We adopted an incentive compensation plan in 2008, or the 2008 Plan,
that permits granting of options to purchase our ordinary shares and restricted shares. The maximum aggregate number of ordinary shares that may be issued pursuant to all awards under the 2008 Plan is 18,375,140 shares. As of the date of this
prospectus, there are options to acquire 18,149,593 ordinary shares issued and outstanding. However, we have not recorded any share-based compensation expense in connection with these options grants because certain defined exercisable event has not
yet occurred. One of the exercisable events is completion of this offering. As a result, immediately upon completion of this offering, we expect that we will incur a share-based compensation charge of RMB17.2 million (US$2.8 million), which will
include RMB13.4 million (US$2.2 million) associated with options for which the service condition was satisfied as of December 31, 2013, and an additional amount of RMB3.8 million (US$0.6 million) associated with options for which the service
condition was satisfied between January 1, 2014 and the date of this prospectus. In addition, we plan to grant employees share options and other share-based compensation in the future. Expenses associated with share-based awards may materially
impact our results of operations. </P>  <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risks Related to Our Corporate Structure </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Substantial uncertainties and restrictions exist with respect to the interpretation and application of PRC laws and regulations relating
to restrictions on foreign investment in value-added telecommunications and travel companies in China. If the PRC government finds that the structure we have adopted for our business operations does not comply with PRC laws and regulations, we could
be subject to severe penalties, including shutting down of our online platform. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Foreign ownership of Internet-based businesses is
subject to significant restrictions under current PRC laws and regulations. The PRC government regulates Internet access, the distribution of online information and the conduct of online commerce through strict business licensing requirements and
other government regulations. These laws and regulations also include limitations on foreign ownership in PRC companies that provide Internet content distribution services. Specifically, foreign investors are not allowed to own more than 50% of the
equity interest in any entity conducting value-added telecommunications business. The Circular on Strengthening the Administration of Foreign Investment in and Operation of Value-added Telecommunications Business issued by the Ministry of Industry
and Information Technology in July 2006, or the MIIT Circular, reiterated the regulations on foreign investment in telecommunications business, which require foreign investors to set up foreign-invested enterprises and obtain business operating
licenses for Internet content provision to conduct any value-added telecommunications business in China. Under the MIIT Circular, a domestic company that holds an ICP license is prohibited from leasing, transferring or selling the license to foreign
investors in any form, and from providing any assistance, including providing resources, sites or facilities, to foreign investors that conduct value-added telecommunications business illegally in China. Furthermore, the relevant trademarks and
domain names that are used in the value-added telecommunications business must be owned by the domestic ICP license holder or its shareholders. Due to a lack of interpretation from MIIT, it is unclear what impact the MIIT Circular will have on us or
other PRC Internet companies that have adopted the same or similar corporate structures and contractual arrangements as ours. Nanjing Tuniu holds an ICP license, and owns the domain name used in our value-added telecommunications business. Nanjing
Tuniu is also the owner of all registered trademarks used in our value-added telecommunications business and is the applicant of all the applications for trademark registration we have made. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

  <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are a Cayman Islands company and our wholly owned PRC subsidiary, Beijing Tuniu, is
considered a foreign invested enterprise. To comply with PRC laws and regulations, we conduct our operations in China through a series of contractual arrangements entered into among Beijing Tuniu, Nanjing Tuniu and the shareholders of Nanjing Tuniu.
As a result of these contractual arrangements, we exert control over Nanjing Tuniu and its subsidiaries and consolidate their results of operations in our financial statements under U.S. GAAP. For a detailed description of these contractual
arrangements, see &#147;Corporate History and Structure.&#148; </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the opinion of our PRC counsel, Jun He Law Offices, our current
ownership structure, the ownership structure of our PRC subsidiaries and our consolidated affiliated entities, each of the shareholders&#146; voting rights agreement, powers of attorney, equity interest pledge agreement and purchase option agreement
entered into among Beijing Tuniu, Nanjing Tuniu and the shareholders of Nanjing Tuniu, and the cooperation agreement between Beijing Tuniu and Nanjing Tuniu, which establish our contractual arrangement with Nanjing Tuniu and its shareholders, and,
except as otherwise disclosed in this prospectus, our business operations are not in violation of existing PRC laws, rules and regulations. However, we are advised by our PRC counsel, Jun He Law Offices, that there are substantial uncertainties
regarding the interpretation and application of current or future PRC laws and regulations and there can be no assurance that the PRC government will ultimately take a view that is consistent with the opinion of our PRC counsel stated above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In or around September 2011, various media sources reported that the China Securities Regulatory Commission, or the CSRC, had prepared a
report proposing regulating the use of variable interest entity structures, such as ours, in industry sectors subject to foreign investment restrictions in China and overseas listings by China-based companies. However, it is unclear whether the CSRC
officially issued or submitted such a report to a higher level government authority or what any such report provides, or whether any new PRC laws or regulations relating to variable interest entity structures will be adopted or if adopted, what they
would provide. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If our ownership structure, contractual arrangements and business of our company, our PRC subsidiaries or our consolidated
affiliated entities are found to be in violation of any existing or future PRC laws or regulations, or we fail to obtain or maintain any of the required permits or approvals, the relevant governmental authorities would have broad discretion in
dealing with such violation, including levying fines, confiscating our income or the income of our PRC subsidiaries or consolidated affiliated entities, revoking the business licenses or operating licenses of our PRC subsidiaries or consolidated
affiliated entities, shutting down our servers or blocking our online platform, discontinuing or placing restrictions or onerous conditions on our operations, requiring us to undergo a costly and disruptive restructuring, restricting or prohibiting
our use of proceeds from this offering to finance our business and operations in China, and taking other regulatory or enforcement actions that could be harmful to our business. Any of these actions could cause significant disruption to our business
operations and severely damage our reputation, which would in turn materially and adversely affect our business, financial condition and results of operations. If any of these occurrences results in our inability to direct the activities of any of
our consolidated affiliated entities that most significantly impact its economic performance, and/or our failure to receive the economic benefits from any of our consolidated affiliated entities, we may not be able to consolidate the entity in our
consolidated financial statements in accordance with U.S. GAAP. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We rely on contractual arrangements with Nanjing Tuniu and its
shareholders for the operation of our business, which may not be as effective as direct ownership. If Nanjing Tuniu or its shareholders fail to perform their obligations under these contractual arrangements, we may have to resort to litigation or
arbitration to enforce our rights, which may be time-consuming, unpredictable, expensive and damaging to our operations and reputation. If we are unable to maintain effective control, we would not be able to continue to consolidate the financial
results of our consolidated affiliated entities with our financial results. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Although we have been advised by our PRC counsel, Jun
He Law Offices, that our contractual arrangements with Nanjing Tuniu and its shareholders does not and will not result in any violation of current PRC laws, these contractual arrangements may not be as effective in providing control as direct
ownership. If Nanjing Tuniu or its shareholders fail to perform their obligations under the contractual arrangements, we may have to incur </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
substantial costs and expend additional resources to enforce such arrangements. We may also have to rely on legal remedies under contract law, including seeking specific performance or injunctive
relief and claiming damages, which we cannot assure you will be effective. For example, if the shareholders of Nanjing Tuniu refuse to transfer their equity interests in Nanjing Tuniu to us or our designee when we exercise the purchase option
pursuant to these contractual arrangements, or if they otherwise act in bad faith toward us, then we may have to take legal actions to compel them to perform their contractual obligations. Furthermore, while the company chops of Nanjing Tuniu are
held by its legal and accounting departments, our ability to ensure its performance under the contractual agreements may be limited if we are unable to secure control of the company chops in the event of a dispute with its management or
shareholders, as many official documents require affixation of company chops to become fully effective. If we were the controlling shareholder of Nanjing Tuniu with direct ownership, we would be able to exercise our rights as shareholders to effect
changes to its board of directors, which in turn could implement changes at the management and operational level. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All the agreements
under our contractual arrangements are governed by PRC laws and provide for the resolution of disputes through arbitration in the PRC. Accordingly, these contracts would be interpreted in accordance with PRC laws and any disputes would be resolved
in accordance with PRC legal procedures. There remain significant uncertainties regarding how our contractual arrangements would be interpreted under PRC law and the ultimate outcome of the resolution of disputes in relation to such contractual
arrangements, should arbitration become necessary. The legal system in the PRC is not as developed as in some other jurisdictions, such as the United States. As a result, uncertainties in the PRC legal system could limit our ability to enforce these
contractual arrangements. Under PRC laws, if the losing parties fail to carry out the arbitration awards within a prescribed time limit, the prevailing parties may only enforce the arbitration awards in PRC courts through arbitration award
recognition proceedings, which would require additional expenses and delay. In the event we are unable to enforce these contractual arrangements, we may not be able to exert effective control over Nanjing Tuniu and its shareholders, and our ability
to conduct our business may be negatively affected. If we are unable to maintain effective control, we would not be able to continue to consolidate the financial results of our consolidated affiliated entities with our financial results. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>The shareholders of Nanjing Tuniu may have potential conflicts of interest with us, which may materially and adversely affect our
business and financial condition. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have designated individuals who are PRC nationals to be the shareholders of Nanjing Tuniu.
The equity interests of Nanjing Tuniu are held by Messrs. Dunde Yu, Haifeng Yan, Tong Wang, Jiping Wang, Xin Wen, Yongquan Tan and Haifeng Wang. The interests of these individuals as the shareholders of Nanjing Tuniu may differ from the interests of
our company as a whole. These shareholders may breach, or cause Nanjing Tuniu to breach, the existing contractual arrangements we have with them and Nanjing Tuniu, which would have a material and adverse effect on our ability to effectively control
Nanjing Tuniu. We cannot assure you that when conflicts of interest arise, any or all of these shareholders will act in the best interests of our company or such conflicts will be resolved in our favor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Currently, we do not have any arrangements to address potential conflicts of interest between these shareholders and our company, except that
we could exercise our purchase option under the purchase option agreement with these shareholders to request them to transfer all of their equity interests in Nanjing Tuniu to a PRC entity or individual designated by us, to the extent permitted by
PRC laws. We rely on Messrs. Dunde Yu and Haifeng Yan, who are our founders, directors and beneficial owners, Messrs. Tong Wang, Jiping Wang, Xin Wen and Yongquan Tan, who are our beneficial owners and Mr.&nbsp;Haifeng Wang, who is an employee of
one of our preferred shareholders, to abide by the PRC law. If we cannot resolve any conflict of interest or dispute between us and the shareholders of Nanjing Tuniu, we would have to rely on legal proceedings, which could result in disruption of
our business and subject us to substantial uncertainty as to the outcome of any such legal proceedings. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Our contractual arrangements with Nanjing Tuniu and its shareholders may be subject to
scrutiny by the PRC tax authorities, and a finding that we owe additional taxes could substantially increase our consolidated net loss and reduce the value of your investment. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under PRC laws and regulations, arrangements and transactions among related parties may be subject to audit or challenge by the PRC tax
authorities. We could face material and adverse tax consequences if the PRC tax authorities determine that the contractual arrangements among Beijing Tuniu, Nanjing Tuniu and the shareholders of Nanjing Tuniu do not represent an arm&#146;s-length
price and adjust Nanjing Tuniu&#146;s income in the form of a transfer pricing adjustment. A transfer pricing adjustment could, among other things, result in a reduction, for PRC tax purposes, of expense deductions recorded by Nanjing Tuniu, which
could in turn increase its tax liabilities without reducing our tax liabilities. In addition, the PRC tax authorities may impose late payment fees and other penalties to Nanjing Tuniu for under-paid taxes. Our consolidated net loss may be increased
if our tax liabilities increase or if we are found to be subject to late payment fees or other penalties. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>If Nanjing Tuniu becomes
the subject of a bankruptcy or liquidation proceeding, we may lose the ability to use and enjoy its assets, which could materially and adversely affect our business. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To comply with PRC laws and regulations relating to foreign ownership restrictions in the online value-added telecommunications business, we
hold our ICP license and operate our business through contractual arrangements with Nanjing Tuniu as well as its shareholders. As part of these arrangements, Nanjing Tuniu holds assets that are important to the operation of our business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We do not have priority pledges and liens against Nanjing Tuniu&#146;s assets. As a contractual and property right matter, this lack of
priority pledges and liens has remote risks. If Nanjing Tuniu undergoes an involuntary liquidation proceeding, third-party creditors may claim rights to some or all of its assets and we may not have priority against such third-party creditors on
Nanjing Tuniu&#146;s assets. If Nanjing Tuniu liquidates, we may take part in the liquidation procedures as a general creditor under the PRC Enterprise Bankruptcy Law and recover any outstanding liabilities owed by Nanjing Tuniu to Beijing Tuniu
under the cooperation agreement between them. To ameliorate the risks of an involuntary liquidation proceeding initiated by a third-party creditor, we closely monitor the operations and finances of Nanjing Tuniu through carefully designed budgetary
and internal controls to ensure that Nanjing Tuniu is well capitalized and is highly unlikely to trigger any third party monetary claims in excess of its assets and cash resources. Furthermore, Beijing Tuniu has the ability, if necessary, to provide
financial support to Nanjing Tuniu to avoid such an involuntary liquidation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the shareholders of Nanjing Tuniu were to attempt to
voluntarily liquidate Nanjing Tuniu without obtaining our prior consent, we could effectively prevent such unauthorized voluntary liquidation by exercising our right to request Nanjing Tuniu&#146;s shareholders to transfer all of their equity
interests to a PRC entity or individual designated by us in accordance with the purchase option agreement with the shareholders of Nanjing Tuniu, to the extent permitted by PRC laws. In the event that the shareholders of Nanjing Tuniu initiate a
voluntary liquidation proceeding without our authorization or attempts to distribute the retained earnings or assets of Nanjing Tuniu without our prior consent, we may need to resort to legal proceedings to enforce the terms of the contractual
agreements. Any such legal proceeding may be costly and may divert our management&#146;s time and attention away from the operation of our business, and the outcome of such legal proceeding would be uncertain. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risks Related to Doing Business in China </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Uncertainties in the interpretation and enforcement of PRC laws and regulations could limit the legal protections available to you and
us. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The PRC legal system is based on written statutes. Unlike common law systems, it is a system in which legal cases have limited
value as precedents. In the late 1970s, the PRC government began to promulgate a </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
comprehensive system of laws and regulations governing economic matters in general. The overall effect of legislation over the past three decades has significantly increased the protections
afforded to various forms of foreign or private-sector investment in China. Our PRC subsidiaries and consolidated affiliated entities are subject to various PRC laws and regulations generally applicable to companies in China. However, since these
laws and regulations are relatively new and the PRC legal system continues to rapidly evolve, the interpretations of many laws, regulations and rules are not always uniform and enforcement of these laws, regulations and rules involve uncertainties.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">From time to time, we may have to resort to administrative and court proceedings to enforce our legal rights. However, since PRC
administrative and court authorities have significant discretion in interpreting and implementing statutory and contractual terms, it may be more difficult to evaluate the outcome of administrative and court proceedings and the level of legal
protection we enjoy than in more developed legal systems. Furthermore, the PRC legal system is based in part on government policies and internal rules (some of which are not published in a timely manner or at all) that may have retroactive effect.
As a result, we may not be aware of our violation of these policies and rules until sometime after the violation. Such uncertainties, including uncertainty over the scope and effect of our contractual, property (including intellectual property) and
procedural rights, and any failure to respond to changes in the regulatory environment in China could materially and adversely affect our business and impede our ability to continue our operations. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Changes in China&#146;s economic, political or social conditions or government policies could have a material adverse effect on our
business and operations. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our business operations are based in China. Accordingly, our business, financial condition, results of
operations and prospects may be influenced to a significant degree by economic, political and social conditions or government policies in China generally and by continued economic growth in China as a whole. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">China&#146;s economy differs from the economies of most developed countries in many respects, including the level of government involvement,
level of development, growth rate, control of foreign exchange and allocation of resources. Although the PRC government has implemented measures since the late 1970s emphasizing the utilization of market forces for economic reform, the reduction of
state ownership of productive assets, and the establishment of improved corporate governance in business enterprises, a substantial portion of productive assets in China is still owned by the PRC government. In addition, the PRC government continues
to play a significant role in regulating industry development by imposing industrial policies. The PRC government also exercises significant control over the PRC economic growth through allocating resources, controlling payment of foreign
currency-denominated obligations, setting monetary policy and providing preferential treatment to particular industries or companies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">While China&#146;s economy has experienced significant growth over the past decades, growth has been uneven, both geographically and among
various sectors of the economy, and may slow down in the future. Some of the government measures may benefit the overall Chinese economy, but may have a negative effect on us. For example, our financial condition and results of operations may be
adversely affected by government control over capital investments or changes in tax regulations. Any stimulus measures designed to boost the Chinese economy may contribute to higher inflation, which could adversely affect our financial condition and
results of operations. For example, certain operating costs and expenses, such as employee compensation and office operating expenses, may increase as a result of higher inflation. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>The PRC government regulates travel and other related industries. If we fail to obtain or maintain all pertinent permits and approvals
or if the PRC government imposes more restrictions on these industries, our business may be adversely affected. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are required to
obtain applicable permits or approvals from regulatory authorities to conduct our business activities. See &#147;PRC Regulation.&#148; If we fail to obtain or maintain any of the required permits or </P>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
approvals in the future, we may be subject to various penalties, such as fines or suspension of operations in these regulated businesses, which could severely disrupt our business operations. As
a result, our financial condition and results of operations may be adversely affected. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Under the PRC Enterprise Income Tax Law, we
may be classified as a PRC resident enterprise for PRC enterprise income tax purposes. Such classification would likely result in unfavorable tax consequences to us and our non-PRC shareholders and have a material adverse effect on our results of
operations and the value of your investment. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the PRC Enterprise Income Tax Law, or the EIT Law, that became effective on
January&nbsp;1, 2008, an enterprise established outside the PRC with a &#147;de facto management body&#148; within the PRC is considered a PRC resident enterprise for PRC enterprise income tax purposes and is generally subject to a uniform 25%
enterprise income tax rate on its worldwide income. Under the implementation rules to the EIT Law, or the Implementation Rules, a &#147;de facto management body&#148; is defined as a body that has material and overall management and control over the
manufacturing and business operations, personnel and human resources, finances and properties of an enterprise. In addition, SAT Circular 82, which was issued in April 2009 by the State Administration of Taxation, or the SAT, specifies that certain
offshore incorporated enterprises controlled by PRC enterprises or PRC enterprise groups will be classified as PRC resident enterprises if all of the following conditions are met: (a)&nbsp;senior management personnel and core management departments
in charge of the daily operations of the enterprises have their presence mainly in the PRC; (b)&nbsp;their financial and human resources decisions are subject to determination or approval by persons or bodies in the PRC; (c)&nbsp;major assets,
accounting books and company seals of the enterprises, and minutes and files of their board&#146;s and shareholders&#146; meetings are located or kept in the PRC; and (d)&nbsp;half or more of the enterprises&#146; directors or senior management
personnel with voting rights habitually reside in the PRC. Further to SAT Circular 82, the SAT issued SAT Bulletin 45, which took effect on September&nbsp;1, 2011, to provide more guidance on the implementation of SAT Circular 82 and clarify the
reporting and filing obligations of such &#147;Chinese-controlled offshore-incorporated resident enterprises.&#148; SAT Bulletin 45 provides procedures and administrative details for the determination of PRC resident enterprise status and
administration on post-determination matters. Although both SAT Circular 82 and SAT Bulletin 45 only apply to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals or foreign individuals
like us, the determining criteria set forth in SAT Circular 82 and SAT Bulletin 45 may reflect the SAT&#146;s general position on how the &#147;de facto management body&#148; test should be applied in determining the PRC resident enterprise status
of offshore enterprises, regardless of whether they are controlled by PRC enterprises, PRC enterprise groups or by PRC or foreign individuals. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We do not believe that Tuniu Corporation meets all of the conditions above and thus we do not believe that it is a PRC resident enterprise,
despite the fact that all of the members of our management team as well as the management team of Tuniu (HK) Limited are located in China. However, if the PRC tax authorities determine that it is a PRC resident enterprise for PRC enterprise income
tax purposes, a number of unfavorable PRC tax consequences could follow. First, we will be subject to the uniform 25% enterprise income tax on our worldwide income, which could materially reduce our net income. In addition, we will also be subject
to PRC enterprise income tax reporting obligations. Second, although dividends paid by one PRC tax resident to another PRC tax resident should qualify as &#147;tax-exempt income&#148; under the EIT Law, we cannot assure you that such dividends will
not be subject to a 10% withholding tax, as the PRC foreign exchange control authorities, which enforce the withholding tax on dividends, and the PRC tax authorities have not yet issued guidance with respect to the processing of outbound remittances
to entities that are not controlled by any PRC enterprise or PRC enterprise group and treated as PRC resident enterprises for PRC enterprise income tax purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the EIT Law and its Implementation Rules, subject to any applicable tax treaty or similar arrangement between the PRC and our
investors&#146; jurisdiction of residence that provides for a different income tax arrangement, PRC withholding tax at the rate of 10% is normally applicable to dividends from PRC sources payable to investors that are non-PRC resident enterprises,
which do not have an establishment or place of business in the PRC, or which have such establishment or place of business if the relevant income is not </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
effectively connected with the establishment or place of business. Any gain realized on the transfer of American depositary shares or shares by such non-PRC resident enterprise investors is also
subject to 10% PRC income tax if such gain is regarded as income derived from sources within the PRC unless a tax treaty or similar arrangement otherwise provides. Under the PRC Individual Income Tax Law and its implementation rules, dividends from
sources within the PRC paid to foreign individual investors who are not PRC residents are generally subject to a PRC withholding tax at a rate of 20% and gains from PRC sources realized by such investors on the transfer of American depositary shares
or shares are generally subject to 20% PRC income tax, in each case, subject to any reduction or exemption set forth in applicable tax treaties and PRC laws. It is also unclear whether dividends we pay with respect to our ordinary shares or ADSs, or
the gain realized from the transfer of our ordinary shares or ADSs, would be treated as income derived from sources within the PRC and as a result be subject to PRC income tax if we were considered a PRC resident enterprise, as described above. If
PRC income tax were imposed on gains realized through the transfer of our ADSs or ordinary shares or on dividends paid to our non-PRC resident investors, the value of the investment in our ADSs or ordinary shares may be materially and adversely
affected. Furthermore, our ADS holders whose jurisdictions of residence have tax treaties or arrangements with China may not qualify for benefits under such tax treaties or arrangements. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We face uncertainty regarding the PRC tax reporting obligations and consequences for certain indirect transfers of our operating
company&#146;s equity interests. Enhanced scrutiny over acquisition transactions by the PRC tax authorities may have a negative impact on potential acquisitions we may pursue in the future. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the EIT Law, the Ministry of Finance and the SAT jointly issued SAT Circular 59 in April 2009, and the SAT issued SAT
Circular 698 in December 2009. Both SAT Circular 59 and Circular 698 became effective retroactively on January&nbsp;1, 2008. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">According to
SAT Circular 698, where a non-PRC resident enterprise transfers the equity interests of a PRC resident enterprise indirectly by disposition of the equity interests of an overseas holding company, or an Indirect Transfer, and the overseas holding
company is located in a tax jurisdiction that: (1)&nbsp;has an effective tax rate of less than 12.5% or (2)&nbsp;does not impose tax on foreign income of its residents, the non-PRC resident enterprise, being the transferor, must report to the
relevant tax authority of the PRC resident enterprise this Indirect Transfer. Using a &#147;substance over form&#148; principle, the PRC tax authority may disregard the existence of the overseas holding company if it lacks a reasonable commercial
purpose and was established for the purpose of reducing, avoiding or deferring PRC tax. As a result, gains derived from such Indirect Transfer may be subject to PRC withholding tax at a rate of up to 10%. SAT Circular 698 also provides that, where a
non-PRC resident enterprise transfers its equity interests in a PRC resident enterprise to its related parties at a price lower than the fair market value, the relevant tax authority has the power to make a reasonable adjustment to the taxable
income resulting from the transaction. In addition, the PRC resident enterprise is supposed to provide necessary assistance to support the enforcement of SAT Circular 698. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On March&nbsp;28, 2011, the SAT released SAT Public Notice (2011)&nbsp;No.&nbsp;24, or SAT Public Notice 24, to clarify several issues related
to SAT Circular 698. SAT Public Notice 24 became effective on April&nbsp;1, 2011. According to SAT Public Notice 24, the term &#147;effective tax rate&#148; refers to the effective tax rate on the gain derived from disposition of the equity
interests of an overseas holding company; and the term &#147;does not impose income tax&#148; refers to the cases where the gain derived from disposition of the equity interests of an overseas holding company is not subject to income tax in the
country/region where the overseas holding company is a resident. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There is little guidance as to the application of SAT Circular 698. For
example, while the term &#147;Indirect Transfer&#148; is not clearly defined, it is understood that the relevant PRC tax authorities have jurisdiction regarding requests for information over a wide range of foreign entities having no direct contact
with China. In addition, there are no formal declarations with regard to how to determine whether a foreign investor has adopted an abusive arrangement in order to reduce, avoid or defer PRC tax. If any of the previous investments by non-PRC
resident investors in our company were determined by the tax authorities to lack reasonable commercial purpose, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
it is possible that the PRC tax authorities would pursue our offshore shareholders to conduct a filing regarding our offshore restructuring transactions where non-PRC resident investors were
involved and would request our PRC subsidiaries to assist in providing such disclosures. In addition, if our offshore subsidiaries are deemed to lack substance, they could be disregarded by the PRC tax authorities. As a result, we and our non-PRC
resident investors may become at risk of being taxed under SAT Circular 698 and may be required to expend valuable resources to comply with SAT Circular 698 or to establish that we and our non-PRC resident investors should not be taxed under SAT
Circular 698, which may have a material adverse effect on our financial condition and results of operations or the non-PRC resident investors&#146; investments in us. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">By promulgating and implementing these circulars, the PRC tax authorities have enhanced their scrutiny over the direct or indirect transfer of
equity interests in a PRC resident enterprise by a non-PRC resident enterprise. The PRC tax authorities have the discretion under SAT Circular 59 and SAT Circular 698 to make adjustments to the taxable capital gains based on the difference between
the fair value of the equity interests transferred and the cost of investment. Although we currently have no confirmed plans to pursue any acquisitions in China or elsewhere in the world, we may pursue acquisitions in the future that may involve
complex corporate structures. If we are considered a non-PRC resident enterprise under the EIT Law and if the PRC tax authorities make adjustments under SAT Circular 59 or SAT Circular 698, our income tax costs associated with such potential
acquisitions will be increased, which may have an adverse effect on our financial condition and results of operations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>PRC
regulations establish complex procedures for some acquisitions of PRC companies by foreign investors, which could make it more difficult for us to pursue growth through acquisitions in China. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Six PRC regulatory agencies promulgated regulations effective in September 2006 that are commonly referred to as the M&amp;A Rules. See
&#147;PRC Regulation.&#148; The M&amp;A Rules establish procedures and requirements that could make some acquisitions of PRC companies by foreign investors more time-consuming and complex, including requirements in some instances that the Ministry
of Commerce be notified in advance of any change-of-control transaction in which a foreign investor takes control of a PRC domestic enterprise. In addition, national security review rules issued by the PRC governmental authorities in 2011 require
acquisitions by foreign investors of domestic companies engaged in military-related or certain other industries that are crucial to national security to be subject to prior security review. Moreover, the Anti-Monopoly Law requires that the Ministry
of Commerce shall be notified in advance of any concentration of undertaking if certain thresholds are triggered. We may expand our business in part by acquiring complementary businesses. Complying with the requirements of the M&amp;A Rules,
security review rules and other PRC regulations to complete such transactions could be time-consuming, and any required approval processes, including obtaining approval from the Ministry of Commerce, may delay or inhibit our ability to complete such
transactions, which could affect our ability to expand our business or maintain our market share. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>PRC regulations relating to
offshore investment activities by PRC residents may limit our PRC subsidiaries&#146; ability to increase their registered capital or distribute profits to us, limit our ability to inject capital into our PRC subsidiaries, or otherwise expose us to
liability and penalties under PRC laws. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The PRC State Administration of Foreign Exchange, or the SAFE, promulgated in October 2005
a SAFE Circular 75 that requires PRC residents to register with SAFE or its local branches in connection with their establishment or control of an offshore special purpose vehicle established for the purpose of overseas equity financing with assets
or equity interests of onshore companies held by the PRC residents. In addition, such PRC residents who are shareholders or beneficial owners of the offshore special purpose vehicle are required to update their SAFE registrations when the offshore
special purpose vehicle undergoes material events relating to increases or decreases in investment amount, transfers or exchanges of shares, mergers or divisions, long-term equity or debt investments, external guarantees, or other material changes
in share capital. The term &#147;control&#148; under SAFE Circular 75 is broadly defined as the operation rights, beneficiary rights or decision-making rights acquired by the PRC residents in the offshore special purpose vehicles or PRC companies by
such means as acquisition, trust, proxy, voting rights, repurchase, convertible bonds or other arrangements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subsequent regulations further clarified that PRC subsidiaries of an offshore special purpose
vehicle are required to urge its PRC resident shareholders and beneficial owners to update their registrations with local branches of SAFE. If these shareholders or beneficial owners fail to comply, the PRC subsidiaries are required to report to
local SAFE branches of SAFE. See &#147;PRC Regulation&#151;Regulations on Offshore Financing.&#148; If our shareholders or beneficial owners who are PRC citizens or residents do not complete their registration with the local SAFE branches, our PRC
subsidiaries may be prohibited from distributing their profits and proceeds from any reduction in capital, share transfer or liquidation to us, and we may be restricted in our ability to contribute additional capital to our PRC subsidiaries.
Moreover, failure to comply with the various SAFE registration requirements described above could result in liabilities for our PRC subsidiaries under PRC laws for evasion of applicable foreign exchange restrictions, including (1)&nbsp;the
requirement by SAFE to return the foreign exchange remitted overseas within a period specified by SAFE, with a fine of up to 30% of the total amount of foreign exchange remitted overseas and deemed to have been evasive and (2)&nbsp;in circumstances
involving serious violations, a fine of no less than 30% of and up to the total amount of remitted foreign exchange deemed evasive. Furthermore, the persons-in-charge and other persons at our PRC subsidiaries who are held directly liable for the
violations may be subject to criminal sanctions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">These foreign exchange regulations provide that PRC residents include both PRC citizens,
meaning any individual who holds a PRC passport or resident identification card, and individuals who are non-PRC citizens but primarily reside in the PRC due to their economic ties to the PRC. We have requested all of our current shareholders and/or
beneficial owners to disclose whether they or their shareholders or beneficial owners fall within the ambit of SAFE Circular 75 and its guidance and will urge relevant shareholders and beneficial owners, upon learning they are PRC residents, to make
the necessary applications, filings and amendments as required under SAFE Circular 75 and other related rules. To our knowledge, all of our shareholders who are PRC residents and hold interest in us have registered with the local SAFE branch as
required under SAFE Circular 75. We would expect these shareholders to also amend their registrations after completion of this offering as required by PRC laws. However, we cannot assure you that they can successfully amend their foreign exchange
registrations with the local SAFE branch in compliance with applicable laws after this offering. In addition, we may not be informed of the identities of all the PRC residents holding direct or indirect interest in our company, and we cannot provide
any assurances that these PRC residents will comply with our request to make or obtain any applicable registrations or comply with other requirements required by SAFE Circular 75 or other related rules. A failure by any of our current or future
shareholders or beneficial owners who are PRC residents to comply with the SAFE regulations may subject us to fines or other legal sanctions, restrict our cross-border investment activities, limit our PRC subsidiaries&#146; ability to make
distributions or pay dividends or affect our ownership structure, which could adversely affect our business and prospects. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Furthermore,
it is unclear how these regulations, and any future regulation concerning offshore or cross-border transactions, will be interpreted, amended and implemented by the relevant government authorities. We cannot predict how these regulations will affect
our business operations or future strategy. For example, we may be subject to a more stringent review and approval process with respect to our foreign exchange activities, such as remittance of dividends and foreign-currency-denominated borrowings,
which may adversely affect our financial condition and results of operations. In addition, if we decide to acquire a PRC domestic company, either we or the owners of such company, as the case may be, may not be able to obtain the necessary approvals
or complete the necessary filings and registrations required by the foreign exchange regulations. This may restrict our ability to implement our acquisition strategy and could adversely affect our business and prospects. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Failure to comply with PRC regulations regarding the registration requirements for share option plans may subject the PRC plan
participants or us to fines and other legal or administrative sanctions. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In February 2012, SAFE promulgated the Notices on Issues
Concerning the Foreign Exchange Administration for Domestic Individuals Participating in Stock Incentive Plans of Overseas Publicly-Listed Companies, or the Stock Option Rules. Under the Stock Option Rules and other relevant rules and regulations,
PRC residents who participate in stock incentive plans in an overseas publicly-listed company are required to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
register with SAFE or its local branches and complete certain other procedures. Participants of a stock incentive plan who are PRC residents must retain a qualified PRC agent, which could be a
PRC subsidiary of the overseas publicly-listed company or another qualified institution selected by the PRC subsidiary, to conduct the SAFE registration and other procedures with respect to the stock incentive plan on behalf of its participants. The
participants must also retain an overseas entrusted institution to handle matters in connection with their exercise of stock options, the purchase and sale of corresponding stocks or interests and fund transfers. In addition, the PRC agent is
required to amend the SAFE registration with respect to the stock incentive plan if there is any material change to the stock incentive plan, the PRC agent or the overseas entrusted institution or other material changes. See &#147;PRC
Regulation&#151;Regulations on Employee Stock Option Plans.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We and our PRC employees who have been granted share options will be
subject to these regulations upon completion of this offering. If we or our PRC share option holders fail to comply with these regulations, we or our PRC share option holders may be subject to fines, and other legal or administrative sanctions. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>PRC regulation of direct investment and loans by offshore holding companies to PRC entities and governmental control of currency
conversion may delay or limit us from using the proceeds of this offering to make additional capital contributions or loans to our PRC subsidiaries. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any capital contributions or loans that we, as an offshore entity, make to our PRC subsidiaries, including from the proceeds of this offering,
are subject to PRC laws and regulations. Under PRC laws and regulations, we are permitted to utilize the proceeds from this offering to fund our existing PRC subsidiaries only through loans or capital contributions or to establish new PRC
subsidiaries, subject to applicable government registration and approval requirements. None of our loans to a PRC subsidiary can exceed the difference between its total amount of investment and its registered capital approved under relevant PRC
laws, and the loans must be registered with the local branch of SAFE. Our capital contributions to our PRC subsidiaries or establishment of new PRC subsidiaries must be approved by the Ministry of Commerce or its local counterpart. We cannot assure
you that we will be able to complete the necessary registration or obtain the necessary approval on a timely basis, or at all. If we fail to complete the necessary registration or obtain the necessary approval, our ability to make loans or capital
contributions to our PRC subsidiaries may be negatively affected, which could adversely affect our PRC subsidiaries&#146; liquidity and their ability to fund their working capital and expansion projects and meet their obligations and commitments.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In August 2008, SAFE promulgated a SAFE Circular 142 regulating the conversion by a foreign-invested enterprise of foreign currency
registered capital into Renminbi by restricting how the converted Renminbi may be used. SAFE Circular 142 provides that the Renminbi capital converted from foreign currency registered capital of a foreign-invested enterprise may only be used for
purposes within the business scope approved by the applicable government authority and unless otherwise provided by law, such Renminbi capital may not be used for equity investments in the PRC. The business scopes of Beijing Tuniu and Tuniu
(Nanjing) Information Technology Co., Ltd. include research and development of computer software, network information technology products, computer application systems, e-commerce systems, network security systems and computer system integration;
technology services, consulting and transfers; sales of self-developed products; investment consulting; business information consulting; and conference services and public relations advice. Beijing Tuniu and Tuniu (Nanjing) Information Technology
Co., Ltd. may only use Renminbi converted from foreign exchange capital contribution for activities within their respective approved business scope. In addition, the use of such Renminbi capital may not be altered without SAFE approval, and such
Renminbi capital may not in any case be used to repay Renminbi loans if the proceeds of such loans have not been used. Violations of SAFE Circular 142 could result in severe monetary or other penalties. If we convert the net proceeds we receive from
this offering into Renminbi pursuant to SAFE Circular 142, our use of Renminbi funds for general corporate purposes will be within the business scopes of our PRC subsidiaries. However, we may not be able to use such Renminbi funds to make equity
investments in the PRC through our PRC subsidiaries. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Furthermore, SAFE promulgated in November 2010 a SAFE Circular 59, which requires the relevant
government authorities to closely examine the authenticity of settlement of net proceeds from offshore offerings and the net proceeds to be settled in the manner described in the offering documents. SAFE also promulgated a SAFE Circular 45 in
November 2011, which, among other things, restricts a foreign-invested enterprise from using Renminbi converted from its registered capital to provide entrusted loans or repay loans between non-financial enterprises. SAFE Circular 142, SAFE Circular
59 and SAFE Circular 45 may significantly limit our ability to use Renminbi converted from the net proceeds of this offering to fund establishment of new PRC subsidiaries by Beijing Tuniu or Tuniu (Nanjing) Information Technology Co., Ltd. to invest
in or acquire any other PRC companies, or to establish new PRC consolidated affiliated entities. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Our PRC subsidiaries are subject
to restrictions on paying dividends or making other payments to us, which may restrict our ability to satisfy our liquidity requirements. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are a holding company incorporated in the Cayman Islands. We may need dividends and other distributions on equity from our PRC subsidiaries
to satisfy our liquidity requirements. Current PRC regulations permit our PRC subsidiaries to pay dividends to us only out of their accumulated profits, if any, determined in accordance with PRC accounting standards and regulations. In addition, our
PRC subsidiaries are required to set aside at least 10% of their respective accumulated profits each year, if any, to fund certain reserve funds until the total amount set aside reaches 50% of their respective registered capital. Our PRC
subsidiaries may also allocate a portion of its after-tax profits based on PRC accounting standards to employee welfare and bonus funds at their discretion. These reserves are not distributable as cash dividends. Furthermore, if our PRC subsidiaries
incur debt on their own behalf in the future, the instruments governing the debt may restrict their ability to pay dividends or make other payments to us. In addition, the PRC tax authorities may require us to adjust our taxable income under the
contractual arrangements among Beijing Tuniu, Nanjing Tuniu and the shareholders of Nanjing Tuniu in a manner that would materially and adversely affect Beijing Tuniu&#146;s ability to pay dividends and other distributions to us. Any limitation on
the ability of our subsidiaries to distribute dividends to us or on the ability of Nanjing Tuniu to make payments to us may restrict our ability to satisfy our liquidity requirements. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We may not be able to obtain certain treaty benefits on dividends paid to us by our PRC subsidiaries through our Hong Kong subsidiary.
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the EIT Law, dividends generated from retained earnings after January&nbsp;1, 2008 from a PRC company and distributed to a
foreign parent company are subject to a withholding tax rate of 10% unless the foreign parent&#146;s jurisdiction of incorporation has a tax treaty with China that provides for a preferential withholding arrangement. Pursuant to the Arrangement
between Mainland China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income, or the Hong Kong Tax Treaty, which became effective on December&nbsp;8,
2006, a company incorporated in Hong Kong, such as Tuniu (HK) Limited, will be subject to withholding income tax at a rate of 5% on dividends it receives from its PRC subsidiaries, if it holds a 25% or more interest in that particular PRC
subsidiary, or 10% if it holds less than a 25% interest in that subsidiary. However, the SAT promulgated SAT Circular 601 on October&nbsp;27, 2009, which provides that tax treaty benefits will be denied to &#147;conduit&#148; or shell companies
without business substance, and that &#147;substance over form&#148; principles will be used to determine beneficial ownership for purposes of receiving tax treaty benefits. On June&nbsp;29, 2012, the SAT further issued the Announcement of the SAT
regarding Recognition of &#147;Beneficial Owner&#148; under Tax Treaties, or Announcement 30, which provides that a comprehensive analysis should be made when determining the beneficial owner status based on various factors supported by various
types of documents including the articles of association, financial statements, records of cash movements, board meeting minutes, board resolutions, staffing and materials, relevant expenditures, functions and risk assumption as well as relevant
contracts and other information. As a result, although our PRC subsidiaries, Beijing Tuniu and Tuniu (Nanjing) Information Technology Co., Ltd., are currently wholly owned by our Hong Kong subsidiary, Tuniu (HK) Limited, we cannot assure you that we
would be entitled to the tax treaty benefits and enjoy the favorable 5% rate applicable under the Hong Kong Tax Treaty. If Tuniu (HK) Limited is not recognized as the beneficial owner of the dividends paid to it by Beijing Tuniu or Tuniu (Nanjing)
Information Technology Co., Ltd., such dividends will be subject to a normal withholding tax of 10% as provided by the EIT Law. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Discontinuation or revocation of any of the preferential tax treatments and government
subsidies or imposition of any additional taxes or surcharges could adversely affect our financial condition and results of operations. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our PRC subsidiaries are incorporated in the PRC and governed by applicable PRC tax laws and regulations. The EIT Law and its Implementation
Rules have adopted a uniform statutory enterprise income tax rate of 25% to all enterprises in China, including foreign-invested enterprises. The EIT Law and its Implementation Rules also permit qualified &#147;high and new technology
enterprises,&#148; or HNTEs, to enjoy a preferential enterprise income tax rate of 15% upon filing with the relevant tax authorities. The qualification as a HNTE is generally effective for a term of three years and the renewal of such qualification
is subject to review by the relevant authorities in China. Nanjing Tuniu obtained its HNTE certificate in 2010 with a valid period of three years and successfully renewed such certificate in December 2013 for additional three years. Therefore,
Nanjing Tuniu is eligible to enjoy a preferential tax rate of 15% from 2013 to 2015 to the extent it has taxable income under the EIT Law, as long as it maintains the HNTE qualification and duly conducts relevant EIT filing procedures with the
relevant tax authority.<B><I></I></B> If Nanjing Tuniu fails to maintain its HNTE qualification or renew its qualification when its current term expires, its applicable enterprise income tax rate may increase to 25%, which could have an adverse
effect on our financial condition and results of operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, our PRC subsidiaries have received various financial subsidies
from PRC local government authorities. Preferential tax treatments and financial subsidies are subject to review and may be adjusted or revoked at any time in the future. The discontinuation of any preferential tax treatments or financial subsidies
or imposition of any additional taxes or surcharges could adversely affect our financial condition and results of operations. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Fluctuations in exchange rates could have a material adverse effect on our results of operations and the value of your investment.
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We generate all of our revenues and incur substantially all of our expenses in Renminbi, and substantially all of our sales and
supply contracts are denominated in Renminbi. As a result, fluctuations in the exchange rates between the U.S. dollar and Renminbi will affect the relative purchasing power in Renminbi terms of our U.S. dollar assets and the proceeds from this
offering. As the functional currency for our PRC subsidiaries and affiliated PRC entities is Renminbi, fluctuations in the exchange rates may also cause us to incur foreign exchange losses on any foreign currency holdings they may have. In addition,
appreciation or depreciation in the value of Renminbi relative to the U.S. dollar would affect our financial results in U.S. dollar terms without giving effect to any underlying change in our business or results of operations. If we decide to
convert our Renminbi into U.S. dollars for the purpose of making payments for dividends on our ordinary shares or for other business purposes, appreciation of U.S. dollar against Renminbi would have a negative effect on the U.S. dollar amount
available to us. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The value of Renminbi against U.S. dollars and other currencies is affected by, among other things, changes in
China&#146;s political and economic conditions and China&#146;s foreign exchange policies. In July 2005, the PRC government changed its decade-old policy of pegging the value of Renminbi to U.S. dollars, and Renminbi appreciated more than 20%
against U.S. dollars over the following three years. However, the People&#146;s Bank of China regularly intervenes in the foreign exchange market to limit fluctuations in Renminbi exchange rates to achieve policy goals. During the period between
July 2008 and June 2010, the exchange rates between Renminbi and the U.S. dollars had been stable and traded within a narrow range. However, Renminbi fluctuated significantly during that period against other freely traded currencies, in tandem with
U.S. dollars. Since June 2010, Renminbi has started to slowly appreciate against the U.S. dollars, though there have been periods recently when U.S. dollars appreciated against Renminbi. It is difficult to predict how long the current situation may
last and when and how the relationship between Renminbi and U.S. dollars may change again. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There remains significant international pressure on the PRC government to adopt a flexible
currency policy. Any significant appreciation or depreciation of Renminbi may materially and adversely affect our revenues, earnings and financial position, and the value of, and any dividends payable on, our ADSs in U.S. dollars. For example, to
the extent that we need to convert U.S. dollars we receive from this initial public offering into Renminbi to pay our operating expenses, appreciation of Renminbi against U.S. dollars would have an adverse effect on the Renminbi amount we would
receive from the conversion. Conversely, a significant depreciation of Renminbi against the U.S. dollar may significantly reduce the amount of U.S. dollars equivalent of our earnings, which in turn could adversely affect the price of our ADSs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Very limited hedging options are available in China to reduce our exposure to exchange rate fluctuations. To date, we have not entered into
any hedging transactions in an effort to reduce our exposure to foreign currency exchange risk. While we may decide to enter into hedging transactions in the future, the availability and effectiveness of these hedges may be limited and we may not be
able to adequately hedge our exposure or at all. In addition, our currency exchange losses may be magnified by PRC exchange control regulations that restrict our ability to convert Renminbi into foreign currencies. As a result, fluctuations in
exchange rates may have a material adverse effect on your investment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>The approval of the China Securities Regulatory Commission
may be required in connection with this offering under a regulation adopted in August 2006, and, if required, we cannot assure you that we will be able to obtain such approval. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Six PRC regulatory agencies, including the China Securities Regulatory Commission, or the CSRC, promulgated the Regulations on Mergers and
Acquisitions of Domestic Companies by Foreign Investors, or the M&amp;A Rules, which became effective on September&nbsp;8, 2006 and was subsequently amended. The M&amp;A Rules, among other things, require offshore special purpose vehicles controlled
by PRC companies or individuals formed for the purpose of an overseas listing of such PRC companies&#146; or individuals&#146; interests in PRC domestic companies to obtain the CSRC&#146;s approval prior to listing their securities on an overseas
stock exchange. The application of this regulation remains unclear. Our PRC counsel, Jun He Law Offices, has advised us that, based on its understanding of the current PRC laws, rules and regulations, we are not required to submit an application to
the CSRC for its approval of the listing and trading of our ADSs on the NASDAQ Global Market, because: </P>  <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the CSRC currently has not issued any definitive rule or interpretation concerning whether offerings like ours under this prospectus are subject to this regulation; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">our wholly owned PRC subsidiaries were established by means of foreign direct investment, rather than through a merger or acquisition of domestic companies, as defined under the M&amp;A Rules; and </TD></TR></TABLE>
 <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">there is no provision in the M&amp;A Rules that explicitly classifies contractual arrangements as a type of transaction subject to the M&amp;A Rules. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There is uncertainty as to how this regulation will be interpreted or implemented. If it is determined that the CSRC approval is required for
this offering, we may face sanctions by the CSRC or other PRC regulatory agencies for failure to seek the CSRC&#146;s approval for this offering. These sanctions may include fines and penalties on our operations in the PRC, delays or restrictions on
the repatriation of the proceeds from this offering into the PRC, restrictions on or prohibition of the payments or remittance of dividends by our PRC subsidiaries, or other actions that could have a material adverse effect on our business,
financial condition, results of operations, reputation and prospects, as well as the trading price of our ADSs. The CSRC or other PRC regulatory agencies may also take actions requiring us, or making it advisable to us, to halt this offering before
the settlement and delivery of the ADSs that we are offering. Consequently, if you engage in market trading or other activities in anticipation of and prior to the settlement and delivery of the ADSs we are offering, you would be doing so at the
risk that the settlement and delivery may not occur. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Online payment systems in China are at an early stage of development and may restrict our
ability to expand our online business. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Online payment systems in China are at an early stage of development. Although major
Chinese banks are instituting online payment systems, these systems are not as widely acceptable to consumers in China as in the United States and other developed countries. The lack of wide acceptance of online payment systems and concerns
regarding the adequacy of system security may limit the number of online commercial transactions that we can service. If online payment services and their security capabilities are not significantly enhanced, our ability to grow our online business
may be limited. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Internet market has not been proven as an effective commercial medium in China. The Internet penetration rate in
China is lower than those in the United States and other developed countries. Our future results of operations from online business will depend substantially upon the increased use and acceptance of the Internet for distribution of products and
services and facilitation of commerce in China. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Internet may not become a viable commercial medium in China for various reasons in
the foreseeable future. More salient impediments to Internet development in China include: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">consumer dependence on traditional means of commerce; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">inexperience with the Internet as a sales and distribution channel; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">inadequate development of the necessary infrastructure; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">concerns about security, reliability, cost, ease of deployment, administration and quality of service associated with conducting business and settling payment over the Internet; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">inexperience with credit card usage or with other means of electronic payment; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">limited use of personal computers. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the Internet is not widely accepted as a medium for
online commerce in China, our ability to grow our online business would be impeded. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Implementation of laws and regulations relating
to data privacy in China could adversely affect our business. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain data and services collected, provided or used by us or
provided to and used by us are currently subject to regulation in certain jurisdictions, including China. The PRC Constitution states that PRC laws protect the freedom and privacy of communications of citizens and prohibit infringement of such basic
rights, and the PRC Contract Law prohibits contracting parties from disclosing or misusing the trade secrets of the other party. Further, companies or their employees who illegally trade or disclose customer data may face criminal charges. Although
the definition and scope of &#147;privacy&#148; and &#147;trade secret&#148; remain relatively ambiguous under PRC laws, growing concerns about individual privacy and the collection, distribution and use of information about individuals have led to
national and local regulations that could increase our expenses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In December 2012, the Standing Committee of the National People&#146;s
Congress enacted the Decision to Enhance the Protection of Network Information, or the Information Protection Decision, to further enhance the protection of users&#146; personal information in electronic form. The Information Protection Decision
provides that Internet information services providers must expressly inform their users of the purpose, manner and scope of the collection and use of users&#146; personal information by Internet information services providers, publish the Internet
information services providers standards for their collection and use of users&#146; personal information, and collect and use users&#146; personal information only with the consent of the users and only within the scope of such consent. The
Information Protection Decision also mandates that Internet information services providers and their employees keep users&#146; personal information that they collect strictly confidential, and that they must take such
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
technical and other measures as are necessary to safeguard the information against disclosure, damages and loss. Compliance with current regulations and regulations that may come into effect in
these areas may increase our expenses related to regulatory compliance, which could have an adverse effect on our financial condition and results of operations. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Regulation and censorship of information distribution over the Internet in China may adversely affect our business, and we may be liable
for information displayed on, retrieved from or linked to our website. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The PRC government has adopted regulations governing
Internet access and the distribution of information over the Internet. Under these regulations, Internet content providers and Internet publishers are prohibited from posting or displaying over the Internet content that, among other things, violates
PRC laws and regulations, impairs the national dignity of China or the public interest, or is reactionary, obscene, superstitious, fraudulent or defamatory. Failure to comply with these regulations may result in the revocation of licenses to provide
Internet content and other licenses, the closure of the concerned websites. A website operator may also be held liable for such censored information displayed on or linked to its website. For a detailed discussion, see &#147;PRC
Regulation&#151;Regulations on Information Security and Censorship.&#148; We have a team dedicated to screening and monitoring content published on our online platform and removing prohibited content. However, we may have difficulty identifying and
removing all illegal content displayed on or linked to our website, which could expose us to the penalties described above. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Increases in labor costs in the PRC may adversely affect our business and results of operations. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The economy of China has been experiencing increases in inflation and labor costs in recent years. As a result, the average wage in the PRC are
expected to continue to grow. In addition, we are required by PRC laws and regulations to pay various statutory employee benefits, including pensions, housing fund, medical insurance, work-related injury insurance, unemployment insurance and
maternity insurance to designated government agencies for the benefit of our employees. The relevant government agencies may examine whether an employer has made adequate payments of the requisite statutory employee benefits, and those employers who
fail to make adequate payments may be subject to late payment fees, fines and/or other penalties. If the relevant PRC authorities determine that we shall make supplemental social insurance and housing fund contributions and that we are subject to
fines and legal sanctions, our business, financial condition and results of operations may be adversely affected. We expect that our labor costs, including wages and employee benefits, will continue to increase. Unless we are able to pass on these
increased labor costs to our customers by increasing the prices of our products and services, our financial condition and results of operations may be materially and adversely affected. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We face certain risks relating to the real properties that we lease. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We lease real properties from third parties primarily for our office use in the PRC. Our leasehold interests in a number of these leased
properties may be defective as a result of the lessors&#146; lack of proper title or right to lease. As a result, we cannot assure you that our leasehold interests will not be challenged. In addition, we have not registered almost all of our lease
agreements with relevant PRC governmental authorities as required by PRC law, and although failure to do so does not in itself invalidate the leases, we may not be able to defend these leases against bona fide third parties. As of the date of this
prospectus, we are not subject to any actions, claims or investigations pending or threatened in writing by government authorities or third parties with respect to the defects in our leased properties. However, if third parties who purport to be
property owners or beneficiaries of the mortgaged properties challenge our right to lease these properties, we may not be able to protect our leasehold interests and may be ordered to vacate the affected premises, which could materially and
adversely affect our business and results of operations. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>The audit report included in this prospectus is prepared by an auditor who is not inspected
by the Public Company Accounting Oversight Board and, as such, you are deprived of the benefits of such inspection. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Auditors of
companies that are registered with the SEC and traded publicly in the United States, including our independent registered public accounting firm, must be registered with the Public Company Accounting Oversight Board (United States), or PCAOB, and
are required by the laws of the United States to undergo regular inspections by the PCAOB to assess their compliance with the laws of the United States and professional standards. Because our auditor is located in the Peoples&#146; Republic of
China, a jurisdiction where the PCAOB is currently unable to conduct inspections without the approval of the PRC authorities, our auditor is not currently inspected by the PCAOB. In May 2013, PCAOB announced that it had entered into a Memorandum of
Understanding on Enforcement Cooperation with the CSRC and the PRC Ministry of Finance, which establishes a cooperative framework between the parties for the production and exchange of audit documents relevant to investigations undertaken by PCAOB,
the CSRC or the PRC Ministry of Finance in the United States and the PRC, respectively. PCAOB continues to be in discussions with the CSRC and the PRC Ministry of Finance to permit joint inspections in the PRC of audit firms that are registered with
PCAOB and audit Chinese companies that trade on U.S. exchanges. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This lack of PCAOB inspections in China prevents the PCAOB from regularly
evaluating audits and quality control procedures of any auditors operating in China, including our auditor. As a result, investors may be deprived of the benefits of PCAOB inspections. The inability of the PCAOB to conduct inspections of auditors in
China makes it more difficult to evaluate the effectiveness of our auditor&#146;s audit procedures or quality control procedures as compared to auditors outside of China that are subject to PCAOB inspections. Investors may lose confidence in our
reported financial information and procedures and the quality of our financial statements. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Proceedings instituted recently by the
SEC against five PRC-based accounting firms, including our independent registered public accounting firm, could result in financial statements being determined to not be in compliance with the requirements of the Securities Exchange Act of 1934, as
amended, or the Exchange Act. </I></B></P>  <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In December 2012, the SEC instituted administrative proceedings under Rule 102(e)(1)(iii) of the
SEC&#146;s Rules of Practice against five PRC-based accounting firms, including our independent registered public accounting firm, alleging that these firms had violated U.S. securities laws and the SEC&#146;s rules and regulations thereunder by
failing to provide to the SEC the firms&#146; work papers related to their audits of certain PRC-based companies that are publicly traded in the United States. Rule 102(e)(1)(iii) authorizes the SEC to deny any person, temporarily or permanently,
the ability to practice before the SEC if found by the SEC, after notice and opportunity for a hearing, to have willfully violated any such laws or rules and regulations. On January 22, 2014, an administrative law judge in the SEC issued an initial
decision sanctioning four of these accounting firms from practicing before the SEC for six months. The accounting firms involved have the ability to appeal, first to the SEC, then to the federal appeals court if necessary, and if appealed, the
sanction will not take effect until the SEC issues an order of finality. While we cannot predict the outcome of these proceedings, if the accounting firms, including our independent registered public accounting firm, were denied, even temporarily,
the ability to practice before the SEC, and we are unable to timely find another registered public accounting firm which can audit and issue a report on our financial statements, our financial statements could be determined to not be in compliance
with the requirements for financial statements in connection with this offering under the Securities Act of 1933, as amended, or the Securities Act, or those of public companies registered under the Exchange Act after our completion of this
offering. Such a determination could ultimately lead to the delay or abandonment of this offering, or, after completion of this offering, delisting of our ADSs from the NASDAQ Global Market or deregistration from the SEC, or both, which would
substantially reduce or effectively terminate the trading of our ADSs in the United States, result in a sharp decline of our market capitalization and materially and adversely affect the value of your investment in our ADSs. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">39 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risks Related to Our ADSs and This Offering </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>An active trading market for our ordinary shares or our ADSs may not develop and the trading price for our ADSs may fluctuate
significantly. </I></B></P>  <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have applied to list our ADSs on the NASDAQ Global Market. Prior to completion of this offering, there has
been no public market for our ADSs or our Class A ordinary shares underlying the ADSs, and we cannot assure you that a liquid public market for our ADSs will develop or be sustained after this offering. If an active public market for our ADSs does
not develop following completion of this offering, the market price and liquidity of our ADSs may be materially and adversely affected. The initial public offering price for our ADSs will be determined by negotiation between us and the underwriters
based upon several factors, and we can provide no assurance that the trading price of our ADSs after this offering will not decline below the initial public offering price. As a result, investors in our securities may experience a significant
decrease in the value of their ADSs. </P>  <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>The trading prices of our ADSs are likely to be volatile, which could result in
substantial losses to investors. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The trading prices of our ADSs are likely to be volatile and could fluctuate widely due to
factors beyond our control. This may happen because of broad market and industry factors, like the performance and fluctuation of the market prices of other companies with business operations located mainly in China that have listed their securities
in the United States. The widespread negative publicity of alleged fraudulent accounting practices and poor corporate governance of certain U.S. public companies with operations in China in recent years were believed to have negatively affected
investors&#146; perception and sentiment towards companies with connection with China, which significantly and negatively affected the trading prices of some companies&#146; securities listed in the U.S. Once we become a public company, any similar
negative publicity or sentiment may affect the performances of our ADSs. A number of PRC companies have listed or are in the process of listing their securities on U.S. stock markets. The securities of some of these companies have experienced
significant volatility, including price declines in connection with their initial public offerings. The trading performances of these PRC companies&#146; securities after their offerings may affect the attitudes of investors toward PRC companies
listed in the United States in general and consequently may impact the trading performance of our ADSs, regardless of our actual operating performance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition to market and industry factors, the price and trading volume for our ADSs may be highly volatile for factors specific to our own
operations, including the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the financial projections that we may choose to provide to the public, any changes in those projections or our failure for any reason to meet those projections; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">variations in our revenues, net income and cash flow; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">announcements of new investments, acquisitions, strategic partnerships, or joint ventures; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">announcements of new products, services and expansions by us or our competitors; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">changes in financial estimates by securities analysts; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">additions or departures of key personnel; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">release of lock-up or other transfer restrictions on our outstanding equity securities or sales of additional equity securities; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">potential litigation or regulatory investigations; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">fluctuations in market prices for our products or services. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any of these factors may result
in large and sudden changes in the volume and price at which our ADSs will trade. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>If securities or industry analysts do not publish research or reports about our business,
or if they adversely change their recommendations regarding our ADSs, the market price for our ADSs and trading volume could decline. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The trading market for our ADSs will be influenced by research or reports that securities or industry analysts publish about our business. If
one or more analysts who cover us downgrade our ADSs, or publish unfavorable research about us, the market price for our ADSs would likely decline. If one or more of these analysts cease to cover us or fail to regularly publish reports on us, we
could lose visibility in the financial markets, which, in turn, could cause the market price or trading volume for our ADSs to decline. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Our dual class share structure with different voting rights will limit your ability to influence corporate matters and could discourage
others from pursuing any change of control transactions that holders of our Class A ordinary shares and ADSs may view as beneficial. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Immediately prior to the completion of this offering, our ordinary shares will be divided into Class A ordinary shares and Class B ordinary
shares. Holders of Class A ordinary shares will be entitled to one vote per share, while holders of Class B ordinary shares will be entitled to ten votes per share, with Class A and Class B ordinary shares voting together as one class on all matters
subject to a shareholders&#146; vote. We will issue Class A ordinary shares represented by our ADSs in this offering. All of our outstanding shares will be redesignated as Class B ordinary shares immediately prior to the completion of this offering.
Due to the disparate voting powers attached to these two classes of ordinary shares, we anticipate that our existing shareholders will collectively own approximately 106,764,391 Class B ordinary shares immediately after this offering, representing
96.9% of our total voting power, assuming the underwriters do not exercise their over-allotment option to purchase additional ADSs, the initial public offering price will be US$10.00 per ADS, the mid-point of the estimated initial public offering
price and we will issue a total of 10,500,000 Class A ordinary shares in the Concurrent Private Placement. Currently, our directors and officers beneficially own an aggregate of 86.4% of our outstanding shares. Upon the completion of this offering,
they will beneficially own an aggregate of 70.1% of our outstanding shares and 85.0% of our total voting power, assuming that the underwriters do not exercise their over-allotment option to purchase additional ADSs, the initial public offering price
will be US$10.00 per ADS, the mid-point of the estimated initial public offering price and we will issue a total of 10,500,000 Class A ordinary shares in the Concurrent Private Placement. <B><I></I></B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a result of the dual class share structure and the concentration of ownership, our existing shareholders have substantial influence over
our business, including decisions regarding mergers, consolidations and the sale of all or substantially all of our assets, election of directors and other significant corporate actions. They may take actions that are not in the best interest of us
or our other shareholders. This concentration of ownership may discourage, delay or prevent a change in control of our company, which could deprive our shareholders of an opportunity to receive a premium for their shares as part of a sale of our
company and may reduce the price of our ADSs. This concentrated control will limit your ability to influence corporate matters and could discourage others from pursuing any potential merger, takeover or other change of control transactions that
holders of Class A ordinary shares and ADSs may view as beneficial. For more information regarding our principal shareholders and their affiliated entities, see &#147;Principal and Selling Shareholders.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>The sale or availability for sale of substantial amounts of our ADSs could adversely affect their market price. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Sales of substantial amounts of our ADSs in the public market after completion of this offering, or the perception that these sales could
occur, could adversely affect the market price of our ADSs and could materially impair our ability to raise capital through equity offerings in the future. The ADSs sold in this offering will be freely tradable without restriction or further
registration under the Securities Act, and shares held by our existing </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">41 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
shareholders may also be sold in the public market in the future subject to the restrictions in Rule 144 and Rule 701 under the Securities Act and the applicable lock-up agreements. There will be
8,000,000 ADSs (equivalent to 24,000,000 Class A ordinary shares) outstanding immediately after this offering, or 9,200,000 ADSs (equivalent to 27,600,000 Class A ordinary shares) if the underwriters exercise their option to purchase additional ADSs
in full. In connection with this offering, we, our directors and executive officers, all of our existing shareholders, Ctrip, Qihoo 360 and certain optionholders have agreed not to sell any ordinary shares or ADSs for 180 days after the date of this
prospectus without prior written consent of the underwriters. However, the underwriters may release these securities from these restrictions at any time, subject to applicable regulations of the Financial Industry Regulatory Authority, Inc. We
cannot predict what effect, if any, market sales of securities held by our significant shareholders or any other shareholder or the availability of these securities for future sale will have on the market price of our ADSs. In addition, certain
holders of our preferred shares prior to completion of this offering are entitled to certain registration rights, including demand registration rights, piggyback registration rights, and Form F-3 or Form S-3 registration rights. Registration of
these shares under the Securities Act would result in these shares becoming freely tradable without restriction under the Securities Act immediately upon the effectiveness of the registration. Sales of these registered shares in the public market,
or the perception that such sales could occur, could cause the price of our ADSs to decline. See &#147;Underwriting&#148; and &#147;Shares Eligible for Future Sale&#148; for a more detailed description of the restrictions on selling our securities
after this offering. </P>  <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Because the initial public offering price is substantially higher than the pro forma net tangible book
value per share, you will experience immediate and substantial dilution. </I></B></P>  <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you purchase ADSs in this offering, you will pay
more for each ADS than the corresponding amount paid by existing shareholders for their ordinary shares. As a result, you will experience immediate and substantial dilution of approximately US$6.87 (RMB41.60) per ADS (assuming that no outstanding
options to acquire Class A ordinary shares are exercised). This number represents the difference between our pro forma net tangible book value per ADS of US$3.13 (RMB18.94) as of December 31, 2013, after giving effect to this offering and the
assumed initial public offering price of US$10.0 (RMB60.54) per ADS, the midpoint of the estimated initial public offering price range set forth on the front cover of this prospectus. See &#147;Dilution&#148; for a more complete description of how
the value of your investment in our ADSs will be diluted upon completion of this offering. </P>  <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We may be classified as a passive
foreign investment company for United States federal income tax purposes, which could result in adverse United States federal income tax consequences to United States investors in the ADSs or ordinary shares. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will be classified as a &#147;passive foreign investment company,&#148; or PFIC if, in the case of any particular taxable year, either
(a)&nbsp;75% or more of our gross income for such year consists of certain types of &#147;passive&#148; income or (b)&nbsp;50% or more of the average quarterly value of our assets (as determined on the basis of fair market value) during such year
produce or are held for the production of passive income. Although the law in this regard is unclear, we treat Nanjing Tuniu and its subsidiaries as being owned by us for United States federal income tax purposes, not only because we exercise
effective control over their operations, but also because we are entitled to substantially all of their economic benefits, and, as a result, we consolidate their operating results in our consolidated financial statements. Assuming that we are the
owner of Nanjing Tuniu and its subsidiaries for United States federal income tax purposes, and based upon our current income and assets (taking into account the proceeds from this offering) and projections as to the value of our ADSs and ordinary
shares following the offering, we do not presently expect to be classified as a PFIC for the current taxable year or the foreseeable future. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">While we do not expect to become a PFIC, because the value of our assets for purposes of the asset test will generally be determined by
reference to the market price of our ADSs or ordinary shares, fluctuations in the market price of our ADSs or ordinary shares may cause us to become a PFIC for the current or subsequent taxable years. The determination of whether we will be or
become a PFIC will also depend, in part, on the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">42 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
composition of our income and assets, which will be affected by how, and how quickly, we use our liquid assets and the cash raised in this offering. Under circumstances where we determine not to
deploy significant amounts of cash for active purposes or where Nanjing Tuniu and its subsidiaries are not treated as owned by us for United States federal income tax purposes, our risk of being classified as a PFIC may substantially increase.
Because there are uncertainties in the application of the relevant rules and PFIC status is a factual determination made annually after the close of each taxable year, there can be no assurance that we will not be a PFIC for the current taxable year
or any future taxable year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If we are classified as a PFIC in any taxable year, a U.S. Holder (as defined in &#147;Taxation&#151;United
States Federal Income Tax Considerations&#148;) may incur significantly increased United States federal income tax on gain recognized on the sale or other disposition of the ADSs or ordinary shares and on the receipt of distributions on the ADSs or
ordinary shares to the extent such gain or distribution is treated as an &#147;excess distribution&#148; under the United States federal income tax rules, and such holders may be subject to burdensome reporting requirements. Further, if we are
classified as a PFIC for any year during which a U.S. Holder holds our ADSs or ordinary shares, we generally will continue to be treated as a PFIC for all succeeding years during which such U.S. Holder holds our ADSs or ordinary shares. For more
information, see &#147;Taxation&#151;United States Federal Income Tax Considerations&#151;Passive Foreign Investment Company Considerations.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited,
because we are incorporated under Cayman Islands law. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are an exempted company incorporated under the laws of the Cayman
Islands. Our corporate affairs are governed by our memorandum and articles of association, the Companies Law of the Cayman Islands (2013 Revision) and the common law of the Cayman Islands. The rights of shareholders to take actions against the
directors, actions by minority shareholders and the fiduciary responsibilities of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in
part from comparatively limited judicial precedent in the Cayman Islands as well as from the common law of England, the decisions of whose courts are of persuasive authority, but are not binding, on a court in the Cayman Islands. The rights of our
shareholders and the fiduciary responsibilities of our directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the Cayman
Islands has a less developed body of securities laws than the United States. Some U.S. states, such as Delaware, have more fully developed and judicially interpreted bodies of corporate law than the Cayman Islands. In addition, Cayman Islands
companies may not have standing to initiate a shareholder derivative action in a federal court of the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Cayman Islands
courts are also unlikely: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">to recognize or enforce against us judgments of courts of the United States based on certain civil liability provisions of U.S. securities laws; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">to impose liabilities against us, in original actions brought in the Cayman Islands, based on certain civil liability provisions of U.S. securities laws that are penal in nature. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There is no statutory recognition in the Cayman Islands of judgments obtained in the United States, although the courts of the Cayman Islands
will in certain circumstances recognize and enforce a non-penal judgment of a foreign court of competent jurisdiction without retrial on the merits. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a result of all of the above, public shareholders may have more difficulty in protecting their interests in the face of actions taken by
management, members of the board of directors or controlling shareholders than they would as public shareholders of a company incorporated in the United States. For a discussion of significant differences between the provisions of the Companies Law
of the Cayman Islands (2013 Revision) and the laws applicable to companies incorporated in the United States and their shareholders, see &#147;Description of Share Capital&#151;Differences in Corporate Law.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">43 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Judgments obtained against us by our shareholders may not be enforceable. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are a Cayman Islands company and all of our assets are located outside of the United States. Our current operations are based in China. In
addition, some of our current directors and executive officers are nationals and residents of countries other than the United States. Substantially all of the assets of these persons are located outside the United States. As a result, it may be
difficult or impossible for you to bring an action against us or against these individuals in the United States in the event that you believe that your rights have been infringed under the United States federal securities laws or otherwise. Even if
you are successful in bringing an action of this kind, the laws of the Cayman Islands and of China may render you unable to enforce a judgment against our assets or the assets of our directors and officers. For more information regarding the
relevant laws of the Cayman Islands and China, see &#147;Enforceability of Civil Liabilities.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We have not determined a
specific use for a portion of the net proceeds from this offering, and we may use these proceeds in ways with which you may not agree. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have not determined a specific use for a portion of the net proceeds of this offering, and our management will have considerable discretion
in deciding how to apply these proceeds. For more information, see &#147;Use of Proceeds.&#148; You will not have the opportunity to assess whether the proceeds are being used appropriately before you make your investment decision. You must rely on
the judgment of our management regarding the application of the net proceeds of this offering. We cannot assure you that the net proceeds will be used in a manner that would improve our results of operations or increase our ADS price, nor that these
net proceeds will be placed only in investments that generate income or appreciate in value. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>The voting rights of holders of ADSs
are limited by the terms of the deposit agreement, and you may not be able to exercise your right to vote your Class A ordinary shares. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a holder of our ADSs, you will only be able to exercise the voting rights with respect to the underlying Class A ordinary shares in
accordance with the provisions of the deposit agreement. Under the deposit agreement, you must vote by giving voting instructions to the depositary. Upon receipt of your voting instructions, the depositary will vote the underlying Class A ordinary
shares in accordance with these instructions. You will not be able to directly exercise your right to vote with respect to the underlying shares unless you withdraw the shares. Under our amended and restated memorandum and articles of association,
the minimum notice period required for convening a general meeting is 14 calendar days. When a general meeting is convened, you may not receive sufficient advance notice to withdraw the shares underlying your ADSs to allow you to vote with respect
to any specific matter. If we ask for your instructions, the depositary will notify you of the upcoming vote and will arrange to deliver our voting materials to you. We cannot assure you that you will receive the voting materials in time to ensure
that you can instruct the depositary to vote your shares. In addition, the depositary and its agents are not responsible for failing to carry out voting instructions or for their manner of carrying out your voting instructions. This means that you
may not be able to exercise your right to vote and you may have no legal remedy if the shares underlying your ADSs are not voted as you requested. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We are an emerging growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting
requirements. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are an &#147;emerging growth company,&#148; as defined in the JOBS Act, and we may take advantage of certain
exemptions from various requirements applicable to other public companies that are not emerging growth companies including, most significantly, not being required to comply with the auditor attestation requirements of Section&nbsp;404 for so long as
we are an emerging growth company. As a result, if we elect not to comply with such auditor attestation requirements, our investors may not have access to certain information they may deem important. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The JOBS Act also provides that an emerging growth company does not need to comply with any new or revised financial accounting standards
until such date that a private company is otherwise required to comply with such new or revised accounting standards. However, we have elected to &#147;opt out&#148; of this provision and, as a </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">44 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
result, we will comply with new or revised accounting standards as required when they are adopted for public companies. This decision to opt out of the extended transition period under the JOBS
Act is irrevocable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are
exempt from certain provisions applicable to United States domestic public companies. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Because we qualify as a foreign private
issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations in the United States that are applicable to U.S. domestic issuers, including: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q or current reports on Form 8-K; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the sections of the Exchange Act requiring insiders to file public reports of their share ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the selective disclosure rules by issuers of material nonpublic information under Regulation FD. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will be required to file an annual report on Form 20-F within four months of the end of each fiscal year. In addition, we intend to publish
our results on a quarterly basis as press releases, distributed pursuant to the rules and regulations of the NASDAQ Global Market. Press releases relating to financial results and material events will also be furnished to the SEC on Form 6-K.
However, the information we are required to file with or furnish to the SEC will be less extensive and less timely as compared to that required to be filed with the SEC by United States domestic issuers. As a Cayman Islands company listed on the
NASDAQ Global Market, we are subject to the NASDAQ Global Market corporate governance listing standards. However, NASDAQ Global Market rules permit a foreign private issuer like us to follow the corporate governance practices of its home country.
Certain corporate governance practices in the Cayman Islands, which is our home country, may differ significantly from the NASDAQ Global Market corporate governance listing standards. Although we do not currently plan to utilize the home country
exemption for corporate governance matters, to the extent that we choose to do so in the future, our shareholders may be afforded less protection than they otherwise would under the NASDAQ Global Market corporate governance listing standards
applicable to U.S. domestic issuers. As a result, you may not be afforded the same protections or information, which would be made available to you, were you investing in a United States domestic issuer. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Because we do not expect to pay dividends in the foreseeable future after this offering, you must rely on price appreciation of our ADSs
for return on your investment. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We do not anticipate that we will pay any cash dividends on our ordinary shares, or indirectly on
our ADSs, for the foreseeable future. Any determination to pay dividends in the future will be at the discretion of our board of directors and will depend upon our results of operations, financial condition, contractual restrictions relating to
indebtedness we may incur, restrictions imposed by applicable law and other factors our board of directors deems relevant. Accordingly, if you purchase ADSs in this offering, realization of a gain on your investment will depend on the appreciation
of the price of our ADSs, which may never occur. Investors seeking cash dividends in the foreseeable future should not purchase our ADSs. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>You may not receive dividends or other distributions on our Class A ordinary shares and you may not receive any value for them, if it is
illegal or impractical to make them available to you. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The depositary of our ADSs has agreed to pay to you the cash dividends or
other distributions it or the custodian receives on Class A ordinary shares or other deposited securities underlying our ADSs, after deducting its fees and expenses. You will receive these distributions in proportion to the number of Class A
ordinary shares your ADSs represent. However, the depositary is not responsible if it decides that it is unlawful or impractical to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">45 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
make a distribution available to any holders of ADSs. For example, it would be unlawful to make a distribution to a holder of ADSs if it consists of securities that require registration under the
Securities Act but that are not properly registered or distributed under an applicable exemption from registration. The depositary may also determine that it is not feasible to distribute certain property through the mail. Additionally, the value of
certain distributions may be less than the cost of mailing them. In these cases, the depositary may determine not to distribute such property. We have no obligation to register under U.S. securities laws any ADSs, ordinary shares, rights or other
securities received through such distributions. We also have no obligation to take any other action to permit the distribution of ADSs, ordinary shares, rights or anything else to holders of ADSs. This means that you may not receive distributions we
make on our Class A ordinary shares or any value for them if it is illegal or impractical for us to make them available to you. These restrictions may cause a material decline in the value of our ADSs. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>You may not be able to participate in rights offerings and may experience dilution of your holdings. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may, from time to time, distribute rights to our shareholders, including rights to acquire securities. Under the deposit agreement, the
depositary will not distribute rights to holders of ADSs unless the distribution and sale of rights and the securities to which these rights relate are either exempt from registration under the Securities Act with respect to all holders of ADSs, or
are registered under the provisions of the Securities Act. The depositary may, but is not required to, attempt to sell these undistributed rights to third parties, and may allow the rights to lapse. We may be unable to establish an exemption from
registration under the Securities Act, and we are under no obligation to file a registration statement with respect to these rights or underlying securities or to endeavor to have a registration statement declared effective. Accordingly, holders of
ADSs may be unable to participate in our rights offerings and may experience dilution of their holdings as a result. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>You may be
subject to limitations on transfer of your ADSs. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Your ADSs are transferable on the books of the depositary. However, the
depositary may close its books at any time or from time to time when it deems expedient in connection with the performance of its duties. The depositary may close its books from time to time for a number of reasons, including in connection with
corporate events such as a rights offering, during which time the depositary needs to maintain an exact number of ADS holders on its books for a specified period. The depositary may also close its books in emergencies, and on weekends and public
holidays. The depositary may refuse to deliver, transfer or register transfers of our ADSs generally when our share register or the books of the depositary are closed, or at any time if we or the depositary thinks it is advisable to do so because of
any requirement of law or of any government or governmental body, or under any provision of the deposit agreement, or for any other reason. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We will incur increased costs as a result of being a public company, particularly after we cease to qualify as an &#147;emerging growth
company.&#148; </I></B></P>  <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon completion of this offering, we will become a public company and expect to incur significant legal,
accounting and other expenses that we did not incur as a private company. The Sarbanes-Oxley Act of 2002, as well as rules subsequently implemented by the SEC and NASDAQ Global Market, impose various requirements on the corporate governance
practices of public companies. As a company with less than US$1.0 billion (RMB6.1 billion) in revenues for our last fiscal year, we qualify as an &#147;emerging growth company&#148; pursuant to the JOBS Act. An emerging growth company may take
advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section&nbsp;404 in the assessment of the
emerging growth company&#146;s internal control over financial reporting and permission to delay adopting new or revised accounting standards until such time as those standards apply to private companies. However, we have elected to &#147;opt
out&#148; of this provision and, as a result, we will comply with new or revised accounting standards as required when they are adopted for public companies. This decision to opt out of the extended transition period under the JOBS Act is
irrevocable. </P>  <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">46 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We expect these rules and regulations to increase our legal and financial compliance costs and to
make some corporate activities more time-consuming and costly. After we are no longer an &#147;emerging growth company,&#148; we expect to incur significant expenses and devote substantial management effort toward ensuring compliance with the
requirements of Section&nbsp;404 and the other rules and regulations of the SEC. For example, as a result of becoming a public company, we will need to increase the number of independent directors and adopt policies regarding internal controls and
disclosure controls and procedures. We also expect that operating as a public company will make it more difficult and more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced policy limits
and coverage or incur substantially higher costs to obtain the same or similar coverage. In addition, we will incur additional costs associated with our public company reporting requirements. It may also be more difficult for us to find qualified
persons to serve on our board of directors or as executive officers. We are currently evaluating and monitoring developments with respect to these rules and regulations, and we cannot predict or estimate with any degree of certainty the amount of
additional costs we may incur or the timing of such costs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the past, shareholders of a public company often brought securities class
action suits against the company following periods of instability in the market price of that company&#146;s securities. If we were involved in a class action suit, it could divert a significant amount of our management&#146;s attention and other
resources from our business and operations, which could harm our results of operations and require us to incur significant expenses to defend the suit. Any such class action suit, whether or not successful, could harm our reputation and restrict our
ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be required to pay significant damages, which could have a material adverse effect on our financial condition and results of operations. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">47 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom652797_3"></A>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This prospectus contains forward-looking statements that involve risks and uncertainties. All statements other than statements of historical
facts are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the
forward-looking statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You can identify these forward-looking statements by words or phrases such as &#147;may,&#148;
&#147;will,&#148; &#147;expect,&#148; &#147;anticipate,&#148; &#147;aim,&#148; &#147;estimate,&#148; &#147;intend,&#148; &#147;plan,&#148; &#147;believe,&#148; &#147;likely to&#148; or other similar expressions. We have based these forward-looking
statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking
statements include, but are not limited to, statements about: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">our goals and strategies; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the expected growth of the online leisure travel market in China; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">our expectations regarding demand for our products and services; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">our expectations regarding our relationships with customers and travel suppliers; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">our ability to offer competitive travel products and services; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">our future business development, results of operations and financial condition; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">competition in our industry in China; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">relevant government policies and regulations relating to our corporate structure, business and industry; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">our expectation regarding the use of proceeds from this offering; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">general economic and business condition in China and elsewhere; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">assumptions underlying or related to any of the foregoing. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You should read thoroughly this
prospectus and the documents that we refer to in this prospectus with the understanding that our actual future results may be materially different from and worse than what we expect. Other sections of this prospectus include additional factors which
could adversely impact our business and financial performance. Moreover, we operate in an evolving environment. New risk factors and uncertainties emerge from time to time and it is not possible for our management to predict all risk factors and
uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We qualify
all of our forward-looking statements by these cautionary statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You should not rely upon forward-looking statements as predictions
of future events. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This prospectus also contains statistical data and estimates that we obtained from industry publications and reports generated by government
agencies and third-party providers of market intelligence, including a report that we commissioned from iResearch for purposes of this offering. Certain information in this prospectus on the travel market is from independent market research carried
out by Euromonitor International Limited, or Euromonitor, but should not be relied upon in making, or refraining from making, any investment decision. These industry publications and reports generally indicate that the information contained therein
was obtained from sources believed to be reliable, but do not guarantee the accuracy and completeness of such information. Although we believe that the publications and reports are reliable, we have not independently verified the data. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">48 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom652797_4"></A>USE OF PROCEEDS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We estimate that we will receive net proceeds from this offering of approximately US$65.0 million (RMB393.4&nbsp;million), or approximately
US$76.1 million (RMB460.9 million) if the underwriters exercise their option to purchase additional ADSs in full, after deducting underwriting discounts and commissions and the estimated offering expenses payable by us. These estimates are based
upon an assumed initial offering price of US$10.00 (RMB60.54) per ADS, the mid-point of the estimated range of the initial public offering price shown on the front cover page of this prospectus. We will not receive any of the proceeds from the sale
of ADSs by the selling shareholders. A US$1.00 (RMB6.05) change in the assumed initial public offering price of US$10.00 (RMB60.54) per ADS would, in the case of an increase, increase and, in the case of a decrease, decrease the net proceeds of this
offering to us by US$6.9 million (RMB41.5 million), or approximately US$8.0 million (RMB48.3&nbsp;million) if the underwriters exercise their option to purchase additional ADSs in full, assuming the number of ADSs offered by us as set forth on the
front cover page of this prospectus remains the same, and after deducting underwriting discounts and commissions and the estimated offering expenses payable by us. In addition, we expect to receive net proceeds of approximately US$35.0 million
(RMB211.9 million) from the Concurrent Private Placement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We intend to use the net proceeds received by us from this offering and the
Concurrent Private Placement for the following purposes: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">approximately US$30.0 million (RMB181.6 million) to expand our sales and marketing efforts; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">approximately US$20.0 million (RMB121.1 million) to expand our product selection and offerings; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">approximately US$10.0 million (RMB60.5 million) to strengthen our technology and product development capabilities; and </TD></TR></TABLE>  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the balance for general corporate purposes, including strategic investments in and acquisitions of complementary businesses, although we have not identified any near-term investment or acquisition targets.
</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The amounts and timing of any expenditures will vary depending on the amount of cash generated by our operations, and the
rate of growth, if any, of our business. Accordingly, our management will have significant flexibility in applying the net proceeds of this offering. If an unforeseen event occurs or business conditions change, we may use the proceeds of this
offering differently than as described in this prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In utilizing the proceeds from this offering, we are permitted under PRC laws
and regulations to provide funding to our existing PRC subsidiaries only through loans or capital contributions, or to establish new PRC subsidiaries, if we satisfy the applicable government registration and approval requirements. We cannot assure
you that we will be able to meet these requirements on a timely basis, if at all. See &#147;Risk Factors&#151;Risks Related to Our Corporate Structure&#151;PRC regulation of direct investment and loans by offshore holding companies to PRC entities
and governmental control of currency conversion may delay or limit us from using the proceeds of this offering to make additional capital contributions or loans to our PRC subsidiaries.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pending any use of the net proceeds as described above, we intend to hold our net proceeds in short-term, interest-bearing, financial
instruments or demand deposits. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">49 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom652797_5"></A>DIVIDEND POLICY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have not previously declared or paid cash dividends and we have no plan to declare or pay any dividends in the near future on our shares or
ADSs. We currently intend to retain most, if not all, of our available funds and any future earnings to operate and expand our business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are a holding company incorporated in the Cayman Islands. We rely principally on dividends from our PRC subsidiaries for our cash
requirements, including any payment of dividends to our shareholders. PRC regulations may restrict the ability of our PRC subsidiaries to pay dividends to us. See &#147;PRC Regulation&#151;Regulations on Dividend Distribution.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our board of directors has discretion as to whether to distribute dividends, subject to applicable laws. Even if our board of directors
decides to pay dividends, the form, frequency and amount will depend upon our future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors that our board of directors may
deem relevant. If we pay any dividends, we will pay our ADS holders to the same extent as holders of our ordinary shares, subject to the terms of the deposit agreement, including the fees and expenses payable thereunder. See &#147;Description of
American Depositary Shares.&#148; Cash dividends on our ordinary shares, if any, will be paid in U.S. dollars. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">50 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom652797_6"></A>CAPITALIZATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth our capitalization as of December 31, 2013: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">on an actual basis; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">on a pro forma basis to reflect (i) the automatic conversion of all of our outstanding preferred shares into 82,624,391 Class B ordinary shares immediately upon completion of this offering, assuming the initial public
offering price will be US$10.00 (RMB60.54) per ADS, the mid-point of the estimated initial public offering price range shown on the front cover of this prospectus, and (ii) share-based compensation expense of RMB13.4 million (US$2.2 million)
associated with options for which the service condition was satisfied as of December 31, 2013, and which we expect to record upon completion of this offering; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">on a pro forma as adjusted basis to reflect (i)&nbsp;the automatic conversion of all of our outstanding preferred shares into 82,624,391 Class B ordinary shares immediately upon completion of this offering, assuming the
initial public offering price will be US$10.00 (RMB60.54) per ADS, the mid-point of the estimated initial public offering price range shown on the front cover of this prospectus, (ii)&nbsp;share-based compensation expense of RMB13.4 million (US$2.2
million) associated with options for which the service condition was satisfied as of December 31, 2013, and which we expect to record upon completion of this offering, (iii)&nbsp;the issuance and sale of 22,140,000 Class A ordinary shares in the
form of ADSs by us and the sale of 1,860,000 Class A ordinary shares by the selling shareholders in this offering at an assumed initial public offering price of US$10.00 (RMB60.54) per ADS, the <FONT STYLE="white-space:nowrap">mid-point</FONT> of
the estimated range of the initial public offering price shown on the front cover page of this prospectus, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us (assuming the over-allotment option
is not exercised) and (iv) our issuance and sale of a total of 10,500,000 Class A ordinary shares to the investors in the Concurrent Private Placement at an assumed initial public offering price of US$10.00 (RMB60.54) per ADS, the mid-point of the
estimated range of the initial public offering price shown on the front cover page of this prospectus. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You should read this
table together with our consolidated financial statements and the related notes included elsewhere in this prospectus and the information under &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations.&#148;
<B></B>On April 28, 2014, we agreed with the holders of our Series D preferred shares to issue additional shares to such holders if the final offering price is below US$10.00 (RMB60.54) per ADS. In the event that the public offering price per ADS is
below US$10.00 (RMB60.54), immediately prior to completion of this offering, all of our outstanding Series D preferred shares will be automatically converted into and designated into Class B ordinary shares as follows: US$60,000,000 (RMB363,222,000)
divided by 80% of the initial public offering price per ADS, and then multiplied by the ADS-to-ordinary-shares ratio (each ADS represents three Class A ordinary shares). The difference between the fair value of Series D Preferred Shares before and
after the modification will increase accumulated deficit in the period the modification is made, but will not impact total shareholders&#146; deficit or total capitalization. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">51 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="22" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As of December 31, 2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Actual</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Pro&nbsp;forma<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP><SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Pro&nbsp;forma</B><br><B>as&nbsp;
adjusted<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP><SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center"><B>(in thousands)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Mezzanine Equity</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Series A preferred shares (US$0.0001 (RMB0.0006) par value; 13,506,748 shares issued and outstanding on an actual basis; none
outstanding on a pro forma or pro forma as adjusted basis)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">9,360</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">1,546</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Series B preferred shares (US$0.0001 (RMB0.0006) par value; 21,564,115 shares issued and outstanding on an actual basis; none
outstanding on a pro forma or pro forma as adjusted basis)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">48,890</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">8,076</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Series C preferred shares (US$0.0001 (RMB0.0006) par value; 25,782,056 shares issued and outstanding on an actual basis; none
outstanding on a pro forma or pro forma as adjusted basis)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">290,256</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">47,947</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Series D preferred shares (US$0.0001 (RMB0.0006) par value; 21,771,472 shares issued and outstanding on an actual basis; none
outstanding on a pro forma or pro forma as adjusted basis)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">367,935</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">60,779</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Shareholders&#146; Deficit</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Ordinary shares (US$0.0001 (RMB0.0006) par value; 126,999,531 shares authorized, 26,000,000 shares issued and outstanding on an actual
basis; nil Class A ordinary shares and 108,624,391 Class B ordinary shares issued and outstanding on a pro forma basis; 34,500,000 Class A ordinary shares and 106,764,391 Class B ordinary shares issued and outstanding on a pro forma as adjusted
basis)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">18</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">68</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">82</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Accumulated paid-in capital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">33</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">729,945</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">120,578</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">1,335,159</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">220,552</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Accumulated other comprehensive loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(19,723</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(3,258</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(19,723</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(3,257</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(19,723</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(3,257</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Accumulated deficit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(405,580</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(66,997</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(418,934</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(69,203</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(418,934</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(69,203</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Total shareholders&#146; deficit<SUP STYLE="font-size:85%; vertical-align:top"> (2)</SUP></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(425,085</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(70,219</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">291,356</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">48,129</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">896,587</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">148,106</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Total capitalization</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">1,075,373</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">177,639</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">1,075,373</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">177,639</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">1,680,604</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">277,616</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>  <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">The pro forma and pro forma as adjusted information discussed above is illustrative only. Our total shareholders&#146; deficit and total capitalization following completion of this offering are subject to adjustment
based on the actual initial public offering price and other terms of this offering determined at pricing. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">Assuming the number of ADSs offered by us as set forth on the cover page of this prospectus remains the same, and after deduction of underwriting discounts and commissions and the estimated offering expenses payable by
us, a US$1.00 (RMB6.05) change in the assumed initial public offering price of US$10.0 (RMB60.54) per ADS would, in the case of an increase, increase and, in the case of a decrease, decrease each of total shareholders&#146; deficit and total
capitalization by US$6.9 million (RMB41.5 million). </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">The pro forma and pro forma as adjusted data as of December 31, 2013 gives effect to share-based compensation expense of RMB13.4 million (US$2.2 million) associated with options for which the service condition was
satisfied as of December 31, 2013, and which we expect to record upon completion of this offering, as further described in the section titled &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations&#151;Critical Accounting Policies and Estimates&#151;Share-Based Compensation.&#148; This adjustment has been reflected as an increase to additional paid-in capital and accumulated deficit. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">52 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom652797_7"></A>DILUTION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our net tangible book value as of December 31, 2013 was approximately US$0.44 (RMB2.64) per ordinary share and US$1.31 (RMB7.91) per ADS, on
an as-converted basis and assuming the final offering price is at or above US$10.00 (RMB6.05) per ADS. Net tangible book value per ordinary share represents the amount of total tangible assets, minus the amount of total liabilities, divided by the
total number of ordinary shares outstanding assuming all preferred shares are converted into ordinary shares. Dilution is determined by subtracting net tangible book value per ordinary share from the assumed public offering price per ordinary share.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Without taking into account any other changes in such net tangible book value after December 31, 2013, other than to give effect to
(1)&nbsp;the conversion of all of our Series A, B, C and D preferred shares into 82,624,391 Class B ordinary shares, which will occur automatically upon completion of this offering, (2)&nbsp;our issuance and sale of 7,380,000 ADSs in this offering,
at an assumed initial public offering price of US$10.00 (RMB60.54) per ADS, the mid-point of the estimated range of the initial public offering price shown on the front cover page of this prospectus, and after deduction of underwriting discounts and
commissions and estimated offering expenses payable by us (assuming the over-allotment option is not exercised), and (3) our issuance and sale of a total of 10,500,000 Class A ordinary shares to the investors in the Concurrent Private Placement at
an assumed initial public offering price of US$10.00 (RMB60.54) per ADS, the mid-point of the estimated range of the initial public offering price shown on the front cover page of this prospectus. Our pro forma net tangible book value as adjusted to
give effect to the net proceeds from this offering and the Concurrent Private Placement as of December 31, 2013 would have been US$1.04 (RMB6.31) per outstanding ordinary share, or US$3.13 (RMB18.94) per ADS. This represents an immediate increase in
net tangible book value of US$0.61 (RMB3.68) per ordinary share, or US$1.82 (RMB11.03) per ADS, to existing shareholders and an immediate dilution in net tangible book value of US$2.29 (RMB13.87) per ordinary share, or US$6.87 (RMB41.60) per ADS, to
purchasers of ADSs in this offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table illustrates the dilution on a per ordinary share basis assuming that the initial
public offering price per ordinary share is US$3.33 (RMB20.18) and all ADSs are exchanged for ordinary shares: </P>  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Assumed initial public offering price per Class A ordinary share</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">US$3.33&nbsp;(RMB20.18)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net tangible book value per ordinary share as of December 31, 2013, on a as-converted basis</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">US$0.44&nbsp;(RMB2.64)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Pro forma net tangible book value per ordinary share as adjusted to give effect to the automatic conversion of all of our outstanding
preferred shares, this offering and the Concurrent Private Placement</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">US$1.04&nbsp;(RMB6.31)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amount of dilution in net tangible book value per ordinary share to new investors in the offering</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">US$2.29&nbsp;(RMB13.87)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amount of dilution in net tangible book value per ADS to new investors in the offering</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">US$6.87&nbsp;(RMB41.60)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE>   <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A US$1.00 (RMB6.05) increase in the assumed public offering price of US$10.00 (RMB60.54) per ADS
would increase our pro forma net tangible book value after giving effect to the offering by US$6.9 million (RMB41.6 million), the pro forma net tangible book value per ordinary share and per ADS after giving effect to the automatic conversion of all
of our outstanding preferred shares, net proceeds from this offering and the concurrent private placement by US$0.06 (RMB0.36) per ordinary share and US$0.17 (RMB1.03) per ADS and the dilution in pro forma net tangible book value per ordinary share
and per ADS to new investors in this offering by US$0.28 (RMB1.70) per ordinary share and US$0.83 (RMB5.02) per ADS, assuming no change to the number of ADSs offered by us as set forth on the cover page of this prospectus, and after deducting
underwriting discounts and commissions and estimated offering expenses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A US$1.00 (RMB6.05) decrease in the assumed public offering price
of US$10.0 (RMB60.54) per ADS would decrease our pro forma net tangible book value after giving effect to the offering by US$6.9 million </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">53 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
(RMB41.6 million). On April 28, 2014, we agreed with holders of our Series D preferred shares to issue additional shares to such holders if the final offering price is below US$10.00 (RMB60.54)
per ADS. See &#147;Principal and Selling Shareholders.&#148; To the extent the additional shares are issued if the final offering price is below US$10.00 per ADS, there will be further dilution to new investors. As a result of the amended
Series&nbsp;D preferred shares conversion ratio, a US$1.00 (RMB6.05) decrease in the assumed public offering price of US$10.00 (RMB60.54) per ADS would decrease the pro forma net tangible book value per ordinary share and per ADS, after giving
effect to the automatic conversion of all of our outstanding preferred shares, net proceeds from this offering and the concurrent private placement, by US$0.08 (RMB0.48) per ordinary share and US$0.24 (RMB1.45) per ADS, and decrease the dilution in
pro forma net tangible book value per ordinary share and per ADS to new investors in this offering by US$0.25 (RMB1.51) per ordinary share and US$0.76 (RMB4.60) per ADS, assuming no change to the number of ADSs offered by us as set forth on the
cover page of this prospectus, and after deducting underwriting discounts and commissions and estimated offering expenses. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The pro
forma information discussed above is illustrative only. Our net tangible book value following completion of this offering is subject to adjustment based on the actual initial public offering price of our ADSs and other terms of this offering
determined at pricing. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table summarizes, on a pro forma basis as of December 31, 2013, the differences between the
shareholders as of December 31, 2013 and the new investors with respect to the number of ordinary shares purchased from us (including in the Concurrent Private Placement), the total consideration paid and the average price per ordinary share paid at
an assumed initial public offering price of US$10.00 (RMB60.54) per ADS before deducting estimated underwriting discounts and commissions and estimated offering expenses. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Ordinary shares<BR>Purchased</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total Consideration</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Average&nbsp;Price</B><br><B>Per Ordinary</B><br><B>Share</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Average&nbsp;Price<BR>Per&nbsp;ADS</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Percent</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Amount</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Percent</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Existing shareholders</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">108,624,391</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">76.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">118,350,262</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">716,456,843</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.09</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">6.60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3.27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">19.80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">New Shareholders</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32,640,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">108,800,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">658,642,560</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3.33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">20.18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">9.99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">60.54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">141,264,391</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">227,150,262</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,375,099,403</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1.61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">9.73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4.83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">29.19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>   <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A US$1.00 (RMB6.05) increase in the assumed initial public offering price of US$10.00 (RMB60.54) per
ADS would increase total consideration paid by new investors, total consideration paid by all shareholders, average price per ordinary share and average price per ADS paid by all shareholders by US$7.4 million (RMB44.7 million), US$7.4 million
(RMB44.7 million), US$0.05 (RMB0.36) and US$0.15 (RMB1.08), respectively, assuming the number of ADSs offered by us as set forth on the cover page of this prospectus remains the same, and after deducting underwriting discounts and commissions and
estimated offering expenses payable by us. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A US$1.00 (RMB6.05) decrease in the assumed initial public offering price of US$10.00
(RMB60.54) per ADS would decrease total consideration paid by new investors and total consideration paid by all shareholders, by US$7.4 million (RMB44.7 million), and US$7.4 million (RMB44.7 million), respectively. As a result of the additional
Class B ordinary shares issuable to Series D preferred shareholders, a US$1.00 (RMB6.05) decrease in the assumed initial public offering price of US$10.00 (RMB60.54) per ADS would decrease average price per ordinary share and average price per ADS
paid by all shareholders by US$0.07 (RMB0.37) and US$0.21 (RMB1.11), respectively. This calculation assumes the number of ADSs offered by us as set forth on the cover page of this prospectus remains the same, and after deducting underwriting
discounts and commissions and estimated offering expenses payable by us. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The discussion and tables above also assume no exercise of any
outstanding share options outstanding as of the date of this prospectus. As of the date of this prospectus, options to purchase 18,149,593 ordinary shares are issued and outstanding, at a weighted average exercise price of US$0.52 (RMB3.15) per
ordinary share, and there are 5,725,547 ordinary shares available for future issuance upon the exercise of future grants under our </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">54 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
2008 Plan and 2014 Plan. On April 28, 2014, we agreed with holders of our Series D preferred shares that in the event the final offering price is below US$10.00 per ADS, all of our outstanding
Series D preferred shares will be automatically converted into and designated as Class B ordinary shares as calculated as follows: US$60,000,000 (RMB363,222,000) divided by 80% of the initial public offering price per ADS, and then multiplied by the
ADS-to-ordinary-share ratio (each ADS represents three Class A ordinary shares). See &#147;Principal and Selling Shareholders.&#148; As an illustration, if the offering price per ADS is US$9.00, instead of the initial conversion ratio of 1:1 from
Series D preferred shares to ordinary shares, an additional 3,228,528 Class B ordinary shares would be issued to Series D preferred shareholders, which approximates a conversion ratio of 1:1.15. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">55 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom652797_8"></A>EXCHANGE RATE INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our reporting currency is Renminbi because our business operations are based in China and all of our revenues are denominated in Renminbi.
This prospectus contains translations of Renminbi amounts into U.S. dollars at specific rates solely for the convenience of the readers. The conversion of Renminbi into U.S. dollars in this prospectus is based on the noon buying rate in The City of
New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York. Unless otherwise noted, all other translations from Renminbi to U.S. dollars and U.S. dollars to Renminbi in this prospectus were
made at a rate of RMB6.0537 to US$1.00, the exchange rate in effect as of December 31, 2013. We make no representation that any Renminbi or U.S. dollar amounts could have been, or could be, converted into U.S. dollars or Renminbi, as the case may
be, at any particular rate, the rates stated below, or at all. The PRC government imposes control over its foreign currency reserves in part through direct regulation of the conversion of Renminbi into foreign exchange and through restrictions on
foreign trade. On April 18, 2014, the noon buying rate was RMB6.2240 to US$1.00. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth information
concerning exchange rates between Renminbi and the U.S. dollar for the periods indicated. These rates are provided solely for your convenience and are not necessarily the exchange rates that we used in this prospectus or will use in the preparation
of our periodic reports or any other information to be provided to you. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="60%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Certified Exchange Rate</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:22.65pt; font-size:8pt; font-family:Times New Roman"><B>Period</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Period&nbsp;End</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Average<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Low</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>High</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center"><B>(RMB per US$1.00)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2009</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.8259</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.8295</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.8470</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.8176</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2010</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.6000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.7603</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.8102</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.6000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2011</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.2939</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.4475</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.6364</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.2939</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2012</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.2301</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.2990</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.3879</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.2221</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2013</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.0537</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.1412</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.2438</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.0537</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">October</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.0943</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.1032</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.1209</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.0815</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">November</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.0922</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.0929</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.0993</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.0903</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">December</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.0537</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.0738</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.0927</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.0537</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2014</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">January </P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.0590</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.0509</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.0600</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.0402</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">February</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.1448</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.0816</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.1448</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.0591</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">March</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.2164</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.1729</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.2273</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.1183</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">April (through April&nbsp;18)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.2240</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.2121</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.2240</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.1966</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE>  <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><I>Source: Federal Reserve Statistical Release </I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Annual averages were calculated by using the average of the exchange rates on the last day of each month during the relevant year. Monthly averages were calculated by using the average of the daily rates during the
relevant month. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">56 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom652797_9"></A>ENFORCEABILITY OF CIVIL LIABILITIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We were incorporated in the Cayman Islands in order to enjoy the following benefits: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">political and economic stability; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">an effective judicial system; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a favorable tax system; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the absence of exchange control or currency restrictions; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the availability of professional and support services. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">However, certain disadvantages
accompany incorporation in the Cayman Islands. These disadvantages include, but are not limited to, the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Cayman Islands has a less developed body of securities laws as compared to the United States and these securities laws provide significantly less protection to investors; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Cayman Islands companies may not have standing to sue before the federal courts of the United States. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our constitutional documents do not contain provisions requiring that disputes, including those arising under the securities laws of the
United States, between us, our officers, directors and shareholders, be arbitrated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All of our operations are conducted outside the
United States, and all of our assets are located outside the United States. All of our officers are nationals or residents of jurisdictions other than the United States and a substantial portion of their assets are located outside the United States.
As a result, it may be difficult for a shareholder to effect service of process within the United States upon these persons, or to enforce against us or them judgments obtained in United States courts, including judgments predicated upon the civil
liability provisions of the securities laws of the United States or any state in the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have appointed Law Debenture
Corporate Services Inc., located at 400 Madison Avenue, 4th Floor, New York, New York 10017, as our agent upon whom process may be served in any action brought against us under the securities laws of the United States. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Travers Thorp Alberga, our counsel as to Cayman Islands law, and Jun He Law Offices, our counsel as to PRC law, have advised us, respectively,
that there is uncertainty as to whether the courts of the Cayman Islands and China, respectively, would: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the
United States; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">entertain original actions brought in each respective jurisdiction against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Travers Thorp Alberga has informed us that it is uncertain whether the courts of the Cayman Islands will allow shareholders of our company to
originate actions in the Cayman Islands based upon securities laws of the United States. In addition, there is uncertainty with regard to Cayman Islands law related to whether a judgment obtained from the U.S. courts under civil liability provisions
of U.S. securities laws will be determined by the courts of the Cayman Islands as penal or punitive in nature. If such a determination is made, the courts of the Cayman Islands will not recognize or enforce the judgment against a Cayman Islands
company, such as our company. As the courts of the Cayman Islands have yet to rule on making such a determination in relation to judgments obtained from U.S. courts under civil liability provisions of U.S. securities laws, it is uncertain whether
such judgments would be enforceable in the Cayman Islands. Travers Thorp Alberga has further advised </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">57 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
us that the courts of the Cayman Islands would recognize as a valid judgment a final and conclusive judgment in personam obtained in the federal or state courts in the United States under which a
sum of money is payable (other than a sum of money payable in respect of multiple damages, taxes or other charges of a like nature or in respect of a fine or other penalty) or, in certain circumstances, an in personam judgment for non-monetary
relief, and would give a judgment based thereon provided that: (a)&nbsp;such courts had proper jurisdiction over the parties subject to such judgment; (b)&nbsp;such courts did not contravene the rules of natural justice of the Cayman Islands;
(c)&nbsp;such judgment was not obtained by fraud; (d)&nbsp;the enforcement of the judgment would not be contrary to the public policy of the Cayman Islands; (e)&nbsp;no new admissible evidence relevant to the action is submitted prior to the
rendering of the judgment by the courts of the Cayman Islands; and (f)&nbsp;there is due compliance with the correct procedures under the laws of the Cayman Islands. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Jun He Law Offices has further advised us that the recognition and enforcement of foreign judgments are subject to compliance with the PRC
Civil Procedures Law and relevant civil procedure requirements in the PRC. PRC courts may recognize and enforce foreign judgments in accordance with the requirements of PRC Civil Procedures Law based either on treaties between China and the country
where the judgment is made or on reciprocity between jurisdictions. China does not have any treaties or other form of reciprocity with the United States or the Cayman Islands that provide for the reciprocal recognition and enforcement of foreign
judgments. In addition, according to the PRC Civil Procedures Law, courts in the PRC will not enforce a foreign judgment against us or our directors and officers if they decide that the judgment violates the basic principles of PRC law or national
sovereignty, security or public interest. As a result, it is uncertain whether and on what basis a PRC court would enforce a judgment rendered by a court in the United States or in the Cayman Islands. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">58 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom652797_10"></A>CORPORATE HISTORY AND STRUCTURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We began our operation in China through Nanjing Tuniu, a PRC company formed in December 2006. Nanjing Tuniu acquired 100% of the equity
interests in Shanghai Tuniu International Travel Service Co., Ltd., Nanjing Tuniu International Travel Service Co., Ltd. and Beijing Tuniu International Travel Service Co., Ltd. in August 2008,&nbsp;December 2008 and November 2009, respectively.
Nanjing Tuniu established Nanjing Tuzhilv Tickets Sales Co., Ltd. in April 2011. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In June 2008, we incorporated Tuniu Corporation
under the laws of the Cayman Islands as our offshore holding company in order to facilitate international financing. In May 2011, we established our wholly owned Hong Kong subsidiary, Tuniu (HK) Limited. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Tuniu Corporation established a wholly owned PRC subsidiary, Beijing Tuniu, in September 2008. Tuniu (HK) Limited established another wholly
owned PRC subsidiary, Tuniu (Nanjing) Information Technology Co., Ltd., in August 2011, and acquired 100% of the equity interests in Beijing Tuniu in September 2011. Through Beijing Tuniu, we obtained control over Nanjing Tuniu by entering into a
series of contractual arrangements, including purchase option agreement, equity interest pledge agreement, shareholders&#146; voting rights agreement, powers of attorney and cooperation agreement, with Nanjing Tuniu and the shareholders of Nanjing
Tuniu. Nanjing Tuniu holds our ICP license as an Internet content provider and operates our website. Beijing Tuniu International Travel Service Co., Ltd. and Nanjing Tuniu International Travel Service Co. Ltd., both of which are Nanjing Tuniu&#146;s
subsidiaries, hold our operation permits for overseas travel business. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">These contractual arrangements allow us to: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">exercise effective control over Nanjing Tuniu; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">receive substantially all of the economic benefits of Nanjing Tuniu; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">have an option to purchase all or part of the equity interests in Nanjing Tuniu when and to the extent permitted by PRC law. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a result of these contractual arrangements, we are the primary beneficiary of Nanjing Tuniu, and we treat it and its subsidiaries as
consolidated affiliated entities under U.S. GAAP. We have consolidated the financial results of Nanjing Tuniu and its subsidiaries in our consolidated financial statements in accordance with U.S. GAAP. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">59 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following diagram illustrates our corporate structure, including our principal subsidiaries
and consolidated affiliated entities, as of the date of this prospectus: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>  <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g652797g34v50.jpg" ALT="LOGO">
 </P>  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Messrs. Dunde Yu, Haifeng Yan, Tong Wang, Jiping Wang, Xin Wen, Yongquan Tan and Haifeng Wang hold 28.66%, 19.11%, 7.71%, 4.82%, 0.96%, 0.96% and 37.78% equity interests in Nanjing Tuniu, respectively. Among the
shareholders of Nanjing Tuniu, Messrs. Dunde Yu and Haifeng Yan are founders, directors and ultimate shareholders of Tuniu Corporation. Messrs. Tong Wang, Jiping Wang, Xin Wen and Yongquan Tan are ultimate shareholders of Tuniu Corporation.
Mr.&nbsp;Haifeng Wang is an employee of one of our preferred shareholders. </TD></TR></TABLE>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following is a summary of the currently
effective contractual arrangements by and among our wholly owned subsidiary, Beijing Tuniu, our consolidated affiliated entity, Nanjing Tuniu, and the shareholders of Nanjing Tuniu. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Agreements that Provide us Effective Control over Nanjing Tuniu </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Purchase Option Agreement.</I></B> Pursuant to the purchase option agreement entered into on September 17, 2008, restated and amended on
January 24, 2014 and further restated and amended on March 19, 2014, each of the shareholders of Nanjing Tuniu irrevocably and exclusively grants Beijing Tuniu an option to purchase, or have its designated person or persons to purchase, at its
discretion, to the extent permitted under PRC law, all or part of such shareholder&#146;s equity interests in Nanjing Tuniu. The aggregate purchase price is RMB1.8 million (US$0.3 million). The shareholders of Nanjing Tuniu agree, without the prior
written consent of Beijing Tuniu, not to transfer or otherwise dispose of their equity interests in Nanjing Tuniu, pledge their equity interests or create any encumbrance on their equity interests. The agreement remains effective until all equity
interests held </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">60 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
in Nanjing Tuniu by the shareholders of Nanjing Tuniu are transferred or assigned to Beijing Tuniu or its designated person or persons. The purchase price has been prepaid by Beijing Tuniu to the
shareholders of Nanjing Tuniu. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Equity Interest Pledge Agreement. </I></B>Pursuant to the equity interest pledge agreement entered
into on September 17, 2008 and supplemented on March 19, 2014, each of the shareholders of Nanjing Tuniu pledges all of such shareholder&#146;s equity interests in Nanjing Tuniu to guarantee the performance of the obligations under the purchase
option agreement. If the shareholders of Nanjing Tuniu breach their contractual obligations under the purchase option agreement, Beijing Tuniu, as the pledgee, will have the right to either conclude an agreement with the pledgor to obtain the
pledged equity or seek payments from the proceeds of the auction or sell-off of the pledged equity to any person pursuant to the PRC law. The shareholders of Nanjing Tuniu agree that, during the term of the equity interest pledge agreement, they
will not dispose of the pledged equity interests or create or allow any encumbrance on the pledged equity interests. During the equity pledge period, Beijing Tuniu is entitled to all dividends and other distributions made by Nanjing Tuniu. The
equity interest pledge became effective on the date when the equity interest pledge was registered with the relevant local administration for industry and commerce, and remains effective until the shareholders of Nanjing Tuniu discharge all their
obligations under the purchase option agreement, or Beijing Tuniu enforces the equity interest pledge, whichever is earlier. We have completed the registration of the equity interest pledge with Xuanwu Branch of Nanjing Administration for Industry
and Commerce. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Shareholders</I></B>&#146; <B><I>Voting Rights Agreement.</I></B> Pursuant to the shareholders&#146; voting rights
agreement entered into on September 17, 2008, the shareholders of Nanjing Tuniu appointed Beijing Tuniu or its designated person as their attorney-in-fact to exercise all of their voting and related rights with respect to their equity interests in
Nanjing Tuniu, including attending shareholders&#146; meetings, voting on all matters of Nanjing Tuniu requiring shareholder approval, nominating and appointing directors, convening extraordinary shareholders&#146; meetings, and other voting rights
pursuant to the then-effective articles of association of Nanjing Tuniu. The shareholders&#146; voting rights agreement will remain in force until all the parties to the agreement mutually agree to terminate the agreement in writing or cease to be
shareholders of Nanjing Tuniu. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Irrevocable Powers of Attorney. </I></B>Pursuant to the powers of attorney dated January 24, 2014,
the shareholders of Nanjing Tuniu each irrevocably appointed Beijing Tuniu as the attorney-in-fact to exercise all of such shareholder&#146;s voting and related rights with respect to such shareholder&#146;s equity interests in Nanjing Tuniu,
including but not limited to attending shareholders&#146; meetings, voting on all matters of Nanjing Tuniu requiring shareholder approval, nominating and appointing directors, convening extraordinary shareholders&#146; meetings, and other voting
rights pursuant to the then-effective articles of association of Nanjing Tuniu. Each power of attorney will remain in force until the shareholders&#146; voting rights agreement expires or is terminated. These powers of attorney replaced the powers
of attorney previously granted to a person designated by Beijing Tuniu on September 17, 2008. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Agreement that Allows us to Receive Economic Benefits
from Nanjing Tuniu </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Cooperation Agreement.</I></B> Under the cooperation agreement entered into on September 17, 2008 and
restated and amended on January 24, 2014, Beijing Tuniu has the exclusive and irrevocable right to provide to Nanjing Tuniu business consulting, technical consulting and technical services related to the businesses of Nanjing Tuniu and its
subsidiaries. Beijing Tuniu owns the exclusive intellectual property rights created by Nanjing Tuniu or its employees as a result of the performance of this agreement. Beijing Tuniu has the right to receive, or designate a person or persons to
receive, a quarterly service fee, which equals the profits of each of Nanjing Tuniu and its subsidiaries, to which it provides such business consulting, technical consulting and technical services, provided that such amount of service fees can be
adjusted by Beijing Tuniu at its sole discretion. This agreement will remain effective until expiration of Beijing Tuniu&#146;s business term, unless Beijing Tuniu exercises its unilateral right to terminate the agreement, one of the parties is
declared bankrupt or Beijing Tuniu is not able to provide consulting and services as agreed for more than three consecutive years because of force majeure. Nanjing Tuniu is not permitted to terminate the agreement in any other event. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">61 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In 2012 and 2013, we received service fees of RMB20.1 million and RMB22.6 million (US$3.7
million), respectively, from our consolidated affiliated entities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the opinion of Jun He Law Offices, our PRC counsel: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the ownership structures of Beijing Tuniu and Nanjing Tuniu, currently and immediately after giving effect to this offering, will not result in any violation of PRC laws or regulations currently in effect; and
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">each of the shareholders&#146; voting rights agreement, the powers of attorney, the equity interest pledge agreement, the purchase option agreement and the cooperation agreement under the contractual arrangements among
Beijing Tuniu, Nanjing Tuniu and the shareholders of Nanjing Tuniu governed by PRC law, currently and immediately after giving effect to this offering, is valid, binding and enforceable, and does not and will not result in any violation of PRC laws
or regulations currently in effect. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">However, there are substantial uncertainties regarding the interpretation and
application of current and future PRC laws, regulations and rules. Accordingly, the PRC regulatory authorities may in the future take a view that is contrary to the above opinion of our PRC counsel. If the PRC government finds that the agreements
that establish the structure for operating our online travel business do not comply with PRC government restrictions on foreign investment in our businesses, we could be subject to severe penalties, including being prohibited from continuing
operations. See &#147;Risk Factors&#151;Risks Related to Our Corporate Structure&#151;Substantial uncertainties and restrictions exist with respect to the interpretation and application of PRC laws and regulations relating to restrictions on foreign
investment in value-added telecommunications and travel companies in China. If the PRC government finds that the structure we have adopted for our business operations does not comply with PRC laws and regulations, we could be subject to severe
penalties, including shutting down of our online platform.&#148; and &#147;Risk Factors&#151;Risks Related to Doing Business in China&#151;Uncertainties in the interpretation and enforcement of PRC laws and regulations could limit the legal
protections available to you and us.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">62 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom652797_11"></A>SELECTED CONSOLIDATED FINANCIAL AND OPERATING DATA </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following selected consolidated statements of comprehensive loss data (other than ADS data) and selected consolidated statements of cash
flow for the years ended December&nbsp;31, 2011, 2012 and 2013 and the selected consolidated balance sheet data as of December&nbsp;31, 2011, 2012 and 2013 have been derived from our audited consolidated financial statements included elsewhere in
this prospectus. Our consolidated financial statements are prepared and presented in accordance with U.S. GAAP. Our historical results for any period are not necessarily indicative of results to be expected for any future period. You should read the
following selected financial information in conjunction with the consolidated financial statements and related notes and the information under &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148;
included elsewhere in this prospectus. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="55%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For the Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2011</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center"><B>(in thousands, except for share, per share and per ADS data)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Selected Consolidated Statements of Comprehensive Loss Data:</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD COLSPAN="13" VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Revenues:</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD COLSPAN="13" VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Organized tours</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">751,388</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,075,094</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,892,826</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">312,673</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Self-guided tours</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,559</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32,359</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48,901</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,078</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Others</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,667</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,875</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,744</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,426</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Total revenues</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">771,614</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,120,328</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,962,471</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">324,177</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Less: Business and related taxes</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,071</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,447</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(12,784</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,112</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Net revenues</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">765,543</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,112,881</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,949,687</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">322,065</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Cost of revenues</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(741,716</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,073,732</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,829,665</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(302,239</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Gross profit</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23,827</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39,149</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">120,022</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,826</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Operating expenses:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Research and product development</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(21,386</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(33,370</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(38,994</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,441</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Sales and marketing</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(50,589</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(57,994</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(110,071</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(18,182</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">General and administrative</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(53,877</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(62,006</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(69,679</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11,510</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Other operating income</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,651</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">775</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,689</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">278</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Loss from operations</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(100,374</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(113,446</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(97,033</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(16,029</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Other income/(expenses):</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Interest income</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,287</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,432</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,163</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,670</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Foreign exchange related gains/(losses), net</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,529</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(741</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,286</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">213</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Other loss, net</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(392</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(357</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(48</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Loss before provision for income taxes</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(91,950</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(107,112</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(79,632</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13,154</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Provision for income taxes</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(78</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Net loss</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(91,950</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(107,190</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(79,632</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13,154</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Deemed dividends to preferred shareholders</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(30,929</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(59,428</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(9,817</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Net loss attributable to ordinary shareholders</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(122,879</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(107,190</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(139,060</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(22,971</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Net loss per ordinary share attributable to ordinary shareholders</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Basic</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4.73</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4.12</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5.35</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.88</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Diluted</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4.73</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4.12</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5.35</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.88</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Weighted average number of ordinary shares used in computing basic and diluted earnings per share</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">63 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

  <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table presents our selected consolidated balance sheet data as of the dates
indicated: </P>  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="64%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As of December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2011</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center"><B>(in thousands)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Selected Consolidated Balance Sheet Data:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">332,101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">299,238</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">419,403</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69,280</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Restricted cash</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,530</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,875</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,250</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,528</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Short-term investments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">327,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54,017</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Prepayments and other current assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56,635</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">127,050</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">286,560</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47,336</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">427,766</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">502,838</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,075,373</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">177,639</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55,822</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">127,240</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">288,965</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47,734</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Advances from customers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">157,919</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">244,214</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">396,738</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">65,536</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">250,938</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">433,262</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">784,017</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">129,510</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total mezzanine equity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">350,744</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">350,744</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">716,441</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">118,348</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total shareholders&#146; deficit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(173,915</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(281,168</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(425,086</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(70,219</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
</TABLE>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table presents our selected consolidated cash flow data for the years indicated: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For&nbsp;the&nbsp;Year&nbsp;Ended&nbsp;December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2011</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;RMB&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;RMB&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;RMB&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;US$&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center"><B>(in thousands)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Selected Consolidated Statements of Cash Flow Data:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash provided by operating activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36,270</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,663</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">116,736</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,283</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash used in investing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(20,686</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(46,786</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(304,218</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(50,253</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash provided by financing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">257,447</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">306,360</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50,607</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table presents our selected operating data for the years indicated: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For&nbsp;the&nbsp;Year&nbsp;Ended&nbsp;December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2011</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Gross bookings (in thousands)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Organized tours (excluding local tours)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">613,909</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">910,071</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,645,030</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">271,740</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Local tours</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">137,479</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">165,023</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">247,796</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40,933</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Self-guided tours</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">277,444</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">590,597</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,128,531</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">186,420</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Number of trips (in thousands)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Organized tours (excluding local tours)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">174</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">236</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">367</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">367</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Local tours</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">409</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">503</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">687</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">687</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Self-guided tours</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">110</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">221</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">221</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Average gross bookings per trip </B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Organized tours (excluding local tours)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,528</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,856</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,482</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">740</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Local tours</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">336</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">328</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">361</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Self-guided tours<SUP STYLE="font-size:85%; vertical-align:top"></SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,662</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,369</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,106</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">844</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">64 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom652797_29"></A>RECENT DEVELOPMENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth certain unaudited consolidated statements of comprehensive loss data for the three months ended March 31, 2013
and 2014. We have prepared this unaudited consolidated financial information on the same basis as our audited consolidated financial statements. These unaudited consolidated statements of comprehensive loss data reflect all adjustments, consisting
only of normal and recurring adjustments, which we consider necessary for a fair statement of our results of operations for the periods presented. Our financial results for the three months ended March 31, 2014 may not be indicative of our full year
results for 2014 or future quarterly periods. Please refer to &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; and &#147;Risk Factors&#148; included elsewhere in this prospectus for information
regarding trends and other factors that may affect our results of operations. </P>  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For the Three Months Ended</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>March&nbsp;31,</B><br><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>March&nbsp;31,</B><br><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>(RMB in thousands)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Revenues:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Organized tours</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">353,066</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">554,090</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Self-guided tours</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,480</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,796</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Others</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,622</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,455</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total revenues</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">372,168</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">582,341</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Less: Business and related taxes</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,853</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,167</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net revenues</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">369,315</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">578,174</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cost of revenues</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(342,890</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(535,880</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Gross profit</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>26,425</TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42,294</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Operating expenses:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Research and product development</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8,082</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(16,977</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sales and marketing</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13,005</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(73,480</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">General and administrative</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13,261</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(19,737</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other operating income</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">202</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,374</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total operating expenses</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(34,146</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(108,820</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Loss from Operations</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>(7,721</TD>
<TD NOWRAP VALIGN="bottom"><B></B>)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(66,526</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other income/(expenses):</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest income</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,886</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,595</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Foreign exchange related gains / (losses), net</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">426</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,752</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other income/(loss), net</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(51</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss before provision for income taxes</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>(5,399</TD>
<TD NOWRAP VALIGN="bottom"><B></B>)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(62,734</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Provision for income taxes</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net loss</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>(5,399</TD>
<TD NOWRAP VALIGN="bottom"><B></B>)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(62,734</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>   <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Revenues.</I></B> Total revenues increased by 56.4% from RMB372.2 million in the three months
ended March&nbsp;31, 2013 to RMB582.3 million in the three months ended March&nbsp;31, 2014. This increase was primarily due to an increase in our revenues from both organized tours and self-guided tours. Revenues from organized tours increased by
56.9% from RMB353.1 million in the three months ended March&nbsp;31, 2013 to RMB554.1 million in the three months ended March&nbsp;31, 2014, primarily due to the growth in the number of trips of our organized tours. During the same period, the
number of trips of our organized tours (excluding local tours) increased by 44.7% from 70,458 to 101,964 and the number of trips of our local tours increased by 42.9% from 78,837 to 112,687. Revenues from self-guided tours increased by 47.1% from
RMB15.5 million in the three months ended March&nbsp;31, 2013 to RMB22.8 million in the three months ended March&nbsp;31, 2014, primarily due to a 45.3% </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">65 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
increase in the number of trips of our self-guided tours from 45,627 to 66,302. Our gross bookings for self-guided tours increased by 29.0% from RMB253.9 million to RMB327.5 million<B><I></I></B>
during the same period. Other revenues increased by 52.8% from RMB3.6 million in the three months ended March&nbsp;31, 2013 to RMB5.5 million in the three months ended March&nbsp;31, 2014, primarily due to an increase in the advertising fees we
received from tourism boards and bureaus. The year-over-year growth rate of total revenues slowed down to 56.4% in the three months ended March 31, 2014 from 80.0% in the three months ended March 31, 2013, primarily due to the continued impact of
the political unrest in Thailand. Despite the fact that demand for our products in March 2014 was impacted by the incident of the missing Malaysia airlines plane, in April 2014, gross bookings from our signed contracts as of the date of this
prospectus increased by over 80% as compared to the same period in 2013. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Cost of Revenues.</I></B> Cost of revenues increased by
56.3% from RMB342.9 million in the three months ended March&nbsp;31, 2013 to RMB535.9 million in the three months ended March&nbsp;31, 2014, primarily due to the increase in the cost to suppliers of our organized tours. As a percentage of our net
revenues, our cost of revenues was 92.7% in the three months ended March&nbsp;31, 2014 as compared to 92.8% in the three months ended March&nbsp;31, 2013. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Operating Expenses.</I></B> Operating expenses increased by 219.1% from RMB34.1 million in the three months ended March&nbsp;31, 2013 to
RMB108.8 million in the three months ended March&nbsp;31, 2014, due to the increases in sales and marketing expenses, research and product development expenses and general and administrative expenses, partially offset by the increase in other
operating income. In particular, our sales and marketing expenses increased by 465.4% from RMB13.0 million in the three months ended March 31, 2013 to RMB73.5 million in the three months ended March 31, 2014, primarily due to our increased marketing
efforts, such as commercial advertisements on television, to promote our brand. As a result of these increased marketing efforts, the average daily unique visitors to our online platform in the period from March 1, 2014 to April 24, 2014 increased
by over 150% year over year, compared to the year-over-year increase of over 85% in the period from January 1, 2014 to February 28, 2014. As we plan to continue our television advertising campaign through the end of May 2014, we expect our sales and
marketing expenses for the second quarter of 2014 to substantially increase compared to the second quarter of 2013. Our research and product development expenses increased by 109.9% from RMB8.1 million in the three months ended March 31, 2013 to
RMB17.0 million in the three months ended March 31, 2014, primarily due to the increased headcount and the associated salaries and other compensation expenses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Net Loss</I></B>. As a result of the foregoing, net loss increased from RMB5.4 million in the three months ended March&nbsp;31, 2013 to
RMB62.7 million in the three months ended March&nbsp;31, 2014. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the event that the public offering price per ADS in this offering as
set forth on the final prospectus cover is below US$10.00 (RMB60.54), immediately prior to completion of this offering, all of the outstanding Series D preferred shares will be automatically converted and designated as Class B ordinary shares as
calculated as follows: US$60,000,000 (RMB363,222,000) divided by 80% of the initial public offering price per ADS, and then multiplied by the ADS-to-ordinary-share ratio. The impact of this modification to the existing conversion rights of
Series&nbsp;D preferred shares will be recorded as deemed dividends. It will increase our net loss attributable to ordinary shareholders or reduce our net income attributable to ordinary shareholders in the relevant period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of March 31, 2014, our cash and cash equivalents, restricted cash and short-term investments amounted to RMB719.0 million. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">66 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom652797_12"></A>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RESULTS OF OPERATIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the section
entitled &#147;Selected Consolidated Financial and Operating Data&#148; and our consolidated financial statements and the related notes included elsewhere in this prospectus. This discussion contains forward-looking statements that involve risks and
uncertainties. Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under &#147;Risk Factors&#148; and
elsewhere in this prospectus. </I></P>  <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Overview </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are a leading online leisure travel company in China. We offer a large selection of packaged tours, including organized tours and
self-guided tours, as well as travel-related services for leisure travelers. We ranked first in China&#146;s online organized tours market as measured by transaction value in 2013, according to iResearch, a third-party research firm. We believe we
are well positioned to benefit from the significant growth potential of China&#146;s online leisure travel market, which is expected to grow at a CAGR of 35.6% from 2013 to 2016 as measured by transaction value, according to iResearch. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We started offering packaged tours online in 2007, and are among the earliest Chinese companies that focus on the online leisure travel
market. As an early mover in China&#146;s online leisure travel market, we have sold over three million packaged tours since our inception. We offer packaged tours sourced from over 3,000 travel suppliers, covering over 70 countries as well as all
popular tourist attractions in China. Our product portfolio consists of over 100,000 SKUs of organized tours, over 100,000 SKUs of self-guided tours, and tickets for over 1,000 domestic and overseas tourist attractions. Our core strength is in
overseas leisure travel products and services, which contributed over 70% of our gross bookings in 2013. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have achieved significant
growth in recent years. Our net revenues increased from RMB765.5 million in 2011 to RMB1,112.9 million in 2012 and further to RMB1,949.7 million (US$322.1 million) in 2013, representing a CAGR of 59.6%. We had a net loss of RMB91.9 million, RMB107.2
million and RMB79.6 million (US$13.2 million) in 2011, 2012 and 2013, respectively. We generally collect payments from our customers upon contract confirmation before we pay our travel suppliers, which allows us to generate positive cash flow from
operations. Our net cash provided by operating activities was RMB36.3 million, RMB14.7 million and RMB116.7 million (US$19.3 million) in 2011, 2012 and 2013, respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our ability to achieve and maintain profitability depends on our ability to effectively reduce our costs and expenses as a percentage of our
net revenues. Our cost of revenues as a percentage of our net revenues decreased from 96.9% in 2011 to 96.5% in 2012 and further to 93.8% in 2013. Cost to suppliers of our organized tours, which were attributed solely to revenues from organized
tours, accounted for 92.1%, 93.8% and 92.4% of our revenues from organized tours in 2011, 2012 and 2013, respectively. Our operating expenses as a percentage of our net revenues decreased from 16.2% in 2011 to 13.7% in 2012 and further to 11.1% in
2013. Such decreases were primarily attributable to the improved operational efficiency and decrease of our average procurement costs for travel products. However, our past results of operations should not be taken as indicative of our future
performance. We plan to increase our sales and marketing efforts, including advertising campaigns, to further increase our market share. We also expect our share-based compensation to increase. As a result, we expect our operating expenses to
increase in absolute amount. If we fail to effectively reduce our costs and expenses as a percentage of our net revenues, we may not be able to achieve and maintain profitability. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Selected Income Statement Items </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Revenues </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We
generate revenues primarily from sales of packaged tours, which consist of organized tours and self-guided tours. Revenues from organized tours are recognized on gross basis, which represent amounts received
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">67 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
from customers. For organized tours, we are the primary obligor and bear the risks and rewards, including customers&#146; acceptance of products and services rendered. On the other hand, revenues
from self-guided tours are recognized on net basis, representing the difference between the amount received from customers and the amount due to our travel suppliers, as we act as an agent for travel suppliers. See also &#147;&#151;Critical
Accounting Policies and Estimates.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth the components of our revenues in absolute amounts and as
percentages of our net revenues for the years presented: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="58%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="26" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For the Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2011</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>%</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>%</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>%</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="26" ALIGN="center"><B>(in thousands, except percentages)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Revenues:</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD COLSPAN="25" VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Organized tours</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">751,388</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">98.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,075,094</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96.6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,892,826</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">312,673</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Self-guided tours</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,559</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32,359</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48,901</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,078</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Others</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,667</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,875</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,744</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,426</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Total revenues</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">771,614</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,120,328</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,962,471</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">324,177</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Less: Business and related taxes</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,071</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.8</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,447</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.7</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(12,784</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,112</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.7</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Net revenues</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">765,543</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,112,881</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,949,687</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">322,065</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As revenues generated from organized tours are recognized on gross basis while revenues generated from
self-guided tours are recognized on net basis, we also evaluate our financial performance using gross bookings, which represent the total amount paid by our customers for the travel products and services that we have rendered, including related
taxes, fees and other charges borne by our customers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth the gross bookings, number of trips and average
gross bookings per trip of our organized tours and self-guided tours for the years presented: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For the Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2011</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Gross bookings (in thousands)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Organized tours (excluding local tours)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">613,909</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">910,071</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,645,030</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">271,740</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Local tours</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">137,479</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">165,023</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">247,796</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40,933</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Self-guided tours</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">277,444</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">590,597</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,128,531</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">186,420</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Number of trips (in thousands)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Organized tours (excluding local tours)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">174</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">236</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">367</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">367</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Local tours</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">409</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">503</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">687</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">687</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Self-guided tours<SUP STYLE="font-size:85%; vertical-align:top"></SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">110</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">221</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">221</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Average gross bookings per trip </B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Organized tours (excluding local tours)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">3,528</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">3,856</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">4,482</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">740</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Local tours</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">336</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">328</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">361</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Self-guided tours<SUP STYLE="font-size:85%; vertical-align:top"></SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">5,662</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">5,369</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">5,106</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">844</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Organized tours. </I>As we recognize revenues from organized tours on gross basis, revenues from organized
tours are equivalent to the gross bookings for organized tours. The increase in revenues from organized tours was primarily driven by the growth in the number of trips and the average gross bookings per trip. This was a result of the expansion of
our product portfolio in terms of departing cities and travel destinations and our increased marketing efforts in promoting organized tours.<I> </I>Our organized tour portfolio also includes local tours. Typically, local tours have lower average
gross booking per trip as compared to other types of organized tours.<I> </I>Revenues<I> </I>from organized tours accounted for 98.2%, 96.6% and<I> </I>97.1% of our net revenues in 2011, 2012 and 2013, respectively. We expect that revenues from
organized tours will continue to constitute a large majority of our net revenues in the foreseeable future. <I> </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">68 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Self-guided tours</I>. Revenues from self-guided tours represent the difference between
amounts received from our customers and amounts due to our travel suppliers. As such, revenues from self-guided tours are affected by both gross bookings for self-guided tours and the amounts paid to our travel suppliers for the sale of self-guided
tour products to customers. From 2012 to 2013, our revenues from self-guided tours increased by 50.9% from RMB32.4 million to RMB 48.9 million (US$8.1 million), while gross bookings for our self-guided tours increased by 91.1% during the same
period. From 2011 to 2012, revenues from self-guided tours increased by 84.1% from RMB17.6 million in 2011 to RMB32.4 million in 2012, while gross bookings for our self-guided tours increased by 112.9% during the same period. Our gross bookings for
self-guided tours increased at a faster pace than the growth of our revenues from self-guided tours primarily as a result of increased competition which resulted in higher amounts paid to our travel suppliers for self-guided tour products during
these periods. The decrease in the average gross bookings per trip of self-guided tours during the period from 2011 to 2013 was primarily due to the different growth rates of different products as we expanded our self-guided tour product portfolio.
Revenues from our self-guided tours accounted for 2.3%, 2.9% and 2.5% of our net revenues in 2011, 2012 and 2013, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Revenues
from self-guided tours generally reflected the increase of the gross bookings for self-guided tours, which primarily resulted from the growth in the number of trips as we expanded our self-guided tour portfolio and increased marketing efforts in
promoting our tours. Primarily due to the fact that our revenues from self-guided tours are recognized on net basis, we expect that revenues from self-guided tours will continue to constitute a small percentage of our net revenues in the near
future. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Others.</I> Other revenues accounted for 0.3%, 1.2% and 1.1% of our net revenues in 2011, 2012 and 2013, respectively. Our
other revenues primarily comprise revenues generated from (i)&nbsp;other travel-related services, such as sales of tourist attraction tickets and visa processing services; and (ii) fees for advertising services that we provide primarily to domestic
and foreign tourism boards and bureaus. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Cost of Revenues </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our cost of revenues accounted for 96.9%, 96.5% and 93.8% of our net revenues in 2011, 2012 and 2013, respectively. A substantial majority of
our cost of revenues is cost to suppliers of our organized tours, which were attributed solely to revenues from organized tours and accounted for 92.1%, 93.8% and 92.4% of our revenues from organized tours in 2011, 2012 and 2013, respectively. Costs
common to all revenue categories accounted for 6.5%, 5.8% and 4.1% of our total net revenues in 2011, 2012 and 2013, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Cost
to suppliers of our organized tours represents amounts paid to our travel suppliers for the sale of the relevant organized tour products to customers, net of supplier rebates. See also &#147;Business&#151;Supply Chain Management.&#148; Cost to
suppliers of our organized tours generally increases with the increase in our revenues from organized tours. We expect that cost to suppliers of our organized tours will increase in absolute amounts as revenues from our organized tours continue to
grow. As revenues from self-guided tours are recognized on net basis, the amounts we pay to our travel suppliers for self-guided tours are recorded as reduction to revenues, rather than cost of revenues, and hence have no impact on our cost of
revenues. For self-guided tours, the amounts we pay our travel suppliers represented approximately 93.7%, 94.5% and 95.7% of gross bookings in the years ended December 31, 2011, 2012 and 2013, respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our cost of revenues also includes salaries, commissions, employee welfare expenses, bonuses and contributions to mandatory retirement
provident funds and other headcount-related expenses for our tour advisors, customer service representatives and other personnel directly related to providing products and services. <I></I>Other components of our cost of revenues include
(i)&nbsp;charges and other direct expenses related to tour transactions such as credit card processing fees, (ii)&nbsp;office rental and depreciation and other office related expenses and (iii)&nbsp;network maintenance costs such as bandwidth costs
and data center costs. Components of our cost of revenues, other than cost to suppliers of our organized tours, are common to all of our travel products and services which consist of organized tours, self-guided tours and other travel-related
services. As a result, these </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">69 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
components cannot be reasonably allocated among different travel products and services. The following table sets forth the components of our cost of revenues in absolute amounts and as
percentages of our net revenues for the years presented: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8.5pt" ALIGN="center">


<TR>
<TD WIDTH="52%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="26" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For the Year Ended December 31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2011</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>%</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>%</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>%</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="26" ALIGN="center"><B>(in thousands, except percentages)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman"><B>Cost of revenues:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman">Costs to suppliers for organized tours</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(691,710</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(90.4</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,008,897</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(90.7</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,748,702</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(288,865</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(89.7</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman">Costs common to all revenue categories</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(50,006</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6.5</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(64,835</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5.8</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(80,963</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13,374</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4.1</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman"><B>Cost of revenues</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(741,716</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(96.9</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,073,732</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(96.5</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,829,665</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(302,239</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(93.8</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Operating Expenses </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our operating expenses accounted for 16.2%, 13.7% and 11.1% of our net revenues in 2011, 2012 and 2013, respectively. The following table sets
forth the components of our operating expenses in absolute amounts and as percentages of our net revenues for the years presented: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8.5pt" ALIGN="center">


<TR>
<TD WIDTH="57%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="26" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For the Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2011</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>%</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>%</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>%</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="26" ALIGN="center"><B>(in thousands, except percentages)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman"><B>Operating expenses:</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman">Research and product development</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(21,386</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2.8</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(33,370</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3.0</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(38,994</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,441</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2.0</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman">Sales and marketing</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(50,589</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6.6</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(57,994</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5.2</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(110,071</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(18,182</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5.6</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman">General and administrative</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(53,877</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7.0</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(62,006</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5.6</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(69,679</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11,510</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3.6</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman">Other operating income</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,651</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">775</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,689</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">278</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman"><B>Total operating expenses</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(124,201</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(16.2</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(152,595</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13.7</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(217,055</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(35,855</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11.1</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Research and product development expenses.</I> Research and product development expenses primarily comprise
salaries and other compensation expenses for our research and product development personnel as well as office rental, depreciation and other expenses related to our research and product development function. Research and product development expenses
also include expenses that are incurred in connection with the planning and implementation phases of development and costs that are associated with the maintenance of our online platform or software for internal use. Research and product development
expenses accounted for 2.8%, 3.0% and 2.0% of our net revenues in 2011, 2012 and 2013, respectively. During the same period, our research and product development expenses increased in absolute amounts to support our business expansion, primarily
attributable to the increases in the headcount and the average salary of our research and product development personnel. The year-over-year growth rate of our research and product development expenses was lower than that of our net revenues in 2013
but higher than that of our net revenues in 2012. We expect research and product development expenses to increase in absolute amounts as the results of our continuous research and product development efforts and the increase in share-based
compensation expenses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Sales and marketing expenses.</I> Sales and marketing expenses primarily comprise marketing and promotional
expenses, salaries and other compensation expenses for our sales and marketing personnel and office rental, depreciation and other expenses related to our sales and marketing function. Our sales and marketing expenses accounted for 6.6%, 5.2% and
5.6% of our net revenues in 2011, 2012 and 2013, respectively. During the same period, our sales and marketing expenses increased in absolute amounts primarily due to our increased marketing efforts to promote our business. The year-over-year growth
rate of our sales and marketing expenses was higher than that of our net revenues in 2013 but lower than that of our net revenues in 2012. We plan to increase our sales and marketing efforts, including advertising campaigns, to increase our market
share. We expect our sales and marketing expenses to increase in absolute amounts as our business continues to grow and share-based compensation expenses increase. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">70 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>General and administrative expenses.</I> General and administrative expenses primarily
comprise salaries and other compensation expenses for our administrative personnel, professional service fees, office rental, depreciation and other expenses related to our administrative function. General and administrative expenses accounted for
7.0%, 5.6% and 3.6% of our net revenues in 2011, 2012 and 2013, respectively. We expect general and administrative expenses to increase in absolute amounts in the near term as we hire additional personnel and incur additional costs in connection
with the expansion of our business and with being a public company and the increase in share-based compensation expenses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Other
operating income.</I> Other operating income relates primarily to government subsidies that we receive from provincial and local governments. Government subsidies are granted from time to time at the discretion of the relevant government
authorities. These subsidies are granted for general corporate purposes and to support our ongoing operations in the region. Other operating income accounted for 0.2%, 0.1% and 0.1% of our net revenues in 2011, 2012 and 2013, respectively. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Critical Accounting Policies and Estimates </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We prepare our consolidated financial statements in accordance with U.S. GAAP. In doing so, we have to make estimates and assumptions that
affect our reported amounts of assets, liabilities, revenues and expenses, as well as related disclosure of contingent assets and liabilities. To the extent that there are material differences between these estimates and actual results, our
financial condition or operating results and margins would be affected. We base our estimates on past experience and other assumptions that we believe are reasonable under the circumstances, and we evaluate these estimates on an ongoing basis. We
refer to accounting estimates of this type as critical accounting policies and estimates, which we discuss further below. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Revenue
Recognition </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We generate revenues primarily from selling packaged tours and travel-related services. Our main product and service
offerings include (i)&nbsp;organized tours, (ii)&nbsp;self-guided tours and (iii)&nbsp;other travel-related services. Organized tour offers pre-arranged itineraries, transportations, accommodations, entertainments, meals and tour guide services and
customers pay one lump-sum fee in exchange for such a package. Self-guided tour consists of a combination of flights and hotel bookings or cruise trip, which are often offered to customers at a more favorable price as compared to customers
purchasing these travel-related products and services on a stand-alone basis. Other travel-related services primarily include sales of tourist attraction tickets, visa processing services and advertising services that we provide to domestic and
foreign tourism boards and bureaus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Revenues are recognized in accordance with ASC 605, Revenue Recognition, when the following criteria
are met: persuasive evidence of an arrangement exists, the sales price is fixed or determinable, delivery has occurred or service has been provided and collectability is reasonably assured. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Organized tours </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Revenues
from organized tours are recognized on gross basis, which represent amounts charged to and received from customers, as we are the primary obligor in the arrangement and bear the risks and rewards, including the customers&#146; acceptance of products
and services delivered. While we do not generally assume the inventory risk of purchasing travel services before customers place an order, we assess the facts and circumstances and conclude that we are the principal in organized tour arrangements.
Factors that support our conclusion mainly include the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">We are the primary obligor in the arrangement as we are responsible for the ultimate customer acceptance for all products and services rendered. Such commitment is also made in the contracts we enter into with our
customers. We are the party retained by and paid by our customers. In situations of customer disputes, where the customer files a complaint or demands a refund, we assume risks and responsibilities for the delivery of organized tours and we, rather
than the travel suppliers, are responsible for (and solely authorized to grant) refunding the customers their payments. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">71 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">We independently determine the prices charged to customers for organized tours, as well as the prices paid to travel suppliers and subcontractors. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">We conduct a rigorous process in qualifying our travel suppliers and selecting travel products and services at our discretion before selling these products to our customers, and participate in the design of organized
tours. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Revenues from organized tours are recognized when customers return from the trips as delivery is only considered
completed upon conclusion of the entire organized tour. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Self-guided tours </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Revenues from self-guided tours are recognized on net basis, representing the difference between the amount the customer pays us, and the
amount we pay our travel suppliers. We generally do not assume inventory risk and have limited involvement in determining the product or service specifications in the self-guided tour arrangements. Customers purchase self-guided tours based on the
desired products specified, and we provide limited additional services to customers. Suppliers are responsible for all aspects of providing the air transportation and hotel accommodation. Therefore, we are an agent for the travel suppliers in the
self-guided tour transactions and revenues from self-guided tours are reported on net basis. Revenues from self-guided tours are recognized when the tours end, as commissions are not earned until this time according to the contractual arrangements
entered into with travel suppliers. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Other revenues </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For other travel-related services such as sales of tourist attraction tickets and visa processing services, we generally earn a commission or
service fee from travel suppliers and revenues recognized represents the commissions earned from these transactions on net basis. We also enter into contractual arrangements with domestic and foreign tourism boards and bureaus, and provide
advertising services on our online platform. Revenues are recognized when tickets are issued or when services are rendered. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Customer
incentives </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have a customer loyalty program that offers customers coupons, travel vouchers, membership points or cash rewards. We
account for these customer incentives in accordance with ASC 605-50, Customer Payments and Incentives. For coupons and travel vouchers offered where prior purchase is not required, we account for them as a reduction of revenues when revenues are
recognized. We also assess coupons and vouchers offered to customers as part of a current purchase that give customers a right, but not an obligation to make future purchases, and concluded discounts offered are insignificant; as such, no deferral
of revenues are considered necessary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For membership points earned by customers which provides travel awards upon point redemption, we
use the incremental cost method to estimate our future obligation to our customers, and record the incremental costs as sales and marketing expenses in the consolidated statements of comprehensive loss. Unredeemed membership points are recorded in
other current liabilities in the consolidated balance sheets. Cash rewards earned by customers are recorded as a reduction to revenues, with corresponding unclaimed amount recorded in other current liabilities. We adjust the liability when the
membership points and cash rewards remain unclaimed upon program expiration, which is typically two years from the day when the membership points and cash rewards are awarded. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Research and Product Development </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Research and product development expenses include salaries and other compensation-related expenses for our research and product development
personnel, as well as office rental, depreciation and other related expenses for our research and product development function. We recognize software development costs in accordance with ASC 350-40 <I>&#147;Software&#151;internal use
software.</I><I>&#148;</I> We expense all costs that are incurred in connection with the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">72 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
planning and implementation phases of development, and costs that are associated with repair or maintenance of the existing websites or software for internal use. Certain costs associated with
developing internal use software are capitalized when such costs are incurred within the application development stage of software development. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Income Taxes </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Current income taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are
not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are provided using the liability method. Under this method, deferred income taxes are recognized for
the tax consequences of temporary differences by applying enacted statutory rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. The tax base of an
asset or liability is the amount attributed to that asset or liability for tax purposes. The effect on deferred taxes of a change in tax rates is recognized in the statement of comprehensive loss in the period of change. A valuation allowance is
provided to reduce the amount of deferred tax assets if it is considered more likely than not that some portion of, or all of the deferred tax assets will not be realized. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The guidance prescribes a more likely than not threshold for financial statement recognition and measurement of a tax position taken or
expected to be taken in a tax return. Guidance also provides on derecognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax
positions, accounting for income taxes in interim periods, and income tax disclosures. Significant judgment is required in evaluating our uncertain tax positions and determining its provision for income taxes. We recognize interests and penalties,
if any, under accrued expenses and other current liabilities on its balance sheet and under other expenses in our statement of comprehensive loss. As of December&nbsp;31, 2011, 2012 and 2013, we did not have any significant unrecognized uncertain
tax positions or any interest or penalties associated with tax positions.<B><I> </I></B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In order to assess uncertain tax positions, we
apply a more likely than not threshold and a two-step approach for the tax position measurement and financial statement recognition. Under the two-step approach, the first step is to evaluate the tax position for recognition by determining if the
weight of available evidence indicates that it is more likely than not that the position will be sustained, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount
that is more than 50% likely of being realized upon settlement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Share-Based Compensation </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We account for share options granted to employees in accordance with ASC 718, Stock Compensation. The 2008 Plan allows the plan administrator
to grant options and restricted shares to our employees, directors, and consultants. The plan administrator is our board of directors or a committee appointed and determined by the board. The board may also authorize one or more of our officers to
grant awards under the plan. In accordance with the guidance, we determine whether a stock-based award should be classified and accounted for as a liability award or equity award. Under the 2008 Plan, we only granted options to employees and
directors, and such stock-based compensation is considered to be equity classified awards, and is recognized in the financial statements based on their grant date fair values which are calculated using the binomial option pricing model. Share-based
compensation expense is recorded net of an estimated forfeiture rate at the time of grant and revise, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. Share-based compensation expense is recorded net of
estimated forfeitures such that expenses are recorded only for those share-based awards that are expected to ultimately vest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the
2008 plan, options granted to employees vest upon satisfaction of a service condition, which is generally satisfied over four years. Additionally, the incentive plan includes an exercisability clause where employees can only exercise vested options
upon the occurrence of the following events: (i)&nbsp;after our ordinary </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">73 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
shares become listed securities, (ii)&nbsp;in connection with or after a triggering event (defined as a sale, transfer, or disposition of all or substantially all of our assets, or a merger,
consolidation, or other business combination transaction), or (iii)&nbsp;if the optionee obtains all necessary governmental approvals and consents required. Options for which the service condition has been satisfied are forfeited should employment
terminate three months prior to the occurrence of an exercisable event, which substantially creates a performance condition. Since the adoption of the 2008 Plan, we have not recognized any stock-based compensation expense for options granted,
because an exercisable event as described above had not occurred. The satisfaction of the performance condition becomes probable upon completion of our initial public offering, and for options granted for which the service condition has been
satisfied as of such date, we will record a significant cumulative stock-based compensation expense for these options in the quarter of completing the initial public offering. Unrecognized stock-based compensation expense as a result of the
performance condition as of December&nbsp;31, 2012 and December 31, 2013 amounted approximately RMB5.9 million and RMB7.5 million (US$1.2 million), respectively. As a result, immediately upon completion of this offering, we expect that we will incur
a significant share-based compensation charge of RMB17.2 million (US$2.8 million), which will include RMB13.4 million (US$2.2 million) associated with options for which the service condition was satisfied as of December 31, 2013, and an additional
amount of RMB3.8 million (US$0.6 million) associated with options for which the service condition was satisfied between January 1, 2014 and the date of this prospectus. The estimates we used to determine the fair value of these options in computing
our share-based compensation expense are determined on the respective grant dates, and will not change when the underlying shares begin trading because our options are equity classified awards. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth the options granted under the 2008 Plan as of December 31, 2013: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD ROWSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number of<BR>Options&nbsp;Granted</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Exercise Price</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Fair Value<BR>of&nbsp;Option<BR>as&nbsp;of&nbsp;the<BR>Grant&nbsp;Date</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Fair Value of the<BR>Underlying<BR>Ordinary&nbsp;Shares&nbsp;as<BR>of&nbsp;the&nbsp;Grant&nbsp;Date</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Intrinsic&nbsp;Value<BR>as&nbsp;of&nbsp;the<BR>Grant&nbsp;Date</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Type of<BR>Valuation</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">December 16, 2012</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Restrospective</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">January 7, 2013</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,177,133</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.01</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.06</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Restrospective</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">March 23, 2013</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Restrospective</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">April 18, 2013</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Restrospective</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">June 3, 2013</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Restrospective</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">June 28, 2013</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Restrospective</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">July 1, 2013</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Restrospective</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">August 1, 2013</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,809,985</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.0001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7.26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7.26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7.26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Restrospective</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">August 15, 2013</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt">378,192</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt">1.79</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt">10.84</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt">0.44</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt">2.66</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt">1.20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt">7.26</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt">N/A</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt">N/A</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8pt">Restrospective</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">October 30, 2013<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.07<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11.02</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Contemporaneous</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">October 30, 2013<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP> </P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">190,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.98<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.93</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11.02</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Contemporaneous</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">November 30, 2013<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12.11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.93<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.98</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11.99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Contemporaneous</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">November 30, 2013<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">270,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12.11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.79<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.98</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11.99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Contemporaneous</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE>  <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Options granted to officers and non-officer employees result in different fair value on the same grant date. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">The translations from U.S. dollars to Renminbi were made at a rate of RMB6.0537 to US$1.00, the exchange rate in effect as of December 31, 2013, solely for the convenience of the readers. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On April 1, 2014, we granted options to acquire a total of 576,000 ordinary shares at an exercise price of US$5.0 (RMB30.27) per share. As we
are approaching the completion of this offering, we intend to use the mid-point of the estimated price range indicated on the front cover of this prospectus as the fair value of the underlying ordinary share and the basis to determine the fair value
of the option as of the date of the grant. </P>  <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Significant Factors, Assumptions, and Methodologies Used in Determining Fair Value of
Options </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We estimated the fair value of share options using the binomial option-pricing model with the assistance from an independent
valuation firm. As part of our valuation process, we have also taken into consideration the transaction value of independent third parties&#146; private equity investments in us that are closest to the respective valuation dates. Our management is
ultimately responsible for all assumptions and valuation methodologies used </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">74 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
in such determination. The fair value of each option grant is estimated on the date of grant with the following assumptions: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Expected volatility.</I> We estimated expected volatility based on the annualized standard deviation of the daily return embedded in historical share prices of comparable companies with a time horizon close to the
expected expiry of the term. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Risk-free interest rate (per annum). </I>We estimated risk-free interest rate based on the yield to maturity of US Treasury Bond with a maturity similar to the expected expiry of the term. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Exercise multiple. </I>The exercise multiple is estimated as the ratio of fair value of underlying shares over the exercise price as at the time the option is exercised, based on a consideration of empirical studies
on the actual exercise behavior of employees. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Expected dividend yield. </I>We have never declared or paid any cash dividends on our capital stock, and we do not anticipate any dividend payments on our ordinary shares in the foreseeable future. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Expected term (in years). </I>Expected term is the contract life of the option. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Expected forfeiture rate (post-vesting).</I> Estimated based on historical employee turnover rate after each option grant. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Potential for changes in the estimates used to determine the fair value of future awards upon completion of the offering </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Once the ADSs representing our ordinary shares begin trading upon completion of this offering, in addition to the significant estimates and
assumptions disclosed above, we will take the following factors into consideration, which may change the estimates we use to determine the fair value of future awards on their respective grant dates: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Expected volatility.</I> Once the ADSs representing our ordinary shares begin trading, we will determine if there is sufficient history for us to calculate volatility using trading prices of our own ADSs.
Additionally, we may update the list of comparable companies from time to time. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Risk-free interest rate (per annum).</I> We plan to update this estimate each time a new stock award is granted. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Exercise multiple.</I> The exercise multiple is estimated based on a consideration of empirical studies on the actual exercise behavior of our employees, which will be impacted by the completion of this offering, as
our employees are currently restricted in exercising vested stock awards. Based on our employees&#146; exercise behavior and pattern subsequent to the completion of this offering, we will update this estimate when future stock awards are granted.
</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Expected dividend yield.</I> This estimate will not change once the ADSs representing our ordinary shares begin trading, as we do not anticipate any dividend payments on our ordinary shares in the foreseeable future.
</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Expected term (in years).</I> This estimate will not change upon completion of this offering, unless there is a modification to the existing 2008 Plan, or a new share incentive compensation plan is implemented.
</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Expected forfeiture rate (post-vesting).</I> We plan to update this estimate each time a new stock award is granted based on the turnover rate of our employees. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">75 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Fair value of our </I><I>ordinary</I><I> shares.</I> Once the ADSs representing our ordinary shares begin trading upon completion of this offering, the fair value of our ordinary shares on the grant date will be
determined based on the trading price of our ADSs on such date, as opposed to applying the income approach valuation method. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Significant Factors, Assumptions, and Methodologies Used in Determining Fair Value of Ordinary Shares </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Determining the fair value of our ordinary shares required us to make complex and subjective judgments, assumptions and estimates, which
involved inherent uncertainty. Had our management used different assumptions and estimates, the resulting fair value of our ordinary shares and the resulting share-based compensation expenses could have been different. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In determining the grant date fair value of our ordinary shares for purposes of recording share-based compensation in connection with employee
stock options, we, with the assistance of independent appraisers, performed retrospective valuations instead of contemporaneous valuations because, at the time of the valuation dates, our financial and limited human resources were principally
focused on business development efforts. This approach is consistent with the guidance prescribed by the AICPA Audit and Accounting Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation, or the Practice Aid.
Specifically, the &#147;Level B&#148; recommendation in paragraph 16 of the Practice Aid sets forth the preferred types of valuation that should be used. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We, with the assistance of an independent valuation firm, evaluated the use of three generally accepted valuation approaches: market, cost and
income approaches to estimate our enterprise value. We and our appraisers considered the market and cost approaches as inappropriate for valuing our ordinary shares because no exactly comparable market transaction could be found for the market
valuation approach and the cost approach does not directly incorporate information about the economic benefits contributed by our business operations. Consequently, we and our appraisers relied solely on the income approach in determining the fair
value of our ordinary shares. This method eliminates the discrepancy in the time value of money by using a discount rate to reflect all business risks including intrinsic and extrinsic uncertainties in relation to our company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The income approach involves applying discounted cash flow analysis based on our projected cash flow using management&#146;s best estimate as
of the valuation dates. Estimating future cash flow requires us to analyze projected revenue growth, gross margins, operating expense levels, effective tax rates, capital expenditures, working capital requirements, and discount rates. Our projected
revenues were based on expected annual growth rates derived from a combination of our historical experience and the general trend in online leisure travel market. The revenue and cost assumptions we used are consistent with our long-term business
plan and market conditions in the online leisure travel market. We also have to make complex and subjective judgments regarding our unique business risks, our limited operating history, and future prospects at the time of grant. Other assumptions we
used in deriving the fair value of our equity include: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">no material changes will occur in the applicable future periods in the existing political, legal, fiscal or economic conditions in China; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">no material changes will occur in the current taxation law in China and the applicable tax rates will remain consistent; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">we have the ability to retain competent management and key personnel to support our ongoing operations; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">industry trends and market conditions for the online leisure travel market will not deviate significantly from current forecasts. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The option-pricing method was used to allocate equity value of our company to preferred and ordinary shares, taking into account the guidance
prescribed by the Practice Aid. This method involves making estimates of the anticipated timing of a potential liquidity event, such as a sale of our company or an initial public offering, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">76 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
and estimates of the volatility of our equity securities. The anticipated timing is based on the plans of our board and management. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The other major assumptions used in calculating the fair value of ordinary shares include: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Weighted average cost of capital, or WACC. </I>Our cash flows were discounted to present value using discount rates that reflect the risks the management perceived as being associated with achieving the forecasts and
are based on the estimate of our weighted average cost of capital, or WACC, on the grant date. The WACCs were determined considering the risk-free rate, industry-average correlated relative volatility coefficient, or beta, equity risk premium,
country risk premium, size of our company, scale of our business and our ability in achieving forecast projections. WACCs of 25%, 23%, 22% and 22%, were used for dates as of January&nbsp;7, 2013, August&nbsp;1, 2013, October 30, 2013 and November
30, 2013, respectively. </TD></TR></TABLE>  <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Comparable companies. </I>In deriving the WACCs, which are used as the discount rates under the income approach, six to eight publicly traded companies in the U.S. (varied by valuation time points), two publicly
traded companies in Australia, and one publicly traded company in China online travel industry were selected for reference as our guideline companies. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Discount for lack of marketability, or DLOM.</I> At the time of above grants, we were a closely-held company and there was no public market for our equity securities. To determine the discount for lack of
marketability, we and the independent appraisers used the Finnerty&#146;s average-strike put option model. Pursuant to that model, we used the cost of a put option, which can be used to hedge the price change before a privately held share can be
sold, as the basis to determine the discount for lack of marketability. A put option was used because it incorporates certain company-specific factors, including timing of the expected initial public offering and the volatility of the share price of
the guideline companies engaged in the same industry. Based on the analysis, DLOM of 16%, 13%, 11% and 11% were used for the valuation of our ordinary shares as of January&nbsp;7, 2013, August&nbsp;1, 2013, October 30, 2013 and November 30, 2013,
respectively. </TD></TR></TABLE>  <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Significant Factors Contributing to the Difference in Fair Value Determined </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The determined fair value of our ordinary shares increased from US$0.91 (RMB 5.51) per share as of December&nbsp;16, 2012 to US$1.20 (RMB 7.26)
per share as of August&nbsp;1, 2013. We believe the increase in the fair value of our ordinary shares was primarily attributable to the following factors: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">continued adoption and increased penetration of online leisure travel and the consistent strong growth seen in the overall industry; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">improvement of our financial and operating performance in 2013 which was primarily attributable to increased economies of scale, greater bargaining power with travel suppliers, and hence improved gross margin in 2013;
and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">management&#146;s adjustment of our financial forecasts to reflect the anticipated higher revenue growth rate and long-term profitability in the future due to the abovementioned developments. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The determined fair value of our ordinary shares increased from US$1.20 (RMB 7.26) per share as of August&nbsp;1, 2013 to US$1.82 (RMB 11.02)
per share as of October 30, 2013 and further to US$1.98 (RMB 11.99) per share as of November 30, 2013. We believe the increase in the fair value of our ordinary shares was primarily attributable to the following factors: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the improvement of our financial and operating performance in 2013, which was primarily attributable to increased economies of scale, including greater pricing power with travel suppliers; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the issuance of Series D convertible preferred shares in August 2013, which provided us with additional capital for our business expansion; </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">77 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">management&#146;s adjustment of our financial forecast to reflect the anticipated higher revenue growth rate and better financial performance in the future due to the abovementioned developments; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the commencement of our initial public offering preparation process in November 2013 and the estimation of our listing date to be in 2014, resulting in a decrease in expected time period leading to a liquidity event. As
we progress towards this offering, lead time to an expected liquidity event decreased, resulting in a decrease in the DLOM. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The determined fair value of our ordinary shares increased from US$1.98 (RMB11.99) per share as of November&nbsp;30, 2013 to US$3.33
(RMB20.18) per share, the mid-point of the estimated price range indicated on the front cover of this prospectus. We believe the increase in the fair value of our ordinary shares was primarily attributable to the following factors: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the improvement of our financial and operating performance in the first quarter of 2014, which was primarily attributable to increased economies of scale, including greater bargaining power with travel suppliers and
increased customer base; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the short-term negative impact resulted from the promulgation of the Tourism Law in October 2013 has been fading, and we saw a steady and sustainable increase in the number of customers purchasing the more expensive
organized tours in the first quarter of 2014, which resulted in higher average gross booking per trip; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">we confidentially submitted the registration statement relating to this offering to the SEC in the first quarter of 2014, and the estimation of our listing date to be in May 2014, resulting in a decrease in expected
time period leading to a liquidity event. As we progress towards this offering, lead time to an expected liquidity event decreased, resulting in a decrease in the DLOM. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Taxation </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Cayman Islands
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, we are not subject to income or capital
gains tax. In addition, dividend payments are not subject to withholding tax in the Cayman Islands. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Hong Kong </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Tuniu (HK) Limited is incorporated in Hong Kong. Companies registered in Hong Kong are subject to Hong Kong Profits Tax on the taxable income
as reported in their respective statutory financial statements adjusted in accordance with relevant Hong Kong tax laws. The applicable tax rate is 16.5% in Hong Kong. Under the Hong Kong tax law, Tuniu (HK) Limited is exempted from income tax on its
foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>PRC </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our PRC subsidiaries and consolidated affiliated entities are subject to PRC enterprise income tax, or EIT, on the taxable income in accordance
with the relevant PRC income tax laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the EIT Law, an enterprise established outside the PRC with a &#147;de facto management
body&#148; within the PRC is considered a PRC resident enterprise for PRC enterprise income tax purposes and is generally subject to a uniform 25% enterprise income tax rate on its worldwide income. Under the Implementation Rules, a &#147;de facto
management body&#148; is defined as a body that has material and overall management and control over the manufacturing and business operations, personnel and human resources, finances and properties of an enterprise.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">78 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
In addition, SAT Circular 82, which was issued in April 2009 by the State Administration of Taxation, or the SAT, specifies that certain offshore incorporated enterprises controlled by PRC
enterprises or PRC enterprise groups will be classified as PRC resident enterprises if all of the following conditions are met: (a)&nbsp;senior management personnel and core management departments in charge of the daily operations of the enterprises
have their presence mainly in the PRC; (b)&nbsp;their financial and human resources decisions are subject to determination or approval by persons or bodies in the PRC; (c)&nbsp;major assets, accounting books and company seals of the enterprises, and
minutes and files of their board&#146;s and shareholders&#146; meetings are located or kept in the PRC; and (d)&nbsp;half or more of the enterprises&#146; directors or senior management personnel with voting rights habitually reside in the PRC.
Further to SAT Circular 82, the SAT issued SAT Bulletin 45, which took effect on September&nbsp;1, 2011, to provide more guidance on the implementation of SAT Circular 82 and clarify the reporting and filing obligations of such
&#147;Chinese-controlled offshore-incorporated resident enterprises.&#148; SAT Bulletin 45 provides procedures and administrative details for the determination of PRC resident enterprise status and administration on post-determination matters.
Although both SAT Circular 82 and SAT Bulletin 45 only apply to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals or foreign individuals like us, the determining criteria set forth
in SAT Circular 82 and SAT Bulletin 45 may reflect the SAT&#146;s general position on how the &#147;de facto management body&#148; test should be applied in determining the PRC resident enterprise status of offshore enterprises, regardless of
whether they are controlled by PRC enterprises, PRC enterprise groups or by PRC or foreign individuals. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Nanjing Tuniu obtained its HNTE
certificate in 2010 with a valid period of three years and successfully renewed such certificate in December 2013 for additional three years. Therefore, Nanjing Tuniu is eligible to enjoy a preferential tax rate of 15% from 2013 to 2015 to the
extent it has taxable income under the EIT Law, as long as it maintains the HNTE qualification and duly conducts relevant EIT filing procedures with the relevant tax authority. <B><I></I></B>Nanjing Tuniu also obtained a software company certificate
in 2012. Pursuant to such certificate, Nanjing Tuniu qualifies for a tax holiday during which it is entitled to an exemption from enterprise income tax for two years commencing from its first profit-making year of operation and a 50% reduction of
enterprise income tax for the following three years. However, if we are considered a PRC resident enterprise and earn income other than dividends from our PRC subsidiary, a 25% enterprise income tax on our global income could significantly increase
our tax burden and materially and adversely affect our cash flow and profitability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the EIT Law and its Implementation Rules,
subject to any applicable tax treaty or similar arrangement between the PRC and our investors&#146; jurisdiction of residence that provides for a different income tax arrangement, PRC withholding tax at the rate of 10% is normally applicable to
dividends from PRC sources payable to investors that are non-PRC resident enterprises, which do not have an establishment or place of business in the PRC, or which have such establishment or place of business if the relevant income is not
effectively connected with the establishment or place of business. Any gain realized on the transfer of American depositary shares or shares by such non-PRC resident enterprise investors is also subject to 10% PRC income tax if such gain is regarded
as income derived from sources within the PRC unless a tax treaty or similar arrangement otherwise provides. Under the PRC Individual Income Tax Law and its implementation rules, dividends from sources within the PRC paid to foreign individual
investors who are not PRC residents are generally subject to a PRC withholding tax at a rate of 20% and gains from PRC sources realized by such investors on the transfer of American depositary shares or shares are generally subject to 20% PRC income
tax, in each case, subject to any reduction or exemption set forth in applicable tax treaties and PRC laws. Although substantially all of our business operations are based in China, it is unclear whether dividends we pay with respect to our ordinary
shares or ADSs, or the gain realized from the transfer of our ordinary shares or ADSs, would be treated as income derived from sources within the PRC and as a result be subject to PRC income tax if we were considered a PRC resident enterprise, as
described above. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As we had losses from operation in 2011, 2012 and 2013, we have not incurred any PRC income taxes for those periods,
with the exception of one operating entity in China, which incurred immaterial income tax expenses in 2012. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">79 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">See &#147;Risk Factors&#151;Risks Related to Doing Business in China&#151;Under the PRC
Enterprise Income Tax Law, we may be classified as a PRC resident enterprise for PRC enterprise income tax purposes. Such classification would likely result in unfavorable tax consequences to us and our non-PRC shareholders and have a material
adverse effect on our results of operations and the value of your investment.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the applicable PRC tax regulations, any
entity or individual conducting business in the service industry is generally required to pay business taxes at the rate of 5% on the revenues generated from providing such services. Entities engaging in the travel business can deduct certain
approved cost from their revenues in calculating business taxes. However, if the services provided are related to technology development and transfer, such entities may be exempted from business and related taxes arising from such services subject
to approval by the relevant tax authorities. We are subject to business and related taxes on services provided in the PRC, and the applicable business tax rate is 5%. In our consolidated financial statements included elsewhere in this prospectus,
business and related taxes are deducted from gross revenues to arrive at net revenues. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In November 2011, the Ministry of Finance released
Circular Caishui [2011] No. 111 mandating Shanghai to be the first city to carry out a pilot program of tax reform. Effective January 1, 2012, any entity that carries out selected modern services in Shanghai is required to pay value-added tax
(&#147;VAT&#148;) instead of business tax. These entities are permitted to offset input VAT incurred with the output VAT. The pilot program has been expanded to other regions, including Beijing from September 1, 2012 and Nanjing from October 1,
2012. Beijing Tuniu, Nanjing Tuniu and Tuniu (Nanjing) Information Technology Co., Ltd. have been subject to VAT at a rate of 6% and has since stopped paying the 5% business tax from the respective effective dates of the tax reform. We do not expect
this change to have a significant financial statement impact on our consolidated results of operations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Results of Operations </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table presents our historical results of operations in absolute amounts and as percentages of our net revenues for the years
indicated: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="54%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="26" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For the Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2011</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>%</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>%</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>%</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="26" ALIGN="center"><B>(in thousands, except for percentages)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Revenues:</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Organized tours</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">751,388</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">98.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,075,094</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96.6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,892,826</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">312,673</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97.1</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Self-guided tours</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,559</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32,359</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48,901</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,078</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Others</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,667</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,875</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,744</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,426</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Total revenues</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">771,614</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,120,328</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,962,471</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">324,177</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Less: Business and related taxes</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,071</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.8</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,447</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.7</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(12,784</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,112</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.7</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Net revenues</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">765,543</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,112,881</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,949,687</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">322,065</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Cost of revenues</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(741,716</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(96.9</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,073,732</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(96.5</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,829,665</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(302,239</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(93.8</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Gross profit</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23,827</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39,149</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">120,022</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,826</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Operating expenses:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Research and product development</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(21,386</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2.8</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(33,370</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3.0</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(38,994</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,441</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2.0</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Sales and marketing</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(50,589</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6.6</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(57,994</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5.2</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(110,071</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(18,182</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5.6</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">General and administrative</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(53,877</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7.0</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(62,006</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5.6</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(69,679</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11,510</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3.6</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Other operating income</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,651</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">775</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,689</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">278</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Loss from operations</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(100,374</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13.1</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(113,446</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(10.2</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(97,033</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(16,029</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5.0</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Other income/(expenses):</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Interest income</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,287</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,432</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,163</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,670</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Foreign exchange related (losses)/gains, net</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,529</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(741</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.1</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,286</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">213</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Other loss, net</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(392</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.1</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(357</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.0</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(48</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.0</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Loss before provision for income taxes</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(91,950</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(12.0</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(107,112</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(9.6</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(79,632</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13,154</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4.1</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Provision for income taxes</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(78</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.0</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Net loss</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(91,950</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(12.0</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(107,190</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(9.6</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(79,632</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13,154</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4.1</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">80 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Year Ended December 31, 2013 Compared to Year Ended December 31, 2012 </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Revenues.</I></B> Total revenues increased by 75.2% from RMB1,120.3 million in 2012 to RMB1,962.5 million (US$324.2 million) in 2013.
This increase was primarily due to an increase in our revenues from both organized tours and self-guided tours. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Revenues from organized tours.</I> Revenues from organized tours increased by 76.1% from RMB1,075.1 million in 2012 to RMB1,892.8 million (US$312.7 million) in 2013, due to the growth in the number of trips of our
organized tours and the average gross bookings per trip of our organized tours. This was a result of the expansion of our organized tour portfolio in terms of departing cities and travel destinations and our increased marketing efforts in promoting
our organized tours. During the same period, the number of trips of our organized tours (excluding local tours) increased by 55.8% from 235,607 to 367,104 and the number of trips of our local tours increased by 36.5% from 503,342 to 687,121. The
average gross bookings per trip of our organized tours (excluding local tours) increased by 16.2% from RMB3,856 to RMB4,482 (US$740), and the average gross bookings per trip of our local tours increased by 10.1% from RMB328 to RMB361 (US$60).
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Revenues from self-guided tours.</I> Revenues from self-guided tours increased by 50.9% from RMB32.4 million in 2012 to RMB 48.9 million (US$8.1 million) in 2013. The increase in revenues from self-guided tours
generally reflected an increase in our gross bookings for self-guided tours during the period. Gross bookings for our self-guided tours increased by 91.1% from RMB590.6 million in 2012 to RMB1,128.5 million (US$186.4 million) in 2013, due primarily
to the increase of number of trips of our self-guided tours from 109,910 to 221,412 during the same period. Our gross bookings for self-guided tours increased at a faster pace than the growth of our revenues from self-guided tours primarily as a
result of increased competition during the period. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Other revenues.</I> Other revenues increased by 60.5% from RMB12.9 million in 2012 to RMB20.7 million (US$3.4 million) in 2013, primarily due to the increase in service fees we received from insurance companies that
sell travel insurance products through our online platform, commissions from sales of tickets for tourist attractions and the increase in the advertising fees we received from tourism boards and bureaus. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Net Revenues.</I></B> Net revenues increased by 75.2% from RMB1,112.9 million in 2012 to RMB1,949.7 million (US$322.1 million) in 2013,
as a result of our increased total revenues, partially offset by the resulting increase in business and related taxes over the same periods. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Cost of Revenues</I></B>. Cost of revenues increased by 70.4% from RMB1,073.7 million in 2012 to RMB1,829.7 million (US$302.2 million)
in 2013, primarily due to the increase in the cost to suppliers of our organized tours. <I></I>Cost to suppliers of our organized tours increased mainly as a result of the increase in the sales of our organized tours (excluding local tours) from
235,607 trips in 2012 to 367,104 trips in 2013 and the sales of our local tours from 503,342 trips in 2012 to 687,121 trips in 2013. As a percentage of our net revenues, our cost of revenues decreased from 96.5% in 2012 to 93.8% in 2013, primarily
due to the decrease in cost to suppliers of our organized tours as a percentage of our net revenues from 90.7% in 2012 to 89.7% in 2013, which reflected our efforts in sourcing travel products at more competitive prices. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Operating Expenses</I></B>. Operating expenses increased by 42.3% from RMB152.6 million in 2012 to RMB217.1 million (US$35.9 million) in
2013, due to the increases in sales and marketing expenses, research and product development expenses and general and administrative expenses, partially offset by the increase in our other operating income. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Research and product development</I>. Research and product development expenses increased by 16.8% from RMB33.4 million in 2012 to RMB39.0 million (US$6.4 million) in 2013, primarily attributable to the increases in
the headcount and the average salary of our research and product development personnel. <B><I></I></B> </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">81 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Sales and marketing</I>. Sales and marketing expenses increased by 89.8% from RMB58.0 million in 2012 to RMB110.1 million (US$18.2 million) in 2013. The increase was primarily attributable to the increase in
marketing and promotional expenses in 2013, mainly resulting from increased expenses associated with our online and outdoor marketing efforts. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>General and administrative</I>. General and administrative expenses increased by 12.4% from RMB62.0 million in 2012 to RMB69.7 million (US$11.5 million) in 2013, primarily attributable to the increases in the
headcount and average salary of our general and administrative personnel. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Other operating income</I>. Other operating income increased from RMB0.8 million in 2012 to RMB1.7 million (US$0.3 million) in 2013. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Provision for Income Taxes</I></B>. We did not make any provision for income taxes in 2013, as compared to RMB77,890 in 2012. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Net Loss</I></B>. As a result of the foregoing, net loss decreased from RMB107.2 million in 2012 to RMB139.1 million (US$23.0 million)
in 2013. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Year Ended December&nbsp;31, 2012 Compared to Year Ended December&nbsp;31, 2011 </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Revenues</I></B>. Total revenues increased by 45.2% from RMB771.6 million in 2011 to RMB1,120.3 million in 2012. This increase was
primarily due to the increase in our revenues from both organized tours and self-guided tours. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Revenues from organized tours</I>. Revenues from organized tours increased by 43.1% from RMB751.4 million in 2011 to RMB1,075.1 million in 2012, due to the growth in the number of trips of our organized tours and the
average gross bookings per trip of our organized tours. This was a result of the expansion of our organized tour portfolio in terms of departing cities and travel destinations and our increased marketing efforts in promoting our organized tours.
During the same period, the number of trips of our organized tours (excluding local tours) increased by 35.8% from 173,505 to 235,607 and the number of trips of our local tours increased by 23.1% from 408,909 to 503,342. The average gross bookings
per trip of our organized tours (excluding local tours) increased by 9.5% from RMB3,528 to RMB3,856. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Revenues from self-guided tours</I>. Revenues from self-guided tours increased by 84.1% from RMB17.6 million in 2011 to RMB32.4 million in 2012. The increase in revenues from self-guided tours generally reflected an
increase in our gross bookings for self-guided tours during the period. Gross bookings for our self-guided tours increased by 112.9% from RMB277.4 million in 2011 to RMB590.6 million in 2012, due mainly to the increase of number of trips of our
self-guided tours from 49,367 in 2011 to 109,910 in 2012. Our gross bookings for self-guided tours increased at a faster pace than the growth of our revenues from <FONT STYLE="white-space:nowrap">self-guided</FONT> tours primarily as a result of
increased competition during the period. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Other revenues</I>. Other revenues increased by 377.8% from RMB2.7 million in 2011 to RMB12.9 million in 2012, primarily due to the increase in the advertising fees we received from tourism boards and bureaus.
</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Net Revenues</I></B>. Net revenues increased by 45.4% from RMB765.5 million in 2011 to RMB1,112.9 million in 2012, as
a result of our increased total revenues, partially offset by the resulting increase in business and related taxes over the same periods. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Cost of Revenues</I></B>. Cost of revenues increased by 44.8% from RMB741.7 million in 2011 to RMB1,073.7 million in 2012, primarily due
to the increases in the cost to suppliers of our organized tours. Cost to suppliers of our organized tours increased mainly as a result of the increase in the sales of organized tours from 582,649 trips in 2011 to 751,554 trips in 2012. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">82 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Operating Expenses</I></B>. Operating expenses increased by 22.9% from RMB124.2 million in
2011 to RMB152.6 million in 2012, due to the increases in our research and product development expenses, sales and marketing expenses and general and administrative expenses and the decrease in our other operating income. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I></I></B><I>Research and product development</I><B><I></I></B>. Research and product development expenses increased by 56.1% from RMB21.4 million in 2011 to RMB33.4 million in 2012, primarily attributable to the
increases in the headcount and the average salary of research and product development personnel. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Sales and marketing</I>. Sales and marketing expenses increased by 14.6% from RMB50.6 million in 2011 to RMB58.0 million in 2012. This was primarily attributable to the increase in marketing and promotional expenses,
mainly resulting from our increased efforts in advertising. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>General and administrative</I>. General and administrative expenses increased by 15.0% from RMB53.9 million in 2011 to RMB62.0 million in 2012, primarily attributable to the increase in office rental related to our
administrative function due to our business expansion. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Other operating income</I>. Other operating income was RMB0.8 million in 2012, as compared to RMB1.7 million in 2011. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Net Loss.</I></B> As a result of the foregoing, net loss increased from RMB91.9 million in 2011 to RMB107.2 million in 2012. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">83 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Selected Quarterly Results of Operations </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth our selected unaudited condensed consolidated quarterly results of operations for each of the eight quarters in
the period from January&nbsp;1, 2012 to December&nbsp;31, 2013. You should read the following table in conjunction with our consolidated financial statements and the related notes included elsewhere in this prospectus. We have prepared the unaudited
condensed consolidated quarterly results of operations on the same basis as our audited consolidated financial statements. The unaudited condensed consolidated quarterly results of operations includes all adjustments, consisting only of normal
recurring adjustments, that we consider necessary for a fair presentation of our operating results for the quarters presented. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="36%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="30" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For the Three Months Ended</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>March&nbsp;31,<BR>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>June&nbsp;30,<BR>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>September&nbsp;30,<BR>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,<BR>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>March&nbsp;31,<BR>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>June&nbsp;30,<BR>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>September&nbsp;30,<BR>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,<BR>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="30" ALIGN="center">(RMB in thousands, except share data and per share data, or otherwise noted)</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Revenues:</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Organized tours</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">197,845</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">207,163</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">373,491</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">296,595</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">353,066</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">374,714</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">690,192</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">474,854</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Self-guided tours</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,927</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,405</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,274</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,753</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,480</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,220</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,919</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,281</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Others</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,043</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,341</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,294</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,196</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,622</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,811</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,330</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,982</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Total revenues</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">206,815</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">214,909</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">388,059</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">310,544</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">372,168</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">389,745</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">711,441</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">489,117</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Less: Business and related taxes</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,650</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,799</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,973</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,024</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,853</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,394</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,831</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,707</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Net revenues</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">205,165</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">213,110</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">386,086</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">308,520</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">369,315</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">387,351</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">706,610</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">486,410</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Cost of revenues</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(197,698</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(205,297</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(376,702</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(294,035</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(342,890</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(356,880</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(660,867</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(469,027</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Gross profit</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,467</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,813</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,384</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,485</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,425</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30,471</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45,743</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,383</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Operating expenses:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Research and product development</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,932</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(9,889</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8,693</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,856</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8,082</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,619</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(9,300</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13,994</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Sales and marketing</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(9,936</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(15,464</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(18,309</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(14,285</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13,005</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(19,251</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(39,433</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(38,382</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">General and administrative</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(15,987</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(16,837</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(15,952</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13,228</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13,261</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(14,775</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(17,027</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(24,615</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Other operating income</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">381</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">88</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">304</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">202</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">566</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">493</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">428</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Total operating expenses</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(32,855</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(41,809</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(42,866</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(35,065</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(34,146</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(41,079</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(65,267</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(76,563</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Loss from Operations</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(25,388</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(33,996</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(33,482</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(20,580</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,721</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(10,608</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(19,524</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(59,180</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Other income/(expenses):</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Interest income</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,237</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,327</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,213</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,656</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,886</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,029</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,755</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,494</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Foreign exchange related gains/(losses), net</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(174</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,068</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(308</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">809</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">426</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">248</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">590</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Other loss/(income), net</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(25</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(57</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(222</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(54</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(42</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(28</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Loss before provision for income taxes</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(24,350</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(33,794</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(30,799</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(18,169</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,399</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,373</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13,169</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(53,692</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Provision for income taxes</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(18</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(24</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(22</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Net loss</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(24,368</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(33,818</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(30,821</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(18,182</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,399</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,373</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13,169</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(53,692</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Basic and diluted net loss per share attributable to the Company&#146;s ordinary shareholders</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>(0.94</TD>
<TD NOWRAP VALIGN="bottom"><B></B>)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1.30</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1.19</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.70</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.21</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.28</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2.79</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2.07</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Weighted average number of ordinary shares outstanding&#151;basic and diluted</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>26,000,000</TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The growth of our quarterly net revenues was primarily driven by the increases in organized tours over
the eight quarters in the period from January&nbsp;1, 2012 to December&nbsp;31, 2013, although our net revenues were relatively lower in the fourth quarter 2012 and 2013 due to seasonal fluctuations discussed below. Apart from seasonality, the
decrease in our net revenues in the fourth quarter of 2013 was also due to the implementation of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">84 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
the Tourism Law and the political unrest in Thailand. See &#147;PRC Regulation&#151;Regulations on Travel Companies.&#148; The growth in our net revenues was mainly attributable to the increase
in the number of trips of organized tours. The increased competition in Maldives, one of our major markets, in the fourth quarter of 2013 resulted in relatively low revenues from self-guided tours in the fourth quarter of 2013. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Seasonal fluctuations have affected, and are likely to continue to affect, our business. We generally generate more revenues from organized
tours in the third quarter of each year because many of our customers tend to travel during summer holidays in July and August. Our cost of revenues and sales and marketing expenses tend to follow the trend of our revenue growth. We may experience
fluctuations in our quarterly results of operations after this offering, for the reasons given above or other reasons, which may be significant. See also &#147;Risk Factors&#151;Risks Related to Our Business and Industry&#151;Our quarterly results
are likely to fluctuate because of seasonality in the leisure travel industry in China.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Liquidity and Capital Resources </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To date, we have financed our operations primarily through cash generated from our operating activities and private issuances and sales of
preferred shares. Generally, our customers pay us upon contract confirmation, which is usually more than one month before the departure dates, and we pay our travel suppliers at a later date, such as at the end of each month. The timing difference
between when the cash is collected from our customers and when payments are made to our travel suppliers increases our operating cash inflow and provides us with a source of liquidity to fund our settlement of outstanding accounts payable to travel
suppliers and our prepayment to our travel suppliers to secure organized tours and self-guided tours during peak seasons.<B><I></I></B><B><I></I></B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the increase in the sales of our travel products and services, advances from customer increased from RMB157.9 million as of
December 31, 2011 to RMB244.2 million as of December 31, 2012 and further to RMB396.7 million (US$65.5 million) as of December 31, 2013. In addition, primarily due to timing difference between when the cash is collected from our customers and when
payments are made to our travel suppliers and the expansion of our business, accounts payable increased from RMB55.8 million as of December 31, 2011 to RMB127.2 million as of December 31, 2012 and further to RMB289.0 million (US$47.7 million) as of
December&nbsp;31, 2013. Furthermore, primarily due to the increase in our prepayment to travel suppliers as a result of our business expansion, prepayments and other current assets increased from RMB56.6 million as of December 31, 2011 to RMB127.0
million as of December&nbsp;31, 2012 and further to RMB286.6 million (US$47.3 million) as of December 31, 2013. As a result, our net cash provided by operating activities was RMB36.3 million, RMB14.7 million and RMB116.7 million (US$19.3 million) in
2011, 2012 and 2013, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our principal uses of cash for the years ended December&nbsp;31, 2011, 2012 and 2013 were for
operating activities, primarily marketing and promotional expenses, salaries and other compensation expenses as well as office rental and professional service fees. Our cash and cash equivalents consist of cash on hand and cash in bank, including
demand bank deposits. Our short-term investments comprise financial products issued by banks or other financial institutions. As of December&nbsp;31, 2011, 2012 and 2013, we had RMB343.6 million, RMB336.1 million and RMB755.7 million (US$124.8
million) in cash and cash equivalents, restricted cash and short-term investments, respectively. We did not have any short-term or long-term bank borrowings outstanding as of December&nbsp;31, 2011, 2012 and 2013. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We believe that our current cash and anticipated cash flow from operations will be sufficient to meet our anticipated cash needs, including
our cash needs for at least the next 12 months. We may require additional cash due to unanticipated business conditions or other future developments. If our existing cash is insufficient to meet our requirements, we may seek to sell additional
equity securities, debt securities or secure debt funding from financial institutions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">85 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth a summary of our cash flows for the periods presented: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For&nbsp;the&nbsp;Year&nbsp;Ended&nbsp;December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2011</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;RMB&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;RMB&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;RMB&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;US$&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center"><B>(in thousands)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash provided by operating activities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36,270</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,663</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">116,736</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,283</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash used in investing activities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(20,686</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(46,786</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(304,218</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(50,253</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash provided by financing activities</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">257,447</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">306,360</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50,607</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Effect of exchange rate changes on cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,529</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(740</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,287</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">212</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net increase/(decrease) in cash and cash equivalents</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">279,560</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(32,863</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">120,165</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,849</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents at beginning of the period</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52,541</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">332,101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">299,238</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49,431</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents at the end of the period</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">332,101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">299,238</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">419,403</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69,280</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Operating Activities </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our net cash provided by operating activities was RMB116.7 million (US$19.3 million) in 2013, primarily attributable to cash inflows from sales
of our travel products and services of RMB3,199.2 million (US$528.5 million) and cash inflows from interest income and government subsidies of RMB13.0 million (US$2.2 million), partially offset by cash outflows due to payments to our travel
suppliers of RMB2,842.0 million (US$469.5 million), payments relating to other operating activities, which include payments for marketing and promotional activities, office rental and utilities and professional services, of RMB130.6 million (US$21.6
million), payments to employees and for employees&#146; benefits of RMB110.8 million (US$18.3 million) and payments of taxes and levies of RMB12.1 million (US$2.0 million). <B><I></I></B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our net cash provided by operating activities was RMB14.7 million in 2012, primarily attributable to cash inflows from sales of our travel
products and services of RMB1,760.3 million and cash inflows from interest income and government subsidies of RMB7.9 million, partially offset by cash outflows due to payments to our travel suppliers of RMB1,576.3 million, payments to employees and
for employees&#146; benefits of RMB101.3 million, payments relating to other operating activities, which include payments for marketing and promotional activities, office rental and utilities and professional services, of RMB68.2 million and
payments of taxes and levies of RMB7.7 million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our net cash provided by operating activities was RMB36.3 million in 2011, primarily
attributable to cash inflows from sales of our travel products and services of RMB1,148.7 million and cash inflows from interest income and government subsidies of RMB3.6 million, partially offset by cash outflows due to payments to our travel
suppliers of RMB955.3 million, payments relating to other operating activities, which include payments for marketing and promotional activities, office rental and utilities and professional services, of RMB86.0 million, payments to employees and for
employees&#146; benefits of RMB69.0 million and payments of taxes and levies of RMB5.7 million. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Investing Activities </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our net cash used in investing activities was RMB304.2 million (US$50.3 million) in 2013, primarily attributable to the purchase of short-term
investments of RMB451.8 million (US$74.6 million) and the purchase of property and equipment and intangible assets of RMB4.8 million (US$0.8 million), offset by the proceeds from the disposal of short-term investments of RMB154.8 million (US$25.6
million). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our net cash used in investing activities was RMB46.8 million in 2012, attributable to the purchase of short- term investments
of RMB224.0 million and the purchase of property and equipment and intangible assets of RMB21.4 million, partially offset by proceeds from disposal of short-term investments of RMB194.0 million. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">86 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our net cash used in investing activities was RMB20.7 million in 2011, primarily attributable to
the purchase of property and equipment and intangible assets of RMB15.4 million. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Financing Activities </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our net cash provided by financing activities in 2013 was RMB306.4 million (US$50.6 million), attributable to the net proceeds from issuance of
Series D preferred shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our net cash provided by financing activities in 2012 was nil. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our net cash provided by financing activities in 2011 was RMB257.4 million, attributable to the net proceeds from issuance of Series C
preferred shares of RMB290.3 million, offset by the repurchase of Series A preferred shares of RMB32.8 million. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Capital Expenditures </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Cash outflow in connection with capital expenditures amounted to RMB15.4 million, RMB21.4 million and RMB4.8 million (US$0.8 million) in 2011,
2012 and 2013, respectively. Our capital expenditures were primarily used to purchase equipment and intangible assets for our business. We currently do not have any commitment for capital expenditures or other cash requirements other than those in
our ordinary course of business. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Holding Company Structure </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are a holding company with no material operations of our own. We conduct our operations primarily through our wholly owned subsidiaries and
consolidated affiliated entities in China. As a result, our ability to pay dividends to our shareholders depends upon dividends paid by our PRC subsidiaries. If our PRC subsidiaries or any newly formed PRC subsidiaries incur debt on their own behalf
in the future, the instruments governing their debt may restrict their ability to pay dividends to us. In addition, our PRC subsidiaries are permitted to pay dividends to us only out of their retained earnings, if any, as determined in accordance
with PRC accounting standards and regulations. Under PRC law, each of our subsidiaries and our consolidated affiliated entities in China is required to set aside at least 10% of its after-tax profits each year, if any, to fund certain statutory
reserve funds until such reserve funds reach 50% of its registered capital. In addition, each of our subsidiaries and consolidated affiliated entities in China may allocate a portion of its after-tax profits based on PRC accounting standards to
staff welfare and bonus funds at its discretion. These reserve funds and staff welfare and bonus funds are not distributable as cash dividends. As our PRC subsidiaries and consolidated affiliated entities have incurred losses, they have not started
to contribute to the staff welfare and bonus funds. Our PRC subsidiaries have never paid dividends and will not be able to pay dividends until they generate accumulated profits and meet the requirements for statutory reserve funds. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Contractual Obligations </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We lease our
facilities and offices under non-cancelable operating lease agreements. Certain of these arrangements contain free or escalating rent clauses. The lease for our headquarters in Nanjing runs through 2021. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">87 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following summarizes our contractual obligations related to continuing operations as of
December 31, 2013: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Total</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="22" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Payments Due by </B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,<BR>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,<BR>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,<BR>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,<BR>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,<BR>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Thereafter</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="26" ALIGN="center"><B>(in RMB thousands)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Operating lease obligations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">88,719</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,448</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,534</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,170</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,075</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">13,075</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29,417</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We did not have capital and other significant commitments, long-term obligations or guarantees as of December
31, 2013. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Off-Balance Sheet Arrangements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have not entered into any financial guarantees or other commitments to guarantee the payment obligations of any third parties. We have not
entered into any derivative contracts that are indexed to our shares and classified as shareholder&#146;s equity, or that are not reflected in our consolidated financial statements. Furthermore, we do not have any retained or contingent interest in
assets transferred to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity. We do not have any variable interest in any unconsolidated entity that provides financing, liquidity, market risk or credit
support to us or engages in leasing, hedging or research and development services with us. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Inflation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Since our inception, inflation in China has not materially impacted our results of operations. According to the National Bureau of Statistics
of China, the year-over-year percent changes in the consumer price index for December 2011, 2012 and 2013 were increases of 5.4%, 2.6% and 2.6%, respectively. Although we have not been materially affected by inflation, we can provide no assurance
that we will not be affected in the future by higher rates of inflation in China. </P>  <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Quantitative and Qualitative Disclosures about Market Risk
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Interest Rate Risk </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our exposure to interest rate risk primarily relates to interest income generated by excess cash, which is mostly held in interest-bearing bank
deposits. We have not used derivative financial instruments in our investment portfolio. Interest earning instruments carry a degree of interest rate risk. We have not been exposed to, nor do we anticipate being exposed to, material risks due to
changes in market interest rates. However, our future interest income and interest expenses may fluctuate due to changes in market interest rates. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Foreign Exchange Risk </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We recognize all of our revenues and incur substantially all of our expenses in Renminbi, and substantially all of our sales and supply
contracts are denominated in Renminbi. We do not believe that we currently have any significant direct foreign exchange risk and have not used any derivative financial instruments to hedge our exposure to such risk. Although in general, our exposure
to foreign exchange risks is limited, the value of your investment in our ADSs will be affected by the exchange rate between the U.S. dollar and Renminbi because the value of our business is effectively denominated in Renminbi, while the ADSs will
be traded in U.S. dollars. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The conversion of Renminbi into foreign currencies, including U.S. dollars, is based on rates set by the
People&#146;s Bank of China. The PRC government allowed Renminbi to appreciate by more than 20% against the U.S. dollar between July 2005 and July 2008. Between July 2008 and June 2010, this appreciation was halted and
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">88 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
the exchange rate between Renminbi and the U.S. dollar remained within a narrow band. As a consequence, Renminbi fluctuated significantly during that period against other freely traded
currencies, in tandem with the U.S. dollar. Since June 2010, the PRC government has again allowed Renminbi to appreciate slowly against the U.S. dollar. It is difficult to predict how market forces or PRC or U.S. government policy may impact the
exchange rate between Renminbi and the U.S. dollar in the future. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There remains significant international pressure on the PRC government
to substantially liberalize its currency policy, which could result in further appreciation in the value of Renminbi against the U.S. dollar. To the extent that we need to convert U.S. dollars into Renminbi for capital expenditures and working
capital and other business purposes, appreciation of Renminbi against the U.S. dollar would have an adverse effect on the Renminbi amount we would receive from the conversion. Conversely, if we decide to convert Renminbi into U.S. dollars for the
purpose of making payments for dividends on our ordinary shares or ADSs, strategic acquisitions or investments or other business purposes, appreciation of the U.S. dollar against Renminbi would have a negative effect on the U.S. dollar amount
available to us. </P>   <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Internal Control over Financial Reporting </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the audit of our consolidated financial statements as of and for the years ended December&nbsp;31, 2011, 2012 and 2013, we
and our independent registered public accounting firm identified a material weakness as of December&nbsp;31, 2012. As defined in standards established by the PCAOB, a &#147;material weakness&#148; is a deficiency, or combination of deficiencies, in
internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The material weakness identified related to the lack of sufficient financial reporting and accounting personnel with appropriate knowledge of
US GAAP and SEC reporting requirements to formalize key controls over financial reporting and to prepare consolidated financial statements and related disclosures. Neither we nor our independent registered public accounting firm undertook a
comprehensive assessment of our internal control under the Sarbanes-Oxley Act for purposes of identifying and reporting any weakness in our internal control over financial reporting. We and they are required to do so only after we become a public
company. Had we performed a formal assessment of our internal control over financial reporting or had our independent registered public accounting firm performed an audit of our internal control over financial reporting, additional control
deficiencies may have been identified. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To remedy our identified material weakness, we have adopted several measures to improve our
internal control over financial reporting, including hiring a chief finance officer in early 2013, a U.S. GAAP reporting manager in late 2013 and a U.S. GAAP reporting director in early 2014. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, we plan to undertake other steps to strengthen our internal control over financial reporting, including (1)&nbsp;to hire more
personnel with relevant experience and expertise to strengthen the financial reporting function and to set up a financial and system control framework, (2)&nbsp;to implement regular and continuous U.S. GAAP accounting and financial reporting
training programs for our accounting and financial reporting personnel, (3)&nbsp;to develop a compliance process, including a comprehensive policy and procedure manual, to allow early detection, prevention and resolution of potential compliance
issues, and (4)&nbsp;to set up an internal audit function as well as to engage an external consulting firm to assist us to assess Sarbanes-Oxley compliance readiness and improve overall internal controls. We plan to continue to implement measures to
remediate our internal control deficiencies in order to meet the deadline imposed by Section&nbsp;404 of the Sarbanes Oxley Act. We expect that we will incur significant costs in the implementation of such measures. However, the implementation of
these measures may not fully address the deficiencies in our internal control over financial reporting. See &#147;Risk factors&#151;Risks related to our business and industry&#151;If we fail to implement and maintain an effective system of internal
controls, we may be unable to accurately report our results of operations or prevent fraud or fail to meet our reporting obligations, and investor confidence and the market price of our ADSs may be materially and adversely affected.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">89 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a company with less than US$1.0 billion (RMB6.1 billion) in revenues for our last fiscal year,
we qualify as an &#147;emerging growth company&#148; pursuant to the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These
provisions include exemption from the auditor attestation requirement under Section&nbsp;404 of the Sarbanes-Oxley Act of 2002, in the assessment of the emerging growth company&#146;s internal control over financial reporting. The JOBS Act also
provides that an emerging growth company does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards. However, we
have elected to &#147;opt out&#148; of this provision and, as a result, we will comply with new or revised accounting standards as required when they are adopted for public companies. This decision to opt out of the extended transition period under
the JOBS Act is irrevocable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Recent Accounting Pronouncements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In February 2013, the FASB issued Accounting Standards Update (&#147;ASU&#148;) No.&nbsp;2013-02, Reporting of Amounts Reclassified Out of
Accumulated Other Comprehensive Income, which requires us to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income on our consolidated statement of comprehensive
income if the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income. This update does not change the current requirements for reporting net income or other comprehensive income in our consolidated
financial statements, but does require us to provide information about the amounts reclassified out of accumulated other comprehensive income by component. This standard is effective prospectively for reporting periods beginning after
December&nbsp;15, 2012. The adoption of this guidance did not have any impact on our consolidated balance sheets, statements of comprehensive loss or statements of cash flows. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In March 2013, the FASB issued ASU No.&nbsp;2013-05, Parent&#146;s Accounting for the Cumulative Translation Adjustment upon Derecognition of
Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. This ASU requires the release of cumulative translation adjustments into net income when an entity ceases to have a controlling financial
interest resulting in the complete or substantially complete liquidation of a subsidiary or group of assets within a foreign entity. The guidance will be effective prospectively for reporting periods beginning after December&nbsp;15, 2013. We are
currently evaluating the impact of adopting this guidance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In July 2013, the FASB issued, ASU No.&nbsp;2013-11, Presentation of an
Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This ASU clarifies that an unrecognized tax benefit should be presented in the financial statements as a reduction to a
deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. In situations where a net operating loss
carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use the
deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The guidance will be effective prospectively for reporting periods
beginning after December&nbsp;15, 2013. We are currently assessing the potential impact on the adoption of this guidance on its consolidated financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">90 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom652797_13"></A>INDUSTRY OVERVIEW </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Leisure Travel Industry in China </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Demand
for vacation, recreation and other forms of leisure travel has risen rapidly in China, driven by higher levels of disposable income, favorable government policies and growing interests in leisure activities. According to Euromonitor, the number of
leisure travel departures in China is estimated to have reached 1.9&nbsp;billion in 2013, representing a CAGR of 13.0% from 2010. Despite the growth rate, annual leisure travel departures per capita in China is relatively low compared to developed
countries. In 2013, the number of leisure travel departures per capita is estimated to be 1.4 in China, as compared to 2.7 in the United States and 2.8 in Germany, according to Euromonitor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Leisure travel primarily refers to organized tours and self-guided tours. The size of the leisure travel industry in China, as measured by
transaction value, is expected to grow at a CAGR of 13.3% from RMB394.0 billion (US$65.1 billion) in 2013 to RMB573.0 billion (US$94.7 billion) in 2016. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The chart below sets forth the size of the leisure travel industry in China. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman">(RMB in billions) </P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g652797g97b97.jpg" ALT="LOGO">
 </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Source: iResearch </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">China&#146;s leisure
travel industry is highly fragmented with multiple tiers of wholesale and retail distribution channels. According to the China National Tourism Administration, there were 24,944 travel agencies in China as of December&nbsp;31, 2012. A majority of
travel agencies operate at local or regional levels, while large-scale travel agencies with nationwide brand recognition often have their branches operate independently at local levels. Therefore, traditional leisure travel suppliers often face
challenges to broaden customer reach beyond local levels and provide products and services that meet diverse consumer preferences and demands. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Online
Leisure Travel Market in China </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Overview </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The increasing trend of booking leisure travel online has led to significantly higher growth in the online leisure travel market compared to
the overall leisure travel industry in China. China&#146;s online leisure travel market is expected to grow at a CAGR of 35.6% from 2013 to 2016, reaching RMB75.5 billion (US$12.5 billion), according to iResearch. The penetration rate of
China&#146;s online leisure travel market in the overall leisure travel industry in China remains low. The size of the online leisure travel market as a percentage of the overall leisure travel industry in China was only 7.7% in 2013 and is expected
to reach 13.2% in 2016, according to iResearch. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Within the overall online travel market, the online leisure travel market is the fastest
growing segment. According to iResearch, the online travel market covers online leisure travel bookings, hotel bookings, air ticket bookings and others.&nbsp;According to iResearch, hotel bookings and air ticket bookings are expected to grow at a
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">91 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
CAGR of 21.0% and 20.9%, respectively, from 2013 to 2016; such growth rates are significantly lower than the expected CAGR of 35.6% of online leisure travel bookings during the same period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The chart below sets forth the size of China&#146;s online leisure travel market and its penetration rate in the overall leisure travel
industry. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top">(RMB in billions)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right">(%)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g652797g86b82.jpg" ALT="LOGO">
 </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Source: iResearch </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Both the organized
tour and self-guided tour segments of the online leisure travel market are popular among Chinese leisure travelers for value and convenience. Organized tours, which offer comprehensive arrangements such as itineraries, transportations,
accommodations, entertainments, meals and tour guide services at relatively low prices, are particularly popular for overseas travel due to cultural and language barriers encountered by Chinese tourists. Meanwhile, self-guided tours are gaining
ground and registering fast growth driven by increasing demand for traveling in personal styles, particularly among frequent travelers. According to iResearch, transaction value of organized tours and self-guided tours booked online grew by 28.4%
and 55.0% from 2012 to 2013, respectively. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Major growth drivers of online leisure travel market </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Major growth drivers of the online leisure travel market in China include migration of leisure travel bookings from offline to online and rapid
expansion in overseas travel. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Migration to online leisure travel bookings </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The migration of leisure travel bookings from offline to online is driven by the following factors: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Inefficiencies in offline leisure travel bookings:</I> Due to inefficiencies and fragmentations in the offline leisure travel market,
travelers face a number of difficulties in making travel arrangements and bookings through offline channels. Online travel platforms effectively address the challenges faced by travelers by providing broader geographic coverage, more comprehensive
product and service offerings, greater price transparency as well as improved convenience of researching travel products and destinations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Internet and mobile Internet penetration</I>: China has the largest Internet population in the world, which increased from
457.3&nbsp;million users at the end of 2010 to 617.6&nbsp;million users at the end of 2013, representing a CAGR of 10.5%, according to the China Internet Network Information Center, or the CNNIC. The mobile Internet population increased at an even
higher rate from 302.7&nbsp;million at the end of 2010 to 500.1&nbsp;million at the end of 2013, representing a CAGR of 18.2%, according to the CNNIC. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">92 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Surging online shopping trend</I>: With the increasing adoption of online payment and
proliferation of <FONT STYLE="white-space:nowrap">e-commerce</FONT> companies in China, Chinese consumers have become more accustomed to purchasing online, including travel products purchases. According to the CNNIC, the number of Internet users who
have shopped online increased from 160.5&nbsp;million in 2010 to 301.9&nbsp;million in 2013, representing a CAGR of 23.4%. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Overseas
travel </I></P>  <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Within the online leisure travel market, overseas travel has the highest growth rate. According to iResearch, online
leisure travel bookings to overseas destinations is expected to grow from RMB11.6 billion (US$1.9&nbsp;billion) in 2013 to RMB30.5&nbsp;billion (US$5.0 billion) in 2016, representing a CAGR of 38.2%, as compared to the CAGR of 33.9% for those to
domestic and local destinations over the same period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Overseas travel is becoming increasingly popular for Chinese consumers due to
rising disposable income, an expanding middle class, and relaxing visa requirements. According to the World Tourism Organization, Chinese travelers spent a total of RMB617.5 billion (US$102.0 billion) in international tourism in 2012. In an effort
to attract Chinese travelers, a number of countries have relaxed their visa requirements, expedited their visa application process and simplified entry formalities for Chinese nationals, contributing to the strong growth in overseas leisure travels
from China. According to Euromonitor, the number of overseas leisure travel departures is expected to grow at a CAGR of 14.9% from 38.2&nbsp;million in 2013 to 58.0&nbsp;million in 2016. The robust demand for overseas travel is expected to remain as
a principal growth driver for China&#146;s online leisure travel market. </P>  <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Factors Affecting the Competitive Landscape of Online Leisure Travel
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The online leisure travel market in China is competitive and a growing number of online travel companies have emerged to take
advantage of the significant market opportunity. In planning and booking a vacation or getaway, leisure travelers expect an enjoyable and carefree booking experience. Therefore, factors affecting the competitive landscape of online leisure travel
booking in China include customer services, product quality, availability and breadth of product offerings, competitive prices, brand recognition and an easy-to-use interface. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Customer services.</I> There is a large number of factors that customers consider when making a travel purchase decision. These factors
include travel destinations, types of tour, prices, tour durations, itineraries, accommodations and others. For overseas travel, customers additionally consider visa application requirements and application process in their decision-making. Tour
advisors with product expertise and in-depth knowledge of travel destinations are critical to supplementing website information and effectively helping leisure travelers identify the most suitable products. In addition, leisure travelers may have
questions or encounter unexpected issues which require timely assistance before and during their travels. Some travelers also prefer settling payments of large amounts and submitting their passports for visa applications in person. These demands set
the stage for the emergence of leisure travel companies with an online platform and offline service coverage. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Product quality.</I>
Quality of travel products is important in ensuring a pleasant travel experience and hence customers&#146; satisfaction. While making their travel bookings, customers consider and evaluate the perceived qualities of different attributes of travel
products, such as transportations, accommodations, entertainments, meals and tour guide services. <I> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Availability and breadth of
product offerings. </I>Customers tend to use and stay with online travel companies that offer a comprehensive range of travel products and services. Large-scale travel companies are better positioned to meet customers&#146; diverse preferences while
also benefiting from economies of scale in negotiating favorable terms with their travel suppliers. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">93 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Competitive prices. </I>Price is an important criterion that customers consider in selecting
travel products. Due to intense competition and increased price transparency, online leisure travel companies have to compete effectively on pricing, particularly for travel products with fewer components and easier to compare, with lower average
selling prices or for popular destinations. However, large online travel companies, which benefit from economies of scale, have more flexibility in offering products at competitive prices.<I> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Brand recognition. </I>In addition to delivering comprehensive customer services, consistently offering quality travel products and
services engenders customer loyalty, enhances the marketing effect of word-of-mouth referrals and increases brand recognition.<I> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Ease of use. </I>Internet is an important source of information for leisure travelers when conducting research on destinations and travel
products. Websites and mobile applications that provide quality content via a user-friendly interface help online travel companies to retain existing customers and attract new customers. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">94 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom652797_14"></A>BUSINESS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Overview </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are a leading online leisure
travel company in China. We offer a large selection of packaged tours, including organized tours and self-guided tours, as well as travel-related services for leisure travelers. We ranked first in China&#146;s online organized tours market as
measured by transaction value in 2013, according to iResearch, a third-party research firm. We believe we are well positioned to benefit from the significant growth potential of China&#146;s online leisure travel market, which is expected to grow at
CAGR of 35.6% from 2013 to 2016 as measured by transaction value, according to iResearch. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We started offering packaged tours online in
2007, and are among the earliest Chinese companies that focus on the online leisure travel market. As an early mover in China&#146;s online leisure travel market, we have sold over three million packaged tours since our inception. We offer packaged
tours sourced from over 3,000 travel suppliers, covering over 70 countries as well as all popular tourist attractions in China. Our product portfolio consists of over 100,000 SKUs of organized tours, over 100,000 SKUs of self-guided tours, and
tickets for over 1,000 domestic and overseas tourist attractions. Our core strength is in overseas leisure travel products and services, which contributed over 70% of our gross bookings in 2013. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have established &#147;Tuniu&#148; as a trusted and widely recognized brand in leisure travel in China, powered by a compelling customer
experience. Our online platform, which comprises our <I>tuniu.com</I> website and mobile platform, provides comprehensive product and travel information through user-friendly interfaces to enable leisure travelers to plan their travels and search
for itineraries that best suit their needs. Our online platform contains travel guides featuring photos, information and recommendations for all destinations we cover, as well as user-generated content that serves as valuable references for other
travelers. We have more than 900,000 customer reviews about our products and services and over 20,000 travel stories on our online platform. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To cultivate customer loyalty and ensure customer satisfaction, we complement our online platform with an extensive nationwide service
network, including our centralized call center in Nanjing and 15 regional service centers across China. We have a team of over 400 well-trained tour advisors to closely assist customers throughout their booking process. We believe that our
high-quality customer service has contributed to the continuous growth in our customer base. The total number of trips sold by us grew from approximately 850,000 in 2012 to approximately 1,280,000 in 2013. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our recognized brand in leisure travel and growing customer base enable us to source a broad range of products from high-quality travel
suppliers at competitive prices. We rigorously select our travel suppliers to ensure quality and reliability. We have developed our proprietary supply chain management system&#151;N-booking system&#151;to streamline our interactions with travel
suppliers, allowing them to receive booking information real-time, more efficiently manage travel products and better understand customer preferences. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have achieved significant growth in recent years. Our net revenues increased from RMB765.5 million in 2011 to RMB1,112.9 million in 2012
and further to RMB1,949.7 million (US$322.1 million) in 2013, representing a CAGR of 59.6%. We had a net loss of RMB91.9 million, RMB107.2 million and RMB79.6 million (US$13.2 million) in 2011, 2012 and 2013, respectively. We generally collect
payments from our customers upon contract confirmation before we pay our travel suppliers, which allows us to generate positive cash flow from operations. Our net cash provided by operating activities was RMB36.3 million, RMB14.7 million and
RMB116.7 million (US$19.3 million) in 2011, 2012 and 2013, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our ability to achieve and maintain profitability depends on our
ability to effectively reduce our costs and expenses as a percentage of our net revenues. Our cost of revenues as a percentage of our net revenues decreased from 96.9% in 2011 to 96.5% in 2012 and further to 93.8% in 2013. Cost to suppliers of our
organized tours, which were attributed solely to revenues from organized tours, accounted for 92.1%, 93.8% and 92.4% of our </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">95 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
revenues from organized tours in 2011, 2012 and 2013, respectively. Our operating expenses as a percentage of our net revenues decreased from 16.2% in 2011 to 13.7% in 2012 and further to 11.1%
in 2013. Such decreases were primarily attributable to the improved operational efficiency and decrease of our average procurement costs for travel products. However, our past results of operations should not be taken as indicative of our future
performance. We plan to increase our sales and marketing efforts, including advertising campaigns, to further increase our market share. We also expect our share-based compensation to increase. As a result, we expect our operating expenses to
increase in absolute amount. If we fail to effectively reduce our costs and expenses as a percentage of our net revenues, we may not be able to achieve and maintain profitability. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Our Competitive Strengths </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We believe the
following competitive strengths have contributed to our strong market position: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Leading Online Leisure Travel Company </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are a leading online leisure travel company in China. We reach and serve our customers through multiple online and offline channels. Our
<I>tuniu.com</I> website and our mobile platform are complemented by our well-trained tour advisors and customer service representatives located at our centralized 24/7 call center and 15 regional service centers across China. According to
iResearch, we ranked first in China&#146;s online organized tours market as measured by transaction value in 2013, with a market share of 17.6%. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">China&#146;s leisure travel demand has risen rapidly, driven by the increasing disposable household income and the expanding middle class.
Meanwhile, customers are shifting from the highly fragmented offline travel market to online travel companies that offer wider product selection, better value and greater convenience. In addition, consumers of packaged tours with high selling prices
and overseas travel products typically require more guidance and advice in their travel planning. We believe our online transaction infrastructure and offline service network, combined with our leading position in the organized tours market, enable
us to benefit from the significant growth potential of China&#146;s online leisure travel market. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our strong market position allows us to
source a broad range of products from a large number of travel suppliers at competitive prices, which enhances our ability to serve existing customers and attract new customers. Our growing customer base in turn attracts more travel suppliers,
creating a virtuous cycle that strengthens our brand and market position. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Trusted Brand Powered by Compelling Customer Experience
</I></B></P>  <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have established &#147;Tuniu&#148; as a trusted and widely recognized brand in leisure travel in China, powered by a
compelling customer experience. According to iResearch, Tuniu was among the top three online leisure travel brands and ranked first in user satisfaction among leisure travel websites in China in 2013. Our online platform presents comprehensive
product and travel information through user-friendly interfaces for leisure travelers to search and select products that best suit their needs. We provide in-house developed and user-generated travel guides featuring basic information, photos and
sightseeing recommendations for all the destinations we cover. Customers can easily access travel stories and tips on our Travelogue forum for their desired destinations and travelers&#146; reviews on our online platform. We have more than 900,000
customer reviews and over 20,000 travel stories. Our online Q&amp;A feature enables users to raise inquiries and receive timely responses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To complement our online platform, we have a team of over 400 well-trained tour advisors who closely assist our customers throughout their
booking process. Our tour advisors are equipped with product expertise to guide customers through the details of available packaged tours and provide insightful travel advice. We also operate a centralized toll-free call center with over 100
customer service representatives to provide timely support to customers before, during and after their travels. In addition, we have 15 regional service centers across </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">96 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
China to answer inquiries, collect visa application materials and process payments for our customers. We proactively collect customer feedback after their travels to continuously improve the
quality of our product and service offerings. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Comprehensive Product Offerings </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We provide a broad selection of products on our online platform to meet the diverse travel needs and preferences of our customers. We offer
packaged tours covering over 70 countries as well as all popular tourist attractions in China. Customers of our packaged tours can choose to depart from 64 domestic departing cities, which cover all major outbound and domestic air routes and
airports in China. Our product portfolio consists of over 100,000 SKUs of organized tours, over 100,000 SKUs of self-guided tours, and tickets for over 1,000 domestic and overseas tourist attractions. Our core strength is in the overseas leisure
travel products and services, which contributed over 70% of our gross bookings in 2013. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our customers are presented with a wide array of
packaged tours and services for their desired travel destinations based on a number of parameters, such as departing cities and dates, tour duration, number of travelers, price and itineraries. We conduct regular comparison of our packaged tours
with competing products to enhance our product selection and value. For some of the popular overseas destinations among Chinese leisure travelers, such as Maldives, we have developed the most comprehensive product offerings. In 2013, customers who
joined our packaged tours in Maldives accounted for 10.9% of total Chinese travelers visiting Maldives during the period. We currently also have over 7,000 SKUs of packaged tours covering 25 European countries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition to the packaged tours available on our online platform, we provide customized travel solutions to group and corporate clients.
With the professional assistance of our tour advisors, our customers can tailor travel programs and make reservations through us efficiently. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Extensive Supplier Network and Strong Supply Chain Management Expertise </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have established an extensive network of over 3,000 travel suppliers, including tour operators, travel service providers and wholesalers of
travel products and services. We work closely with travel suppliers who have significant advantages in the destinations we cover to provide attractive product offerings. Our strong market position in online leisure travel, trusted brand and large
customer base allow us to attract travel suppliers and provide them with robust business volume, which incentivizes repeat cooperation and creates a virtuous cycle that strengthens our market position. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We rigorously select travel suppliers to ensure quality and reliability. Our supplier quality engineer, or SQE, team is dedicated to
identifying, preempting and mitigating potential supplier quality issues. We impose penalties on travel suppliers for failing to fulfill our service requirements. We perform frequent assessments of our travel suppliers based on customer feedback in
order to improve the quality of our product sourcing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We work closely with our travel suppliers on business planning, budget formulation
and product development. We have developed our proprietary supply chain management system&#151;N-booking system&#151;to streamline our interactions with travel suppliers, allowing them to receive booking information real-time, more efficiently
manage their travel products and better understand customer preferences. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Robust Technology Capabilities </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have developed a highly reliable and scalable technology infrastructure to support and enhance our product and service offerings. In
addition, we have a technology team comprised of over 300 engineers dedicated to the research and development of website operation, mobile platform, search engine, data analytics and supply chain management system. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Leisure travel products are non-standardized in nature. They are defined by a multitude of attributes and yield complex datasets that are
technically difficult to analyze. Through our experience in the online leisure </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">97 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
travel market, we have developed search technologies that allow us to retrieve, index, filter and rank complex product information. We are able to prioritize the search results and display
information that suits our customers&#146; requirements in a simple and intuitive interface. Our proprietary search engine supports natural language queries, searches by Chinese phonetics (Pinyin) and location-based services search. In addition, we
have developed a query search algorithm based on user inputs to enhance our ability to dissect natural language queries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Furthermore, our
technologies enable us to effectively gather and analyze customer behavior and data for procurement, inventory management and marketing. We have developed our big data platform based on a distributed computing system. Such data analytics
capabilities help us to gain a deeper understanding of existing and prospective customers and market trends, make customized recommendations to customers, and improve our applications and products accordingly. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Our Strategies </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our goal is to become
Chinese consumers&#146; destination for leisure travel products and services. We aim to further expand our online leisure travel market share by pursuing the following strategies: </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Expand Our Product Selection and Offering </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We intend to continuously extend the breadth and depth of our product portfolio. We plan to further broaden our product selection by expanding
our coverage of departing cities and travel destinations, as well as offering more departure time selections. For instance, our focus is to increase the SKUs of organized tours and self-guided tours and we plan to increase the number of departing
cities to further penetrate our existing markets. We also intend to further strengthen our leading position in the online overseas leisure travel market. We will continue to expand our portfolio of overseas travel products and services and offer
competitive pricing for the overseas destinations we cover. We intend to use approximately US$10 million (RMB61.5 million) from the net proceeds of this offering to expand our product selection and offerings. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Further Grow Our User Base and Increase Our User Engagement </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We intend to continue to utilize various marketing channels, which comprise &#147;word-of-mouth&#148; referrals, online and offline marketing,
cross-marketing and our customer reward program, to drive traffic to our online platform. In addition, we intend to enhance our brand awareness by engaging in additional brand promotion activities, including placing television commercials. We intend
to use approximately US$20 million (RMB123.0 million) from the net proceeds of this offering to expand our sales and marketing efforts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We plan to develop more features and functionalities of our online platform to deliver a more convenient and personalized user experience. We
plan to increase the number of tour advisors and to further enhance our customer service offerings to provide a differentiated customer experience. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We believe that the insightful travelers&#146; reviews and stories will attract more visits to our online platform and enhance our customer
loyalty. We plan to further grow our Travelogue forum into a robust community of active leisure travelers by providing more incentives for customers to share their traveling experience and expanding user generated content to include reviews and
recommendations of more categories such as hotels and restaurants. We believe that such a robust community can help us increase customer retention rate and reduce acquisition costs in the future. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Strengthen Supply Chain Management </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will continue our rigorous process in qualifying additional travel suppliers. We intend to make our supplier and product selection process
more transparent for us to source travel products at more competitive </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">98 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
prices. We also plan to further take advantage of our search technology to gather user generated content to identify products that interest consumers most and help our travel suppliers improve
the quality of their products. We intend to measure the effectiveness of this strategy by measuring the price competitiveness, customer satisfaction and the selection of our travel products. We intend to launch more features and functionality on our
N-Booking system<B><I></I></B> to further streamline our inventory management<B><I></I></B>. In addition, we plan to continue to improve our recently launched online marketing services, such as priority listing, prominent placements for bidding and
advertisement displays, for our travel suppliers in order to further monetize our user traffic. </P>  <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Enhance Our Mobile Platform
</I></B></P>  <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will continue to develop our mobile platform with a focus on enhancing our mobile user experience and engagement. During
the period from January 1, 2014 to the date of this prospectus, the number of orders placed through our mobile platform accounted for over 25% of total orders placed through our online platform and average daily unique visitors on our mobile
platform accounted for approximately 25% of the average daily unique visitors on our online platform. We will increase product offerings available on our mobile platform and offer more discounted travel products which are exclusive to users of our
mobile platform. We plan to further expand the functionality of our mobile platform to include more location-based services and recommendations that facilitate travel planning for our customers as well as to provide more support to our customers
during their travels. For instance, we intend to launch a series of new mobile applications focusing on destination guides sharing by the end of 2014. We intend to strengthen the social functions of our mobile platform by further encouraging
travelers to create and upload content from mobile devices to share their traveling experience anytime and anywhere. </P>  <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Continue
to Invest in Technology and Product Development Capabilities </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We plan to continue to focus our research and development efforts on
optimizing our technology infrastructure for reliability and scalability to provide a superior user experience on our online platform and strengthening our supply chain management. For example, we plan to add data centers and content delivery
network service providers in different cities. We also plan to hire additional research and product development personnel. We intend to further develop our search technology and machine learning technology for systematic categorization and labeling
of our travel products to enable more accurate and relevant search results and price comparison. We also plan to further invest in data analytics technology for in-depth analysis of customer data to develop more targeted and personalized marketing
solutions. We intend to measure the effectiveness of our investment in technology infrastructure by assessing its capability of supporting the growth of our user traffic and improving the customer experience of our online platform. We intend to use
approximately US$10 million (RMB61.5 million) from the net proceeds of this offering to strengthen our technology and product development capabilities. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Pursue Strategic Alliances and Acquisitions </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may pursue selected strategic alliance and acquisition opportunities that are complementary to our operations to expand our product
selection and to enhance our consumer experience. We intend to pursue alliances and acquisitions with prudence and consider opportunities that can add long-term value to our shareholders. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Our Products and Services </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We offer a
wide array of packaged tours and other travel-related services to meet the diverse travel needs and preferences of leisure travelers in China. Our packaged tours consist of organized tours and self-guided tours. In 2013, our organized tours and
self-guided tours accounted for approximately 61% and 37% of our total gross bookings, respectively. During the same period, our other travel-related services accounted for approximately 2% of our total gross bookings. Our core strength is in the
overseas leisure travel products and services, which contributed over 70% of our total gross bookings during the same period. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">99 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Organized Tours </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our organized tours offer the benefits of pre-arranged itineraries, transportations, accommodations, entertainments, meals and tour guide
services. By booking an organized tour with us, our customers can achieve cost savings compared to booking each component separately and enjoy a pleasant and hassle-free travel experience. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our organized tours cover over 70 countries and regions worldwide, including nearly all of the popular tourist destinations among Chinese
travelers, such as Thailand, Indonesia (Bali), Korea, Japan, Hong Kong, Europe, the United States and Saipan Islands, as well as all of the popular tourist attractions in China. Organized tours are particularly popular for overseas destinations with
language or cultural barriers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our organized tour product portfolio also includes local tours, which mainly consist of weekend getaways
and themed tours, such as water-village tours, historical-town tours, ski tours and hot spring tours, and mainly target customers who want to spend one to three days away from the departing cities. Typically, local tours have a lower average gross
bookings per trip as compared to other types of organized tours. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, to address the needs of group travelers which cannot be
satisfied by off-the-shelf travel products, such as companies planning travel retreats and families planning group tours, we provide customized tours to cater to such specific travel needs. Customized tours accounted for approximately 9.0% of our
total gross bookings in 2013. Our group travel tour advisors work closely with our travel suppliers and our customers to design travel products and itineraries that meet such customers&#146; unique needs. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Self-guided Tours </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our self-guided tours consist of combinations of flights and hotel bookings and other optional add-ons, such as airport pick-ups. These
products are offered at attractive prices compared to booking each travel product separately. Our self-guided tours target leisure travelers who prefer greater flexibility for their vacations and do not need tour guide services. Due to the breadth
of our travel suppliers, we are able to provide a wide selection of self-guided tours, covering a large number of hotels and airlines, and have developed the most comprehensive product offerings for selected popular destinations. For example, we
cover substantially all of the resort islands in Maldives, and customers of our packaged tours accounted for 10.9% of the Chinese arrivals in Maldives in 2013. We also offer cruise packages, featuring some of the largest cruise lines in the world,
such as Royal Caribbean International, Costa Cruise, Star Cruises, MSC Cruises and Princess Cruises. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Other Travel-Related Services
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our other travel-related services comprise mainly sales of tourist attraction tickets and visa processing services. We earn a
commission or service fee on these services. In addition, we provide advertising services to domestic and foreign tourism boards and bureaus on our online platform. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Our Online Platform and Offline Service Network </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We reach and serve customers through multiple online and offline channels, including our <I>tuniu.com</I> website, mobile platform, centralized
call center and 15 regional service centers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our <I></I>online platform provides our customers with the tools and information to
conveniently plan, book and purchase travel products and services. In addition, our online platform presents comprehensive product information and travel requirements through user-friendly interfaces for leisure travelers to easily search for,
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">100 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
compare and place orders for product offerings that best suit their needs. We have over 400 well-trained tour advisors and over 100 customer service representatives who are located at our
centralized call center supplement our online transaction infrastructure by providing our customers with professional advice and guidance throughout their travel planning and bookings process as well as timely support before and during their
travels. The inclusion of a customer-focused, service network is particularly important to customers of our travel products with high selling prices as these customers usually demand more assistance and attention in their travel planning. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Our Website </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our
website, <I>tuniu.com,</I> provides a one-stop travel platform for our customers from researching travel destinations to booking travel products. In addition to our product information such as tour duration, departure time and destination
descriptions, our website features comprehensive travel advice ranging from basic information to professional and user recommendations and travelers&#146; reviews for the destinations we cover. Users can post questions regarding specific products
and receive timely responses online from our well-trained tour advisors or customer service representatives, which facilitates their travel planning, product selection, reservations and payments. The user-friendly interface enables users to quickly
and easily evaluate and compare a wide array of travel products. Customers can also raise complaints about our travel products and services through the online-messaging function on our website. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We encourage our customers to share photos, stories and other travel-related information on our website. We have built a large and
fast-growing collection of customer reviews and travel stories which we believe are attractive and useful to our current and prospective customers. There are more than 900,000 customer reviews and over 20,000 travel stories and destination guides on
our website. The Travelogue forum on our website, which is organized based on destinations, provides our customers with an easy and intuitive way to access various topics of interest. Registered members can share their travel experiences and
interact with other members by posting questions and receiving answers from fellow forum members. We have a comprehensive collection of descriptions and photos of different destinations. Our website also provides other useful travel-related
information, such as weather forecast, exchange rate, train schedule and subway maps to further enhance user experience. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A
transaction on our website generally involves the following steps: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Browse.</I> A customer typically enters one of our over 60 city
webpages by selecting his location or departing city. The customer can easily browse our product selection by travel destination. In order to allow customers to locate the products they are interested in, our website also arranges our travel product
offerings into different categories, such as organized tours, self-guided tours, corporate tours, cruises, tickets for tourist attractions, self-drive tours and visa applications. The customer can also choose to browse through our best-sellers for
each of local tours, domestic tours, overseas tours, self-guided tours and tickets for tourist attractions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Search and Select.</I> A
customer conducts a search for a particular product on our website by defining desired parameters, such as destinations, departing cities, departure time, product types, tour duration, number of travelers, prices and itineraries. We provide the
customer with information regarding each travel product in details together with photographs of the destinations and hotels as well as customer reviews and ratings. Our website displays various possible selections and provides additional information
about the products. The customer can sort, refine or rank search results by further defining certain search parameters such as price range, customer ratings, popularity and keywords. Our online Q&amp;A feature enables the customer to raise inquiries
and receive timely responses to facilitate their research. In addition, the comparison tool on our website displays details of different travel products side-by-side, enabling the customer to evaluate different travel products easily. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Order Placement.</I> After a customer has selected a particular option, our website will provide the customer with an opportunity to review
details of the travel products and services being purchased and the terms and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">101 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
conditions of such purchase. The customer can also request assistance and professional advice from our tour advisors who will promptly follow up and interact with the customer online or by phone.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Contract Confirmation.</I> At this stage, a customer is required to confirm that he agrees to the terms and conditions of his
purchase. The customer can submit his confirmation online or sign the contract related to his purchase in one of our regional service centers or send us the signed contract. Contracts are entered between us and the customer directly. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Payment.</I> After confirming the terms of a contract, a customer will be directed to the payment webpage. We offer our customers the
flexibility to choose a number of payment options, which include bank transfers, credit cards, debit cards and online payment through third-party online payment platforms. In addition, the customer can pay at one of our regional service centers. The
customer can also deduct the purchase price of our travel products by using our coupons and travel vouchers. Electronic confirmations are sent to the customer&#146;s e-mail addresses or mobile phones and the customer can use the itinerary management
function on our website to check his booking details as well as amend or cancel his bookings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Review.</I> After completing their
trips, a customer is provided with incentives such as coupons to return to our website to write reviews and travel stories and share his experience on our Travelogue forum. Such cycle increases transparency on our travel product quality and
increases customer stickiness. We regard customer reviews and travel stories, which provide valuable information to potential customers, as important criteria in assessing the quality and performance of our travel suppliers and travel products. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We offer customized services via a sophisticated account management system accessible on our online platform. After logging on with a unique
identification, a customer can track order status, manage itineraries and check membership points, coupons and travel vouchers. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Our
Mobile Platform </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Android- and Apple iOS-based mobile applications, such as <I>Tuniu Travel</I>, and the mobile version of our
website, <I>m.tuniu.com,</I> allow customers to search for travel products and services and place orders. Our mobile platform also enables customers to track their order status and provides other location-based services to allow users to quickly
locate a variety of scenic spots nearby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Through <I>Tuniu Travel</I>,<I></I> our customers can search for travel products and services
and complete a booking within minutes. <I>Tuniu Travel</I> also serves as an important and integral part of customers&#146; research on travel-related information. Customers often use our in-house developed and user-generated travel guides and other
user generated content, such as customer reviews, travel stories, tips and recommendations, on our <I>Tuniu Travel</I> to plan their travels. In addition, we offer discounted travel products that are exclusive to users of <I>Tuniu Travel</I> for
limited periods to enhance our mobile user engagement and increase monetization. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Our Customer Services </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">When selecting a travel company or platform, leisure travelers often look beyond factors such as prices and selection and focus on enjoyable
experiences, in which our customer services play a crucial part. We believe that the quality customer services provided by our well-trained tour advisors and customer service representatives gravitate our customers towards our online platform. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Offline nationwide service network.</I> Our call center is located in our headquarters in Nanjing. Over 100 customer service
representatives in our call center provide 24-hour-a-day, seven-day-a-week customer services before, during and after travels, from answering customers&#146; initial inquiries on their travel-related needs to assisting them in making and amending
their travel bookings. For inquiries on detailed product information and itinerary management, our customer service representatives allocate them according to destinations to our in-</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">102 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
house tour advisors, who follow up with our customers within half an hour to address their concerns and needs. We have implemented comprehensive performance measures to monitor our calls to
ensure our customers receive quality services. In October 2013, we obtained the Best Call Center Award in the CCM Awards 2013 jointly organized by CCMWorld Group and CC-CMM Organization. In addition, we have 15 regional service centers located in
major cities in China, including Beijing, Shanghai, Nanjing, Hangzhou, Suzhou, Tianjin, Shenzhen, Chengdu, Wuhan, Chongqing, Ningbo, Xian, Wuxi, Shenyang and Guangzhou, to handle inquiries from customers as well as process visa applications and
payments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Tour Advisors. </I>We have over 400 tour advisors who are well-trained through in-house training workshops as well as
training sessions provided by our travel suppliers to closely assist our customers throughout their travel planning and booking process from pre-sale consultation to final order confirmation. Our tour advisors are equipped with product expertise to
guide customers through the details of available packaged tours on our online platform and provide insightful advice on customers&#146; desired travel destinations. Our tour advisors provide professional guidance on product selection, price, travel
requirements and payment to ensure an efficient and informed shopping experience. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>To create a better travel experience for our
customers, we are committed to sharing part of their losses in certain unexpected events. For example, if our customers cannot travel due to death, pregnancy, serious injuries, hospitalization or rejection of visa applications after entering into
contracts with us, we will provide them with travel vouchers equivalent to a portion of the amounts paid and are redeemable towards the purchase of our travel products at a later time. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Supply Chain Management </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have over
3,000 travel suppliers, which primarily include tour operators, travel services providers and wholesalers of travel products and services in China. We believe that our ability to enable our travel suppliers extend their reach to potentially millions
of Internet users in China and fulfill their needs for inventory management attracts new quality travel suppliers and builds stronger ties with our existing travel suppliers. We have a product procurement team of over 300 staff dedicated to
developing and enhancing our relationships with existing and prospective travel suppliers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We source a broad range of products from
travel suppliers who have significant advantages in the destinations we cover and offer the travel products at competitive prices, which enhances our ability to attract more customers to our online platform. Our growing customer base in turn
attracts more travel suppliers, creating a virtuous cycle that strengthens our leading market position. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For example, Beijing Utour
International Travel Service Co., Ltd., or Utour, a travel company listed on the Shenzhen Stock Exchange, became our travel supplier in 2009. Within one year of our cooperation, we became Utour&#146;s top five wholesale customer with purchases of
over RMB10 million (US$1.7 million) in 2010. We have been strengthening our cooperation with and sourcing an increasing number of travel products from Utour in recent years. Our purchases from Utour grew from approximately RMB25 million (US$4.1
million) in 2011 to RMB45 million (US$7.4 million) in 2012 and to RMB90 million (US$14.9 million) in 2013, and became its largest wholesale customer in 2012 and 2013. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We generally enter into contracts with our travel suppliers based on our standard form. Our travel suppliers often pay us rebates based on our
business volume. In addition, some of our travel suppliers require prepayments for reserving tour availabilities. Typically, we settle payment with our travel suppliers on a monthly basis, although our travel suppliers can also request for an early
settlement on a discount basis. To date, substantially all of our travel suppliers have sought to pursue continuing cooperation opportunities with us. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We conduct a rigorous process in qualifying travel suppliers and in selecting their travel products and services. In qualifying a potential
travel supplier, we focus on its reputation, product quality, track record, credibility and price competitiveness. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">103 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, our travel suppliers can participate in biddings for priority listing, prominent
placements for bidding and advertising displays on our website for the travel products they supply. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Product Selection </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We adopt an open-source procurement strategy to source quality travel products in the destinations we cover. Our product procurement team works
closely with our travel suppliers to ensure that customers are provided with high-quality travel products. In addition, we conduct regular price comparison for our travel products to assess the competitiveness of our pricing. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Supply Management </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We generally do not take inventory risks, other than during peak travel periods or for selected destinations and travel routes where we enter
into certain contractual arrangements with our travel suppliers to reserve tours, and unsold travel products are generally refundable within an agreed time period. We host one major procurement event each year and present our major travel suppliers
with our estimated volume demand. We also constantly communicate with our travel suppliers, mainly through our product procurement team and our proprietary N-Booking system, to keep them informed of any changes to the supply outlook so that they can
respond to customer demand in a timely manner. This helps us and our travel suppliers make timely adjustments to procurement plans. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Supplier Quality Control </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have developed product and service provision protocols for travel suppliers to follow. Our SQE team also evaluates travel suppliers based on
customer feedback and provides recommendations for travel suppliers to improve their service quality and the products they supply. We impose penalties on our travel suppliers or cease selling their travel products if the products fail to meet our
quality standards or if we receive valid complaints from our customers. We also prepare regular assessment reports on our travel suppliers based on the popularity, quality and price competitiveness of their travel products. To monitor and further
improve the quality of our travel suppliers and the products and services we offer, we proactively collect feedback from our customers after their travels. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>N-Booking System </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have developed a proprietary N-Booking system that offers our travel suppliers the following features: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Product Management.</I> Travel suppliers can submit details of their travel products via an easy-to-navigate online interface. After our
review and approval, we will post the details provided by the travel suppliers and the prices determined by us on our online platform. In addition, our N-Booking system provides travel suppliers with an option to use descriptions and photos of
destinations and tourist attractions in our database. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Just-In-Time Management.</I> Our N-Booking system provides travel suppliers with
an access to real-time inventory data and gives them a wide range of inventory management tools. Our N-Booking system also notifies travel suppliers on any changes in the inventory level of the travel products we source from them, which enables them
to adjust their procurement and sales plans timely. As such, we are able to deliver real-time information on product availability and provide our customers with prompt booking and order confirmations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Account Management.</I> Our travel suppliers can review details of transaction history on our N-Booking system. They can also submit
requests for early settlement of their account balance with us on a discount basis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Data Analysis.</I> Supported by our big data
platform, travel suppliers can analyze and understand user behavior based on their browsing history. Travel suppliers can keep track of traffic brought to the travel products </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">104 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
supplied by them on our online platform and are able to evaluate the competitiveness of different travel products. We believe the user information gathered from our online platform reflects the
current leisure travel market trends in China and provides excellent market insights to our travel suppliers for their procurement planning and product design. By leveraging on our data mining and analytics capabilities, travel suppliers are able to
develop a more in-depth understanding of the behaviors and preferences of customers, potentially unlocking significant values. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Technology </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have built our technology infrastructure with high levels of performance, reliability, scalability and security to ensure superior customer
and supplier experience. We rely on internally developed proprietary technologies and licensed technologies to manage and improve our website, mobile platform and management systems. We have a team of over 300 engineers dedicated to the research and
development of website operation, mobile platform, search engine, data analytics and supply chain management system. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We believe that an
advanced technology platform is vital to our growth and success. In 2012, we obtained ISO 9001:2008 certification for our quality management system and ISO 27001:2005 certification for our information security management system in the design,
development and maintenance of our online platform, indicating our compliance with internationally recognized standards for quality control. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Product Search </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We
strive to present relevant and useful search results in a timely fashion to ensure the accuracy, efficiency and synchronism of our search results. Despite the difficulties in analyzing leisure travel products data, we have developed search
technologies that allow us to retrieve, index, filter and rank real-time product information. We are able to prioritize the search results and display information most suited to our customers&#146; requirements in a simple and intuitive interface in
real time. Our core search technologies include the following: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Real-time Indexing.</I> Our search infrastructure enables changes of
product data be indexed, processed and reflected in the search results on a real-time basis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Smart Caching.</I> We maintain a database
with massive product information on packaged tours, hotels, flights and other travel-related services. We have designed an auto-prioritizing method to update the database by ranking popular products based on different criteria, such as popular
cities, most-visited attractions, top-rated products and most-viewed products. Different refreshing frequencies are applied to different products. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Accuracy Checking.</I> Our accuracy checking software complements our smart caching system and is implemented to display the latest product
information such as prices and product descriptions. When a user clicks on the interested search result, an accuracy checker is triggered to retrieve the updated product information and present it to the user. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Fuzzy Query Processing.</I> We maintain a dictionary for travel-related keywords in Chinese, where keywords are classified and linked to
each other based on their meanings. We have also developed a query search algorithm based on user inputs to enhance our ability to dissect natural language queries. Such technologies help us better understand meanings of the queries and to produce
most relevant and useful search results. We also provide additional search features such as query spelling correction, query suggestion and search by Chinese phonetics (Pinyin). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Big Data Analysis </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We gather and analyze customer behavior and data for our procurement, inventory management and marketing. We also provide selected data to our
travel suppliers, enabling them to optimize their product designs and marketing strategies. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">105 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Big Data Platform.</I> We have developed our big data platform based on a distributed
computing system. Such data analytics capabilities help us to gain a deeper understanding of existing and prospective customers and market trends, make customized recommendations to customers and improve our applications and products accordingly.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Streaming Data Analysis</I>. We have also built a streaming data processing pipeline based on our big data platform to view the
browsing history of the users of our online platform and allowing our travel suppliers to review their performance data near real-time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Web Content Mining. </I>Our web content processing system links user generated content which includes customer reviews, travel stories and
tips as well as destination guides such as locations, hotels and tourist attractions. This allows users of our online platform to obtain information of different destinations and travel products and services in a user-friendly manner. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>N-Booking System </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our N-Booking system streamlines the interactions between us and our travel suppliers. Our N-Booking system also allows our travel suppliers to
receive booking information real-time, more efficiently manage travel products and better understand customer preferences. See &#147;&#151;Supply Chain Management&#151;N-Booking System.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>CRM System </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Through a customer relationship management system, or CRM system, we gather, analyze and make use of internally-generated customer behavior and
transaction data based on customers&#146; historical purchase and browsing records. We regularly use this information in budgeting and procurement planning as well as in planning our marketing initiatives and promotional campaigns. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Data Security </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our
system servers are housed in Nanjing and Beijing, and have secure and dedicated communication links among them. All data are backed up on an hourly basis. Our system servers utilize digital certificates to help us conduct secure communications and
transactions. The performance of our system servers is monitored and maintained by an internal team that operates 24 hours a day, seven days a week. Customer sensitive information, such as password and payment information, is stored with encryption,
and our data servers are secured with firewalls. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Marketing and Brand Building </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We believe that we have created a strong Tuniu brand that is commonly associated in China with high-quality packaged tours and superior
customer experience. With our marketing slogan, <I>&#147;Go Tour, Go Tuniu,&#148;</I> we seek to become Chinese customers&#146; destination for leisure travel products and services. Our website, <I>tuniu.com</I>, is one of the most popular online
travel websites among leisure travelers in China, according to Alexa.com, a web information company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have entered into agreements with
a number of search engines, pursuant to which we have purchased travel-related keywords or directory links that direct users to our website. In addition, we have a strong presence in online social media such as Tencent&#146;s WeChat and Sina&#146;s
Weibo. We believe that our presence in online social media enables us to grow and maintain engagement with our targeted customers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We
also conduct offline advertising primarily via outdoor advertising. Our offline advertising plays an important role in building up the image of our brand and generates exposure to members of the public. Our other marketing programs and initiatives
include targeted campaigns and promotional and seasonal offers. In addition, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">106 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
some domestic and foreign tourism boards and bureaus have cooperated with us to participate in promotional events and marketing campaigns. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As part of our cross-marketing effort, we have agreements with financial institutes to recommend our products and services to their debit or
credit card holders, and we allow these cardholders to settle their payments for travel products purchased from us using these cards with discounts. For instance, we cooperated with Bank of Jiangsu, China Construction Bank and China CITIC bank and
launched co-branded credit cards, through which cardholders may book with us and are entitled to discounts, bonus points and certain other privileges. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Furthermore, our customer reward program allows our customers to accumulate membership points and coupons as they purchase travel products and
services. Our membership points have a fixed validity term and, before expiry, customers may redeem these points for future purchases. Our customer reward program is designed to encourage repeat purchases. Currently, our membership has five levels.
For customers who meet certain spending thresholds, we upgrade their membership status to the next level, entitling them to further discounts and more points for their spending. For customers who have achieved the top two levels of membership
status, we provide them with designated customer service representatives to handle their travel needs. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Competition </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We compete primarily with all other types of online travel companies. In addition, we compete with traditional travel service providers and
tour operators. In our self-guided tour business, as we sell packaged tours which include flights and hotels, we also compete with airlines and hotels, which in recent years have made efforts to improve their direct sales. Large, established
Internet search engines have also launched applications offering travel products in various destinations around the world. Factors affecting our competitiveness include, among other things, price, availability and breadth of choice of travel
products and services, brand recognition, customer services, and ease of use, accessibility, security and reliability of our transaction and service infrastructure. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Some of our current and potential competitors may have greater financial, marketing and other resources than we do. In addition, certain of
our competitors may be acquired by, receive investment from or enter into strategic relationships with larger, well-established and well-financed companies or investors. They may be able to devote greater resources to marketing and promotional
campaigns and devote substantially more resources to website and system development than us. See &#147;Risk Factors&#151;Risks Related to Our Business and Industry&#151;We face intense competition and we cannot compete successfully against existing
and new competitors.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Intellectual Property </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our success and ability to compete depend, in part, upon our ability to establish and adequately protect our intellectual property rights. In
this regard, we rely primarily on a combination of copyright, software registration, trademark, trade secret and unfair competition laws and contractual rights, such as confidentiality agreements with our employees and others. We have registered 20
computer software copyrights, one patent and four artwork copyrights in China, and are applying for four patents in China. In addition, we have registered 35 domain names that are material to our business, including <I>tuniu.com</I>, and 67
trademarks, including


<IMG SRC="g652797s0001_652797.jpg" ALT="LOGO">
 (the Chinese characters of Tuniu),


<IMG SRC="g652797g05e67.jpg" ALT="LOGO">
 and


<IMG SRC="g652797g34j96.jpg" ALT="LOGO">
 in China. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">107 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Employees </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We had a total of 1,485, 938 and 1,415 employees as of December&nbsp;31, 2011, 2012 and 2013, respectively. As of December 31, 2013, we had
1,333 employees in our headquarters in Nanjing and 82 employees in our regional service centers. The following table sets forth the numbers of our employees, categorized by function, as of December 31, 2013: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:30.65pt; font-size:8pt; font-family:Times New Roman"><B>Function</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of<BR>Employees</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Management and administration</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">197</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tour advisor</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">441</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Call center</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sales and marketing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Research and product development</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">555</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Regional service centers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,415</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We enter into standard employment agreements with all our employees. We also enter into confidentiality
agreements with certain directors and executive officers that impose confidentiality obligations until the relevant information becomes public or are no longer considered confidential by us. In addition to salaries and benefits, we provide
stock-based compensation and performance-based bonuses for our employees and commission-based compensation for our sales personnel. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As
required by regulations in China, we participate in various employee social security plans that are organized by municipal and provincial governments, including pension insurance, medical insurance, unemployment insurance, maternity insurance,
job-related injury insurance and housing fund. We are required by PRC laws to make contributions to employee social security plans at specified percentages of the salaries, bonuses and certain allowances of our employees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our success depends on our ability to attract, retain and motivate qualified personnel. We believe that we maintain a good working
relationship with our employees, and we have not experienced any significant labor disputes. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Facilities </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our principal executive offices, consisting of our administrative center, sales and marketing division, technical services department, and call
center, are located on leased premises in Nanjing comprising approximately 26,535 square meters. In addition, our regional service centers are located on leased premises with an aggregate of approximately 2,701 square meters in 15 cities in China.
We lease these premises under lease agreements from unrelated third parties, and we plan to renew these leases from time to time as needed. We believe that the facilities that we currently lease are adequate to meet our needs for the foreseeable
future, and we believe that we will be able to obtain adequate facilities, principally through leasing of additional properties, to accommodate our future expansion plans. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Insurance </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We maintain various insurance
policies to safeguard against risks and unexpected events. We have purchased travel companies&#146; liability insurance covering expenses related to accidents caused by us. We have also maintained property insurance policies for our fixed assets
covering losses due to fire, explosion, lightning, storm, landslide, subsidence and aircraft damage. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">108 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Legal and Administrative Proceedings </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are currently not a party to, and are not aware of any threat of, any legal, arbitration or administrative proceedings that, in the opinion
of our management, are likely to have a material and adverse effect on our business, financial condition or results of operations. From time to time, we have become, and may in the future become, a party to various legal or administrative
proceedings or claims arising in the ordinary course of our business, involving contract disputes and other claims. Regardless of the outcome, legal or administrative proceedings or claims may have an adverse impact on us because of defense and
settlement costs, diversion of management attention, and other factors. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">109 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom652797_15"></A>PRC REGULATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This section sets forth a summary of the significant regulations or requirements that affect our business activities in China or our
shareholders&#146; rights to receive dividends and other distributions from us. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulations on Value-Added Telecommunication Services </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The PRC government extensively regulates the telecommunications industry, including the Internet sector. The PRC State Council, the MIIT, the
Ministry of Commerce, the State Administration for Industry and Commerce, or the SAIC, the State Administration of Press, Publication, Radio, Film and Television (formerly the General Administration of Press and Publication) and other relevant
government authorities have promulgated an extensive regulatory scheme governing telecommunications, Internet-related services and e-commerce. However, since China&#146;s telecommunications industry and Internet-related industry are at an early
stage of development, new laws and regulations may be adopted from time to time that will require us to obtain additional licenses and permits in addition to those that we currently have, and will require us to address new issues that arise from
time to time. As a result, substantial uncertainties exist regarding the interpretation and implementation of current and any future Chinese laws and regulations applicable to the telecommunications, Internet-related services and e-commerce. See
&#147;Risk Factors&#151;Risks Related to Doing Business in China&#151;Uncertainties in the interpretation and enforcement of PRC laws and regulations could limit the legal protections available to you and us.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Licenses for Value-Added Telecommunication Services </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Telecommunications Regulations issued by the PRC State Council in September 2000 are the primary regulations governing telecommunication
services. The Telecommunications Regulations set out the general framework for the provision of telecommunication services by PRC companies. Under the Telecommunications Regulations, it is a requirement that telecommunications service providers
procure operating licenses prior to commencement of their operations. The Telecommunications Regulations draw a distinction between &#147;basic telecommunications services&#148; and &#147;value-added telecommunications services.&#148; Internet
content provision services, or ICP services, is a subcategory of value-added telecommunications services. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the Administrative
Measures for Telecommunications Business Operating Permit promulgated by the MIIT in March 2009, as amended in December 2011, there are two types of telecommunication operating license for operators in China, namely, licenses for basic
telecommunications services and licenses for value-added telecommunications services. The operation scope of the license will specify the permitted activities of the enterprise to which it is granted. An approved telecommunication services operator
must conduct its business in accordance with such specifications. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the Administrative Measures on Internet Information
Services, promulgated by the PRC State Council in September 2000, commercial Internet information services operators must obtain an ICP license, from the relevant government authorities before engaging in any commercial Internet information services
operations within the PRC. Nanjing Tuniu, our consolidated affiliated entity, obtained an ICP license issued by the Jiangsu Administration of Telecommunication which will expire in November 2017. Nanjing Tuniu increased its registered share capital
in March 2014 and is in the process of updating its ICP license to reflect such increase. We expect Nanjing Tuniu to receive the updated ICP license in the near future. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Internet Electronic Bulletin Service Administrative Measures promulgated by the MIIT in November 2000 require Internet information
services operators to obtain specific approvals before providing BBS services, which include electronic bulletin boards, electronic forums, message boards and chat rooms. In July 2010, the requirement of BBS approval was terminated by a decision
issued by the PRC State Council. However, in practice, the relevant authorities still require obtaining such approval for the operation of BBS services. We have applied to the Jiangsu Administration of Telecommunication for, but not yet obtained, an
approval for the operation of BBS services on our website, and we have not been informed by the relevant government authority on whether or when we will be granted such approval. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">110 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Foreign Investment in Value-Added Telecommunications Services </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Catalogue for the Guidance of Foreign Investment Industries, or the Catalogue, as promulgated and amended from time to time by the Ministry
of Commerce and the National Development and Reform Commission, is the principal guide to foreign investors&#146; investment activities in the PRC. The most updated version of the Catalogue, which was promulgated in 2011, divides the industries into
three categories: encouraged, restricted and prohibited. Industries not listed in the Catalogue are generally open to foreign investment unless specifically restricted by other PRC laws and regulations. A wholly foreign-owned enterprise is generally
permitted for encouraged industries, while for restricted industries, such as value-added telecommunications service industry, there are some limitations to the ownership and/or corporate structure of the foreign-invested companies that operate in
such industries. Industries in the prohibited category are not open to foreign investors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the Provisions on Administration of
Foreign-Invested Telecommunications Enterprises, promulgated by the PRC State Council in December 2001 and amended in September 2008, the ultimate foreign equity ownership in a value-added telecommunications services provider may not exceed 50%.
Moreover, for a foreign investor to acquire any equity interest in a value-added telecommunication business in China, it must satisfy a number of stringent performance and operational experience requirements, including demonstrating good track
records and experience in operating value-added telecommunication business overseas. Foreign investors that meet these requirements must obtain approvals from the MIIT and the Ministry of Commerce or their authorized local counterparts, which retain
considerable discretion in granting approvals. Pursuant to publicly available information, the PRC government has issued telecommunications business operating licenses to only a limited number of foreign-invested companies, all of which are
Sino-foreign joint ventures engaging in the value-added telecommunication business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The MIIT Circular issued in July 2006 reiterated the
regulations on foreign investment in telecommunications businesses, which require foreign investors to set up foreign-invested enterprises and obtain a business operating license for Internet content provision to conduct any value-added
telecommunications business in China. Pursuant to the MIIT Circular, a domestic company that holds an ICP license is prohibited from leasing, transferring or selling the license to foreign investors in any form, and from providing any assistance,
including providing resources, sites or facilities, to foreign investors that conduct value-added telecommunications business illegally in China. Furthermore, the relevant trademarks and domain names that are used in the value-added
telecommunications business must be owned by the domestic ICP license holder or its shareholders. The MIIT Circular further requires each ICP license holder to have the necessary facilities for its approved business operations and to maintain such
facilities in the regions covered by its license. In addition, all value-added telecommunications service providers are required to maintain network and information security in accordance with the standards set forth under relevant PRC regulations.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In light of the aforesaid restrictions, we rely on Nanjing Tuniu, our consolidated affiliated entity, to hold and maintain the licenses
necessary to provide online marketing services and other value-added telecommunications services in China. For a detailed discussion of our contractual arrangements, please refer to &#147;Corporate History and Structure.&#148; To comply with these
PRC regulations, we operate our website and value-added telecommunications services through Nanjing Tuniu. Nanjing Tuniu holds an ICP license and owns all domain names used in our value-added telecommunications businesses. Nanjing Tuniu is also the
owner of all registered trademarks used in our value-added telecommunications businesses and is the applicant of all registered trademark applications we are currently making. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Regulations on Information Security and Censorship </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The PRC government regulates and restricts Internet content in China to protect state security and ensure the legality of the Internet content.
The National People&#146;s Congress, China&#146;s national legislative body, enacted a Decision on the Safeguarding of Internet Security in December 2000, as subsequently amended in August 2009, among other things, makes it unlawful to:
(1)&nbsp;gain improper entry into a computer or system of strategic </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">111 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
importance; (2)&nbsp;disseminate politically disruptive information; (3)&nbsp;leak state secrets; (4)&nbsp;spread false commercial information; or (5)&nbsp;infringe intellectual property rights.
Pursuant to the Administrative Measures on Internet Information Services and other applicable laws, Internet content providers and Internet publishers are prohibited from posting or displaying over the Internet content which violates PRC laws and
regulations, impairs the national dignity of China, or is reactionary, obscene, superstitious, fraudulent or defamatory. Internet service providers are required to monitor their websites, including electronic bulletin boards. They may not post or
disseminate any content that falls within these prohibited categories and must remove any such content from their websites. The PRC government may shut down the websites of ICP license holders that violate any of the above-mentioned content
restrictions and revoke their ICP licenses. In addition, the MIIT has published regulations that subject ICP operators to potential liability for content displayed on their websites and the actions of users and others using their systems, including
liability for violations of PRC laws and regulations prohibiting the dissemination of content deemed to be socially destabilizing. The Ministry of Public Security has the authority to order any local Internet service provider to block any Internet
website at its sole discretion. From time to time, the Ministry of Public Security has stopped the dissemination over the Internet of information which it believes to be socially destabilizing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Ministry of Public Security has promulgated the Administrative Measures for the Security Protection of International Connections to
Computer Information Network in December 1997 that prohibit the use of the Internet in ways which, among other things, result in a leakage of State secrets or the distribution of socially destabilizing content. Socially destabilizing content
includes any content that incites defiance or violations of PRC laws or regulations or subversion of the PRC government or its political system, spreads socially disruptive rumors or involves cult activities, superstition, obscenities, pornography,
gambling or violence. Under PRC law, state secrets are defined broadly to include information concerning PRC national defense, state affairs and other matters as determined by the PRC authorities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In December 2005, the Ministry of Public Security promulgated Provisions on Technological Measures for Internet Security Protection. These
measures and the Administrative Measures on Internet Information Services require all ICP operators to keep records of certain information about their users (including user registration information, log-in and log-out time, IP address, content and
time of listings by users) for at least 60 days and submit the above information as required by laws and regulations. The ICP operators must regularly update information security and censorship systems for their websites with local public security
authorities, and must also report any public dissemination of prohibited content. If an ICP operator violates these measures, the PRC government may revoke its ICP license and shut down its websites. Pursuant to the Decision on Strengthening Network
Information Protection issued by the Standing Committee of the PRC National People&#146;s Congress in December 2012, ICP operators must request identity information from users when ICP operators provide information publication services to the users.
If ICP operators come across prohibited information, they must immediately cease the transmission of such information, delete the information, keep relevant records, and report to relevant government authorities. In July 2013, the MIIT promulgated
the Regulation on Protection of Personal Information of Telecommunications and Internet Users to provide for more detailed rules in this respect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the State Secrecy Bureau has issued provisions authorizing the blocking access to any website it deems to be leaking state
secrets or failing to comply with the relevant legislation regarding the protection of state secrets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As Nanjing Tuniu is an ICP
operator, it is subject to the laws and regulations relating to information security. To comply with these laws and regulations, it has completed the mandatory security filing procedures with the local public security authorities, regularly update
their information security and content-filtering systems with newly issued content restrictions, and maintains records of users&#146; information as required by the relevant laws and regulations. Nanjing Tuniu has also taken measures to delete or
remove links to content that to its knowledge contains information violating PRC laws and regulations. Majority of the content posted on our online platform is first screened by our filtering systems. Content containing prohibited words or images is
then manually screened by employees who are dedicated to screening and monitoring content published on our </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">112 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
platform and removing prohibited content. We believe that with these measures in place, no prohibited content under PRC information security laws and regulations should have been publicly
disseminated through our online platform in the past. However, there is significant amount of content posted on our online platform by our users on a daily basis. If any prohibited content is publicly disseminated in the future and we become aware
of it, we will report it to the relevant government authority. We believe these measures taken by us are generally in compliance with the relevant laws and regulations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If, despite the precautions, we fail to identify and prevent illegal or inappropriate content from being displayed on or through our online
platform, we may be subject to liability. In addition, these laws and regulations are subject to interpretation by the relevant authorities, and it may not be possible for us to determine in all cases the types of content that could result in
liability. To the extent that PRC regulatory authorities find any content displayed on or through our online platform objectionable, they may require us to limit or eliminate the dissemination or availability of such content or impose penalties,
including the revocation of our operating licenses or the suspension or shutdown of our online operations. In addition, the costs of compliance with these regulations may increase as the volume of content and the number of users on our online
platform increases. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Regulations on Internet Privacy </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The PRC Constitution states that PRC law protects the freedom and privacy of communications of citizens and prohibits infringement of these
rights. In recent years, PRC government authorities have promulgated laws and regulations on Internet use to protect personal information from any unauthorized disclosure. The Decision on Strengthening Network Information Protection and the
Regulation on Protection of Personal Information of Telecommunication and Internet Users provide that information that identifies a citizen, the time or location for his use of telecommunication and Internet services, or involves privacy of any
citizen such as his birth date, ID card number, and address is protected by law and must not be unlawfully collected or provided to others. ICP operators collecting or using personal electronic information of citizens must specify the purposes,
manners and scopes of information collection and uses, obtain consent of the relevant citizens, and keep the collected personal information confidential. ICP operators are prohibited from disclosing, tampering with, damaging, selling or illegally
providing others with, collected personal information. ICP operators are also prohibited from collection and use of personal information after a user has stopped using the services. ICP operators are required to take technical and other measures to
prevent the collected personal information from any unauthorized disclosure, damage or loss as well as conducting a self-examination of their protection of personal information at least once a year. The Administrative Measures on Internet
Information Services prohibit an ICP operator from insulting or slandering a third party or infringing upon the lawful rights and interests of a third party. Pursuant to the Internet Electronic Bulletin Service Administrative Measures, ICP operators
that provide electronic messaging services must keep users&#146; personal information confidential and must not disclose the personal information to any third party without the users&#146; consent or unless required by law. The relevant
telecommunications authorities are further authorized to order ICP operators to rectify unauthorized disclosure. ICP operators are subject to legal liability, including warnings, fines, confiscation of illegal gains, revocation of licenses or
filings, closing of the relevant websites, administrative punishment, criminal liabilities, or civil liabilities, if they violate relevant provisions on Internet privacy. Such requirements are reiterated by the Regulation on Protection of Personal
Information of Telecommunications and Internet Users. If an ICP operator appoints an agent to undertake any marketing and technical services that involve the collection or use of personal information, the ICP operator is required to supervise and
manage the protection of such information. Any violation may subject the ICP operators to warnings, fines, disclosure to the public and, in the most severe cases, criminal liability. The PRC government, however, has the power and authority to order
ICP operators to turn over personal information if an Internet user posts any prohibited content or engages in illegal activities on the Internet. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulations on Air-ticketing </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Air-ticketing business is subject to the supervision of the China Aviation Transportation Association, or CATA, and its regional branches.
Currently the principal regulation governing air-ticketing agencies in China is the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">113 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Rules on Certification of Qualification for Civil Aviation Transport Sales Agencies, or the Air Ticketing Rules, issued by the CATA, which became effective on March&nbsp;31, 2006. Under the Air
Ticketing Rules and relevant foreign investment regulations, any company acting as an air-ticketing sale agency must obtain approval from the CATA, and a foreign investor currently cannot own 100% of an air-ticketing agency in China, except for
qualified Hong Kong and Macau aviation marketing agencies. In addition, foreign-invested air-ticketing agencies are not permitted to sell passenger airline tickets for domestic flights in China, except for Hong Kong and Macau aviation marketing
agencies. In addition, CATA issued the Supplementary Rules Regarding Sales via the Internet in 2008. These Supplementary Rules provide that, effective as of June&nbsp;1, 2008, if an air-ticketing sales agency would like to engage in sales via the
Internet, it must obtain an ICP license from the local counterpart of the MIIT and must complete a commercial website registration with the AIC. Although we request that our travel suppliers provide their licenses or permits to us before entering
into agreements with them, we cannot ensure that all of our travel suppliers engaged in the air ticketing sales agency service obtained, and maintained, all necessary permits. See &#147;Risk Factors&#151;Risks Related to Our Business and
Industry&#151;We may not be able to adequately control and ensure the quality of travel products and services sourced from our travel suppliers. If there is any deterioration in the quality of their performance, our customers may not continue using
our online platform.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulations on Hotel Operation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In November 1987, the Ministry of Public Security issued the Measures for the Control of Security in the Hotel Industry, and in June 2004, the
PRC State Council promulgated the Decision of the PRC State Council on Establishing Administrative License for the Administrative Examination and Approval Items Really Necessary To Be Retained. Under these two regulations, anyone who applies to
operate a hotel is subject to examination and approval by the local public security authority and must obtain a special industry license. The Measures for the Control of Security in the Hotel Industry impose certain security control obligations on
the operators. For example, the hotel must examine the identification card of any guest to whom accommodation is provided and make an accurate registration. The hotel must also report to the local public security authority if it discovers anyone
violating the law or behaving suspiciously, or an offender wanted by the public security authority. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In April 1987, the PRC State Council
promulgated the Public Area Hygiene Administration Regulation, which requires hotels to obtain a public area hygiene license before opening for business. In March 2011, the Ministry of Health promulgated the Implementation Rules of the Public Area
Hygiene Administration Regulation, which require, starting from May&nbsp;1, 2011, hotel operators to establish hygiene administration system and keep records of hygiene administration. In February 2009, the Standing Committee of the National
People&#146;s Congress, or the SCNPC, enacted the PRC Law on Food Safety, which requires any hotel that provides food to obtain a food service license. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fire Prevention Law, as amended by the SCNPC in October 2008, and the Provisions on Supervision and Inspection on Fire Prevention and
Control, promulgated by the Ministry of Public Security and effective as of May&nbsp;1, 2009, require that public gathering places such as hotels submit a fire prevention design plan in order to apply for completion acceptance of fire prevention
facilities for their construction projects and to pass a fire prevention safety inspection by the local public security fire department, which is a prerequisite for opening business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In January 2006, the PRC State Council promulgated the Regulations for Administration of Entertainment Places. In March 2006, the Ministry of
Culture issued the Circular on Carrying Out the Regulations for Administration of Entertainment Places. Under these regulations, hotels that provide entertainment facilities, such as discos or ballrooms, are required to obtain a license for
entertainment business operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We cannot ensure that all of the hotels that we offer to our customers have obtained, and maintained,
all necessary permits and licenses. See &#147;Risk Factors&#151;Risks Related to Our Business and Industry&#151;We may not be able to adequately control and ensure the quality of travel products and services sourced from our travel suppliers. If
there is any deterioration in the quality of their performance, our customers may not continue using our online platform.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">114 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulations on Travel Companies </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The travel industry is subject to the supervision of the China National Tourism Administration, or CNTA, and local tourism administrations. The
principal regulations governing travel companies in China include: (i)&nbsp;the Regulation on Travel Companies, or the Travel Company Regulations, issued by the PRC State Council in February 2009, which became effective as of May&nbsp;1, 2009, and
which replaced the Administration of Travel Companies Regulations (1996), (ii)&nbsp;the Implementation Rules for the Regulation on Travel Companies (the &#147;Travel Company Implementation Rules&#148;), promulgated by the CNTA in April 2009, which
became effective as of May&nbsp;3, 2009, and (iii)&nbsp;the Tourism Law issued by the Standing Committee of the National People&#146;s Congress on April&nbsp;25, 2013, which became effective as of October&nbsp;1, 2013. Under these regulations, a
travel company must obtain a license from the CNTA to conduct cross-border travel business and a license from the provincial-level tourism administration to conduct domestic travel company business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Travel Company Regulations permit foreign investors to establish wholly foreign-owned travel companies, as well as joint ventures and
cooperative travel companies. Foreign-owned travel companies are allowed to open branches nationwide, but are restricted from engaging in overseas travel business in China, unless otherwise determined by the PRC State Council, or provided under a
bilateral free trade agreement between the country and China, or the closer economic partnership agreements between China, Hong Kong and Macau. The Travel Company Implementation Rules define certain terms used in the Travel Company Regulations, for
example, the definition of &#147;domestic tourism business,&#148; &#147;inbound travel business&#148; and &#147;overseas travel business&#148;, and set out detailed application requirements to establish a travel company. The Travel Company
Implementation Rules also clarify certain aspects of legal liability for travel companies as prescribed in the Travel Company Regulations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the Tourism Law, travel companies are prohibited from arranging for compulsory shopping or other activities which charge
additional fees on top of the contract prices that tourists have already paid, unless it is agreed upon by both parties through consultation or requested by the tourists and does not affect the itinerary of other tourists. Travel companies are
required to pay quality deposits for compensation for damage to tourists&#146; rights and advance payment of expenses for emergency assistance when the tourists&#146; personal safety is in danger. Travel companies are required to engage tour guides,
who are required to strictly follow the itineraries and are prohibited from altering arrangement without the consent of customers, suspending to provide services, requesting tips from tourists, and arranging for compulsory shopping or other
activities which charge additional fees on top of the contract prices that tourists have already paid by way of induction, deception, coercion or in other illegal forms. The information that travel companies release to attract or organize tourists
is required to be authentic and accurate, and no false publicity can be made to mislead tourists. In addition, travel companies conducting business via the Internet are required to present information of their travel company licenses on their
websites, and ensure the truthfulness and accuracy of the travel-related information they release on their websites. Generally, travel companies soliciting tourists are required to take primary liabilities for any breach of travel contracts,
including personal injury or property loss suffered by the tourists attributable to travel service providers and tour operators at destinations and their suppliers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In 2010, CNTA released the Measures for Dealing with Tourism Complaints, which took effect as of July&nbsp;1, 2010. Under these Measures,
authorities which are responsible for dealing with tourist complaints are required to render a decision on the complaints within 60 days after the date of receipt thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Although we take measures, such as requesting travel suppliers to provide their relevant permits and/or licenses, we cannot make sure that all
of our travel suppliers maintained all necessary permits. See &#147;Risk Factors&#151;Risks Related to Our Business and Industry&#151;We may not be able to adequately control and ensure the quality of travel products and services sourced from our
travel suppliers. If there is any deterioration in the quality of their performance, our customers may not continue using our online platform.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In November 2010, CNTA and CIRC jointly promulgated the Measures for the Administration of the Liability Insurance of Travel Companies, or the
Liability Insurance Measures, which became effective as of February&nbsp;1, 2011. Travel companies are required to procure travel company liability insurance pursuant to the Liability Insurance Measures. The insurance companies are required to,
subject to the liability limits provided </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">115 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
under the insurance agreement, reimburse the travel companies for the compensations made by the travel companies for the personal injury or death and the loss of properties of tourists and the
relevant tour guides or tour leaders. Pursuant to the Liability Insurance Measures, the liability limit for the personal injury or death of each person cannot be less than RMB200,000 (US$33,038). Each of our relevant consolidated affiliated entities
engaged in travel agent business has procured and is covered by valid travel company liability insurance. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulations on Group Buying </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In March 2012, the SAIC issued the Opinions on Strengthening the Administration of Online Group Buying Operations, or the Group Buying
Operation Opinions. The Group Buying Operation Opinions stipulate the qualification requirements for operators of group buying websites, and certain other obligations, such as an examination of the licenses and authorizations of the providers of the
relevant products or services offered on the group buying website, the group buying website operator&#146;s contracts with such suppliers and customers, data protection for consumers, among others. Pursuant to the Group Buying Operation Opinions,
operators of group buying websites must (i)&nbsp;establish a comprehensive after-sales service system, consumer dispute settlement system and professional customer service team, (ii)&nbsp;ensure that their complaint and customer support channels are
smooth, (iii)&nbsp;provide customers with troubleshooting assistance and feedback in a timely manner, and (iv)&nbsp;observe the refund requirements of the Consumer Protection Law, which specifically prohibit group buying website operators from
imposing no-refund restrictions or limiting refunds to website credit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, group buying website operators must also preserve all
relevant data for a period of two years following their cessation of operations. In undertaking promotions, operators of group buying websites must obey the Anti-unfair Competition Law and the Certain Regulations on Prohibiting Unfair Competition in
Prize-attached Sales. The Group Buying Operation Opinions are relatively new and there have been no relevant implementation rules or interpretations thus far. However, as required by Jiangsu Administration of Telecommunication, Nanjing Tuniu, our
consolidated affiliated entity, obtained a license of online data processing and transaction in March 2014 in order to carry out group buying business. As Nanjing Tuniu increased its registered share capital in March 2014, it is in the process of
updating such license to reflect such increase. Subject to any clarifications or interpretations that may be issued in future as to the Group Buying Operation Opinions, we might need to adjust our operational or contracting practices. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulations on Consumer Rights Protection </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">According to the PRC Consumer Rights and Interests Protection Law, effective as of January&nbsp;1, 1994, the rights and interests of consumers
that purchase or use commodities or that receive services for consumption purposes in daily life is required to be protected, which includes the right to personal safety and the safety of property, the right to be informed about goods and services
offered for sale, the right to free choice when selecting goods or services and the right to enjoy fair dealings, respect for their personal dignity and ethnic customs, and compensation for damages suffered. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Correspondingly, a business operator providing a commodity or service to a consumer is subject to a number of requirements, which includes to
ensure that commodities and services meet with certain safety requirements, to disclose serious defects of a commodity or a service and to adopt preventive measures against damage occurring, to provide consumers with accurate information and to
refrain from conducting false advertising, and not to set unreasonable or unfair terms for consumers or alleviate or release itself from civil liability for harming the lawful rights and interests of consumers by means of standard contracts,
circulars, announcements, shop notices or other means. A business operator may be subject to civil liabilities for failing to fulfill the obligations discussed above. These liabilities include restoring the consumer&#146;s reputation, eliminating
the adverse effects suffered by the consumer, offering an apology and compensating for any losses incurred. The following penalties may also be imposed upon business operators for any infraction: issuance of a warning, confiscation of any illegal
income, imposition of a fine, an order to cease business operation, revocation of its business license or imposition of criminal liabilities under circumstances that are specified in laws and statutory regulations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In December 2003, the Supreme People&#146;s Court in China enacted the Interpretation of Some Issues Concerning the Application of Law for the
Trial of Cases on Compensation for Personal Injury, which further </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">116 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
increases the liabilities of business operators engaged in the operation of hotels, restaurants, or entertainment facilities and subjects such operators to compensatory liabilities for failing to
fulfill their statutory obligations to a reasonable extent or to guarantee the personal safety of others. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In October 2010, the Supreme
People&#146;s Court of China issued the Provisions on Issues Concerning the Application of Law for the Trial of Cases on Tourism-related Disputes, which establish liabilities for tour operators and tourism support service providers in the event of
contract disputes, personal injury and property damage involving tourists. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Although we take certain measures to monitor the qualities of
the travel products and services provided by our travel suppliers and handle customer complaints, we cannot ensure that these measures are sufficient to protect consumer rights, or customer dispute can be handled and resolved in a timely fashion.
See &#147;Risk Factors&#151;Risks Related to Our Business and Industry&#151;We may not be able to adequately control and ensure the quality of travel products and services sourced from our travel suppliers. If there is any deterioration in the
quality of their performance, our customers may not continue using our online platform.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulations on Advertising Business </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The SAIC is the primary governmental authority regulating advertising activities, including online advertising, in China. Regulations that
apply to advertising business primarily include: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Advertisement Law of the People&#146;s Republic of China, promulgated by the Standing Committee of the National People&#146;s Congress on October&nbsp;27, 1994 and effective since February&nbsp;1, 1995;
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Administrative Regulations for Advertising, promulgated by the PRC State Council on October&nbsp;26, 1987 and effective since December&nbsp;1, 1987; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Implementation Rules for the Administrative Regulations for Advertising, promulgated by the PRC State Council on January&nbsp;9, 1988 and amended on December&nbsp;3, 1998,&nbsp;December&nbsp;1, 2000 and
November&nbsp;30, 2004, respectively. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">According to the above regulations, companies that engage in advertising activities
must each obtain, from the SAIC or its local branches, a business license which specifically includes operating an advertising business in its business scope. An enterprise engaging in advertising business within the specifications in its business
scope does not need to apply for an advertising operation license, provided that such enterprise is not a radio station, television station, newspaper or magazine publisher or any other entity otherwise specified in the relevant laws or
administrative regulations. Enterprises conducting advertising activities without such a license may be subject to penalties, including fines, confiscation of advertising income and orders to cease advertising operations. The business license of an
advertising company is valid for the duration of its existence, unless the license is suspended or revoked due to a violation of any relevant laws or regulations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the Rules for Administration of Foreign Invested Advertising Enterprises, which were jointly promulgated by the SAIC and the Ministry of
Commerce on March&nbsp;2, 2004 and amended on August&nbsp;22, 2008, certain foreign investors are permitted to hold direct equity interests in PRC advertising companies. A foreign investor in a Chinese advertising company is required to have prior
direct advertising operations as its main business outside China for two years if the Chinese advertising company is a joint venture, or three years if the Chinese advertising company is a wholly foreign-owned enterprise. Since we have not been
involved in the advertising industry outside of China for the required number of years, we are not permitted to hold direct equity interests in PRC companies engaging in the advertising business. Therefore, we conduct our advertising business
through Nanjing Tuniu, which holds a business license that covers advertising in its business scope. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PRC advertising laws and regulations
set certain content requirements for advertisements in China, including, among other things, prohibitions on false or misleading content, superlative wording, socially </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">117 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
destabilizing content or content involving obscenities, superstition, violence, discrimination or infringement of the public interest. Advertisers, advertising agencies, and advertising
distributors are required to ensure that the content of the advertisements they prepare or distribute is true and in full compliance with applicable laws. In providing advertising services, advertising operators and advertising distributors must
review the supporting documents provided by advertisers for advertisements and verify that the content of the advertisements complies with applicable PRC laws and regulations. Prior to distributing advertisements that are subject to government
censorship and approval, advertising distributors are obligated to verify that such censorship has been performed and approval has been obtained. Violation of these regulations may result in penalties, including fines, confiscation of advertising
income, orders to cease dissemination of the advertisements and orders to publish an advertisement correcting the misleading information. Where serious violations occur, the SAIC or its local branches may revoke such offenders&#146; licenses or
permits for their advertising business operations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulations on Intellectual Property Rights </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The PRC has adopted legislation governing intellectual property rights, including trademarks, domain names and copyrights. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Trademark </I></B></P>  <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
PRC Trademark Law and its implementation rules protect registered trademarks. The PRC Trademark Office of the SAIC is responsible for the registration and administration of trademarks throughout the PRC. The Trademark Law has adopted a
&#147;first-to-file&#148; principle with respect to trademark registration. We have 67 registered trademarks in different applicable trademark categories and are in the process of applying to register six trademarks in China. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, pursuant to the PRC Trademark Law, counterfeit or unauthorized production of the label of another person&#146;s registered
trademark, or sale of any label that is counterfeited or produced without authorization will be deemed as an infringement to the exclusive right to use a registered trademark. The infringing party will be ordered to stop the infringement
immediately, a fine may be imposed and the counterfeit goods will be confiscated. The infringing party may also be held liable for the right holder&#146;s damages, which will be equal to the gains obtained by the infringing party or the losses
suffered by the right holder as a result of the infringement, including reasonable expenses incurred by the right holder for stopping the infringement. If the gains or losses are difficult to determine, the court may render a judgment awarding
damages of up to RMB500,000 (US$82,594). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Domain Name </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Domain names are protected under the Administrative Measures on the Internet Domain Names promulgated by the MIIT in November 2004. The MIIT is
the major regulatory body responsible for the administration of the PRC Internet domain names, under supervision of which the China Internet Network Information Center, or CNNIC, is responsible for the daily administration of .cn domain names and
Chinese domain names. In September 2002, the CNNIC issued the Implementation Rules for Domain Name Registration setting forth rules for registration of domain names, as amended in June 2009 and May 2012. CNNIC adopts the &#147;first to file&#148;
principle with respect to the registration of domain names. We have registered 35 domain names, including <I>www.tuniu.com</I>. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Copyright </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Works
are protected under the PRC Copyright Law adopted by the National People&#146;s Congress in 1990, as amended in 2001 and 2010, as well as its implementation rules adopted by the State Council in 1991, as amended in 2002 and 2011. Whether such
protected works are published or not, copyrights duly obtained and enjoyed by the author or other copyright owner remain unaffected. Copyright owners, however, could register such protected works on a voluntary basis with National Copyright
Administration or its local counterparts. We have registered four artwork copyrights in China. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">118 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the PRC Copyright Law and its implementation rules, creators of protected works enjoy
personal and property rights, including, among others, the right of disseminating the works through information network. Pursuant to the relevant PRC regulations, rules and interpretations, Internet service providers will be jointly liable with the
infringer if they (i)&nbsp;participate in, assist in or abet infringing activities committed by any other person through the Internet, (ii)&nbsp;are or should be aware of the infringing activities committed by their website users through the
Internet, or (iii)&nbsp;fail to remove infringing content or take other action to eliminate infringing consequences after receiving a warning with evidence of such infringing activities from the copyright holder. In addition, where an ICP service
operator is clearly aware of the infringement of certain content against another&#146;s copyright through the Internet, or fails to take measures to remove relevant contents upon receipt of the copyright owner&#146;s notice, and as a result, it
damages the public interest, the ICP service operator could be ordered to stop the tortious act and be subject to other administrative penalties such as confiscation of illegal income and fines. To comply with these laws and regulations, we have
implemented internal procedures to monitor and review the content we have licensed from content providers before they are released on our website and remove any infringing content promptly after we receive notice of infringement from the legitimate
rights holder. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Software Copyrights </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Administrative Measures on Software Products, issued by the MIIT in October 2000 and subsequently amended in March 2009, provides a
registration and filing system with respect to software products made in or imported into China. These software products may be registered with the relevant local authorities in charge of software industry administration. Registered software
products may enjoy preferential treatment status granted by relevant software industry regulations. Software products can be registered for five years, and the registration is renewable upon expiration. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In order to further implement the Computer Software Protection Regulations promulgated by the PRC State Council in December 2001, the State
Copyright Bureau issued the Computer Software Copyright Registration Procedures in February 2002, which apply to software copyright registration, license contract registration and transfer contract registration. We have registered 20 computer
software copyrights in China. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Patents </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Patents are protected under the PRC Patent Law adopted by the National People&#146;s Congress in 1984, as amended in 1992, 2000 and 2008, as
well as its implementation rules adopted by the State Council in 1985, as amended in 1992, 2001, 2002 and 2010. The Patent Office under the State Intellectual Property Office is responsible for receiving, examining and approving patent application.
A patent is valid for a term of 20 years in the case of an invention and a term of ten years in the case of utility models and designs. A third-party user must obtain consent or a proper license from the patent owner to use the patent. Otherwise,
the use constitutes an infringement of patent rights. We have one registered patents, and are in the process of applying to register four patents in China. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tort Liability Law </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In accordance with
the Tort Liability Law promulgated by the Standing Committee of the National People&#146;s Congress in December 2009, which became effective as of July&nbsp;1, 2010, Internet users and Internet service providers bear tortious liabilities in the
event they infringe other persons&#146; rights and interests through the Internet. Where an Internet user conducts tortious acts through Internet services, the infringed person has the right to request the Internet service provider to take necessary
actions such as deleting contents, screening and delinking. The Internet service provider, failing to take necessary actions after being informed, will be subject to joint and several liabilities with the Internet user with regard to the additional
damages incurred. If an Internet service provider knows an Internet user is infringing other persons&#146; rights and interests through its Internet service but fails to take necessary action, it shall be jointly and severally liable with the
Internet user. We have internal policy designed to reduce the likelihood that user content may be used without proper licenses or third-party consents. When we are approached and requested to remove content uploaded by users on the grounds of
infringement, we investigate the claims and remove any uploads that appear to infringe the rights of a third party </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">119 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
after our reasonable investigation and determination. However, such policy may not be effective in preventing the unauthorized listing of copyrighted materials or materials infringing other
rights of third parties. See &#147;Risk Factors&#151;Risks Related to Our Business and Industry&#151;Claims by third parties that we infringe on their intellectual property rights could lead to government administrative actions and result in
significant costs and have a material adverse effect on our business, financial condition and results of operations.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulations on Foreign
Currency Exchange </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the Foreign Exchange Administration Regulations, as amended in August 2008, if documents certifying the
purpose of the conversion of RMB into foreign currency are submitted to the relevant foreign exchange conversion bank, the RMB is convertible for current account items, including the distribution of dividends, interest payments, trade and
service-related foreign exchange transactions, but not for capital account items, such as direct investments, loans, repatriation of investments and investments in securities outside of China, unless SAFE&#146;s prior approval is obtained and prior
registration with SAFE is made. In May 2013, SAFE promulgated SAFE Circular 21 which provides for and simplifies the operational steps and regulations on foreign exchange matters related to direct investment by foreign investors, including foreign
exchange registration, account opening and use, receipt and payment of funds, and settlement and sales of foreign exchange. We generally follow the regulations and apply to obtain the approval of SAFE and other relevant PRC government authorities.
However, we may not be able to obtain these government registrations or approvals on a timely basis, if at all. If we fail to receive such registrations or approvals, our ability to provide loans or capital contributions to our PRC subsidiaries and
our consolidated affiliated entities may be negatively affected, which could adversely affect our liquidity and our ability to fund and expand our business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In August 2008, SAFE promulgated a SAFE Circular 142 regulating the conversion, by a foreign-invested enterprise, of foreign currency into
Renminbi by restricting how the converted Renminbi may be used. The SAFE Circular 142 requires that the registered capital of a foreign-invested enterprise settled in Renminbi converted from foreign currencies may only be used for purposes within
the business scope approved by the applicable government authority and may not be used for equity investments within the PRC. In addition, SAFE strengthened its oversight of the flow and use of the registered capital of a foreign-invested enterprise
settled in Renminbi converted from foreign currencies. The use of such Renminbi capital may not be changed without SAFE&#146;s approval, and may not in any case be used to repay Renminbi loans if the proceeds of such loans have not been used.
Violations of the SAFE Circular 142 will result in penalties, such as fines. Furthermore, SAFE promulgated in November 2010, a SAFE Circular 59, which tightens the regulation over settlement of net proceeds from overseas offerings like this offering
and requires that the settlement of net proceeds must be consistent with the description in the prospectus for the offering. SAFE also promulgated a SAFE Circular 45 in November 2011, which, among other things, restricts a foreign-invested
enterprise from using RMB converted from its registered capital to provide entrusted loans or repay loans between non-financial enterprises. These circulars may significantly limit our ability to use Renminbi converted from net proceeds of this
offering to fund establishment of new PRC subsidiaries, to invest in or acquire any other PRC companies, or establish new consolidated affiliated entities in the PRC. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulations on Dividend Distribution </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
principal regulations governing distribution of dividends of wholly foreign-owned enterprises include the PRC Company Law, as amended in December 2013, the Wholly Foreign-Owned Enterprise Law, as amended in October 2000, and the Implementation Rules
of the Wholly Foreign-Owned Enterprise Law, as amended in April 2001. Pursuant to these laws and regulations, foreign-invested enterprises in China may pay dividends only out of their accumulated profits, if any, determined in accordance with PRC
accounting standards and regulations. In addition, wholly foreign-owned enterprises in China are required to allocate at least 10% of their respective accumulated profits each year, if any, to fund certain reserve funds unless these reserves have
reached 50% of the registered capital of the enterprises. In addition, these companies may allocate a portion of their after-tax profits based on PRC accounting standards to employee welfare and bonus funds at their discretion. These reserves are
not distributable as cash dividends. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">120 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulations on Offshore Financing </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to a SAFE Circular 75 issued by SAFE in October 2005, prior registration with the local SAFE branch is required for PRC residents to
establish or control an offshore company for the purposes of financing that offshore company with assets or equity interests in an onshore enterprise located in the PRC. The PRC residents are also required to amend the registration or filing with
the local SAFE branch for the injection of equity interests or assets of an onshore enterprise in the offshore company or overseas funds raised by such offshore company, or any other material change involving a change in the capital of the offshore
company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Failure to comply with the registration procedures set forth in the SAFE Circular 75 may result in restrictions being imposed on
the foreign exchange activities of the relevant onshore company, including the increase of its registered capital, the payment of dividends and other distributions to its offshore parent or affiliate and the capital inflow from the offshore
entities, and may also subject relevant PRC residents to penalties under PRC foreign exchange administration regulations. PRC residents who control our company from time to time are required to register with SAFE in connection with their investments
in us. We have requested PRC residents holding direct or indirect interest in our company to our knowledge to make the necessary applications, filings and amendments as required under the SAFE Circular 75 and other related rules. All of our
directors, officers and affiliates and, to our knowledge, other persons who are PRC citizens and hold interest in us have registered with the local SAFE branch as required under the SAFE Circular 75. See &#147;Risk Factors&#151;Risks Related to
Doing Business in China&#151;PRC regulations relating to offshore investment activities by PRC residents may limit our PRC subsidiaries&#146; ability to increase their registered capital or distribute profits to us, limit our ability to inject
capital into our PRC subsidiaries, or otherwise expose us to liability and penalties under PRC laws.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulations on Employee Stock Option Plans
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In February 2012, SAFE promulgated the Stock Option Rules, replacing the previous rules issued by SAFE in March 2007. Under the Stock
Option Rules and other relevant rules and regulations, PRC residents who participate in stock incentive plan in an overseas publicly-listed company, which includes employee stock ownership plans, stock option plans and other incentive plans
permitted by relevant laws and regulations, are required to register with SAFE or its local branches and complete certain other procedures. Participants of a stock incentive plan in an overseas publicly listed company who are PRC residents must
retain a qualified PRC agent, which could be a PRC subsidiary of the overseas publicly listed company or another qualified institution selected by the PRC subsidiary, to conduct the SAFE registration and other procedures with respect to the stock
incentive plan on behalf of its participants. The participants must also retain an overseas entrusted institution to handle matters in connection with their exercise of stock options, the purchase and sale of corresponding stocks or interests and
fund transfers. In addition, the PRC agent is required to amend the SAFE registration with respect to the stock incentive plan if there is any material change to the stock incentive plan, the PRC agent or the overseas entrusted institution or other
material changes. The PRC agents must, on behalf of the PRC residents who have the right to exercise the employee share options, apply to SAFE or its local branches for an annual quota for the payment of foreign currencies in connection with the PRC
residents&#146; exercise of the employee share options. The foreign exchange proceeds received by the PRC residents from the sale of shares under the stock incentive plans granted and dividends distributed by the overseas listed companies must be
remitted into the bank accounts in the PRC opened by the PRC agents before distribution to such PRC residents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We adopted the 2008 Plan,
pursuant to which we may issue options or restricted shares to our qualified employees and consultants on a regular basis. After this offering, we plan to advise the grantees participating in the employee stock option plan to handle foreign exchange
matters in accordance with the Stock Option Rules. However, we cannot assure you that the share options holders can successfully register with SAFE in full compliance with the Stock Option Rules. The failure of the share options holders to complete
their registration pursuant to the Stock Option Rules and other foreign exchange requirements may subject these PRC individuals to fines and legal sanctions, and may also limit our ability to contribute additional capital to our PRC subsidiaries,
limit our PRC subsidiaries&#146; ability to distribute dividends to us or otherwise materially adversely </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">121 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
affect our business. See &#147;Risk Factors&#151;Risks Related to Doing Business in China&#151;Failure to comply with PRC regulations regarding the registration requirements for share option
plans may subject the PRC plan participants or us to fines and other legal or administrative sanctions.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the State
Administration for Taxation has issued circulars concerning employee share options, under which our employees working in the PRC who exercise share options will be subject to PRC individual income tax. Our PRC subsidiaries have obligations to file
documents related to employee share options with relevant tax authorities and to withhold individual income taxes of those employees who exercise their share options. If our employees fail to pay or if we fail to withhold their income taxes as
required by relevant laws and regulations, we may face sanctions imposed by the PRC tax authorities or other PRC government authorities. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulations
on Overseas Listing </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Six PRC regulatory agencies, including the CSRC, jointly adopted the Regulations on Mergers and Acquisitions of
Domestic Enterprises by Foreign Investors, or the M&amp;A Rules, which became effective on September&nbsp;8, 2006. The M&amp;A Rules, among other things, require offshore SPVs formed for overseas listing purposes through acquisitions of PRC domestic
companies and controlled by PRC companies or individuals, to obtain the approval of the CSRC prior to publicly listing their securities on an overseas stock exchange. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">While the application of this new regulation remains unclear, we believe, based on the advice of our PRC counsel, Jun He Law Offices, that
CSRC approval is not required in the context of this offering because (1)&nbsp;CSRC currently has not issued any definitive rule or interpretation concerning whether offerings like ours under this prospectus are subject to this regulation and
(2)&nbsp;we established our PRC subsidiaries by means of direct investment other than by merger or acquisition of PRC domestic companies and no explicit provision in the M&amp;A Rules classifies the contractual arrangements between Beijing Tuniu,
our PRC subsidiary, Nanjing Tuniu, our consolidated affiliated entity, and its shareholders as a type of acquisition transaction falling under the M&amp;A Rules. See &#147;Risk Factors&#151;Risks Related to Doing Business in China&#151;The approval
of the China Securities Regulatory Commission may be required in connection with this offering under a regulation adopted in August 2006, and, if required, we cannot assure you that we will be able to obtain such approval.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulations on Employment </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The PRC Labor
Law, the PRC Labor Contract Law and its implementation rules provide requirements concerning employment contracts between an employer and its employees. If an employer fails to enter into a written employment contract with an employee within one
year from the date on which the employment relationship is established, the employer would be deemed to have entered into a labor contract without a fixed term with such employee. In addition, the employer must rectify the situation by entering into
a written employment contract with the employee and pay the employee twice the employee&#146;s salary for the period from the day following the lapse of one month from the date of establishment of the employment relationship to the day prior to the
execution of the written employment contract. The Labor Contract Law and its implementation rules also require compensation to be paid upon certain terminations. In addition, if an employer intends to enforce a non-compete provision with an employee
in an employment contract or non-competition agreement, it has to compensate the employee on a monthly basis during the term of the restriction period after the termination or ending of the labor contract. Employers in most cases are also required
to provide a severance payment to their employees after their employment relationships are terminated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Enterprises in China are required
by PRC laws and regulations to participate in certain employee benefit plans, including social insurance funds, namely a pension plan, a medical insurance plan, an unemployment insurance plan, a work-related injury insurance plan and a maternity
insurance plan, and a housing provident fund, and contribute to the plans or funds in amounts equal to certain percentages of salaries, including bonuses and allowances, of the employees as specified by the local government from time to time at
locations where they operate their businesses or where they are located. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">122 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom652797_16"></A>MANAGEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Directors and Executive Officers </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
following table sets forth information regarding our executive officers and directors as of the date of this prospectus. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="31%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="63%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:111.60pt; font-size:8pt; font-family:Times New Roman"><B>Directors and Executive Officers</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Age</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:45.65pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Position/Title</B></P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dunde Yu</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Co-founder, chairman and chief executive officer</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Haifeng Yan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Co-founder, director and chief operating officer</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Thomas Gai Tei Tsao</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Frank Lin</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Steve Yue Ji</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Eugene Chehchun Huang</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Onward Choi</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Independent director appointee*</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Jack Xu</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Independent director appointee*</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Conor Chia-hung Yang</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Chief financial officer</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Zhengrong Tang</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Chief technology officer</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Enjie Wu</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Vice president of human resources center</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Li Li</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">General manager of organized tour department</TD></TR>
</TABLE>  <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top">Mr. Onward Choi and Mr. Jack Xu have accepted appointments as our independent directors, effective upon the SEC&#146;s declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is
a part. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Mr.&nbsp;Dunde Yu </I>is our co-founder and has served as chairman of our board of directors and chief executive
officer since our inception. Prior to founding our company, Mr.&nbsp;Yu was the chief technology officer of <I>ci123.com</I> in 2006, where he helped <I>ci123.com</I> become a leading Chinese childcare website. From 2004 to 2006, Mr.&nbsp;Yu served
as the technical director of <I>Bokee.com</I>. Mr.&nbsp;Yu received a bachelor&#146;s degree in mathematics from Southeast University in China in 2003. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Mr.&nbsp;Haifeng Yan </I>is our co-founder and has served as our director since our inception. Prior to founding our company, Mr.&nbsp;Yan
was one of the founding members and the chief operating officer of <I>ci123.com</I>, from 2005 to 2006, where he was responsible for daily operations and helped <I>ci123.com</I> become a leading Chinese childcare website. Mr.&nbsp;Yan served as an
analyst of iTech Holdings Limited in 2004. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Mr.&nbsp;Thomas Gai Tei Tsao </I>has served as our director since October 2008.
Mr.&nbsp;Tsao is a co-founder of Gobi Ventures, Inc. He has over two decades of experience in venture capital, fund management, and investment banking in China and the United States. Mr.&nbsp;Tsao is a co-founder of Beijing Technology Development
Fund. Prior to founding Beijing Technology Development Fund, Mr.&nbsp;Tsao was a director of investment banking at Dresdner Kleinwort Benson (China), covering the technology, media and telecommunications sector, in 1998. From 1996 to 1997,
Mr.&nbsp;Tsao worked for Seapower Financial Services Group. From 1992 to 1996, Mr.&nbsp;Tsao was an investment banker at Merrill Lynch in New York and Hong Kong. Mr.&nbsp;Tsao received a bachelor&#146;s degree in economics from Harvard University in
1992. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Mr.&nbsp;Frank Lin</I> has served as our director since December 2009. Mr.&nbsp;Lin is a general partner of DCM, a technology
venture capital firm. Prior to joining DCM in 2006, Mr.&nbsp;Lin was chief operating officer of SINA Corporation, a Nasdaq-listed company. Mr.&nbsp;Lin co-founded <I>sina.com&#146;s</I> precursor company, SinaNet, in 1995 and later guided the
company through its listing on Nasdaq. Prior to founding SinaNet, Mr.&nbsp;Lin was a consultant at Ernst&nbsp;&amp; Young Management Consulting Group. Mr.&nbsp;Lin had also held various marketing, engineering and managerial positions at Octel
Communication Inc. and NYNEX. Mr.&nbsp;Lin currently serves on the board of directors of numerous companies invested by DCM, including Vipshop Holdings Limited, a NYSE-listed company, and 58.com Inc., a NYSE-listed company. Mr.&nbsp;Lin received a
bachelor&#146;s degree in engineering from Dartmouth College and a master&#146;s degree in business administration from Stanford University. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">123 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Mr.&nbsp;Steve Yue Ji </I>has served as our director since March 2011. Mr.&nbsp;Ji is a
partner of Sequoia Capital China. Prior to joining Sequoia Capital in 2005, Mr.&nbsp;Ji worked at Walden International, Vertex Management and CIV Venture Capital, where he contributed to investments in numerous wireless, Internet and semiconductor
companies in China. Prior to that, Mr.&nbsp;Ji worked for Seagate Technology China, a Nasdaq-listed company, among the first group of its employees in 1995. Mr.&nbsp;Ji has been a director of Noah Holdings Limited, a NYSE-listed company, since 2007
and an independent director of Country Style Cooking Restaurant Chain Co., Ltd., a NYSE-listed company, since 2010. Mr.&nbsp;Ji received a master&#146;s degree in business administration from China Europe International Business School in 1999 and a
bachelor&#146;s degree in engineering from Nanjing University of Aeronautics and Astronautics in Nanjing, China in 1995. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Mr.&nbsp;Eugene Chehchun Huang </I>has served as our director since September 2013. Mr.&nbsp;Huang is a director of Temasek International
Pte. Ltd. where he is responsible for investments in the technology, media and telecommunications industries. Prior to joining Temasek International Pte. Ltd. in 2012, Mr.&nbsp;Huang was an investment banker with the Hong Kong office of Bank of
America Merrill Lynch from 2006 to 2012. Mr.&nbsp;Huang joined Merrill Lynch&nbsp;&amp; Co. in New York in 2001. He received a bachelor&#146;s degree of science <I>(summa cum laude)</I> from Leonard Stern School of Business at New York University.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Mr. Onward Choi</I> will serve as our independent director immediately upon the effectiveness of our registration statement on Form
F-1, of which this prospectus is a part. Mr. Choi has been the acting chief financial officer of NetEase Inc., or NetEase, a Nasdaq-listed company, since July 2007. He previously served as NetEase&#146;s financial controller from January 2005 to
June 2007 and as its corporate finance director from November 2003 to December 2004. Prior to joining NetEase, Mr.&nbsp;Choi worked in the Beijing office of Ernst &amp; Young, the Hong Kong Trade Development Council and the Hong Kong office of KPMG
for over ten years. Mr.&nbsp;Choi currently serves as the chairman of the audit committee and an independent non-executive director of Beijing Jingkelong Company Limited and China ITS (Holdings) Co., Ltd., both of which are listed on the Hong Kong
Stock Exchange. Mr. Choi is a member of the Institute of Chartered Accountants in England and Wales, a&nbsp;fellow member of the Association of Chartered Certified Accountants, a fellow member of the CPA Australia, a&nbsp;fellow member of the Hong
Kong Institute of Certified Public Accountants and a registered practicing certified public accountant in Hong Kong. Mr. Choi received a bachelor&#146;s degree in accountancy with honors from the Hong Kong Polytechnic University. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Mr. Jack Xu</I> will serve as our independent director immediately upon the effectiveness of our registration statement on Form F-1, of
which this prospectus is a part. Mr. Xu has served as the co-president and chief technology officer of SINA Corporation, or SINA, a Nasdaq-listed company, since February 2013. Prior to joining SINA, Mr. Xu worked at Cisco as the corporate vice
president of the communications and collaboration business unit. Previously, Mr. Xu served as vice president of engineering and research at eBay from October 2002 to April 2008 and chief technology officer at NetEase from May 2000 to July 2002. He
led Excite&#146;s search engine development in 1996, while pursuing a Ph.D. at the University of California in Berkeley. Mr. Xu received a bachelor&#146;s degree and a master&#146;s degree in information management from Sun Yat-Sen University in
China. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Mr.&nbsp;Conor Chia-hung Yang </I>has served as our chief financial officer since January 2013. Prior to joining us,
Mr.&nbsp;Yang was the chief financial officer of E-Commerce China Dangdang Inc., a NYSE-listed company, from March 2010 to July 2012 and the chief financial officer of AirMedia Group Inc., a Nasdaq-listed company, from March 2007 to March 2010.
Mr.&nbsp;Yang was the chief executive officer of Rock Mobile Corporation from 2004 to February 2007. From 1999 to 2004, Mr.&nbsp;Yang served as the chief financial officer of the Asia Pacific region for CellStar Asia Corporation. Mr.&nbsp;Yang was
an executive director of Goldman Sachs (Asia) L.L.C. from 1997 to 1999. Prior to that, Mr.&nbsp;Yang was a vice president of Lehman Brothers Asia Limited from 1994 to 1996 and an associate at Morgan Stanley Asia Limited from 1992 to 1994.
Mr.&nbsp;Yang currently serves as an independent director and the chairman of the audit committee of IFM Investments Limited, a NYSE-listed company and an independent director and chairman of the audit committee of AirMedia Group Inc. Mr.&nbsp;Yang
received a master&#146;s degree of business administration from University of California, Los Angeles in 1992. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">124 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Mr.&nbsp;Zhengrong Tang</I> has served as our chief technology officer since August 2013.
Prior to joining us, Mr.&nbsp;Tang was the chief technology officer of China Gtel from 2012 to 2013, where he was responsible for the products, operations and technology of <I>guahao.com</I>. From 2004 to 2012, Mr.&nbsp;Tang served as a senior
director of Alibaba Group&#146;s <I>alibaba.com, taobao.com</I> and <I>alipay.com</I> and the chief technology officer of Alibaba Japan, where he was responsible for the architecture migration of <I>taobao.com</I>, the establishment of
<I>alipay.com</I>, and the development of Alibaba&#146;s international website. Between 2003 to 2004, Mr.&nbsp;Tang was the chief research architect of CTB/McGraw-Hill. From 1995 to 2003, Mr.&nbsp;Tang served as an architect at Neoforma, senior
engineer at Comergent Technologies and technology manager at Perot Systems. Mr.&nbsp;Tang received a master&#146;s degree in computer science from University of Pittsburgh in 1995, a bachelor&#146;s degree in computer science from State University
of New York at Albany in 1993. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Mr.&nbsp;Enjie Wu </I>has served as our vice president of human resources center since January 2010.
Prior to joining us, Mr.&nbsp;Wu was the human resources general manager of Hisap Corporation from 2005 to 2010. From 2003 to 2005, Mr.&nbsp;Wu was the general manager of Jianghai Group. From 2001 to 2002, Mr.&nbsp;Wu served as the director of human
resources of Beijing Yenova Decoration Co., Ltd. From 1993 to 2001, he was the human resource officer of Zindart Manufacturing Limited. Mr.&nbsp;Wu received a bachelor&#146;s degree in economics and management from Sun Yat-Sen University in China in
1993. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Ms.&nbsp;Li Li</I> joined our company in May 2008, and has served as our general manager of organized tour department since
2012. Prior to joining us, Ms.&nbsp;Li was a partner and deputy general manager of Nanjing Fenghua Travel Agency from 1998 to 2005. From 1995 to 1998, Ms.&nbsp;Li served as a deputy general manager of the Nanjing Branch of Shanghai Spring Tour
Travel Agency. Ms.&nbsp;Li received a master&#146;s degree in business administration from University of the Sunshine Coast in 2008. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Employment
Agreements and Indemnification Agreements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have entered into an employment agreement with each of our executive officers. We may
terminate an executive officer&#146;s employment for cause at any time without remuneration for certain acts of the officer, such as being subject to criminal penalty, serious dereliction of duty, corruption to our detriment, or a serious violation
of our labor discipline, rules or regulations. We may also terminate an executive officer&#146;s employment by giving thirty days&#146; notice under certain circumstances, such as serious sickness that results in the inability to perform ordinary
tasks or incompetence of the executive officer. An executive officer may terminate his or her employment at any time by giving thirty days&#146; notice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each executive officer has agreed to hold, both during and after the termination or expiry of his or her employment agreement, in strict
confidence and not to use, except as required in the performance of his or her duties in connection with the employment, any of our confidential information or trade secrets, or the confidential or proprietary information of any third party received
by us and for which we have confidential obligations. In addition, each executive officer agrees to disclose to us all inventions, copyrights, computer software, trade secrets and other forms of intellectual properties created by them within the
scope of his or her employment with us pursuant to job assignments, and not to use, transfer or permit others to use such intellectual properties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each executive officer has also agreed to be bound by non-competition restrictions during the term of his or her employment. Specifically,
each executive officer has agreed not to (i)&nbsp;directly or indirectly, work for a competitor of us or (ii)&nbsp;establish his or her own business which competes with our business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have also entered into indemnification agreements with certain directors. Under these agreements, we agree to indemnify our directors
against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being a director of our company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">125 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Board of Directors </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our board of directors currently consists of six directors. Additional independent directors will join the board upon the effectiveness of our
registration statement on Form F-1, of which this prospectus is a part. A director is not required to hold any shares in our company. A director may vote with respect to any contract, proposed contract, or arrangement in which he or she is
materially interested. A director may exercise all the powers of the company to borrow money, mortgage its business, property and uncalled capital, and issue debentures or other securities whenever money is borrowed or as security for any obligation
of the company or of any third party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the shareholders agreement and our memorandum and articles of association currently in
effect, the holders of a majority of our ordinary shares have the right to appoint four directors, one of whom shall also serve as the chief executive officer of our company, and holders of a majority of our Series A, B, C and D preferred shares
each has the right to appoint one director. Such shareholders&#146; right to appoint directors will automatically terminate upon completion of this offering when all outstanding preferred shares are automatically converted into ordinary shares.
Among our six existing directors, Mr.&nbsp;Dunde Yu and Mr.&nbsp;Haifeng Yan were appointed by the holders of a majority of our ordinary shares, Mr.&nbsp;Thomas Gai Tei Tsao was appointed by the holder of our Series A preferred shares,
Mr.&nbsp;Frank Lin was appointed by holders of our Series B preferred shares, Mr.&nbsp;Steve Yue Ji was appointed by a holder of our Series C preferred shares, and Mr.&nbsp;Eugene Chehchun Huang was appointed by a holder of our Series D preferred
shares. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Committees of the Board of Directors </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to completion of this offering, we intend to establish an audit committee, a compensation committee and a nominating and corporate
governance committee under the board of directors. We intend to adopt a charter for each of the three committees prior to completion of this offering. Each committee&#146;s members and functions are described below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Audit Committee.</I></B> Our audit committee will consist of Mr. Onward Choi, Mr. Jack Xu and Mr. Dunde Yu and will be chaired by Mr.
Choi. Each of Mr. Choi and Mr. Xu satisfies the &#147;independence&#148; requirements of Rule5605(a)(2) of the NASDAQ Stock Market Rule and meet the independence standards under Rule 10A-3 under the Securities Exchange Act of 1934, as amended. Our
board of directors has determined that each of Mr.&nbsp;Choi and Mr. Xu qualifies as an &#147;audit committee financial expert&#148; within the meaning of Item 407(d) of Regulation S-K under the Securities Act of 1933, as amended. The audit
committee will oversee our accounting and financial reporting processes and the audits of the financial statements of our company. The audit committee will be responsible for, among other things: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">selecting the independent registered public accounting firm and pre-approving all auditing and non-auditing services permitted to be performed by the independent registered public accounting firm; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">reviewing with the independent registered public accounting firm any audit problems or difficulties and management&#146;s response; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">reviewing and approving all proposed related party transactions, as defined in Item&nbsp;404 of Regulation S-K under the Securities Act; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">discussing the annual audited financial statements with management and the independent registered public accounting firm; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">reviewing major issues as to the adequacy of our internal controls and any special audit steps adopted in light of material control deficiencies; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">reviewing and reassessing annually the adequacy of our audit committee charter; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">meeting separately and periodically with management and the independent registered public accounting firm; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">126 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

  <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Compensation Committee. </I></B>Our compensation committee will consist of Mr. Haifeng
Yan, Mr. Onward Choi and Mr. Eugene Chehchun Huang, and will be chaired by Mr. Yan. Each of Mr. Choi and Mr. Huang satisfies the &#147;independence&#148; requirements of Rule5605(a)(2) of the NASDAQ Stock Market Rules. The compensation committee
will assist the board in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our chief executive officer may not be present at any committee meeting during which
their compensation is deliberated upon. The compensation committee will be responsible for, among other things: </P>  <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">reviewing and approving, or recommending to the board for its approval, the compensation for our chief executive officer and other executive officers; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">reviewing and recommending to the board for determination with respect to the compensation of our non-employee directors; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">reviewing periodically and approving any incentive compensation or equity plans, programs or similar arrangements; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">selecting compensation consultant, legal counsel or other adviser only after taking into consideration all factors relevant to that person&#146;s independence from management. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Nominating and Corporate Governance Committee.</I></B> Our nominating and corporate governance committee will consist of Mr. Dunde Yu,
Mr. Jack Xu and Mr. Onward Choi, and will be chaired by Mr. Yu. Each of Mr.&nbsp;Xu and Mr. Choi satisfies the &#147;independence&#148; requirements of Rule5605(a)(2) of the NASDAQ Stock Market Rules. The nominating and corporate governance
committee will assist the board in selecting individuals qualified to become our directors and in determining the composition of the board and its committees. The nominating and corporate governance committee will be responsible for, among other
things: </P>  <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">recommending nominees to the board for election or re-election to the board, or for appointment to fill any vacancy on the board; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">reviewing annually with the board the current composition of the board with regards to characteristics such as independence, age, skills, experience and availability of service to us; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">selecting and recommending to the board the names of directors to serve as members of the audit committee and the compensation committee, as well as of the nominating and corporate governance committee itself;
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">developing and reviewing the corporate governance principles adopted by the board and advising the board with respect to significant developments in the law and practice of corporate governance and our compliance with
such laws and practices; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">evaluating the performance and effectiveness of the board as a whole. </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Duties of Directors </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under Cayman Islands law, our directors have a duty of loyalty to act honestly in good faith with a view to our best interests. Our directors
also have a duty to exercise the skill they actually possess and such care and diligence that a reasonably prudent person would exercise in comparable circumstances. In fulfilling their duty of care to us, our directors must ensure compliance with
our memorandum and articles of association. A shareholder may have the right to seek damages in our name if a duty owed by our directors is breached. You should refer to &#147;Description of Share Capital&#151;Differences in Corporate Law&#148; for
additional information on our standard of corporate governance under Cayman Islands law. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Terms of Directors and Officers </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the amended and restated memorandum and articles of association, which will become effective and replace the current amended and
restated memorandum and articles of association in its entirety upon </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">127 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
completion of this offering, our officers will be elected by and serve at the discretion of the board and the shareholders voting by ordinary resolution. Our directors are not subject to a term
of office and hold office until such time as they resign or are removed from office by ordinary resolution of our shareholders. A director will be removed from office automatically if, among other things, the director (1)&nbsp;becomes bankrupt or
makes any arrangement or composition with his creditors; or (2)&nbsp;dies or is found by our company to be of unsound mind. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Compensation of Directors
and Executive Officers </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the fiscal year ended December&nbsp;31, 2013, we paid an aggregate of approximately RMB4.3 million (US$0.7
million) in cash to our executive officers, and we did not pay any cash compensation to our non-executive directors. For share incentive grants to our directors and executive officers and the vesting conditions of such share incentive grants, see
&#147;&#151;2008 Plan.&#148; </P>  <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Share Incentive Plans </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B></B><B><I>2008 Incentive Compensation Plan</I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We adopted an incentive compensation plan, or the 2008 Plan, in 2008. The purposes of the 2008 Plan are to attract and retain the best
available personnel for positions of substantial responsibility, to provide additional incentive to employees and consultants, and to promote the success of our business by offering these individuals an opportunity to acquire a proprietary interest
in our company. In 2012, we increased the maximum aggregate number of shares which may be issued under the 2008 Plan from 11,500,000 to 18,375,140. As of the date of this prospectus, options to purchase 18,149,593 ordinary shares are issued and
outstanding, and there are 225,547 ordinary shares available for future issuance upon the exercise of future grants under the 2008 Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following paragraphs summarize the terms of the 2008 Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Types of Awards.</I></B> The 2008 Plan permits the awards of options and restricted shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Plan Administration.</I></B> Our board of directors or a committee appointed by our board will administer the 2008 Plan. The committee
or the full board of directors, as applicable, will determine the participants to receive awards, the type and number of awards to be granted to each participant, and the terms and conditions of each award grant, among other things. Our board of
directors may authorize one or more officers of us to grant awards under the 2008 Plan, subject to parameters specified by the board of directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Award Agreement.</I></B> Awards granted under the 2008 Plan are evidenced by an award agreement that sets forth terms, conditions and
limitations for each award, which may include the term of the award, the provisions applicable in the event that the grantee&#146;s employment or service terminates, and our authority to unilaterally or bilaterally amend, modify, suspend, cancel or
rescind the award, among other things. Pursuant to the form award agreement under the 2008 Plan, 1/4 of the ordinary shares underlying the option shall vest on the first anniversary of the date of grant, and 1/48 of the remaining ordinary shares
underlying the option shall vest on a monthly basis in the following three years. However, the option may be exercised, to the extent vested, only (a)&nbsp;after this offering, (b) in connection with or after certain triggering events if the option
is assumed by a company whose shares are listed on a securities exchange, or (c) unless otherwise allowed by the plan administrator in its sole discretion, if the option holder obtains all the necessary governmental approvals and consents required
for the issuance of such shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Eligibility.</I></B> We may grant awards to our employees and consultants of our company. However,
we may grant options that are intended to qualify as incentive options only to our employees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Vesting Schedule.</I></B> In general,
the plan administrator determines the vesting schedule, which is specified in the relevant award agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Exercise of
Options.</I></B> The plan administrator determines the exercise price for each award, which is stated in the award agreement. The vested portion of option will expire if not exercised prior to the time as the plan
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">128 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
administrator determines at the time of its grant. However, the maximum exercisable term is the tenth anniversary after the date of a grant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Transfer Restrictions.</I></B> Options may not be transferred in any manner by the recipient other than by will or by the laws of
descent or distribution, except as otherwise provided by the plan administrator. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Termination of the 2008 Plan.</I></B> Unless
terminated earlier, the 2008 Plan will terminate automatically in 2018. Our board of directors has the authority to amend or terminate the plan subject to shareholder approval if required by applicable law. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B></B><B><I>2014 Share Incentive Plan</I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We adopted the 2014 Share Incentive Plan, or the 2014 Plan, in 2014. The maximum aggregate number of shares which may be issued pursuant to all
awards under the 2014 Plan is initially 5,500,000 ordinary shares as of the date of its approval. The number of shares reserved for future issuances under the 2014 Plan will be increased automatically if and whenever the ordinary shares reserved
under the 2014 Plan account for less than 1% of the total then-issued and outstanding ordinary shares on an as-converted basis. The ordinary shares reserved under the 2014 Plan immediately after each such increase shall equal 5% of the then-issued
and outstanding ordinary shares on an as-converted basis. As of the date of this prospectus, no awards have been granted under the 2014 Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following paragraphs summarize the terms of the 2014 Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Types of Awards.</I></B> The 2014 Plan permits the awards of options, restricted shares and restricted share units. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Plan Administration. </I></B>Our board of directors or a committee designated by our board administers the 2014 Plan. The committee or
the full board of directors, as applicable, determines the participants to receive awards, the type and number of awards to be granted to each participant, and the terms and conditions of each award grant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Award Agreement.</I></B> Awards granted under the 2014 Plan are evidenced by an award agreement that sets forth terms, conditions and
limitations for each award, which may include the term of the award, the provisions applicable in the event of the grantee&#146;s employment or service terminates, and our authority to unilaterally or bilaterally amend, modify, suspend, cancel or
rescind the award. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Eligibility. </I></B>We may grant awards to our employees, directors and consultants of our company. However, we
may grant options that are intended to qualify as incentive share options only to our employees and employees of our parent companies and subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Acceleration of Awards upon Change in Control. </I></B>If a change in control of our company occurs, the plan administrator may, in its
sole discretion, provide for (i) all awards outstanding to terminate at a specific time in the future and give each participant the right to exercise the vested portion of such awards during a specific period of time, or (ii) the purchase of any
award for an amount of cash equal to the amount that could have been attained upon the exercise of such award, or (iii) the replacement of such award with other rights or property selected by the plan administrator in its sole discretion, or (iv)
payment of award in cash based on the value of ordinary shares on the date of the change-in-control transaction plus reasonable interest. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Vesting Schedule.</I></B> In general, the plan administrator determines the vesting schedule, which is specified in the relevant award
agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Exercise of Options. </I></B>The plan administrator determines the exercise price for each award, which is stated in the
award agreement. The vested portion of option will expire if not exercised prior to the time as the plan administrator determines at the time of its grant. However, the maximum exercisable term is the tenth anniversary after the date of a grant.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">129 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Transfer Restrictions. </I></B>Awards may not be transferred in any manner by the recipient
other than by will or the laws of descent and distribution, except as otherwise provided by the plan administrator. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Termination of
the 201</I></B><B><I>4</I></B><B><I> Plan. </I></B>Unless terminated earlier, the 2014 Plan will terminate automatically in 2024. Our board of directors has the authority to amend or terminate the plan subject to shareholder approval or home country
practice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table summarizes, as of the date of this prospectus, the outstanding options granted to our directors and
executive officers under the 2008 Plan. As of the date of this prospectus, no awards have been granted under the 2014 Plan. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="22%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Ordinary&nbsp;Shares<BR>Underlying<BR>Options<BR>Awarded</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Exercise&nbsp;Price</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date of Grant</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Vesting<BR>Schedule</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date of Expiration</B></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>(US$/<BR>Share)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>(RMB/<BR>Share)<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dunde Yu</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">700,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">0.100</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">0.61</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">November&nbsp;5, 2009</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4&nbsp;years<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">November&nbsp;4, 2015</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">1,100,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">0.226</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">1.37</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">March&nbsp;11,&nbsp;2011</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4&nbsp;years<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">March&nbsp;10, 2017</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">1,269,995</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">0.0001</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">0.001</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">August&nbsp;1, 2013</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4&nbsp;years<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">July&nbsp;31, 2019</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Haifeng Yan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">700,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">0.100</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">0.61</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">November&nbsp;5, 2009</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4&nbsp;years<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">November&nbsp;4, 2015</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">1,100,000</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">0.226</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">1.37</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">March&nbsp;11, 2011</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4&nbsp;years<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">March&nbsp;10,&nbsp;2017</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">1,269,995</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">0.0001</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">0.001</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">August&nbsp;1, 2013</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4&nbsp;years<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">July&nbsp;31, 2019</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ROWSPAN="2"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Conor Chia-hung Yang</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">0.900</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">5.45</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">January&nbsp;7, 2013</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4&nbsp;years<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">January&nbsp;6, 2019</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">0.0001</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">0.001</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">August&nbsp;1, 2013</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4&nbsp;years<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">July&nbsp;31, 2019</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Zhengrong Tang</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">1.135</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">6.87</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">October&nbsp;30,2013</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4&nbsp;years<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">October&nbsp;29, 2019</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Enjie Wu</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">0.226</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">1.37</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">June&nbsp;30, 2010</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4&nbsp;years<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">June&nbsp;29, 2016</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">0.226</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">1.37</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">March&nbsp;11, 2011</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4&nbsp;years<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">March&nbsp;10, 2017</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">1.135</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">6.87</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">March&nbsp;19, 2012</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4&nbsp;years<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">March&nbsp;18, 2018</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">1.790</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">10.84</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">August&nbsp;15, 2013</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4&nbsp;years<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">August&nbsp;14, 2019</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Li Li</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">0.050</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">0.30</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">November&nbsp;5, 2008</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4&nbsp;years<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">November&nbsp;4, 2014</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">0.100</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">0.61</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">November&nbsp;5, 2009</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4&nbsp;years<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">November&nbsp;4, 2015</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">0.226</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">1.37</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">March 11, 2011</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4&nbsp;years<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">March 10, 2017</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">1.135</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">6.87</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">March 19, 2012</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4&nbsp;years<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">March 18, 2018</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Directors and officers as a group</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">10,665,518</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="center">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">&#151;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">&#151;&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top">Shares underlying vested options less than 1% of our total outstanding shares. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Pursuant to the relevant award agreement, 1/4 of the ordinary shares underlying the option shall vest on the first anniversary of the date of grant, and 1/48 of the remaining ordinary shares underlying the option shall
vest on a monthly basis in the following three years. However, the option may be exercised, to the extent vested, only (a)&nbsp;after this offering, (b)&nbsp;in connection with or after certain triggering events if the option is assumed by a company
whose shares are listed on a securities exchange, or (c)&nbsp;unless otherwise allowed by the plan administrator in its sole discretion, if the option holder obtains all the necessary governmental approvals and consents required for the issuance of
such shares. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">The prices in Renminbi were translated using the rate of US$1.00 = RMB 6.0537, the exchange rate in effect as of December 31, 2013, for the convenience of the readers. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">130 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom652797_17"></A>PRINCIPAL AND SELLING SHAREHOLDERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth information concerning the beneficial ownership of our ordinary shares as of the date of this prospectus,
assuming conversion of (i)&nbsp;all of our outstanding preferred shares and (ii)&nbsp;all of our outstanding ordinary shares into Class B ordinary shares, by: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">each of our directors and executive officers; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">each person known to us to beneficially own more than 5% of our ordinary shares; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">each selling shareholder. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will adopt a dual class ordinary share structure immediately
prior to the completion of this offering. The calculations in the table below assume that there are 108,624,391 ordinary shares outstanding as of the date of this prospectus and 141,264,391 ordinary shares outstanding immediately after completion of
this offering, including (1) 22,749,000 Class A ordinary shares to be sold by us in this offering in the form of ADSs, (2)&nbsp;a total of 10,500,000 Class A ordinary shares we will issue in the Concurrent Private Placement at an assumed initial
public offering price of US$10.00 (RMB60.54) per ADS, the mid-point of the estimated range of the initial public offering price shown on the front cover page of this prospectus, and (3) 106,764,391 Class B ordinary shares redesignated and converted
from our outstanding ordinary shares and preferred shares, assuming the initial public offering price will be US$10.00 per ADS, the mid-point of the estimated initial public offering price range shown on the front cover of this prospectus and that
the underwriters do not exercise their over-allotment option. We agreed with holders of our Series D preferred shares that in the event that the public offering price per ADS in this offering as set forth on the final prospectus cover is below
US$10.00 (RMB60.54), immediately prior to completion of this offering, all of the outstanding Series D preferred shares will be automatically converted and designated as Class B ordinary shares as calculated as follows: US$60,000,000
(RMB363,222,000) divided by 80% of the initial public offering price per ADS, and then multiplied by the ADS-to-ordinary-share ratio. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">131 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Beneficial ownership is determined in accordance with the rules and regulations of the SEC. In
computing the number of shares beneficially owned by a person and the percentage ownership of that person, we have included shares that the person has the right to acquire within 60 days, including through the exercise of any option, warrant, or
other right or the conversion of any other security. These shares, however, are not included in the computation of the percentage ownership of any other person. </P>   <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="41%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Ordinary Shares<BR>Beneficially Owned<BR>Prior to This Offering</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Class&nbsp;A<BR>Ordinary&nbsp;Shares&nbsp;Being<BR>Sold in This Offering</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Class&nbsp;A<BR>Ordinary&nbsp;Shares<BR>Beneficially&nbsp;Owned<BR>After&nbsp;This&nbsp;Offering</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Class&nbsp;B<BR>Ordinary&nbsp;Shares<BR>Beneficially&nbsp;Owned<BR>After&nbsp;This&nbsp;Offering</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Voting<BR>Power After<BR>This&nbsp;Offering</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;%<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;Number</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;%<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;%<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;%<SUP STYLE="font-size:85%; vertical-align:top">(4)</SUP>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;%<SUP STYLE="font-size:85%; vertical-align:top">(5)</SUP>&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Directors and Executive Officers:*</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Dunde Yu</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,017,253<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(6)</SUP>&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,593,750</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,423,503</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Haifeng Yan</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,543,747<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(7)</SUP>&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,593,750</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,949,997</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Thomas Gai Tei Tsao</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,819,571<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(8)</SUP>&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,819,571</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Frank Lin</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,541,424<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(9)</SUP>&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,500,000<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(23)</SUP>&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,541,424</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Steve Yue Ji</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,323,364<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(10)</SUP>&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,323,364</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Eugene Chehchun Huang</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,142,893<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(11)</SUP>&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,142,893</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Onward Choi</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Jack Xu</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Conor Chia-hung Yang</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Zhengrong Tang</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Enjie Wu</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Li Li</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">**</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">All directors and executive officers as a group</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97,616,420</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">86.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,915,668</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93,200,752</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">87.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Principal and Selling Shareholders:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">DCM V, L.P. and Affiliates</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,541,424<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom">(<SUP STYLE="font-size:85%; vertical-align:top">12)</SUP>&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,500,000<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(23)</SUP>&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,541,424</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Esta Investments Pte Ltd.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,142,893<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(13)</SUP>&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#151;<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#151;<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,142,893</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Gobi Fund II, L.P.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,819,571<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(14)</SUP>&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,819,571</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Sequoia Capital 2010 CV Holdco, Ltd.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,323,364<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(15)</SUP>&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,323,364</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Dragon Rabbit Capital<BR>Limited</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,423,503<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(16)</SUP>&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9.6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,423,503</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Verne Capital Limited</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,949,997<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(17)</SUP>&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,949,997</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">RS Empowerment, Inc.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,729,346<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(18)</SUP>&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,729,346</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Wang Bros Venture Capital Ltd.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,019,518<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(19)</SUP>&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">690,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,329,518</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">PGM Capital Inc.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,084,859<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(20)</SUP>&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">600,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,484,859</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Time Tide Investment Limited</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">575,100<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(21)</SUP>&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">360,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">215,100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Atomic Power Capital Ltd.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">575,100<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">(22)</SUP>&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">210,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">365,100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE>  <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top">Except for Messrs. Thomas Gai Tei Tsao, Frank Lin, Steve Yue Ji, Eugene Chehchun Huang, Onward Choi and Jack Xu, the business address of our directors and executive officers is Tuniu Building, No.699-32, Xuanwudadao,
Xuanwu District, Nanjing, Jiangsu Province 210042, PRC. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">**</TD>
<TD ALIGN="left" VALIGN="top">Shares underlying vested options less than 1% of our total outstanding shares. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">For each person and group included in this column, percentage ownership is calculated by dividing the number of ordinary shares beneficially owned by such person or group, including ordinary shares that such person or
group has the right to acquire within 60 days of the date of this prospectus, by the sum of 108,624,391, being the total number of ordinary shares outstanding as of the date of this prospectus, and the number of ordinary shares underlying the
options held by such person or group that are exercisable within 60 days of the date of this prospectus. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">For each person and group included in this column, percentage ownership is calculated by dividing the number of Class A ordinary shares to be converted and sold by the selling shareholders at the time of this offering
by 24,000,000, being the sum of the total number of Class A ordinary shares to be sold by us and the selling shareholders in this offering, assuming the underwriters do not exercise their over-allotment option. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">For each person and group included in this column, percentage ownership is calculated by dividing the number of Class A ordinary shares beneficially owned by such person or group, including shares that such person or
group has the right to acquire within 60 days of the date of this prospectus, by the sum of 34,500,000, being the total number of Class A ordinary shares outstanding immediately after this offering, assuming the underwriters do not exercise their
over-allotment option, and the number of Class A ordinary shares underlying the options held by such person or group that are exercisable within 60 days of the date of this prospectus. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">132 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top">For each person and group included in this column, percentage ownership is calculated by dividing the number of Class B ordinary shares beneficially owned by such person or group by the sum of 106,764,391, being the
total number of Class B ordinary shares outstanding immediately after this offering. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top">For each person or group included in this column, percentage of total voting power represents voting power based on both Class A and Class B ordinary shares held by such person or group with respect to all outstanding
shares of our Class A and Class B ordinary shares as a single class. Each holder of Class A ordinary shares is entitled to one vote per Class A ordinary share. Each holder of our Class B ordinary shares is entitled to ten votes per Class B ordinary
share. Our Class B ordinary shares are convertible at any time by the holder into Class A ordinary shares on a share-for-share basis. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top">Represents (i) 1,593,750 ordinary shares underlying the options that became fully vested as of the date of this prospectus or will become fully vested within 60 days after the date of this prospectus, and (ii)
10,423,503 ordinary shares held by Dragon Rabbit Capital Limited, a British Virgin Islands company. Dragon Rabbit Capital Limited is wholly owned by Longtu Holdings Limited, a British Virgin Islands company which is wholly owned by a trust, of which
Mr. Yu&#146;s family is the beneficiary. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(7)</TD>
<TD ALIGN="left" VALIGN="top">Represents (i) 1,593,750 ordinary shares underlying the options that became fully vested as of the date of this prospectus or will become fully vested within 60 days after the date of this prospectus, and (ii) 6,949,997
ordinary shares held by Verne Capital Limited, a British Virgin Islands company. Verne Capital Limited is wholly owned by Magic Worldwide Limited, a British Virgin Islands company which is wholly owned by a trust, of which Mr. Yan&#146;s family is
the beneficiary. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(8)</TD>
<TD ALIGN="left" VALIGN="top">Represents 13,506,748 ordinary shares issuable upon conversion of the same number of Series A preferred shares and 4,312,823 ordinary shares issuable upon conversion of the same number of Series B preferred shares held
by Gobi Fund II, L.P. The business address of Mr.&nbsp;Tsao is Building 7, Innovation Park, 399 Keyuan Road, Shanghai 201203, PRC. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(9)</TD>
<TD ALIGN="left" VALIGN="top">Represents (i)&nbsp;2,315,424 ordinary shares, 16,279,021 ordinary shares issuable upon conversion of the same number of Series B preferred shares, 2,796,438 ordinary shares issuable upon conversion of the same number
of Series C preferred shares and 1,297,765 ordinary shares issuable upon conversion of the same number of Series D preferred shares held by DCM V, L.P., (ii)&nbsp;56,499 ordinary shares, 397,228 ordinary shares issuable upon conversion of the same
number of Series B preferred shares, 68,235 ordinary shares issuable upon conversion of the same number of Series C preferred shares and 31,666 ordinary shares issuable upon conversion of the same number of Series D preferred shares held by DCM
Affiliates Fund V, L.P., and (iii)&nbsp;2,299,148 ordinary shares issuable upon conversion of the same number of Series D preferred shares held by DCM Hybrid RMB Fund, L.P. We refer to DCM V, L.P., DCM Affiliates Fund V, L.P. and DCM Hybrid RMB
Fund, L.P. as DCM V, L.P. and Affiliates collectively. The business address of Mr.&nbsp;Lin is Unit 1, Level 10, Tower W2, Oriental Plaza, Dong Cheng District, Beijing, PRC. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(10)</TD>
<TD ALIGN="left" VALIGN="top">Represents 14,323,364 ordinary shares issuable upon conversion of the same number of Series C preferred shares held by Sequoia Capital 2010 CV Holdco, Ltd. The business address of Mr.&nbsp;Ji is 2805, Plaza 66 Tower 2,
1366 Nanjing West Road, Shanghai, PRC. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(11)</TD>
<TD ALIGN="left" VALIGN="top">Represents 18,142,893 ordinary shares issuable upon conversion of the same number of Series D preferred shares held by Esta Investments Pte Ltd. The business address of Mr.&nbsp;Huang is 60B Orchard Road, #06-18, Tower
2, The Atrium@Orchard, Singapore 238891. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(12)</TD>
<TD ALIGN="left" VALIGN="top">Represents (i)&nbsp;2,315,424 ordinary shares, 16,279,021 ordinary shares issuable upon conversion of the same number of Series B preferred shares, 2,796,438 ordinary shares issuable upon conversion of the same number
of Series C preferred shares and 1,297,765 ordinary shares issuable upon conversion of the same number of Series D preferred shares held by DCM V, L.P., and (ii)&nbsp;56,499 ordinary shares, 397,228 ordinary shares issuable upon conversion of the
same number of Series B preferred shares, 68,235 ordinary shares issuable upon conversion of the same number of Series C preferred shares and 31,666 ordinary shares issuable upon conversion of the same number of Series D preferred shares held by DCM
Affiliates Fund V, L.P., and (iii)&nbsp;2,299,148 ordinary shares issuable upon conversion of the same number of Series D preferred shares held by DCM Hybrid RMB Fund, L.P. The general partner of DCM V, L.P. and DCM Affiliates Fund V, L.P. is DCM
Investment Management V, L.P., whose general partner is DCM International V, Ltd. DCM International V, Ltd., through DCM Investment Management V, L.P., has the sole voting and investment power over these shares, and such voting and investment power
is exercised by K. David Chao, Thomas Blaisdell and Peter W. Moran, the directors of DCM International V, Ltd. The general partner of DCM Hybrid RMB Fund, L.P. is DCM Hybrid RMB Fund Investment Management, L.P., whose general partner is DCM Hybrid
RMB Fund International Ltd. DCM Hybrid RMB Fund International Ltd., through DCM Hybrid RMB Fund Investment Management, L.P., has the sole voting and investment power over these shares, and such voting and investment power is exercised by
K.&nbsp;David Chao, Thomas Blaisdell, Jason Krikorian, and Peter W. Moran, the directors of DCM Hybrid RMB Fund International Ltd. The business address of DCM V, L.P., DCM Affiliates Fund V, L.P. and DCM Hybrid RMB Fund, L.P. is 2420 Sand Hill Road,
Suite 200, Menlo Park, CA 94025, the United States. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(13)</TD>
<TD ALIGN="left" VALIGN="top">Represents 18,142,893 ordinary shares issuable upon conversion of the same number of Series D preferred shares held by Esta Investments Pte Ltd. Esta Investments Pte Ltd. is indirectly wholly owned by Temasek Holdings
(Private) Limited, its ultimate parent company. Temasek Holdings (Private) Limited is wholly owned by Minister for Finance of Singapore. The business address of Esta Investments Pte Ltd. is 60B Orchard Road, #06-18, Tower 2, The Atrium@Orchard,
Singapore 238891. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(14)</TD>
<TD ALIGN="left" VALIGN="top">Represents 13,506,748 ordinary shares issuable upon conversion of the same number of Series A preferred shares and 4,312,823 ordinary shares issuable upon conversion of the same number of Series B preferred shares held
by Gobi Fund II, L.P. The general partner of Gobi Fund II, L.P. is Gobi Ventures, Inc., which is beneficially owned by Wai Kit Lau and Chuan Chung Wang. The business address of Gobi Fund II, L.P. is Building 7, Innovation Park, 399 Keyuan Road,
Shanghai 201203, PRC. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(15)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:8pt">Represents 14,323,364 ordinary shares issuable upon conversion of the same number of Series C preferred shares held by Sequoia Capital 2010 CV Holdco,
Ltd. The shareholders of Sequoia Capital 2010 CV Holdco, Ltd. are Sequoia Capital China Venture 2010 Fund L.P., Sequoia Capital China Venture 2010 Partners Fund L.P. and Sequoia Capital China Venture 2010 Principals Fund L.P., which we collectively
refer to as SCC 2010 Venture Funds. The SCC 2010 Venture Funds&#146; general partner is SC China Venture 2010 Management, L.P. The general partner of SC China Venture 2010 Management, L.P. is SC China Holding Limited, a company
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">133 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
incorporated in the Cayman Islands. SC China Holding Limited is wholly owned by SNP China Enterprises Limited, a company wholly owned by Mr.&nbsp;Neil Nanpeng Shen. The business address of
Sequoia Capital 2010 CV Holdco, Ltd. is Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman, KY1-1111, Cayman Islands. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(16)</TD>
<TD ALIGN="left" VALIGN="top">Represents 10,423,503 ordinary shares held by Dragon Rabbit Capital Limited, a British Virgin Islands company. Dragon Rabbit Capital Limited is wholly owned by Longtu Holdings Limited, a British Virgin Islands company
which is wholly owned by a trust, of which Mr. Yu&#146;s family is the beneficiary. The business address of Dragon Rabbit Capital Limited is Quastisky Building, P.O. Box 4389, Road Town, Tortola, British Virgin Islands. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(17)</TD>
<TD ALIGN="left" VALIGN="top">Represents 6,949,997 ordinary shares held by Verne Capital Limited, a British Virgin Islands company. Verne Capital Limited is wholly owned by Magic Worldwide Limited, a British Virgin Islands company which is wholly
owned by a trust, of which Mr. Yan&#146;s family is the beneficiary. The business address of Verne Capital Limited is Quastisky Building, P.O. Box 4389, Road Town, Tortola, British Virgin Islands. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(18)</TD>
<TD ALIGN="left" VALIGN="top">Represents 5,729,346 ordinary shares issuable upon conversion of the same number of Series C preferred shares held by RS Empowerment, Inc. RS Empowerment, Inc. is wholly owned by Rakuten, Inc., which is listed on the
First Section of the Tokyo Stock Exchange. The business address of RS Empowerment, Inc. is 12-3, Higashi Shinagawa 4-chome, Shinagawa-ku, Tokyo, Japan. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(19)</TD>
<TD ALIGN="left" VALIGN="top">Represents 3,019,518 ordinary shares held by Wang Bros Venture Capital Ltd., a British Virgin Islands company. Wang Bros Venture Capital Ltd. is wholly owned by Mr. Tong Wang. The business address of Wang Bros Venture
Capital Ltd. is Quastisky Building, P.O. Box 4389, Road Town, Tortola, British Virgin Islands. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(20)</TD>
<TD ALIGN="left" VALIGN="top">Represents 2,084,859 ordinary shares held by PGM Capital Inc., a British Virgin Islands company. PGM Capital Inc. is wholly owned by Mr. Jiping Wang. The business address of PGM Capital Inc. is P.O. Box 173, Kingston
Chambers, Road Town, Tortola, British Virgin Islands. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(21)</TD>
<TD ALIGN="left" VALIGN="top">Represents 575,100 ordinary shares held by Time Tide Investment Limited, a British Virgin Islands company. Time Tide Investment Limited is wholly owned by Mr. Xin Wen. The business address of Time Tide Investment
Limited is Palm Grove House, P.O. Box 438, Road Town, Tortola, British Virgin Islands. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(22)</TD>
<TD ALIGN="left" VALIGN="top">Represents 575,100 ordinary shares held by Atomic Power Capital Ltd., a British Virgin Islands company. Atomic Power Capital Ltd. is wholly owned by Yongquan Tan. The business address of Atomic Power Capital Ltd. is
Quastisky Building, P.O. Box 4389, Road Town, Tortola, British Virgin Islands. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(23)</TD>
<TD ALIGN="left" VALIGN="top">Represents 4,500,000 Class A ordinary shares that <B><I></I></B>DCM Hybrid RMB Fund, L.P. will purchase in the private placement concurrently with this offering at an assumed initial public offering price of US$10.00
(RMB60.54) per ADS, the mid-point of the estimated range of the initial public offering price shown on the front cover page of this prospectus. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of the date of this prospectus, 2,371,923 of our outstanding ordinary shares and 20,870,353 of our outstanding preferred shares are held by
two record holders in the United States. The total number of shares held by the two record holders in the United States represents 21.4% of our total outstanding shares on an as-converted basis. We are not aware of any arrangement that may, at a
subsequent date, result in a change of control of our company. See &#147;Description of Share Capital&#151;History of Securities Issuances&#148; for a description of issuances of our ordinary shares and preferred shares that have resulted in
significant changes in ownership held by our major shareholders. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">134 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom652797_18"></A>RELATED PARTY TRANSACTIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Contractual Arrangements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PRC law
currently limits direct foreign equity ownership of business entities providing value-added telecommunications and travel services. To comply with these foreign ownership restrictions requirements, we conduct our business operations through a series
of contractual arrangements with Nanjing Tuniu and Messrs.&nbsp;Dunde Yu, Haifeng Yan, Tong Wang, Jiping Wang, Xin Wen, Yongquan Tan and Haifeng Wang, who hold 17.7%, 11.8%, 10.4%, 6.5%, 1.3%, 1.3% and 51.0% equity interests in Nanjing Tuniu,
respectively. Among the shareholders of Nanjing Tuniu, Messrs. Dunde Yu and Haifeng Yan are directors and ultimate shareholders of Tuniu Corporation. Messrs. Tong Wang, Jiping Wang, Xin Wen and Yongquan Tan are ultimate shareholders of Tuniu
Corporation. For a description of the contractual arrangements among Beijing Tuniu, Nanjing Tuniu and the shareholders of Nanjing Tuniu, see &#147;Corporate History and Structure.&#148; The interests of the shareholders of Nanjing Tuniu may differ
from the interests of our company as a whole. These shareholders may breach, or cause Nanjing Tuniu to breach, the existing contractual arrangements we have with them and Nanjing Tuniu, which would have a material and adverse effect on our ability
to effectively control Nanjing Tuniu. See &#147;Risk Factors&#151;Risks Related to Our Corporate Structure&#151;The shareholders of Nanjing Tuniu may have potential conflicts of interest with us, which may materially and adversely affect our
business and financial condition.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Private Placements, Repurchase and Redesignation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">See &#147;Description of Share Capital&#151;History of Securities Issuances.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investors&#146; Rights Agreement </B></P>  <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">See
&#147;Description of Share Capital&#151;Investors&#146; Rights Agreement.&#148; </P>  <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Employment Agreements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">See &#147;Management&#151;Employment Agreements and Indemnification Agreements.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Share Incentive Plans </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">See
&#147;Management&#151;Share Incentive Plans.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">135 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom652797_19"></A>DESCRIPTION OF SHARE CAPITAL </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are a Cayman Islands company and our affairs are governed by our memorandum and articles of association and the Companies Law (2013
Revision) of the Cayman Islands, which we refer to as the Companies Law below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of the date hereof, our authorized share capital
consists of 126,999,531 ordinary shares with a par value of US$0.0001 (RMB 0.0006) each and 82,624,391 preferred shares with a par value of US$0.0001 (RMB 0.0006) each, of which 13,506,748 preferred shares are designated as Series A preferred
shares, 21,564,115 preferred shares are designated as Series B preferred shares, 25,782,056 preferred shares are designated as Series C preferred shares, and 21,771,472 preferred shares are designated as Series D preferred shares. As of the date of
this prospectus, there are 26,000,000 ordinary shares, 13,506,748 Series A preferred shares, 21,564,115 Series B preferred shares, 25,782,056 Series C preferred shares and 21,771,472 Series D preferred shares issued and outstanding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We plan to adopt an amended and restated memorandum and articles of association, which will become effective and replace the current amended
and restated memorandum and articles of association in its entirety immediately prior to completion of this offering. Our post-offering amended and restated memorandum and articles of association will provide that, upon the closing of this offering,
we will have two classes of shares, the Class A ordinary shares and Class B ordinary shares. Our authorized share capital upon completion of the offering will be US$100,000 (RMB605,370) divided into 780,000,000 Class A ordinary shares of a par value
of US$0.0001 (RMB&nbsp;0.0006) each, 120,000,000 Class B ordinary shares of a par value of US$0.0001 (RMB 0.0006) each, and 100,000,000 shares of a par value of US$0.0001 (RMB0.0006) each of such class or classes (however designated) as our board of
directors may determine. All outstanding ordinary shares and all outstanding preferred shares will be automatically redesignated or converted into Class B ordinary shares on a one-for-one basis immediately prior to the completion of the offering.
Immediately upon the completion of this offering, we will have 106,764,391 Class B ordinary shares outstanding, assuming the initial public offering price will be US$10.00 per ADS, the mid-point of the estimated initial public offering price range
shown on the front cover of this prospectus. We will issue (i) 22,140,000 Class A ordinary shares represented by our ADSs in this offering, assuming that the underwriters do not exercise their over-allotment option, and (ii) 10,500,000 Class A
ordinary shares issued in the private placement concurrent with this offering at an assumed initial public offering price of US$10.00 (RMB60.54) per ADS, the mid-point of the estimated range of the initial public offering shown on the front cover
page of this prospectus. All options, regardless of grant dates, will entitle holders to an equivalent number of Class A ordinary shares once the vesting and exercising conditions are met. The following are summaries of material provisions of our
post-offering amended and restated memorandum and articles of association and the Companies Law insofar as they relate to the material terms of our ordinary shares that we expect will become effective upon the closing of this offering. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Ordinary Shares </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>General.</I></B>
Upon completion of this offering, our authorized share capital is US$100,000 (RMB605,370) divided into 1,000,000,000 ordinary shares, with a par value of US$0.0001 (RMB 0.0006) each, which will be divided into 780,000,000 Class A ordinary shares
with a par value of US$0.0001 (RMB 0.0006) each, 120,000,000 Class&nbsp;B ordinary shares with a par value of US$0.0001 (RMB 0.0006) each, and 100,000,000 shares of a par value of US$0.0001 (RMB0.0006) each of such class or classes (however
designated) as our board of directors may determine. Holders of Class A ordinary shares and Class B ordinary shares will have the same rights except for voting and conversion rights. All of our outstanding ordinary shares are fully paid and <FONT
STYLE="white-space:nowrap">non-assessable.</FONT> Certificates representing the ordinary shares are issued in registered form. Our shareholders who are non-residents of the Cayman Islands may freely hold and transfer their ordinary shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Dividends.</I></B> The holders of our ordinary shares are entitled to such dividends as may be declared by our board of directors. Our
post-offering amended and restated articles of association provide that dividends may be declared and paid out of our profits, realized or unrealized, or from any reserve set aside from profits which our board of directors determine is no longer
needed. Dividends may also be declared and paid out of share premium account or any other fund or account which can be authorized for this purpose in accordance with the Companies </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">136 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Law. Holders of Class A ordinary shares and Class B ordinary shares will be entitled to the same amount of dividends, if declared. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Voting Rights.</I></B> In respect of all matters subject to a shareholders&#146; vote, each Class A ordinary share is entitled to one
vote, and each Class B ordinary share is entitled to ten votes, voting together as one class. Voting at any meeting of shareholders is by show of hands unless a poll is demanded. A poll may be demanded by the chairman of such meeting or any
shareholder present in person or by proxy. Each holder of our ordinary shares will be entitled to vote such ordinary shares as are registered in his or her name on our register of members. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A quorum required for a meeting of shareholders consists of at least two shareholders who hold at least one third in nominal value of our
share capital in issue at the meeting present in person or by proxy or, if a corporation or other non-natural person, by its duly authorized representative. Shareholders&#146; meetings may be held annually. Each general meeting, other than an annual
general meeting, shall be an extraordinary general meeting. Extraordinary general meetings may be called by a majority of our board of directors or our chairman or upon a requisition of shareholders holding at the date of deposit of the requisition
not less than one-third of the aggregate voting power of our company. Advance notice of at least 14 calendar days is required for the convening of our annual general meeting and other general meetings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">An ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching
to the ordinary shares cast at a meeting, while a special resolution requires the affirmative vote of no less than two-thirds of the votes cast attaching to the outstanding ordinary shares at a meeting. A special resolution will be required for
important matters such as a change of name or making changes to our post-offering amended and restated memorandum and articles of association. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Conversion.</I></B> Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder. Class A
ordinary shares are not convertible into Class B ordinary shares under any circumstances. Upon any transfer of Class B ordinary shares by a holder to any person or entity which is not an affiliate of such holder, such Class B ordinary shares will be
automatically and immediately converted into the equivalent number of Class A ordinary shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Transfer of Ordinary Shares.</I></B>
Subject to the restrictions set out below, any of our shareholders may transfer all or any of his or her ordinary shares by an instrument of transfer in the usual or common form or any other form approved by our board of directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our board of directors may, in its absolute discretion, decline to register any transfer of any ordinary share which is not fully paid up or
on which we have a lien. Our board of directors may also decline to register any transfer of any ordinary share unless: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the instrument of transfer is lodged with us, accompanied by the certificate for the ordinary shares to which it relates and such other evidence as our board of directors may reasonably require to show the right of the
transferor to make the transfer; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the instrument of transfer is in respect of only one class of ordinary shares; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the instrument of transfer is properly stamped, if required; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">in the case of a transfer to joint holders, the number of joint holders to whom the ordinary share is to be transferred does not exceed four; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a fee of such maximum sum as the NASDAQ Global Market may determine to be payable or such lesser sum as our directors may from time to time require is paid to us in respect thereof. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If our directors refuse to register a transfer they shall, within three months after the date on which the instrument of transfer was lodged,
send to each of the transferor and the transferee notice of such refusal. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The registration of transfers may, after compliance with
any notice required of the NASDAQ Global Market, be suspended and the register closed at such times and for such periods as our board of directors may </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">137 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
from time to time determine, provided, however, that the registration of transfers shall not be suspended nor the register closed for more than 40 calendar days as our board may determine. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Liquidation.</I></B> On a return of capital on winding up or otherwise (other than on conversion, redemption or purchase of ordinary
shares), assets available for distribution among the holders of ordinary shares shall be distributed among the holders of the ordinary shares on a pro rata basis. If our assets available for distribution are insufficient to repay all of the paid-up
capital, the assets will be distributed so that the losses are borne by our shareholders proportionately. Any distribution of assets or capital to a holder of a Class A ordinary share and a holder of a Class B ordinary share will be the same in any
liquidation event. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Calls on Ordinary Shares and Forfeiture of Ordinary Shares.</I></B> Our board of directors may from time to time
make calls upon shareholders for any amounts unpaid on their ordinary shares in a notice served to such shareholders at least 14 calendar days prior to the specified time of payment. The ordinary shares that have been called upon and remain unpaid
are subject to forfeiture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Redemption of Ordinary Shares.</I></B> The Companies Law and our post-offering amended and restated
articles of association permit us to purchase our own shares. In accordance with our post-offering amended and restated articles of association and provided the necessary shareholders or board approval have been obtained, we may issue shares on
terms that are subject to redemption, at our option or at the option of the holders of these shares, on such terms and in such manner, including out of capital, as may be determined by our board of directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Variations of Rights of Shares.</I></B> All or any of the special rights attached to any class of shares may, subject to the provisions
of the Companies Law, be materially adversely varied with the written consent of the holders of three-fourths of the issued shares of that class or with the sanction of a special resolution passed at a general meeting of the holders of the shares of
that class. The rights conferred upon the holders of the shares of any class issued shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be materially adversely varied by the creation or
issue of further shares ranking <I>pari passu</I> with such existing class of shares, or by the creation or issue of shares with preferred or other rights including, without limitation, the creation of shares with enhanced or weighted voting rights.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Inspection of Books and Records.</I></B> Holders of our ordinary shares have no general right under Cayman Islands law to inspect
or obtain copies of our list of shareholders or our corporate records. However, we will provide our shareholders with annual audited financial statements. See &#147;Where You Can Find Additional Information.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Issuance of Additional Shares.</I></B> Our post-offering amended and restated memorandum of association authorizes our board of
directors to issue additional ordinary shares from time to time as our board of directors shall determine, to the extent of available authorized but unissued shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our post-offering amended and restated memorandum of association also authorizes our board of directors to establish from time to time one or
more series of preferred shares and to determine, with respect to any series of preferred shares, the terms and rights of that series, including: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the designation of the series; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the number of shares of the series; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the dividend rights, dividend rates, conversion rights, voting rights; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the rights and terms of redemption and liquidation preferences. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our board of directors may
issue preferred shares without action by our shareholders to the extent authorized but unissued. Issuance of these shares may dilute the voting power of holders of ordinary shares. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">138 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Anti-Takeover Provisions.</I></B> Some provisions of our post-offering amended and restated
memorandum and articles of association may discourage, delay or prevent a change of control of our company or management that<B><I> </I></B>shareholders may consider favorable, including provisions that authorize our board of directors to issue
preferred shares in one or more series and to designate the price, rights, preferences, privileges and restrictions of such preferred shares without any further vote or action by our shareholders. <B><I> </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Exempted Company.</I></B> We are an exempted company with limited liability under the Companies Law. The Companies Law distinguishes
between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an
exempted company are essentially the same as for an ordinary company except that an exempted company:<B><I> </I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">does not have to file an annual return of its shareholders with the Registrar of Companies; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">is not required to open its register of members for inspection; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">does not have to hold an annual general meeting; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">may issue negotiable or bearer shares or shares with no par value; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance); </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">may register as a limited duration company; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">may register as a segregated portfolio company. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Limited liability&#148; means that the
liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>History of Securities Issuances
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following is a summary of our securities issuances in the past three years. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Ordinary Shares </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We did not issue any ordinary shares in the past three years. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Preferred Shares </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On August&nbsp;28, 2013, we noted that we needed to complete certain legal administrative procedures related to canceling the Series A
preferred shares that we repurchased in 2011. We decided to fulfill the requirement in conjunction with the issuance of Series D preferred shares through the following transactions entered at the same time and in contemplation of each other:
(1)&nbsp;issuance of 15,278,220 Series D preferred shares directly to Esta Investments Pte Ltd.; (2)&nbsp;reissuance of 2,864,673 Series A preferred shares repurchased from Gobi Fund II, L.P. and redesignation of all of such shares into Series D
preferred shares on a one-for-one basis; and (3)&nbsp;transfer of these Series D preferred shares by Gobi Fund II, L.P. to Esta Investments Pte Ltd. for US$5.0 million (RMB30.7 million). The net effect as a result of these transactions is that Esta
Investments Pte Ltd. purchased a total of 18,142,893 Series D preferred shares for an aggregate price of US$50.0 million (RMB308.3 million). Even though we and Gobi Fund II, L.P. exchanged Series A preferred shares and cash, such exchange was based
on terms identical to those from the repurchase in 2011, and neither we nor Gobi Fund II, L.P. gave away or received any additional value in these transactions. The reissuance and redesignation of Series A preferred
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">139 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
shares, therefore, is in substance a mechanism to issue 2,864,673 Series D preferred shares to Esta Investments Pte Ltd., and we had accounted for this transaction as such. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On August&nbsp;28, 2013, we redesignated 3,628,579 Series A preferred shares held by Gobi Fund II, L.P. into Series D preferred shares and
Gobi Fund II, L.P. transferred 1,297,765 Series D preferred shares to DCM V, L.P., 31,666 Series D preferred shares to DCM Affiliates Fund V, L.P. and 2,299,148 Series D preferred shares to DCM Hybrid RMB Fund, L.P. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Option Grants </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We
have granted options to purchase our ordinary shares to certain of our employees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of the date of this prospectus, options to purchase
18,149,593 ordinary shares are issued and outstanding, and there are 225,547 ordinary shares available for future issuance upon the exercise of future grants under our 2008 Plan. See &#147;Management&#151;2008 Plan.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investors&#146; Rights Agreement </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In
connection with our issuance of Series D preferred shares, we and all our shareholders entered into an amended and restated investors&#146; rights agreement on August&nbsp;28, 2013. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Registration Rights </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to our
investors&#146; rights agreement, we have granted certain registration rights to our shareholders. Set forth below is a description of the registration rights granted under the agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Demand Registration Rights.</I></B> After the earlier of (i)&nbsp;March&nbsp;21, 2015, and (ii)&nbsp;six months after the effectiveness
of the registration statement of which this prospectus forms a part, upon a written request from the holders of at least 30% of the registrable securities, we must file a registration statement covering the offer and sale of the registrable
securities held by the requesting shareholders and other holders of registrable securities who choose to participate in the offering. Registrable securities include, among others, our ordinary shares issued or to be issued upon conversion of the
preferred shares. <B><I> </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">However, we are not obligated to proceed with a demand registration if we have, within the 90-day period
preceding the date of such request, already effected a registration under the Securities Act pursuant to the exercise of the holders&#146; registration rights, unless the registrable securities of the holders were excluded from such registration. We
have the right to defer filing of a registration statement for up to 120 days if our board of directors determines in good faith that the filing of a registration statement would be materially detrimental to us and our shareholders, but we cannot
exercise the deferral right more than once in any 12-month period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Form F-3 Registration Rights.</I></B> When we are eligible for
registration on Form F-3, upon a written request from the holders of at least 30% of the registrable securities, we must file a registration statement on Form F-3 covering the offer and sale of the registrable securities. <B><I> </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are not obligated to effect a Form F-3 registration, among other things, if we already effected a registration under the Securities Act
pursuant to the exercise of the holders&#146; demand or piggyback registration rights, unless the registrable securities of the holders were excluded from such registration. We have the right to defer filing of a registration statement for up to 120
days if our board of directors determines in good faith that the filing of a registration statement would be materially detrimental to us and our shareholders, but we cannot exercise the deferral right more than once in any 12-month period. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">140 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Piggyback Registration Rights.</I></B> If we propose to file a registration statement for a
public offering of our ordinary shares on a form that would be suitable for registrable securities, we must offer holders of registrable securities an opportunity to include in that registration all or any part of their registrable securities. The
underwriters of any underwritten offering have the right to limit the number of shares with registration rights to be included in the registration statement, subject to certain limitations. <B><I> </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Expenses of Registration.</I></B> We will pay all expenses relating to any demand, Form F-3, or piggyback registration, with certain
limited exceptions. <B><I> </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Termination of Obligations.</I></B> We shall have no obligation to effect any demand, Form F-3,
or piggyback registration on the earlier of (a)&nbsp;the date that is five years after completion of this offering, or (b)&nbsp;as to any holder of registrable securities, the time when all registrable securities held by such holder may be sold in
any three-month period without registration pursuant to Rule 144 or another similar exemption under the Securities Act. <B><I> </I></B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Differences in
Corporate Law </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Companies Law is modeled after that of English law but does not follow many recent English law statutory enactments.
In addition, the Companies Law differs from laws applicable to United States corporations and their shareholders. Set forth below is a summary of the significant differences between the provisions of the Companies Law applicable to us and the laws
applicable to companies incorporated in the State of Delaware. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Mergers and Similar Arrangements.</I></B> A merger of two or more
constituent companies under Cayman Islands law requires a plan of merger or consolidation to be approved by the directors of each constituent company and authorization by (a)&nbsp;a special resolution of the shareholders and (b)&nbsp;such other
authorization, if any, as may be specified in such constituent company&#146;s articles of association. <B><I> </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A merger between a
Cayman parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders of that Cayman subsidiary if a copy of the plan of merger is given to every member of that Cayman subsidiary to be merged
unless that member agrees otherwise. For this purpose a subsidiary is a company of which at least ninety percent (90%)&nbsp;of the issued shares entitled to vote are owned by the parent company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived
by a court in the Cayman Islands. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Save in certain circumstances, a dissentient shareholder of a Cayman constituent company is entitled to
payment of the fair value of his shares upon dissenting to a merger or consolidation. The exercise of appraisal rights will preclude the exercise of any other rights save for the right to seek relief on the grounds that the merger or consolidation
is void or unlawful. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, there are statutory provisions that facilitate the reconstruction and amalgamation of companies,
provided that the arrangement is approved by a majority in number of each class of shareholders and creditors with whom the arrangement is to be made, and who must in addition represent three-fourths in value of each such class of shareholders or
creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the
Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the statutory provisions as to the required majority vote have been met; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority to promote interests adverse to those of the class;
</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">141 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Law. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">When a takeover offer is made and accepted by holders of 90.0% of the shares within four months, the offeror may, within a two-month period
commencing on the expiration of such four month period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed
in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an arrangement and
reconstruction is thus approved, the dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment
in cash for the judicially determined value of the shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Shareholders&#146; Suits.</I></B> In principle, we will normally be the
proper plaintiff and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, there are exceptions to
the foregoing principle, including when:<B><I> </I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a company acts or proposes to act illegally or ultra vires; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the act complained of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has not been obtained; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">those who control the company are perpetrating a &#147;fraud on the minority.&#148; </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Indemnification of Directors and Executive Officers and Limitation of Liability.</I></B> Cayman Islands law does not limit the extent to
which a company&#146;s memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to
provide indemnification against civil fraud or the consequences of committing a crime. Our post-offering amended and restated memorandum and articles of association permit indemnification of officers and directors for losses, damages, costs and
expenses incurred in their capacities as such unless such losses or damages arise from dishonesty or fraud of such directors or officers. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a
Delaware corporation. In addition, we have entered into indemnification agreements with our directors and executive officers that provide such persons with additional indemnification beyond that provided in our post-offering amended and restated
memorandum and articles of association. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to
our directors, officers or persons controlling us under the foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Directors&#146; Fiduciary Duties.</I></B> Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty
to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under
similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director acts in a manner
he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and
its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders<B><I> </I></B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">142 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>
</I></B>generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of
the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, the director must prove the procedural fairness of the
transaction, and that the transaction was of fair value to the corporation. <B><I> </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a matter of Cayman Islands law, a director
of a Cayman Islands company is in the position of a fiduciary with respect to the company and therefore it is considered that he or she owes the following duties to the company&#151;a duty to act bona fide in the best interests of the company, a
duty not to make a profit based on his or her position as director (unless the company permits him or her to do so) and a duty not to put himself or herself in a position where the interests of the company conflict with his or her personal interest
or his or her duty to a third party. A director of a Cayman Islands company owes to the company a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance of his or her duties a greater degree
of skill than may reasonably be expected from a person of his or her knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are
likely to be followed in the Cayman Islands. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Shareholder Action by Written Consent.</I></B> Under the Delaware General Corporation
Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. Cayman Islands law and our post-offering amended and restated articles of association provide that shareholders
may approve corporate matters by way of a unanimous written resolution signed by or on behalf of each<B><I> </I></B>shareholder who would have been entitled to vote on such matter at a general meeting without a meeting being held. <B><I>
</I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Shareholder Proposals.</I></B> Under the Delaware General Corporation Law, a shareholder has the right to put any proposal
before the annual meeting of shareholders, provided it complies with the notice provisions in the<B><I> </I></B>governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing
documents, but shareholders may be precluded from calling special meetings. <B><I> </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Cayman Islands law does not provide
shareholders any right to put proposals before a meeting or requisition a general meeting. However, these rights may be provided in articles of association. Our post-offering amended and restated articles of association allow our shareholders
holding not less than one-third of all voting power of our share capital in issue to requisition a shareholder&#146;s meeting. Other than this right to requisition a shareholders&#146; meeting, our post-offering amended and restated articles of
association do not provide our shareholders other right to put proposal before a meeting. As an exempted Cayman Islands company, we are not obliged by law to call shareholders&#146; annual general meetings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Cumulative Voting.</I></B> Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted
unless the corporation&#146;s certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast
all the votes to which the shareholder is entitled on a single director, which increases the shareholder&#146;s voting power with respect to electing such director. There are no prohibitions in relation to cumulative voting under the laws of the
Cayman Islands but our post-offering amended and restated articles of association do not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware
corporation. <B><I> </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Removal of Directors.</I></B> Under the Delaware General Corporation Law, a director of a corporation
with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our post-offering amended and restated articles of
association, directors may be removed with or without cause, by an ordinary resolution of our shareholders. <B><I> </I></B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">143 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Transactions with Interested Shareholders.</I></B> The Delaware General Corporation Law
contains a business combination statute applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging
in certain business combinations with an &#147;interested shareholder&#148; for three years following the date that such<B><I> </I></B>person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which
owns or owned 15% or more of the target&#146;s outstanding voting share within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be
treated equally. The statute does not apply if, among other things, prior to the date on<B><I> </I></B>which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which
resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target&#146;s board of directors. <B><I> </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Cayman Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware
business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions must be entered into bona fide in the best interests of the
company and not with the effect of constituting a fraud on the minority shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Dissolution; Winding up.</I></B> Under the
Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the
board of directors may it be approved by a simple majority of the corporation&#146;s outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with
dissolutions initiated by the board. Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts as they fall due,
by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so. Under the Companies Law and our
post-offering amended and restated articles of association, our company may be dissolved, liquidated or wound up by a special resolution of our shareholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Variation of Rights of Shares.</I></B> Under the Delaware General Corporation Law, a corporation may vary the rights of a class of
shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under Cayman Islands law and our post-offering amended and restated articles of association, if our share
capital is divided into more than one class of shares, we may vary the rights attached to any class with the written consent of the holders of three-fourths of the issued shares of that class or with the sanction of a special resolution passed at a
general meeting of the holders of the shares of that class. <B><I> </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Amendment of Governing Documents.</I></B> Under the
Delaware General Corporation Law, a corporation&#146;s governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. As permitted by Cayman
Islands law, our post-offering amended and restated memorandum and articles of association may only be amended with a special resolution of our shareholders. <B><I> </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Rights of Non-resident or Foreign Shareholders.</I></B> There are no limitations imposed by our post-offering amended and restated
memorandum and articles of association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our post-offering amended and restated memorandum and articles of
association governing the ownership threshold above which shareholder ownership must be disclosed. <B><I> </I></B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">144 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom652797_20"></A>DESCRIPTION OF AMERICAN DEPOSITARY SHARES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>American Depositary Receipts </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">JPMorgan
Chase Bank, N.A., as depositary will issue the ADSs which you will be entitled to receive in this offering. Each ADS will represent an ownership interest in a designated number of shares which we will deposit with the custodian, as agent of the
depositary, under the deposit agreement between us, the depositary and you as an ADR holder. In the future, each ADS will also represent any securities, cash or other property deposited with the depositary but which they have not distributed
directly to you. Unless you specifically request certificated ADRs, all ADSs will be issued on the books of our depositary in book-entry form and periodic statements will be mailed to you which reflect your ownership interest in such ADSs. In our
description, references to American depositary receipts or ADRs shall include the statements you will receive which reflect your ownership of ADSs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The depositary&#146;s office is located at 1 Chase Manhattan Plaza, Floor 58, New York, NY, 10005-1401. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You may hold ADSs either directly or indirectly through your broker or other financial institution. If you hold ADSs directly, by having an
ADS registered in your name on the books of the depositary, you are an ADR holder. This description assumes you hold your ADSs directly. If you hold the ADSs through your broker or financial institution nominee, you must rely on the procedures of
such broker or financial institution to assert the rights of an ADR holder described in this section. You should consult with your broker or financial institution to find out what those procedures are. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As an ADR holder, we will not treat you as a shareholder of ours and you will not have any shareholder rights. Cayman Islands law governs
shareholder rights. Because the depositary or its nominee will be the shareholder of record for the shares represented by all outstanding ADSs, shareholder rights rest with such record holder. Your rights are those of an ADR holder. Such rights
derive from the terms of the deposit agreement to be entered into between us, the depositary and all registered holders from time to time of ADSs issued under the deposit agreement. The obligations of the depositary and its agents are also set out
in the deposit agreement. Because the depositary or its nominee will actually be the registered owner of the shares, you must rely on it to exercise the rights of a shareholder on your behalf. The deposit agreement and the ADSs are governed by New
York law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>The following is a summary of the material terms of the deposit agreement. Notwithstanding this, because it is a
summary, it may not contain all the information that you may otherwise deem important. For more complete information, you should read the entire deposit agreement and the form of ADR which contains the terms of your ADSs. A copy of the deposit
agreement is filed as an exhibit to the registration statement of which this prospectus forms a part. You may also obtain a copy of the deposit agreement at the SEC&#146;s Public Reference Room which is located at 100 F Street, NE, Washington, DC
20549. You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-732-0330. You may also find the registration statement and the attached deposit agreement on the SEC&#146;s website at <I>www.sec.gov</I>.<I>
</I></P>  <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Share Dividends and Other Distributions </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>How will I receive dividends and other distributions on the shares underlying my ADSs? </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may make various types of distributions with respect to our securities. Cash distributions will be made in U.S. dollars. The depositary has
agreed that, to the extent practicable, it will pay to you the cash dividends or other distributions it or the custodian receives on shares or other deposited securities, after converting any cash received into U.S. dollars (if it determines such
conversion may be made on a reasonable basis) and, in all cases, making any necessary deductions provided for in the deposit agreement. The depositary may utilize a division, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">145 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
branch or affiliate of JPMorgan Chase Bank, N.A. to direct, manage and/or execute any public and/or private sale of securities under the deposit agreement. Such division, branch and/or affiliate
may charge the depositary a fee in connection with such sales, which fee is considered an expense of the depositary. You will receive these distributions in proportion to the number of underlying securities that your ADSs represent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as stated below, the depositary will deliver such distributions to ADR holders in proportion to their interests in the following
manner: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Cash</I>. The depositary will distribute any U.S. dollars available to it resulting from a cash dividend or other cash distribution or the net proceeds of sales of any other distribution or portion thereof (to the
extent applicable), on an averaged or other practicable basis, subject to (i)&nbsp;appropriate adjustments for taxes withheld, (ii)&nbsp;such distribution being impermissible or impracticable with respect to certain registered ADR holders, and
(iii)&nbsp;deduction of the depositary&#146;s and/or its agents&#146; expenses in (1)&nbsp;converting any foreign currency to U.S. dollars to the extent that it determines that such conversion may be made on a reasonable basis, (2)&nbsp;transferring
foreign currency or U.S. dollars to the United States by such means as the depositary may determine to the extent that it determines that such transfer may be made on a reasonable basis, (3)&nbsp;obtaining any approval or license of any governmental
authority required for such conversion or transfer that is obtainable at a reasonable cost and within a reasonable time and (4)&nbsp;making any sale by public or private means in any commercially reasonable manner. <I>If exchange rates fluctuate
during a time when the depositary cannot convert a foreign currency, you may lose some or all of the value of the distribution.</I> </TD></TR></TABLE>  <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Shares</I>. In the case of a distribution in shares, the depositary will issue additional ADRs to evidence the number of ADSs representing such shares. Only whole ADSs will be issued. Any shares which would result in
fractional ADSs will be sold and the net proceeds will be distributed in the same manner as cash to the ADR holders entitled thereto. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>Rights to receive additional shares</I>. In the case of a distribution of rights to subscribe for additional shares or other rights, if we timely provide evidence satisfactory to the depositary that it may lawfully
distribute such rights, the depositary will distribute warrants or other instruments in the discretion of the depositary representing such rights. However, if we do not timely furnish such evidence, the depositary may: </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">sell such rights if practicable and distribute the net proceeds in the same manner as cash to the ADR holders entitled thereto; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">if it is not practicable to sell such rights, do nothing and allow such rights to lapse, in which case ADR holders will receive nothing. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have no obligation to file a registration statement under the Securities Act in order to make any rights available to ADR holders. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I></I><I>Other Distributions</I>. In the case of a distribution of securities or property other than those described above, the depositary may either (i)&nbsp;distribute such securities or property in any manner it
deems equitable and practicable or (ii)&nbsp;to the extent the depositary deems distribution of such securities or property not to be equitable and practicable, sell such securities or property and distribute any net proceeds in the same way it
distributes cash. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:10pt"><I></I><I>Elective Distributions</I>. In the case of a dividend payable at the election of our shareholders in cash or in additional shares, we will
notify the depositary at least 30 days prior to the proposed distribution stating whether or not we wish such elective distribution to be made available to ADR holders. The depositary shall make such elective distribution available to ADR holders
only if (i)&nbsp;we shall have timely requested that the elective distribution is available to ADR holders, (ii)&nbsp;the depositary shall have </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">146 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-family:Times New Roman; font-size:10pt">
determined that such distribution is reasonably practicable and (iii)&nbsp;the depositary shall have received satisfactory documentation within the terms of the deposit agreement including any
legal opinions of counsel that the depositary in its reasonable discretion may request. If the above conditions are not satisfied, the depositary shall, to the extent permitted by law, distribute to the ADR holders, on the basis of the same
determination as is made in the local market in respect of the shares for which no election is made, either (x)&nbsp;cash or (y)&nbsp;additional ADSs representing such additional shares. If the above conditions are satisfied, the depositary shall
establish procedures to enable ADR holders to elect the receipt of the proposed dividend in cash or in additional ADSs. There can be no assurance that ADR holders generally, or any ADR holder in particular, will be given the opportunity to receive
elective distributions on the same terms and conditions as the holders of shares. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the depositary determines in its
discretion that any distribution described above is not practicable with respect to any specific registered ADR holder, the depositary may choose any method of distribution that it deems practicable for such ADR holder, including the distribution of
foreign currency, securities or property, or it may retain such items, without paying interest on or investing them, on behalf of the ADR holder as deposited securities, in which case the ADSs will also represent the retained items. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any U.S. dollars will be distributed by checks drawn on a bank in the United States for whole dollars and cents. Fractional cents will be
withheld without liability and dealt with by the depositary in accordance with its then current practices. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>The depositary is not
responsible if it decides that it is unlawful or not reasonably practicable to make a distribution available to any ADR holders. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>There can be no assurance that the depositary will be able to convert any currency at a specified exchange rate or sell any property,
rights, shares or other securities at a specified price, nor that any of such transactions can be completed within a specified time period. </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Deposit, Withdrawal and Cancellation </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>How does the depositary issue ADSs? </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The depositary will issue ADSs if you or your broker deposit shares or evidence of rights to receive shares with the custodian and pay the fees
and expenses owing to the depositary in connection with such issuance. In the case of the ADSs to be issued under this prospectus, we will arrange to have the shares deposited. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Shares deposited in the future with the custodian must be accompanied by certain delivery documentation and shall, at the time of such
deposit, be registered in the name of JPMorgan Chase Bank, N.A., as depositary for the benefit of holders of ADRs or in such other name as the depositary shall direct. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The custodian will hold all deposited shares (including those being deposited by or on our behalf in connection with the offering to which
this prospectus relates) for the account of the depositary. ADR holders thus have no direct ownership interest in the shares and only have such rights as are contained in the deposit agreement. The custodian will also hold any additional securities,
property and cash received on or in substitution for the deposited shares. The deposited shares and any such additional items are referred to as &#147;deposited securities&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon each deposit of shares, receipt of related delivery documentation and compliance with the other provisions of the deposit agreement,
including the payment of the fees and charges of the depositary and any taxes or other fees or charges owing, the depositary will issue an ADR or ADRs in the name or upon the order of the person entitled thereto evidencing the number of ADSs to
which such person is entitled. All of the ADSs issued will, unless specifically requested to the contrary, be part of the depositary&#146;s direct registration system, and a registered holder will receive periodic statements from the depositary
which will show the number of ADSs registered in such holder&#146;s name. An ADR holder can request that the ADSs not be held through the depositary&#146;s direct registration system and that a certificated ADR be issued. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">147 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

  <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>How do ADR holders cancel an ADS and obtain deposited securities? </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">When you turn in your ADR certificate at the depositary&#146;s office, or when you provide proper instructions and documentation in the case of
direct registration ADSs, the depositary will, upon payment of certain applicable fees, charges and taxes, deliver the underlying shares to you or upon your written order. Delivery of deposited securities in certificated form will be made at the
custodian&#146;s office. At your risk, expense and request, the depositary may deliver deposited securities at such other place as you may request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The depositary may only restrict the withdrawal of deposited securities in connection with: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">temporary delays caused by closing our transfer books or those of the depositary or the deposit of shares in connection with voting at a shareholders&#146; meeting, or the payment of dividends; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the payment of fees, taxes and similar charges; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">compliance with any U.S. or foreign laws or governmental regulations relating to the ADRs or to the withdrawal of deposited securities. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This right of withdrawal may not be limited by any other provision of the deposit agreement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Record Dates </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The depositary may, after
consultation with us if practicable, fix record dates for the determination of the registered ADR holders who will be entitled (or obligated, as the case may be): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">to receive any distribution on or in respect of shares, </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">to give instructions for the exercise of voting rights at a meeting of holders of shares, </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">to pay the fee assessed by the depositary for administration of the ADR program and for any expenses as provided for in the ADR, or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">to receive any notice or to act in respect of other matters </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">all subject to the provisions of
the deposit agreement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Voting Rights </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>How do I vote? </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I>If you are an ADR holder and the depositary asks you to provide it with voting instructions, you may instruct the depositary how to
exercise the voting rights for the shares which underlie your ADSs. As soon as practicable after receiving notice of any meeting or solicitation of consents or proxies from us, the depositary will<I> </I>distribute to the registered ADR holders a
notice stating such information as is contained in the voting materials received by the depositary and describing how you may instruct the depositary to exercise the voting rights for the shares which underlie your ADSs, including instructions for
giving a discretionary proxy to a person designated by us. For instructions to be valid, the depositary must receive them in the manner and on or before the date specified. The depositary will try, as far as is practical, subject to the provisions
of and governing the<I> </I>underlying shares or other deposited securities, to vote or to have its agents vote the shares or other deposited securities as you instruct.<I> </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">148 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

  <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Holders are strongly encouraged to forward their voting instructions to the depositary as
soon as possible. Voting instructions will not be deemed to be received until such time as the ADR department responsible for proxies and voting has received such instructions notwithstanding that such instructions may have been physically received
by the depositary prior to such time. The depositary will not itself exercise any voting discretion. Furthermore, neither the depositary nor its agents are responsible for any failure to carry out any voting instructions, for the manner in which any
vote is cast or for the effect of any vote. Notwithstanding anything contained in the deposit agreement or any ADR, the depositary may, to the extent not prohibited by law or regulations, or by the requirements of the stock exchange on which the
ADSs are listed, in lieu of distribution of the materials provided to the depositary in connection with any meeting of, or solicitation of consents or proxies from, holders of deposited securities, distribute to the registered holders of ADRs a
notice that provides such holders with, or otherwise publicizes to such holders, instructions on how to retrieve such materials or receive such materials upon request (for example, by reference to a website containing the materials for retrieval or
a contact for requesting copies of the materials). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have advised the depositary that under the Cayman Islands law and our constituent
documents, each as in effect as of the date of the deposit agreement, voting at any meeting of shareholders is by show of hands unless a poll is (before or on the declaration of the results of the show of hands) demanded. In the event that voting on
any resolution or matter is conducted on a show of hands basis in accordance with our constituent documents, the depositary will instruct the custodian to vote all deposited securities in accordance with the voting instructions received from a
majority of holders of ADSs who provided voting instructions. The depositary will not demand a poll or join in demanding a poll, whether or not requested to do so by holders of ADSs. There is no guarantee that you will receive voting materials in
time to instruct the depositary to vote and it is possible that you, or persons who hold their ADSs through brokers, dealers or other third parties, will not have the opportunity to exercise a right to vote. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Reports and Other Communications </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Will ADR holders be able to view our reports? </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The depositary will make available for inspection by ADR holders at the offices of the depositary and the custodian the deposit agreement, the
provisions of or governing deposited securities, and any written communications from us which are both received by the custodian or its nominee as a holder of deposited securities and made generally available to the holders of deposited securities.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additionally, if we make any written communications generally available to holders of our shares, and we furnish copies thereof (or
English translations or summaries) to the depositary, it will distribute the same to registered ADR holders. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Fees and Expenses </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>What fees and expenses will I be responsible for paying? </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The depositary may charge each person to whom ADSs are issued, including, without limitation, issuances against deposits of shares, issuances
in respect of share distributions, rights and other distributions, issuances pursuant to a stock dividend or stock split declared by us or issuances pursuant to a merger, exchange of securities or any other transaction or event affecting the ADSs or
deposited securities, and each person surrendering ADSs for withdrawal of deposited securities or whose ADRs are cancelled or reduced for any other reason, US$5.00 for each 100 ADSs (or any portion thereof) issued, delivered, reduced, cancelled or
surrendered, as the case may be. The depositary may sell (by public or private sale) sufficient securities and property received in respect of a share distribution, rights and/or other distribution prior to such deposit to pay such charge. </P>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">149 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following additional charges shall be incurred by the ADR holders, by any party depositing or
withdrawing shares or by any party surrendering ADSs or to whom ADSs are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by us or an exchange of stock regarding the ADSs or the deposited
securities or a distribution of ADSs), whichever is applicable: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a fee of US$1.50 per ADR for transfers of certificated or direct registration ADRs; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a fee of up to US$0.05 per ADS for any cash distribution made pursuant to the deposit agreement; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a fee of up to US$0.05 per ADS per calendar year (or portion thereof) for services performed by the depositary in administering the ADRs (which fee may be charged on a periodic basis during each calendar year and shall
be assessed against holders of ADRs as of the record date or record dates set by the depositary during each calendar year and shall be payable in the manner described in the next succeeding provision); </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a fee for the reimbursement of such fees, charges and expenses as are incurred by the depositary and/or any of its agents (including, without limitation, the custodian and expenses incurred on behalf of holders in
connection with compliance with foreign exchange control regulations or any law or regulation relating to foreign investment) in connection with the servicing of the shares or other deposited securities, the sale of securities (including, without
limitation, deposited securities), the delivery of deposited securities or otherwise in connection with the depositary&#146;s or its custodian&#146;s compliance with applicable law, rule or regulation (which fees and charges shall be assessed on a
proportionate basis against holders as of the record date or dates set by the depositary and shall be payable at the sole discretion of the depositary by billing such holders or by deducting such charge from one or more cash dividends or other cash
distributions); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a fee for the distribution of securities (or the sale of securities in connection with a distribution), such fee being in an amount equal to the US$0.05 per ADS issuance fee for the execution and delivery of ADSs which
would have been charged as a result of the deposit of such securities (treating all such securities as if they were shares) but which securities or the net cash proceeds from the sale thereof are instead distributed by the depositary to those
holders entitled thereto; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">stock transfer or other taxes and other governmental charges; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">cable, telex and facsimile transmission and delivery charges incurred at your request in connection with the deposit or delivery of shares; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">transfer or registration fees for the registration of transfer of deposited securities on any applicable register in connection with the deposit or withdrawal of deposited securities; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the fees, expenses and other charges charged by JPMorgan Chase Bank, N.A. and/or its agent (which maybe a division, branch or affiliate) in connection with the conversion of foreign currency into U.S. dollars; and
</TD></TR></TABLE>  <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">fees of any division, branch or affiliate of the depositary utilized by the depositary to direct, manage and/or execute any public and/or private sale of securities under the deposit agreement. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">JPMorgan Chase Bank, N.A. and/or its agent may act as principal for such conversion of foreign currency. We will pay all other charges and
expenses of the depositary and any agent of the depositary (except the custodian) pursuant to agreements from time to time between us and the depositary. The charges described above may be amended from time to time by agreement between us and the
depositary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The depositary has agreed to reimburse us for certain expenses we incur that are related to establishment and maintenance of
the ADR program upon such terms and conditions as we and the depositary may agree from time to time. The depositary may make available to us a set amount or a portion of the depositary fees charged in respect of the ADR program or otherwise upon
such terms and conditions as we and the depositary may agree from time to time. The depositary collects its fees for issuance and cancellation of ADSs directly from investors depositing </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">150 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
shares or surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting those fees from
the amounts distributed or by selling a portion of distributable property to pay the fees. The depositary may collect its annual fee for depositary services by deduction from cash distributions, or by directly billing investors, or by charging the
book-entry system accounts of participants acting for them. The depositary will generally set off the amounts owing from distributions made to holders of ADSs. If, however, no distribution exists and payment owing is not timely received by the
depositary, the depositary may refuse to provide any further services to holders that have not paid those fees and expenses owing until such fees and expenses have been paid. At the discretion of the depositary, all fees and charges owing under the
deposit agreement are due in advance and/or when declared owing by the depositary. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The fees and charges you may be required to pay
may vary over time and may be changed by us and by the depositary. You will receive prior notice of any increase in any such fees and charges. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Payment of Taxes </B></P>  <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">ADR holders must
pay any tax or other governmental charge payable by the custodian or the depositary on any ADS or ADR, deposited security or distribution. If an ADR holder owes any tax or other governmental charge, the depositary may (i)&nbsp;deduct the amount
thereof from any cash distributions, or (ii)&nbsp;sell deposited securities (by public or private sale) and deduct the amount owing from the net proceeds of such sale. In either case the ADR holder remains liable for any shortfall. Additionally, if
any taxes or other governmental charges (including any penalties and/or interest) shall become payable by or on behalf of the custodian or the depositary with respect to any ADR, any deposited securities represented by the ADSs evidenced thereby or
any distribution thereon, including, without limitation, any PRC enterprise Income Tax owing if the Circular Guoshuifa [2009] No.&nbsp;82 issued by the Chinese State Administration of Taxation or any other circular, edict, order or ruling, as issued
and as from time to time amended, is applied or otherwise, such tax or other governmental charge shall be paid by the holder thereof to the depositary. By holding or having held an ADR the holder and all prior holders thereof, jointly and severally,
agree to indemnify, defend and save harmless each of the depositary and its agents in respect thereof. If any tax or governmental charge is unpaid, the depositary may also refuse to effect any registration, registration of transfer, split-up or
combination of deposited securities or withdrawal of deposited securities until such payment is made. If any tax or governmental charge is required to be withheld on any cash distribution, the depositary may deduct the amount required to be withheld
from any cash distribution or, in the case of a non-cash distribution, sell the distributed property or securities (by public or private sale) to pay such taxes and distribute any remaining net proceeds or the balance of any such property after
deduction of such taxes to the ADR holders entitled thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">By holding an ADR or an interest therein, you will be agreeing to indemnify
us, the depositary, its custodian and any of our or their respective officers, directors, employees, agents and affiliates against, and hold each of them harmless from, any claims by any governmental authority with respect to taxes, additions to
tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Reclassifications, Recapitalizations and Mergers </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If we take certain actions that affect the deposited securities, including (i)&nbsp;any change in par value, split-up, consolidation,
cancellation or other reclassification of deposited securities or (ii)&nbsp;any distributions of shares or other property not made to holders of ADRs or (iii)&nbsp;any recapitalization, reorganization, merger, consolidation, liquidation,
receivership, bankruptcy or sale of all or substantially all of our assets, then the depositary may choose to, and shall if reasonably requested by us choose: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">to amend the form of ADR; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">to distribute additional or amended ADRs; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">to distribute cash, securities or other property it has received in connection with such actions; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">to sell any securities or property received and distribute the proceeds as cash; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">to do none of the above. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">151 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

  <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the depositary chooses to do none of the above, any of the cash, securities or other
property it receives will constitute part of the deposited securities and each ADS will then represent a proportionate interest in such property. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Amendment and Termination </B></P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>How
may the deposit agreement be amended? </I></B></P>  <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may agree with the depositary to amend the deposit agreement and the ADSs without
your consent for any reason. ADR holders must be given at least 30 days notice of any amendment that imposes or increases any fees or charges (other than stock transfer or other taxes and other governmental charges, transfer or registration fees,
cable, telex or facsimile transmission costs, delivery costs or other such expenses), or otherwise prejudices any substantial existing right of ADR holders. Such notice need not describe in detail the specific amendments effectuated thereby, but
must identify to ADR holders a means to access the text of such amendment. If an ADR holder continues to hold an ADR or ADRs after being so notified, such ADR holder is deemed to agree to such amendment and to be bound by the deposit agreement as so
amended. Notwithstanding the foregoing, if any governmental body or regulatory body should adopt new laws, rules or regulations which would require amendment or supplement of the deposit agreement or the form of ADR to ensure compliance therewith,
we and the depositary may amend or supplement the deposit agreement and the ADR at any time in accordance with such changed laws, rules or regulations, which amendment or supplement may take effect before a notice is given or within any other period
of time as required for compliance. No amendment, however, will impair your right to surrender your ADSs and receive the underlying securities, except in order to comply with mandatory provisions of applicable law. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>How may the deposit agreement be terminated? </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The depositary may, and shall at our written direction, terminate the deposit agreement and the ADRs by mailing notice of such termination to
the registered holders of ADRs at least 30 days prior to the date fixed in such notice for such termination; provided, however, if the depositary shall have (i)&nbsp;resigned as depositary under the deposit agreement, notice of such termination by
the depositary shall not be provided to registered holders unless a successor depositary shall not be operating under the deposit agreement within 60 days of the date of such resignation, and (ii)&nbsp;been removed as depositary under the deposit
agreement, notice of such termination by the depositary shall not be provided to registered holders of ADRs unless a successor depositary shall not be operating under the deposit agreement on the
120<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day after our notice of removal was first provided to the depositary. After the date so fixed for termination, (a)&nbsp;all Direct Registration ADRs shall cease to be eligible for the Direct
Registration System and shall be considered ADRs issued on the ADR Register and (b)&nbsp;the depositary shall use its reasonable efforts to ensure that the ADSs cease to be DTC eligible so that neither DTC nor any of its nominees shall thereafter be
a registered holder of ADRs. At such time as the ADSs cease to be DTC eligible and/or neither DTC nor any of its nominees is a registered holder of ADRs, the depositary shall (a)&nbsp;instruct its custodian to deliver all shares to us along with a
general stock power that refers to the names set forth on the ADR Register and (b)&nbsp;provide us with a copy of the ADR Register. Upon receipt of such shares and the ADR Register, we have agreed to use our best efforts to issue to each registered
holder a Share certificate representing the Shares represented by the ADSs reflected on the ADR Register in such registered holder&#146;s name and to deliver such Share certificate to the registered holder at the address set forth on the ADR
Register. After providing such instruction to the custodian and delivering a copy of the ADR Register to us, the depositary and its agents will perform no further acts under the Deposit Agreement and the ADRs and shall cease to have any obligations
under the Deposit Agreement and/or the ADRs. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">152 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Limitations on Obligations and Liability to ADR Holders </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Limits on our obligations and the obligations of the depositary; limits on liability to ADR holders and holders of ADSs </I></B></P>
 <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to the issue, registration, registration of transfer, split-up, combination, or cancellation of any ADRs, or the delivery of any
distribution in respect thereof, and from time to time in the case of the production of proofs as described below, we or the depositary or its custodian may require: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">payment with respect thereto of (i)&nbsp;any stock transfer or other tax or other governmental charge, (ii)&nbsp;any stock transfer or registration fees in effect for the registration of transfers of shares or other
deposited securities upon any applicable register and (iii)&nbsp;any applicable fees and expenses described in the deposit agreement; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the production of proof satisfactory to it of (i)&nbsp;the identity of any signatory and genuineness of any signature and (ii)&nbsp;such other information, including without limitation, information as to citizenship,
residence, exchange control approval, beneficial ownership of any securities, compliance with applicable law, regulations, provisions of or governing deposited securities and terms of the deposit agreement and the ADRs, as it may deem necessary or
proper; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">compliance with such regulations as the depositary may establish consistent with the deposit agreement. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The issuance of ADRs, the acceptance of deposits of shares, the registration, registration of transfer, split-up or combination of ADRs or the
withdrawal of shares, may be suspended, generally or in particular instances, when the ADR register or any register for deposited securities is closed or when any such action is deemed advisable by the depositary; provided that the ability to
withdraw shares may only be limited under the following circumstances: (i)&nbsp;temporary delays caused by closing transfer books of the depositary or our transfer books or the deposit of shares in connection with voting at a shareholders&#146;
meeting, or the payment of dividends, (ii)&nbsp;the payment of fees, taxes, and similar charges, and (iii)&nbsp;compliance with any laws or governmental regulations relating to ADRs or to the withdrawal of deposited securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The deposit agreement expressly limits the obligations and liability of the depositary, ourselves and our respective agents, provided,
however, that no such disclaimer of liability under the Securities Act is intended by any of the limitations of liabilities provisions of the deposit agreement. In the deposit agreement it provides that neither we nor the depositary nor any such
agent will be liable if: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">any present or future law, rule, regulation, fiat, order or decree of the United States, the Cayman Islands, the People&#146;s Republic of China or any other country, or of any governmental or regulatory authority or
securities exchange or market or automated quotation system, the provisions of or governing any deposited securities, any present or future provision of the depositary&#146;s charter, any act of God, war, terrorism, nationalization or other
circumstance beyond our, the depositary&#146;s or our respective agents&#146; control shall prevent or delay, or shall cause any of them to be subject to any civil or criminal penalty in connection with, any act which the deposit agreement or the
ADRs provide shall be done or performed by us, the depositary or our respective agents (including, without limitation, voting); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the depositary exercises or fails to exercise discretion under the deposit agreement or the ADR including, without limitation, any failure to determine that any distribution or action may be lawful or reasonably
practicable; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the depositary performs its obligations under the deposit agreement and ADRs without gross negligence or willful misconduct; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the depositary takes any action or refrains from taking any action in reliance upon the advice of or information from legal counsel, accountants, any person presenting shares for deposit, any registered holder of ADRs,
or any other person believed by it to be competent to give such advice or information; or </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">153 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the depositary relies upon any written notice, request, direction, instruction or document believed by it to be genuine and to have been signed, presented or given by the proper party or parties. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Neither the depositary nor its agents have any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of
any deposited securities or the ADRs. We shall only be obligated to appear in, prosecute or defend any action, suit or other proceeding in respect of any deposited securities or the ADRs, which in our opinion may involve us in expense or liability,
if indemnity satisfactory to us against all expense (including fees and disbursements of counsel) and liability is furnished as often as may be required. The depositary and its agents may fully respond to any and all demands or requests for
information maintained by or on its behalf in connection with the deposit agreement, any registered holder or holders of ADRs, any ADRs or otherwise related to the deposit agreement or ADRs to the extent such information is requested or required by
or pursuant to any lawful authority, including without limitation laws, rules, regulations, administrative or judicial process, banking, securities or other regulators. The depositary shall not be liable for the acts or omissions made by, or the
insolvency of, any securities depository, clearing agency or settlement system. Furthermore, the depositary shall not be responsible for, and shall incur no liability in connection with or arising from, the insolvency of any custodian that is not a
branch or affiliate of JPMorgan Chase Bank, N.A. Notwithstanding anything to the contrary contained in the deposit agreement or any ADRs, the depositary shall not be responsible for, and shall incur no liability in connection with or arising from,
any act or omission to act on the part of the custodian except to the extent that the custodian committed fraud or willful misconduct in the provision of custodial services to the depositary or failed to use reasonable care in the provision of
custodial services to the depositary as determined in accordance with the standards prevailing in the jurisdiction in which the custodian is located. The depositary and the custodian(s) may use third party delivery services and providers of
information regarding matters such as pricing, proxy voting, corporate actions, class action litigation and other services in connection with the ADRs and the deposit agreement, and use local agents to provide extraordinary services such as
attendance at annual meetings of issuers of securities. Although the depositary and the custodian will use reasonable care (and cause their agents to use reasonable care) in the selection and retention of such third party providers and local agents,
they will not be responsible for any errors or omissions made by them in providing the relevant information or services. The depositary shall not have any liability for the price received in connection with any sale of securities, the timing thereof
or any delay in action or omission to act nor shall it be responsible for any error or delay in action, omission to act, default or negligence on the part of the party so retained in connection with any such sale or proposed sale. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The depositary has no obligation to inform ADR holders or other holders of an interest in any ADSs about the requirements of Cayman Islands or
People&#146;s Republic of China law, rules or regulations or any changes therein or thereto. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additionally, none of us, the
depositary or the custodian shall be liable for the failure by any registered holder of ADRs or beneficial owner therein to obtain the benefits of credits on the basis of non-U.S. tax paid against such holder&#146;s or beneficial owner&#146;s income
tax liability. Neither we nor the depositary shall incur any liability for any tax consequences that may be incurred by holders or beneficial owners on account of their ownership of ADRs or ADSs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Neither the depositary nor its agents will be responsible for any failure to carry out any instructions to vote any of the deposited
securities, for the manner in which any such vote is cast or for the effect of any such vote. The depositary may rely upon instructions from us or our counsel in respect of any approval or license required for any currency conversion, transfer or
distribution. The depositary shall not incur any liability for the content of any information submitted to it by us or on our behalf for distribution to ADR holders or for any inaccuracy of any translation thereof, for any investment risk associated
with acquiring an interest in the deposited securities, for the validity or worth of the deposited securities, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of the deposit agreement or for the failure
or timeliness of any notice from us. The depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the depositary or in connection with any matter arising wholly
after the removal or resignation of the depositary, provided that in connection with the issue out of which such potential </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">154 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
liability arises the depositary performed its obligations without negligence while it acted as depositary. Neither the depositary nor any of its agents shall be liable to registered holders of
ADRs or beneficial owners of interests in ADSs for any indirect, special, punitive or consequential damages (including, without limitation, lost profits) of any form incurred by any person or entity, whether or not foreseeable and regardless of the
type of action in which such a claim may be brought. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the deposit agreement each party thereto (including, for avoidance of doubt, each
holder and beneficial owner and/or holder of interests in ADRs) irrevocably waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in any suit, action or proceeding against the depositary and/or us
directly or indirectly arising out of or relating to the shares or other deposited securities, the ADSs or the ADRs, the deposit agreement or any transaction contemplated therein, or the breach thereof (whether based on contract, tort, common law or
any other theory). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The depositary and its agents may own and deal in any class of our securities and in ADSs. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Disclosure of Interest in ADSs </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To the
extent that the provisions of or governing any deposited securities may require disclosure of or impose limits on beneficial or other ownership of deposited securities, other shares and other securities and may provide for blocking transfer, voting
or other rights to enforce such disclosure or limits, you agree to comply with all such disclosure requirements and ownership limitations and to comply with any reasonable instructions we may provide in respect thereof. We reserve the right to
instruct you to deliver your ADSs for cancellation and withdrawal of the deposited securities so as to permit us to deal with you directly as a holder of shares and, by holding an ADS or an interest therein, you will be agreeing to comply with such
instructions. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Books of Depositary </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The depositary or its agent will maintain a register for the registration, registration of transfer, combination and split-up of ADRs, which
register shall include the depositary&#146;s direct registration system. Registered holders of ADRs may inspect such records at the depositary&#146;s office at all reasonable times, but solely for the purpose of communicating with other holders in
the interest of the business of our company or a matter relating to the deposit agreement. Such register may be closed from time to time, when deemed expedient by the depositary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The depositary will maintain facilities for the delivery and receipt of ADRs. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Pre-release of ADSs </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In its capacity as
depositary, the depositary shall not lend shares or ADSs; provided, however, that the depositary may (i)&nbsp;issue ADSs prior to the receipt of shares and (ii)&nbsp;deliver shares prior to the receipt of ADSs for withdrawal of deposited securities,
including ADSs which were issued under (i)&nbsp;above but for which shares may not have been received (each such transaction a &#147;pre-release&#148;). The depositary may receive ADSs in lieu of shares under (i)&nbsp;above (which ADSs will promptly
be canceled by the depositary upon receipt by the depositary) and receive shares in lieu of ADSs under (ii)&nbsp;above. Each such pre-release will be subject to a written agreement whereby the person or entity (the &#147;applicant&#148;) to whom
ADSs or shares are to be delivered (a)&nbsp;represents that at the time of the pre-release the applicant or its customer owns the shares or ADSs that are to be delivered by the applicant under such pre-release, (b)&nbsp;agrees to indicate the
depositary as owner of such shares or ADSs in its records and to hold such shares or ADSs in trust for the depositary until such shares or ADSs are delivered to the depositary or the custodian, (c)&nbsp;unconditionally guarantees to deliver to the
depositary or the custodian, as applicable, such shares or ADSs, and (d)&nbsp;agrees to any additional restrictions or requirements that the depositary deems appropriate. Each such pre-release will be at all times fully collateralized with cash,
U.S. government securities or such other collateral as the depositary deems appropriate, terminable by the depositary on not more than five (5)&nbsp;business days&#146; notice and subject to such further indemnities and credit regulations as the
depositary </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">155 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
deems appropriate. The depositary will normally limit the number of ADSs and shares involved in such pre-release at any one time to thirty percent (30%)&nbsp;of the ADSs outstanding (without
giving effect to ADSs outstanding under (i)&nbsp;above), provided, however, that the depositary reserves the right to change or disregard such limit from time to time as it deems appropriate. The depositary may also set limits with respect to the
number of ADSs and shares involved in pre-release with any one person on a case-by-case basis as it deems appropriate. The depositary may retain for its own account any compensation received by it in conjunction with the foregoing. Collateral
provided in connection with pre-release transactions, but not the earnings thereon, shall be held for the benefit of the ADR holders (other than the applicant). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Appointment </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the deposit agreement,
each registered holder of ADRs and each person holding an interest in ADSs, upon acceptance of any ADSs (or any interest therein) issued in accordance with the terms and conditions of the deposit agreement will be deemed for all purposes to: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">be a party to and bound by the terms of the deposit agreement and the applicable ADR or ADRs, and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">appoint the depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in the deposit agreement and the applicable ADR or ADRs, to adopt any and all
procedures necessary to comply with applicable laws and to take such action as the depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the deposit agreement and the applicable ADR and ADRs, the taking of
such actions to be the conclusive determinant of the necessity and appropriateness thereof. </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Governing Law </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The deposit agreement and the ADRs shall be governed by and construed in accordance with the laws of the State of New York. In the deposit
agreement, we have submitted to the jurisdiction of the courts of the State of New York and appointed an agent for service of process on our behalf. Notwithstanding the foregoing, the depositary may, in its sole discretion, elect to institute any
action, controversy, claim or dispute directly or indirectly based on, arising out of or relating to the deposit agreement or the ADRs or the transactions contemplated thereby, including without limitation any question regarding its or their
existence, validity, interpretation, performance or termination, against any other party or parties to the deposit agreement (including, without limitation, against ADR holders and owners of interests in ADSs), by having the matter referred to and
finally resolved by an arbitration conducted under the terms described below, and the depositary may in its sole discretion require that any action, controversy, claim, dispute, legal suit or proceeding brought against the depositary by any party or
parties to the deposit agreement (including, without limitation, by ADR holders and owners of interests in ADSs) shall be referred to and finally settled by an arbitration conducted under the terms described below. Any such arbitration shall be
conducted in the English language either in New York, New York in accordance with the Commercial Arbitration Rules of the American Arbitration Association or in Hong Kong following the arbitration rules of the United Nations Commission on
International Trade Law (UNCITRAL). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">By holding an ADS or an interest therein, registered holders of ADRs and owners of ADSs each
irrevocably agree that any legal suit, action or proceeding against or involving us or the depositary, arising out of or based upon the deposit agreement or the transactions contemplated thereby, may only be instituted in a state or federal court in
New York, New York, and each irrevocably waives any objection which it may have to the laying of venue of any such proceeding, and irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">156 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom652797_21"></A>SHARES ELIGIBLE FOR FUTURE SALE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon completion of this offering, we will have 8,000,000 ADSs outstanding, representing 24,000,000 Class A ordinary shares, or approximately
17.0% of our outstanding ordinary shares, assuming (1) the over-allotment option is not exercised, and (2) we issue and sell a total of 10,500,000 Class A ordinary shares to the investors in the Concurrent Private Placement at an assumed initial
public offering price of US$10.00 (RMB60.54) per ADS, the mid-point of the estimated range of the initial public offering price shown on the front cover page of this prospectus. All of the ADSs sold in this offering will be freely transferable by
persons other than our &#147;affiliates&#148; without restriction or further registration under the Securities Act. Sales of substantial amounts of our ADSs in the public market could adversely affect prevailing market prices of our ADSs. Prior to
this offering, there has been no public market for our ordinary shares or the ADSs, and while application has been made for the ADSs to be listed on the NASDAQ Global Market, we cannot assure you that a regular trading market will develop in the
ADSs. We do not expect that a trading market will develop for our ordinary shares not represented by the ADSs. </P>  <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Lock-Up Agreements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We and all directors and officers, all our existing shareholders, Ctrip, Qihoo 360 and certain option holders have agreed, subject to some
exceptions, not to transfer or dispose of, directly or indirectly, any of our ordinary shares, in the form of ADSs or otherwise, or any securities convertible into or exchangeable or exercisable for our ordinary shares, in the form of ADSs or
otherwise, for a period of 180 days after the date of this prospectus. After the expiration of the 180-day period, the ordinary shares or ADSs held by our directors, executive officers and our existing shareholders may be sold subject to the
restrictions under Rule 144 under the Securities Act or by means of registered public offerings. </P>  <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rule 144 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All of our ordinary shares outstanding prior to this offering are &#147;restricted shares&#148; as that term is defined in Rule 144 under the
Securities Act and may be sold publicly in the United States only if they are subject to an effective registration statement under the Securities Act or pursuant to an exemption from the registration requirements. Under Rule 144 as currently in
effect, a person who has beneficially owned our restricted shares for at least six months is generally entitled to sell the restricted securities without registration under the Securities Act beginning 90 days after the date of this prospectus,
subject to certain additional restrictions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our affiliates may sell within any three-month period a number of restricted shares that does
not exceed the greater of the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">1% of the then outstanding ordinary shares, in the form of ADSs or otherwise, which will equal approximately 1,412,644 ordinary shares immediately after this offering; or </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the average weekly trading volume of our ordinary shares in the form of ADSs or otherwise, on the NASDAQ Global Market, during the four calendar weeks preceding the date on which notice of the sale is filed with the
SEC. </TD></TR></TABLE>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Affiliates who sell restricted securities under Rule 144 may not solicit orders or arrange for the solicitation
of orders, and they are also subject to notice requirements and the availability of current public information about us. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Persons who are
not our affiliates are only subject to one of these additional restrictions, the requirement of the availability of current public information about us, and this additional restriction does not apply if they have beneficially owned our restricted
shares for more than one year. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">157 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rule 701 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In general, under Rule 701 of the Securities Act as currently in effect, each of our employees, consultants or advisors who purchases our
ordinary shares from us in connection with a compensatory stock or option plan or other written agreement relating to compensation is eligible to resell such ordinary shares 90 days after we became a reporting company under the Exchange Act in
reliance on Rule 144, but without compliance with some of the restrictions, including the holding period, contained in Rule 144. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Registration Rights
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon completion of this offering, certain holders of our ordinary shares or their transferees will be entitled to request that we
register their shares under the Securities Act, following the expiration of the lock-up agreements described above. See &#147;Description of Share Capital&#151;Registration Rights.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">158 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom652797_22"></A>TAXATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>The following discussion of material Cayman Islands, PRC and United States federal income tax consequences of an investment in our ADSs or
ordinary shares is based upon laws and relevant interpretations thereof in effect as of the date of this prospectus, all of which are subject to change. This discussion does not deal with all possible tax consequences relating to an investment in
our ADSs or ordinary shares, such as the tax consequences under state, local and other tax laws. To the extent the at the discussion relates to matters of Cayman Islands tax law, it represents the opinion of Travers Thorp Alberga, our Cayman Islands
counsel. To the extent that the discussion relates to matters of PRC tax law, it represents the opinion of Jun He Law Offices, our PRC counsel. To the extent that the discussion states definitive legal conclusions under United States federal income
tax law as to the material United States federal income tax consequences of an investment in our ADSs or Class A ordinary shares, and subject to the qualifications herein, it represents the opinion of Skadden, Arps, Slate, Meagher &amp; Flom LLP,
our special United States counsel. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cayman Islands Taxation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no
taxation in the nature of inheritance tax or estate duty. There are no other taxes levied by the Government of the Cayman Islands that are likely to be material to holders of ADSs or ordinary shares. The Cayman Islands is not party to any double tax
treaties. There are no exchange control regulations or currency restrictions in the Cayman Islands. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>People&#146;s Republic of China Taxation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the EIT Law, an enterprise established outside the PRC with a &#147;de facto management body&#148; within the PRC is considered a PRC
resident enterprise for PRC enterprise income tax purposes and is generally subject to a uniform 25% enterprise income tax rate on its worldwide income as well as tax reporting obligations. Under the Implementation Rules, a &#147;de facto management
body&#148; is defined as a body that has material and overall management and control over the manufacturing and business operations, personnel and human resources, finances and properties of an enterprise. In addition, SAT Circular 82 issued in
April 2009 specifies that certain offshore-incorporated enterprises controlled by PRC enterprises or PRC enterprise groups will be classified as PRC resident enterprises if all of the following conditions are met: (a)&nbsp;senior management
personnel and core management departments in charge of the daily operations of the enterprises have their presence mainly in the PRC; (b)&nbsp;their financial and human resources decisions are subject to determination or approval by persons or
bodies in the PRC; (c)&nbsp;major assets, accounting books and company seals of the enterprises, and minutes and files of their board&#146;s and shareholders&#146; meetings are located or kept in the PRC; and (d)&nbsp;half or more of the
enterprises&#146; directors or senior management personnel with voting rights habitually reside in the PRC. Further to SAT Circular 82, the SAT issued SAT Bulletin 45, which took effect in September 2011, to provide more guidance on the
implementation of SAT Circular 82. SAT Bulletin 45 provides for procedures and administration details of determination on PRC resident enterprise status and administration on post-determination matters. If the PRC tax authorities determine that
Tuniu Corporation is a PRC resident enterprise for PRC enterprise income tax purposes, a number of unfavorable PRC tax consequences could follow. For example, Tuniu Corporation may be subject to enterprise income tax at a rate of 25% with respect to
its worldwide taxable income. Also, a 10% withholding tax would be imposed on dividends we pay to our non-PRC enterprise shareholders and with respect to gains derived by our non-PRC enterprise shareholders from transferring our shares or ADSs and
potentially a 20% of withholding tax would be imposed on dividends we pay to our non-PRC individual shareholders and with respect to gains derived by our non-PRC individual shareholders from transferring our shares or ADSs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">It is unclear whether, if we are considered a PRC resident enterprise, holders of our shares or ADSs would be able to claim the benefit of
income tax treaties or agreements entered into between China and other countries or areas. See &#147;Risk Factors&#151;Risk Factors Relating to Doing Business in China&#151;Under the PRC Enterprise </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">159 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Income Tax Law, we may be classified as a PRC resident enterprise for PRC enterprise income tax purposes. Such classification would likely result in unfavorable tax consequences to us and our
non-PRC Shareholders and have a material adverse effect on our results of operations and the value of your investment&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The SAT
issued SAT Circular 59 together with the Ministry of Finance in April 2009 and SAT Circular 698 in December 2009. Both SAT Circular 59 and SAT Circular 698 became effective retroactively as of January&nbsp;1, 2008. By promulgating and implementing
these two circulars, the PRC tax authorities have enhanced their scrutiny over the direct or indirect transfer of equity interests in a PRC resident enterprise by a non-PRC resident enterprise. Under SAT Circular 698, where a non-PRC resident
enterprise transfers the equity interests of a PRC resident enterprise indirectly by disposition of the equity interests of an overseas holding company, and the overseas holding company is located in a tax jurisdiction that: (1)&nbsp;has an
effective tax rate of less than 12.5% or (2)&nbsp;does not impose tax on foreign income of its residents, the non-PRC resident enterprise, being the transferor, must report to the relevant tax authority of the PRC resident enterprise this Indirect
Transfer. Using a &#147;substance over form&#148; principle, the PRC tax authority may disregard the existence of the overseas holding company if it lacks a reasonable commercial purpose and was established for the purpose of reducing, avoiding or
deferring PRC tax. As a result, gains derived from such Indirect Transfer may be subject to PRC tax at a rate of up to 10%. Although it appears that SAT Circular 698 was not intended to apply to share transfers of publicly traded companies, there is
uncertainty as to the application of SAT Circular 698 and we and our non-PRC resident investors may be at risk of being required to file a return and being taxed under SAT Circular 698 and we may be required to expend valuable resources to comply
with SAT Circular 698 or to establish that we should not be taxed under SAT Circular 698. See &#147;Risk Factors&#151;Risk Factors Relating to Doing Business in China&#151;We face uncertainty regarding the PRC tax reporting obligations and
consequences for certain indirect transfers of our operating company&#146;s equity interests. Enhanced scrutiny over acquisition transactions by the PRC tax authorities may have a negative impact on potential acquisitions we may pursue in the
future.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>United States Federal Income Tax Considerations </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following is a discussion of United States federal income tax considerations relating to the acquisition, ownership, and disposition of our
ADSs or ordinary shares by a U.S. Holder, as defined below, that acquires our ADSs in this offering and holds our ADSs or ordinary shares as &#147;capital assets&#148; (generally, property held for investment) under the United States Internal
Revenue Code of 1986, as amended (the &#147;Code&#148;). This discussion is based upon existing United States federal income tax law, which is subject to differing interpretations or change, possibly with retroactive effect. No ruling has been
sought from the Internal Revenue Service (the &#147;IRS&#148;) with respect to any United States federal income tax consequences described below, and there can be no assurance that the IRS or a court will not take a contrary position. This
discussion does not address all aspects of United States federal income taxation that may be important to particular investors in light of their individual circumstances, including investors subject to special tax rules (such as, for example,
certain financial institutions, insurance companies, regulated investment companies, real estate investment trusts, broker-dealers, traders in securities that elect mark-to-market treatment, partnerships and their partners, tax-exempt organizations
(including private foundations)), investors who are not U.S. Holders, investors that own (directly, indirectly, or constructively) 10% or more of our voting stock, investors that hold their ADSs or ordinary shares as part of a straddle, hedge,
conversion, constructive sale or other integrated transaction), or investors that have a functional currency other than the U.S. dollar, all of whom may be subject to tax rules that differ significantly from those summarized below. In addition, this
discussion does not address any state, local, alternative minimum tax, or non-United States tax considerations, or the Medicare tax. Each potential investor is urged to consult its tax advisor regarding the United States federal, state, local and
non-United States income and other tax considerations of an investment in our ADSs or ordinary shares. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>General </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of this discussion, a &#147;U.S. Holder&#148; is a beneficial owner of our ADSs or ordinary shares that is, for United States
federal income tax purposes, (i)&nbsp;an individual who is a citizen or resident of the United States, (ii)&nbsp;a corporation (or other entity treated as a corporation for United States federal income tax purposes) created
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">160 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
in, or organized under the laws of, the United States or any state thereof or the District of Columbia, (iii)&nbsp;an estate the income of which is includible in gross income for United States
federal income tax purposes regardless of its source, or (iv)&nbsp;a trust (A)&nbsp;the administration of which is subject to the primary supervision of a United States court and which has one or more United States persons who have the authority to
control all substantial decisions of the trust or (B)&nbsp;that has otherwise elected to be treated as a United States person under the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a partnership (or other entity treated as a partnership for United States federal income tax purposes) is a beneficial owner of our ADSs or
ordinary shares, the tax treatment of a partner in the partnership will depend upon the status of the partner and the activities of the partnership. Partnerships and partners of a partnership holding our ADSs or ordinary shares are urged to consult
their tax advisors regarding an investment in our ADSs or ordinary shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For United States federal income tax purposes, a U.S. Holder
of ADSs will generally be treated as the beneficial owner of the underlying shares represented by the ADSs. Accordingly, deposits or withdrawals of ordinary shares for ADSs will generally not be subject to United States federal income tax. The
United States Treasury has expressed concerns that parties to whom American depositary shares are released before shares are delivered to the depositary (a &#147;pre-release transaction&#148;), or intermediaries in the chain of ownership between
holders of American depositary shares and the issuer of the security underlying the American depositary shares, may be taking actions that are inconsistent with the claiming of foreign tax credits by holders of American depositary shares. These
actions would also be inconsistent with the claiming of the reduced rate of tax, described below, applicable to dividends received by certain non-corporate holders. Accordingly, the creditability of any PRC taxes, and the availability of the reduced
tax rate for dividends received by certain non-corporate U.S. Holders, each described below, could be affected by actions taken by such parties or intermediaries in respect of a pre-release transaction. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Passive Foreign Investment Company Considerations </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A non-United States corporation, such as our company, will be classified as a &#147;passive foreign investment company,&#148; or PFIC, for
United States federal income tax purposes, if, in the case of any particular taxable year, either (i)&nbsp;75% or more of its gross income for such year consists of certain types of &#147;passive&#148; income or (ii)&nbsp;50% or more of its average
quarterly assets (as determined on the basis of fair market value) during such year produce or are held for the production of passive income. For this purpose, cash is categorized as a passive asset and the company&#146;s unbooked intangibles
associated with active business activities may generally be classified as active assets. Passive income generally includes, among other things, dividends, interest, rents, royalties, and gains from the disposition of passive assets. We will be
treated as owning our proportionate share of the assets and earning our proportionate share of the income of any other corporation in which we own, directly or indirectly, more than 25% (by value) of the stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Although the law in this regard is unclear, we treat Nanjing Tuniu, our consolidated affiliated entities, as being owned by us for United
States federal income tax purposes, not only because we exercise effective control over the operation of such entities but also because we are entitled to substantially all of their economic benefits, and, as a result, we consolidate their operating
results in our consolidated financial statements. Assuming that we are the owner of consolidated affiliated entities for United States federal income tax purposes, based upon our current income and assets (taking into account the proceeds from this
offering) and projections as to the value of our ADSs and ordinary shares following the offering, we do not presently expect to be classified as a PFIC for the current taxable year or the foreseeable future. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">While we do not expect to become a PFIC in the current or future taxable years, the determination of whether we will be or become a PFIC will
depend upon the composition of our income and assets and the value of our assets from time to time, including, in particular the value of our goodwill and other unbooked intangibles (which may depend upon the market value of our ADSs or ordinary
shares from time-to-time and may be volatile). In estimating the value of our goodwill and other unbooked intangibles, we have taken into account our </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">161 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
anticipated market capitalization following the close of this offering. Among other matters, if market capitalization is less than anticipated or subsequently declines, we may be classified as a
PFIC for the current or future taxable years. It is also possible that the IRS, may challenge our classification or valuation of our goodwill and other unbooked intangibles, which may result in our company being, or becoming classified as, a PFIC
for the current or one or more future taxable years. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The determination of whether we will be or become a PFIC may also depend, in part,
on how, and how quickly, we use our liquid assets and the cash raised in this offering. Under circumstances where we determine not to deploy significant amounts of cash for active purposes or if our consolidated affiliated entities were not treated
as owned by us for United States federal income tax purposes, our risk of being classified as a PFIC may substantially increase. Because there are uncertainties in the application of the relevant rules and PFIC status is a factual determination made
annually after the close of each taxable year, there can be no assurance that we will not be a PFIC for the current taxable year or any future taxable year. Our special United States counsel expresses no opinion with respect to our PFIC status and
also expresses no opinion with respect to our expectations regarding our PFIC status. If we were classified as a PFIC for any year during which a U.S. holder held our ADSs or ordinary shares, we generally would continue to be treated as a PFIC for
all succeeding years during which such U.S. holder held our ADSs or ordinary shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The discussion below under &#147;Dividends&#148; and
&#147;Sale or Other Disposition of ADSs or Ordinary Shares&#148; is written on the basis that we will not be classified as a PFIC for United States federal income tax purposes. The United States federal income tax rules that apply if we are
classified as a PFIC for the current taxable year or any subsequent taxable year are discussed below under &#147;Passive Foreign Investment Company Rules.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Dividends </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject
to the PFIC rules described below, any cash distributions (including the amount of any PRC tax withheld) paid on our ADSs or ordinary shares out of our current or accumulated earnings and profits, as determined under United States federal income tax
principles, will generally be includible in the gross income of a U.S. Holder as dividend income on the day actually or constructively received by the U.S. Holder, in the case of ordinary shares, or by the depositary bank, in the case of ADSs.
Because we do not intend to determine our earnings and profits on the basis of United States federal income tax principles, a U.S. Holder should expect that any distribution paid on our ADSs or ordinary shares will be treated as a
&#147;dividend&#148; for United States federal income tax purposes. A non-corporate recipient of dividend income will generally be subject to tax on dividend income from a &#147;qualified foreign corporation&#148; at a lower applicable capital gains
rate rather than the marginal tax rates generally applicable to ordinary income provided that certain holding period and other requirements are met. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A non-United States corporation (other than a corporation that is classified as a PFIC for the taxable year in which the dividend is paid or
the preceding taxable year) will be considered to be a qualified foreign corporation (a)&nbsp;if it is eligible for the benefits of a comprehensive tax treaty with the United States which the Secretary of Treasury of the United States determines is
satisfactory for purposes of this provision and which includes an exchange of information program, or (b)&nbsp;with respect to any dividend it pays on stock (or ADSs in respect of such stock) which is readily tradable on an established securities
market in the United States. We have applied to list the ADSs on the NASDAQ Global Market. Provided the listing is approved, we believe that the ADSs will be readily tradable on an established securities market in the United States and that we will
be a qualified foreign corporation with respect to dividends paid on the ADSs. Since we do not expect that our ordinary shares will be listed on established securities markets, it is unclear whether dividends that we pay on our ordinary shares that
are not backed by ADSs currently meet the conditions required for the reduced tax rate. There can be no assurance that our ADSs will continue to be considered readily tradable on an established securities market in later years. In the event we are
deemed to be a PRC resident enterprise under the EIT Law, we may be eligible for the benefits of the United States-PRC income tax treaty (which the Secretary of the Treasury of the United States has determined is satisfactory for this purpose) and
we would be treated as a qualified foreign corporation </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">162 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
with respect to dividends paid on our ordinary shares or ADSs. U.S. Holders are urged to consult their tax advisors regarding the availability of the reduced tax rate on dividends in their
particular circumstances. Dividends received on our ADSs or ordinary shares will not be eligible for the dividends received deduction allowed to corporations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For United States foreign tax credit purposes, dividends paid on our ADSs or ordinary shares will be treated as income from foreign sources
and will generally constitute passive category income. In the event that we are deemed to be a PRC resident enterprise under the EIT Law, a U.S. Holder may be subject to PRC withholding taxes on dividends paid, if any, on our ADSs or ordinary
shares. A U.S. Holder may be eligible, subject to a number of complex limitations, to claim a foreign tax credit in respect of any foreign withholding taxes imposed on dividends received on our ADSs or ordinary shares. A U.S. Holder who does not
elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction for United States federal income tax purposes in respect of such withholding, but only for a year in which such holder elects to do so for all creditable
foreign income taxes. The rules governing the foreign tax credit are complex. U.S. Holders are urged to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Sale or Other Disposition of ADSs or Ordinary Shares </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the PFIC rules discussed below, a U.S. Holder will generally recognize capital gain or loss, if any, upon the sale or other
disposition of ADSs or ordinary shares in an amount equal to the difference between the amount realized upon the disposition and the holder&#146;s adjusted tax basis in such ADSs or ordinary shares. Any capital gain or loss will be long-term gain or
loss if the ADSs or ordinary shares have been held for more than one year and will generally be United States source gain or loss for United States foreign tax credit purposes. In the event that we are treated as a PRC resident enterprise under the
EIT Law, and gain from the disposition of the ADSs or ordinary shares is subject to tax in the PRC, such gain may be treated as PRC source gain for foreign tax credit purposes under the United States-PRC income tax treaty. The deductibility of a
capital loss may be subject to limitations. U.S. Holders are urged to consult their tax advisors regarding the tax consequences if a foreign tax is imposed on a disposition of our ADSs or ordinary shares, including the availability of the foreign
tax credit under their particular circumstances. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Passive Foreign Investment Company Rules </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If we are classified as a PFIC for any taxable year during which a U.S. Holder holds our ADSs or ordinary shares, unless the U.S. Holder makes
a mark-to-market election (as described below), the U.S. Holder will, except as discussed below, be subject to special tax rules that have a penalizing effect, regardless of whether we remain a PFIC, on (i)&nbsp;any excess distribution that we make
to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than 125% of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder&#146;s
holding period for the ADSs or ordinary shares), and (ii)&nbsp;any gain realized on the sale or other disposition, including, under certain circumstances, a pledge, of ADSs or ordinary shares. Under the PFIC rules: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the excess distribution and/or gain will be allocated ratably over the U.S. Holder&#146;s holding period for the ADSs or ordinary shares; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the amount allocated to the current taxable year and any taxable years in the U.S. Holder&#146;s holding period prior to the first taxable year in which we are classified as a PFIC, or pre-PFIC year, will be taxable as
ordinary income; </TD></TR></TABLE>  <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the amount allocated to each prior taxable year, other than the current taxable year or a pre-PFIC year, will be subject to tax at the highest tax rate in effect applicable to the individuals or corporations, as
appropriate, for that year; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">will be increased by an additional tax equal to interest on the resulting tax deemed deferred with respect to each such other taxable year. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">163 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If we are a PFIC for any taxable year during which a U.S. Holder holds our ADSs or ordinary
shares and any of our non-United States subsidiaries is also a PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC for purposes of the application of these rules. Each U.S. Holder
is advised to consult its tax advisors regarding the application of the PFIC rules to any of our subsidiaries. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As an alternative to
the foregoing rules, a U.S. Holder of &#147;marketable stock&#148; in a PFIC may make a mark-to-market election with respect to our ADSs, provided that the ADSs are regularly traded on the NASDAQ Global Market. We anticipate that our ADSs should
qualify as being regularly traded, but no assurances may be given in this regard. If a mark-to-market election is made, the U.S. Holder will generally (i)&nbsp;include as ordinary income for each taxable year that we are a PFIC the excess, if any,
of the fair market value of ADSs held at the end of the taxable year over the adjusted tax basis of such ADSs and (ii)&nbsp;deduct as an ordinary loss the excess, if any, of the adjusted tax basis of the ADSs over the fair market value of such ADSs
held at the end of the taxable year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. The U.S. Holder&#146;s adjusted tax basis in the ADSs would be adjusted to reflect any income or
loss resulting from the mark-to-market election. If a U.S. Holder makes an effective mark-to-market election, in each year that we are a PFIC any gain recognized upon the sale or other disposition of the ADSs will be treated as ordinary income and
loss will be treated as ordinary loss, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a U.S. Holder makes a mark-to-market election in respect of a corporation classified as a PFIC and such corporation ceases to be classified
as a PFIC, the U.S. Holder will not be required to take into account the mark-to-market gain or loss described above during any period that such corporation is not classified as a PFIC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Because a mark-to-market election cannot be made for any lower-tier PFICs that a PFIC may own, a U.S. Holder who makes a mark-to-market
election with respect to our ADSs may continue to be subject to the general PFIC rules with respect to such U.S. Holder&#146;s indirect interest in any of our non-United States subsidiaries that is classified as a PFIC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We do not intend to provide information necessary for U.S. Holders to make qualified electing fund elections, which, if available, would
result in tax treatment different from the general tax treatment for PFICs described above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As discussed above under
&#147;Dividends&#148;, dividends that we pay on our ADSs or ordinary shares will not be eligible for the reduced tax rate that applies to qualified dividend income if we are classified as a PFIC for the taxable year in which the dividend is paid or
the preceding taxable year. In addition, if a U.S. Holder owns our ADSs or ordinary shares during any taxable year that we are a PFIC, the holder must file an annual report with the IRS. Each U.S. Holder is urged to consult its tax advisor
concerning the United States federal income tax consequences of purchasing, holding, and disposing ADSs or ordinary shares if we are or become a PFIC, including the possibility of making a mark-to-market election and the unavailability of the
qualified electing fund election. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Information Reporting and Backup Withholding </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the Hiring Incentives to Restore Employment Act enacted on March&nbsp;18, 2010, in tax years beginning after the date of enactment,
an individual U.S. Holder and certain entities may be required to submit to the IRS certain information with respect to his or her beneficial ownership of the ADSs or ordinary shares, if such ADSs or ordinary shares are not held on his or her behalf
by a U.S. financial institution. This law also imposes penalties if an individual U.S. Holder is required to submit such information to the IRS and fails to do so. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, U.S. Holders may be subject to information reporting to the IRS with respect to dividends on and proceeds from the sale or other
disposition of our ADSs or ordinary shares. Backup withholding will not </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">164 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification or who is otherwise exempt from backup withholding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against a U.S. Holder&#146;s U.S. federal
income tax liability, and a U.S. Holder may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the IRS and furnishing any required information. Each U.S. Holder is
advised to consult with its tax advisor regarding the application of the United States information reporting rules to their particular circumstances. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">165 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom652797_23"></A>UNDERWRITING </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the terms and subject to the conditions contained in an underwriting agreement dated the date of this prospectus, the underwriters named
below, for whom Morgan Stanley &amp;&nbsp;Co. International&nbsp;plc, Credit Suisse Securities (USA)&nbsp;LLC and China Renaissance Securities (Hong Kong) Limited are acting as representatives, have severally agreed to purchase, and we and the
selling shareholders have agreed to sell to them, the number of ADSs indicated in the table below. </P>  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP><B>Underwriter</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Number&nbsp;of&nbsp;ADSs</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Morgan Stanley &amp;&nbsp;Co. International&nbsp;plc</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Credit Suisse Securities (USA)&nbsp;LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">China Renaissance Securities (Hong Kong) Limited</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Oppenheimer &amp; Co. Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>8,000,000</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>   <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The underwriters and the representative are collectively referred to as the &#147;underwriters&#148;
and the &#147;representative,&#148; respectively. The underwriters are offering the ADSs subject to their acceptance of the ADSs from us and the selling shareholders and subject to prior sale. The underwriting agreement provides that the obligations
of the several underwriters to pay for and accept delivery of the ADSs offered by this prospectus are subject to the approval of certain legal matters by their counsel and to certain other conditions. The underwriters are obligated, severally and
not jointly, to take and pay for all of the ADSs offered by this prospectus if any such ADSs are taken. However, the underwriters are not required to take or pay for the ADSs covered by the underwriters&#146; over-allotment option described below.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Sequoia Capital 2010 CV Holdco, Ltd., our existing shareholder, has indicated to us its interest in purchasing, by itself or through its
affiliates, up to US$10.0 million (RMB60.5 million) of ADSs offered in this offering at the initial public offering price and on the same terms as the other ADSs being offered in this offering. <B><I></I></B>We and the underwriters are currently
under no obligation to sell ADSs to it. The number of ADSs available for sale to the general public will be reduced to the extent that this shareholder purchases our ADSs. Such shareholder has agreed not to sell, transfer or dispose of, directly or
indirectly, any of our ADSs or ordinary shares acquired in this offering or securities convertible into or exercisable or exchangeable for our ADSs or ordinary shares until after 180 days following the date of this prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The underwriters initially propose to offer part of the ADSs directly to the public at the public offering price listed on the cover page of
this prospectus and part of the ADSs to certain dealers. After the initial offering of the ADSs, the offering price and other selling terms may from time to time be varied by the representatives. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have granted to the underwriters an option, exercisable for 30&nbsp;days from the date of this prospectus, to purchase up to 1,200,000
additional ADSs from us at the public offering price listed on the cover page of this prospectus, less underwriting discounts and commissions. The underwriters may exercise this option solely for the purpose of covering over-allotments, if any, made
in connection with the offering of the ADSs offered by this prospectus. To the extent the option is exercised, each underwriter will become obligated, subject to certain conditions, to purchase about the same percentage of the additional ADSs as the
number listed next to the underwriter&#146;s name in the preceding table bears to the total number of ADSs listed next to the names of all underwriters in the preceding table. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">166 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

  <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table shows the per ADS and total public offering price, underwriting discounts
and commissions, and proceeds before expenses to us and the selling shareholders. These amounts are shown assuming both no exercise and full exercise of the underwriters&#146; option to purchase up to an additional 1,200,000 ADSs. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>No Exercise</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Full<BR>Exercise</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Public offering price</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Underwriting discounts and commissions to be paid by:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Us</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">The selling shareholders</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Proceeds, before expenses, to us</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Proceeds, before expenses, to selling shareholders</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE>   <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The estimated offering expenses payable by us, exclusive of the underwriting discounts and
commissions, are approximately US$3.7 million. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Some of the underwriters are expected to make offers and sales both inside and
outside the United States through their respective selling agents. Any offers or sales in the United States will be conducted by broker-dealers registered with the SEC. Morgan Stanley&nbsp;&amp;&nbsp;Co. International&nbsp;plc will offer ADSs in the
United States through its registered broker-dealer affiliate in the United States, Morgan Stanley&nbsp;&amp;&nbsp;Co.&nbsp;LLC. China Renaissance Securities (Hong Kong) Limited is not a broker-dealer registered with the SEC and therefore may not
make sales of any of our ADSs in the United States or to U.S. persons. China Renaissance Securities (Hong Kong) Limited has agreed that it does not intend to and will not offer or sell any of our ADSs in the United States or to U.S. persons in
connection with this offering. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have applied for to have our ADSs listed on the NASDAQ Global Market under the symbol
&#147;TOUR.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We and all directors and officers, all of our existing shareholders, all investors in our Concurrent Private Placement
and certain option holders have agreed that, without the prior written consent of the representatives on behalf of the underwriters, we and they will not, directly or indirectly during the period ending 180 days after the date of this prospectus
(the &#147;restricted period&#148;): </P>  <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of, directly
or indirectly, any ordinary shares or ADSs or any securities convertible into or exercisable or exchangeable for such ordinary shares or ADSs; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">establish or increase a put equivalent position or liquidate or decrease a call equivalent position in any ordinary shares or ADSs or any securities convertible into or exercisable or exchangeable for such ordinary
shares or ADSs; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">file any registration statement with the SEC relating to the offering of any ordinary shares or ADSs or any securities convertible into or exercisable or exchangeable for ordinary shares or ADSs; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">enter into any swap, hedge or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the ordinary shares or ADSs; or </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">publicly disclose the intention to make any offer, sale, pledge, disposition or filing, </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">whether any such transaction described above is to be settled by delivery of ordinary shares, ADSs or such other securities, in cash or
otherwise. In addition, we and each such person agrees that, without the prior written consent of the representatives on behalf of the underwriters, we or such other person will not, during the restricted period, make any demand for, or exercise any
right with respect to, the registration of any ordinary shares or ADSs or any security convertible into or exercisable or exchangeable for ordinary shares or ADSs. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">167 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

  <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The restrictions described in the preceding paragraph are subject to certain exceptions. </P>
 <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The representatives of the underwriters, in their sole discretion, may release the ordinary shares, ADSs and other securities subject to
the lock-up agreements described above in whole or in part at any time with or without notice. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, through a letter
agreement, we will instruct JPMorgan Chase Bank, N.A., as depositary, not to accept any deposit of any ordinary shares or issue any ADSs for 180 days after the date of this prospectus unless we otherwise instruct the depositary with the prior
written consent of the representatives. The foregoing does not affect the right of ADS holders to cancel their ADSs and withdraw the underlying ordinary shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In order to facilitate this offering of ADSs, the underwriters may engage in transactions that stabilize, maintain or otherwise affect the
price of the ADSs. Specifically, the underwriters may sell more ADSs than they are obligated to purchase under the underwriting agreement, creating a short position in the ADSs for their own account. A short sale is covered if the short position is
no greater than the number of ADSs available for purchase by the underwriters under the over-allotment option. The underwriters can close out a covered short sale by exercising the over-allotment option or purchasing ADSs in the open market. In
determining the source of ADSs to close out a covered short sale, the underwriters will consider, among other things, the open market price of ADSs compared to the price available under the over-allotment option. The underwriters may also sell ADSs
in excess of the over-allotment option, creating a naked short position. The underwriters must close out any naked short position by purchasing ADSs in the open market. A naked short position is more likely to be created if the underwriters are
concerned that there may be downward pressure on the price of the ADSs in the open market after pricing that could adversely affect investors who purchase in this offering. As an additional means of facilitating this offering, the underwriters may
bid for, and purchase, the ADSs in the open market to stabilize the price of the ADSs. These activities may raise or maintain the market price of the ADSs above independent market levels or prevent or retard a decline in the market price of the
ADSs. The underwriters are not required to engage in these activities, and may end any of these activities at any time. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We, the
selling shareholders and the underwriters have agreed to indemnify each other against certain liabilities, including liabilities under the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A prospectus in electronic format may be made available on websites maintained by one or more underwriters, or selling group members, if any,
participating in this offering. The representative may agree to allocate a number of ADSs to underwriters for sale to their online brokerage account holders. Internet distributions will be allocated by the representative to underwriters that may
make Internet distributions on the same basis as other allocations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The underwriters and their respective affiliates are full service
financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging. financing and brokerage
activities. Certain of the underwriters and their respective affiliates may have, from time to time, performed, and may in the future perform, various financial advisory and investment banking services for us, for which they received or will receive
customary fees and expenses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, in the ordinary course of their various business activities, the underwriters and their
respective affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their
customers and may at any time hold long and short positions in such securities and instruments. Such investment and securities activities may involve our securities and instruments. The underwriters and their respective affiliates may also make
investment recommendations or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long or short positions in such securities and instruments.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">168 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Pricing of the Offering </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to this offering, there has been no public market for our ordinary shares or ADSs. The initial public offering price is determined by
negotiations between us and the representatives of the underwriters. Among the factors considered in determining the initial public offering price are the future prospects of our company and our industry in general, our sales, earnings and certain
other financial and operating information in recent periods, and the price-earnings ratios, price-sales ratios, market prices of securities and certain financial and operating information of companies engaged in activities similar to ours. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Directed Share Program </B></P>  <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At our
request, the underwriters have reserved up to 560,000 ADSs to be offered by this prospectus for sale, at the initial public offering price, to our directors, officers, employees, business associates and related persons. If purchased by our directors
and officers, these ADSs will be subject to a 180-day lock-up restriction. The number of ADSs available for sale to the general public will be reduced to the extent these individuals purchase such reserved ADSs. Any reserved ADSs that are not so
purchased will be offered by the underwriters to the general public on the same basis as the other ADSs offered by this prospectus. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Concurrent Private
Placement</B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Concurrently with, and subject to, the completion of this offering, each of DCM Hybrid RMB Fund, L.P., our existing
shareholder, Ctrip and Qihoo 360, has agreed to purchase from us US$15.0 million (RMB90.8&nbsp;million), US$15.0 million (RMB90.8 million) and US$5.0 million (RMB30.3 million), respectively, in Class A ordinary shares at a price per share equal to
the initial public offering price adjusted to reflect the ADS-to-ordinary-share ratio. Assuming an initial offering price of US$10.00 (RMB60.54) per ADS, the mid-point of the estimated range of the initial public offering price shown on the front
cover page of this prospectus, each of these investors will purchase 4,500,000 Class A ordinary shares, 4,500,000 Class A ordinary shares and 1,500,000 Class A ordinary shares from us, respectively. Our proposed issuance and sale of Class A ordinary
shares to these investors are being made through private placement pursuant to an exemption from registration with the SEC under Regulation S of the Securities Act. Each of these investors has agreed with the underwriters not to, directly or
indirectly, sell, transfer or dispose of any Class A ordinary shares acquired in the Concurrent Private Placement for a period of 180 days after the date of this prospectus, subject to certain exceptions. In addition, we have granted Ctrip the right
to designate and appoint a person to join our board of directors as a new director immediately after the closing of this offering. </P>  <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Selling
Restrictions </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No action has been taken in any jurisdiction (except in the United States) that would permit a public offering of the
ADSs, or the possession, circulation or distribution of this prospectus or any other material relating to us or the ADSs in any jurisdiction where action for that purpose is required. Accordingly, the ADSs may not be offered or sold, directly or
indirectly, and neither this prospectus nor any other offering material relating to the ADSs may be distributed or published, in or from any jurisdiction except under circumstances that will result in compliance with the applicable laws and
regulations thereof. </P>   <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Cayman Islands.</I></B>&nbsp;This prospectus does not constitute a public offer of the ADSs or
ordinary shares, whether by way of sale or subscription, in the Cayman Islands. Each underwriter has represented and agreed that it has not offered or sold, and will not offer or sell, directly or indirectly, any ADSs or ordinary shares in the
Cayman Islands. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>European Economic Area. </I></B>In relation to each Member State of the European Economic Area which has
implemented the Prospectus Directive (each, a &#147;Relevant Member State&#148;) an offer to the public of any ADSs may not be made in that Relevant Member State, except that an offer to the public in that Relevant Member State
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">169 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
of any ADSs may be made at any time under the following exemptions under the Prospectus Directive, if they have been implemented in that Relevant Member State: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">to any legal entity which is a qualified investor as defined in the Prospectus Directive; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">to fewer than 100 or, if the Relevant Member State has implemented the relevant provision of the 2010 PD Amending Directive, 150, natural or legal persons (other than qualified investors as defined in the Prospectus
Directive), as permitted under the Prospectus Directive, subject to obtaining the prior consent of the representatives for any such offer; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">in any other circumstances falling within Article 3(2) of the Prospectus Directive, provided that no such offer of ADSs shall result in a requirement for the publication by us or any underwriter of a prospectus pursuant
to Article 3 of the Prospectus Directive. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the purposes of this provision, the expression an &#147;offer to the
public&#148; in relation to any of the ADSs in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and any of the ADSs to be offered so as to enable an investor to decide
to purchase any of the ADSs, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State, the expression &#147;Prospectus Directive&#148; means Directive 2003/71/EC (and amendments
thereto, including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member State), and includes any relevant implementing measure in the Relevant Member State, and the expression &#147;2010 PD Amending Directive&#148; means
Directive 2010/73/EU. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>United&nbsp;Kingdom.</I></B>&nbsp;Each underwriter has represented and agreed that: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section&nbsp;21 of the
Financial Services and Markets Act 2000 (&#147;FSMA&#148;) received by it in connection with the issue or sale of the ADSs in circumstances in which Section&nbsp;21(1) of the FSMA does not apply to us; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the ADSs in, from or otherwise involving the United Kingdom. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>United Arab Emirates and Dubai International Financial Centre.</I></B>&nbsp;This offering of the ADSs has not been approved or licensed
by the Central Bank of the United Arab Emirates (the&nbsp;&#147;UAE&#148;), the Emirates Securities and Commodities Authority or any other relevant licensing authority in the UAE, including any licensing authority incorporated under the laws and
regulations of any of the free zones established and operating in the territory of the UAE, in particular the Dubai Financial Services Authority (the&nbsp;&#147;DFSA&#148;), a regulatory authority of the Dubai International Financial Centre
(the&nbsp;&#147;DIFC&#148;). This offering does not constitute a public offer of securities in the UAE, DIFC and/or any other free zone in accordance with the Commercial Companies Law, Federal Law No.&nbsp;8 of 1984 (as&nbsp;amended), DFSA Offered
Securities Rules and the Dubai International Financial Exchange Listing Rules, respectively, or&nbsp;otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The ADSs may not be
offered to the public in the UAE and/or any of the free zones. The ADSs may be offered and this prospectus may be issued, only to a limited number of investors in the UAE or any of its free zones who qualify as sophisticated investors under the
relevant laws and regulations of the UAE or the free zone concerned. The ADSs will not be offered, sold, transferred or delivered to the public in the UAE or any of its free&nbsp;zones. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Japan.</I></B>&nbsp;The underwriters will not offer or sell any of the ADSs directly or indirectly in Japan or to, or for the benefit of
any Japanese person or to others, for re-offering or re-sale directly or indirectly in Japan or to any Japanese person, except in each case pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the
Securities and Exchange Law of Japan and any other applicable laws and regulations of Japan. For purposes of this paragraph, &#147;Japanese person&#148; means any person resident in Japan, including any corporation or other entity organized under
the laws of Japan. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">170 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Hong Kong.</I></B>&nbsp;The underwriters and each of their affiliates have not
(i)&nbsp;offered or sold, and will not offer or sell, in Hong Kong, by means of any document, the ADSs other than (a)&nbsp;to &#147;professional investors&#148; as defined in the Securities and Futures Ordinance (Cap.571) of Hong Kong and any rules
made under that Ordinance or (b)&nbsp;in other circumstances which do not result in the document being a &#147;prospectus&#148; as defined in the Companies Ordinance (Cap. 32 of Hong Kong or which do not constitute an offer to the public within the
meaning of that Ordinance or (ii)&nbsp;issued or had in its possession for the purposes of issue, and will not issue or have in its possession for the purposes of issue, whether in Hong Kong or elsewhere any advertisement, invitation or document
relating to the ADSs which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to the ADSs which are or
are intended to be disposed of only to persons outside Hong Kong or only to &#147;professional investors&#148; as defined in the Securities and Futures Ordinance or any rules made under that Ordinance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Singapore.</I></B>&nbsp;This prospectus or any other offering material relating to the ADSs has not been registered as a prospectus with
the Monetary Authority of Singapore under the Securities and Futures Act, Chapter&nbsp;289 of Singapore, or the SFA. Accordingly, the underwriters have severally represented, warranted and agreed that (a)&nbsp;they have not offered or sold any of
the ADSs or caused the ADSs to be made the subject of an invitation for subscription or purchase and it will not offer or sell any of the ADSs or cause the ADSs to be made the subject of an invitation for subscription or purchase, and (b)&nbsp;they
have not circulated or distributed, and they will not circulate or distribute, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the ADSs, whether directly or
indirectly, to the public or any member of the public in Singapore other than (i)&nbsp;to an institutional investor as specified in Section&nbsp;274 of the SFA, (ii)&nbsp;to a relevant person (as defined in Section&nbsp;275 of the SFA) and in
accordance with the conditions specified in Section&nbsp;275 of the SFA or (iii)&nbsp;otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>People&#146;s Republic of China.</I></B>&nbsp;This prospectus may not be circulated or distributed in the PRC and the ADSs may not be
offered or sold, and will not offer or sell to any person for re-offering or resale directly or indirectly to any resident of the PRC. For the purpose of this paragraph, PRC does not include Taiwan and the special administrative regions of Hong Kong
and Macau. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">171 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom652797_24"></A>EXPENSES RELATING TO THIS OFFERING </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Set forth below is an itemization of the total expenses, excluding underwriting discounts and commissions, that we and the selling
shareholders expect to incur in connection with this offering. With the exception of the SEC registration fee, the Financial Industry Regulatory Authority, or FINRA, filing fee and the NASDAQ Global Market listing fee, all amounts are estimates.
</P>  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="68%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SEC registration fee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96,859</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">NASDAQ Global Market listing fee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">125,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">756,713</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">FINRA filing fee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">133,181</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Printing and engraving expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">175,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,059,398</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Legal fees and expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,531,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,268,215</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounting fees and expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">958,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,799,445</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Miscellaneous</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">830,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,024,571</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,657,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,138,382</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>   <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">These expenses will be borne by us. Underwriting discounts and commissions will be borne by us and
the selling shareholders in proportion to the numbers of ADSs sold in the offering by us and the selling shareholders, respectively. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">172 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom652797_25"></A>LEGAL MATTERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The validity of the ADSs and certain other legal matters with respect to U.S. federal and New York State law in connection with this offering
will be passed upon for us by Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP. Certain legal matters with respect to U.S. federal and New York State law in connection with this offering will be passed upon for the underwriters by
Shearman&nbsp;&amp; Sterling LLP. The validity of the Class A ordinary shares represented by the ADSs offered in this offering and other certain legal matters as to Cayman Islands law will be passed upon for us by Travers Thorp Alberga. Legal
matters as to PRC law will be passed upon for us by Jun He Law Offices and for the underwriters by Fangda Partners. Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP may rely upon Travers Thorp Alberga with respect to matters governed by Cayman
Islands law and Jun He Law Offices with respect to matters governed by PRC law. Shearman&nbsp;&amp; Sterling LLP may rely upon Fangda Partners with respect to matters governed by PRC law. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">173 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom652797_26"></A>EXPERTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The consolidated financial statements as of December&nbsp;31, 2011, 2012 and 2013 and for each of the three years in the period ended
December&nbsp;31, 2013 included in this prospectus have been so included in reliance on the report of PricewaterhouseCoopers Zhong Tian LLP, an independent registered public accounting firm, given on the authority of said firm as experts in
accounting and auditing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The office of PricewaterhouseCoopers Zhong Tian LLP is located at 11/F, PricewaterhouseCoopers Center, 2
Corporate Avenue, 202 Hu Bin Road, Huangpu District, Shanghai 200021, People&#146;s Republic of China. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">174 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom652797_27"></A>WHERE YOU CAN FIND ADDITIONAL INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have filed a registration statement, including relevant exhibits, with the SEC on Form F-1 under the Securities Act with respect to
underlying ordinary shares represented by the ADSs to be sold in this offering. We have also filed a related registration statement on Form F-6 with the SEC to register the ADSs. This prospectus, which constitutes a part of the registration
statement on Form F-1, does not contain all of the information contained in the registration statement. You should read our registration statements and their exhibits and schedules for further information with respect to us and our ADSs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The agreements included as exhibits to the registration statement on Form F-1 contain representations and warranties by each of the parties to
the applicable agreement. These representations and warranties were made solely for the benefit of the other parties to the applicable agreement and (1)&nbsp;were not intended to be treated as categorical statements of fact, but rather as a way of
allocating the risk to one of the parties if those statements prove to be inaccurate; (2)&nbsp;may have been qualified in such agreement by disclosures that were made to the other party in connection with the negotiation of the applicable agreement;
(3)&nbsp;may apply contract standards of &#147;materiality&#148; that are different from &#147;materiality&#148; under the applicable securities laws; and (4)&nbsp;were made only as of the date of the applicable agreement or such other date or dates
as may be specified in the agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Immediately upon the effectiveness of the registration statement on Form F-1 to which this
prospectus is a part, we will become subject to periodic reporting and other informational requirements of the Exchange Act as applicable to foreign private issuers. Accordingly, we will be required to file reports, including annual reports on Form
20-F, and other information with the SEC. As a foreign private issuer, we are exempt from the rules of the Exchange Act prescribing the furnishing and content of proxy statements to shareholders, and Section&nbsp;16 short swing profit reporting for
our officers and directors and for holders of more than 10% of our ordinary shares. All information filed with the SEC can be inspected over the Internet at the SEC&#146;s website at www.sec.gov and copied at the public reference facilities
maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. You can request copies of these documents, upon payment of a duplicating fee, by writing to the SEC. You may also obtain additional information over the Internet at the SEC&#146;s
website at www.sec.gov. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">175 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc"></A><A NAME="rom652797_28"></A>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin652797_1">Report of Independent Registered Public Accounting Firm</A></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin652797_2">Consolidated Balance Sheets as of December&nbsp;31, 2011, 2012 and 2013 </A></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin652797_3">Consolidated Statements of Comprehensive Loss for the Years Ended December 31, 2011, 2012 and 2013</A></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin652797_4">Consolidated Statements of Changes in Shareholders&#146; Deficit for the Years Ended December&nbsp;
31, 2011, 2012 and 2013 </A></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin652797_5">Consolidated Statements of Cash Flows for the Years Ended December&nbsp;31, 2011, 2012 and 2013 </A></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#fin652797_6">Notes to the Consolidated Financial Statements</A></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">F-7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="fin652797_1"></A>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the Board of Directors and Shareholders of Tuniu Corporation: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In our opinion, the accompanying consolidated balance sheets and related consolidated statements of comprehensive loss, changes in
shareholders&#146; deficit and cash flows present fairly, in all material respects, the financial position of Tuniu Corporation and its subsidiaries (collectively, the &#147;Group&#148;) at December&nbsp;31, 2013, 2012 and 2011, and the results of
their operations and their cash flows for each of the three years in the period ended December&nbsp;31, 2013 in conformity with accounting principles generally accepted in the United&nbsp;States of America. These financial statements are the
responsibility of the Group&#146;s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ PricewaterhouseCoopers Zhong Tian LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Shanghai, the People&#146;s Republic of China </P>  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March 6, 2014,
except for note 15(b), which is as of April 28, 2014 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
 <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="fin652797_2"></A>CONSOLIDATED BALANCE SHEETS </B></P>
 <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>As of December&nbsp;31, 2011, 2012 and 2013 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:6.5pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:6pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="22" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As of December&nbsp;31,</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:6pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2011</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:6pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="2" NOWRAP ALIGN="center"><B>US$(Note&nbsp;2(c))</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center"><B>RMB<BR>(Pro&nbsp;forma)</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center"><B>US$(Note&nbsp;2(c))<BR>(Pro forma)</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:6pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><B>(Note 14)</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman"><B>ASSETS</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman"><B>Current assets:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">332,100,808</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">299,237,536</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">419,402,835</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69,280,413</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman">Restricted cash</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,530,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,875,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,250,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,527,991</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman">Short-term investments</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">327,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54,016,552</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman">Accounts receivable, net</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,652,272</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,225,448</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,651,087</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">272,740</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman">Prepayments and other current assets</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56,634,565</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">127,049,842</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">286,560,247</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47,336,381</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman"><B>Total current assets</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">401,917,645</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">469,387,826</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,043,864,169</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">172,434,077</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman"><B>Non-current assets:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman">Property and equipment, net</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,381,878</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,782,865</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24,851,303</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,105,143</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman">Other non-current assets</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,466,959</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,667,734</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,657,304</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,099,708</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman"><B>Total non-current assets</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,848,837</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33,450,599</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31,508,607</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,204,851</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman"><B>Total assets</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">427,766,482</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">502,838,425</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,075,372,776</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">177,638,928</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman"><B>LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS&#146; DEFICIT</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman"><B>Current liabilities</B> (including current liabilities of the Affiliated Entities without recourse to the Company amounting to RMB
243,993,015, RMB 416,162,164 and RMB 753,432,666 (US$124,458,208), as of December 31, 2011, 2012 and 2013, respectively):</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman">Accounts payable</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55,821,997</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">127,240,021</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">288,964,931</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47,733,606</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman">Salary and welfare payable</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,019,205</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29,236,368</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47,388,096</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,827,956</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman">Taxes payable</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">822,067</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">598,831</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,323,961</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">218,703</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman">Advances from customers</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">157,918,781</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">244,213,612</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">396,737,968</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">65,536,443</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman">Accrued expenses and other current liabilities</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,148,180</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,934,476</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29,732,090</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,911,391</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman"><B>Total current liabilities</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">248,730,230</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">422,223,308</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">764,147,046</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">126,228,099</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman"><B>Non-current liabilities:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,207,777</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,038,886</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,870,002</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,282,291</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman"><B>Total liabilities</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">250,938,007</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">433,262,194</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">784,017,048</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">129,510,390</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman"><B>Commitments and contingencies (Notes 13)</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman"><B>Mezzanine equity:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman">Series A Convertible Preferred Shares (US$0.0001 par value; 20,000,000 shares authorized,
17,135,327 shares issued and outstanding as of December 31, 2011 and 2012; 13,506,748 shares issued and outstanding as of December 31, 2013, and nil outstanding on a pro forma basis as of December 31, 2013)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,598,043</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,598,043</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,360,443</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,546,235</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman">Series B Convertible Preferred Shares (US$0.0001 par value; 21,564,115 shares authorized, issued
and outstanding as of December 31, 2011, 2012 and 2013, and nil outstanding on a pro forma basis as of December 31, 2013)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48,890,116</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48,890,116</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48,890,116</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,076,072</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman">Series C Convertible Preferred Shares (US$0.0001 par value; 25,782,056 shares authorized, issued
and outstanding as of December 31, 2011, 2012 and 2013, and nil outstanding on a pro forma basis as of December 31, 2013)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">290,255,691</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">290,255,691</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">290,255,691</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47,946,824</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman">Series D Convertible Preferred Shares (US$0.0001 par value; nil as of December 31, 2011 and 2012;
21,771,472 shares authorized, issued and outstanding as of December 31, 2013, and nil outstanding on a pro forma basis as of December 31, 2013)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:6.5pt">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:6.5pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:6.5pt">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:6.5pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:6.5pt">367,934,993</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:6.5pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:6.5pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:6.5pt">60,778,531</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:6.5pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman"><B>Total mezzanine equity</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">350,743,850</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">350,743,850</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">716,441,243</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">118,347,662</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman"><B>Shareholders&#146; deficit:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman">Ordinary shares (US$0.0001 par value; 80,435,885 shares as of December 31, 2011 and 2012,
126,999,531 shares as of December 31, 2013 authorized, 26,000,000 shares issued and outstanding as of December 31, 2011, 2012 and 2013; nil Class A ordinary shares and 108,624,391 Class B ordinary shares issued and outstanding on a pro forma basis
as of December 31, 2013)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,757</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,757</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,757</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,933</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68,323</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,286</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman">Additional paid-in capital</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">200,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">200,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">200,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33,038</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">729,944,859</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">120,578,301</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman">Accumulated other comprehensive loss</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(14,803,532</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(14,865,853</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(19,723,270</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,258,052</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(19,723,270</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,258,052</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman">Accumulated deficit</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(159,329,600</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(266,519,523</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(405,580,002</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(66,997,043</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(418,934,184</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(69,202,997</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman"><B>Total shareholders&#146; deficit</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(173,915,375</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(281,167,619</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(425,085,515</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(70,219,124</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">291,355,728</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48,128,538</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman"><B>Total liabilities, mezzanine equity and shareholders&#146; deficit</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">427,766,482</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">502,838,425</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,075,372,776</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">177,638,928</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The accompanying notes are an integral part of these consolidated financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
 <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="fin652797_3"></A>CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS </B></P>
 <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the Years Ended December&nbsp;31, 2011, 2012 and 2013 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For the Years Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2011</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center"><B>US$(Note&nbsp;2(c))</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Revenues:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Organized tours</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">751,387,580</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">1,075,094,044</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">1,892,826,128</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">312,672,602</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Self-guided tours</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">17,558,835</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">32,359,164</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">48,900,513</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">8,077,789</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Others</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">2,666,843</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">12,874,316</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">20,744,092</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">3,426,680</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Total revenues</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">771,613,258</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">1,120,327,524</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">1,962,470,733</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">324,177,071</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Less: Business and related taxes</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(6,070,523</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(7,446,944</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(12,783,319</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(2,111,654</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Net revenues</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">765,542,735</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">1,112,880,580</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">1,949,687,414</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">322,065,417</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Cost of revenues</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(741,715,590</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(1,073,731,629</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(1,829,665,386</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(302,239,190</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Gross profit</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">23,827,145</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">39,148,951</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">120,022,028</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">19,826,227</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Operating expenses:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Research and product development</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(21,386,118</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(33,369,749</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(38,994,362</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(6,441,410</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Sales and marketing</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(50,588,880</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(57,993,819</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(110,070,612</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(18,182,370</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">General and administrative</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(53,877,340</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(62,005,515</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(69,678,933</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(11,510,140</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Other operating income</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">1,651,063</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">773,727</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">1,688,560</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">278,930</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Total operating expenses</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(124,201,275</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(152,595,356</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(217,055,347</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(35,854,990</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Loss from operations</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(100,374,130</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(113,446,405</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(97,033,319</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(16,028,763</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Other income/(expenses):</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Interest income</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">2,287,309</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">7,431,724</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">16,163,339</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">2,669,995</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Foreign exchange related gains / (losses), net</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">6,529,319</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(740,678</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">1,286,468</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">212,509</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Other loss, net</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(392,362</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(356,674</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(48,567</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(8,023</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Loss before provision for income taxes</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(91,949,864</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(107,112,033</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(79,632,079</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(13,154,282</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Provision for income taxes</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(77,890</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Net loss</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(91,949,864</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(107,189,923</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(79,632,079</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(13,154,282</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Deemed dividends to preferred shareholders</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(30,929,261</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(59,428,400</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(9,816,872</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Net loss attributable to ordinary shareholders</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(122,879,125</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(107,189,923</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(139,060,479</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(22,971,154</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Net loss</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(91,949,864</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(107,189,923</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(79,632,079</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(13,154,282</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Other comprehensive loss:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Foreign currency translation adjustment, net of nil tax</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(13,964,749</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(62,321</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(4,857,417</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(802,388</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Comprehensive loss</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(105,914,613</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(107,252,244</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(84,489,496</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(13,956,670</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Loss per share</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Net loss per ordinary share attributable to ordinary shareholders&#151;basic and diluted</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(4.73</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(4.12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(5.35</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(0.88</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Weighted average number of ordinary shares used in computing basic and diluted loss per share</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">26,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">26,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">26,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">26,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The accompanying notes are an integral part of these
consolidated financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
 <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="fin652797_4"></A>CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS&#146; DEFICIT </B></P>
 <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the Years Ended December&nbsp;31, 2011, 2012 and 2013 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Ordinary shares</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Additional<BR>paid-in</B><br><B>capital</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Accumulated</B><br><B>other</B><br><B>comprehensive</B><br><B>loss</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Accumulated</B><br><B>deficit</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total<BR>shareholders&#146;<BR>deficit</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Shares</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Amount</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance as of January&nbsp;1, 2011</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,757</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">200,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(838,783</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(36,450,475</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(37,071,501</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Foreign currency translation adjustments</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13,964,749</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13,964,749</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deemed dividends from repurchase of Series A Convertible Preferred Shares</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(30,929,261</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(30,929,261</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net loss</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(91,949,864</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(91,949,864</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance as of December&nbsp;31, 2011</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,757</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">200,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(14,803,532</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(159,329,600</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(173,915,375</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Foreign currency translation adjustments</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(62,321</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(62,321</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net loss</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(107,189,923</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(107,189,923</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance as of December&nbsp;31, 2012</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,757</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">200,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(14,865,853</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(266,519,523</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(281,167,619</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Foreign currency translation adjustments</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,857,417</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,857,417</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deemed dividends from redesignation of Series A Convertible Preferred Shares</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(59,428,400</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(59,428,400</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net loss</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(79,632,079</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(79,632,079</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance as of December 31, 2013</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,757</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">200,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(19,723,270</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(405,580,002</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(425,085,515</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:42pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The accompanying notes are an integral part of these consolidated financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
 <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="fin652797_5"></A>CONSOLIDATED STATEMENTS OF CASH FLOWS </B></P>
 <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the Years Ended December&nbsp;31, 2011, 2012 and 2013 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="54%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For the Years Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2011</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center"><B>US$(Note&nbsp;2(c))</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Cash flows from operating activities:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Net loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(91,949,864</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(107,189,923</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(79,632,079</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(13,154,282</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Adjustments for:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Depreciation of property and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">6,143,276</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">10,111,622</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">8,764,423</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">1,447,780</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Amortization of intangible assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">599,531</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">609,756</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">481,638</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">79,561</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Foreign exchange (gain)/loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(6,529,319</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">740,678</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(1,286,468</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(212,509</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Loss from disposal of property and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">622</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">356,341</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">113,968</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">18,826</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Changes in assets and liabilities:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Accounts receivable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(1,277,211</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(4,573,176</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">4,574,361</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">755,631</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Prepayments and other current assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(35,344,922</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(70,415,277</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(159,510,405</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(26,349,242</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Other non-current assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(852,572</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(810,531</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(331,200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(54,710</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Accounts payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">38,069,659</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">74,989,927</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">161,608,152</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">26,695,765</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Taxes payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">401,907</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(249,538</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">725,130</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">119,783</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Advances from customers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">118,482,496</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">86,294,831</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">152,524,356</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">25,195,229</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Accrued expenses and other liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">8,526,059</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">24,798,548</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">28,704,374</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">4,741,625</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Net cash provided by operating activities</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">36,269,662</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">14,663,258</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">116,736,250</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">19,283,457</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Cash flows from investing activities:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Purchase of short-term investments</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(224,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(451,800,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(74,632,043</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Proceeds from maturity of short-term investments</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">194,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">154,800,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">25,571,138</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Changes in restricted cash</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(5,280,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">4,655,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(2,375,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(392,322</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Purchase of property and equipment and intangible assets</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(15,405,834</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(21,440,852</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(4,842,892</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(799,991</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Net cash used in investing activities</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(20,685,834</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(46,785,852</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(304,217,892</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(50,253,218</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Cash flows from financing activities:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Repurchase of Series A Convertible Preferred Shares</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(32,809,002</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Proceeds from issuance of Series C Convertible Preferred Shares, net of issuance costs</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">290,255,691</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Proceeds from issuance of Series D Convertible Preferred Shares, net of issuance costs</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">306,360,473</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50,607,145</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Net cash provided by financing activities</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">257,446,689</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">306,360,473</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">50,607,145</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Effect of exchange rate changes on cash and cash equivalents</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">6,529,319</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(740,678</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">1,286,468</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">212,509</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Net increase/(decrease) in cash and cash equivalents</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">279,559,836</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(32,863,272</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">120,165,299</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">19,849,893</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Cash and cash equivalents, beginning of year</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">52,540,972</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">332,100,808</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">299,237,536</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">49,430,520</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Cash and cash equivalents, end of year</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">332,100,808</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">299,237,536</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">419,402,835</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">69,280,413</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Supplemental disclosure of non-cash investing activities:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Accrual related to purchase of property and equipment</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">4,274,403</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(3,571,903</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">116,758</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">19,287</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Supplemental disclosure of non-cash financing activities:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Deemed dividends to preferred shareholders</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59,428,400</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,816,872</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Accrual related to deferred initial public offering costs</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,127,187</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">351,386</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The accompanying notes are an integral part of these
consolidated financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="fin652797_6"></A>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
 <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1. Organization and Principal Activities </B></P>
  <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Tuniu Corporation (the &#147;Company&#148;), an exempted company with limited liability incorporated in the Cayman
Islands, (i)&nbsp;its various equity-owned consolidated subsidiaries, (ii)&nbsp;its controlled affiliate Nanjing Tuniu Technology Co., Ltd. (&#147;Nanjing Tuniu&#148; or simply &#147;VIE&#148;), and (iii)&nbsp;the subsidiaries of its controlled
affiliate are collectively referred to as the &#147;Group&#148;. The Group&#146;s principal activity is the provision of travel-related services in the People&#146;s Republic of China (&#147;PRC&#148;), primarily through Nanjing Tuniu and the
subsidiaries thereof. Nanjing Tuniu and its wholly owned subsidiaries are collectively referred to as the &#147;Affiliated Entities&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2013, the Company&#146;s principal subsidiaries and consolidated Affiliated Entities are as follows: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="44%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:102.15pt; font-size:8pt; font-family:Times New Roman"><B>Name of subsidiaries and VIE</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date&nbsp;of&nbsp;establishment/acquisition</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Place of<BR>incorporation</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Percentage&nbsp;of<BR>direct&nbsp;or&nbsp;indirect<BR>economic<BR>ownership</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Wholly owned subsidiaries of the Company:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tuniu (HK) Limited</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Established&nbsp;on&nbsp;May&nbsp;20,&nbsp;2011</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Hong Kong</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tuniu (Nanjing) Information Technology Co., Ltd.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Established&nbsp;on&nbsp;August&nbsp;24,&nbsp;2011</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">PRC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Beijing Tuniu Technology Co., Ltd. (&#147;Beijing Tuniu&#148;)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Established&nbsp;on&nbsp;September&nbsp;8,&nbsp;2008</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">PRC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Variable Interest Entity (&#147;VIE&#148;)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Nanjing Tuniu Technology Co., Ltd. (&#147;Nanjing Tuniu&#148;)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Established&nbsp;on&nbsp;December&nbsp;18,&nbsp;2006</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">PRC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Subsidiaries of Variable Interest Entity (&#147;VIE subsidiaries&#148;)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Shanghai Tuniu International Travel Service Co., Ltd.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Acquired on August 22, 2008</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">PRC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Nanjing Tuniu International Travel Service Co., Ltd.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Acquired on December 22, 2008</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">PRC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Beijing Tuniu International Travel Service Co., Ltd.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Acquired on November 18, 2009</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">PRC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Nanjing Tuzhilv Tickets Sales Co., Ltd.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Established on April 19, 2011</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">PRC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>History of the Group and Basis of Presentation </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group commenced operations through Nanjing Tuniu, a PRC company formed in December 2006, which has become its consolidated affiliated
entity through the contractual agreements described below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Nanjing Tuniu was the predecessor of the Group and operated substantially all
of the businesses of the Group prior to September&nbsp;17, 2008. It is wholly owned by Dunde Yu, the Company&#146;s Chief Executive Officer, Haifeng Yan, the Company&#146;s Chief Operating Officer, and several other PRC citizens. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In order to facilitate international financing, Tuniu Corporation was incorporated in the Cayman Islands as an exempted company with limited
liability in June 2008, and Beijing Tuniu Technology Co., Ltd, or &#147;Beijing Tuniu&#148;, a wholly foreign owned enterprise, was established in September 2008. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To comply with PRC laws and regulations that limit direct foreign equity ownership of business entities providing value-added
telecommunications services and companies involved in internet content, the Company </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1. Organization and Principal Activities (Continued) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
operates its business mainly through Nanjing Tuniu and its subsidiaries. On September&nbsp;17, 2008, Beijing Tuniu entered into a series of agreements with Nanjing Tuniu and its shareholders.
Pursuant to these agreements, Beijing Tuniu has the ability to direct substantially all the activities of Nanjing Tuniu, and absorb substantially all of the risks and rewards of the Affiliated Entities. As a result, the Company is the primary
beneficiary of Nanjing Tuniu, and has consolidated the Affiliated Entities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There are no other entities where the Company has a variable
interest but is not the primary beneficiary. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Contractual arrangements </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On September&nbsp;17, 2008, Beijing Tuniu entered into a series of contractual agreements with Nanjing Tuniu and its shareholders. The
following is a summary of the agreements which allow the Company to exercise effective control over Nanjing Tuniu: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B><I>(1) Purchase
Option Agreement. </I></B>Under the purchase option agreement entered between Beijing Tuniu and the shareholders of Nanjing Tuniu on September&nbsp;17, 2008, Beijing Tuniu has the irrevocable exclusive right to purchase, or have its designated
person or persons to purchase all or part of the shareholders&#146; equity interests in Nanjing Tuniu at RMB 1,800,000. The option term remains valid for a period of 10 years and can be extended indefinitely at Beijing Tuniu&#146;s discretion. The
purchase consideration was paid by Beijing Tuniu to the shareholders of Nanjing Tuniu shortly after the purchase option agreement was entered. On January 24, 2014, the Company amended and restated the purchase option agreement, and the effective
term of the purchase option agreement has been changed to until all equity interests held in Nanjing Tuniu are transferred or assigned to Beijing Tuniu or its designated person or persons. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B><I>(2) Equity Interest Pledge Agreement. </I></B>Under the equity interest pledge agreement entered between Beijing Tuniu and the
shareholders of Nanjing Tuniu on September&nbsp;17, 2008, the shareholders pledged all of their equity interests in Nanjing Tuniu to guarantee their performance of their obligations under the purchase option agreement. If the shareholders of Nanjing
Tuniu breach their contractual obligations under the purchase option agreement, Beijing Tuniu, as the pledgee, will have the right to either conclude an agreement with the pledgor to obtain the pledged equity or seek payments from the proceeds of
the auction or sell-off of the pledged equity to any person pursuant to the PRC law. The shareholders of Nanjing Tuniu agreed that they will not dispose of the pledged equity interests or create or allow any encumbrance on the pledged equity
interests. During the equity pledge period, Beijing Tuniu is entitled to all dividends and other distributions made by Nanjing Tuniu. The equity interest pledge became effective on the date when the equity interest pledge was registered with the
relevant local administration for industry and commerce, and remains effective until the shareholders of Nanjing Tuniu discharge all their obligations under the purchase option agreement, or Beijing Tuniu enforces the equity interest pledge,
whichever is earlier. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B><I>(3) Shareholders&#146; Voting Rights Agreement. </I></B>Under the shareholders&#146; voting rights agreement
entered between Beijing Tuniu and the shareholders of Nanjing Tuniu on September&nbsp;17, 2008, each of the shareholders of Nanjing Tuniu appointed Beijing Tuniu&#146;s designated person as their attorney-in-fact to exercise all of their voting and
related rights with respect to their equity interests in Nanjing Tuniu, including attending shareholders&#146; meetings, voting on all matters of Nanjing Tuniu, nominating and appointing directors, convene extraordinary shareholders&#146; meetings,
and other voting rights pursuant to the then effective articles of association. The shareholders&#146; voting rights agreement will remain in force for an unlimited term, unless all the parties to the agreement mutually agree to terminate the
agreement in writing or cease to be shareholders of Nanjing Tuniu. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B><I>(4) Irrevocable Powers of Attorney.</I></B> Under the powers of
attorney issued by the shareholders of Nanjing Tuniu on September 17, 2008, the shareholders of Nanjing Tuniu each irrevocably appointed Mr.&nbsp;Tao </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1. Organization and Principal Activities (Continued) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Jiang, a person designated by Beijing Tuniu, as the attorney-in-fact to exercise all of their voting and related rights with respect to their equity interests in Nanjing Tuniu. Each power of
attorney will remain in force until the shareholders&#146; voting rights agreement expires or is terminated. On January 24, 2014, the shareholders of Nanjing Tuniu issued powers of attorney to irrevocably appoint Beijing Tuniu as the
attorney-in-fact to exercise all of their voting and related rights with respect to their equity interests in Nanjing Tuniu. These powers of attorney replaced the powers of attorney previously granted to Mr. Tao Jiang on September 17, 2008. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B><I>(5) Cooperation Agreement. </I></B>Under the cooperation agreement entered between Beijing Tuniu and Nanjing Tuniu, Beijing Tuniu has the
exclusive right to provide Nanjing Tuniu technology consulting and services related to Nanjing Tuniu&#146;s operations, which require certain licenses. Beijing Tuniu owns the exclusive intellectual property rights created as a result of the
performance of this agreement. Nanjing Tuniu agrees to pay Beijing Tuniu a monthly service fee for services performed, and the monthly service fee shall not be lower than 100% of Nanjing Tuniu&#146;s profits generated from such cooperation, which
equal revenues generated from such cooperation, after deducting the expenses it incurred. This agreement remains effective for an unlimited term, unless the parties mutually agree to terminate the agreement, one of the parties is declared bankrupt
or Beijing Tuniu is not able to provide consulting and services as agreed for more than three consecutive years because of force majeure. On January 24, 2014, the Company amended and restated the Cooperation Agreement. In the amended and restated
agreement, the service fee has been changed to a quarterly payment which equals the profits of each of Nanjing Tuniu and its subsidiaries, and that Beijing Tuniu can adjust the service fee at its own discretion. Also in the amended and restated
Cooperation Agreement, Beijing Tuniu has the unilateral right to terminate the agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">In year ended December 31, 2013, the Company
received service fees of RMB 22,586,880 from its consolidated affiliated entities. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Risks in relation to the VIE structure </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2013, the aggregate accumulated deficit of the Affiliated Entities was RMB&nbsp;168&nbsp;million prior to intercompany
elimination. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-9 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1. Organization and Principal Activities (Continued) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following financial statement amounts and balances of the Affiliated Entities were
included in the accompanying consolidated financial statements as of and for the years ended December&nbsp;31, 2011, 2012 and 2013: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8.5pt" ALIGN="center">


<TR>
<TD WIDTH="48%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As of December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2011</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center"><B>US$&nbsp;(Note&nbsp;2(c))</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman"><B>ASSETS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman"><B>Current assets:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57,482,419</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">120,851,165</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80,941,498</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,370,583</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman">Restricted cash</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,530,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,875,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,250,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,527,991</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman">Short-term investments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">227,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37,497,729</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman">Accounts receivable, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,652,272</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,225,448</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,651,087</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">272,740</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman">Intercompany receivable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,325,006</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,736,013</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,746,342</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,270,734</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman">Prepayments and other current assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54,503,729</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">126,132,474</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">282,575,230</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46,678,103</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman"><B>Total current assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,493,426</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">307,820,100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">615,164,157</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">101,617,880</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman"><B>Non-current assets:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman">Property and equipment, net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,498,577</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,281,984</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,022,935</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">994,918</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman">Other non-current assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,687,418</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,752,605</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,432,475</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">567,004</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman"><B>Total non-current assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,185,995</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,034,589</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,455,410</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,561,922</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman"><B>Total assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">159,679,421</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">319,854,689</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">624,619,567</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">103,179,802</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman"><B>LIABILITIES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman"><B>Current liabilities:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman">Accounts payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51,544,594</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">124,240,607</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">288,379,189</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47,636,848</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman">Salary and welfare payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,412,380</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,640,611</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43,247,478</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,143,974</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman">Taxes payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">761,323</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">362,304</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">979,842</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">161,858</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman">Advances from customers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">157,918,781</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">244,213,612</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">396,737,968</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">65,536,443</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman">Intercompany payable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30,587,682</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37,678,689</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,224,076</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman">Accrued expenses and other current liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,355,937</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,705,030</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24,088,189</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,979,085</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman"><B>Total current liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">243,993,015</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">446,749,846</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">791,111,355</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">130,682,284</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman"><B>Total liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">243,993,015</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">446,749,846</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">791,111,355</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">130,682,284</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8.5pt" ALIGN="center">


<TR>
<TD WIDTH="39%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For the Years Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2011</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center"><B>US$&nbsp;(Note&nbsp;2(c))</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman">Net revenues</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8.5pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8.5pt">765,542,735</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8.5pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8.5pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8.5pt">1,115,480,429</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8.5pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8.5pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8.5pt">1,937,485,065</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8.5pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8.5pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:8.5pt">320,049,732</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:8.5pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman">Net loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(66,004,324</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(42,581,564</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(39,596,629</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,540,897</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman">Net cash provided by operating activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56,485,255</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">92,391,338</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">161,148,389</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,619,817</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman">Net cash used in investing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8,681,700</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(29,022,592</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(201,058,056</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(33,212,425</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:Times New Roman">Net cash provided by financing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There were no pledges or collateralization of the Affiliated Entities&#146; assets. Currently there is no
contractual arrangement that could require the Company to provide additional financial support to the Affiliated Entities. As the Company is conducting its business mainly through the Affiliated Entities, the Company may provide such support on a
discretionary basis in the future, which could expose the Company to a loss. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-10 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1. Organization and Principal Activities (Continued) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the contractual arrangements with Nanjing Tuniu and through its equity interest in its
subsidiaries, the Group has the power to direct the activities of the Affiliated Entities and direct the transfer of assets out of the Affiliated Entities. Therefore, the Group considers that there are no assets of the Affiliated Entities that can
be used only to settle their obligations. As the consolidated Affiliated Entities are each incorporated as a limited liability company under the PRC Company Law, the creditors do not have recourse to the general credit of the Company for all of the
liabilities of the consolidated Affiliated Entities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group believes that each of the agreements and the powers of attorney under the
contractual arrangements among Beijing Tuniu, Nanjing Tuniu and its shareholders is valid, binding and enforceable, and does not and will not result in any violation of PRC laws or regulations currently in effect. The legal opinion of Jun He Law
Offices, the Company&#146;s PRC legal counsel, also supports this conclusion. The shareholders of Nanjing Tuniu are also shareholders, nominees of shareholders, or designated representatives of shareholders of the Company and therefore have no
current interest in seeking to act contrary to the contractual arrangements. However, uncertainties in the PRC legal system could limit the Company&#146;s ability to enforce these contractual arrangements and if the shareholders of Nanjing Tuniu
were to reduce their interest in the Company, their interests may diverge from that of the Company and that may potentially increase the risk that they would seek to act contrary to the contractual terms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company&#146;s ability to control Nanjing Tuniu also depends on the power of attorney Beijing Tuniu has to vote on all matters requiring
shareholder approval in Nanjing Tuniu. As noted above, the Company believes this power of attorney is legally enforceable but it may not be as effective as direct equity ownership. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, if the legal structure and contractual arrangements were found to be in violation of any existing PRC laws and regulations, the
PRC government could: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">levying fines or confiscate the Group&#146;s income; </TD></TR></TABLE>  <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">revoke the Group&#146;s business or operating licenses; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">require the Group to discontinue, restrict or restructure its operations; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">shut down the Group&#146;s servers or block the Group&#146;s websites and mobile platform; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">restrict or prohibit the use of the Group&#146;s financing proceeds to finance its business and operations in China; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">take other regulatory or enforcement actions against the Group that could be harmful to the Group&#146;s business. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The imposition of any of these penalties may result in a material and adverse effect on the Group&#146;s ability to conduct the Group&#146;s
business. In addition, if the imposition of any of these penalties may cause the Group to lose the right to direct the activities of Nanjing Tuniu (through its equity interest in its subsidiaries) or the right to receive economic benefits from the
Affiliated Entities. Therefore, a risk exists in that the Group would no longer be able to consolidate Nanjing Tuniu and its subsidiaries. Management believes the likelihood of loss in respect of the Group&#146;s current ownership structure or the
contractual arrangements with its VIE is remote. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Liquidity </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group&#146;s consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets
and liquidation of liabilities during the normal course of operations. The </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-11 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1. Organization and Principal Activities (Continued) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Group incurred net losses of approximately RMB 92&nbsp;million, RMB 107&nbsp;million and RMB 80 million in the years ended December&nbsp;31, 2011, 2012 and 2013, respectively. Net cash provided
by operating activities was approximately RMB 36&nbsp;million, RMB 15&nbsp;million and RMB 117 million for the years ended December&nbsp;31, 2011, 2012 and 2013, respectively. Accumulated deficit was RMB 159&nbsp;million, RMB 267&nbsp;million and
RMB&nbsp;406 million as of December&nbsp;31, 2011, 2012 and 2013, respectively. As of December 31, 2013, the Group had net current assets and management believes that the Group&#146;s available cash, cash equivalents, short-term investments and cash
generated from operations will be sufficient to meet working capital requirements and capital expenditures in the ordinary course of business for the next twelve months. </P>
 <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2. Principal Accounting Policies </B></P>
 <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>(a) Principles of Consolidation </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of
America (&#147;U.S. GAAP&#148;). The consolidated financial statements include the financial statements of the Company, its subsidiaries, the Affiliated Entities for which the Company is the primary beneficiary. Subsidiaries are those entities in
which the Company, directly or indirectly, controls more than one half of the voting power, has the power to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of board of
directors, or has the power to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, bears the risks of, and enjoys the rewards
normally associated with, ownership of the entity, and therefore the Company or its subsidiary is the primary beneficiary of the entity. All significant transactions and balances among the Company, its equity-owned subsidiaries, and the VIE and
subsidiaries thereof have been eliminated in consolidation. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>(b) Use of Estimates </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The preparation of the Company&#146;s consolidated financial statements in conformity with the U.S. GAAP requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities. Actual results could differ materially from those estimates. Significant accounting estimates reflected in the
Company&#146;s consolidated financial statements mainly include revenue recognition, estimating useful lives and impairment for property and equipment, losses due to committed tour reservations, the valuation allowance for deferred tax assets, the
determination of uncertain tax positions, the valuation of share-based compensation arrangements, and provision for employee benefits. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>(c) Functional Currency and Foreign Currency Translation </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group uses Renminbi (&#147;RMB&#148;) as its reporting currency. The functional currency of the Company and its subsidiaries incorporated
outside of PRC is the United States dollar (&#147;US$&#148;), while the functional currency of the PRC entities in the Group is RMB as determined based on the criteria of ASC 830, <I>Foreign Currency Matters</I>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Transactions denominated in other than the functional currencies are re-measured into the functional currency of the entity at the exchange
rates prevailing on the transaction dates. Foreign currency denominated financial assets </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-12 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2. Principal Accounting Policies (Continued) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
and liabilities are re-measured at the balance sheet date exchange rate. The resulting exchange differences are included in the consolidated statements of comprehensive loss as foreign exchange
related gains / loss. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Assets and liabilities of the Company and its subsidiaries incorporated outside of PRC are translated into RMB at
fiscal year-end exchange rates. Income and expense items are translated at average exchange rates prevailing during the fiscal year. Translation adjustments arising from these are reported as foreign currency translation adjustments and are shown as
a component of other comprehensive income or loss in the consolidated statement of changes in shareholders&#146; deficit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The unaudited
United States dollar (&#147;US$&#148;) amounts disclosed in the accompanying financial statements are presented solely for the convenience of the readers. Translations of amounts from RMB into US$ for the convenience of the reader were calculated at
the rate of US$1.00 = RMB 6.0537 on December&nbsp;31, 2013, representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Board. No representation is made that the RMB
amounts could have been, or could be, converted into US$ at that rate on December&nbsp;31, 2013, or at any other rate. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>(d) Fair
Value Measurement </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Accounting guidance defines fair value as the price that would be received to sell an asset or paid to transfer
a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the
principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use
of unobservable inputs when measuring fair value. A financial instrument&#146;s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. A three-tier value hierarchy
prioritizes the inputs used in measuring fair value as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Level 1&#151;Observable inputs that reflect quoted prices for identical
assets or liabilities in active markets </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Level 2&#151;Inputs other than the quoted prices in active markets observable either directly or
indirectly </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Level 3&#151;Unobservable inputs which are supported by little or no market data </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group&#146;s financial instruments include cash and cash equivalents, short-term investments, accounts receivable, accounts payable,
advances from customers, and certain accrued liabilities and other current liabilities. The carrying values of these financial instruments approximated their fair values due to the short-term maturity of these instruments. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-13 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2. Principal Accounting Policies (Continued) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>(e) Cash and Cash Equivalents </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents represent cash on hand and demand deposits placed with banks or other financial institutions, which are unrestricted
as to withdrawal or use. The following table sets forth a breakdown of cash and cash equivalents by currency denomination and jurisdiction as of December&nbsp;31, 2011, 2012 and 2013: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="23%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">RMB</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">RMB equivalent (US$)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">RMB Equivalent (HK$)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Total in RMB</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Overseas</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">China</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Overseas</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">China</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Overseas</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">China</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Non VIE</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">VIE</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Non VIE</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">VIE</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Non&nbsp;VIE</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">VIE</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">December 31, 2011</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">244,701,011</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62,418</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57,482,419</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27,915,659</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,779,993</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">159,308</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">332,100,808</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">December 31, 2012</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97,585,402</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32,339,883</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">120,851,165</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,811,594</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,565,704</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83,788</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">299,237,536</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">December 31, 2013</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">294,051,240</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,280,676</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80,573,735</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29,047,618</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">953,126</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">367,763</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">128,677</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">419,402,835</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>(f) Restricted Cash </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Restricted cash represents cash that cannot be withdrawn without the permission of third parties. The Group&#146;s restricted cash arises from
cash deposits required by tourism administration departments as a pledge to secure travelers&#146; rights and interests. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>(g)
Short-term Investments </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Short-term investments are comprised of investments in financial products issued by banks or other
financial institutions, which contain a fixed or variable interest rate. Such investments are generally not permitted to be redeemed early or are subject to penalties for redemption prior to maturity. The Company classifies these investments as
held-to-maturity as it has both the positive intent and ability to hold them until maturity. These investments are classified as short-term investments based on the contractual maturity date. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>(h) Accounts Receivable </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As almost all customers pay for travel services prior to tour commencements, the Company&#146;s accounts receivable balance include only
receivables from banks, other financial institutions, and insurance companies. The carrying value of accounts receivable is reduced by an allowance that reflects the Company&#146;s best estimate of the amounts that will not be collected. The Company
estimates the collectability of accounts receivable considering many factors including but not limited to reviewing accounts receivable balances, historical bad debt rates, payment patterns, counterparties&#146; credit worthiness and financial
conditions, and industry trend analysis. The Company reviews the accounts receivable on a periodic basis and makes allowances when there is doubt as to the collectability of individual balances. No allowance for doubtful accounts was provided as of
December&nbsp;31, 2011, 2012 and 2013 as the Company believes that it is probable the accounts receivable will be fully collected. Historically, the Company has had no write-offs of accounts receivable balances. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-14 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2. Principal Accounting Policies (Continued) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>(i) Property and Equipment </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Property and equipment are stated at cost less accumulated depreciation and impairment if applicable. Property and equipment are depreciated
over the estimated useful lives on a straight-line basis. The estimated useful lives are as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="53%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:29.30pt; font-size:8pt; font-family:Times New Roman">Category</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"> <P STYLE="border-bottom:1.00pt solid #000000; width:66.00pt; font-size:8pt; font-family:Times New Roman" ALIGN="right">Estimated&nbsp;useful&nbsp;life</P></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Computers and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3 years</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Furniture and fixtures</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3&nbsp;-&nbsp;5 years</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Software</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5 years</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Leasehold improvements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;<BR>&nbsp;<BR>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Over&nbsp;the&nbsp;shorter&nbsp;of&nbsp;the&nbsp;lease&nbsp;term&nbsp;or<BR>the estimated useful life of the asset<BR>1 &#150; 9 years</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;<BR>&nbsp;&nbsp;<BR>&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Gain or loss on the disposal of property and equipment is the difference between the net sales proceeds and
the carrying amount of the relevant assets and is recognized in the consolidated statements of comprehensive loss. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>(j) Capitalized
Software Development Cost </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company has capitalized certain costs related to internally developed software used for supplier
management and customer purchase interface in accordance with ASC 350-40, Internal-Use Software, which requires the capitalization of costs relating to certain activities of developing internal-use software that occur during the application
development stage. Capitalized internal-use software costs are stated at cost less accumulated amortization and the amount is included in &#147;property and equipment, net&#148; on the consolidated balance sheets, with an estimated useful life of
five years. Software development cost capitalized amounted to RMB 980,187 for the year ended December 31, 2013. No such costs were capitalized in 2011 and 2012 as the amounts that met the capitalization criteria were insignificant. Costs capitalized
mainly include payroll and payroll-related costs for employees who are directly associated with and who devote time to the internal-use software projects during the application development stage. The amortization expense for capitalized software
costs amounted to RMB 73,833 for the year ended December 31, 2013. The unamortized amount of capitalized internal use software development costs was RMB 906,354 as of December 31, 2013. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>(k) Intangible Assets </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Intangible assets with definite lives are recorded at carrying value, which represents original cost less accumulated amortization, and are
recorded in &#147;other non-current assets&#148; on the consolidated balance sheets. The Group evaluates intangible assets for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that
will impact the future use of the assets) indicate that the carrying value of an asset or a group of an asset may not be recoverable. When impairment indicators exist, the Group performs an assessment to determine if the intangible asset has been
impaired and to what extent. The assessment is conducted by first estimating the undiscounted future cash flows to be generated from the use and eventual disposition of the intangible asset (or asset group) and comparing this amount with the
carrying value. If the undiscounted cash flows are less than the carrying amount, impairment is indicated, and future cash flows are discounted at an appropriate rate and compared to the carrying amounts to determine the amount of the impairment. No
impairment charges were recognized for all periods presented. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>(l) Advances from Customers </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Customers pay in advance to purchase travel services. Cash proceeds received from customers are initially recorded as advances from customers
and are recognized as revenues when revenue recognition criteria are met. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-15 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2. Principal Accounting Policies (Continued) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>(m) Leases </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A lease for which substantially all the benefits and risks incidental to ownership remain with the lessor is classified as an operating lease.
All leases of the Group are currently classified as operating leases. When a lease contains rent holidays or requires fixed escalations of the minimum lease payments, the Group records the total rental expense on a straight-line basis over the lease
term and the difference between the straight-line rental expense and cash payment under the lease is recorded as deferred rent liabilities. As of December&nbsp;31, 2011, 2012 and 2013 deferred rent liabilities of RMB 2,207,777, RMB 11,038,886 and
RMB 19,870,002, respectively, were recorded as non-current liabilities on the consolidated balance sheets. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>(n) Revenue Recognition
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group&#146;s revenue is primarily derived from sales of organized tours and self-guided tours. The Group&#146;s service
portfolio consists of organized tours and self-guided tours, as well as tickets for overseas and domestic tourist attractions. Revenue is recognized in accordance with ASC 605, Revenue Recognition, when the following criteria are met: persuasive
evidence of an arrangement exists, the sales price is fixed or determinable, service has been provided, and collectability is reasonably assured. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Organized tours: Revenue from organized tours is recognized on a gross basis, as the Group is the primary obligor in the arrangement and bears
the risks and rewards, including the customer&#146;s acceptance of services delivered. Such commitments are made in the contract the Group enters with its customers. Even though the Group does not generally assume inventory risk of purchasing travel
services before customers place an order, the Group is the party retained by and paid by its customers, and the Group is responsible for (and solely authorized to) refunding customers their payments in situations of customer disputes. Further, the
Group independently selects travel service suppliers, and determines the prices charged to customers and paid to its travel suppliers. Revenue from organized tours is recognized when the tours end as service rendering is only considered completed
upon conclusion of the entire organized tour. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Self-guided tours: Revenue from self-guided tours is recognized on a net basis,
representing the difference between what the Group receives from its customers and the amounts due to its travel suppliers. In the self-guided tour arrangements, the Group generally does not assume inventory risk, has limited involvement in
determining the service, and provides limited additional services to customers. Suppliers are responsible for all aspects of providing the air transportation and hotel accommodation. As such, the Group concludes that it is an agent for the travel
service providers in these transactions and revenues are reported on a net basis. Revenue from self-guided tours is recognized when the tours end as commissions are not earned until this time according to the contractual arrangements the Group
entered into with its travel suppliers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Other revenues: Other revenues comprise primarily tourist attraction tickets, service fee
received from insurance companies and visa processing services. The Group generally earns a commission or service fee from suppliers and revenue recognized represents the commissions earned from these transactions on a net basis. In addition, the
Group provides advertising services to domestic and foreign tourism boards and bureaus on its online platform. Revenue is recognized when tickets are issued or when services are rendered. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company does not recognize revenue if customer refunds are warranted due to customer satisfaction issues or other reasons, which is
generally known at the end of each tour when revenues are recognized. In the event of tour cancellation by customers, the liability associated with prepayments received from customers remains on the Group&#146;s consolidated balance sheets until
refunds are issued. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-16 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2. Principal Accounting Policies (Continued) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Customer incentives </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">From time to time customers are offered coupons, travel vouchers, membership points, or cash rewards as customer incentives. The Group accounts
for these customer incentives in accordance with ASC 605-50, <I>Customer Payments and Incentives.</I> For coupons and travel vouchers offered where prior purchase is not required, the Group accounts for them as a reduction of revenue when revenue is
recognized. The Group assessed coupons and vouchers offered to customers as part of a current purchase that give customers a right, but do not obligate customers to make future purchases, and concluded the discounts offered are insignificant; as
such, no deferral of revenue is considered necessary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For membership points earned by customers as part of the customer reward program
which provides travel awards upon point redemption, the Group estimates the incremental costs associated with the Group&#146;s future obligation to its customer, and records them as sales and marketing expense in the consolidated statements of
comprehensive loss. Unredeemed membership points are recorded in other current liabilities in the consolidated balance sheets. Cash rewards earned by customers are recorded as a reduction to revenue, with corresponding unclaimed amount recorded in
other current liabilities. The Company adjusts the liability when the membership points and cash rewards remain unclaimed upon program expiration, which is typically two years from the day the membership points and cash rewards are awarded. As of
December&nbsp;31, 2012 and 2013, liabilities recorded related to membership points and cash rewards are RMB 1,062,173 and RMB 5,760,470, respectively. There was no such customer incentive program in 2011. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Business and related taxes </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group is subject to business and related taxes on services provided in the PRC. The applicable business tax rate is 5%. In the accompanying
consolidated statements of comprehensive loss, business and related taxes are deducted from gross revenues to arrive at net revenues. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In
November 2011, the Ministry of Finance released Circular Caishui [2011] No. 111 mandating Shanghai to be the first city to carry out a pilot program of tax reform. Effective January 1, 2012, any entity that carries out selected modern services in
Shanghai is required to pay value-added tax (&#147;VAT&#148;) instead of business tax. Beijing Tuniu, Nanjing Tuniu and Tuniu (Nanjing) Information Technology Co., Ltd. have been subject to VAT at a rate of 6% and has since stopped paying the 5%
business tax from the respective effective dates of the tax reform. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>(o) Cost of Revenues </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Cost of revenues mainly consists of costs to suppliers of organized tours, and salaries and other compensation-related expenses related to the
Group&#146;s tour advisors, customer services representatives, and other personnel related to tour transactions. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Committed tour
reservations </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In order to secure availabilities of organized tours and self-guided tours during peak seasons such as holiday periods,
the Group may enter into certain contractual commitments with suppliers to reserve tours for selected destinations. The Group is required to pay a deposit to ensure tour availabilities, and such prepayment is record in prepayments and other current
assets on the consolidated balance sheets. Some of these contractual commitments are non-cancellable, and to the extent the reserved tours are not sold to customers, the Group </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-17 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2. Principal Accounting Policies (Continued) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
would be liable to pay suppliers a pre-defined or negotiated penalty, thereby assuming inventory risks. Management estimates losses of the committed tour reservations on a periodic basis based on
contractual terms and historical experience, and record such losses in the period the loss is considered probable. For the years ended December&nbsp;31, 2011, 2012 and 2013, losses recorded in &#147;cost of revenues&#148; in the consolidated
statements of comprehensive loss amounted to RMB 423,015, RMB 1,567,087 and RMB 6,681,730, respectively. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>(p) Sales and Marketing
Expenses </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Sales and marketing expenses consist primarily of marketing and promotional expenses, salaries and other
compensation-related expenses to the Group&#146;s sales and marketing personnel and office rental, depreciation and other related expenses related to the Group&#146;s sales and marketing team. Advertising expense, amounting to RMB&nbsp;46,066,733,
RMB 52,112,680 and RMB 103,142,138 for the years ended December&nbsp;31, 2011, 2012 and 2013 respectively, were charged to the consolidated statements of comprehensive loss as incurred. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>(q) Research and Product Development Expenses </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Research and product development expenses include salaries and other compensation-related expenses to the Group&#146;s research and product
development personnel, as well as office rental, depreciation and related expenses and travel-related expenses for the Group&#146;s research and product development team. The Group recognizes software development costs in accordance with ASC 350-40
<I>&#147;Software&#151;internal use software&#148;.</I> The Group expenses all costs that are incurred in connection with the planning and implementation phases of development, and costs that are associated with repair or maintenance of the existing
websites or software for internal use. Certain costs associated with developing internal-use software are capitalized when such costs are incurred within the application development stage of software development. See 2(j) <I>Capitalized software
development cost</I> for additional information. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>(r) General and Administrative Expenses </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">General and administrative expenses consist primarily of salaries and other compensation-related expenses to the Group&#146;s administrative
personnel, office rental, depreciation and related expenses and travel-related expenses for the Group&#146;s administrative team and professional services fees. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>(s) Share-based Compensation </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company accounts for share options granted to employees in accordance with ASC 718, <I>Stock Compensation</I>. The Company&#146;s 2008
Incentive Compensation Plan allows the plan administrator to grant options and restricted shares to the Company&#146;s employees, directors, and consultants. The plan administrator is the Company&#146;s board of directors or a committee appointed
and determined by the board. The board may also authorize one or more officers of the Company to grant awards under the plan. In accordance with the guidance, the Company determines whether a share option should be classified and accounted for as a
liability award or equity award. All grants of share-based awards to employees classified as equity awards are recognized in the financial statements based on their grant date fair values which are calculated using the binominal option pricing
model. Share-based compensation is recorded net of an estimated forfeiture rate at the time of grant and revise, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. Share-based compensation expenses are recorded
net of estimated forfeitures such that expenses are recorded only for those share-based awards that are expected to ultimately vest. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-18 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2. Principal Accounting Policies (Continued) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the 2008 Incentive Compensation Plan, options granted to employees vest upon
satisfaction of a service condition, which is generally satisfied over four years. Additionally, the incentive plan provides an exercisability clause where employees can only exercise vested options upon the occurrence of the following events:
(i)&nbsp;after the Company&#146;s ordinary shares has become a listed security, (ii)&nbsp;in connection with or after a triggering event (defined as a sale, transfer, or disposition of all or substantially all of the Company&#146;s assets, or a
merger, consolidation, or other business combination transaction), or (iii)&nbsp;if the optionee obtains all necessary governmental approvals and consents required. Options for which the service condition has been satisfied are forfeited should
employment terminate three months prior to the occurrence of an exercisable event, which substantially creates a performance condition. As of December&nbsp;31, 2013, the Company had not recognized any share-based compensation expense for options
granted, because an exercisable event as described above had not occurred, and the optionee obtaining all necessary governmental approvals and consents are considered improbable under the current PRC regulatory rules. The satisfaction of the
performance condition becomes probable upon completion of the Company&#146;s initial public offering for options granted for which the service condition has been satisfied as of such date, the Company will record a significant cumulative share-based
compensation expense for these options in the quarter of completing the initial public offering. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>(t) Income Taxes </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Current income taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are
not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are provided using the liability method. Under this method, deferred income taxes are recognized for
the tax consequences of temporary differences by applying enacted statutory rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. The tax base of an
asset or liability is the amount attributed to that asset or liability for tax purposes. The effect on deferred taxes of a change in tax rates is recognized in the interim condensed consolidated statements of comprehensive loss in the period of
change. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than not that some portion of, or all of the deferred tax assets will not be realized. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Uncertain tax positions </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The guidance prescribes a more likely than not threshold for financial statement recognition and measurement of a tax position taken or
expected to be taken in a tax return. Guidance also provides for the derecognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with
tax positions, accounting for income taxes in interim periods, and income tax disclosures. Significant judgment is required in evaluating the Group&#146;s uncertain tax positions and determining its provision for income taxes. As of
December&nbsp;31, 2011, 2012 and 2013, the Group did not have any significant unrecognized uncertain tax positions or any interest or penalties associated with tax positions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In order to assess uncertain tax positions, the Group applies a more likely than not threshold and a two-step approach for the tax position
measurement and financial statement recognition. Under the two-step approach, the first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the
position will be sustained, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-19 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2. Principal Accounting Policies (Continued) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>(u) Employee Benefits </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Full-time employees of the Group in the PRC are entitled to welfare benefits including pension, work-related injury benefits, maternity
insurance, medical insurance, unemployment benefit and housing fund plans through a PRC government-mandated defined contribution plan. Chinese labor regulations require that the Group makes contributions to the government for these benefits based on
certain percentages of employees&#146; salaries, up to a maximum amount specified by the local government. The Group has no legal obligation for the benefits beyond the contributions. The Group recorded employee benefit expenses of RMB 16,894,274,
RMB 21,287,847 and RMB 24,058,067 for the years ended December&nbsp;31, 2011, 2012 and 2013, respectively. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>(v) Government Subsidies
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Government subsidies are cash subsidies received by the Group&#146;s entities in the PRC from provincial and local government
authorities. The government subsidies are granted from time to time at the discretion of the relevant government authorities. These subsidies are granted for general corporate purposes and to support the Group&#146;s ongoing operations in the
region. Cash subsidies are recorded in other operating income on the consolidated statements of comprehensive loss when received and when all conditions for their receipt have been satisfied. The Group recognized government subsidies of RMB
1,651,063, RMB 773,727 and RMB&nbsp;1,688,560 in the years ended December&nbsp;31, 2011, 2012 and 2013, respectively. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>(w) Earnings
(Loss) Per Share </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Basic earnings (loss) per share is computed by dividing net income (loss) attributable to ordinary shareholders
by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net income is allocated between ordinary shares and other participating securities based on their participating
rights. Net loss is not allocated to other participating securities if based on their contractual terms they are not obligated to share in the losses. Diluted earnings (loss) per share is calculated by dividing net income (loss) attributable to
ordinary shareholders by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of shares issuable upon the conversion of the preferred shares using the
if-converted method, and shares issuable upon the exercise of share options using the treasury stock method. Ordinary equivalent shares are not included in the denominator of the diluted loss per share calculation when inclusion of such shares would
be anti-dilutive. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>(x) Comprehensive Income (Loss) </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Comprehensive income (loss) is defined as the change in equity of the Group during a period arising from transactions and other events and
circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Comprehensive income or loss is reported in the consolidated statements of comprehensive loss. Accumulated other comprehensive income
(loss), as presented on the accompanying consolidated balance sheets, consists of accumulated foreign currency translation adjustments. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>(y) Segment Reporting </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In accordance with ASC 280, Segment Reporting, the Company&#146;s chief operating decision maker, the Chief Executive Officer, reviews the
consolidated results when making decisions about allocating resources and assessing performance of the Company as a whole and hence, the Company has only one reportable segment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-20 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2. Principal Accounting Policies (Continued) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
The Company does not distinguish between markets or segments for the purpose of internal reporting. The Company&#146;s long-lived assets are substantially all located in the PRC and substantially
all the Company&#146;s revenues are derived from within the PRC, Therefore, no geographical segments are presented. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>(z) Deferred
offering costs </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Deferred offering costs consist principally of legal, printing and registration costs in connection with the
initial public offering (&#147;IPO&#148;) of Tuniu Corporation&#146;s ordinary shares. Such costs are deferred until the closing of the offering, at which time the deferred costs are offset against the offering proceeds. In the event the offering is
unsuccessful or aborted, the costs will be expensed. Deferred offering costs as of December 31, 2013 amounted to RMB2,127,187 (US$351,386) and were included in other non-current assets on the consolidated balance sheets. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>(aa) Recently Issued Accounting Pronouncements </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In February 2013, the FASB issued Accounting Standards Update (&#147;ASU&#148;) No.&nbsp;2013-02, <I>Reporting of Amounts Reclassified Out of
Accumulated Other Comprehensive Income</I>, which requires the Company to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income on the Company&#146;s consolidated
statement of comprehensive income if the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income. This update does not change the current requirements for reporting net income or other comprehensive
income in the consolidated financial statements of the Company, but does require the Company to provide information about the amounts reclassified out of accumulated other comprehensive income by component. This standard is effective prospectively
for reporting periods beginning after December&nbsp;15, 2012. The adoption of this guidance did not have an impact on the Company&#146;s consolidated balance sheets, statements of comprehensive loss, or statements of cash flows. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In March 2013, the FASB issued ASU No.&nbsp;2013-05, Parent&#146;s Accounting for the Cumulative Translation Adjustment upon Derecognition of
Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. This ASU requires the release of cumulative translation adjustments into net income when an entity ceases to have a controlling financial
interest resulting in the complete or substantially complete liquidation of a subsidiary or group of assets within a foreign entity. The guidance will be effective prospectively for reporting periods beginning after December&nbsp;15, 2013. The
Company is currently evaluating the impact of adopting this guidance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In July 2013, the FASB issued, ASU No.&nbsp;2013-11, Presentation
of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This ASU clarifies that an unrecognized tax benefit should be presented in the financial statements as a reduction to a
deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. In situations where a net operating loss
carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use the
deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The guidance will be effective prospectively for reporting periods
beginning after December&nbsp;15, 2013. The Company is currently assessing the potential impact on the adoption of this guidance on its consolidated financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-21 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3. Risks and Concentration </B></P>
 <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>(a) Credit and Concentration Risks </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group&#146;s credit risk arises from cash and cash equivalents, restricted cash, short-term investments, prepayments and other current
assets, and accounts receivables. The carrying amounts of these financial instruments represent the maximum amount of loss due to credit risk. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group expects that there is no significant credit risk associated with the cash and cash equivalents and short-term investments which are
held by reputable financial institutions in the jurisdictions where the Company, its subsidiaries and the Affiliated Entities are located. The Group believes that it is not exposed to unusual risks as these financial institutions have high credit
quality. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group has no significant concentrations of credit risk with respect to its customers, as customers usually prepay for travel
services. Accounts receivable are typically unsecured and are derived from third parties such as insurance companies for trade purposes. The risk with respect to accounts receivable is mitigated by credit evaluations performed on business partners
and ongoing monitoring processes on outstanding balances. No individual customer accounted for more than 10% of net revenues in years ended December&nbsp;31, 2011, 2012 and 2013. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>(b) Foreign Currency Risk </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group&#146;s operating transactions and its assets and liabilities are mainly denominated in RMB. The RMB&nbsp;is not freely convertible
into foreign currencies. The value of the RMB is subject to changes influenced by central government policies, and international economic and political developments. In the PRC, certain foreign exchange transactions are required by law to be
transacted only by authorized financial institutions at exchange rates set by the People&#146;s Bank of China (the &#147;PBOC&#148;). Remittances in currencies other than RMB by the Group in China must be processed through the PBOC or other China
foreign exchange regulatory bodies which require certain supporting documentation in order to effect the remittance. </P>
 <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4. Prepayments and Other Current Assets </B></P>
 <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following is a summary of prepayments and other current assets: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="40%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As of December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2011</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Prepayments to suppliers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51,878,570</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">120,061,975</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">274,418,870</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45,330,768</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest income receivable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">321,146</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">131,304</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,767,451</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">622,339</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Others</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,434,849</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,856,563</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,373,926</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,383,274</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56,634,565</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">127,049,842</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">286,560,247</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47,336,381</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prepayments to suppliers represent prepayments made for reserving tour availabilities. Other current assets
include prepaid advertising fees and prepaid rent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-22 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5. Property and Equipment, Net </B></P>
 <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following is a summary of property and equipment, net: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As of December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2011</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Computers and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">16,959,170</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">22,583,330</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">25,307,217</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">4,180,455</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Leasehold improvements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,165,328</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,519,922</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,649,572</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,245,878</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Furniture and fixtures</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,383,028</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,204,873</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,212,488</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">530,665</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Software</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,745,818</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,388,299</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,537,387</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">584,335</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30,253,344</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47,696,424</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51,706,664</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,541,333</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Less: Accumulated depreciation</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8,871,466</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(18,913,559</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(26,855,361</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,436,190</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Property and equipment, net</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,381,878</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,782,865</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24,851,303</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,105,143</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Depreciation expenses for the years ended December&nbsp;31, 2011, 2012 and 2013 was RMB 6,143,276,
RMB&nbsp;10,111,622 and RMB 8,764,423, respectively. </P>
 <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>6. Accrued Expenses and Other Current Liabilities </B></P>
 <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following is a summary of accrued expenses and other current liabilities: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As of December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2011</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Deposits from customers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">4,647,105</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">10,651,949</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">11,320,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">1,870,013</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Accrued liabilities related to customer incentive programs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,062,173</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,760,470</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">951,562</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Accrued professional service fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">1,690,293</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">2,962,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">3,467,453</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">572,782</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Accrued sales and marketing expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">1,617,853</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">3,568,297</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">3,029,033</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">500,361</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Funds collected on behalf of insurance companies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,479,648</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,293,147</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">670,917</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">110,828</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Accrued initial public offering related costs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,127,187</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">351,386</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Others</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">1,713,281</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">1,396,910</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">3,356,530</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">554,459</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,148,180</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,934,476</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29,732,090</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,911,391</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Deposits from customers represent cash paid to the Group as a deposit for international tours, and such amount
is refundable upon completion of the tours. </P>
 <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>7. Short-term Investments </B></P>
 <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company&#146;s short-term investments comprised of financial products issued by banks or other financial institutions,
and they are classified as held-to-maturity investments based on the Company&#146;s intent and ability to hold them until maturity. Held-to-maturity securities are reported at amortized cost, and are subject to impairment tests. Given the short-term
nature, the carrying value of short-term investments approximate their fair value. There was no other-than-temporary impairment of short-term investments in years ended December&nbsp;31, 2011, 2012 and 2013. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-23 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8. Income Taxes </B></P>
 <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company is registered in the Cayman Islands. The Company generated substantially all of its income (loss) from its PRC
operations for the years ended December&nbsp;31, 2011, 2012 and 2013. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman"><I>Cayman Islands (&#147;Cayman&#148;) </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, upon payments of
dividends to shareholders, no Cayman Islands withholding tax will be imposed. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman"><I>Hong Kong </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Entities incorporated in Hong Kong are subject to Hong Kong profits tax at a rate of 16.5% since January&nbsp;1, 2010. The operations in Hong
Kong have incurred net accumulated operating losses for income tax purposes. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman"><I>PRC </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On March&nbsp;16, 2007, the National People&#146;s Congress of the PRC enacted an Enterprise Income Tax Law (&#147;EIT Law&#148;), under which
Foreign Investment Enterprises (&#147;FIEs&#148;) and domestic companies would be subject to EIT at a uniform rate of 25%. The EIT law became effective on January&nbsp;1, 2008. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The EIT Law also provides that an enterprise established under the laws of a foreign country or region but whose &#147;de facto management
body&#148; is located in the PRC be treated as a resident Enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The implementing Rules of the EIT Law merely define the location of
the &#147;de facto management body&#148; as &#147;the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, properties, etc., of a non-PRC company is
located.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The EIT Law also imposes a withholding income tax of 10% on dividends distributed by a FIE to its immediate holding
company outside of China, if such immediate holding company is considered as a non-resident enterprise without any establishment or place within China or if the received dividends have no connection with the establishment or place of such immediate
holding company within China, unless such immediate holding company&#146;s jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement. The Cayman Islands, where the Company incorporated, does not
have such tax treaty with China. According to the arrangement between Mainland China and Hong Kong Special Administrative Region on the Avoidance of Double Taxation and Prevention of Fiscal Evasion in August 2006, dividends paid by a FIE in China to
its immediate holding company in Hong Kong will be subject to withholding tax at a rate of no more than 5% if the immediate holding company in Hong Kong owns directly at least 25% of the shares of the FIE and could be recognized as a Beneficial
Owner of the dividend from PRC tax perspective. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Nanjing Tuniu obtained in 2010 its HNTE certificate with a valid period of three years
and successfully renewed such certificate in December 2013 for additional three years. Therefore, Nanjing Tuniu is eligible to enjoy a preferential tax rate of 15% from 2013 to 2015 to the extent it has taxable income under the EIT Law, as long as
it maintains the HNTE qualification and duly conducts relevant EIT filing procedures with the relevant tax authority. Nanjing Tuniu also obtained a software company certificate in 2012. Pursuant to such certificate, Nanjing Tuniu qualifies for a tax
holiday during which it is entitled to an exemption from enterprise income tax for two years commencing from its first profit-making year of operation and a 50% reduction of enterprise income tax for the following three years. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-24 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8. Income Taxes (Continued) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As the Group had net operating losses for the years ended December&nbsp;31, 2011, 2012 and
2013, it has not incurred any PRC income taxes for those periods, with the exception of one operating entity, which incurred immaterial income tax expenses in 2013. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth a reconciliation between the statutory EIT rate and the effective tax rate: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="63%"></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For&nbsp;the&nbsp;Years&nbsp;Ended&nbsp;December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;2011&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>&nbsp;&nbsp;&nbsp;&nbsp;2013&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Statutory income tax rates</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Change in valuation allowance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(22.6</TD>
<TD NOWRAP VALIGN="bottom">%)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(19.9</TD>
<TD NOWRAP VALIGN="bottom">%)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(20.1</TD>
<TD NOWRAP VALIGN="bottom">%)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Permanent book-tax differences</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2.4</TD>
<TD NOWRAP VALIGN="bottom">%)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5.2</TD>
<TD NOWRAP VALIGN="bottom">%)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4.9</TD>
<TD NOWRAP VALIGN="bottom">%)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Difference in EIT rates of certain subsidiaries</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.0</TD>
<TD NOWRAP VALIGN="bottom">%)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Effective tax rate</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.1</TD>
<TD NOWRAP VALIGN="bottom">%)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Deferred Tax Assets </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth the significant components of deferred tax assets and liabilities: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For the Years Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2011</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred tax assets:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accruals and others</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,318,090</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,400,198</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,726,090</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">615,506</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Less: valuation allowance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,318,090</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,400,198</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,726,090</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(615,506</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total current deferred tax assets, net</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Non-current</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred tax assets:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net operating loss carryforwards</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,943,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29,963,459</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40,980,595</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,769,512</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Carryforwards of undeducted advertising expenses</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,365,464</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,951,385</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,414,030</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">233,581</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Subtotal</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,308,964</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32,914,844</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42,394,625</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,003,093</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Less: valuation allowance</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(20,308,964</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(32,914,844</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(42,394,625</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,003,093</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total non-current deferred tax assets, net</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-25 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8. Income Taxes (Continued) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of December 31, 2013, the Group had net operating loss carryforwards of RMB 166,094,229
(US$27,436,812) which can be carried forward to offset taxable income. The carryforward period for net operating losses under the EIT Law is five years. The net operating loss carryforwards of the Group will start to expire in 2015 for the amount of
RMB 1,478,876 if not utilized. The remaining net operating loss carryforwards will expire in varying amounts between 2016 and 2019. There is no expiration for the advertising expenses carryforwards. Other than the expiration, there are no other
limitations or restrictions upon the Group&#146;s ability to use these operating loss carryforwards. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A valuation allowance is provided
against deferred tax assets when the Group determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Group evaluates a variety of factors including the Group&#146;s
operating history, accumulated deficit, existence of taxable temporary differences and reversal periods. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group has incurred net
accumulated operating losses for income tax purposes since its inception. The Group believes that it is more likely than not that these net accumulated operating losses and other deferred tax assets will not be utilized in the future. Therefore, the
Group has provided full valuation allowances for deferred tax assets as of December&nbsp;31, 2011, 2012 and 2013. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Movement of
valuation allowance </I></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="41%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For the Years Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2011</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance at beginning of the year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,539,948</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23,627,054</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,315,042</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,668,441</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Provision</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,087,106</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,687,988</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,805,673</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,950,158</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Balance at the end of the year</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23,627,054</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,315,042</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46,120,715</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,618,599</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9. Convertible Preferred Shares </B></P>
 <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In August 2008, the Company entered into an agreement with Gobi Fund II L.P. (&#147;Gobi&#148;) and issued 20,000,000 Series
A Convertible Preferred Shares (&#147;Series A Preferred Shares&#148;) at the purchase price of US$0.10&nbsp;(RMB0.68) per share for a total consideration of US$2,000,000 (RMB 13,660,360) in cash. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In December 2009, the Company entered into a series of agreements with DCM V, L.P., DCM Affiliates Fund V, L.P. ( &#147;DCM&#148;) and Gobi
and issued 21,564,115 Series B Convertible Preferred Shares (&#147;Series B Preferred Shares&#148;) at the purchase price of US$0.3478 (RMB2.37) per share for a total consideration of US$7,500,000 (RMB51,211,500) in cash. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In March 2011, the Company entered into a series of agreements with four institutional investors and issued 25,782,056 Series C Convertible
Preferred Shares (&#147;Series C Preferred Shares&#148;) at the purchase price of US$1.7454 (RMB11.45) per share for a total consideration of US$45,000,000 (RMB295,183,500) in cash. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In August 2013, the Company entered into an agreement with Esta Investments Pte Ltd (&#147;Esta&#148;) and issued 18,142,893 Series D
Convertible Preferred Shares (&#147;Series D Preferred Shares&#148;) at the purchase price of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-26 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9. Convertible Preferred Shares (Continued) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
US$2.7559 (RMB 16.99) per share for a total consideration of US$50,000,000 (RMB 308,328,500) in cash. Series A Preferred Shares, Series B Preferred Shares, Series C Preferred Shares and Series D
Preferred Shares are collectively referred to as &#147;Convertible Preferred Shares.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Accounting for Convertible Preferred
Shares </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Convertible Preferred Shares are redeemable upon a liquidation event, including a deemed liquidation event (e.g.,
change in control), and as such are presented as mezzanine equity on the consolidated balance sheets. In accordance with ASC 480-10-S99, each issuance of the Convertible Preferred Shares should be recognized at the respective issue price at the date
of issuance net of issuance costs. The issuance costs for Series A, Series B, Series C, and Series D Preferred Shares were US$ 26,755 (RMB 182,576), US$ 340,000 (RMB 2,321,384), US$&nbsp;755,000 (RMB 4,927,809), and US$ 335,123 (RMB 2,059,507),
respectively. Since the Convertible Preferred Shares are not redeemable until the occurrence of a liquidation event, no subsequent accretion to the respective redemption values is necessary until it is probable a liquidation event is to occur.
To-date, no liquidation or deemed liquidation events have occurred or are probable. Accordingly there have been no accretive costs to the convertible preferred shares have been recorded for the periods presented. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The preferred shareholders have the ability to convert the Convertible Preferred Shares into the Company&#146;s ordinary shares at any time,
at the option of the holder, on a one to one share basis. Upon the occurrence of certain events, the conversion ratio may be subsequently adjusted. The Company evaluated the embedded conversion option in the Convertible Preferred Shares to determine
if there were any embedded derivatives requiring bifurcation. The conversion options of the Convertible Preferred Shares do not qualify for bifurcation accounting because the underlying ordinary shares are not publicly traded nor are they readily
convertible into cash. There are no other embedded derivatives that are required to be bifurcated. As the Convertible Preferred Shares are convertible at any time at the option of the holder and the embedded conversion options are not bifurcated,
the Convertible Preferred Shares were further evaluated to determine if there were any Beneficial Conversion Features (&#147;BCF&#148;). BCFs exist when the accounting conversion price of the Convertible Preferred Shares is lower than the fair value
of the Company&#146;s ordinary shares at the commitment date. The Company has determined that there was no BCF attributable to any of the Convertible Preferred Shares because the initial accounting conversion prices were higher than the fair value
of the Company&#146;s ordinary shares determined. The fair value of the Company&#146;s ordinary shares on the commitment date was estimated by the Company with the assistance of an independent valuation firm. The Company will continue to assess any
potential BCF which could result from potential changes in conversion price upon the occurrence of certain events. Since issuance, there have been no events that would trigger an adjustment to the conversion prices of the Convertible Preferred
Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company assesses whether an amendment to the terms of its convertible preferred shares is an extinguishment or a modification
using the fair value model. When convertible preferred shares are extinguished, the difference between the fair value of the consideration transferred to the convertible preferred shareholders and the carrying amount of the convertible preferred
shares (net of issuance costs) is treated as deemed dividends to the preferred shareholders. The Company considers that a significant change in fair value after the change of the terms to be substantive and thus triggers extinguishment. A change in
fair value which is not significant immediately after the change of the terms is considered non-substantive and thus is subject to modification accounting. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-27 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9. Convertible Preferred Shares (Continued) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Repurchases and Redesignations of Series A Preferred Shares </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In March 2011, the Company repurchased 2,864,673 Series A Preferred Shares from Gobi at US$1.7454 (RMB 11.45) per share for an aggregate price
of US$5,000,000 (RMB 32,809,002) (&#147;Repurchase&#148;). The Company accounted for the Repurchase as an extinguishment of the Series A Preferred Shares repurchased and recorded an increase of accumulated deficit based on the difference between the
US$5,000,000 (RMB&nbsp;32,809,002) paid and the carrying amount of such Series A Preferred Shares of RMB 1,879,741. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In August 2013, the
Company negotiated with Esta for the issuance of 18,142,893 Series D preferred shares for a total consideration of US$50,000,000 (RMB 308,328,500), of which the fair value per share was US$2.7559 (RMB 16.99). The Company also noted it needed to
complete certain legal administrative procedures related to the cancellation of the Series A Preferred Shares from the Repurchase in 2011. Consequently, the Company decided to fulfill the requirement in conjunction with the issuance of Series D
through the following transactions entered at the same time and in contemplation of each other: (1) the Company issued 15,278,220 Series D Preferred Shares directly to Esta for US$45,000,000 (RMB 277,605,000); (2) the Company reissued 2,864,673
Series A Preferred Shares repurchased from Gobi and redesignated such shares into Series D Preferred Shares on a one-for-one basis for US$5,000,000 (RMB&nbsp;30,723,500); (3)&nbsp;Gobi then sold these Series D Preferred Shares to Esta for US
$5,000,000 (RMB&nbsp;30,723,500); and ; (4) Gobi paid the US$5,000,000 (RMB 30,723,500) received from Esta to the Company. The value of the redesignation described in transaction 2 was compensated by Esta through the premium from issuance described
in transaction 1. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Even though the Company and Gobi exchanged Series A Preferred Shares and cash, such exchange was based on terms
identical to those from the 2011 Repurchase, and by design, neither the Company nor Gobi gave away or received any additional value in these transactions. In substance, the transactions were entered to issue a total of 18,142,893 Series D preferred
shares to Esta for US$50,000,000 (RMB 308,328,500), and the Company received the full fair value of all Series D Preferred Shares issued to Esta. Consequently, the Company had accounted for the transactions as such. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Also in August 2013, the Company redesignated 3,628,579 Series A Preferred Shares held by Gobi into Series D Preferred Shares, and Gobi then
transferred 1,297,765 Series D Preferred Shares, 31,666 Series D Preferred Shares and 2,299,148 Series D Preferred Shares to DCM V, L.P., DCM Affiliates Fund V, L.P. and DCM Hybrid RMB Fund, L.P., respectively, at the purchase price of US $2.7559
(RMB 16.99) per share for a total consideration of US $10,000,000 (RMB&nbsp;61,666,000) in cash. The Company did not receive any proceeds for the transfer between Gobi and DCM, nor did the Company receive any consideration for the redesignation for
the shares transferred between Gobi and DCM. Such redesignation, in substance, is the same as a repurchase of Series A Preferred Shares from Gobi and a separate issuance of Series D Preferred Shares to DCM and DCM Hybrid RMB Fund, L.P.. The Company
accounted for such redesignation as an extinguishment of 3,628,579 Series A Preferred Shares repurchased and recorded an increase in accumulated deficit based on the difference between the fair value of the consideration transferred to Gobi (i.e.,
fair value of Series D Preferred Shares) and the carrying amount of such Series A Preferred Shares. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-28 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9. Convertible Preferred Shares (Continued) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Information about the Company&#146;s Convertible Preferred Shares outstanding is as follows,
excluding issuance cost: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:6.5pt" ALIGN="center">


<TR>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:6pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Series A</B><br><B>Preferred Shares</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Series B</B><br><B>Preferred Shares</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Series C</B><br><B>Preferred Shares </B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Series D</B><br><B>Preferred Shares</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:6pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Shares</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Amount<BR>(USD)</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Amount<BR>(RMB) </B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Shares</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Amount<BR>(USD)</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Amount<BR>(RMB)</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Shares</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Amount<BR>(USD) </B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Amount<BR>(RMB)</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Shares</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Amount<BR>(USD) </B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Amount<BR>(RMB)</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman">Consolidated balance sheet as of December&nbsp;31, 2012</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,135,327</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,686,802</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,598,043</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,564,115</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,160,030</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48,890,116</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,782,056</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44,248,768</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">290,255,691</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman">Issuance cost</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,731</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">182,576</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">339,970</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,321,384</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">751,232</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,927,809</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman">Balance as of December&nbsp;31, 2012</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,135,327</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,713,533</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,780,619</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,564,115</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51,211,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,782,056</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">295,183,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman">Issuance of Series&nbsp;D Preferred Shares</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,278,220</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">277,605,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman">Issuance of Series&nbsp;A Preferred Shares</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,864,673</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30,723,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman">Redesignation of Series&nbsp;A to Series&nbsp;D Preferred Shares</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,864,673</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,000,000</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(30,723,500</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,864,673</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30,723,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman">Redesignation of Series&nbsp;A to Series&nbsp;D Preferred Shares</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,628,579</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(362,859</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,237,600</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,628,579</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61,666,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman">Balance as of December&nbsp;31, 2013</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,506,748</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,350,674</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,543,019</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,564,115</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,500,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51,211,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,782,056</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">295,183,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,771,472</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">369,994,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman">Issuance cost</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(26,731</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(182,576</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(339,970</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,321,384</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(751,232</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,927,809</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(333,848</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,059,507</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman">Translation difference<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">222,292</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">916,042</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,698,056</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,112,379</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:6.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:6.5pt; font-family:Times New Roman">Consolidated balance sheet as of December&nbsp;31, 2013</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,506,748</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,546,235</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,360,443</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,564,115</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,076,072</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48,890,116</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,782,056</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47,946,824</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">290,255,691</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,771,472</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60,778,531</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">367,934,993</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Translations of the preferred share amounts on the consolidated balance sheets between RMB and US$ for the convenience of the readers were calculated at the rate of US$1.00 = RMB 6.0537 on December 31, 2013. Balances as
disclosed in the roll-forward reconciliation above were translated into RMB using historical exchange rate on the day the transactions were entered. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The difference between the Series A Preferred Shares and the Series D Preferred Shares amount is recorded as deemed dividends and an increase
to accumulated deficit in the year ended December 31, 2013, as this redesignation is accounted for as an extinguishment of Series A Preferred Shares. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Terms of the Convertible Preferred Shares </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Key terms of the Convertible Preferred Shares are summarized as follows: </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>a. Dividends </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The holders
of the Series B, Series C and Series D Preferred Shares are entitled to receive dividends at the rate of 8% of the original Preferred Share issue price per annum, when and if declared by the Board of Directors of the Company, prior and in preference
to the Series A Preferred Shares holders, ordinary shareholders or any other class of shareholders on an as-converted basis. The dividend of the Convertible Preferred Shares shall be non-cumulative. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-29 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9. Convertible Preferred Shares (Continued) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The holders of the Convertible Preferred Shares are also entitled to receive any other
dividend, when and if declared by the Board on an as-converted basis. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>b. Liquidation preference </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon the occurrence of any liquidation or deemed liquidation, the holders of the Series A, Series B, Series&nbsp;C, and Series D Preferred
Shares shall be entitled to receive, before any distribution or payment to the holders of the ordinary shares of the Company, an amount equal to 150% of their original issue price for Series A Preferred Shares, 100% of their original issue price for
Series B Preferred Shares, 100% of their original issue price for Series C Preferred Shares and 100% of their original issue price for Series D Preferred Shares, respectively, as adjusted for any share splits, share dividends, combinations,
recapitalizations and similar transactions, plus all declared and unpaid dividends. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the assets and funds distributed among the holders
are insufficient to permit the payment of the full preferential amounts, then the holders of Series D Preferred Shares shall be entitled to be paid first out of the assets of the Company available for distribution among the Shareholders, prior and
in preference to any payment on all other series of preferred shares and ordinary shares, followed in sequence by Series C Preferred Shares, Series B Preferred Shares, and Series A Preferred Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">After payment of the full preferential amounts, the remaining assets of the Company available for distribution shall be distributed ratably
among the holders of Series A, Series B, Series C and Series D Preferred Shares and ordinary shares in proportion to the number of outstanding shares held by each such holder on an as converted basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The liquidation preference described above shall terminate upon a Qualified Initial Public Offering as defined in the Memorandum and Articles
of Association. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>c. Redemption </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All Convertible Preferred Shares are redeemable only upon a liquidation event or deemed liquidation events (e.g., change in control), as
defined in the Memorandum and Articles of Association. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>d. Conversion </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Convertible Preferred Shares are convertible, at the option of the holders, into the Company&#146;s ordinary shares at an initial
conversion ratio of 1:1 at any time after the original issuance date. In the event that the Company issues additional ordinary shares at a price lower than the then-applicable conversion price for the Preferred Shares, the conversion price of the
Convertible Preferred Shares shall be adjusted. The conversion prices are also subject to adjustments upon certain dilution events. In addition, the Convertible Preferred Shares are automatically convertible into such number of ordinary shares of
the Company as shall be determined by reference to the then effective and applicable conversion ratio upon the earlier of (i) the closing of a Qualified Initial Public Offering as defined in the Memorandum and Articles of Association, or (ii) the
date specified by written consent or agreement of holders of a majority of the outstanding Series A, a majority of the outstanding Series B, 80% of the outstanding Series C and a majority of the outstanding Series D Preferred Shares, each voting as
a separate class. </P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-30 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9. Convertible Preferred Shares (Continued) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>e. Voting rights </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Convertible Preferred Shares have voting rights equivalent to the number of ordinary shares into which they are convertible to. The holders
of the Convertible Preferred Shares also have certain veto rights including, but not limited to, any increase or decrease in the total number of directors and change of board composition, appointment or removal of senior management, approval of
business plan and operating budget, dividend declaration, any merger, split, reorganization or consolidation. </P>
 <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>10. Ordinary Shares </B></P>
 <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the issuance of the Company&#146;s Series D preferred shares, the Company amended its Memorandum and
Articles of Association on August 16, 2013, which authorized the Company to issue a maximum of 209,623,922 shares with a par value of US$0.0001 per share, comprised of (i) 126,999,531 Ordinary Shares, and (ii) 82,624,391 Preferred Shares, of which
13,506,748 shares are designated as Preferred A shares, 21,564,115 shares are designated as Preferred B Shares, 25,782,056 shares are designated as Preferred C Shares, and 21,771,472 shares are designated as Preferred D Shares. </P>
 <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>11. Share Incentive Plan </B></P>
 <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company&#146;s 2008 Incentive Compensation Plan (the &#147;2008 Plan&#148;) allows the plan administrator to grant
options and restricted shares to the Company&#146;s employees, directors, and consultants, up to a maximum of 11,500,000 ordinary shares. In December 2012, the Board of Directors approved an increase in the number of shares available for issuance
under the plan to 18,375,140 ordinary shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Since adoption of the 2008 plan, the Company only granted options to employees and
directors. All options granted have a contractual term of six years, and vest over a period of four years of continuous service, one fourth (1/4)&nbsp;of which vest upon the first anniversary of the date of grant and the remaining vest monthly
thereafter in 36 equal monthly installments. Under the option plan, options are only exercisable upon occurrence of certain defined exercisable events, and options for which the service condition has been satisfied are forfeited should employment
terminate three months prior to the occurrence of an exercisable event. The Group did not recognize any share-based compensation for the options granted as the performance condition is contingent upon an exercisable event which is not considered
probable until the event happens. Share-based compensation expense of RMB 13,354,182 would be recognized immediately if an exercisable event had occurred as of December&nbsp;31, 2013. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-31 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>11. Share Incentive Plan (Continued) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In 2013, the Group granted 7,445,310 options with a weighted average
exercised price of US$ 0.55 (RMB3.41) per share. The following table summarizes the Company&#146;s option activity under the 2008 plan: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number of<BR>Options</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Weighted<BR>Average&nbsp;Exercise<BR>Price</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Weighted&nbsp;Average<BR>Remaining<BR>Contractual Life</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Aggregate Intrinsic Value</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Weighted<BR>Average<BR>Grant&nbsp;Date</B><br><B>Fair Value</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>In Years</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Outstanding as of December&nbsp;31, 2010</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,905,555</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.09</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,493,234</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,889,240</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.05</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Granted</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,485,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Forfeited</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(290,500</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Outstanding as of December&nbsp;31, 2011</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,100,055</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,000,332</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37,807,491</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Granted</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,089,700</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7.14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.89</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Forfeited</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(610,984</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4.17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.89</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Outstanding as of December&nbsp;31, 2012</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,578,771</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,218,178</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45,369,858</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Granted</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,445,310</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Forfeited</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(392,128</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.02</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Outstanding as of December&nbsp;31, 2013</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,631,953</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,284,725</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">172,449,140</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.98</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Vested and expected to vest at December&nbsp;31, 2013</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,527,611</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">1.16</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,259,825</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;<BR></TD>
<TD VALIGN="bottom" ALIGN="right">93,037,627<BR></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;<BR></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">0.95</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying
awards and the estimated fair value of the underlying stock at each reporting date. As a result of the exercisable event conditions included in the option plan, none of the options vested were exercisable as of December&nbsp;31, 2013. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-32 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>11. Share Incentive Plan (Continued) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The grant date fair value of each option is calculated using a binomial option pricing model
by the Company, with the assistance from an independent valuation firm. The Company is ultimately responsible for the determination of all amounts related to share-based compensation. The fair value of each option grant was estimated on the date of
grant with the following assumptions: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="44%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For&nbsp;the&nbsp;Years&nbsp;Ended&nbsp;December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2011</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expected volatility</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">50%-52%</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Risk-free interest rate (per annum)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.44%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.52%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">1.08%-1.75%</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exercise multiple</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.2&nbsp;-2.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.2&nbsp;-2.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.2-2.8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expected dividend yield</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.00%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expected term (in years)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expected forfeiture rate (post-vesting)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">0%&nbsp;-20%</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">0%&nbsp;-20%</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">0%-20%</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fair value of the underlying shares on the date of option grants </P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;<BR>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">US$0.55-0.76</FONT><BR><FONT STYLE="white-space:nowrap">RMB3.55-4.91</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;<BR>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;<BR>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">US$0.76<BR>RMB4.78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;<BR>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;<BR>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">US$0.91-1.98</FONT><BR><FONT STYLE="white-space:nowrap">RMB5.63-12.26</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;<BR>&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group estimated the expected volatility at the date of grant date and each option valuation date based on
the annualized standard deviation of the daily return embedded in historical share prices of comparable companies. Risk free interest rate was estimated based on the yield to maturity of US treasury bonds denominated in US$ at the option valuation
date. The exercise multiple is estimated as the ratio of fair value of underlying shares over the exercise price as at the time the option is exercised, based on a consideration of research study regarding exercise pattern based on empirical studies
on the actual exercise behavior of employees. The Group has never declared or paid any cash dividends on its capital stock, and the Group does not anticipate any dividend payments on its ordinary shares in the foreseeable future. Expected term is
the contract life of the option, and estimated forfeiture rates are determined based on historical employee turnover rate after each option grant. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-33 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>12. Loss Per Share </B></P>
 <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth the computation of basic and diluted net loss per share for the periods indicated: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="41%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For the Years Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2011</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Numerator:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net loss:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(91,949,864</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(107,189,923</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(79,632,079</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13,154,282</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Less: Deemed dividends upon repurchase of Series&nbsp;A Preferred Shares</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(30,929,261</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Less: Deemed dividends upon&nbsp;redesignation&nbsp;of Series&nbsp;A Preferred Shares</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(59,428,400</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">(9,816,872</P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">)&nbsp;</P></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Numerator for basic and diluted net loss per share</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(122,879,125</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(107,189,923</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(139,060,479</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(22,971,154</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Denominator:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Weighted average number of ordinary shares outstanding&#151;basic and diluted</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Basic and diluted net loss per share attributable to the Company&#146;s ordinary shareholders</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4.73</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4.12</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5.35</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.88</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Basic net loss per share is computed using the weighted average number of ordinary shares outstanding during
the period. Diluted net loss per share is computed using the weighted average number of ordinary shares and dilutive ordinary share equivalents outstanding during the period. For the years ended December 31, 2011, 2012 and 2013, the Series A, Series
B, Series C and Series D Preferred Shares of 60,259,049; 64,481,498 and 71,291,296, respectively, on a weighted average basis were also anti-dilutive and excluded from the calculation of diluted net loss per share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company&#146;s Convertible Preferred Shares were participating securities because they had contractual rights to share in the profits but
not losses of the Company. For the years ended December 31, 2011, 2012 and 2013, the two-class method was not used in computing basic and diluted loss per share as the Company was in a net loss position. The effects of all outstanding share options
have been excluded from the computation of diluted loss per share for the years ended December 31, 2011, 2012 and 2013 as their effects would be anti-dilutive. Convertible Preferred Shares have also been excluded from the computation of diluted loss
per share for the years ended December 31, 2011, 2012 and 2013 as their effects would be anti-dilutive. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-34 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>13. Commitments and Contingencies </B></P>
 <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>(a) Operating Lease Agreement </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group leases its facilities and offices under non-cancelable operating lease agreements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain of these arrangements contain free or escalating rent clauses. The Group recognizes rental expense under such arrangements on a
straight-line basis over the initial term of the lease. The Group leases its office facilities under non-cancelable operating leases with various expiration dates through 2021. Rental expenses amounting to RMB 9,964,381, RMB 13,815,974 and RMB
12,582,318 during the years ended December&nbsp;31, 2011, 2012 and 2013, respectively, were charged to the statement of comprehensive loss when incurred. The difference between the straight-line expense and the cash paid for rent was recorded as
deferred rent liabilities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Future minimum payments under non-cancelable operating leases consist of the following as of December&nbsp;31,
2013. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Thereafter</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Minimum lease payments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,447,626</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,534,375</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,169,764</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,074,629</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,074,629</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29,417,914</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">88,718,937</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>(b) Capital and Other Commitments </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Group did not have capital and other significant commitments, long-term obligations, or guarantees as of December&nbsp;31, 2013. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>(c) Contingencies </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">From time to time, the Group is involved in claims and legal proceedings that arise in the ordinary course of business. Based on currently
available information, management does not believe that the ultimate outcome of these unresolved matters, individually and in the aggregate, is likely to have a material adverse effect on the Group&#146;s financial position, results of operations or
cash flows. However, litigation is subject to inherent uncertainties and the Group&#146;s view of these matters may change in the future. If an unfavorable outcome were to occur, there exists the possibility of a material adverse impact on the
Group&#146;s financial position and results of operations for the periods in which the unfavorable outcome occurs. </P>
 <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>14. Unaudited Pro Forma Loss Per Share for Conversion of Preferred Shares </B></P>
 <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unaudited pro forma balance sheet information as of December 31, 2013 assumes the automatic conversion of all of the
outstanding preferred shares into ordinary shares at the original conversion ratio as described in note 9, as if the exercise and conversion had occurred as of December 31, 2013. Additionally, the unaudited pro forma balance sheet information
reflect the share-based compensation expense of RMB 13,354,182, associated with options for which the service condition was satisfied as of December 31, 2013, and which the Company expects to record upon completion of the initial public offering.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unaudited pro forma basic and diluted net loss per share was computed to give effect to the automatic conversion of Series A Preferred
Shares, Series B Preferred Shares, Series C Preferred Shares, and Series D Preferred Shares using the if converted method as though the conversion had occurred as of the beginning of the period or the original date of issuance, if later. In
addition, the numerator for pro forma basic and diluted net loss per share give effect to the share-based compensation expense the Company would record upon occurrence of an exercisable event as further defined in Note 11&#151;Share incentive plan.
The pro forma adjustment amount includes RMB 5,908,590 of cumulative share-based compensation expense which the Company would have recorded assuming the initial public offering had occurred at the beginning of the period, and RMB 7,445,592 of
share-based compensation expense the Company would have recorded for the year ended December 31, 2013. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-35 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>14. Unaudited Pro Forma Loss Per Share for Conversion of Preferred Shares (Continued) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="72%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For the Years Ended</B><br><B>December 31, 2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>US$</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Numerator:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Net loss attributable to ordinary shareholders</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(139,060,479</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(22,971,155</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Pro forma adjustment to reflect share-based compensation expense to be recorded upon completion of the Company&#146;s initial public
offering</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(13,354,182</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(2,205,954</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Numerator for pro forma basic and diluted net loss per share</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(152,414,661</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:9pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-size:9pt">(25,177,109</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-size:9pt">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Denominator:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Weighted average number of ordinary shares outstanding</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Weighted average number of Preferred A Share conversion</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,773,367</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,773,367</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Weighted average number of Preferred B Share conversion</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,564,115</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,564,115</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Weighted average number of Preferred C Share conversion</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,782,056</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,782,056</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Weighted average number of Preferred D Share conversion</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,171,758</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,171,758</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Denominator for pro forma basic net loss per share</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97,291,296</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97,291,296</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Dilutive effect of options</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Denominator for pro forma diluted net loss per share</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97,291,296</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97,291,296</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman"><B>Pro forma net loss per ordinary share:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1.57</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(0.26</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The effects of all outstanding share options have been excluded from the computation of pro forma diluted net
loss per share for the year ended December&nbsp;31, 2013 as their effects would be anti-dilutive. </P>
 <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>15. Subsequent Events </B></P>
 <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) On February 13, 2014, the Board has approved that all of the Company&#146;s existing ordinary shares will be
redesignated as Class B ordinary shares and all of the Company&#146;s outstanding preferred shares will be redesignated or automatically converted into Class B ordinary shares on a one-for-one basis immediately prior to the completion of the
Company&#146;s IPO. All options, regardless of grant dates, will entitle holders to the equivalent number of Class A ordinary shares once the vesting and exercising conditions on such share-based compensation awards are met. Holders of Class A
ordinary shares will be entitled to one vote per share, while holders of Class B ordinary shares will be entitled to ten votes per share on all matters subject to shareholders&#146; vote. Each Class B ordinary share is convertible into one Class A
ordinary share at any time by the holder. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Upon any transfer of Class B ordinary shares by a holder to any person or entity which is not an affiliate of
such holder, such Class B ordinary shares will be automatically and immediately converted into the equivalent number of Class A ordinary shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) As of April 1, 2014, the Company granted 576,000 share options to employees at exercise price US$5.00 with vesting period of four years.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On April 4, 2014 the Company adopted the 2014 Share Incentive Plan, or the 2014 Plan. The maximum aggregate number of shares which may be
issued pursuant to all awards under the 2014 Plan is initially 5,500,000 ordinary shares as of the date of its approval. The number of shares reserved for future issuances under the 2014 Plan will be increased automatically if and whenever the
ordinary shares reserved under the 2014 Plan account for less than 1% of the total then-issued and outstanding ordinary shares on an as-converted basis, as a result of which increase the ordinary shares reserved under the 2014 Plan immediately after
each such increase shall equal 5% of the then-issued and outstanding ordinary shares on an as-converted basis. As of April 4, 2014, no awards have been granted under the 2014 Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On April 25, 2014, concurrently with and subject to the completion of the Company&#146;s initial public offering, DCM Hybrid RMB Fund, L.P.,
the Company&#146;s existing shareholder and Qihoo 360 Technology Co. Ltd., have </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-36 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>15. Subsequent Events (Continued) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
each agreed to purchase from the Company US$15.0 million (RMB90.8 million), and US$5.0 million (RMB30.3 million) respectively, in Class A ordinary shares at a price per share equal to the initial
public offering price adjusted to reflect the ADS-to-ordinary-share ratio. On April 27, 2014, Ctrip has agreed to purchase from the Company US$15.0 million (RMB90.8 million ) in Class A ordinary shares at a price per share equal to the initial
public offering price adjusted to reflect the ADS-to-ordinary-share ratio concurrently with and subject to the completion of the Company&#146;s initial public offering. In addition, the Company has granted Ctrip the right to designate and appoints a
person to join the Company&#146;s board of directors as a new director immediately after the closing of this offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On April 28, 2014,
the Group&#146;s board and shareholders resolved that the Qualified Initial Public Offering (&#147;QIPO&#148;) requirements as stated in the Company&#146;s Memorandum and Articles of Association were waived; and in the event that the public offering
price per ADS is below US$10.00 (RMB60.54), immediately prior to completion of the Company&#146;s initial public offering, all of the Company&#146;s outstanding Series D preferred shares will be automatically converted into and designated as Class B
ordinary shares as calculated as follows: US$60,000,000 (RMB363,222,000) divided by 80% of the initial public offering price per ADS, and then multiplied by the ADS-to-Class-A-ordinary-share ratio (each ADS represents three Class A ordinary shares).
This is a modification to the existing conversion rights of Series D preferred shares, where the initial conversion ratio from preferred shares to ordinary shares was 1:1 upon the closing of a QIPO, as disclosed in note 9 to the consolidated
financial statements. The impact of the transaction will be treated as deemed dividends to the Series&nbsp;D preferred shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Group has performed an evaluation of subsequent events through March 6, 2014, which is the date the financial statements were originally issued, and through April 28, 2014, the date on which the financial statements were reissued, with no other
events or transactions needing recognition or disclosure identified. </P>
 <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>16. Restricted Net Assets </B></P>
 <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to laws applicable to entities incorporated in the PRC, the Group&#146;s subsidiaries and Affiliated Entities in
the PRC must make appropriations from after-tax profit to non-distributable reserve funds. These reserve funds include one or more of the following: (i)&nbsp;a general reserve, (ii)&nbsp;an enterprise expansion fund and (iii)&nbsp;a staff bonus and
welfare fund. Subject to certain cumulative limits, the general reserve fund requires an annual appropriation of 10% of after tax profit (as determined under accounting principles generally accepted in the PRC at each year-end) until the
accumulative amount of such reserve fund reaches 50% of a company&#146;s registered capital; the other fund appropriations are at the subsidiaries&#146; discretion. These reserve funds can only be used for specific purposes of enterprise expansion
and staff bonus and welfare and are not distributable as cash dividends. As the Group&#146;s PRC subsidiaries and consolidated Affiliated Entities have accumulated deficit, they have not started to contribute to the staff welfare and bonus funds. In
addition, due to restrictions on the distribution of share capital from the Group&#146;s PRC subsidiaries and Affiliated Companies and also as a result of these entities&#146; unreserved accumulated losses, total restrictions placed on the
distribution of the Group&#146;s PRC subsidiaries and Affiliated Entities&#146; net assets was RMB 282&nbsp;million, or 97% of the Group&#146;s total consolidated net assets as of December&nbsp;31, 2013. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the purpose of presenting parent only financial information, the Company records its investments in its subsidiaries and Affiliated
Entities under the equity method of accounting. Such investments are presented on the separate condensed balance sheets of the Company as &#147;Investments (deficit) in subsidiaries and Affiliated Entities&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company&#146;s accounting policies are the same as the Group&#146;s policies with the exception of the accounting for the investments in
subsidiaries and VIEs. As of December&nbsp;31, 2011, 2012 and 2013, the Company had no significant capital and other commitments, long-term obligations, or guarantee. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-37 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>17. Condensed Financial Information of the Parent Company </B></P>
 <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>BALANCE SHEETS </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="57%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As of December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2011</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center"><B>US$(Note2(c))</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>ASSETS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Current assets:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">247,505,259</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97,519,531</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">301,976,515</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49,882,967</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Amounts due from subsidiaries</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,101,741</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">84,138,988</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,860,046</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,950,270</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Prepayments and other current assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47,039</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,247,811</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">206,124</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Total current assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>248,654,039</TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">181,658,519</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>321,084,372</TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53,039,361</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Other non-current assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,127,187</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">351,386</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Total assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>248,654,039</TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">181,658,519</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">323,211,559</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53,390,747</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS&#146; DEFICIT</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Current liabilities:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Amounts due to subsidiaries</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,594,453</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Accrued expenses and other current liabilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,226,107</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,874,108</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,722,120</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">780,039</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Total current liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>20,820,560</TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,874,108</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>4,722,120</TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">780,039</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Non-current liabilities:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Investments (deficit) in subsidiaries and affiliated entities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51,005,004</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">109,208,180</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27,133,711</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,482,170</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Total non-current liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>51,005,004</TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">109,208,180</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27,133,711</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,482,170</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Total liabilities</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>71,825,564</TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">112,082,288</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31,855,831</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,262,209</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Commitments and contingencies (Note 13)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Mezzanine equity:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Series A Convertible Preferred Shares (US$0.0001 par value; 20,000,000 shares authorized, 17,135,327 shares issued and outstanding as of
December 31, 2011 and 2012; 13,506,748 shares issued and outstanding as of December 31, 2013)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,598,043</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,598,043</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,360,443</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,546,235</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Series B Convertible Preferred Shares (US$0.0001 par value; 21,564,115 shares authorized, issued and outstanding as of December 31,
2011, 2012 and 2013)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48,890,116</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48,890,116</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48,890,116</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,076,072</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Series C Convertible Preferred Shares (US$0.0001 par value; 25,782,056 shares authorized, issued and outstanding as of December 31,
2011, 2012 and 2013)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">290,255,691</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">290,255,691</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">290,255,691</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47,946,824</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Series D Convertible Preferred Shares (US$0.0001 par value; nil as of December 31, 2011 and 2012; 21,771,472 shares authorized, issued
and outstanding as of December 31, 2013)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">367,934,993</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60,778,531</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Total mezzanine equity</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>350,743,850</TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">350,743,850</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>716,441,243</TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">118,347,662</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Shareholders&#146; deficit:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Ordinary shares (US$0.0001 par value; 80,435,885 shares as of December&nbsp;31, 2011 and 2012, 126,999,531 shares as of December 31,
2013 authorized, 26,000,000 shares issued and outstanding as of December 31, 2011, 2012 and 2013)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,757</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,757</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,757</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,933</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Additional paid-in capital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">200,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">200,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">200,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33,038</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Accumulated other comprehensive loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(14,803,532</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(14,865,853</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(19,723,270</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,258,052</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Accumulated deficit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(159,329,600</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(266,519,523</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(405,580,002</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(66,997,043</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Total shareholders&#146; deficit</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>(173,915,375</TD>
<TD NOWRAP VALIGN="bottom"><B></B>)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(281,167,619</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>(425,085,515</TD>
<TD NOWRAP VALIGN="bottom"><B></B>)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(70,219,124</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Total liabilities, mezzanine equity and shareholders&#146; deficit</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>248,654,039</TD>
<TD NOWRAP VALIGN="bottom"><B></B>&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">181,658,519</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">323,211,559</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53,390,747</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-38 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>17. Condensed Financial Information of the Parent Company (Continued) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STATEMENTS OF COMPREHENSIVE LOSS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For the Years Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2011</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>US$(Note&nbsp;2(c))</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Revenues</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cost of revenues</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Gross profit</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Operating expenses:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Research and product development</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sales and marketing</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">General and administrative</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,499,420</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,090,100</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,026,494</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(665,129</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Share of loss of subsidiaries and affiliated entities</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(98,600,361</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(108,975,736</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(77,414,051</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(12,787,890</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other operating income</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total operating expenses</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>(100,099,781</TD>
<TD NOWRAP VALIGN="bottom"><B></B>)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(111,065,836</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>(81,440,545</TD>
<TD NOWRAP VALIGN="bottom"><B></B>)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13,453,019</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Loss from operations</B><B></B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>(100,099,781</TD>
<TD NOWRAP VALIGN="bottom"><B></B>)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(111,065,836</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>(81,440,545</TD>
<TD NOWRAP VALIGN="bottom"><B></B>)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13,453,019</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other income/(expense):</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest income</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">895,032</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,356,806</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,737,572</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">287,026</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Foreign exchange related gains/(loss), net</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,254,885</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(480,893</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70,894</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,711</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other income, net</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss before provision for income taxes</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>(91,949,864</TD>
<TD NOWRAP VALIGN="bottom"><B></B>)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(107,189,923</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>(79,632,079</TD>
<TD NOWRAP VALIGN="bottom"><B></B>)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13,154,282</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Provision for income taxes</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net loss</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>(91,949,864</TD>
<TD NOWRAP VALIGN="bottom"><B></B>)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(107,189,923</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>(79,632,079</TD>
<TD NOWRAP VALIGN="bottom"><B></B>)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13,154,282</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deemed dividends to preferred shareholders</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(30,929,261</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>(59,428,400</TD>
<TD NOWRAP VALIGN="bottom"><B></B>)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(9,816,872</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net loss attributable to ordinary shareholders</B><B></B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>(122,879,125</TD>
<TD NOWRAP VALIGN="bottom"><B></B>)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(107,189,923</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>(139,060,479</TD>
<TD NOWRAP VALIGN="bottom"><B></B>)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(22,971,154</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net loss </B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>(91,949,864</TD>
<TD NOWRAP VALIGN="bottom"><B></B>)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(107,189,923</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>(79,632,079</TD>
<TD NOWRAP VALIGN="bottom"><B></B>)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13,154,282</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other comprehensive loss:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Foreign currency translation adjustment, net of nil tax</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(12,194,682</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(237,281</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,331,216</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(880,654</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Comprehensive loss</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B></B>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>(104,144,546</TD>
<TD NOWRAP VALIGN="bottom"><B></B>)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(107,427,204</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(84,963,295</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(14,034,936</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-39 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(RMB, except share data and per share data, or otherwise noted) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>17. Condensed Financial Information of the Parent Company (Continued) </B></P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STATEMENTS OF CASH FLOWS </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For the Years Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2011</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>RMB</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>US$(Note2(c))</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash flows used in operating activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(730,147</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(489,138</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,057,858</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(505,122</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash flows used in investing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(26,977,047</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(148,778,745</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(93,595,112</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(15,460,811</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash flows from financing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">257,446,689</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">306,360,473</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50,607,145</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Effect of exchange rate changes on cash</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,936,483</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(717,845</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,250,519</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(867,324</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net increase/ (decrease) in cash and cash equivalents</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">224,803,012</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(149,985,728</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">204,456,984</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33,773,888</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents, beginning of year</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,702,247</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">247,505,259</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97,519,531</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,109,079</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents, end of year</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">247,505,259</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97,519,531</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">301,976,515</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49,882,967</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-40 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="font-size:20pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:20pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g652797g44p62.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:20pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:20pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART II </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;6. Indemnification of Directors and Officers </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Cayman Islands law does not limit the extent to which a company&#146;s articles of association may provide for indemnification of officers and
directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences or committing a crime. The post-offering amended
and restated articles of association that we expect to adopt to become effective upon completion of this offering provide for indemnification of officers and directors for losses, damages, costs and expenses incurred in their capacities as such,
except through fraud or dishonesty. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the form of indemnification agreement filed as Exhibit 10.3 to this Registration
Statement, we will agree to indemnify our directors and officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being such a director or officer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Underwriting Agreement, the form of which is filed as Exhibit 1.1 to this Registration Statement, will also provide for indemnification of
us and our officers and directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to
directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;7. Recent Sales of Unregistered Securities </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">During the past three years, we have issued the following securities. We believe that each of the following issuances was exempt from
registration under the Securities Act pursuant to Section&nbsp;4(2) of the Securities Act regarding transactions not involving a public offering or in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore
transactions. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Purchaser</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date of Sale or</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Issuance</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number of Securities</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Consideration</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Underwriting</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Discount and<BR>Commission</B></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>US$</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>RMB<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Esta Investments Pte Ltd.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">August&nbsp;28, 2013</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">18,142,893 Series D<BR>preferred shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">50,000,000.00</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">308,328,500</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Not applicable</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Certain employees</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">July&nbsp;6,&nbsp;2011&#151;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">April 1, 2014</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Options to purchase 9,173,134 ordinary shares</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" ALIGN="center">Past and future services to our company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Not applicable</TD></TR>
</TABLE>  <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">The consideration was translated into Renminbi using historical exchange rate on the day the transactions were entered into. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;8. Exhibits and Financial Statement Schedules </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">Exhibits </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">See Exhibit Index beginning on page II-7 of this registration statement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The agreements included as exhibits to this registration statement contain representations and warranties by each of the parties to the
applicable agreement. These representations and warranties were made solely for the benefit of the other parties to the applicable agreement and (i)&nbsp;were not intended to be treated as categorical statements of fact, but rather as a way of
allocating the risk to one of the parties if those statements prove to be inaccurate; (ii)&nbsp;may have been qualified in such agreement by disclosures that were made to the other party in connection with the negotiation of the applicable
agreement; (iii)&nbsp;may apply contract standards of &#147;materiality&#148; that are different from &#147;materiality&#148; under the applicable securities laws; and (iv)&nbsp;were made only as of the date of the applicable agreement or such other
date or dates as may be specified in the agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">We acknowledge that, notwithstanding the inclusion of the foregoing cautionary
statements, we are responsible for considering whether additional specific disclosures of material information regarding material contractual provisions are required to make the statements in this registration statement not misleading. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">Financial Statement Schedules </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Schedules have been omitted because the information required to
be set forth therein is not applicable or is shown in the Consolidated Financial Statements or the Notes thereto. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9. Undertakings </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned registrant hereby undertakes to provide to the underwriter at the closing specified in the underwriting agreements,
certificates in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each purchaser. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 provisions described in Item&nbsp;6, or otherwise, the registrant has been advised that in the opinion of the SEC 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned registrant hereby undertakes that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus
filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant under Rule 424(b)(1) or (4)&nbsp;or 497(h) under the Securities Act shall be deemed to be part of this registration
statement as of the time it was declared effective. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) For the purpose of determining any liability under the Securities
Act, each post-effective amendment that contains a form of prospectus 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
bona fide offering thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) For the purpose of determining liability under the Securities Act to any purchaser, each
prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used
after effectiveness. Provided, however, 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 first use, 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 date of first use. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) For the
purpose of determining any 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: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed
pursuant to Rule 424; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) 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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) 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 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Nanjing, China, on April&nbsp;28, 2014. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="91%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Tuniu Corporation</B></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Dunde Yu</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Name: Dunde Yu</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;Chairman and chief executive officer</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

   <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act, this Registration Statement has been
signed by the following persons in the capacities and on the dates indicated. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="38%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="43%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:33.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:15.95pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>


<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Dunde Yu</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Dunde Yu</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Chairman of the Board of Directors</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and Chief Executive Officer</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Principal Executive Officer)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">April&nbsp;28, 2014</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Haifeng Yan</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director and Chief Operating Officer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">April&nbsp;28, 2014</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Thomas Gai Tei Tsao</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">April&nbsp;28, 2014</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Frank Lin</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">April&nbsp;28, 2014</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Steve Yue Ji</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">April&nbsp;28, 2014</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Eugene Chehchun Huang</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">April&nbsp;28, 2014</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Conor Chia-hung Yang</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Conor Chia-hung Yang</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Chief Financial Officer</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Principal Financial and Accounting Officer)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">April&nbsp;28, 2014</TD></TR>
</TABLE>  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="89%"></TD></TR>


<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">*By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Dunde Yu</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Attorney-in-fact</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of Tuniu
Corporation. has signed this registration statement or amendment thereto in New York on April&nbsp;28, 2014. </P>  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Authorized U.S. Representative</B></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Amy Segler</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Name: Amy Segler</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Title: Service of Process Officer Law Debenture Corporate Services Inc.</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Tuniu Corporation </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:26.20pt; font-size:8pt; font-family:Times New Roman">Exhibit<BR>Number</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:81.20pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Description of Document</P></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;1.1*</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Underwriting Agreement</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;3.1<SUP STYLE="font-size:85%; vertical-align:top"></SUP>&#134;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fourth Amended and Restated Memorandum and Articles of Association of the Registrant, as currently in effect</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;3.2&#134;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Fifth Amended and Restated Memorandum and Articles of Association of the Registrant, as effective upon completion of this offering</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;4.1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Registrant&#146;s Specimen American Depositary Receipt (included in Exhibit 4.3)</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;4.2&#134;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Registrant&#146;s Specimen Certificate for Class A ordinary shares</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;4.3</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Deposit Agreement among the Registrant, the depositary and holders of the American Depositary Receipts</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;4.4<SUP STYLE="font-size:85%; vertical-align:top"></SUP>&#134;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Third Amended and Restated Investors&#146; Rights Agreement dated as of August 28, 2013 among the Registrant, its ordinary shareholders, preferred shareholders and several other parties named therein</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;5.1&#134;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Opinion of Travers Thorp Alberga regarding the validity of the Class A ordinary shares being registered</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;8.1&#134;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Opinion of Travers Thorp Alberga regarding certain Cayman Islands tax matters (included in Exhibit&nbsp;5.1)</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;8.2&#134;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Opinion of Skadden, Arps, Slate, Meagher &amp; Flom LLP regarding certain U.S. tax matters</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;8.3&#134;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Opinion of Jun He Law Offices regarding certain PRC tax matters</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.1&#134;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2008 Incentive Compensation Plan</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.2&#134;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2014 Share Incentive Plan</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.3&#134;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Indemnification Agreement with the Registrant&#146;s directors</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">English Translation of Form of Employment Agreement between the Registrant and an Executive Officer of the Registrant</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.5&#134;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">English Translation of Amended and Restated Cooperation Agreement dated January 24, 2014 between Beijing Tuniu and Nanjing Tuniu</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.6&#134;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">English Translation of Shareholders&#146; Voting Rights Agreement dated September 17, 2008 among Beijing Tuniu, Nanjing Tuniu and the shareholders of Nanjing Tuniu</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.7&#134;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">English Translation of Amended and Restated Powers of Attorney dated January 24, 2014 granted to Beijing Tuniu by each of the shareholders of Nanjing Tuniu</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.8&#134;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">English Translation of Equity Interest Pledge Agreement dated September 17, 2008 among Beijing Tuniu and the shareholders of Nanjing Tuniu</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.9&#134;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">English Translation of Amended and Restated Purchase Option Agreement dated March 19, 2014 among Beijing Tuniu and the shareholders of Nanjing Tuniu</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.10&#134;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">English Translation of Supplemental Agreement to Equity Interest Pledge Agreement dated March&nbsp;19, 2014 among Beijing Tuniu and the shareholders of Nanjing Tuniu</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.11</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Subscription Agreement dated April 25, 2014 between Tuniu Corporation and DCM Hybrid RMB Fund, L.P.</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="90%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:26.20pt; font-size:8pt; font-family:Times New Roman">Exhibit<BR>Number</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:81.20pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Description of Document</P></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.12</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Subscription Agreement dated April 25, 2014 between Tuniu Corporation and Qihoo 360 Technology Co. Ltd.</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.13</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Subscription Agreement dated April 27, 2014 between Tuniu Corporation and Ctrip Investment Holding Ltd.</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">21.1<SUP STYLE="font-size:85%; vertical-align:top"></SUP>&#134;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Principal Subsidiaries of the Registrant</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">23.1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consent of PricewaterhouseCoopers Zhong Tian LLP, Independent Registered Public Accounting Firm</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">23.2&#134;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consent of Travers Thorp Alberga (included in Exhibit 5.1)</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">23.3<SUP STYLE="font-size:85%; vertical-align:top"></SUP>&#134;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consent of Jun He Law Offices (included in Exhibit 99.2)</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">23.4&#134;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consent of Onward Choi</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">23.5<SUP STYLE="font-size:85%; vertical-align:top"></SUP>&#134;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consent of Jack Xu</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">24.1&#134;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Powers of Attorney (included on signature page)</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">99.1</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Code of Business Conduct and Ethics of the Registrant</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">99.2&#134;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Opinion of Jun He Law Offices regarding certain PRC law matters</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">99.3<SUP STYLE="font-size:85%; vertical-align:top"></SUP>&#134;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Consent of iResearch</P></TD></TR>
</TABLE>  <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#134;</TD>
<TD ALIGN="left" VALIGN="top">Previously filed. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top">To be filed by amendment. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-8 </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>2
<FILENAME>d652797dex43.htm
<DESCRIPTION>EX-4.3
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.3</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.3 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g664206g62a81.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g664206g98e12.jpg" ALT="LOGO">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g664206g98e12.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="96%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Page</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PARTIES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">RECITALS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 1. Certain Definitions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(a) ADR Register</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(b) ADRs; Direct Registration ADRs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(c) ADS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(d) Custodian</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(e) Deliver, execute, issue et al.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(f) Delivery Order</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(g) Deposited Securities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(h) Direct Registration System</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(i) Holder</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(j) Securities Act of 1933</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(k) Securities Exchange Act of 1934</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(l) Shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(m) Transfer Office</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(n) Withdrawal Order</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 2. ADRs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 3. Deposit of Shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 4. Issue of ADRs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 5. Distributions on Deposited Securities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 6. Withdrawal of Deposited Securities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 7. Substitution of ADRs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 8. Cancellation and Destruction of ADRs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 9. The Custodian</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 10. Lists of Holders</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 11. Depositary&#146;s Agents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 12. Successor Depositary</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 13. Reports</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 14. Additional Shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 15. Indemnification</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 16. Notices</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 17. Miscellaneous</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section 18. Consent to Jurisdiction</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>TESTIMONIUM</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>SIGNATURES</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#150; i &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g664206g98e12.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><U></U>&nbsp;</TD>
<TD VALIGN="bottom"><U>Page</U></TD>
<TD NOWRAP VALIGN="bottom"><U></U>&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="4" ALIGN="center"><B>EXHIBIT A</B></TD>
<TD VALIGN="top"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>FORM OF FACE OF ADR</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-1</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Introductory Paragraph</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-1</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(1) Issuance and Pre-Release of ADSs</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-2</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(2) Withdrawal of Deposited Securities</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-3</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(3) Transfers of ADRs</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-3</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(4) Certain Limitations</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-4</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(5) Taxes</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-4</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(6) Disclosure of Interests</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-5</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(7) Charges of Depositary</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-5</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(8) Available Information</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-6</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(9) Execution</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-6</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Signature of Depositary</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-6</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Address of Depositary&#146;s Office</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-6</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>FORM OF REVERSE OF ADR</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-7</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(10) Distributions on Deposited Securities</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-7</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(11) Record Dates</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-8</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(12) Voting of Deposited Securities</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-8</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(13) Changes Affecting Deposited Securities</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-9</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(14) Exoneration</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-10</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(15) Resignation and Removal of Depositary; the Custodian</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-11</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(16) Amendment</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-11</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(17) Termination</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-12</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(18) Appointment</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-13</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(19) Waiver</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-13</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#150; ii &#150; </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g664206g98e12.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">DEPOSIT AGREEMENT dated as of [DATE] , 2014 (the &#147;Deposit Agreement&#148;) among TUNIU
CORPORATION and its successors (the &#147;Company&#148;), JPMORGAN CHASE BANK, N.A., as depositary hereunder (the &#147;Depositary&#148;), and all holders from time to time of American Depositary Receipts issued hereunder (&#147;ADRs&#148;)
evidencing American Depositary Shares (&#147;ADSs&#148;) representing deposited Shares (defined below). The Company hereby appoints the Depositary as depositary for the Deposited Securities and hereby authorizes and directs the Depositary to act in
accordance with the terms set forth in this Deposit Agreement. All capitalized terms used herein have the meanings ascribed to them in Section&nbsp;1 or elsewhere in this Deposit Agreement. The parties hereto agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Certain Definitions</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) &#147;<U>ADR Register</U>&#148; is defined in paragraph (3)&nbsp;of the form of ADR. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) &#147;<U>ADRs</U>&#148; mean the American Depositary Receipts executed and delivered hereunder. ADRs may be either in physical
certificated form or Direct Registration ADRs (as hereinafter defined). ADRs in physical certificated form, and the terms and conditions governing the Direct Registration ADRs, shall be substantially in the form of Exhibit A annexed hereto (the
&#147;<U>form of ADR</U>&#148;). The term &#147;<U>Direct Registration ADR</U>&#148; means an ADR, the ownership of which is recorded on the Direct Registration System. References to &#147;ADRs&#148; shall include certificated ADRs and Direct
Registration ADRs, unless the context otherwise requires. The form of ADR is hereby incorporated herein and made a part hereof; the provisions of the form of ADR shall be binding upon the parties hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Subject to paragraph (13)&nbsp;of the form of ADR, each &#147;<U>ADS</U>&#148; evidenced by an ADR represents the right to receive
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share and a pro rata share in any other Deposited Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) &#147;<U>Custodian</U>&#148; means the agent or agents of the Depositary (singly or collectively, as the context requires) and any
additional or substitute Custodian appointed pursuant to Section&nbsp;9. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) The terms &#147;<U>deliver</U>&#148;,
&#147;<U>execute</U>&#148;, &#147;<U>issue</U>&#148;, &#147;<U>register</U>&#148;, &#147;<U>surrender</U>&#148;, &#147;<U>transfer</U>&#148; or &#147;<U>cancel</U>&#148;, when used with respect to Direct Registration ADRs, shall refer to an entry or
entries or an electronic transfer or transfers in the Direct Registration System, and, when used with respect to ADRs in physical certificated form, shall refer to the physical delivery, execution, issuance, registration, surrender, transfer or
cancellation of certificates representing the ADRs. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g664206g98e12.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) &#147;<U>Delivery Order</U>&#148; is defined in Section&nbsp;3. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) &#147;<U>Deposited Securities</U>&#148; as of any time means all Shares at such time deposited under this Deposit Agreement and any and
all other shares, securities, property and cash at such time held by the Depositary or the Custodian in respect or in lieu of such deposited Shares and other shares, securities, property and cash. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) &#147;<U>Direct Registration System</U>&#148; means the system for the uncertificated registration of ownership of securities established
by The Depository Trust Company (&#147;<U>DTC</U>&#148;) and utilized by the Depositary pursuant to which the Depositary may record the ownership of ADRs without the issuance of a certificate, which ownership shall be evidenced by periodic
statements issued by the Depositary to the Holders entitled thereto. For purposes hereof, the Direct Registration System shall include access to the Profile Modification System maintained by DTC which provides for automated transfer of ownership
between DTC and the Depositary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) &#147;<U>Holder</U>&#148; means the person or persons in whose name an ADR is registered on the ADR
Register. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) &#147;<U>Securities Act of 1933</U>&#148; means the United States Securities Act of 1933, as from time to time amended.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) &#147;<U>Securities Exchange Act of 1934</U>&#148; means the United States Securities Exchange Act of 1934, as from time to time
amended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) &#147;<U>Shares</U>&#148; mean the Class&nbsp;A ordinary shares of the Company, and shall include the rights to receive
Shares specified in paragraph (1)&nbsp;of the form of ADR. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) &#147;<U>Transfer Office</U>&#148; is defined in paragraph (3)&nbsp;of the
form of ADR. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) &#147;<U>Withdrawal Order</U>&#148; is defined in Section&nbsp;6. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>ADRs</U>. (a)&nbsp;ADRs in certificated form shall be engraved, printed or otherwise reproduced at the discretion of the Depositary in
accordance with its customary practices in its American depositary receipt business, or at the request of the Company typewritten and photocopied on plain or safety paper, and shall be substantially in the form set forth in the form of ADR, with
such changes as may be required by the Depositary or the Company to comply with their obligations hereunder, any applicable law, regulation or usage or to indicate any special limitations or restrictions to which any particular ADRs are subject.
ADRs may be issued in denominations of any number of ADSs. ADRs in certificated form shall be executed by the Depositary by the manual or facsimile signature of a duly authorized officer of the Depositary. ADRs in certificated form bearing the
facsimile signature of anyone who was at the time of execution a duly authorized officer of the Depositary shall bind the Depositary, notwithstanding that such officer has ceased to hold such office prior to the delivery of such ADRs. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g664206g98e12.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Direct Registration ADRs</U>. Notwithstanding anything in this Deposit Agreement or in
the form of ADR to the contrary, ADSs shall be evidenced by Direct Registration ADRs, unless certificated ADRs are specifically requested by the Holder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Holders shall be bound by the terms and conditions of this Deposit Agreement and of the form of ADR, regardless of whether their ADRs are
Direct Registration ADRs or certificated ADRs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Deposit of Shares</U>. In connection with the deposit of Shares hereunder, the
Depositary or the Custodian shall require a written order, in a form satisfactory to the Depositary, directing the Depositary to issue to, or upon the written order of, the person or persons designated in such order a Direct Registration ADR or ADRs
evidencing the number of ADSs representing such deposited Shares (a &#147;<U>Delivery Order</U>&#148;). Shares presented for deposit shall, at the time of such deposit, be registered in the name of JPMorgan Chase Bank, N.A., as depositary for the
benefit of holders of ADRs or in such other name as the Depositary shall direct. Deposited Securities shall be held by the Custodian for the account and to the order of the Depositary for the benefit of Holders of ADRs (to the extent not prohibited
by law) at such place or places and in such manner as the Depositary shall determine. Deposited Securities may be delivered by the Custodian to any person only under the circumstances expressly contemplated in this Deposit Agreement. To the extent
that the provisions of or governing the Shares make delivery of certificates therefor impracticable, Shares may be deposited hereunder by such delivery thereof as the Depositary or the Custodian may reasonably accept, including, without limitation,
by causing them to be credited to an account maintained by the Custodian for such purpose with the Company or an accredited intermediary, such as a bank, acting as a registrar for the Shares, together with delivery of the documents, payments and
Delivery Order referred to herein to the Custodian or the Depositary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Issue of ADRs</U>. After any such deposit of Shares, the
Custodian shall notify the Depositary of such deposit and of the information contained in any related Delivery Order by letter, first class airmail postage prepaid, or, at the request, risk and expense of the person making the deposit, by SWIFT,
cable, telex or facsimile transmission. After receiving such notice from the Custodian, the Depositary, subject to this Deposit Agreement, shall properly issue at the Transfer Office, to or upon the order of any person named in such notice, an ADR
or ADRs registered as requested and evidencing the aggregate ADSs to which such person is entitled. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g664206g98e12.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Distributions on Deposited Securities</U>. To the extent that the Depositary determines
in its discretion that any distribution pursuant to paragraph (10)&nbsp;of the form of ADR is not practicable with respect to any Holder, the Depositary may make such distribution as it so deems practicable, including the distribution of foreign
currency, securities or property (or appropriate documents evidencing the right to receive foreign currency, securities or property) or the retention thereof as Deposited Securities with respect to such Holder&#146;s ADRs (without liability for
interest thereon or the investment thereof). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <U>Withdrawal of Deposited Securities</U>. In connection with any surrender of an ADR for
withdrawal of the Deposited Securities represented by the ADSs evidenced thereby, the Depositary may require proper endorsement in blank of such ADR (or duly executed instruments of transfer thereof in blank) and the Holder&#146;s written order
directing the Depositary to cause the Deposited Securities represented by the ADSs evidenced by such ADR to be withdrawn and delivered to, or upon the written order of, any person designated in such order (a &#147;<U>Withdrawal Order</U>&#148;).
Directions from the Depositary to the Custodian to deliver Deposited Securities shall be given by letter, first class airmail postage prepaid, or, at the request, risk and expense of the Holder, by SWIFT, cable, telex or facsimile transmission.
Delivery of Deposited Securities may be made by the delivery of certificates (which, if required by law, shall be properly endorsed or accompanied by properly executed instruments of transfer or, if such certificates may be registered, registered in
the name of such Holder or as ordered by such Holder in any Withdrawal Order) or by such other means as the Depositary may deem practicable, including, without limitation, by transfer of record ownership thereof to an account designated in the
Withdrawal Order maintained either by the Company or an accredited intermediary, such as a bank, acting as a registrar for the Deposited Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <U>Substitution of ADRs</U>. The Depositary shall execute and deliver a new Direct Registration ADR in exchange and substitution for any
mutilated certificated ADR upon cancellation thereof or in lieu of and in substitution for such destroyed, lost or stolen certificated ADR, unless the Depositary has notice that such ADR has been acquired by a bona fide purchaser, upon the Holder
thereof filing with the Depositary a request for such execution and delivery and a sufficient indemnity bond and satisfying any other reasonable requirements imposed by the Depositary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <U>Cancellation and Destruction of ADRs</U>. All ADRs surrendered to the Depositary shall be cancelled by the Depositary. The Depositary is
authorized to destroy ADRs in certificated form so cancelled in accordance with its customary practices. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <U>The Custodian</U>. Any
Custodian in acting hereunder shall be subject to the directions of the Depositary and shall be responsible solely to it. The Depositary reserves the right to add, replace or remove a Custodian. The Depositary will give prompt notice of any such
action, which will be advance notice if practicable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g664206g98e12.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any Custodian may resign from its duties hereunder by at least 30 days written notice to the
Depositary. The Depositary may discharge any Custodian at any time upon notice to the Custodian being discharged. Any Custodian ceasing to act hereunder as Custodian shall deliver, upon the instruction of the Depositary, all Deposited Securities
held by it to a Custodian continuing to act. Notwithstanding anything to the contrary contained in this Deposit Agreement (including the ADRs) and subject to the penultimate sentence of paragraph (14)&nbsp;of the form of ADR, the Depositary shall
not be responsible for, and shall incur no liability in connection with or arising from, any act or omission to act on the part of the Custodian except to the extent that the Custodian has (i)&nbsp;committed fraud or willful misconduct in the
provision of custodial services to the Depositary or (ii)&nbsp;failed to use reasonable care in the provision of custodial services to the Depositary as determined in accordance with the standards prevailing in the jurisdiction in which the
Custodian is located. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. <U>Lists of Holders</U>. The Company shall have the right to inspect transfer records of the Depositary and its
agents and the ADR Register, take copies thereof and require the Depositary and its agents to supply copies of such portions of such records as the Company may request. The Depositary or its agent shall furnish to the Company promptly upon the
written request of the Company, a list of the names, addresses and holdings of ADSs by all Holders as of a date within seven days of the Depositary&#146;s receipt of such request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. <U>Depositary&#146;s Agents</U>. The Depositary may perform its obligations under this Deposit Agreement through any agent appointed by
it, provided that the Depositary shall notify the Company of such appointment and shall remain responsible for the performance of such obligations as if no agent were appointed, subject to paragraph (14)&nbsp;of the form of ADR. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. <U>Successor Depositary</U>. The Depositary may at any time resign as Depositary hereunder by written notice of its election so to do
delivered to the Company, such resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. The Depositary may at any time be removed by the Company by providing no less
than 120 days prior written notice of such removal to the Depositary, such removal to take effect the later of (i)&nbsp;the 120<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day after such notice of removal is first provided and
(ii)&nbsp;the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. Notwithstanding the foregoing, if upon the resignation or removal of the Depositary a successor depositary is not appointed within
the applicable 60-day period (in the case of resignation) or 120-day period (in the case of removal) as specified in paragraph (17)&nbsp;of the form of ADR, then the Depositary may elect to terminate this Deposit Agreement and the ADR and the
provisions of said paragraph (17)&nbsp;shall thereafter govern the Depositary&#146;s obligations hereunder. In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its best efforts to appoint a successor
depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, The City of New York. Every successor depositary shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its
appointment hereunder, and thereupon such successor depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor. The predecessor depositary, only upon payment of all
sums due to it and on the written request of the Company, shall (i)&nbsp;execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than its rights to indemnification and fees owing,
each of which shall survive any such removal and/or resignation), (ii)&nbsp;duly assign, transfer and deliver all right, title and interest to the Deposited Securities to such successor, and (iii)&nbsp;deliver to such successor a list of the Holders
of all outstanding ADRs. Any such successor depositary shall promptly mail notice of its appointment to such Holders. Any bank or trust company into or with which the Depositary may be merged or consolidated, or to which the Depositary shall
transfer substantially all its American depositary receipt business, shall be the successor of the Depositary without the execution or filing of any document or any further act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g664206g98e12.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. <U>Reports</U>. On or before the first date on which the Company makes any communication
available to holders of Deposited Securities or any securities regulatory authority or stock exchange, by publication or otherwise, the Company shall transmit to the Depositary a copy thereof in English or with an English translation or summary. The
Company has delivered to the Depositary, the Custodian and any Transfer Office, a copy of all provisions of or governing the Shares and any other Deposited Securities issued by the Company or any affiliate of the Company and, promptly upon any
change thereto, the Company shall deliver to the Depositary, the Custodian and any Transfer Office, a copy (in English or with an English translation) of such provisions as so changed. The Depositary and its agents may rely upon the Company&#146;s
delivery of all such communications, information and provisions for all purposes of this Deposit Agreement and the Depositary shall have no liability for the accuracy or completeness of any thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. <U>Additional Shares</U>. The Company agrees with the Depositary that neither the Company nor any company controlling, controlled by or
under common control with the Company shall issue additional Shares, rights to subscribe for Shares, securities convertible into or exchangeable for Shares or rights to subscribe for any such securities or shall deposit any Shares under this Deposit
Agreement, except under circumstances complying in all respects with the Securities Act of 1933. At the reasonable request of the Depositary where it deems necessary in the case of any such issuance, subscription, conversion, exchange or deposit,
the Company will furnish the Depositary with legal opinions, in forms and from counsels reasonably acceptable to the Depositary, dealing with such issues requested by the Depositary. The Depositary will use reasonable efforts to comply with written
instructions of the Company not to accept for deposit hereunder any Shares identified in such instructions at such times and under such circumstances as may reasonably be specified in such instructions in order to facilitate the Company&#146;s
compliance with securities laws in the United States. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g664206g98e12.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15. <U>Indemnification</U>. The Company shall indemnify, defend and save harmless each of the
Depositary, the Custodian and their respective directors, officers, employees, agents and affiliates against any loss, liability or expense (including reasonable fees and expenses of counsel) which may arise out of acts performed or omitted, in
connection with the provisions of this Deposit Agreement and of the ADRs, as the same may be amended, modified or supplemented from time to time in accordance herewith (i)&nbsp;by either the Depositary or a Custodian or their respective directors,
officers, employees, agents and affiliates, except for any liability or expense directly arising out of the negligence or willful misconduct of the Depositary or its directors, officers or affiliates acting in their capacities as such hereunder, or
(ii)&nbsp;by the Company or any of its directors, officers, employees, agents and affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The indemnities set forth in the preceding
paragraph shall also apply to any liability or expense which may arise out of any misstatement or alleged misstatement or omission or alleged omission in any registration statement, proxy statement, prospectus (or placement memorandum), or
preliminary prospectus (or preliminary placement memorandum) relating to the offer or sale of ADSs, except to the extent any such liability or expense arises out of (i)&nbsp;information relating to the Depositary or its agents (other than the
Company), as applicable, furnished in writing by the Depositary and not changed or altered by the Company expressly for use in any of the foregoing documents or (ii)&nbsp;if such information is provided, the failure to state a material fact
necessary to make the information provided not misleading. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as provided in the next succeeding paragraph or contemplated in
Section&nbsp;9 hereof, the Depositary shall indemnify, defend and save harmless the Company against any direct loss, liability or expense (including reasonable fees and expenses of counsel) incurred by the Company in respect of this Deposit
Agreement to the extent such loss, liability or expense is due to the negligence or willful misconduct of the Depositary or its agents acting in their capacities as such hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding any other provision of this Deposit Agreement or the ADRs to the contrary, neither the Company nor the Depositary, nor any of
their agents shall be liable to the other for any indirect, special, punitive or consequential damages (including, without limitation, lost profits but excluding legal fees and expenses) (collectively &#147;Special Damages&#148;) of any form
incurred by any of them or any other person or entity, whether or not foreseeable and regardless of the type of action in which such a claim may be brought; provided, however, that to the extent Special Damages arise from or out of a claim brought
by a third party (including, without limitation, Holders) against the Depositary or any of its agents acting under the Deposit Agreement, the Depositary and its agents shall be entitled to full indemnification from the Company for all such Special
Damages, unless such Special Damages are found to have been a direct result of the gross negligence or willful misconduct of the Depositary. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g664206g98e12.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The obligations set forth in this Section&nbsp;15 shall survive the termination of this
Deposit Agreement and the succession or substitution of any indemnified person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16. <U>Notices</U>. Notice to any Holder shall be deemed
given when first mailed, first class postage prepaid, to the address of such Holder on the ADR Register or received by such Holder. Failure to notify a Holder or any defect in the notification to a Holder shall not affect the sufficiency of
notification to other Holders or to the beneficial owners of ADSs held by such other Holders. Notice to the Depositary or the Company shall be deemed given when first received by it at the address or facsimile transmission number set forth in
(a)&nbsp;or (b), respectively, or at such other address or facsimile transmission number as either may specify to the other by written notice: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">JPMorgan Chase Bank, N.A. </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">1 Chase Manhattan Plaza, Floor 58 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">New York, New York, 10005-1401 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">Attention: Depositary Receipts Group </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">Fax: (212)&nbsp;552-2614 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">Tuniu Corporation </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">Tuniu Building, No.&nbsp;699-32 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">Xuanwudadao, Xuanwu District </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">Nanjing, Jiangsu Province 210042 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">People&#146;s Republic of China </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">Attention: Chief Financial Officer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">Fax: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17. <U>Miscellaneous</U>.
This Deposit Agreement is for the exclusive benefit of the Company, the Depositary, the Holders, and their respective successors hereunder, and shall not give any legal or equitable right, remedy or claim whatsoever to any other person. The Holders
and owners of ADRs from time to time shall be parties to this Deposit Agreement and shall be bound by all of the provisions hereof. If any such provision is invalid, illegal or unenforceable in any respect, the remaining provisions shall in no way
be affected thereby. This Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which shall constitute one instrument. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g664206g98e12.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18. <U>Consent to Jurisdiction</U>. (a)&nbsp;The Company irrevocably agrees that any legal
suit, action or proceeding against the Company brought by the Depositary or any Holder, arising out of or based upon this Deposit Agreement or the transactions contemplated hereby, may be instituted in any state or federal court in New York, New
York, and irrevocably waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the <FONT STYLE="white-space:nowrap">non-exclusive</FONT> jurisdiction of such courts in any such
suit, action or proceeding. The Company also irrevocably agrees that any legal suit, action or proceeding against the Depositary brought by the Company, arising out of or based upon this Deposit Agreement or the transactions contemplated hereby, may
only be instituted in a state or federal court in New York, New York. Notwithstanding the foregoing, any action against the Company based on this Deposit Agreement or the transactions contemplated hereby may be instituted by the Depositary in any
competent court in the Cayman Islands, Hong Kong, the People&#146;s Republic of China and/or the United States, or through the commencement of an arbitration pursuant to Section&nbsp;18(b) of this Deposit Agreement. The Company has appointed Law
Debenture Corporate Services Inc., 400 Madison Avenue, 4th Floor, New York, New York, 10017as its authorized agent (the &#147;<U>Authorized Agent</U>&#148;) upon which process may be served in any such action or proceeding arising out of or based on
this Deposit Agreement or the transactions contemplated hereby which may be instituted in any state or federal court in New York, New York by the Depositary or any Holder, and waives any other requirements of or objections to personal jurisdiction
with respect thereto. Subject to the Company&#146;s rights to replace the Authorized Agent, such appointment shall be irrevocable. The Company represents and warrants that the Authorized Agent has agreed to act as said agent for service of process,
and the Company agrees to take any and all action, including the filing of any and all documents and instruments, that may be necessary to continue such appointment in full force and effect as aforesaid. The Company further hereby irrevocably
consents and agrees to the service of any and all legal process, summons, notices and documents in any suit, action or proceeding against the Company, by service by mail of a copy thereof upon the Authorized Agent (whether or not the appointment of
such Authorized Agent shall for any reason prove to be ineffective or such Authorized Agent shall fail to accept or acknowledge such service), with a copy mailed to the Company by registered or certified air mail, postage prepaid, to its address
provided in Section&nbsp;16(b) hereof. The Company agrees that the failure of the Authorized Agent to give any notice of such service to it shall not impair or affect in any way the validity of such service or any judgment or award rendered in any
action or proceeding based thereon. If, for any reason, the Authorized Agent named above or its successor shall no longer serve as agent of the Company to receive service of process, notice or papers, the Company shall promptly appoint a successor
that is a legal entity with offices in New York, New York, to serve as Authorized Agent hereunder, which successor shall be acceptable to the Depositary, and will promptly advise the Depositary thereof. In the event the Company fails to continue
such designation and appointment in full force and effect as aforesaid, the Company hereby waives personal service of process upon it and consents that any such service of process may be made by certified or registered mail, return receipt
requested, directed to the Company at its address last specified for notices hereunder, and service so made shall be deemed completed five (5)&nbsp;days after the same shall have been so mailed. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g664206g98e12.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Optional Arbitration. Notwithstanding anything in this Deposit Agreement to the contrary,
each of the parties hereto (i.e. the Company, the Depositary and all Holders from time to time of ADRs issued hereunder (and any persons holding interests in ADSs)) agrees that: (i)&nbsp;the Depositary may, in its sole discretion, elect to institute
any action, controversy, claim or dispute directly or indirectly based on, arising out of or relating to this Deposit Agreement or the ADRs or the transactions contemplated hereby or thereby, including without limitation any question regarding its
or their existence, validity, interpretation, performance or termination (a &#147;<U>Dispute</U>&#148;) against any other party or parties hereto (including, without limitation, Disputes brought against Holders and owners of interests in ADSs), by
having the Dispute referred to and finally resolved by an arbitration conducted under the terms set out below, and (ii)&nbsp;the Depositary may in its sole discretion require, by written notice to the relevant party or parties, that any Dispute,
legal suit, action or proceeding brought by any party or parties hereto (including, without limitation, Disputes, legal suits, actions or proceedings brought by Holders and owners of interests in ADSs) against the Depositary shall be referred to and
finally settled by an arbitration conducted under the terms set out below. Any such arbitration shall at the Depositary&#146;s election be conducted either in New York, New York in accordance with the Commercial Arbitration Rules of the American
Arbitration Association or in Hong Kong following the arbitration rules of the United Nations Commission on International Trade Law (UNCITRAL) with the Hong Kong International Arbitration Centre serving as the appointing authority, and the language
of any such arbitration shall be English. A notice of arbitration may be mailed to the Company at its address last specified for notices under this Deposit Agreement, and, if applicable, to any Holders at their addresses on the ADR Register. In any
case where the Depositary exercises its right to arbitrate hereunder, arbitration of the Dispute shall be mandatory and any pending litigation arising out of or related to such Dispute shall be stayed. Judgment upon the award rendered by the
arbitrators may be entered in any court having jurisdiction thereof. The number of arbitrators shall be three, each of whom shall be disinterested in the dispute or controversy, shall have no connection with any party thereto, and shall be an
attorney experienced in international securities transactions. Each of the Company and the Depositary shall appoint one arbitrator and the two arbitrators shall select a third arbitrator who shall serve as chairperson of the tribunal. If a Dispute
shall involve more than two parties, the parties shall attempt to align themselves in two sides (i.e., claimant and respondent), each of which shall appoint one arbitrator as if there were only two parties to such Dispute. If either or both parties
fail to select an arbitrator, or if such alignment (in the event there are more than two parties) shall not have occurred, within thirty (30)&nbsp;calendar days after the Depositary serves the arbitration demand or the two arbitrators fail to select
a third arbitrator within thirty (30)&nbsp;calendar days of the selection of the second arbitrator, the American Arbitration Association in the case of an arbitration in New York, or the Hong Kong International Arbitration Centre in the case of an
arbitration in Hong Kong, shall appoint the remaining arbitrator or arbitrators in accordance with its rules. The parties and the American Arbitration Association and/or the Hong Kong International Arbitration Centre, as the case may be, may appoint
the arbitrators from among the nationals of any country, whether or not the appointing party or any other party to the arbitration is a national of that country. The arbitrators shall have no authority to award damages against any party not measured
by the prevailing party&#146;s actual damages and shall have no authority to award any consequential, special or punitive damages against any party and may not, in any event, make any ruling, finding or award that does not conform to the terms and
conditions of this Deposit Agreement. In all cases, the fees of the arbitrators and other costs incurred by the parties in connection with such arbitration shall be paid by the party (or parties) that is (or are) unsuccessful in such arbitration. No
party hereto shall be entitled to join or consolidate disputes by or against others in any arbitration, or to include in any arbitration any dispute as a representative or member of a class, or act in any arbitration in the interest of the general
public or in a private attorney general capacity. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g664206g98e12.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Actions by Holders etc. By holding an ADS or an interest therein, Holders and owners of
ADSs each irrevocably agree that any legal suit, action or proceeding against or involving the Company or the Depositary, arising out of or based upon this Deposit Agreement or the transactions contemplated hereby, may only be instituted in a state
or federal court in New York, New York, and by holding an ADS or an interest therein each irrevocably waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the exclusive
jurisdiction of such courts in any such suit, action or proceeding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To the extent that the Company or any of its properties, assets or
revenues may have or may hereafter be entitled to, or have attributed to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding (including any arbitration), from the giving of any relief in
respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or from execution of judgment, or other legal
process or proceeding for the giving of any relief or for the enforcement of any judgment or arbitral award, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or other matters under
or arising out of or in connection with the Shares or Deposited Securities, the ADSs, the ADRs or this Deposit Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or
claim, any such immunity and consents to such relief and enforcement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Waiver. EACH PARTY TO THIS DEPOSIT AGREEMENT (INCLUDING, FOR
AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR HOLDER OF INTERESTS IN ADRS) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST
THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR
THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g664206g98e12.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, TUNIU CORPORATION and JPMORGAN CHASE BANK, N.A. have duly executed this
Deposit Agreement as of the day and year first above set forth and all holders of ADRs shall become parties hereto upon acceptance by them of ADRs issued in accordance with the terms hereof. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">TUNIU CORPORATION</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">JPMORGAN CHASE BANK, N.A.</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Executive Director</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g664206g98e12.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT A </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ANNEXED TO AND INCORPORATED IN </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>DEPOSIT AGREEMENT</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[FORM OF
FACE OF ADR] </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="60%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="20%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">No.&nbsp;of&nbsp;ADSs:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Number</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Each&nbsp;ADS&nbsp;represents</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Share</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">CUSIP:</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AMERICAN DEPOSITARY RECEIPT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">evidencing </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AMERICAN DEPOSITARY
SHARES </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">representing </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CLASS A
ORDINARY SHARES </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">of </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TUNIU
CORPORATION </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Incorporated under the laws of the Cayman Islands) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">JPMORGAN CHASE BANK, N.A., a national banking association organized under the laws of the United States of America, as depositary hereunder
(the &#147;Depositary&#148;), hereby certifies that&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; is the registered owner (a &#147;Holder&#148;) of
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Depositary Shares (&#147;ADSs&#148;), each (subject to paragraph (13))&nbsp;representing
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class&nbsp;A ordinary share (including the rights to receive Shares described in paragraph (1), &#147;Shares&#148; and, together with any other
securities, cash or property from time to time held by the Depositary in respect or in lieu of deposited Shares, the &#147;Deposited Securities&#148;), of Tuniu Corporation, a corporation organized under the laws of the Cayman Islands (the
&#147;Company&#148;), deposited under the Deposit Agreement dated as of [DATE] , 2014 (as amended from time to time, the &#147;Deposit Agreement&#148;) among the Company, the Depositary and all Holders from time to time of American Depositary
Receipts issued thereunder (&#147;ADRs&#148;), each of whom by accepting an ADR becomes a party thereto. The Deposit Agreement and this ADR (which includes the provisions set forth on the reverse hereof) shall be governed by and construed in
accordance with the laws of the State of New York. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g664206g98e12.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) <U>Issuance and Pre-Release of
ADSs</U>. This ADR is one of the ADRs issued under the Deposit Agreement. Subject to the other provisions hereof, the Depositary may so issue ADRs for delivery at the Transfer Office (as hereinafter defined) only against deposit of: (a)&nbsp;Shares
in a form satisfactory to the Custodian; (b)&nbsp;rights to receive Shares from the Company or any registrar, transfer agent, clearing agent or other entity recording Share ownership or transactions; or (c)&nbsp;in accordance with the next paragraph
hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-right:2%; text-indent:4%; font-size:10pt; font-family:Times New Roman">In its capacity as Depositary, the Depositary shall not lend Shares or ADSs; provided, however, that the
Depositary may issue ADSs prior to the receipt of Shares (each such transaction a &#147;Pre-Release&#148;). The Depositary may receive ADSs in lieu of Shares under the preceding sentence (which ADSs will promptly be canceled by the Depositary upon
receipt by the Depositary). Each such Pre-Release will be subject to a written agreement whereby the person or entity (the &#147;Applicant&#148;) to whom ADSs or Shares are to be delivered (a)&nbsp;represents that at the time of the Pre-Release the
Applicant or its customer owns the Shares or ADSs that are to be delivered by the Applicant under such Pre-Release, (b)&nbsp;agrees to indicate the Depositary as owner of such Shares or ADSs in its records and to hold such Shares or ADSs in trust
for the Depositary until such Shares or ADSs are delivered to the Depositary or the Custodian, (c)&nbsp;unconditionally guarantees to deliver to the Depositary or the Custodian, as applicable, such Shares or ADSs, and (d)&nbsp;agrees to any
additional restrictions or requirements that the Depositary deems appropriate. Each such Pre-Release will be at all times fully collateralized with cash, U.S. government securities or such other collateral as the Depositary deems appropriate,
terminable by the Depositary on not more than five (5)&nbsp;business days&#146; notice and subject to such further indemnities and credit regulations as the Depositary deems appropriate. The Depositary will normally limit the number of ADSs and
Shares involved in such Pre-Release at any one time to thirty percent (30%)&nbsp;of the ADSs outstanding (without giving effect to ADSs outstanding under <FONT STYLE="white-space:nowrap">Pre-Release</FONT> transactions), provided, however, that the
Depositary reserves the right to change or disregard such limit from time to time as it deems appropriate. The Depositary may also set limits with respect to the number of ADSs and Shares involved in Pre-Release with any one person on a case-by-case
basis as it deems appropriate. The Depositary may retain for its own account any compensation received by it in conjunction with the foregoing. Collateral provided in connection with Pre-Release transactions, but not the earnings thereon, shall be
held for the benefit of the Holders (other than the Applicant). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g664206g98e12.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-right:2%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Every person
depositing Shares under the Deposit Agreement represents and warrants that (a)&nbsp;such Shares and the certificates therefor are duly authorized, validly issued and outstanding, fully paid, nonassessable and legally obtained by such person
(b)&nbsp;all pre-emptive and comparable rights, if any, with respect to such Shares have been validly waived or exercised, (c)&nbsp;the person making such deposit is duly authorized so to do, (d)&nbsp;the Shares presented for deposit are free and
clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim and (e)&nbsp;such Shares (A)&nbsp;are not &#147;restricted securities&#148; as such term is defined in Rule 144 under the Securities Act of 1933 (&#147;Restricted
Securities&#148;) unless at the time of deposit the requirements of paragraphs (c), (e), (f)&nbsp;and (h)&nbsp;of Rule 144 shall not apply and such Shares may be freely transferred and may otherwise be offered and sold freely in the United States or
(B)&nbsp;have been registered under the Securities Act of 1933. To the extent the person depositing Shares is an &#147;affiliate&#148; of the Company as such term is defined in Rule 144, the person also represents and warrants that upon the sale of
the ADSs, all of the provisions of Rule 144 which enable the Shares to be freely sold (in the form of ADSs) will be fully complied with and, as a result thereof, all of the ADSs issued in respect of such Shares will not be on the sale thereof,
Restricted Securities. Such representations and warranties shall survive the deposit and withdrawal of Shares and the issuance and cancellation of ADSs in respect thereof and the transfer of such ADSs. The Depositary will not knowingly accept for
deposit under the Deposit Agreement any Shares required to be registered under the Securities Act of 1933 and not so registered; the Depositary may refuse to accept for such deposit any Shares identified by the Company in order to facilitate the
Company&#146;s compliance with the requirements of the Securities Act of 1933 or the Rules made thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) <U>Withdrawal of
Deposited Securities</U>. Subject to paragraphs (4)&nbsp;and (5), upon surrender of (i)&nbsp;a certificated ADR in form satisfactory to the Depositary at the Transfer Office or (ii)&nbsp;proper instructions and documentation in the case of a Direct
Registration ADR, the Holder hereof is entitled to delivery at, or to the extent in dematerialized form from, the Custodian&#146;s office of the Deposited Securities at the time represented by the ADSs evidenced by this ADR. At the request, risk and
expense of the Holder hereof, the Depositary may deliver such Deposited Securities at such other place as may have been requested by the Holder. Notwithstanding any other provision of the Deposit Agreement or this ADR, the withdrawal of Deposited
Securities may be restricted only for the reasons set forth in General Instruction I.A.(1) of Form F-6 (as such instructions may be amended from time to time) under the Securities Act of 1933. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) <U>Transfers of ADRs</U>. The Depositary or its agent will keep, at a designated transfer office (the &#147;Transfer Office&#148;),
(a)&nbsp;a register (the &#147;ADR Register&#148;) for the registration, registration of transfer, combination and split-up of ADRs, and, in the case of Direct Registration ADRs, shall include the Direct Registration System, which at all reasonable
times will be open for inspection by Holders and the Company for the purpose of communicating with Holders in the interest of the business of the Company or a matter relating to the Deposit Agreement and (b)&nbsp;facilities for the delivery and
receipt of ADRs. The term ADR Register includes the Direct Registration System. Title to this ADR (and to the Deposited Securities represented by the ADSs evidenced hereby), when properly endorsed (in the case of ADRs in certificated form) or upon
delivery to the Depositary of proper instruments of transfer, is transferable by delivery with the same effect as in the case of negotiable instruments under the laws of the State of New York; <U>provided</U> that the Depositary, notwithstanding any
notice to the contrary, may treat the person in whose name this ADR is registered on the ADR Register as the absolute owner hereof for all purposes and neither the Depositary nor the Company will have any obligation or be subject to any liability
under the Deposit Agreement to any holder of an ADR, unless such holder is the Holder thereof. Subject to paragraphs (4)&nbsp;and (5), this ADR is transferable on the ADR Register and may be split into other ADRs or combined with other ADRs into one
ADR, evidencing the aggregate number of ADSs surrendered for split-up or combination, by the Holder hereof or by duly authorized attorney upon surrender of this ADR at the Transfer Office properly endorsed (in the case of ADRs in certificated form)
or upon delivery to the Depositary of proper instruments of transfer and duly stamped as may be required by applicable law; <U>provided</U> that the Depositary may close the ADR Register at any time or from time to time when deemed expedient by it
or when reasonably requested by the Company solely in order to enable the Company to comply with applicable law. At the request of a Holder, the Depositary shall, for the purpose of substituting a certificated ADR with a Direct Registration ADR, or
vice versa, execute and deliver a certificated ADR or a Direct Registration ADR, as the case may be, for any authorized number of ADSs requested, evidencing the same aggregate number of ADSs as those evidenced by the certificated ADR or Direct
Registration ADR, as the case may be, substituted. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g664206g98e12.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) <U>Certain Limitations</U>. Prior
to the issue, registration, registration of transfer, split-up or combination of any ADR, the delivery of any distribution in respect thereof, or, subject to the last sentence of paragraph (2), the withdrawal of any Deposited Securities, and from
time to time in the case of clause (b)(ii) of this paragraph (4), the Company, the Depositary or the Custodian may require: (a)&nbsp;payment with respect thereto of (i)&nbsp;any stock transfer or other tax or other governmental charge, (ii)&nbsp;any
stock transfer or registration fees in effect for the registration of transfers of Shares or other Deposited Securities upon any applicable register and (iii)&nbsp;any applicable charges as provided in paragraph (7)&nbsp;of this ADR; (b)&nbsp;the
production of proof satisfactory to it of (i)&nbsp;the identity of any signatory and genuineness of any signature and (ii)&nbsp;such other information, including without limitation, information as to citizenship, residence, exchange control
approval, beneficial ownership of any securities, compliance with applicable law, regulations, provisions of or governing Deposited Securities and terms of the Deposit Agreement and this ADR, as it may deem necessary or proper; and
(c)&nbsp;compliance with such regulations as the Depositary may establish consistent with the Deposit Agreement. The issuance of ADRs, the acceptance of deposits of Shares, the registration, registration of transfer,
<FONT STYLE="white-space:nowrap">split-up</FONT> or combination of ADRs or, subject to the last sentence of paragraph (2), the withdrawal of Deposited Securities may be suspended, generally or in particular instances, when the ADR Register or any
register for Deposited Securities is closed or when any such action is deemed advisable by the Depositary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) <U>Taxes</U>. If any tax
or other governmental charges (including any penalties and/or interest) shall become payable by or on behalf of the Custodian or the Depositary with respect to this ADR, any Deposited Securities represented by the ADSs evidenced hereby or any
distribution thereon, including, without limitation, any Chinese Enterprise Income Tax owing if the Circular Guoshuifa [2009] No.&nbsp;82 issued by the Chinese State Administration of Taxation (SAT) or any other circular, edict, order or ruling, as
issued and as from time to time amended, is applied or otherwise, such tax or other governmental charge shall be paid by the Holder hereof to the Depositary and by holding or having held an ADR the Holder and all prior Holders hereof, jointly and
severally, agree to indemnify, defend and save harmless each of the Depositary and its agents in respect thereof. The Depositary may refuse to effect any registration, registration of transfer, <FONT STYLE="white-space:nowrap">split-up</FONT> or
combination hereof or, subject to the last sentence of paragraph (2), any withdrawal of such Deposited Securities until such payment is made. The Depositary may also deduct from any distributions on or in respect of Deposited Securities, or may sell
by public or private sale for the account of the Holder hereof any part or all of such Deposited Securities (after attempting by reasonable means to notify the Holder hereof prior to such sale), and may apply such deduction or the proceeds of any
such sale in payment of such tax or other governmental charge, the Holder hereof remaining liable for any deficiency, and shall reduce the number of ADSs evidenced hereby to reflect any such sales of Shares. In connection with any distribution to
Holders, the Company will remit to the appropriate governmental authority or agency all amounts (if any) required to be withheld and owing to such authority or agency by the Company; and the Depositary and the Custodian will remit to the appropriate
governmental authority or agency all amounts (if any) required to be withheld and owing to such authority or agency by the Depositary or the Custodian. If the Depositary determines that any distribution in property other than cash (including Shares
or rights) on Deposited Securities is subject to any tax that the Depositary or the Custodian is obligated to withhold, the Depositary may dispose of all or a portion of such property in such amounts and in such manner as the Depositary deems
necessary and practicable to pay such taxes, by public or private sale, and the Depositary shall distribute the net proceeds of any such sale or the balance of any such property after deduction of such taxes to the Holders entitled thereto. Each
Holder of an ADR or an interest therein agrees to indemnify the Depositary, the Company, the Custodian and any of their respective officers, directors, employees, agents and affiliates against, and hold each of them harmless from, any claims by any
governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g664206g98e12.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) <U>Disclosure of Interests</U>.
To the extent that the provisions of or governing any Deposited Securities may require disclosure of or impose limits on beneficial or other ownership of Deposited Securities, other Shares and other securities and may provide for blocking transfer,
voting or other rights to enforce such disclosure or limits, Holders and all persons holding ADRs agree to comply with all such disclosure requirements and ownership limitations and to comply with any reasonable Company instructions in respect
thereof. The Company reserves the right to instruct Holders to deliver their ADSs for cancellation and withdrawal of the Deposited Securities so as to permit the Company to deal directly with the Holder thereof as a holder of Shares and Holders
agree to comply with such instructions. The Depositary agrees to cooperate with the Company in its efforts to inform Holders of the Company&#146;s exercise of its rights under this paragraph and agrees to consult with, and provide reasonable
assistance without risk, liability or expense on the part of the Depositary, to the Company on the manner or manners in which it may enforce such rights with respect to any Holder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) <U>Charges of Depositary</U>. The Depositary may charge, and collect from, (i)&nbsp;each person to whom ADSs are issued,&nbsp;including,
without limitation, issuances&nbsp;against deposits of Shares,&nbsp;issuances in respect of Share Distributions, Rights and Other Distributions (as such terms are defined in paragraph (10)),&nbsp;issuances pursuant to a stock dividend or stock split
declared by the Company, or issuances pursuant to a merger,&nbsp;exchange of securities or any other transaction or event affecting the ADSs or the Deposited Securities, and&nbsp;(ii) each person surrendering ADSs for withdrawal of Deposited
Securities or whose ADSs are cancelled or reduced for any other reason, U.S.$5.00 for each 100 ADSs (or portion thereof) issued, delivered, reduced, cancelled&nbsp;or surrendered (as the case may be). The Depositary may sell (by public or private
sale) sufficient securities and property received in respect of Share Distributions, Rights and Other Distributions prior to such deposit to pay such charge. The following additional charges shall be incurred by the Holders, by any party depositing
or withdrawing Shares or by any party surrendering ADSs, to whom ADSs are issued (including, without limitation, issuances pursuant to a stock dividend or stock split declared by the Company or an exchange of stock regarding the ADSs or the
Deposited Securities or a distribution of ADSs pursuant to paragraph (10)), whichever is applicable (i)&nbsp;a fee of U.S.$0.05 or less per ADS for any Cash distribution made pursuant to the Deposit Agreement, (ii)&nbsp;a fee of U.S.$1.50 per ADR or
ADRs for transfers made pursuant to paragraph (3)&nbsp;hereof, (iii)&nbsp;a fee for the distribution or sale of securities pursuant to paragraph (10)&nbsp;hereof, such fee being in an amount equal to the fee for the execution and delivery of ADSs
referred to above which would have been charged as a result of the deposit of such securities (for purposes of this paragraph (7)&nbsp;treating all such securities as if they were Shares) but which securities or the net cash proceeds from the sale
thereof are instead distributed by the Depositary to Holders entitled thereto, (iv)&nbsp;an aggregate fee of U.S.$0.05 per ADS per calendar year (or portion thereof) for services performed by the Depositary in administering the ADRs (which fee may
be charged on a periodic basis during each calendar year and shall be assessed against Holders as of the record date or record dates set by the Depositary during each calendar year and shall be payable at the sole discretion of the Depositary by
billing such Holders or by deducting such charge from one or more cash dividends or other cash distributions), and (v)&nbsp;a fee for the reimbursement of such fees, charges and expenses as are incurred by the Depositary and/or any of its agents
(including, without limitation, the Custodian and expenses incurred on behalf of Holders in connection with compliance with foreign exchange control regulations or any law or regulation relating to foreign investment) in connection with the
servicing of the Shares or other Deposited Securities, the sale of securities (including, without limitation, Deposited Securities), the delivery of Deposited Securities or otherwise in connection with the Depositary&#146;s or its Custodian&#146;s
compliance with applicable law, rule or regulation (which fees and charges shall be assessed on a proportionate basis against Holders as of the record date or dates set by the Depositary and shall be payable at the sole discretion of the Depositary
by billing such Holders or by deducting such charge from one or more cash dividends or other cash distributions). The Company will pay all other charges and expenses of the Depositary and any agent of the Depositary (except the Custodian) pursuant
to agreements from time to time between the Company and the Depositary, except (i)&nbsp;stock transfer or other taxes and other governmental charges (which are payable by Holders or persons depositing Shares), (ii)&nbsp;cable, telex and facsimile
transmission and delivery charges incurred at the request of persons depositing, or Holders delivering Shares, ADRs or Deposited Securities (which are payable by such persons or Holders), (iii)&nbsp;transfer or registration fees for the registration
or transfer of Deposited Securities on any applicable register in connection with the deposit or withdrawal of Deposited Securities (which are payable by persons depositing Shares or Holders withdrawing Deposited Securities; there are no such fees
in respect of the Shares as of the date of the Deposit Agreement), and (iv)&nbsp;in connection with the conversion of foreign currency into U.S. dollars, JPMorgan Chase Bank, N.A. (&#147;JPMorgan&#148;) shall deduct out of such foreign currency the
fees, expenses and other charges charged by it and/or its agent (which may be a division, branch or affiliate) so appointed in connection with such conversion. JPMorgan and/or its agent may act as principal for such conversion of foreign currency.
Such charges may at any time and from time to time be changed by agreement between the Company and the Depositary. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g664206g98e12.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Depositary anticipates
reimbursing the Company for certain expenses incurred by the Company that are related to the establishment and maintenance of the ADR program upon such terms and conditions as the Company and the Depositary may agree from time to time.&nbsp;The
Depositary may make available to the Company a set amount or a portion of the Depositary fees charged in respect of the ADR program or otherwise upon such terms and conditions as the Company and the Depositary may agree from time to time.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The right of the Depositary to receive payment of fees, charges and expenses as provided above shall survive the termination of the Deposit
Agreement. As to any Depositary, upon the resignation or removal of such Depositary, such right shall extend for those fees, charges and expenses incurred prior to the effectiveness of such resignation or removal.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) <U>Available Information</U>. The Deposit Agreement, the provisions of or governing Deposited Securities and any written communications
from the Company, which are both received by the Custodian or its nominee as a holder of Deposited Securities and made generally available to the holders of Deposited Securities, are available for inspection by Holders at the offices of the
Depositary and the Custodian and at the Transfer Office. The Depositary will distribute copies of such communications (or English translations or summaries thereof) to Holders when furnished by the Company. The Company is subject to the periodic
reporting requirements of the Securities Exchange Act of 1934 and accordingly files certain reports with the United States Securities and Exchange Commission (the &#147;Commission&#148;). Such reports and other information may be inspected and
copied at public reference facilities maintained by the Commission located at the date hereof at 100 F Street, NE, Washington, DC 20549. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) <U>Execution</U>. This ADR shall not be valid for any purpose unless executed by the Depositary by the manual or facsimile signature of a
duly authorized officer of the Depositary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">JPMORGAN CHASE BANK, N.A., as Depositary</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Authorized Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Depositary&#146;s office is located at 1 Chase Manhattan Plaza, Floor 58, New York, New York,
10005-1401. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[FORM OF REVERSE OF ADR] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10) <U>Distributions on Deposited Securities</U>. Subject to paragraphs (4)&nbsp;and (5), to the extent practicable, the Depositary will
distribute to each Holder entitled thereto on the record date set by the Depositary therefor at such Holder&#146;s address shown on the ADR Register, in proportion to the number of Deposited Securities (on which the following distributions on
Deposited Securities are received by the Custodian) represented by ADSs evidenced by such Holder&#146;s ADRs: (a)&nbsp;<U>Cash</U>. Any U.S. dollars available to the Depositary resulting from a cash dividend or other cash distribution or the net
proceeds of sales of any other distribution or portion thereof authorized in this paragraph (10)&nbsp;(&#147;Cash&#148;), on an averaged or other practicable basis, subject to (i)&nbsp;appropriate adjustments for taxes withheld, (ii)&nbsp;such
distribution being impermissible or impracticable with respect to certain Holders, and (iii)&nbsp;deduction of the Depositary&#146;s and/or its agents&#146; fees and expenses in (1)&nbsp;converting any foreign currency to U.S. dollars by sale or in
such other manner as the Depositary may determine to the extent that it determines that such conversion may be made on a reasonable basis, (2)&nbsp;transferring foreign currency or U.S. dollars to the United States by such means as the Depositary
may determine to the extent that it determines that such transfer may be made on a reasonable basis, (3)&nbsp;obtaining any approval or license of any governmental authority required for such conversion or transfer, which is obtainable at a
reasonable cost and within a reasonable time and (4)&nbsp;making any sale by public or private means in any commercially reasonable manner. (b)&nbsp;<U>Shares</U>. (i)&nbsp;Additional ADRs evidencing whole ADSs representing any Shares available to
the Depositary resulting from a dividend or free distribution on Deposited Securities consisting of Shares (a &#147;Share Distribution&#148;) and (ii)&nbsp;U.S. dollars available to it resulting from the net proceeds of sales of Shares received in a
Share Distribution, which Shares would give rise to fractional ADSs if additional ADRs were issued therefor, as in the case of Cash. (c)&nbsp;<U>Rights</U>. (i)&nbsp;Warrants or other instruments in the discretion of the Depositary representing
rights to acquire additional ADRs in respect of any rights to subscribe for additional Shares or rights of any nature available to the Depositary as a result of a distribution on Deposited Securities (&#147;Rights&#148;), to the extent that the
Company timely furnishes to the Depositary evidence satisfactory to the Depositary that the Depositary may lawfully distribute the same (the Company has no obligation to so furnish such evidence), or (ii)&nbsp;to the extent the Company does not so
furnish such evidence and sales of Rights are practicable, any U.S. dollars available to the Depositary from the net proceeds of sales of Rights as in the case of Cash, or (iii)&nbsp;to the extent the Company does not so furnish such evidence and
such sales cannot practicably be accomplished by reason of the nontransferability of the Rights, limited markets therefor, their short duration or otherwise, nothing (and any Rights may lapse). (d)&nbsp;<U>Other Distributions</U>.
(i)&nbsp;Securities or property available to the Depositary resulting from any distribution on Deposited Securities other than Cash, Share Distributions and Rights (&#147;Other Distributions&#148;), by any means that the Depositary may deem
equitable and practicable, or (ii)&nbsp;to the extent the Depositary deems distribution of such securities or property not to be equitable and practicable, any U.S. dollars available to the Depositary from the net proceeds of sales of Other
Distributions as in the case of Cash. The Depositary reserves the right to utilize a division, branch or affiliate of JPMorgan Chase Bank, N.A. to direct, manage and/or execute any public and/or private sale of securities hereunder. Such division,
branch and/or affiliate may charge the Depositary a fee in connection with such sales, which fee is considered an expense of the Depositary contemplated above and/or under paragraph (7)&nbsp;hereof. Any U.S. dollars available will be distributed by
checks drawn on a bank in the United States for whole dollars and cents. Fractional cents will be withheld without liability and dealt with by the Depositary in accordance with its then current practices. The Company agrees that it shall not make
cash distributions (including, without limitation, cash dividends) to shareholders in a currency other than U.S. dollars. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(11) <U>Record Dates</U>. The Depositary may, after consultation with the Company if practicable,
fix a record date (which, to the extent applicable, shall be as near as practicable to any corresponding record date set by the Company) for the determination of the Holders who shall be responsible for the fee assessed by the Depositary for
administration of the ADR program and for any expenses provided for in paragraph (7)&nbsp;hereof as well as for the determination of the Holders who shall be entitled to receive any distribution on or in respect of Deposited Securities, to give
instructions for the exercise of any voting rights, to receive any notice or to act in respect of other matters and only such Holders shall be so entitled or obligated. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(12) <U>Voting of Deposited Securities</U>. As soon as practicable after receipt from the Company of notice of any meeting or solicitation of
consents or proxies of holders of Shares or other Deposited Securities, the Depositary shall distribute to Holders a notice stating (a)&nbsp;such information as is contained in such notice and any solicitation materials, (b)&nbsp;that each Holder on
the record date set by the Depositary therefor will, subject to any applicable provisions of Cayman Island law, be entitled to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities
represented by the ADSs evidenced by such Holder&#146;s ADRs and (c)&nbsp;the manner in which such instructions may be given, including instructions to give a discretionary proxy to a person designated by the Company. Upon actual receipt by the ADR
department of the Depositary of instructions of a Holder on such record date in the manner and on or before the time established by the Depositary for such purpose, the Depositary shall endeavor insofar as practicable and permitted under the
provisions of or governing Deposited Securities to vote or cause to be voted the Deposited Securities represented by the ADSs evidenced by such Holder&#146;s ADRs in accordance with such instructions. The Depositary will not itself exercise any
voting discretion in respect of any Deposited Securities. There is no guarantee that Holders generally or any Holder in particular will receive the notice described above with sufficient time to enable such Holder to return any voting instructions
to the Depositary in a timely manner. Notwithstanding anything contained in the Deposit Agreement or any ADR, the Depositary may, to the extent not prohibited by law or regulations, or by the requirements of the stock exchange on which the ADSs are
listed, in lieu of distribution of the materials provided to the Depositary in connection with any meeting of, or solicitation of consents or proxies from, holders of Deposited Securities, distribute to the Holders a notice that provides Holders
with, or otherwise publicizes to Holders, instructions on how to retrieve such materials or receive such materials upon request (<I>i.e.</I>, by reference to a website containing the materials for retrieval or a contact for requesting copies of the
materials). Holders are strongly encouraged to forward their voting instructions as soon as possible. Voting instructions will not be deemed received until such time as the ADR department responsible for proxies and voting has received such
instructions notwithstanding that such instructions may have been physically received by JPMorgan Chase Bank, N.A., as Depositary, prior to such time. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Depositary has been advised by the Company that under the Cayman Islands law and the
Memorandum and Articles of Association of the Company, each as in effect as of the date of the Deposit Agreement, voting at any meeting of shareholders of the Company is by show of hands unless a poll is (before or on the declaration of the results
of the show of hands) demanded. In the event that voting on any resolution or matter is conducted on a show of hands basis in accordance with the Memorandum and Articles of Association, the Depositary will refrain from voting and the voting
instructions (or the deemed voting instructions, as set out above) received by the Depositary from Holders shall lapse. The Depositary will not demand a poll or join in demanding a poll, whether or not requested to do so by Holders of ADSs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(13) <U>Changes Affecting Deposited Securities</U>. Subject to paragraphs (4)&nbsp;and (5), the Depositary may, in its discretion, and shall
if reasonably requested by the Company, amend this ADR or distribute additional or amended ADRs (with or without calling this ADR for exchange) or cash, securities or property on the record date set by the Depositary therefor to reflect any change
in par value, <FONT STYLE="white-space:nowrap">split-up,</FONT> consolidation, cancellation or other reclassification of Deposited Securities, any Share Distribution or Other Distribution not distributed to Holders or any cash, securities or
property available to the Depositary in respect of Deposited Securities from (and the Depositary is hereby authorized to surrender any Deposited Securities to any person and, irrespective of whether such Deposited Securities are surrendered or
otherwise cancelled by operation of law, rule, regulation or otherwise, to sell by public or private sale any property received in connection with) any recapitalization, reorganization, merger, consolidation, liquidation, receivership, bankruptcy or
sale of all or substantially all the assets of the Company, and to the extent the Depositary does not so amend this ADR or make a distribution to Holders to reflect any of the foregoing, or the net proceeds thereof, whatever cash, securities or
property results from any of the foregoing shall constitute Deposited Securities and each ADS evidenced by this ADR shall automatically represent its pro rata interest in the Deposited Securities as then constituted. Promptly upon the occurrence of
any of the aforementioned changes affecting Deposited Securities, the Company shall notify the Depositary in writing of such occurrence and as soon as practicable after receipt of such notice from the Company, may instruct the Depositary to give
notice thereof, at the Company&#146;s expense, to Holders in accordance with the provisions hereof. Upon receipt of such instruction, the Depositary shall give notice to the Holders in accordance with the terms thereof, as soon as reasonably
practicable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-9 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(14) <U>Exoneration</U>. The Depositary, the Company, their agents and each of them shall:
(a)&nbsp;incur no liability (i)&nbsp;if any present or future law, rule, regulation, fiat, order or decree of the United States, the Cayman Islands, The People&#146;s Republic of China (including the Hong Kong Special Administrative Region, the
People&#146;s Republic of China) or any other country, or of any governmental or regulatory authority or any securities exchange or market or automated quotation system, the provisions of or governing any Deposited Securities, any present or future
provision of the Company&#146;s charter, any act of God, war, terrorism, nationalization or other circumstance beyond its control shall prevent or delay, or shall cause any of them to be subject to any civil or criminal penalty in connection with,
any act which the Deposit Agreement or this ADR provides shall be done or performed by it or them (including, without limitation, voting pursuant to paragraph (12)&nbsp;hereof), or (ii)&nbsp;by reason of any exercise or failure to exercise any
discretion given it in the Deposit Agreement or this ADR (including, without limitation, any failure to determine that any distribution or action may be lawful or reasonably practicable); (b)&nbsp;assume no liability except to perform its
obligations to the extent they are specifically set forth in this ADR and the Deposit Agreement without gross negligence or willful misconduct; (c)&nbsp;in the case of the Depositary and its agents, be under no obligation to appear in, prosecute or
defend any action, suit or other proceeding in respect of any Deposited Securities or this ADR; (d)&nbsp;in the case of the Company and its agents hereunder be under no obligation to appear in, prosecute or defend any action, suit or other
proceeding in respect of any Deposited Securities or this ADR, which in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expense (including fees and disbursements of counsel) and liability be
furnished as often as may be required; or (e)&nbsp;not be liable for any action or inaction by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, or any other
person believed by it to be competent to give such advice or information. The Depositary shall not be liable for the acts or omissions made by, or the insolvency of, any securities depository, clearing agency or settlement system. The Depositary
shall not be responsible for, and shall incur no liability in connection with or arising from, the insolvency of any Custodian that is not a branch or affiliate of JPMorgan Chase Bank, N.A. The Depositary shall not have any liability for the price
received in connection with any sale of securities, the timing thereof or any delay in action or omission to act nor shall it be responsible for any error or delay in action, omission to act, default or negligence on the part of the party so
retained in connection with any such sale or proposed sale. Notwithstanding anything to the contrary contained in the Deposit Agreement (including the ADRs), subject to the penultimate sentence of this paragraph (14), the Depositary shall not be
responsible for, and shall incur no liability in connection with or arising from, any act or omission to act on the part of the Custodian except to the extent that the Custodian has (i)&nbsp;committed fraud or willful misconduct in the provision of
custodial services to the Depositary or (ii)&nbsp;failed to use reasonable care in the provision of custodial services to the Depositary as determined in accordance with the standards prevailing in the jurisdiction in which the Custodian is located.
The Depositary, its agents and the Company may rely and shall be protected in acting upon any written notice, request, direction, instruction or document believed by them to be genuine and to have been signed, presented or given by the proper party
or parties. The Depositary shall be under no obligation to inform Holders or any other holders of an interest in any ADSs about the requirements of Cayman Island or People&#146;s Republic of China (including the Hong Kong Special Administrative
Region, the People&#146;s Republic of China) law, rules or regulations or any changes therein or thereto. The Depositary and its agents will not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities,
for the manner in which any such vote is cast or for the effect of any such vote. The Depositary may rely upon instructions from the Company or its counsel in respect of any approval or license required for any currency conversion, transfer or
distribution. The Depositary and its agents may own and deal in any class of securities of the Company and its affiliates and in ADRs. Notwithstanding anything to the contrary set forth in the Deposit Agreement or an ADR, the Depositary and its
agents may fully respond to any and all demands or requests for information maintained by or on its behalf in connection with the Deposit Agreement, any Holder or Holders, any ADR or ADRs or otherwise related hereto or thereto to the extent such
information is requested or required by or pursuant to any lawful authority, including without limitation laws, rules, regulations, administrative or judicial process, banking, securities or other regulators. None of the Depositary, the Custodian or
the Company shall be liable for the failure by any Holder or beneficial owner to obtain the benefits of credits on the basis of non-U.S. tax paid against such Holder&#146;s or beneficial owner&#146;s income tax liability. The Depositary and the
Company shall not incur any liability for any tax consequences that may be incurred by Holders and beneficial owners on account of their ownership of the ADRs or ADSs. The Depositary shall not incur any liability for the content of any information
submitted to it by or on behalf of the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited Securities, for the validity or worth of
the Deposited Securities, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of the Deposit Agreement or for the failure or timeliness of any notice from the Company. The Depositary shall not be liable for
any acts or omissions made by a successor depositary in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential liability arises JPMorgan
Chase Bank, N.A., in its capacity as Depositary performed its obligations without negligence while it acted as Depositary. By holding an ADS or an interest therein, Holders and owners of ADSs each irrevocably agree that any legal suit, action or
proceeding against or involving the Company or the Depositary, arising out of or based upon the Deposit Agreement or the transactions contemplated hereby, may only be instituted in a state or federal court in New York, New York, and by holding an
ADS or an interest therein each irrevocably waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or
proceeding. The Company has agreed to indemnify the Depositary and its agents under certain circumstances and the Depositary has agreed to indemnify the Company under certain circumstances. Neither the Depositary nor any of its agents shall be
liable to Holders or beneficial owners of interests in ADSs for any indirect, special, punitive or consequential damages (including, without limitation, lost profits) of any form incurred by any person or entity, whether or not foreseeable and
regardless of the type of action in which such a claim may be brought. No disclaimer of liability under the Securities Act of 1933 is intended by any provision hereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-10 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(15) <U>Resignation and Removal of Depositary; the Custodian</U>. The Depositary may resign as
Depositary by written notice of its election so to do delivered to the Company, such resignation to take effect&nbsp;upon the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement. The
Depositary may at any time be removed by the Company by no less than 120 days prior written notice of such removal, to become effective upon the later of (i)&nbsp;the 120th day after delivery of the notice to the Depositary and (ii)&nbsp;the
appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement. The Depositary may appoint substitute or additional Custodians and the term &#147;<U>Custodian</U>&#148; refers to each Custodian or
all Custodians as the context requires. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(16) <U>Amendment</U>. Subject to the last sentence of paragraph (2), the ADRs and the Deposit
Agreement may be amended by the Company and the Depositary, <U>provided</U> that any amendment that imposes or increases any fees or charges (other than stock transfer or other taxes and other governmental charges, transfer or registration fees,
cable, telex or facsimile transmission costs, delivery costs or other such expenses), or that shall otherwise prejudice any substantial existing right of Holders, shall become effective 30 days after notice of such amendment shall have been given to
the Holders. Every Holder of an ADR at the time any amendment to the Deposit Agreement so becomes effective shall be deemed, by continuing to hold such ADR, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended
thereby. In no event shall any amendment impair the right of the Holder of any ADR to surrender such ADR and receive the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. Any amendments
or supplements which (i)&nbsp;are reasonably necessary (as agreed by the Company and the Depositary) in order for (a)&nbsp;the ADSs to be registered on Form F-6 under the Securities Act of 1933 or (b)&nbsp;the ADSs or Shares to be traded solely in
electronic book-entry form and (ii)&nbsp;do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to prejudice any substantial rights of Holders. Notwithstanding the foregoing, if any governmental
body or regulatory body should adopt new laws, rules or regulations which would require amendment or supplement of the Deposit Agreement or the form of ADR to ensure compliance therewith, the Company and the Depositary may amend or supplement the
Deposit Agreement and the ADR at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement in such circumstances may become effective before a notice of such amendment or supplement is
given to Holders or within any other period of time as required for compliance. Notice of any amendment to the Deposit Agreement or form of ADRs shall not need to describe in detail the specific amendments effectuated thereby, and failure to
describe the specific amendments in any such notice shall not render such notice invalid, provided, however, that, in each such case, the notice given to the Holders identifies a means for Holders to retrieve or receive the text of such amendment
(i.e., upon retrieval from the Commission&#146;s, the Depositary&#146;s or the Company&#146;s website or upon request from the Depositary). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-11 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(17) <U>Termination</U>. The Depositary may, and shall at the written direction of the Company,
terminate the Deposit Agreement and this ADR by mailing notice of such termination to the Holders at least 30 days prior to the date fixed in such notice for such termination; provided, however, if the Depositary shall have (i)&nbsp;resigned as
Depositary hereunder, notice of such termination by the Depositary shall not be provided to Holders unless a successor depositary shall not be operating hereunder within 60 days of the date of such resignation, or (ii)&nbsp;been removed as
Depositary hereunder, notice of such termination by the Depositary shall not be provided to Holders unless a successor depositary shall not be operating hereunder on the 120th day after the Company&#146;s notice of removal was first provided to the
Depositary. After the date so fixed for termination, (a)&nbsp;all Direct Registration ADRs shall cease to be eligible for the Direct Registration System and shall be considered ADRs issued on the ADR Register and (b)&nbsp;the Depositary shall use
its reasonable efforts to ensure that the ADSs cease to be DTC eligible so that neither DTC nor any of its nominees shall thereafter be a Holder. At such time as the ADSs cease to be DTC eligible and/or neither DTC nor any of its nominees is a
Holder, the Depositary shall (a)&nbsp;instruct its Custodian to deliver all Deposited Securities to the Company along with a general stock power that refers to the names set forth on the ADR Register and (b)&nbsp;provide the Company with a copy of
the ADR Register (which copy may be sent by email or by any means permitted under the notice provisions of the Deposit Agreement). Upon receipt of such Deposited Securities and the ADR Register, the Company shall use its best efforts to issue to
each Holder a Share certificate representing the Shares represented by the ADSs reflected on the ADR Register in such Holder&#146;s name and to deliver such Share certificate to the Holder at the address set forth on the ADR Register. After
providing such instruction to the Custodian and delivering a copy of the ADR Register to the Company, the Depositary and its agents will perform no further acts under the Deposit Agreement and this ADR and shall cease to have any obligations under
the Deposit Agreement and/or the ADRs. After the Company receives the copy of the ADR Register and the Deposited Securities, the Company shall be discharged from all obligations under the Deposit Agreement except (i)&nbsp;to distribute the Shares to
the Holders entitled thereto and (ii)&nbsp;for its obligations to the Depositary and its agents. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-12 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(18) <U>Appointment.</U> Each Holder and each person holding an interest in ADSs, upon acceptance
of any ADSs (or any interest therein) issued in accordance with the terms and conditions of the Deposit Agreement shall be deemed for all purposes to (a)&nbsp;be a party to and bound by the terms of the Deposit Agreement and the applicable ADR(s),
and (b)&nbsp;appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in the Deposit Agreement and the applicable ADR(s), to adopt any and all procedures necessary to
comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and the applicable ADR(s), the taking of such actions to be the
conclusive determinant of the necessity and appropriateness thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(19) <U>Waiver</U>. EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING,
FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR HOLDER OF INTERESTS IN ADRS) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING
AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH
HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-13 </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>3
<FILENAME>d652797dex104.htm
<DESCRIPTION>EX-10.4
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.4</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.4 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Employment Agreement </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 1 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Term of
employment </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Parties agree to use (1)&nbsp;below to determine the term of employment: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.1</TD>
<TD ALIGN="left" VALIGN="top">Fixed term of employment:
From&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
including a probation period
from&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.
The Parties may agree to renew this Agreement upon its expiry. This Agreement shall terminate if one of the Parties does not agree to renew. The term of this Agreement will be automatically extended due to one of the reasons specified in Article 42
of Labor Contract Law, and this Agreement shall terminate until the relevant circumstance ceases in accordance with Article 45. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.2</TD>
<TD ALIGN="left" VALIGN="top">Employment at will: From&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. The Parties shall enter into a contract of employment at will if Party B
satisfies one of the requirements specified in Article 14 of Labor Contract Law and agrees to enter into a contract of employment at will. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.3</TD>
<TD ALIGN="left" VALIGN="top">The term of this Agreement starts from&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and will terminate upon the completion of the assignment
of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(the assignment shall be defined by Party A in advance and the target is specific and detailed). </TD></TR></TABLE>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 2 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Work
content and workplace </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.1</TD>
<TD ALIGN="left" VALIGN="top">Work content: Party B is to conduct&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at the position
of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. Party A shall ensure that the content and requirements of Party B&#146;s work will meet the national standard.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.2</TD>
<TD ALIGN="left" VALIGN="top">Workplace:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.3</TD>
<TD ALIGN="left" VALIGN="top">Party B shall improve his/her professional skills and perform his/her obligations pursuant to Party A&#146;s policies and this Agreement. </TD></TR></TABLE>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 3 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Work hours
and leave </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.1</TD>
<TD ALIGN="left" VALIGN="top">Work hours: Standard work hours apply to Party B&#146;s position. The specific work hours and leave arrangements of Party B shall be in accordance with Party A&#146;s rules and regulations. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.2</TD>
<TD ALIGN="left" VALIGN="top">Party B is entitled to statutory leave, the details of which will be mutually agreed between the Parties. Party A shall pay Party B or reschedule Party B&#146;s leave if it requires Party B to work overtime or Party B
needs to work overtime. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.3</TD>
<TD ALIGN="left" VALIGN="top">Party B&#146;s salary during his/her leave will be calculated under applicable laws. </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 4 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Remuneration </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.1</TD>
<TD ALIGN="left" VALIGN="top">Party B&#146;s salary will be based on his/her work hours. Party B shall work for eight hours per day, five days per week. Party A shall calculate Party B&#146;s salary pursuant to its renumeration and evaluation
policies, and ensure that Party B&#146;s salary will not be lower than the minimum salary pursuant to local regulations. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.2</TD>
<TD ALIGN="left" VALIGN="top">Party A shall pay salary to Party B by the 15th day of each month. </TD></TR></TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 5 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Social insurance </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.1</TD>
<TD ALIGN="left" VALIGN="top">The Parties shall participate in the social insurance program as required by national and local regulations and pay the insurance premium. Party A shall deduct Party B&#146;s payment from his/her salary.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.2</TD>
<TD ALIGN="left" VALIGN="top">Party A shall disclose the annual payment of social insurance premium made by Party A and its employees at the employee representative meeting or at a prominent place at its business address at least once each year.
Party B is entitled to supervise the payment. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.3</TD>
<TD ALIGN="left" VALIGN="top">During the term of this Agreement, Party B is entitled to the employee benefits pursuant to the applicable laws and the Parties&#146; mutual agreement. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.4</TD>
<TD ALIGN="left" VALIGN="top">Party A can prepare and amend employee benefit policies from time to time pursuant to its needs. </TD></TR></TABLE>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 6 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Occupational protections, conditions and hazard prevention </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.1</TD>
<TD ALIGN="left" VALIGN="top">Party A shall enforce the national regulations with respect to special protections for special work, female employees and employees under age 18. For the positions exposed to potential occupational diseases, Party A
shall inform Party B of the risks, provide Party B with labor safety education, prevent injuries and accidents in the employment and reduce the risk of occupational diseases. If Party B is exposed to occupational disease risks, Party A shall provide
Party B with body checks regularly and before Party B&#146;s departure from his/her employment. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.2</TD>
<TD ALIGN="left" VALIGN="top">Party A undertakes that it will provide Party B with necessary labor safety conditions and labor protection facilities that meet the national standards. Party B shall strictly comply with labor safety regulations and
standards under applicable laws and Party A&#146;s policies. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.3</TD>
<TD ALIGN="left" VALIGN="top">Party A and its management shall ensure Party B&#146;s personal safety and health at the workplace. Party B is entitled to reject any instruction from Party A&#146;s management if it is in violation of the applicable
regulations or policies or to compel Party B to risk his/her safety in his/her work, and such rejection shall not be deemed to be a violation of this Agreement. Party B is entitled to report any instruction that is harmful to his/her personal safety
and health. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.4</TD>
<TD ALIGN="left" VALIGN="top">Party A shall provide timely medical caring for Party B if Party B suffers accidents arising from his/her work or occupational diseases, and apply for determination of work injuries and work capabilities to ensure that
Party B is entitled to his/her work injury insurance and relevant treatments under the applicable laws. Party A shall ensure that Party B is entitled to the statutory medical caring period and medical treatment under the applicable laws if Party B
suffers diseases or injuries not related to his/her work. </TD></TR></TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 7 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Termination and expiry </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.1</TD>
<TD ALIGN="left" VALIGN="top">This Agreement can be terminated upon the mutual agreements between the Parties. The Parties shall enter into a written contract to terminate this Agreement, and the employment will be terminated on the date of such
written agreement. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.2</TD>
<TD ALIGN="left" VALIGN="top">Under the following circumstances, Party A may terminate this Agreement upon notifying Party B, and not pay economic compensation to Party B: </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">where Party B is proved not to meet Party A&#146;s employment conditions during the probation period; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">where Party B conducts severe breach of labor discipline or the rules and regulations of Party A; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">where Party B conducts severe breach of duty, engage in malpractice for selfish ends, causing damage to the interests of Party A; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top">where Party B is investigated for criminal responsibility in accordance with the law. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.3</TD>
<TD ALIGN="left" VALIGN="top">Under the following circumstances, Party A may terminate this Agreement, but shall notify Party B thirty days in advance in written notice, and pay the economic compensation accordingly: </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">where Party B suffers from illness or non-work related injury, and after the medical treatment period, cannot or refuses to engage in his/her original work and cannot or refuses to engage in other work arranged by Party
A; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">where Party B is not competent for the work, and is unable to do the work after training or adjusting job positions or refuses to change job positions; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">where the objective conditions (including the change in Party A&#146;s organization structure, reorganization and merger etc.) for Party A of entering into this Agreement has greatly changed, resulting in the inability
to fulfill this Agreement, and the Parties. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.4</TD>
<TD ALIGN="left" VALIGN="top">Party B shall notify his/her employer thirty days in advance in writing for termination of the employment agreement. Under the following circumstances, Party B may terminate this Agreement anytime: </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">in the probation period; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">Party A forces work by means of violence, threat, imprisonment, or ways of illegal restrictions to personal freedom; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">Party A fails to pay labor remuneration or provide working conditions in accordance with the laws and regulations or the employment agreement. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.5</TD>
<TD ALIGN="left" VALIGN="top">Where Party A is in the bankruptcy statutory consolidation period or under serious difficulties of production and management, and in need to reduce staff, Party A shall notify the trade union or all of the employees to
explain the situation and listen to their opinions, and after reporting to the labor department in writing, Party A may layoff the employees. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.6</TD>
<TD ALIGN="left" VALIGN="top">Before the expiration of the employment agreement, both parties may negotiate to renew the employment agreement; after the expiration of the employment agreement, where Party B continues to work at his/her original job
position and Party A does not raise any objections, it shall be deemed an extension of this Agreement, the period for the extension shall be until the termination of the labor relationship or where a new employment agreement is entered.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.7</TD>
<TD ALIGN="left" VALIGN="top">Where a non-fixed term of employment agreement is entered, this Agreement shall be terminated when Party B reaches his/her retirement age or upon the termination condition where Party A or Party B agreed.
</TD></TR></TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 8 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Breach of agreement and economic compensation </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.1</TD>
<TD ALIGN="left" VALIGN="top">Where Party A shall pay economic compensation for termination of the agreement, the economic compensation should be paid in accordance with the national and local regulations. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.2</TD>
<TD ALIGN="left" VALIGN="top">Where Party A or Party B causes loss to the other party by breaching this Agreement, the breaching party shall bear the liability of compensation in accordance with the relevant national and local regulations.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.3</TD>
<TD ALIGN="left" VALIGN="top">Party B shall conduct the written resignation procedure in accordance with Party A&#146;s relevant provisions upon his/her resignation, where the resignation procedure is not conducted or delayed, Party A may delay all
payments that shall be made, including but not limited to the settlement of wages, fees and all kinds of compensation etc. After Party B completes the resignation procedure, if it caused loss to Party A, Party A retains the right for further
investigation to Party B. </TD></TR></TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 9 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Other terms and conditions </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.1</TD>
<TD ALIGN="left" VALIGN="top">Training service term: where Party B conducts professional and technical training funded by Party A, the parties may agree upon the service term in accordance with the law; where Party B breaches the agreed service
term, the liquidated damages shall not exceed the service fees for the part not fulfilled in the service term. The training and service term agreement entered by the Parties is an annex to this Agreement. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.2</TD>
<TD ALIGN="left" VALIGN="top">Confidentiality: Party B shall have the obligations to conserve Party A&#146;s commercial secrets and intellectual property rights. The confidential agreement entered by the Parties is an annex to this Agreement.
</TD></TR></TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 10 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During the
performance of this Agreement, if Party A intends to change its name, legal representative or the principal responsible person, investors and other matters, this shall not affect the performance of this Agreement, if Party A results in a merger or a
separation, this Agreement shall continue to be effective, and shall be continued by the inheriting company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Where terms related to the immediate
interests or major matters of the workers have changes, the Parties shall reach unanimity upon negotiation and amend this Agreement in writing. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 11 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For matters not covered in
this Agreement, where it is governed by laws and regulations, it shall be implemented by the laws and regulations; where it is not governed by laws and regulations, the Parties shall negotiate for settlement; if negotiation cannot be reached or
where labor dispute arises, the Parties shall seek mediation from mediation agency, or seek for arbitration for labor disputes, or bring a suit to the court. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article 12 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Agreement shall become
effective upon the signatures of Party A and Party B. This Agreement shall be made in two copies, with Party A and Party B each keeping one copy. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Party A (seal)</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Legal Representative or
Proxy</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Party B</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Date:</TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.11
<SEQUENCE>4
<FILENAME>d652797dex1011.htm
<DESCRIPTION>EX-10.11
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.11</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.11 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><I>Execution Version </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUBSCRIPTION AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Subscription Agreement (this &#147;<U>Agreement</U>&#148;) is made as of April&nbsp;25, 2014 by and between: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Tuniu Corporation, a company incorporated in the Cayman Islands (the &#147;<U>Company</U>&#148;); and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">DCM Hybrid RMB Fund, L.P., a Cayman Islands Exempted Limited Partnership (the &#147;<U>Purchaser</U>&#148;). The Purchaser and the Company are sometimes each referred to herein as a &#147;<U>Party,</U>&#148; and
collectively as the &#147;<U>Parties</U>.&#148; </TD></TR></TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>W</U> <U>I</U> <U>T</U> <U>N</U> <U>E</U> <U>S</U> <U>S</U> <U>E</U>
<U>T</U> <U>H</U>: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company has filed a registration statement on Form F-1 on April&nbsp;4, 2014 (as may be amended from time
to time, the &#147;<U>Registration Statement</U>&#148;) with the United States Securities and Exchange Commission (the &#147;<U>SEC</U>&#148;) in connection with the initial public offering (the &#147;<U>Offering</U>&#148;) by the Company of
American Depositary Shares (&#147;<U>ADS</U>&#148;) representing Class&nbsp;A ordinary shares (&#147;<U>Ordinary Shares</U>&#148;) of the Company as specified in the Registration Statement; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Purchaser wishes to invest in the Company by acquiring Ordinary Shares in the Company in a private transaction with the Company
exempt from registration pursuant to Regulation S of the U.S. Securities Act of 1933, as amended (&#147;<U>Regulation S</U>&#148; and the &#147;<U>Securities Act</U>,&#148; respectively); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the foregoing recitals and the mutual promises hereinafter set forth, the Parties hereto agree as follows:
</P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE I </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PURCHASE AND SALE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;1.1</B> <U>Issuance, Sale and Purchase of Ordinary Shares</U>. Upon the terms and subject to the conditions of this Agreement,
at the Closing (as defined below), the Purchaser hereby agrees to purchase, and the Company hereby agrees to issue, sell and deliver to the Purchaser, subject to and concurrent with the Offering, at a price per Ordinary Share equal to the Offer
Price (as defined below), that certain number (as such number is determined pursuant to Section&nbsp;1.2 below) of Ordinary Shares (the &#147;<U>Purchased Shares</U>&#148;), free and clear of all liens or encumbrances (except for restrictions
arising under the Securities Act or created by virtue of this Agreement or the Lock-up Agreement (as defined below)). The &#147;<U>Offer Price</U>&#148; means the price per ADS set forth on the cover of the Company&#146;s final prospectus in
connection with the Offering (the &#147;<U>Final Prospectus</U>&#148;) divided by the number of Ordinary Shares represented by one ADS. All such sales shall be made (i)&nbsp;on the same terms as the ADSs being offered in the Offering and
(ii)&nbsp;pursuant to and in reliance upon Regulation S. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;1.2</B> <U>Closing</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Closing</U>. Subject to Section&nbsp;1.3, the closing (the &#147;<U>Closing</U>&#148;) of the sale and purchase of the Ordinary Shares
pursuant to Section&nbsp;1.1 shall take place concurrently with the closing of the Offering at the same offices for the closing of the Offering or at such other place as the Company and the Purchaser may mutually agree. The total number of the
Ordinary Shares that the Purchaser shall purchase at the Closing shall be equal to the aggregate purchase price of US$15 million (the &#147;<U>Purchase Price</U>&#148;) divided by the Offer Price; provided, however, that (i)&nbsp;no fractional
shares of Ordinary Shares will be issued, (ii)&nbsp;any fractions shall be rounded down to the nearest whole number of Ordinary Shares, and (iii)&nbsp;the Purchase Price will be reduced by the value of any such fractional share (as calculated on the
basis of the Offer Price). The date and time of the Closing are referred to herein as the &#147;<U>Closing Date</U>.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Payment
and Delivery</U>. At the Closing, the Purchaser shall pay and deliver the total consideration to the Company in U.S. dollars by wire transfer, or by such other method mutually agreeable to the parties, of immediately available funds to such bank
account designated in writing by the Company, and the Company shall deliver one or more duly executed share certificates in original form, registered in the name of the Purchaser, together with a certified true copy of the register of members of the
Company, evidencing the Ordinary Shares being issued and sold to the Purchaser. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Restrictive Legend</U>. Each certificate
representing the Purchased Shares shall be endorsed with the following legend: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933 (AS AMENDED, THE &#147;ACT&#148;) OR UNDER THE SECURITIES LAWS OF ANY STATE. THIS SECURITY MAY NOT BE TRANSFERRED, SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED: (A)&nbsp;IN THE ABSENCE OF (1)&nbsp;AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE ACT OR (2)&nbsp;AN EXEMPTION OR QUALIFICATION UNDER APPLICABLE SECURITIES LAWS, AND IN THE CASE OF CLAUSE (2), UNLESS (X)&nbsp;SUCH TRANSFER, SALE, OFFER, PLEDGE OR HYPOTHECATION IS MADE PURSUANT TO THE EXEMPTION FROM REGISTRATION UNDER
THE ACT PROVIDED BY RULE 144 OR RULE 144A THEREUNDER, IF AVAILABLE, OR (Y)&nbsp;THE COMPANY RECEIVES AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED; AND (B)&nbsp;WITHIN THE UNITED STATES OR TO ANY
U.S. PERSON, AS EACH OF THOSE TERMS IS DEFINED IN REGULATION S UNDER THE ACT, DURING THE 40 DAYS FOLLOWING CLOSING OF THE PURCHASE. ANY ATTEMPT TO TRANSFER, SELL, PLEDGE OR HYPOTHECATE THIS SECURITY IN VIOLATION OF THESE RESTRICTIONS SHALL BE VOID.
THE COMPANY SHALL NOT BE REQUIRED TO REGISTER THE TRANSFER OF THIS SECURITY TO ANY PERSON UNLESS (X)&nbsp;SUCH TRANSFER IS MADE PURSUANT TO THE EXEMPTION FROM REGISTRATION UNDER THE ACT PROVIDED BY RULE 144 OR RULE 144A THEREUNDER, IF AVAILABLE OR
(Y)&nbsp;THE COMPANY RECEIVES FROM THE PROPOSED TRANSFEREE A WRITTEN INSTRUMENT IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY IN WHICH SUCH TRANSFEREE MAKES THE REPRESENTATIONS AND WARRANTIES SET FORTH IN SECTION 2.2(F) OF THE SHARE
PURCHASE AGREEMENT BETWEEN THE COMPANY AND PURCHASER DATED APRIL 25, 2014, AND, IF THE COMPANY SO REQUESTS, AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY TO THE EFFECT THAT REGISTRATION UNDER THE SECURITIES ACT
IS NOT REQUIRED IN CONNECTION WITH SUCH TRANSFER. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;1.3</B> <U>Closing Conditions</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Conditions to Purchaser&#146;s Obligations to Effect the Closing</U>. The obligation of the Purchaser to purchase and pay for the
Purchased Shares as contemplated by this Agreement is subject to the satisfaction, on or before the Closing Date, of the following conditions, any of which may be waived in writing by the Purchaser in its sole discretion: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) All corporate and other actions required to be taken by the Company in connection with the issuance and sale of the Purchased Shares shall
have been completed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) The representations and warranties of the Company contained in <U>Section&nbsp;2.1</U> of this Agreement shall
have been true and correct on the date of this Agreement and true and correct in all material respects on and as of the Closing Date; and the Company shall have performed and complied in all material respects with all, and not be in breach or
default in any material respects under any, agreements, covenants, conditions and obligations contained in this Agreement that are required to be performed or complied with on or before the Closing Date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) No governmental authority of competent jurisdiction shall have enacted, issued,
promulgated, enforced or entered any law (whether temporary, preliminary or permanent) that is in effect and restrains, enjoins, prevents, prohibits or otherwise makes illegal the consummation of the transactions contemplated by this Agreement, or
imposes any damages or penalties in connection with the transactions contemplated by this Agreement that are substantial in relation to the Company; and no action, suit, proceeding or investigation shall have been instituted by a governmental
authority of competent jurisdiction or threatened that seeks to restrain, enjoin, prevent, prohibit or otherwise make illegal the consummation of the transactions contemplated by this Agreement, or imposes any damages or penalties in connection with
the transactions contemplated by this Agreement that are substantial in relation to the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) The Offering shall have been
successfully completed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) The ADSs shall have been listed on the NASDAQ. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi) The underwriting agreement relating to the Offering shall have been entered into and have become effective. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Conditions to Company&#146;s Obligations to Effect the Closing</U>. The obligation of the Company to issue and sell the Purchased
Shares to the Purchaser as contemplated by this Agreement are subject to the satisfaction, on or before the Closing Date, of each of the following conditions, any of which may be waived in writing by the Company in its sole discretion: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) The Lock-up Agreement shall have been executed and delivered by the Purchaser to the representatives of the underwriters for the Offering.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) All corporate and other actions required to be taken by the Purchaser in connection with the purchase of the Purchased Shares shall
have been completed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) The representations and warranties of the Purchaser contained in <U>Section&nbsp;2.2</U> of this Agreement
shall have been true and correct on the date of this Agreement and true and correct in all material respects on and as of the Closing Date; and the Purchaser shall have performed and complied in all material respects with all, and not be in breach
or default in any material respect under any, agreements, covenants, conditions and obligations contained in this Agreement that are required to be performed or complied with on or before the Closing Date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) No governmental authority of competent jurisdiction shall have enacted, issued, promulgated,
enforced or entered any law (whether temporary, preliminary or permanent) that is in effect and restrains, enjoins, prevents, prohibits or otherwise makes illegal the consummation of the transactions contemplated by this Agreement, or imposes any
damages or penalties in connection with the transactions contemplated by this Agreement that are substantial in relation to the Company; and no action, suit, proceeding or investigation shall have been instituted by a governmental authority of
competent jurisdiction or threatened that seeks to restrain, enjoin, prevent, prohibit or otherwise make illegal the consummation of the transactions contemplated by this Agreement, or imposes any damages or penalties in connection with the
transactions contemplated by this Agreement that are substantial in relation to the Company. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE II </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REPRESENTATIONS AND WARRANTIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.1</B> <U>Representations and Warranties of the Company</U>. The Company hereby represents and warrants to the Purchaser, as
of the date hereof and as of the Closing Date, as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Due Formation</U>. The Company is a company duly incorporated as an
exempted company with limited liability, validly existing and in good standing under the laws of the Cayman Islands. The Company has all requisite power and authority to carry on its business as it is currently being conducted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Authority</U>. The Company has full power and authority to enter into, execute and deliver this Agreement and each agreement,
certificate, document and instrument to be executed and delivered by the Company pursuant to this Agreement and to perform its obligations hereunder. The execution and delivery by the Company of this Agreement and the performance by the Company of
its obligations hereunder have been duly authorized by all requisite actions on its part. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Valid Agreement</U>. This Agreement has
been duly executed and delivered by the Company and constitutes the legal, valid and binding obligation of the Company, enforceable against it in accordance with its terms, except (i)&nbsp;as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, and other laws of general application affecting enforcement of creditors&#146; rights generally, and (ii)&nbsp;as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable
remedies. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Capitalization</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) The share capital of the Company shall be as set forth in <U>Schedule I</U> of this Agreement setting forth, as of the date hereof, the
aggregate number of issued and outstanding shares of capital stock of the Company (including the ordinary shares and each series of preferred shares (the &#147;<U>Preferred Shares</U>&#148;)). All issued and outstanding ordinary Shares and all
issued and outstanding Preferred Shares are validly issued, fully paid and non-assessable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) All outstanding shares of capital stock of the Company and all outstanding shares of capital
stock of each of the Company&#146;s subsidiaries and consolidated affiliates (each a &#147;<U>Subsidiary</U>&#148; and collectively &#147;<U>Subsidiaries</U>&#148;) have been issued and granted in compliance with (x)&nbsp;all applicable Securities
Laws and other applicable laws and (y)&nbsp;all requirements set forth in applicable contracts, without violation of the preemptive rights, rights of first refusal or other similar rights. &#147;<U>Securities Laws</U>&#148; means the United States
Securities Act of 1933, as amended (the &#147;<U>Securities Act</U>&#148;), the Securities Exchange Act of 1934, as amended (the &#147;<U>Exchange Act</U>&#148;), the listing rules of, or any listing agreement with the NASDAQ and any other
applicable law regulating securities or takeover matters. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) The rights of the Ordinary Shares to be issued to the Purchaser are as
stated in the Fifth Amended and Restated Memorandum and Articles of Association of the Company as set out in the exhibit 3.2 of the Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Due Issuance of the Purchased Shares</U>. The Purchased Shares have been duly authorized and, when issued and delivered to and paid for
by the Purchaser pursuant to this Agreement, will be validly issued, fully paid and non-assessable and free and clear of any pledge, mortgage, security interest, encumbrance, lien, charge, assessment, right of first refusal, right of pre-emption,
third party right or interest, claim or restriction of any kind or nature, except for restrictions arising under the Securities Act or created by virtue of this Agreement or the Lock-up Agreement and upon delivery and entry into the register of
members of the Company will transfer to the Purchaser good and valid title to the Purchased Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Noncontravention</U>. Neither
the execution and the delivery of this Agreement, nor the consummation of the transactions contemplated hereby, will (i)&nbsp;violate any provision of the organizational documents of the Company or its Subsidiaries or violate any constitution,
statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any government, governmental entity or court to which the Company or its Subsidiaries is subject, or (ii)&nbsp;conflict with, result in a breach
of, constitute a default under, result in the acceleration of or creation of an encumbrance under, or create in any party the right to accelerate, terminate, modify, or cancel, any agreement, contract, lease, license, instrument, or other
arrangement to which the Company or its Subsidiaries is a party or by which the Company or its Subsidiaries is bound or to which any of the Company&#146;s or its Subsidiaries&#146; assets are subject. There is no action, suit or proceeding, pending
or threatened against the Company or its Subsidiaries that questions the validity of this Agreement or the right of the Company to enter into this Agreement or to consummate the transactions contemplated hereby. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <U>Consents and Approvals</U>. Neither the execution and delivery by the Company of this
Agreement, nor the consummation by the Company of any of the transactions contemplated hereby, nor the performance by the Company of this Agreement in accordance with its terms requires the consent, approval, order or authorization of, or
registration with, or the giving notice to, any governmental or public body or authority or any third party, except such as have been or will have been obtained, made or given on or prior to the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <U>Compliance with Laws</U>. The business of the Company or its Subsidiaries is not being conducted in violation of any law or government
order applicable to the Company except for violations which do not and would not have a Material Adverse Effect. As used herein, &#147;<U>Material Adverse Effect</U>&#148; shall mean any event, fact, circumstance or occurrence that, individually or
in the aggregate with any other events, facts, circumstances or occurrences, results in or would reasonably be expected to result in a material adverse change in or a material adverse effect on any of (i)&nbsp;the financial condition, assets,
liabilities, results of operations, business, or operations of the Company or its Subsidiaries taken as a whole, except to the extent that any such Material Adverse Effect results from (x)&nbsp;the public disclosure of the transactions contemplated
hereby in accordance with the terms of this Agreement, (y)&nbsp;changes in generally accepted accounting principles that are generally applicable to comparable companies, or (z)&nbsp;changes in general economic and market conditions that are broadly
applicable; or (ii)&nbsp;the ability of the Company to consummate the transactions contemplated by this Agreement and to timely perform its material obligations under the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>SEC Filings</U>. Prior to the Closing, the Registration Statement, as supplemented or amended, shall have been declared effective by
the SEC. The Registration Statement, including the prospectus therein, conforms and will conform, in all material respects to the requirements of the Securities Act and the rules and regulations of the SEC thereunder and does not, as of the date
hereof, and will not, as of the applicable effective date, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j)<U> Investment Company</U>. The Company is not and, after giving effect to the offering and sale of the Purchased Shares, the consummation
of the Offering and the application of the proceeds hereof and thereof, will not be an &#147;<B>investment company</B>,&#148; as such term is defined in the U.S. Investment Company Act of 1940, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>(k) <U>Regulation S</U>. No directed selling efforts (as defined in Rule 902 of Regulation S under the Securities Act) have been made
by any of the Company, any of its affiliates or any person acting on its behalf with respect to any Purchased Shares that are not registered under the Securities Act; and none of such persons has taken any actions that would result in the sale of
the Purchased Shares to the Purchaser under this Agreement requiring registration under the Securities Act; and the Company is a &#147;<B>foreign issuer</B>&#148; (as defined in Regulation S). <B> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) <U>Events Subsequent to Most Recent Fiscal Period</U>. Since December&nbsp;31, 2013 until the
date hereof and to the Closing Date, there has not been any events that, to the Company&#146;s knowledge, has had or will have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) <U>Litigation</U>. There are no actions by or against the Company or its Subsidiaries or affecting the business or any of the assets of
the Company or its Subsidiaries pending before any governmental authority, or, to the Company&#146;s knowledge, threatened to be brought by or before any governmental authority, that would have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) <U>Solicitation</U>. Neither the Company nor any person acting on its behalf has offered or sold the Purchased Shares by any form of
general solicitation or general advertising or directed selling efforts. The Company has not dealt with any broker, finder, commission agent, placement agent or arranger in connection with the sale of the Purchased Shares, and the Company is not
under any obligation to pay any broker&#146;s fee or commission in connection with the sale of the Purchased Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.2</B> <U>Representations and Warranties of the Purchaser</U>. The Purchaser hereby represents and warrants to the Company as
of the date hereof and as of the Closing Date, as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Due Formation</U>. The Purchaser is duly formed, validly existing and
in good standing in the jurisdiction of its organization. The Purchaser has all requisite power and authority to carry on its business as it is currently being conducted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Authority</U>. The Purchaser has full power and authority to enter into, execute and deliver this Agreement and each agreement,
certificate, document and instrument to be executed and delivered by the Purchaser pursuant to this Agreement and to perform its obligations hereunder. The execution and delivery by the Purchaser of this Agreement and the performance by the
Purchaser of its obligations hereunder have been duly authorized by all requisite actions on its part. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Valid Agreement</U>. This
Agreement has been duly executed and delivered by the Purchaser and constitutes the legal, valid and binding obligation of the Purchaser, enforceable against it in accordance with its terms, except (i)&nbsp;as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors&#146; rights generally, and (ii)&nbsp;as limited by laws relating to the availability of specific performance, injunctive relief, or
other equitable remedies. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Noncontravention</U>. Neither the execution and the delivery of this Agreement, nor the
consummation of the transactions contemplated hereby, will (i)&nbsp;violate any provision of the organizational documents of the Purchaser or violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge,
or other restriction of any government, governmental entity or court to which the Purchaser is subject, or (ii)&nbsp;conflict with, result in a breach of, constitute a default under, result in the acceleration of or creation of an encumbrance under,
or create in any party the right to accelerate, terminate, modify, or cancel, any agreement, contract, lease, license, instrument, or other arrangement to which the Purchaser is a party or by which the Purchaser is bound or to which any of the
Purchaser&#146;s assets are subject. There is no action, suit or proceeding, pending or threatened against the Purchaser that questions the validity of this Agreement or the right of the Purchaser to enter into this Agreement or to consummate the
transactions contemplated hereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Consents and Approvals</U>. Neither the execution and delivery by the Purchaser of this
Agreement, nor the consummation by the Purchaser of any of the transactions contemplated hereby, nor the performance by the Purchaser of this Agreement in accordance with its terms requires the consent, approval, order or authorization of, or
registration with, or the giving notice to, any governmental or public body or authority or any third party, except such as have been or will have been obtained, made or given on or prior to the Closing Date and except for any filings required to be
made under the Exchange Act. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Status and Investment Intent</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) <U>Experience</U>. The Purchaser is an Institutional Accredited Investor as such term is defined in Rule 501(a)(1), (2), (3)&nbsp;or
(7)&nbsp;under the Securities Act. The Purchaser has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of its investment in the Purchased Shares. The Purchaser is capable of
bearing the economic risks of such investment, including a complete loss of its investment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) <U>Purchase Entirely for Own
Account</U>. The Purchaser is acquiring the Purchased Shares that it is purchasing pursuant to this Agreement for investment for its own account for investment purposes only and not with the view to, or with any intention of, resale, distribution or
other disposition thereof. The Purchaser does not have any direct or indirect arrangement, or understanding with any other persons to distribute, or regarding the distribution of the Purchased Shares in violation of the Securities Act or any other
applicable state securities law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) <U>Solicitation</U>. The Purchaser was not identified or contacted through the marketing of the
Offering. The Purchaser did not contact the Company as a result of any general solicitation or directed selling efforts. The purchase of the Purchased Shares by the Purchaser was not solicited by or through anyone other than the Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) <U>Restricted Securities</U>. The Purchaser acknowledges that the Purchased Shares are
&#147;restricted securities&#148; that have not been registered under the Securities Act or any applicable state securities law. The Purchaser further acknowledges that, absent an effective registration under the Securities Act, the Purchased Shares
may only be offered, sold or otherwise transferred (x)&nbsp;to the Company, (y)&nbsp;outside the United States in accordance with Rule 904 of Regulation S under the Securities Act or (z)&nbsp;pursuant to an exemption from registration under the
Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) <U>Information</U>. The Purchaser has been furnished access to all materials and information such Purchaser has
requested relating to the Company and its Subsidiaries and other due diligence documents in order to evaluate the transactions contemplated by this Agreement. The Purchaser has consulted to the extent deemed appropriate by such Purchaser with such
Purchaser&#146;s own advisers as to the financial, tax, legal and related matters concerning an investment in the Purchased Shares and on that basis believes that an investment in the Purchased Shares is suitable and appropriate for such Purchaser.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi) <U>Not U.S. Person</U>. The Purchaser is not a &#147;U.S. person&#148; as defined in Rule 902 of Regulation S. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vii) <U>Offshore Transaction</U>. The Purchaser has been advised and acknowledges that in issuing the Purchased Shares to the Purchaser
pursuant hereto, the Company is relying upon the exemption from registration provided by Regulation S. The Purchaser is acquiring the Purchased Shares in an offshore transaction in reliance upon the exemption from registration provided by Regulation
S. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(viii) <U>FINRA</U>. The Purchaser does not, directly or indirectly, own more than five percent of the outstanding common stock (or
other voting securities) of any member of the Financial Industry Regulatory Authority, Inc. (&#147;<U>FINRA</U>&#148;) or a holding company for a FINRA member, and is not otherwise a &#147;restricted person&#148; for the purposes of the Free-Riding
and Withholding Interpretation of FINRA. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE III </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COVENANTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;3.1</B> <U>Lock-up</U>. The Purchaser shall, concurrently with the execution of this Agreement, enter into a lock-up agreement
(the &#147;<U>Lock-up Agreement</U>&#148;) in the form and substance to the reasonable satisfaction of the Company and/or the underwriters in the Offering. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;3.2 </B><U>Distribution Compliance Period</U>. The Purchaser agrees not to
resell, pledge or transfer any Purchased Shares within the United States or to any U.S. Person, as each of those terms is defined in Regulation S, during the 40 days following the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;3.3</B> <U>Further Assurances</U>. From the date of this Agreement until the Closing Date, the Parties shall use their
reasonable best efforts to fulfill or obtain the fulfillment of the conditions precedent to the consummation of the transactions contemplated hereby, subject to the provisions of Section&nbsp;5.12. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IV </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INDEMNIFICATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.1</B> <U>Indemnification</U>. The Company (an &#147;Indemnifying Party&#148;) shall indemnify and hold the Purchaser and its
directors, officers and agents (collectively, the &#147;Indemnified Party&#148;) harmless from and against any losses, claims, damages, liabilities, judgments, fines, obligations, expenses and liabilities of any kind or nature whatsoever, including
but not limited to any investigative, legal and other expenses incurred in connection with, and any amounts paid in settlement of, any pending or threatened legal action or proceeding, and any taxes or levies that may be payable by such person by
reason of the indemnification of any indemnifiable loss hereunder (collectively, &#147;Losses&#148;) resulting from or arising out of: (i)&nbsp;the breach of any representation or warranty of the Indemnifying Party contained in this Agreement or in
any schedule or exhibit hereto; or (ii)&nbsp;the violation or nonperformance, partial or total, of any covenant or agreement of the Indemnifying Party contained in this Agreement for reasons other than gross negligence or willful misconduct of such
Indemnified Party. In calculating the amount of any Losses of an Indemnified Party hereunder, there shall be subtracted the amount of any insurance proceeds and third-party payments received by the Indemnified Party with respect to such Losses, if
any. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.2</B> <U>Third Party Claims</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) If any third party shall notify any Indemnified Party in writing with respect to any matter involving a claim by such third party (a
&#147;<U>Third Party Claim</U>&#148;) which such Indemnified Party believes would give rise to a claim for indemnification against the Indemnifying Party under this <U>Article IV</U>, then the Indemnified Party shall promptly (i)&nbsp;notify the
Indemnifying Party thereof in writing within thirty (30)&nbsp;days of receipt of notice of such claim and (ii)&nbsp;transmit to the Indemnifying Party a written notice (&#147;<U>Claim Notice</U>&#148;) describing in reasonable detail the nature of
the Third Party Claim, a copy of all papers served with respect to such claim (if any), and the basis of the Indemnified Party&#146;s request for indemnification under this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Upon receipt of a Claim Notice with respect to a Third Party Claim, the Indemnifying Party
shall have the right to assume the defense of any Third Party Claim by, within (30)&nbsp;days of receipt of the Claim Notice, notifying the Indemnified Party in writing that the Indemnifying Party elects to assume the defense of such Third Party
Claim, and upon delivery of such notice by the Indemnifying Party, the Indemnifying Party shall have the right to fully control and settle the proceeding, provided, that, any such settlement or compromise shall be permitted hereunder only with the
written consent of the Indemnified Party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) If requested by the Indemnifying Party, the Indemnified Party shall, at the sole cost and
expense of the Indemnifying Party, cooperate with the Indemnifying Party and its counsel in contesting any Third Party Claim which the Indemnifying Party elects to contest, including the making of any related counterclaim against the person
asserting the Third Party Claim or any cross complaint against any person. The Indemnified Party shall have the right to receive copies of all pleadings, notices and communications with respect to any Third Party Claim, other than any privileged
communications between the Indemnifying Party and its counsel, and shall be entitled, at its sole cost and expense, to retain separate co-counsel and participate in, but not control, any defense or settlement of any Third Party Claim assumed by the
Indemnifying Party pursuant to <U>Section&nbsp;4.2(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) In the event of a Third Party Claim for which the Indemnifying Party
elects not to assume the defense or fails to make such an election within the 30 days of the Claim Notice, the Indemnified Party may, at its option, defend, settle, compromise or pay such action or claim at the expense of the Indemnifying Party;
provided, that, any such settlement or compromise shall be permitted hereunder only with the written consent of the Indemnifying Party, which consent shall not be unreasonably withheld or delayed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.3</B> <U>Other Claims</U>. In the event any Indemnified Party should have a claim against the Indemnifying Party hereunder
which does not involve a Third Party Claim, the Indemnified Party shall promptly transmit to the Indemnifying Party a written notice (the &#147;<U>Indemnity Notice</U>&#148;) describing in reasonable detail the nature of the claim, the Indemnified
Party&#146;s best estimate of the amount of Losses attributable to such claim and the basis of the Indemnified Party&#146;s request for indemnification under this Agreement. If the Indemnifying Party does not notify the Indemnified Party within
thirty (30)&nbsp;days from its receipt of the Indemnity Notice that the Indemnifying Party disputes such claim, the Indemnifying Party shall be deemed to have accepted and agreed with such claim. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.4</B> <U>Cap</U>. Notwithstanding the foregoing, the Indemnifying Party shall
have no liability (for indemnification or otherwise) with respect to any Losses in excess of the Purchase Price. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE V </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MISCELLANEOUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.1</B> <U>Survival of the Representations and Warranties</U>. All representations and warranties made by any Party shall
survive for two years and shall terminate and be without further force or effect on the second anniversary of the date hereof, except as to (i)&nbsp;any claims thereunder which have been asserted in writing pursuant to Section&nbsp;4.1 against the
Party making such representations and warranties on or prior to such second anniversary, and (ii)&nbsp;the Company&#146;s representations contained in Section&nbsp;2.1(a), (b), (c), (d)&nbsp;and (e)&nbsp;hereof, each of which shall survive
indefinitely. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.2</B> <U>Governing Law; Arbitration</U>. This Agreement shall be governed and interpreted in accordance
with the internal laws of the State of New York. Any dispute arising out of or relating to this Agreement, including any question regarding its existence, validity or termination (&#147;<U>Dispute</U>&#148;) shall be referred to and finally resolved
by arbitration at the Hong Kong International Arbitration Centre in accordance with the Hong Kong International Arbitration Centre Administered Arbitration Rules then in force. There shall be three arbitrators. Each Party has the right to appoint
one arbitrator and the third arbitrator shall be appointed by the Hong Kong International Arbitration Centre. The language to be used in the arbitration proceedings shall be English. Each of the Parties irrevocably waives any immunity to
jurisdiction to which it may be entitled or become entitled (including without limitation sovereign immunity, immunity to pre-award attachment, post-award attachment or otherwise) in any arbitration proceedings and/or enforcement proceedings against
it arising out of or based on this Agreement or the transactions contemplated hereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.3</B> <U>Amendment</U>. This
Agreement shall not be amended, changed or modified, except by another agreement in writing executed by the Parties hereto. <B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.4</B> <U>Binding Effect</U>. This Agreement shall inure to the benefit of, and be binding upon, each of the Company and the
Purchaser and their respective heirs, successors and permitted assigns and legal representatives. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.5</B>
<U>Assignment</U>. Neither this Agreement nor any of the rights, duties or obligations hereunder may be assigned by the Company or the Purchaser without the express written consent of the other Party, except that the Purchaser may assign all or any
part of its rights and obligations hereunder to any affiliate of Purchaser without the consent of the Company, provided that no such assignment shall relieve the Purchaser of its obligations hereunder if such assignee does not perform such
obligations. Any purported assignment in violation of the foregoing sentence shall be null and void. <B> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.6</B><U> Notices</U>. All notices, requests, demands, and other communications
under this Agreement shall be in writing and shall be deemed to have been duly given on the date of actual delivery if delivered personally to the Party to whom notice is to be given, on the date sent if sent by telecopier, tested telex or prepaid
telegram, on the next business day following delivery to Federal Express properly addressed or on the day of attempted delivery by the U.S. Postal Service if mailed by registered or certified mail, return receipt requested, postage paid, and
properly addressed as follows: <B> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="73%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">If to the Purchaser, at:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">DCM Hybrid RMB Fund, L.P.</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">2420 Sand Hill Road, Suite 200</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Menlo Park, CA 94025</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">United States</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Attn: Matthew C. Bonner</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">If to the Company, at:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Tuniu Corporation</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Tuniu Building, No. 699-32</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Xuanwudadao, Xuanwu District</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Nanjing, Jiangsu Province 210042</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">People&#146;s Republic of China</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Attn: Chief Financial Officer</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">With copy to:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Skadden, Arps, Slate, Meagher &amp; Flom</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">42/F Edinburgh Tower</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">The Landmark</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">15 Queen&#146;s Road Central</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Fax: +852-3910-4863</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Attn: Z. Julie Gao, Esq.</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Will H. Cai, Esq.</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any Party may change its address for purposes of this <U>Section&nbsp;5.6</U> by giving the other Parties
hereto written notice of the new address in the manner set forth above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.7</B><U> Entire Agreement</U>. This Agreement
constitutes the entire understanding and agreement between the Parties with respect to the matters covered hereby, and all prior agreements and understandings, oral or in writing, if any, between the Parties with respect to the matters covered
hereby are merged and superseded by this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.8</B> <U>Severability</U>. If any provisions of this Agreement shall be
adjudicated to be illegal, invalid or unenforceable in any action or proceeding whether in its entirety or in any portion, then such provision shall be deemed amended, if possible, or deleted, as the case may be, from the Agreement in order to
render the remainder of the Agreement and any provision thereof both valid and enforceable, and all other provisions hereof shall be given effect separately therefrom and shall not be affected thereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.9</B> <U>Fees and Expenses</U>. Except as otherwise provided in this Agreement, the Company and the Purchaser will bear
their respective expenses incurred in connection with the negotiation, preparation and execution of this Agreement and the transactions contemplated hereby, including fees and expenses of attorneys, accountants, consultants and financial advisors..
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.10</B> <U>Confidentiality</U>. Each Party shall keep in confidence, and shall not use (except for the purposes of the
transactions contemplated hereby) or disclose, any non-public information disclosed to it or its affiliates, representatives or agents in connection with this Agreement or the transactions contemplated hereby. Each Party shall ensure that its
affiliates, representatives and agents keep in confidence, and do not use (except for the purposes of the transactions contemplated hereby) or disclose, any such non-public information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.11</B> <U>Specific Performance</U>. The Parties agree that irreparable damage would occur in the event any provision of this
Agreement were not performed in accordance with the terms hereof and that the Parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy at law or equity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.12</B> <U>Termination</U>. This Agreement shall automatically terminate upon the earliest to occur, if any, of (i)&nbsp;the
Company, on the one hand, or the representatives of the underwriters for the Offering, on the other hand, advises in writing that it has determined not to proceed with the Offering prior to the execution of the underwriting agreement relating to the
Offering, (ii)&nbsp;the Company files an application with the SEC to withdraw the Registration Statement, (iii)&nbsp;the underwriting agreement relating to the Offering is executed but is terminated (other than the provisions thereof which survive
termination) prior to payment for and delivery of the Ordinary Shares to be sold thereunder, or (iv)&nbsp;September&nbsp;30, 2014, in the event that the underwriting agreement relating to the Offering has not been executed by such date.
Notwithstanding the foregoing, the provisions of Section&nbsp;5.10 hereof shall survive any termination of this Agreement under this Section&nbsp;5.12. <B> </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.13</B> <U>Purchaser Description</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Company shall afford the Purchaser a reasonable opportunity in which to review and comment on any description of the Purchaser and/or
the transactions contemplated by this Agreement that is to be included in the Registration Statement filed after the date hereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Purchaser hereby consents and undertakes to promptly provide a description of its
organization and business activities to the Company (the &#147;<U>Purchaser Description</U>&#148;), and hereby represents that the Purchaser Description will be true and accurate in all material respects and will not be misleading in any material
respect, as may be reasonably required by the Company for the purpose of satisfying the disclosure obligations in connection with the Registration Statement and the prospectus therein under applicable laws, regulations and listing rules. The
Purchaser also consents to the inclusion of the Purchaser Description, the Purchaser&#146;s name as well as the matters relating to the Purchaser&#146;s subscription of the Purchased Shares in the Registration Statement and the prospectus therein,
and in press releases and other marketing materials for the Offering (subject to the Purchaser&#146;s reasonable opportunity to review and comment on such press release and marketing materials as applicable). Additionally, the Purchaser hereby
consents to the filing of this Agreement as an exhibit to the Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Purchaser acknowledges that the Company
will rely upon the truth and accuracy of the Purchaser Description, and it agrees to notify the Company promptly in writing if any of the content contained therein ceases to be accurate and complete or becomes misleading. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.14</B> <U>Headings</U>. The headings of the various articles and sections of this Agreement are inserted merely for the
purpose of convenience and do not expressly or by implication limit, define or extend the specific terms of the section so designated. <B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.15</B> <U>Execution in Counterparts</U>. For the convenience of the Parties and to facilitate execution, this Agreement may
be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute but one and the same instrument. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[SIGNATURE PAGE FOLLOWS] </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the day and year
first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>TUNIU CORPORATION</B></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Dunde Yu</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Subscription Agreement] </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the day and year
first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>PURCHASER</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>DCM Hybrid RMB Fund, L.P.</B></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: DCM Hybrid RMB Fund Investment Management, L.P.</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">its General Partner</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">DCM Hybrid RMB Fund International, Ltd.</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">its General Partner</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Matthew C. Bonner</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Matthew C. Bonner, an authorized signatory</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Subscription Agreement] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Schedule I </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Authorized share capital as of the date of the Agreement </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="42%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="38%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ordinary Shares</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">126,999,531</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Preference Shares</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82,624,391</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Consisting of</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Series A preferred shares</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,506,748</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Series B preferred shares</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,564,115</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Series C preferred shares</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,782,056</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Series D preferred shares</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,771,472</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">209,623,922</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Issued and outstanding as of the date of the Agreement </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="42%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="38%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ordinary Shares</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Preference Shares</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82,624,391</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Consisting of</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Series A preferred shares</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,506,748</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Series B preferred shares</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,564,115</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Series C preferred shares</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,782,056</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Series D preferred shares</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,771,472</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">108,624,391</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.12
<SEQUENCE>5
<FILENAME>d652797dex1012.htm
<DESCRIPTION>EX-10.12
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.12</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.12 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><I>Execution Version </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUBSCRIPTION AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Subscription Agreement (this &#147;<U>Agreement</U>&#148;) is made as of April&nbsp;25, 2014 by and between: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Tuniu Corporation, a company incorporated in the Cayman Islands (the &#147;<U>Company</U>&#148;); and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">Qihoo 360 Technology Co. Ltd., an exempted limited liability company incorporated in the Cayman Islands (the &#147;<U>Purchaser</U>&#148;). The Purchaser and the Company are sometimes each referred to herein as a
&#147;<U>Party,</U>&#148; and collectively as the &#147;<U>Parties</U>.&#148; </TD></TR></TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>W</U> <U>I</U> <U>T</U> <U>N</U> <U>E</U>
<U>S</U> <U>S</U> <U>E</U> <U>T</U> <U>H</U>: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company has filed a registration statement on Form F-1 on April&nbsp;4, 2014
(as may be amended from time to time, the &#147;<U>Registration Statement</U>&#148;) with the United States Securities and Exchange Commission (the &#147;<U>SEC</U>&#148;) in connection with the initial public offering (the
&#147;<U>Offering</U>&#148;) by the Company of American Depositary Shares (&#147;<U>ADS</U>&#148;) representing Class&nbsp;A ordinary shares (&#147;<U>Ordinary Shares</U>&#148;) of the Company as specified in the Registration Statement; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Purchaser wishes to invest in the Company by acquiring Ordinary Shares in the Company in a private transaction with the Company
exempt from registration pursuant to Regulation S of the U.S. Securities Act of 1933, as amended (&#147;<U>Regulation S</U>&#148; and the &#147;<U>Securities Act</U>,&#148; respectively); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the foregoing recitals and the mutual promises hereinafter set forth, the Parties hereto agree as follows:
</P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE I </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PURCHASE AND SALE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;1.1</B> <U>Issuance, Sale and Purchase of Ordinary Shares</U>. Upon the terms and subject to the conditions of this Agreement,
at the Closing (as defined below), the Purchaser hereby agrees to purchase, and the Company hereby agrees to issue, sell and deliver to the Purchaser, subject to and concurrent with the Offering, at a price per Ordinary Share equal to the Offer
Price (as defined below), that certain number (as such number is determined pursuant to Section&nbsp;1.2 below) of Ordinary Shares (the &#147;<U>Purchased Shares</U>&#148;), free and clear of all liens or encumbrances (except for restrictions
arising under the Securities Act or created by virtue of this Agreement or the Lock-up Agreement (as defined below)). The &#147;<U>Offer Price</U>&#148; means the price per ADS set forth on the cover of the Company&#146;s final prospectus in
connection with the Offering (the &#147;<U>Final Prospectus</U>&#148;) divided by the number of Ordinary Shares represented by one ADS. All such sales shall be made (i)&nbsp;on the same terms as the ADSs being offered in the Offering and
(ii)&nbsp;pursuant to and in reliance upon Regulation S. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;1.2</B> <U>Closing</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Closing</U>. Subject to Section&nbsp;1.3, the closing (the &#147;<U>Closing</U>&#148;) of the sale and purchase of the Ordinary Shares
pursuant to Section&nbsp;1.1 shall take place concurrently with the closing of the Offering at the same offices for the closing of the Offering or at such other place as the Company and the Purchaser may mutually agree. The total number of the
Ordinary Shares that the Purchaser shall purchase at the Closing shall be equal to the aggregate purchase price of US$5 million (the &#147;<U>Purchase Price</U>&#148;) divided by the Offer Price; provided, however, that (i)&nbsp;no fractional shares
of Ordinary Shares will be issued, (ii)&nbsp;any fractions shall be rounded down to the nearest whole number of Ordinary Shares, and (iii)&nbsp;the Purchase Price will be reduced by the value of any such fractional share (as calculated on the basis
of the Offer Price). The date and time of the Closing are referred to herein as the &#147;<U>Closing Date</U>.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Payment and
Delivery</U>. At the Closing, the Purchaser shall pay and deliver the total consideration to the Company in U.S. dollars by wire transfer, or by such other method mutually agreeable to the parties, of immediately available funds to such bank account
designated in writing by the Company, and the Company shall deliver one or more duly executed share certificates in original form, registered in the name of the Purchaser, together with a certified true copy of the register of members of the
Company, evidencing the Ordinary Shares being issued and sold to the Purchaser. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Restrictive Legend</U>. Each certificate
representing the Purchased Shares shall be endorsed with the following legend: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933 (AS AMENDED, THE &#147;ACT&#148;) OR UNDER THE SECURITIES LAWS OF ANY STATE. THIS SECURITY MAY NOT BE TRANSFERRED, SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED: (A)&nbsp;IN THE ABSENCE OF (1)&nbsp;AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE ACT OR (2)&nbsp;AN EXEMPTION OR QUALIFICATION UNDER APPLICABLE SECURITIES LAWS, AND IN THE CASE OF CLAUSE (2), UNLESS THE COMPANY RECEIVES AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED;
AND (B)&nbsp;WITHIN THE UNITED STATES OR TO ANY U.S. PERSON, AS EACH OF THOSE TERMS IS DEFINED IN REGULATION S UNDER THE ACT, DURING THE 40 DAYS FOLLOWING CLOSING OF THE PURCHASE. ANY ATTEMPT TO TRANSFER, SELL, PLEDGE OR HYPOTHECATE THIS SECURITY IN
VIOLATION OF THESE RESTRICTIONS SHALL BE VOID. THE COMPANY SHALL NOT BE REQUIRED TO REGISTER THE TRANSFER OF THIS SECURITY TO ANY PERSON UNLESS THE COMPANY RECEIVES FROM THE PROPOSED TRANSFEREE A WRITTEN INSTRUMENT IN FORM AND SUBSTANCE REASONABLY
SATISFACTORY TO THE COMPANY IN WHICH SUCH TRANSFEREE MAKES THE REPRESENTATIONS AND WARRANTIES SET FORTH IN SECTION 2.2(F) OF THE SHARE PURCHASE AGREEMENT BETWEEN THE COMPANY AND PURCHASER DATED APRIL 25, 2014, AND, IF THE COMPANY SO REQUESTS, AN
OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY TO THE EFFECT THAT REGISTRATION UNDER THE SECURITIES ACT IS NOT REQUIRED IN CONNECTION WITH SUCH TRANSFER. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;1.3</B> <U>Closing Conditions</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Conditions to Purchaser&#146;s Obligations to Effect the Closing</U>. The obligation of the Purchaser to purchase and pay for the
Purchased Shares as contemplated by this Agreement is subject to the satisfaction, on or before the Closing Date, of the following conditions, any of which may be waived in writing by the Purchaser in its sole discretion: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) All corporate and other actions required to be taken by the Company in connection with the issuance and sale of the Purchased Shares shall
have been completed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) The representations and warranties of the Company contained in <U>Section&nbsp;2.1</U> of this Agreement shall
have been true and correct on the date of this Agreement and true and correct in all material respects on and as of the Closing Date; and the Company shall have performed and complied in all material respects with all, and not be in breach or
default in any material respects under any, agreements, covenants, conditions and obligations contained in this Agreement that are required to be performed or complied with on or before the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) No governmental authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any law (whether
temporary, preliminary or permanent) that is in effect and restrains, enjoins, prevents, prohibits or otherwise makes illegal the consummation of the transactions contemplated by this Agreement, or imposes any damages or penalties in connection with
the transactions contemplated by this Agreement that are substantial in relation to the Company; and no action, suit, proceeding or investigation shall have been instituted by a governmental authority of competent jurisdiction or threatened that
seeks to restrain, enjoin, prevent, prohibit or otherwise make illegal the consummation of the transactions contemplated by this Agreement, or imposes any damages or penalties in connection with the transactions contemplated by this Agreement that
are substantial in relation to the Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) The Offering shall have been successfully completed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) The ADSs shall have been listed on the NASDAQ. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi) The underwriting agreement relating to the Offering shall have been entered into and have become effective. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Conditions to Company&#146;s Obligations to Effect the Closing</U>. The obligation of the Company to issue and sell the Purchased
Shares to the Purchaser as contemplated by this Agreement are subject to the satisfaction, on or before the Closing Date, of each of the following conditions, any of which may be waived in writing by the Company in its sole discretion: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) The Lock-up Agreement shall have been executed and delivered by the Purchaser to the representatives of the underwriters for the Offering.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) All corporate and other actions required to be taken by the Purchaser in connection with the purchase of the Purchased Shares shall
have been completed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) The representations and warranties of the Purchaser contained in <U>Section&nbsp;2.2</U> of this Agreement
shall have been true and correct on the date of this Agreement and true and correct in all material respects on and as of the Closing Date; and the Purchaser shall have performed and complied in all material respects with all, and not be in breach
or default in any material respect under any, agreements, covenants, conditions and obligations contained in this Agreement that are required to be performed or complied with on or before the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) No governmental authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any law (whether
temporary, preliminary or permanent) that is in effect and restrains, enjoins, prevents, prohibits or otherwise makes illegal the consummation of the transactions contemplated by this Agreement, or imposes any damages or penalties in connection with
the transactions contemplated by this Agreement that are substantial in relation to the Company; and no action, suit, proceeding or investigation shall have been instituted by a governmental authority of competent jurisdiction or threatened that
seeks to restrain, enjoin, prevent, prohibit or otherwise make illegal the consummation of the transactions contemplated by this Agreement, or imposes any damages or penalties in connection with the transactions contemplated by this Agreement that
are substantial in relation to the Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE II </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REPRESENTATIONS AND WARRANTIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.1</B> <U>Representations and Warranties of the Company</U>. The Company hereby represents and warrants to the Purchaser, as
of the date hereof and as of the Closing Date, as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Due Formation</U>. The Company is a company duly incorporated as an
exempted company with limited liability, validly existing and in good standing under the laws of the Cayman Islands. The Company has all requisite power and authority to carry on its business as it is currently being conducted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Authority</U>. The Company has full power and authority to enter into, execute and deliver this Agreement and each agreement,
certificate, document and instrument to be executed and delivered by the Company pursuant to this Agreement and to perform its obligations hereunder. The execution and delivery by the Company of this Agreement and the performance by the Company of
its obligations hereunder have been duly authorized by all requisite actions on its part. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Valid Agreement</U>. This Agreement has
been duly executed and delivered by the Company and constitutes the legal, valid and binding obligation of the Company, enforceable against it in accordance with its terms, except (i)&nbsp;as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, and other laws of general application affecting enforcement of creditors&#146; rights generally, and (ii)&nbsp;as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable
remedies. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Capitalization</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) The share capital of the Company shall be as set forth in <U>Schedule I</U> of this Agreement setting forth, as of the date hereof, the
aggregate number of issued and outstanding shares of capital stock of the Company (including the ordinary shares and each series of preferred shares (the &#147;<U>Preferred Shares</U>&#148;)). All issued and outstanding ordinary Shares and all
issued and outstanding Preferred Shares are validly issued, fully paid and non-assessable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) All outstanding shares of capital stock of the Company and all outstanding shares of capital
stock of each of the Company&#146;s subsidiaries and consolidated affiliates (each a &#147;<U>Subsidiary</U>&#148; and collectively &#147;<U>Subsidiaries</U>&#148;) have been issued and granted in compliance with (x)&nbsp;all applicable Securities
Laws and other applicable laws and (y)&nbsp;all requirements set forth in applicable contracts, without violation of the preemptive rights, rights of first refusal or other similar rights. &#147;<U>Securities Laws</U>&#148; means the United States
Securities Act of 1933, as amended (the &#147;<U>Securities Act</U>&#148;), the Exchange Act, the listing rules of, or any listing agreement with the NASDAQ and any other applicable law regulating securities or takeover matters. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) The rights of the Ordinary Shares to be issued to the Purchaser are as stated in the Fifth Amended and Restated Memorandum and Articles
of Association of the Company as set out in the exhibit 3.2 of the Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Due Issuance of the Purchased
Shares</U>. The Purchased Shares have been duly authorized and, when issued and delivered to and paid for by the Purchaser pursuant to this Agreement, will be validly issued, fully paid and non-assessable and free and clear of any pledge, mortgage,
security interest, encumbrance, lien, charge, assessment, right of first refusal, right of pre-emption, third party right or interest, claim or restriction of any kind or nature, except for restrictions arising under the Securities Act or created by
virtue of this Agreement or the Lock-up Agreement and upon delivery and entry into the register of members of the Company will transfer to the Purchaser good and valid title to the Purchased Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Noncontravention</U>. Neither the execution and the delivery of this Agreement, nor the consummation of the transactions contemplated
hereby, will (i)&nbsp;violate any provision of the organizational documents of the Company or its Subsidiaries or violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any
government, governmental entity or court to which the Company or its Subsidiaries is subject, or (ii)&nbsp;conflict with, result in a breach of, constitute a default under, result in the acceleration of or creation of an encumbrance under, or create
in any party the right to accelerate, terminate, modify, or cancel, any agreement, contract, lease, license, instrument, or other arrangement to which the Company or its Subsidiaries is a party or by which the Company or its Subsidiaries is bound or
to which any of the Company&#146;s or its Subsidiaries&#146; assets are subject. There is no action, suit or proceeding, pending or threatened against the Company or its Subsidiaries that questions the validity of this Agreement or the right of the
Company to enter into this Agreement or to consummate the transactions contemplated hereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <U>Consents and Approvals</U>. Neither
the execution and delivery by the Company of this Agreement, nor the consummation by the Company of any of the transactions contemplated hereby, nor the performance by the Company of this Agreement in accordance with its terms requires the consent,
approval, order or authorization of, or registration with, or the giving notice to, any governmental or public body or authority or any third party, except such as have been or will have been obtained, made or given on or prior to the Closing Date.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <U>Compliance with Laws</U>. The business of the Company or its Subsidiaries is not being
conducted in violation of any law or government order applicable to the Company except for violations which do not and would not have a Material Adverse Effect. As used herein, &#147;<U>Material Adverse Effect</U>&#148; shall mean any event, fact,
circumstance or occurrence that, individually or in the aggregate with any other events, facts, circumstances or occurrences, results in or would reasonably be expected to result in a material adverse change in or a material adverse effect on any of
(i)&nbsp;the financial condition, assets, liabilities, results of operations, business, or operations of the Company or its Subsidiaries taken as a whole, except to the extent that any such Material Adverse Effect results from (x)&nbsp;the public
disclosure of the transactions contemplated hereby in accordance with the terms of this Agreement, (y)&nbsp;changes in generally accepted accounting principles that are generally applicable to comparable companies, or (z)&nbsp;changes in general
economic and market conditions; or (ii)&nbsp;the ability of the Company to consummate the transactions contemplated by this Agreement and to timely perform its material obligations under the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>SEC Filings</U>. Prior to the Closing, the Registration Statement, as supplemented or amended, shall have been declared effective by
the SEC. The Registration Statement, including the prospectus therein, conforms and will conform, in all material respects to the requirements of the Securities Act and the rules and regulations of the SEC thereunder and does not, as of the date
hereof, and will not, as of the applicable effective date, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j)<U> Investment Company</U>. The Company is not and, after giving effect to the offering and sale of the Purchased Shares, the consummation
of the Offering and the application of the proceeds hereof and thereof, will not be an &#147;<B>investment company</B>,&#148; as such term is defined in the U.S. Investment Company Act of 1940, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>(k) <U>Regulation S</U>. No directed selling efforts (as defined in Rule 902 of Regulation S under the Securities Act) have been made
by any of the Company, any of its affiliates or any person acting on its behalf with respect to any Purchased Shares that are not registered under the Securities Act; and none of such persons has taken any actions that would result in the sale of
the Purchased Shares to the Purchaser under this Agreement requiring registration under the Securities Act; and the Company is a &#147;<B>foreign issuer</B>&#148; (as defined in Regulation S). <B> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) <U>Events Subsequent to Most Recent Fiscal Period</U>. Since December&nbsp;31, 2013 until the
date hereof and to the Closing Date, there has not been any events that, to the Company&#146;s knowledge, will have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) <U>Litigation</U>. There are no actions by or against the Company or its Subsidiaries or affecting the business or any of the assets of
the Company or its Subsidiaries pending before any governmental authority, or, to the Company&#146;s knowledge, threatened to be brought by or before any governmental authority, that would have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) <U>Solicitation</U>. Neither the Company nor any person acting on its behalf has offered or sold the Purchased Shares by any form of
general solicitation or general advertising or directed selling efforts. The Company has not dealt with any broker, finder, commission agent, placement agent or arranger in connection with the sale of the Purchased Shares, and the Company is not
under any obligation to pay any broker&#146;s fee or commission in connection with the sale of the Purchased Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.2</B> <U>Representations and Warranties of the Purchaser</U>. The Purchaser hereby represents and warrants to the Company as
of the date hereof and as of the Closing Date, as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Due Formation</U>. The Purchaser is duly formed, validly existing and
in good standing in the jurisdiction of its organization. The Purchaser has all requisite power and authority to carry on its business as it is currently being conducted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Authority</U>. The Purchaser has full power and authority to enter into, execute and deliver this Agreement and each agreement,
certificate, document and instrument to be executed and delivered by the Purchaser pursuant to this Agreement and to perform its obligations hereunder. The execution and delivery by the Purchaser of this Agreement and the performance by the
Purchaser of its obligations hereunder have been duly authorized by all requisite actions on its part. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Valid Agreement</U>. This
Agreement has been duly executed and delivered by the Purchaser and constitutes the legal, valid and binding obligation of the Purchaser, enforceable against it in accordance with its terms, except (i)&nbsp;as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors&#146; rights generally, and (ii)&nbsp;as limited by laws relating to the availability of specific performance, injunctive relief, or
other equitable remedies. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Noncontravention</U>. Neither the execution and the delivery of this Agreement, nor the
consummation of the transactions contemplated hereby, will (i)&nbsp;violate any provision of the organizational documents of the Purchaser or violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge,
or other restriction of any government, governmental entity or court to which the Purchaser is subject, or (ii)&nbsp;conflict with, result in a breach of, constitute a default under, result in the acceleration of or creation of an encumbrance under,
or create in any party the right to accelerate, terminate, modify, or cancel, any agreement, contract, lease, license, instrument, or other arrangement to which the Purchaser is a party or by which the Purchaser is bound or to which any of the
Purchaser&#146;s assets are subject. There is no action, suit or proceeding, pending or threatened against the Purchaser that questions the validity of this Agreement or the right of the Purchaser to enter into this Agreement or to consummate the
transactions contemplated hereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Consents and Approvals</U>. Neither the execution and delivery by the Purchaser of this
Agreement, nor the consummation by the Purchaser of any of the transactions contemplated hereby, nor the performance by the Purchaser of this Agreement in accordance with its terms requires the consent, approval, order or authorization of, or
registration with, or the giving notice to, any governmental or public body or authority or any third party, except such as have been or will have been obtained, made or given on or prior to the Closing Date. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Status and Investment Intent</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) <U>Experience</U>. The Purchaser is an Institutional Accredited Investor as such term is defined in Rule 501(a)(1), (2), (3)&nbsp;or
(7)&nbsp;under the Securities Act. The Purchaser has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of its investment in the Purchased Shares. The Purchaser is capable of
bearing the economic risks of such investment, including a complete loss of its investment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) <U>Purchase Entirely for Own
Account</U>. The Purchaser is acquiring the Purchased Shares that it is purchasing pursuant to this Agreement for investment for its own account for investment purposes only and not with the view to, or with any intention of, resale, distribution or
other disposition thereof. The Purchaser does not have any direct or indirect arrangement, or understanding with any other persons to distribute, or regarding the distribution of the Purchased Shares in violation of the Securities Act or any other
applicable state securities law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) <U>Solicitation</U>. The Purchaser was not identified or contacted through the marketing of the
Offering. The Purchaser did not contact the Company as a result of any general solicitation or directed selling efforts. The purchase of the Purchased Shares by the Purchaser was not solicited by or through anyone other than the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) <U>Restricted Securities</U>. The Purchaser acknowledges that the Purchased Shares are &#147;restricted securities&#148; that have not
been registered under the Securities Act or any applicable state securities law. The Purchaser further acknowledges that, absent an effective registration under the Securities Act, the Purchased Shares may only be offered, sold or otherwise
transferred (x)&nbsp;to the Company, (y)&nbsp;outside the United States in accordance with Rule 904 of Regulation S under the Securities Act or (z)&nbsp;pursuant to an exemption from registration under the Securities Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) <U>Information</U>. The Purchaser has been furnished access to all materials and information
such Purchaser has requested relating to the Company and its Subsidiaries and other due diligence documents in order to evaluate the transactions contemplated by this Agreement. The Purchaser is relying solely on its own counsel and other advisors
for legal, financial and other advice with respect to this investment or the transactions contemplated by this letter agreement and any related documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi) <U>Not U.S. Person</U>. The Purchaser is not a &#147;U.S. person&#148; as defined in Rule 902 of Regulation S. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vii) <U>Offshore Transaction</U>. The Purchaser has been advised and acknowledges that in issuing the Purchased Shares to the Purchaser
pursuant hereto, the Company is relying upon the exemption from registration provided by Regulation S. The Purchaser is acquiring the Purchased Shares in an offshore transaction in reliance upon the exemption from registration provided by Regulation
S. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(viii) <U>FINRA</U>. The Purchaser does not, directly or indirectly, own more than five percent of the outstanding common stock (or
other voting securities) of any member of the Financial Industry Regulatory Authority, Inc. (&#147;<U>FINRA</U>&#148;) or a holding company for a FINRA member, and is not otherwise a &#147;restricted person&#148; for the purposes of the Free-Riding
and Withholding Interpretation of FINRA. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE III </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COVENANTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;3.1</B> <U>Lock-up</U>. The Purchaser shall, concurrently with the execution of this Agreement, enter into a lock-up agreement
(the &#147;<U>Lock-up Agreement</U>&#148;) in the form and substance to the reasonable satisfaction of the Company and/or the underwriters in the Offering. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;3.2 </B><U>Distribution Compliance Period</U>. The Purchaser agrees not to resell, pledge or transfer any Purchased Shares
within the United States or to any U.S. Person, as each of those terms is defined in Regulation S, during the 40 days following the Closing Date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;3.3</B> <U>Further Assurances</U>. From the date of this Agreement until the
Closing Date, the Parties shall use their reasonable best efforts to fulfill or obtain the fulfillment of the conditions precedent to the consummation of the transactions contemplated hereby; provided, however, that notwithstanding the foregoing, if
the Company determines that it is not in the interest of the Company to complete the Offering (within any particular period of time or at all), the Parties&#146; sole obligation under this Section&nbsp;3.3 shall be to re-negotiate the terms of the
Purchaser&#146;s proposed investment in the Company. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IV </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INDEMNIFICATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.1</B> <U>Indemnification</U>. The Company (an &#147;<U>Indemnifying Party</U>&#148;) shall indemnify and hold the Purchaser
and its directors, officers and agents (collectively, the &#147;<U>Indemnified Party</U>&#148;) harmless from and against any losses, claims, damages, liabilities, judgments, fines, obligations, expenses and liabilities of any kind or nature
whatsoever, including but not limited to any investigative, legal and other expenses incurred in connection with, and any amounts paid in settlement of, any pending or threatened legal action or proceeding, and any taxes or levies that may be
payable by such person by reason of the indemnification of any indemnifiable loss hereunder (collectively, &#147;<U>Losses</U>&#148;) resulting from or arising out of: (i)&nbsp;the breach of any representation or warranty of the Indemnifying Party
contained in this Agreement or in any schedule or exhibit hereto; or (ii)&nbsp;the violation or nonperformance, partial or total, of any covenant or agreement of the Indemnifying Party contained in this Agreement for reasons other than gross
negligence or willful misconduct of such Indemnified Party. In calculating the amount of any Losses of an Indemnified Party hereunder, there shall be subtracted the amount of any insurance proceeds and third-party payments received by the
Indemnified Party with respect to such Losses, if any. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.2</B> <U>Third Party Claims</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) If any third party shall notify any Indemnified Party in writing with respect to any matter involving a claim by such third party (a
&#147;<U>Third Party Claim</U>&#148;) which such Indemnified Party believes would give rise to a claim for indemnification against the Indemnifying Party under this <U>Article IV</U>, then the Indemnified Party shall promptly (i)&nbsp;notify the
Indemnifying Party thereof in writing within thirty (30)&nbsp;days of receipt of notice of such claim and (ii)&nbsp;transmit to the Indemnifying Party a written notice (&#147;<U>Claim Notice</U>&#148;) describing in reasonable detail the nature of
the Third Party Claim, a copy of all papers served with respect to such claim (if any), and the basis of the Indemnified Party&#146;s request for indemnification under this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Upon receipt of a Claim Notice with respect to a Third Party Claim, the Indemnifying Party
shall have the right to assume the defense of any Third Party Claim by, within (30)&nbsp;days of receipt of the Claim Notice, notifying the Indemnified Party in writing that the Indemnifying Party elects to assume the defense of such Third Party
Claim, and upon delivery of such notice by the Indemnifying Party, the Indemnifying Party shall have the right to fully control and settle the proceeding, provided, that, any such settlement or compromise shall be permitted hereunder only with the
written consent of the Indemnified Party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) If requested by the Indemnifying Party, the Indemnified Party shall, at the sole cost and
expense of the Indemnifying Party, cooperate with the Indemnifying Party and its counsel in contesting any Third Party Claim which the Indemnifying Party elects to contest, including the making of any related counterclaim against the person
asserting the Third Party Claim or any cross complaint against any person. The Indemnified Party shall have the right to receive copies of all pleadings, notices and communications with respect to any Third Party Claim, other than any privileged
communications between the Indemnifying Party and its counsel, and shall be entitled, at its sole cost and expense, to retain separate co-counsel and participate in, but not control, any defense or settlement of any Third Party Claim assumed by the
Indemnifying Party pursuant to <U>Section&nbsp;4.2(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) In the event of a Third Party Claim for which the Indemnifying Party
elects not to assume the defense or fails to make such an election within the 30 days of the Claim Notice, the Indemnified Party may, at its option, defend, settle, compromise or pay such action or claim at the expense of the Indemnifying Party;
provided, that, any such settlement or compromise shall be permitted hereunder only with the written consent of the Indemnifying Party, which consent shall not be unreasonably withheld or delayed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.3</B> <U>Other Claims</U>. In the event any Indemnified Party should have a claim against the Indemnifying Party hereunder
which does not involve a Third Party Claim, the Indemnified Party shall promptly transmit to the Indemnifying Party a written notice (the &#147;<U>Indemnity Notice</U>&#148;) describing in reasonable detail the nature of the claim, the Indemnified
Party&#146;s best estimate of the amount of Losses attributable to such claim and the basis of the Indemnified Party&#146;s request for indemnification under this Agreement. If the Indemnifying Party does not notify the Indemnified Party within
thirty (30)&nbsp;days from its receipt of the Indemnity Notice that the Indemnifying Party disputes such claim, the Indemnifying Party shall be deemed to have accepted and agreed with such claim. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.4</B> <U>Cap</U>. Notwithstanding the foregoing, the Indemnifying Party shall have no liability (for indemnification or
otherwise) with respect to any Losses in excess of the Purchase Price. <B> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE V </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MISCELLANEOUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.1</B> <U>Survival of the Representations and Warranties</U>. All representations and warranties made by any Party shall
survive for two years and shall terminate and be without further force or effect on the second anniversary of the date hereof, except as to (i)&nbsp;any claims thereunder which have been asserted in writing pursuant to Section&nbsp;4.1 against the
Party making such representations and warranties on or prior to such second anniversary, and (ii)&nbsp;the Company&#146;s representations contained in Section&nbsp;2.1(a), (b), (c), (d)&nbsp;and (e)&nbsp;hereof, each of which shall survive
indefinitely. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.2</B> <U>Governing Law; Arbitration</U>. This Agreement shall be governed and interpreted in accordance
with the internal laws of the State of New York. Any dispute arising out of or relating to this Agreement, including any question regarding its existence, validity or termination (&#147;<U>Dispute</U>&#148;) shall be referred to and finally resolved
by arbitration at the Hong Kong International Arbitration Centre in accordance with the Hong Kong International Arbitration Centre Administered Arbitration Rules then in force. There shall be three arbitrators. Each Party has the right to appoint
one arbitrator and the third arbitrator shall be appointed by the Hong Kong International Arbitration Centre. The language to be used in the arbitration proceedings shall be English. Each of the Parties irrevocably waives any immunity to
jurisdiction to which it may be entitled or become entitled (including without limitation sovereign immunity, immunity to pre-award attachment, post-award attachment or otherwise) in any arbitration proceedings and/or enforcement proceedings against
it arising out of or based on this Agreement or the transactions contemplated hereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.3</B> <U>Amendment</U>. This
Agreement shall not be amended, changed or modified, except by another agreement in writing executed by the Parties hereto. <B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.4</B> <U>Binding Effect</U>. This Agreement shall inure to the benefit of, and be binding upon, each of the Company and the
Purchaser and their respective heirs, successors and permitted assigns and legal representatives. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.5</B>
<U>Assignment</U>. Neither this Agreement nor any of the rights, duties or obligations hereunder may be assigned by the Company or the Purchaser without the express written consent of the other Party, except that the Purchaser may assign all or any
part of its rights and obligations hereunder to any affiliate of Purchaser without the consent of the Company, provided that no such assignment shall relieve the Purchaser of its obligations hereunder if such assignee does not perform such
obligations. Any purported assignment in violation of the foregoing sentence shall be null and void. <B> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.6</B> <U>Notices</U>. All notices, requests, demands, and other communications
under this Agreement shall be in writing and shall be deemed to have been duly given on the date of actual delivery if delivered personally to the Party to whom notice is to be given, on the date sent if sent by telecopier, tested telex or prepaid
telegram, on the next business day following delivery to Federal Express properly addressed or on the day of attempted delivery by the U.S. Postal Service if mailed by registered or certified mail, return receipt requested, postage paid, and
properly addressed as follows: <B> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">If to the Purchaser, at:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Qihoo 360 Technology Co. Ltd.</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Building 2, Block 6, Jiuxianqiao Rod,</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chaoyang District, Beijing, People&#146;s</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Republic of
China</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Attn: Fan Zhang</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">If to the Company, at:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Tuniu Corporation</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Tuniu Building, No. 699-32</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Xuanwudadao, Xuanwu District</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Nanjing, Jiangsu Province 210042</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">People&#146;s Republic of China</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Attn: Chief
Financial Officer</P></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">With copy to:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Skadden, Arps, Slate, Meagher &amp; Flom</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">42/F Edinburgh Tower</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">The Landmark</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">15 Queen&#146;s Road Central</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Fax: +852-3910-4863</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Attn: Z. Julie Gao, Esq.</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Will H. Cai, Esq.</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any Party may change its address for purposes of this <U>Section&nbsp;5.6</U> by giving the other Parties
hereto written notice of the new address in the manner set forth above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.7</B> <U>Entire Agreement</U>. This Agreement
constitutes the entire understanding and agreement between the Parties with respect to the matters covered hereby, and all prior agreements and understandings, oral or in writing, if any, between the Parties with respect to the matters covered
hereby are merged and superseded by this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.8</B> <U>Severability</U>. If any provisions of this Agreement
shall be adjudicated to be illegal, invalid or unenforceable in any action or proceeding whether in its entirety or in any portion, then such provision shall be deemed amended, if possible, or deleted, as the case may be, from the Agreement in order
to render the remainder of the Agreement and any provision thereof both valid and enforceable, and all other provisions hereof shall be given effect separately therefrom and shall not be affected thereby. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.9</B> <U>Fees and Expenses</U>. Except as otherwise provided in this Agreement,
the Company and the Purchaser will bear their respective expenses incurred in connection with the negotiation, preparation and execution of this Agreement and the transactions contemplated hereby, including fees and expenses of attorneys,
accountants, consultants and financial advisors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.10</B> <U>Confidentiality</U>. Each Party shall keep in confidence,
and shall not use (except for the purposes of the transactions contemplated hereby) or disclose, any non-public information disclosed to it or its affiliates, representatives or agents in connection with this Agreement or the transactions
contemplated hereby. Each Party shall ensure that its affiliates, representatives and agents keep in confidence, and do not use (except for the purposes of the transactions contemplated hereby) or disclose, any such non-public information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.11</B> <U>Specific Performance</U>. The Parties agree that irreparable damage would occur in the event any provision of this
Agreement were not performed in accordance with the terms hereof and that the Parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy at law or equity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.12</B> <U>Termination</U>. In the event that the Closing shall not have occurred by September&nbsp;30, 2014, this Agreement
shall be terminated unless the Parties mutually agree to renegotiate; except for the provisions of Section&nbsp;5.10 hereof, which shall survive any termination under this Section&nbsp;5.12. <B> </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.13 </B><U>Purchaser Description</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Company shall afford the Purchaser a reasonable opportunity in which to review and comment on any description of the Purchaser and/or
the transactions contemplated by this Agreement that is to be included in the Registration Statement filed after the date hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The
Purchaser hereby consents and undertakes to promptly provide a description of its organization and business activities to the Company (the &#147;<U>Purchaser Description</U>&#148;), and hereby represents that the Purchaser Description will be true
and accurate in all material respects and will not be misleading in any material respect, as may be reasonably required by the Company for the purpose of satisfying the disclosure obligations in connection with the Registration Statement and the
prospectus therein under applicable laws, regulations and listing rules. The Purchaser also consents to the inclusion of the Purchaser Description, the Purchaser&#146;s name as well as the matters relating to the Purchaser&#146;s subscription of the
Purchased Shares in the Registration Statement and the prospectus therein, and in press releases and other marketing materials for the Offering (subject to the Purchaser&#146;s reasonable opportunity to review and comment on such press release and
marketing materials as applicable). Additionally, the Purchaser hereby consents to the filing of this Agreement as an exhibit to the Registration Statement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Purchaser acknowledges that the Company will rely upon the truth and accuracy of the
Purchaser Description, and it agrees to notify the Company promptly in writing if any of the content contained therein ceases to be accurate and complete or becomes misleading. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.14</B> <U>Headings</U>. The headings of the various articles and sections of this Agreement are inserted merely for the
purpose of convenience and do not expressly or by implication limit, define or extend the specific terms of the section so designated. <B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.15</B> <U>Execution in Counterparts</U>. For the convenience of the Parties and to facilitate execution, this Agreement may
be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute but one and the same instrument. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[SIGNATURE PAGE FOLLOWS] </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the day and year
first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>TUNIU CORPORATION</B></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Dunde Yu</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Subscription Agreement] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the day and year
first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="19%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>PURCHASER</B></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>QIHOO 360 TECHNOLOGY CO. LTD.</B></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Authorized Signature</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Subscription Agreement] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Schedule I </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Authorized share capital as of the date of the Agreement </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ordinary Shares</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">126,999,531</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Preference Shares</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82,624,391</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Consisting of</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Series A preferred shares</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,506,748</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Series B preferred shares</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,564,115</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Series C preferred shares</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,782,056</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Series D preferred shares</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,771,472</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">209,623,922</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Issued and outstanding as of the date of the Agreement </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ordinary Shares</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Preference Shares</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82,624,391</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Consisting of</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Series A preferred shares</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,506,748</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Series B preferred shares</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,564,115</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Series C preferred shares</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,782,056</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Series D preferred shares</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,771,472</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">108,624,391</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.13
<SEQUENCE>6
<FILENAME>d652797dex1013.htm
<DESCRIPTION>EX-10.13
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.13</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.13 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUBSCRIPTION AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Subscription Agreement (this &#147;<U>Agreement</U>&#148;) is made as of April&nbsp;27, 2014 by and between: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Tuniu Corporation, a company incorporated in the Cayman Islands (the &#147;<U>Company</U>&#148;); and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">Ctrip Investment Holding Ltd., an exempted limited liability company incorporated in the Cayman Islands (the &#147;<U>Purchaser</U>&#148;). The Purchaser and the Company are sometimes each referred to herein as a
&#147;<U>Party,</U>&#148; and collectively as the &#147;<U>Parties</U>.&#148; </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>W</U>&nbsp;<U>I</U>&nbsp;<U>T</U>&nbsp;<U>N</U>&nbsp;<U>E</U>&nbsp;<U>S</U>&nbsp;<U>S</U>&nbsp;<U>E</U>&nbsp;<U>T</U>&nbsp;<U>H</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company has filed a registration statement on Form F-1 on April&nbsp;4, 2014 (as may be amended from time to time, the
&#147;<U>Registration Statement</U>&#148;) with the United States Securities and Exchange Commission (the &#147;<U>SEC</U>&#148;) in connection with the initial public offering (the &#147;<U>Offering</U>&#148;) by the Company of American Depositary
Shares (&#147;<U>ADS</U>&#148;) representing Class&nbsp;A ordinary shares (&#147;<U>Ordinary Shares</U>&#148;) of the Company as specified in the Registration Statement; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Purchaser wishes to invest in the Company by acquiring Ordinary Shares in the Company in a private transaction with the Company
exempt from registration pursuant to Regulation S of the U.S. Securities Act of 1933, as amended (&#147;<U>Regulation S</U>&#148; and the &#147;<U>Securities Act</U>,&#148; respectively); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the foregoing recitals and the mutual promises hereinafter set forth, the Parties hereto agree as follows:
</P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE I </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PURCHASE AND SALE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;1.1</B> <U>Issuance, Sale and Purchase of Ordinary Shares</U>. Upon the terms and subject to the conditions of this Agreement,
at the Closing (as defined below), the Purchaser hereby agrees to purchase, and the Company hereby agrees to issue, sell and deliver to the Purchaser, subject to and concurrent with the Offering, at a price per Ordinary Share equal to the Offer
Price (as defined below), that certain number (as such number is determined pursuant to Section&nbsp;1.2 below) of Ordinary Shares (the &#147;<U>Purchased Shares</U>&#148;), free and clear of all liens or encumbrances (except for restrictions
arising under the Securities Act or created by virtue of this Agreement or the Lock-up Agreement (as defined below)). The &#147;<U>Offer Price</U>&#148; means the price per ADS set forth on the cover of the Company&#146;s final prospectus in
connection with the Offering (the &#147;<U>Final Prospectus</U>&#148;) divided by the number of Ordinary Shares represented by one ADS. All such sales shall be made (i)&nbsp;on the same terms as the ADSs being offered in the Offering and
(ii)&nbsp;pursuant to and in reliance upon Regulation S. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;1.2</B> <U>Closing</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Closing</U>. Subject to Section&nbsp;1.3, the closing (the &#147;<U>Closing</U>&#148;) of the sale and purchase of the Ordinary Shares
pursuant to Section&nbsp;1.1 shall take place concurrently with the closing of the Offering at the same offices for the closing of the Offering or at such other place as the Company and the Purchaser may mutually agree. The total number of the
Ordinary Shares that the Purchaser shall purchase at the Closing shall be equal to the aggregate purchase price of <B><U>US$15 million</U></B> (the &#147;<U>Purchase Price</U>&#148;) divided by the Offer Price; provided, however, that (i)&nbsp;no
fractional shares of Ordinary Shares will be issued, (ii)&nbsp;any fractions shall be rounded down to the nearest whole number of Ordinary Shares, and (iii)&nbsp;the Purchase Price will be reduced by the value of any such fractional share (as
calculated on the basis of the Offer Price). The date and time of the Closing are referred to herein as the &#147;<U>Closing Date</U>.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Payment and Delivery</U>. At the Closing, the Purchaser shall pay and deliver the total consideration to the Company in
U.S.&nbsp;dollars by wire transfer, or by such other method mutually agreeable to the parties, of immediately available funds to such bank account designated in writing by the Company, and the Company shall deliver one or more duly executed share
certificates in original form, registered in the name of the Purchaser, together with a certified true copy of the register of members of the Company, evidencing the Ordinary Shares being issued and sold to the Purchaser. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Restrictive Legend</U>. Each certificate representing the Purchased Shares shall be endorsed with the following legend: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (AS AMENDED, THE &#147;ACT&#148;) OR UNDER THE SECURITIES LAWS OF ANY
STATE. THIS SECURITY MAY NOT BE TRANSFERRED, SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED: (A)&nbsp;IN THE ABSENCE OF (1)&nbsp;AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR (2)&nbsp;AN EXEMPTION OR QUALIFICATION UNDER APPLICABLE SECURITIES
LAWS, AND IN THE CASE OF CLAUSE (2), UNLESS (X)&nbsp;SUCH TRANSFER, SALE, OFFER, PLEDGE OR HYPOTHECATION IS MADE PURSUANT TO THE EXEMPTION FROM REGISTRATION UNDER THE ACT PROVIDED BY RULE 144 OR RULE 144A THEREUNDER, IF AVAILABLE, OR (Y)&nbsp;THE
COMPANY RECEIVES AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED; AND (B)&nbsp;WITHIN THE UNITED STATES OR TO ANY U.S. PERSON, AS EACH OF THOSE TERMS IS DEFINED IN REGULATION S UNDER THE ACT,
DURING THE 40 DAYS FOLLOWING CLOSING OF THE PURCHASE. ANY ATTEMPT TO TRANSFER, SELL, PLEDGE OR HYPOTHECATE THIS SECURITY IN VIOLATION OF THESE RESTRICTIONS SHALL BE VOID. THE COMPANY SHALL NOT BE REQUIRED TO REGISTER THE TRANSFER OF THIS SECURITY TO
ANY PERSON UNLESS (X)&nbsp;SUCH TRANSFER IS MADE PURSUANT TO THE EXEMPTION FROM REGISTRATION UNDER THE ACT PROVIDED BY RULE 144 OR RULE 144A THEREUNDER, IF AVAILABLE OR (Y)&nbsp;THE COMPANY RECEIVES FROM THE PROPOSED TRANSFEREE A WRITTEN INSTRUMENT
IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY IN WHICH SUCH TRANSFEREE MAKES THE REPRESENTATIONS AND WARRANTIES SET FORTH IN SECTION 2.2(F) OF THE SHARE PURCHASE AGREEMENT BETWEEN THE COMPANY AND PURCHASER DATED APRIL 27, 2014, AND,
IF THE COMPANY SO REQUESTS, AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY TO THE EFFECT THAT REGISTRATION UNDER THE SECURITIES ACT IS NOT REQUIRED IN CONNECTION WITH SUCH TRANSFER. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;1.3</B> <U>Closing Conditions</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Conditions to Purchaser&#146;s Obligations to Effect the Closing</U>. The obligation of the Purchaser to purchase and pay for the
Purchased Shares as contemplated by this Agreement is subject to the satisfaction, on or before the Closing Date, of the following conditions, any of which may be waived in writing by the Purchaser in its sole discretion: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) All corporate and other actions required to be taken by the Company in connection with the issuance and sale of the Purchased Shares shall
have been completed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) The representations and warranties of the Company contained in <U>Section&nbsp;2.1</U> of this Agreement shall
have been true and correct on the date of this Agreement and true and correct in all material respects on and as of the Closing Date; and the Company shall have performed and complied in all material respects with all, and not be in breach or
default in any material respects under any, agreements, covenants, conditions and obligations contained in this Agreement that are required to be performed or complied with on or before the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) No governmental authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any law (whether
temporary, preliminary or permanent) that is in effect and restrains, enjoins, prevents, prohibits or otherwise makes illegal the consummation of the transactions contemplated by this Agreement, or imposes any damages or penalties in connection with
the transactions contemplated by this Agreement that are substantial in relation to the Company; and no action, suit, proceeding or investigation shall have been instituted by a governmental authority of competent jurisdiction or threatened that
seeks to restrain, enjoin, prevent, prohibit or otherwise make illegal the consummation of the transactions contemplated by this Agreement, or imposes any damages or penalties in connection with the transactions contemplated by this Agreement that
are substantial in relation to the Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) The Offering shall have been successfully completed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) The ADSs shall have been listed on the NASDAQ. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi) The underwriting agreement relating to the Offering shall have been entered into and have become effective. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Conditions to Company&#146;s Obligations to Effect the Closing</U>. The obligation of the Company to issue and sell the Purchased
Shares to the Purchaser as contemplated by this Agreement are subject to the satisfaction, on or before the Closing Date, of each of the following conditions, any of which may be waived in writing by the Company in its sole discretion: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) The Lock-up Agreement shall have been executed and delivered by the Purchaser to the representatives of the underwriters for the Offering.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) All corporate and other actions required to be taken by the Purchaser in connection with the purchase of the Purchased Shares shall
have been completed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) The representations and warranties of the Purchaser contained in <U>Section&nbsp;2.2</U> of this Agreement
shall have been true and correct on the date of this Agreement and true and correct in all material respects on and as of the Closing Date; and the Purchaser shall have performed and complied in all material respects with all, and not be in breach
or default in any material respect under any, agreements, covenants, conditions and obligations contained in this Agreement that are required to be performed or complied with on or before the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) No governmental authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any law (whether
temporary, preliminary or permanent) that is in effect and restrains, enjoins, prevents, prohibits or otherwise makes illegal the consummation of the transactions contemplated by this Agreement, or imposes any damages or penalties in connection with
the transactions contemplated by this Agreement that are substantial in relation to the Company; and no action, suit, proceeding or investigation shall have been instituted by a governmental authority of competent jurisdiction or threatened that
seeks to restrain, enjoin, prevent, prohibit or otherwise make illegal the consummation of the transactions contemplated by this Agreement, or imposes any damages or penalties in connection with the transactions contemplated by this Agreement that
are substantial in relation to the Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE II </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REPRESENTATIONS AND WARRANTIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.1</B> <U>Representations and Warranties of the Company</U>. The Company hereby represents and warrants to the Purchaser, as
of the date hereof and as of the Closing Date, as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Due Formation</U>. The Company is a company duly incorporated as an
exempted company with limited liability, validly existing and in good standing under the laws of the Cayman Islands. The Company has all requisite power and authority to carry on its business as it is currently being conducted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Authority</U>. The Company has full power and authority to enter into, execute and deliver this Agreement and each agreement,
certificate, document and instrument to be executed and delivered by the Company pursuant to this Agreement and to perform its obligations hereunder. The execution and delivery by the Company of this Agreement and the performance by the Company of
its obligations hereunder have been duly authorized by all requisite actions on its part. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Valid Agreement</U>. This Agreement has
been duly executed and delivered by the Company and constitutes the legal, valid and binding obligation of the Company, enforceable against it in accordance with its terms, except (i)&nbsp;as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, and other laws of general application affecting enforcement of creditors&#146; rights generally, and (ii)&nbsp;as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable
remedies. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Capitalization</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) The share capital of the Company shall be as set forth in <U>Schedule I</U> of this Agreement setting forth, as of the date hereof, the
aggregate number of issued and outstanding shares of capital stock of the Company (including the ordinary shares and each series of preferred shares (the &#147;<U>Preferred Shares</U>&#148;)). All issued and outstanding ordinary Shares and all
issued and outstanding Preferred Shares are validly issued, fully paid and non-assessable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) All outstanding shares of capital stock of the Company and all outstanding shares of capital
stock of each of the Company&#146;s subsidiaries and consolidated affiliates (each a &#147;<U>Subsidiary</U>&#148; and collectively &#147;<U>Subsidiaries</U>&#148;) have been issued and granted in compliance with (x)&nbsp;all applicable Securities
Laws and other applicable laws and (y)&nbsp;all requirements set forth in applicable contracts, without violation of the preemptive rights, rights of first refusal or other similar rights. &#147;<U>Securities Laws</U>&#148; means the
United&nbsp;States Securities Act of 1933, as amended (the &#147;<U>Securities Act</U>&#148;), the Securities Exchange Act of 1934, as amended (the &#147;<U>Exchange Act</U>&#148;), the listing rules of, or any listing agreement with the NASDAQ and
any other applicable law regulating securities or takeover matters. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) The rights of the Ordinary Shares to be issued to the Purchaser
are as stated in the Fifth Amended and Restated Memorandum and Articles of Association of the Company as set out in the exhibit 3.2 of the Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Due Issuance of the Purchased Shares</U>. The Purchased Shares have been duly authorized and, when issued and delivered to and paid for
by the Purchaser pursuant to this Agreement, will be validly issued, fully paid and non-assessable and free and clear of any pledge, mortgage, security interest, encumbrance, lien, charge, assessment, right of first refusal, right of pre-emption,
third party right or interest, claim or restriction of any kind or nature, except for restrictions arising under the Securities Act or created by virtue of this Agreement or the Lock-up Agreement and upon delivery and entry into the register of
members of the Company will transfer to the Purchaser good and valid title to the Purchased Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Noncontravention</U>. Neither
the execution and the delivery of this Agreement, nor the consummation of the transactions contemplated hereby, will (i)&nbsp;violate any provision of the organizational documents of the Company or its Subsidiaries or violate any constitution,
statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any government, governmental entity or court to which the Company or its Subsidiaries is subject, or (ii)&nbsp;conflict with, result in a breach
of, constitute a default under, result in the acceleration of or creation of an encumbrance under, or create in any party the right to accelerate, terminate, modify, or cancel, any agreement, contract, lease, license, instrument, or other
arrangement to which the Company or its Subsidiaries is a party or by which the Company or its Subsidiaries is bound or to which any of the Company&#146;s or its Subsidiaries&#146; assets are subject. There is no action, suit or proceeding, pending
or threatened against the Company or its Subsidiaries that questions the validity of this Agreement or the right of the Company to enter into this Agreement or to consummate the transactions contemplated hereby. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <U>Consents and Approvals</U>. Neither the execution and delivery by the Company of this
Agreement, nor the consummation by the Company of any of the transactions contemplated hereby, nor the performance by the Company of this Agreement in accordance with its terms requires the consent, approval, order or authorization of, or
registration with, or the giving notice to, any governmental or public body or authority or any third party, except such as have been or will have been obtained, made or given on or prior to the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <U>Compliance with Laws</U>. The business of the Company or its Subsidiaries is not being conducted in violation of any law or government
order applicable to the Company except for violations which do not and would not have a Material Adverse Effect. As used herein, &#147;<U>Material Adverse Effect</U>&#148; shall mean any event, fact, circumstance or occurrence that, individually or
in the aggregate with any other events, facts, circumstances or occurrences, results in or would reasonably be expected to result in a material adverse change in or a material adverse effect on any of (i)&nbsp;the financial condition, assets,
liabilities, results of operations, business, or operations of the Company or its Subsidiaries taken as a whole, except to the extent that any such Material Adverse Effect results from (x)&nbsp;the public disclosure of the transactions contemplated
hereby in accordance with the terms of this Agreement, (y)&nbsp;changes in generally accepted accounting principles that are generally applicable to comparable companies, or (z)&nbsp;changes in general economic and market conditions that are broadly
applicable; or (ii)&nbsp;the ability of the Company to consummate the transactions contemplated by this Agreement and to timely perform its material obligations under the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>SEC Filings</U>. Prior to the Closing, the Registration Statement, as supplemented or amended, shall have been declared effective by
the SEC. The Registration Statement, including the prospectus therein, conforms and will conform, in all material respects to the requirements of the Securities Act and the rules and regulations of the SEC thereunder and does not, as of the date
hereof, and will not, as of the applicable effective date, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j)<U> Investment Company</U>. The Company is not and, after giving effect to the offering and sale of the Purchased Shares, the consummation
of the Offering and the application of the proceeds hereof and thereof, will not be an &#147;<B>investment company</B>,&#148; as such term is defined in the U.S. Investment Company Act of 1940, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) <U>Regulation S</U>. No directed selling efforts (as defined in Rule 902 of Regulation S under the Securities Act) have been made by any
of the Company, any of its affiliates or any person acting on its behalf with respect to any Purchased Shares that are not registered under the Securities Act; and none of such persons has taken any actions that would result in the sale of the
Purchased Shares to the Purchaser under this Agreement requiring registration under the Securities Act; and the Company is a &#147;<B>foreign issuer</B>&#148; (as defined in Regulation S). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) <U>Events Subsequent to Most Recent Fiscal Period</U>. Since December&nbsp;31, 2013 until the
date hereof and to the Closing Date, there has not been any events that, to the Company&#146;s knowledge, has had or will have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) <U>Litigation</U>. There are no actions by or against the Company or its Subsidiaries or affecting the business or any of the assets of
the Company or its Subsidiaries pending before any governmental authority, or, to the Company&#146;s knowledge, threatened to be brought by or before any governmental authority, that would have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) <U>Solicitation</U>. Neither the Company nor any person acting on its behalf has offered or sold the Purchased Shares by any form of
general solicitation or general advertising or directed selling efforts. The Company has not dealt with any broker, finder, commission agent, placement agent or arranger in connection with the sale of the Purchased Shares, and the Company is not
under any obligation to pay any broker&#146;s fee or commission in connection with the sale of the Purchased Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.2</B> <U>Representations and Warranties of the Purchaser</U>. The Purchaser hereby represents and warrants to the Company as
of the date hereof and as of the Closing Date, as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Due Formation</U>. The Purchaser is duly formed, validly existing and
in good standing in the jurisdiction of its organization. The Purchaser has all requisite power and authority to carry on its business as it is currently being conducted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Authority</U>. The Purchaser has full power and authority to enter into, execute and deliver this Agreement and each agreement,
certificate, document and instrument to be executed and delivered by the Purchaser pursuant to this Agreement and to perform its obligations hereunder. The execution and delivery by the Purchaser of this Agreement and the performance by the
Purchaser of its obligations hereunder have been duly authorized by all requisite actions on its part. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Valid Agreement</U>. This
Agreement has been duly executed and delivered by the Purchaser and constitutes the legal, valid and binding obligation of the Purchaser, enforceable against it in accordance with its terms, except (i)&nbsp;as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors&#146; rights generally, and (ii)&nbsp;as limited by laws relating to the availability of specific performance, injunctive relief, or
other equitable remedies. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Noncontravention</U>. Neither the execution and the delivery of this Agreement, nor the
consummation of the transactions contemplated hereby, will (i)&nbsp;violate any provision of the organizational documents of the Purchaser or violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge,
or other restriction of any government, governmental entity or court to which the Purchaser is subject, or (ii)&nbsp;conflict with, result in a breach of, constitute a default under, result in the acceleration of or creation of an encumbrance under,
or create in any party the right to accelerate, terminate, modify, or cancel, any agreement, contract, lease, license, instrument, or other arrangement to which the Purchaser is a party or by which the Purchaser is bound or to which any of the
Purchaser&#146;s assets are subject. There is no action, suit or proceeding, pending or threatened against the Purchaser that questions the validity of this Agreement or the right of the Purchaser to enter into this Agreement or to consummate the
transactions contemplated hereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Consents and Approvals</U>. Neither the execution and delivery by the Purchaser of this
Agreement, nor the consummation by the Purchaser of any of the transactions contemplated hereby, nor the performance by the Purchaser of this Agreement in accordance with its terms requires the consent, approval, order or authorization of, or
registration with, or the giving notice to, any governmental or public body or authority or any third party, except such as have been or will have been obtained, made or given on or prior to the Closing Date and except for any filings required to be
made under the Exchange Act. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Status and Investment Intent</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) <U>Experience</U>. The Purchaser is an Institutional Accredited Investor as such term is defined in Rule 501(a)(1), (2), (3)&nbsp;or
(7)&nbsp;under the Securities Act. The Purchaser has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of its investment in the Purchased Shares. The Purchaser is capable of
bearing the economic risks of such investment, including a complete loss of its investment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) <U>Purchase Entirely for Own
Account</U>. The Purchaser is acquiring the Purchased Shares that it is purchasing pursuant to this Agreement for investment for its own account for investment purposes only and not with the view to, or with any intention of, resale, distribution or
other disposition thereof. The Purchaser does not have any direct or indirect arrangement, or understanding with any other persons to distribute, or regarding the distribution of the Purchased Shares in violation of the Securities Act or any other
applicable state securities law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) <U>Solicitation</U>. The Purchaser was not identified or contacted through the marketing of the
Offering. The Purchaser did not contact the Company as a result of any general solicitation or directed selling efforts. The purchase of the Purchased Shares by the Purchaser was not solicited by or through anyone other than the Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) <U>Restricted Securities</U>. The Purchaser acknowledges that the Purchased Shares are
&#147;restricted securities&#148; that have not been registered under the Securities Act or any applicable state securities law. The Purchaser further acknowledges that, absent an effective registration under the Securities Act, the Purchased Shares
may only be offered, sold or otherwise transferred (x)&nbsp;to the Company, (y)&nbsp;outside the United States in accordance with Rule 904 of Regulation S under the Securities Act or (z)&nbsp;pursuant to an exemption from registration under the
Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) <U>Information</U>. The Purchaser has been furnished access to all materials and information such Purchaser has
requested relating to the Company and its Subsidiaries and other due diligence documents in order to evaluate the transactions contemplated by this Agreement. The Purchaser has consulted to the extent deemed appropriate by such Purchaser with such
Purchaser&#146;s own advisers as to the financial, tax, legal and related matters concerning an investment in the Purchased Shares and on that basis believes that an investment in the Purchased Shares is suitable and appropriate for such Purchaser.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi) <U>Not U.S. Person</U>. The Purchaser is not a &#147;U.S. person&#148; as defined in Rule 902 of Regulation S. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vii) <U>Offshore Transaction</U>. The Purchaser has been advised and acknowledges that in issuing the Purchased Shares to the Purchaser
pursuant hereto, the Company is relying upon the exemption from registration provided by Regulation S. The Purchaser is acquiring the Purchased Shares in an offshore transaction in reliance upon the exemption from registration provided by Regulation
S. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(viii) <U>FINRA</U>. The Purchaser does not, directly or indirectly, own more than five percent of the outstanding common stock (or
other voting securities) of any member of the Financial Industry Regulatory Authority, Inc. (&#147;<U>FINRA</U>&#148;) or a holding company for a FINRA member, and is not otherwise a &#147;restricted person&#148; for the purposes of the Free-Riding
and Withholding Interpretation of FINRA. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE III </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COVENANTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;3.1</B> <U>Lock-up</U>. The Purchaser shall, concurrently with the execution of this Agreement, enter into a lock-up agreement
(the &#147;<U>Lock-up Agreement</U>&#148;) in the form and substance to the reasonable satisfaction of the Company and/or the underwriters in the Offering. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;3.2 </B><U>Distribution Compliance Period</U>. The Purchaser agrees not to
resell, pledge or transfer any Purchased Shares within the United States or to any U.S. Person, as each of those terms is defined in Regulation S, during the 40 days following the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;3.3 </B><U>Board Representation</U>. The Company acknowledges and agrees that the Purchaser shall have the right to designate
and appoint a person to join the Company&#146;s board of directors as a new director immediately after the Closing. The Company undertakes to take all necessary corporate actions to ensure that the person designated and appointed by the Purchaser
will be appointed to the Company&#146;s board of directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;3.4</B> <U>Further Assurances</U>. From the date of this
Agreement until the Closing Date, the Parties shall use their reasonable best efforts to fulfill or obtain the fulfillment of the conditions precedent to the consummation of the transactions contemplated hereby, subject to the provisions of
Section&nbsp;5.12. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IV </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INDEMNIFICATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.1</B> <U>Indemnification</U>. The Company (an &#147;Indemnifying Party&#148;) shall indemnify and hold the Purchaser and its
directors, officers and agents (collectively, the &#147;Indemnified Party&#148;) harmless from and against any losses, claims, damages, liabilities, judgments, fines, obligations, expenses and liabilities of any kind or nature whatsoever, including
but not limited to any investigative, legal and other expenses incurred in connection with, and any amounts paid in settlement of, any pending or threatened legal action or proceeding, and any taxes or levies that may be payable by such person by
reason of the indemnification of any indemnifiable loss hereunder (collectively, &#147;Losses&#148;) resulting from or arising out of: (i)&nbsp;the breach of any representation or warranty of the Indemnifying Party contained in this Agreement or in
any schedule or exhibit hereto; or (ii)&nbsp;the violation or nonperformance, partial or total, of any covenant or agreement of the Indemnifying Party contained in this Agreement for reasons other than gross negligence or willful misconduct of such
Indemnified Party. In calculating the amount of any Losses of an Indemnified Party hereunder, there shall be subtracted the amount of any insurance proceeds and third-party payments received by the Indemnified Party with respect to such Losses, if
any. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.2</B> <U>Third Party Claims</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) If any third party shall notify any Indemnified Party in writing with respect to any matter involving a claim by such third party (a
&#147;<U>Third Party Claim</U>&#148;) which such Indemnified Party believes would give rise to a claim for indemnification against the Indemnifying Party under this <U>Article IV</U>, then the Indemnified Party shall promptly (i)&nbsp;notify the
Indemnifying Party thereof in writing within thirty (30)&nbsp;days of receipt of notice of such claim and (ii)&nbsp;transmit to the Indemnifying Party a written notice (&#147;<U>Claim Notice</U>&#148;) describing in reasonable detail the nature of
the Third Party Claim, a copy of all papers served with respect to such claim (if any), and the basis of the Indemnified Party&#146;s request for indemnification under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Upon receipt of a Claim Notice with respect to a Third Party Claim, the Indemnifying Party shall have the right to assume the defense of
any Third Party Claim by, within (30)&nbsp;days of receipt of the Claim Notice, notifying the Indemnified Party in writing that the Indemnifying Party elects to assume the defense of such Third Party Claim, and upon delivery of such notice by the
Indemnifying Party, the Indemnifying Party shall have the right to fully control and settle the proceeding, provided, that, any such settlement or compromise shall be permitted hereunder only with the written consent of the Indemnified Party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) If requested by the Indemnifying Party, the Indemnified Party shall, at the sole cost and expense of the Indemnifying Party, cooperate
with the Indemnifying Party and its counsel in contesting any Third Party Claim which the Indemnifying Party elects to contest, including the making of any related counterclaim against the person asserting the Third Party Claim or any cross
complaint against any person. The Indemnified Party shall have the right to receive copies of all pleadings, notices and communications with respect to any Third Party Claim, other than any privileged communications between the Indemnifying Party
and its counsel, and shall be entitled, at its sole cost and expense, to retain separate co-counsel and participate in, but not control, any defense or settlement of any Third Party Claim assumed by the Indemnifying Party pursuant to
<U>Section&nbsp;4.2(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) In the event of a Third Party Claim for which the Indemnifying Party elects not to assume the defense or
fails to make such an election within the 30 days of the Claim Notice, the Indemnified Party may, at its option, defend, settle, compromise or pay such action or claim at the expense of the Indemnifying Party; provided, that, any such settlement or
compromise shall be permitted hereunder only with the written consent of the Indemnifying Party, which consent shall not be unreasonably withheld or delayed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.3</B> <U>Other Claims</U>. In the event any Indemnified Party should have a claim against the Indemnifying Party hereunder
which does not involve a Third Party Claim, the Indemnified Party shall promptly transmit to the Indemnifying Party a written notice (the &#147;<U>Indemnity Notice</U>&#148;) describing in reasonable detail the nature of the claim, the Indemnified
Party&#146;s best estimate of the amount of Losses attributable to such claim and the basis of the Indemnified Party&#146;s request for indemnification under this Agreement. If the Indemnifying Party does not notify the Indemnified Party within
thirty (30)&nbsp;days from its receipt of the Indemnity Notice that the Indemnifying Party disputes such claim, the Indemnifying Party shall be deemed to have accepted and agreed with such claim. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.4</B> <U>Cap</U>. Notwithstanding the foregoing, the Indemnifying Party shall
have no liability (for indemnification or otherwise) with respect to any Losses in excess of the Purchase Price. <B> </B></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE V
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MISCELLANEOUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.1</B> <U>Survival of the Representations and Warranties</U>. All representations and warranties made by any Party shall
survive for two years and shall terminate and be without further force or effect on the second anniversary of the date hereof, except as to (i)&nbsp;any claims thereunder which have been asserted in writing pursuant to Section&nbsp;4.1 against the
Party making such representations and warranties on or prior to such second anniversary, and (ii)&nbsp;the Company&#146;s representations contained in Section&nbsp;2.1(a), (b), (c), (d)&nbsp;and (e)&nbsp;hereof, each of which shall survive
indefinitely. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.2</B> <U>Governing Law; Arbitration</U>. This Agreement shall be governed and interpreted in accordance
with the internal laws of the State of New York. Any dispute arising out of or relating to this Agreement, including any question regarding its existence, validity or termination (&#147;<U>Dispute</U>&#148;) shall be referred to and finally resolved
by arbitration at the Hong Kong International Arbitration Centre in accordance with the Hong Kong International Arbitration Centre Administered Arbitration Rules then in force. There shall be three arbitrators. Each Party has the right to appoint
one arbitrator and the third arbitrator shall be appointed by the Hong Kong International Arbitration Centre. The language to be used in the arbitration proceedings shall be English. Each of the Parties irrevocably waives any immunity to
jurisdiction to which it may be entitled or become entitled (including without limitation sovereign immunity, immunity to pre-award attachment, post-award attachment or otherwise) in any arbitration proceedings and/or enforcement proceedings against
it arising out of or based on this Agreement or the transactions contemplated hereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.3</B> <U>Amendment</U>. This
Agreement shall not be amended, changed or modified, except by another agreement in writing executed by the Parties hereto. <B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.4</B> <U>Binding Effect</U>. This Agreement shall inure to the benefit of, and be binding upon, each of the Company and the
Purchaser and their respective heirs, successors and permitted assigns and legal representatives. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.5</B> <U>Assignment</U>. Neither this Agreement nor any of the rights, duties
or obligations hereunder may be assigned by the Company or the Purchaser without the express written consent of the other Party, except that the Purchaser may assign all or any part of its rights and obligations hereunder to any affiliate of
Purchaser without the consent of the Company, provided that no such assignment shall relieve the Purchaser of its obligations hereunder if such assignee does not perform such obligations. Any purported assignment in violation of the foregoing
sentence shall be null and void. <B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.6</B> <U>Notices</U>. All notices, requests, demands, and other communications
under this Agreement shall be in writing and shall be deemed to have been duly given on the date of actual delivery if delivered personally to the Party to whom notice is to be given, on the date sent if sent by telecopier, tested telex or prepaid
telegram, on the next business day following delivery to Federal Express properly addressed or on the day of attempted delivery by the U.S. Postal Service if mailed by registered or certified mail, return receipt requested, postage paid, and
properly addressed as follows: <B> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="22%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="76%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">If to the Purchaser, at:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Ctrip Investment Holding Ltd.</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">99 Fu Quan Road</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Shanghai 200335</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">People&#146;s Republic of China</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Attn: Chief Financial Officer</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">If to the Company, at:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Tuniu Corporation</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Tuniu Building, No. 699-32</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Xuanwudadao, Xuanwu District</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Nanjing, Jiangsu Province 210042</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">People&#146;s Republic of China</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Attn: Chief Financial Officer</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any Party may change its address for purposes of this <U>Section&nbsp;5.6</U> by giving the other Parties
hereto written notice of the new address in the manner set forth above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.7</B> <U>Entire Agreement</U>. This Agreement
constitutes the entire understanding and agreement between the Parties with respect to the matters covered hereby, and all prior agreements and understandings, oral or in writing, if any, between the Parties with respect to the matters covered
hereby are merged and superseded by this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.8</B> <U>Severability</U>. If any provisions of this Agreement
shall be adjudicated to be illegal, invalid or unenforceable in any action or proceeding whether in its entirety or in any portion, then such provision shall be deemed amended, if possible, or deleted, as the case may be, from the Agreement in order
to render the remainder of the Agreement and any provision thereof both valid and enforceable, and all other provisions hereof shall be given effect separately therefrom and shall not be affected thereby. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.9</B> <U>Fees and Expenses</U>. Except as otherwise provided in this Agreement,
the Company and the Purchaser will bear their respective expenses incurred in connection with the negotiation, preparation and execution of this Agreement and the transactions contemplated hereby, including fees and expenses of attorneys,
accountants, consultants and financial advisors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.10</B> <U>Confidentiality</U>. Each Party shall keep in confidence,
and shall not use (except for the purposes of the transactions contemplated hereby) or disclose, any non-public information disclosed to it or its affiliates, representatives or agents in connection with this Agreement or the transactions
contemplated hereby. Each Party shall ensure that its affiliates, representatives and agents keep in confidence, and do not use (except for the purposes of the transactions contemplated hereby) or disclose, any such non-public information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.11</B> <U>Specific Performance</U>. The Parties agree that irreparable damage would occur in the event any provision of this
Agreement were not performed in accordance with the terms hereof and that the Parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy at law or equity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.12</B> <U>Termination</U>. This Agreement shall automatically terminate upon the earliest to occur, if any, of (i)&nbsp;the
Company, on the one hand, or the representatives of the underwriters for the Offering, on the other hand, advises in writing that it has determined not to proceed with the Offering prior to the execution of the underwriting agreement relating to the
Offering, (ii)&nbsp;the Company files an application with the SEC to withdraw the Registration Statement, (iii)&nbsp;the underwriting agreement relating to the Offering is executed but is terminated (other than the provisions thereof which survive
termination) prior to payment for and delivery of the Ordinary Shares to be sold thereunder, or (iv)&nbsp;September&nbsp;30, 2014, in the event that the underwriting agreement relating to the Offering has not been executed by such date.
Notwithstanding the foregoing, the provisions of Section&nbsp;5.10 hereof shall survive any termination of this Agreement under this Section&nbsp;5.12. <B> </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.13</B> <U>Purchaser Description</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Company shall afford the Purchaser a reasonable opportunity in which to review and comment on any description of the Purchaser and/or
the transactions contemplated by this Agreement that is to be included in the Registration Statement filed after the date hereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Purchaser hereby consents and undertakes to promptly provide a description of its
organization and business activities to the Company (the &#147;<U>Purchaser Description</U>&#148;), and hereby represents that the Purchaser Description will be true and accurate in all material respects and will not be misleading in any material
respect, as may be reasonably required by the Company for the purpose of satisfying the disclosure obligations in connection with the Registration Statement and the prospectus therein under applicable laws, regulations and listing rules. The
Purchaser also consents to the inclusion of the Purchaser Description, the Purchaser&#146;s name as well as the matters relating to the Purchaser&#146;s subscription of the Purchased Shares in the Registration Statement and the prospectus therein,
and in press releases and other marketing materials for the Offering (subject to the Purchaser&#146;s reasonable opportunity to review and comment on such press release and marketing materials as applicable). Additionally, the Purchaser hereby
consents to the filing of this Agreement as an exhibit to the Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Purchaser acknowledges that the Company
will rely upon the truth and accuracy of the Purchaser Description, and it agrees to notify the Company promptly in writing if any of the content contained therein ceases to be accurate and complete or becomes misleading. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.14</B> <U>Headings</U>. The headings of the various articles and sections of this Agreement are inserted merely for the
purpose of convenience and do not expressly or by implication limit, define or extend the specific terms of the section so designated. <B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;5.15</B> <U>Execution in Counterparts</U>. For the convenience of the Parties and to facilitate execution, this Agreement may
be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute but one and the same instrument. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[SIGNATURE PAGE FOLLOWS] </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the day and year
first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>TUNIU CORPORATION</B></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Dunde Yu</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Dunde Yu</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Chairman and Chief Executive Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Subscription Agreement] </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the day and year
first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>CTRIP INVESTMENT HOLDING LTD.</B></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Wu Wenjie</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Wu Wenjie</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">CSO</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Subscription Agreement] </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Schedule I </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Authorized share capital as of the date of the Agreement </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="39%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Ordinary Shares</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">126,999,531</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Preference Shares</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82,624,391</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Consisting of</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Series A preferred shares</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,506,748</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Series B preferred shares</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,564,115</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Series C preferred shares</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,782,056</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Series D preferred shares</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,771,472</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Total</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">209,623,922</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Issued and outstanding as of the date of the Agreement </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="39%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Ordinary Shares</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Preference Shares</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82,624,391</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Consisting of</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Series A preferred shares</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,506,748</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Series B preferred shares</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,564,115</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Series C preferred shares</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,782,056</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Series D preferred shares</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,771,472</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Total</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">108,624,391</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>7
<FILENAME>d652797dex231.htm
<DESCRIPTION>EX-23.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-23.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 23.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g664206im1.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We hereby consent to the use in this Registration Statement on Form F-1 of Tuniu Corporation of our report dated March 6, 2014, except for the stock option
grant, the adoption of the 2014 Share Incentive Plan, the private placement and the modifications to the Company&#146;s Memorandum and Articles of Association and Series D preferred shares described in Note 15 (b) as to which the date is April 28,
2014, relating to the consolidated financial statements of Tuniu Corporation, which appears in such Registration Statement. We also consent to the reference to us under the heading &#147;Experts&#148; in such Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ PricewaterhouseCoopers Zhong Tian LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Shanghai, the
People&#146;s Republic of China </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April 28, 2014 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt dotted #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#26222;&#21326;&#27704;&#36947;&#20013;&#22825;&#20250;&#35745;&#24072;&#20107;&#21153;&#25152;(&#29305;&#27530;&#26222;&#36890;&#21512;&#20249;) </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>PricewaterhouseCoopers Zhong Tian LLP, 11/F PricewaterhouseCoopers Center </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>2 Corporate Avenue, 202 Hu Bin Road, Huangpu District, Shanghai 200021, PRC </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>T: +86 (21) 2323 8888, F: +86 (21) 2323 8800, www.pwccn.com </I></P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>8
<FILENAME>d652797dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TUNIU CORPORATION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CODE
OF BUSINESS CONDUCT AND ETHICS </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>I.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>PURPOSE </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">This Code of Business Conduct and Ethics (the &#147;<B>Code</B>&#148;) contains
general guidelines for conducting the business of Tuniu Corporation, a Cayman Islands company, and its subsidiaries and affiliates (collectively, the &#147;<B>Company</B>&#148;) consistent with the highest standards of business ethics, and is
intended to qualify as a &#147;code of ethics&#148; within the meaning of Section&nbsp;406 of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder. To the extent this Code requires a higher standard than required by commercial
practice or applicable laws, rules or regulations, we adhere to these higher standards. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">This Code is designed to deter wrongdoing and to
promote: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">full, fair, accurate, timely, and understandable disclosure in reports and documents that the Company files with, or submits to, the U.S. Securities and Exchange Commission (the &#147;<B>SEC</B>&#148;) and in other
public communications made by the Company; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">compliance with applicable laws, rules and regulations; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">prompt internal reporting of violations of the Code; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">accountability for adherence to the Code. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>II.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>APPLICABILITY </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-right:2%; text-indent:8%; font-size:10pt; font-family:Times New Roman">This Code applies to all directors, officers and
employees of the Company, whether they work for the Company on a <FONT STYLE="white-space:nowrap">full-time,&nbsp;part-time,</FONT> consultative or temporary basis (each, an &#147;<B>employee</B>&#148; and collectively, the
&#147;<B>employees</B>&#148;). Certain provisions of the Code apply specifically to our chief executive officer, chief financial officer, senior finance officer and any other persons who perform similar functions for the Company (each, a
&#147;<B>senior officer</B>,&#148; and collectively, the &#147;<B>senior officers</B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Board of Directors of the Company (the
&#147;<B>Board</B>&#148;) has appointed the Company&#146;s Chief Financial Officer as the Compliance Officer for the Company (the &#147;<B>Compliance Officer</B>&#148;). If you have any questions regarding the Code or would like to report any
violation of the Code, please contact the Compliance Officer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">This Code has been adopted by the Board and shall become effective (the
&#147;<B>Effective Time</B>&#148;) upon the effectiveness of the Company&#146;s registration statement on Form F-1 filed by the Company with the SEC relating to the Company&#146;s initial public offering. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>III.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>CONFLICTS OF INTEREST </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Identifying Conflicts of Interest </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">A conflict of interest occurs when an employee&#146;s private interest interferes, or appears to interfere, in any way with the interests of
the Company as a whole. An employee should actively avoid any private interest that may impact such employee&#146;s ability to act in the interests of the Company or that may make it difficult to perform the employee&#146;s work objectively and
effectively. In general, the following should be considered conflicts of interest: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><U>Competing Business</U>. No employee may be employed by a business that competes with the Company or deprives it of any business. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><U>Corporate Opportunity</U>. No employee should use corporate property, information or his/her position with the Company to secure a business opportunity that would otherwise be available to the Company. If an employee
discovers a business opportunity that is in the Company&#146;s line of business through the use of the Company&#146;s property, information or position, the employee must first present the business opportunity to the Company before pursuing the
opportunity in his/her individual capacity. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><U>Financial Interests</U>. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">No employee may have any financial interest (ownership or otherwise), either directly or indirectly through a spouse or other family member, in any other business or entity if such interest adversely affects the
employee&#146;s performance of duties or responsibilities to the Company, or requires the employee to devote time to it during such employee&#146;s working hours at the Company; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">No employee may hold any ownership interest in a privately held company that is in competition with the Company; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">An employee may hold up to 5% ownership interest in a publicly traded company that is in competition with the Company; provided that if the employee&#146;s ownership interest in such publicly traded company increases to
more than 5%, the employee must immediately report such ownership to the Compliance Officer; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top">No employee may hold any ownership interest in a company that has a business relationship with the Company if such employee&#146;s duties at the Company include managing or supervising the Company&#146;s business
relations with that company; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top">Notwithstanding the other provisions of this Code, </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">(a) a director or any immediate family
member of such director (collectively, &#147;<B>Director Affiliates</B>&#148;) or a senior officer or any immediate family member of such senior officer (collectively, &#147;<B>Officer Affiliates</B>&#148;) may continue to hold his/her investment or
other financial interest in a business or entity (an &#147;<B>Interested Business</B>&#148;) that: </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) was made or obtained either (x)&nbsp;before the Company invested in or
otherwise became interested in such business or entity; or (y)&nbsp;before the director or senior officer joined the Company (for the avoidance of doubt, regardless of whether the Company had or had not already invested in or otherwise become
interested in such business or entity at the time the director or senior officer joined the Company); or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) may in the
future be made or obtained by the director or senior officer, provided that at the time such investment or other financial interest is made or obtained, the Company has not yet invested in or otherwise become interested in such business or entity;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">provided that such director or senior officer shall disclose such investment or other financial interest to the Board; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">(b) an interested director or senior officer shall refrain from participating in any discussion among senior officers of the Company relating
to an Interested Business and shall not be involved in any proposed transaction between the Company and an Interested Business; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">(c)
before any Director Affiliate or Officer Affiliate (i)&nbsp;invests, or otherwise acquires any equity or other financial interest, in a business or entity that is in competition with the Company; or (ii)&nbsp;enters into any transaction with the
Company, the related director or senior officer shall obtain prior approval from the Audit Committee of the Board. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">For purposes of this
Code, a company or entity is deemed to be &#147;in competition with the Company&#148; if it competes with the Company&#146;s business of providing travel products and services and/or any other business in which the Company is engaged. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><U>Loans or Other Financial Transactions</U>. No employee may obtain loans or guarantees of personal obligations from, or enter into any other personal financial transaction with, any company that is a material
customer, supplier or competitor of the Company. This guideline does not prohibit arms-length transactions with recognized banks or other financial institutions. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><U>Service on Boards and Committees</U>. No employee shall serve on a board of directors or trustees or on a committee of any entity (whether profit or not-for-profit) whose interests could reasonably be expected to
conflict with those of the Company. Employees must obtain prior approval from the Board before accepting any such board or committee position. The Company may revisit its approval of any such position at any time to determine whether an
employee&#146;s service in such position is still appropriate. </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The above is in no way a complete list of situations where conflicts of interest may arise. The
following questions might serve as a useful guide in assessing a potential conflict of interest situation not specifically addressed above: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Is the action to be taken legal? </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Is it honest and fair? </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Is it in the best interests of the Company? </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Disclosure of Conflicts of Interest </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Company requires that employees fully disclose any situations that could reasonably be expected to give rise to a conflict of interest. If
an employee suspects that he/she has a conflict of interest, or a situation that others could reasonably perceive as a conflict of interest, the employee must report it immediately to the Compliance Officer. Conflicts of interest may only be waived
by the Board, or the appropriate committee of the Board, and will be promptly disclosed to the public to the extent required by law and applicable rules of Nasdaq. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Family Members and Work </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The
actions of family members outside the workplace may also give rise to conflicts of interest because they may influence an employee&#146;s objectivity in making decisions on behalf of the Company. If a member of an employee&#146;s family is
interested in doing business with the Company, the criteria as to whether to enter into or continue the business relationship and the terms and conditions of the relationship must be no less favorable to the Company compared with those that would
apply to an unrelated party seeking to do business with the Company under similar circumstances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Employees should report any situation
involving family members that could reasonably be expected to give rise to a conflict of interest to their supervisor or the Compliance Officer. For purposes of this Code, &#147;family members&#148; or &#147;members of employee&#146;s family&#148;
include an employee&#146;s spouse, siblings, parents, in-laws and children. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>IV.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>GIFTS AND ENTERTAINMENT </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The giving and receiving of appropriate gifts may be considered
common business practice. Appropriate business gifts and entertainment are welcome courtesies designed to build relationships and understanding among business partners. However, gifts and entertainment should never compromise, or appear to
compromise, an employee&#146;s ability to make objective and fair business decisions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">It is the responsibility of employees to use good
judgment in this area. As a general rule, employees may give or receive gifts or entertainment to or from customers or suppliers only if the gift or entertainment is in compliance with applicable law, insignificant in amount and not given in
consideration or expectation of any action by the recipient. All gifts and entertainment expenses made on behalf of the Company must be properly accounted for on expense reports. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">We encourage employees to submit gifts received to the Company. While it is not mandatory to
submit small gifts, gifts of over RMB200 must be submitted immediately to the administration department of human resources center of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Bribes and kickbacks are criminal acts, strictly prohibited by law. An employee must not offer, give, solicit or receive any form of bribe or
kickback anywhere in the world. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>V.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>FCPA COMPLIANCE </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The U.S. Foreign Corrupt Practices Act (&#147;<B>FCPA</B>&#148;)
prohibits giving anything of value, directly or indirectly, to officials of foreign governments or foreign political candidates in order to obtain or retain business. A violation of FCPA does not only violate the Company&#146;s policy but also
constitute a civil or criminal offense under FCPA which the Company is subject to after the Effective Time. No employee shall give or authorize directly or indirectly any illegal payments to government officials of any country. While the FCPA does,
in certain limited circumstances, allow nominal &#147;facilitating payments&#148; to be made, any such payment must be discussed with and approved by an employee&#146;s supervisor in advance before it can be made. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>VI.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>PROTECTION AND USE OF COMPANY ASSETS </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Employees should protect the Company&#146;s assets
and ensure their efficient use for legitimate business purposes only. Theft, carelessness and waste have a direct impact on the Company&#146;s profitability. Any use of the funds or assets of the Company, whether for personal gain or not, for any
unlawful or improper purpose is strictly prohibited. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">To ensure the protection and proper use of the Company&#146;s assets, each employee
should: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Exercise reasonable care to prevent theft, damage or misuse of Company property; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Promptly report any actual or suspected theft, damage or misuse of Company property; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Safeguard all electronic programs, data, communications and written materials from unauthorized access; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Use Company property only for legitimate business purposes. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Except as approved in advance by
the Chief Executive Officer or Chief Financial Officer of the Company, the Company prohibits political contributions (directly or through trade associations) by any employee on behalf of the Company. Prohibited political contributions include: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">any contributions of the Company&#146;s funds or other assets for political purposes; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">encouraging individual employees to make any such contribution; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">reimbursing an employee for any political contribution. </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>VII.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>INTELLECTUAL PROPERTY AND CONFIDENTIALITY </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Employees should abide by the Company&#146;s
rules and policies in protecting the intellectual property and confidential information, including the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">All inventions, creative works, computer software, and technical or trade secrets developed by an employee in the course of performing the employee&#146;s duties or primarily through the use of the Company&#146;s assets
or resources while working at the Company shall be the property of the Company. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Employees should maintain the confidentiality of information entrusted to them by the Company or entities with which the Company has business relations, except when disclosure is authorized or legally mandated.
Confidential information includes all non-public information that might be of use to competitors, or harmful to the company or its business associates, if disclosed. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Company maintains a strict confidentiality policy. During an employee&#146;s term of employment with the Company, the employee shall comply with any and all written or unwritten rules and policies concerning
confidentiality and shall fulfill the duties and responsibilities concerning confidentiality applicable to the employee. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In addition to fulfilling the responsibilities associated with his/her position in the Company, an employee shall not, without obtaining prior approval from the Company, disclose, announce or publish trade secrets or
other confidential business information of the Company, nor shall an employee use such confidential information outside the course of his/her duties to the Company. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Even outside the work environment, an employee must maintain vigilance and refrain from disclosing important information regarding the Company or its business, business associates or employees. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">An employee&#146;s duty of confidentiality with respect to the confidential information of the Company survives the termination of such employee&#146;s employment with the Company for any reason until such time as the
Company discloses such information publicly or the information otherwise becomes available in the public sphere through no fault of the employee. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Upon termination of employment, or at such time as the Company requests, an employee must return to the Company all of its property without exception, including all forms of medium containing confidential information,
and may not retain duplicate materials. </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>VIII.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>ACCURACY OF FINANCIAL REPORTS AND OTHER PUBLIC COMMUNICATIONS </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Upon the Effective Time,
the Company will be required to report its financial results and other material information about its business to the public and the SEC. It is the Company&#146;s policy to promptly disclose accurate and complete information regarding its business,
financial condition and results of operations. Employees must strictly comply with all applicable standards, laws, regulations and policies for accounting and financial reporting of transactions, estimates and forecasts. Inaccurate, incomplete or
untimely reporting will not be tolerated and can severely damage the Company and result in legal liability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Employees should be on guard
for, and promptly report, any possibility of inaccurate or incomplete financial reporting. Particular attention should be paid to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Financial results that seem inconsistent with the performance of the underlying business; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Transactions that do not seem to have an obvious business purpose; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Requests to circumvent ordinary review and approval procedures. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Company&#146;s senior
financial officers and other employees working in the finance department have a special responsibility to ensure that all of the Company&#146;s financial disclosures are full, fair, accurate, timely and understandable. Any practice or situation that
might undermine this objective should be reported to the Compliance Officer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Employees are prohibited from directly or indirectly taking
any action to coerce, manipulate, mislead or fraudulently influence the Company&#146;s independent auditors for the purpose of rendering the financial statements of the Company materially misleading. Prohibited actions include but are not limited
to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">issuing or reissuing a report on the Company&#146;s financial statements that is not warranted in the circumstances (due to material violations of U.S. GAAP, generally accepted auditing standards or other professional
or regulatory standards); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">not performing audit, review or other procedures required by generally accepted auditing standards or other professional standards; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">not withdrawing an issued report when withdrawal is warranted under the circumstances; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">not communicating matters required to be communicated to the Company&#146;s Audit Committee. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>IX.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>COMPANY RECORDS </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Accurate and reliable records are crucial to the Company&#146;s
business and form the basis of its earnings statements, financial reports and other disclosures to the public. The Company&#146;s records are a source of essential data that guides business decision-making and strategic planning. Company records
include, but are not limited to, booking information, payroll, timecards, travel and expense reports, e-mails, accounting and financial data, measurement and performance records, electronic data files and all other records maintained in the ordinary
course of business. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">All Company records must be complete, accurate and reliable in all material respects. There is
never an acceptable reason to make false or misleading entries. Undisclosed or unrecorded funds, payments or receipts are strictly prohibited. An employee is responsible for understanding and complying with the Company&#146;s recordkeeping policy.
An employee should contact the Compliance Officer if he/she has any questions regarding the recordkeeping policy. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>X.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>COMPLIANCE WITH LAWS AND REGULATIONS </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Each employee has an obligation to comply with the
laws of the cities, provinces, regions and countries in which the Company operates. This includes, without limitation, laws covering commercial bribery and kickbacks, patent, copyrights, trademarks and trade secrets, information privacy, insider
trading, offering or receiving gratuities, employment harassment, environmental protection, occupational health and safety, false or misleading financial information, misuse of corporate assets and foreign currency exchange activities. Employees are
expected to understand and comply with all laws, rules and regulations that apply to their positions at the Company. If any doubt exists about whether a course of action is lawful, the employee should seek advice immediately from the Compliance
Officer. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>XI.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>DISCRIMINATION AND HARASSMENT </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Company is firmly committed to providing equal
opportunity in all aspects of employment and will not tolerate any illegal discrimination or harassment based on race, ethnicity, religion, gender, age, national origin or any other protected class. For further information, employees should consult
the Compliance Officer. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>XII.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>FAIR DEALING </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Each employee should endeavor to deal fairly with the Company&#146;s
customers, suppliers, competitors and employees. None should take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing practice. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>XIII.&nbsp;&nbsp;HEALTH AND SAFETY </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The
Company strives to provide employees with a safe and healthy work environment. Each employee has responsibility for maintaining a safe and healthy workplace for other employees by following environmental, safety and health rules and practices and
reporting accidents, injuries and unsafe equipment, practices or conditions. Violence or threats of violence are not permitted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Each
employee is expected to perform his/her duty to the Company in a safe manner, not under the influence of alcohol, illegal drugs or other controlled substances. The use of illegal drugs or other controlled substances in the workplace is prohibited.
</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>XIV.&nbsp;&nbsp;VIOLATIONS OF THE CODE </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">All employees have a duty to report any known or suspected violation of this Code, including any violation of laws, rules, regulations or
policies that apply to the Company. Reporting a known or suspected violation of this Code by others will not be considered an act of disloyalty, but an action to safeguard the reputation and integrity of the Company and its employees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">If an employee knows of or suspects a violation of this Code, it is such employee&#146;s responsibility to immediately report the violation to
the Compliance Officer, who will work with the employee to investigate his/her concern. All questions and reports of known or suspected violations of this Code will be treated with sensitivity and discretion. The Compliance Officer and the Company
will protect the employee&#146;s confidentiality to the extent possible, consistent with the law and the Company&#146;s need to investigate the employee&#146;s concern. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">It is the Company&#146;s policy that any employee who violates this Code will be subject to appropriate discipline, including termination of
employment, based upon the facts and circumstances of each particular situation. An employee&#146;s conduct, if it does not comply with the law or with this Code, can result in serious consequences for both the employee and the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Company strictly prohibits retaliation against an employee who, in good faith, seeks help or reports known or suspected violations. An
employee inflicting reprisal or retaliation against another employee for reporting a known or suspected violation will be subject to disciplinary action, including termination of employment. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>XV.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>WAIVERS OF THE CODE </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Waivers of this Code will be granted on a case-by-case basis and
only in extraordinary circumstances. Waivers of this Code may be made only by the Board, or the appropriate committee of the Board, and may be promptly disclosed to the public if so required by applicable laws and regulations and rules of the
Nasdaq. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>XVI.&nbsp;&nbsp; CONCLUSION </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">This Code contains general guidelines for conducting the business of the Company consistent with the highest standards of business ethics. If
employees have any questions about these guidelines, they should contact the Compliance Officer. We expect all employees to adhere to these standards. Each employee is separately responsible for his/her actions. Conduct that violates the law or this
Code cannot be justified by claiming that it was ordered by a supervisor or someone in higher management positions. If an employee engages in conduct prohibited by the law or this Code, such employee will be deemed to have acted outside the scope of
his/her employment. Such conduct will subject the employee to disciplinary action, including termination of employment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * * * * * *
* * * * </P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>g652797g05e67.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g652797g05e67.jpg
M_]C_X``02D9)1@`!`@$`8`!@``#_[05(4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``8`````$``0!@`````0`!.$))300-```````$````'CA"24T$&0``
M````!````!XX0DE-`_,```````D```````````$`.$))300*```````!```X
M0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!`&QF9@`&
M```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4`
M```!`"T````&```````!.$))30/X``````!P``#_____________________
M________`^@`````_____________________________P/H`````/______
M______________________\#Z`````#_____________________________
M`^@``#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0`
M````.$))300:``````!M````!@``````````````$`````L````&`&<`,``U
M`&4`-@`W`````0`````````````````````````!```````````````+````
M$``````````````````````````````````````````````X0DE-!!$`````
M``$!`#A"24T$%```````!`````(X0DE-!`P``````JP````!````"P```!``
M```D```"0````I``&``!_]C_X``02D9)1@`!`@$`2`!(``#_[@`.061O8F4`
M9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P,
M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X.
M%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`S_P``1"``0``L#`2(``A$!`Q$!_]T`!``!_\0!/P```04!`0$!`0$`
M`````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@)
M"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D
M%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#)D235&1%PJ-T-A?25>)E\K.$P]-U
MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$`
M`@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D
M8N%R@I)#4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%539T9>+RLX3#TW7C\T:4
MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G=X>7I[?'_]H`#`,!``(1
M`Q$`/P#0=UKKC.MYN2PNZ>,IP9;ARRZRNREE%37N#J]E=-C;]W\M5-N3]AV;
M,B/L7V'?#?I?:_5^W;MW]%W?H?\`P-:/UAK^R_6#*LK:VIV0YA+W%K9;LI&_
M]+[K*OY[^9_PO_@>E]ER?3]/TK-O[&]2-I_I._[1M_XWU?\`!I*?_]DX0DE-
M!"$``````%4````!`0````\`00!D`&\`8@!E`"``4`!H`&\`=`!O`',`:`!O
M`'`````3`$$`9`!O`&(`90`@`%``:`!O`'0`;P!S`&@`;P!P`"``-@`N`#``
M```!`#A"24T$!@``````!P`(``$``0$`_^X`#D%D;V)E`&1``````?_;`(0`
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0("
M`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$!`0$!`@(!`@(#`P,#`P,#`P,#
M`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#_\``$0@`
M$``+`P$1``(1`0,1`?_=``0``O_$`'$``0$```````````````````@)`0$!
M`0$````````````````"`0`#$```!`0%`P('```````````$!08'`@,4%0$3
M%A<(`"08$@D1(4(S)C@9$0`"`00"`P`````````````!$0`A80(205&A0@/_
MV@`,`P$``A$#$0`_`&&.YI<WBCFOR;=,F,CWBB`>TZ(4BNN.DT>UK\.HV3F,
M(W[%-^5J`Y`GJ!')Y)-DKBMTP@^4)EB@LHQBQ$B<)^0%BF=7``DMI194&*3A
MZH',V2M%BY`4_@]X2W^B2E/J+^A&M_*BYZHSMB+I^,Y=/55/8?:[WK:WY4NP
MMW/_T*$>X,10-'[@#\J=.%I"B#9U%"VYH/4R@&)%."3Y/R&\90`,4$8Q=PXG
M:Q0<`_%1!<):;CPBDGQ=@#BBAQCBC`]OF0!1.#.M"U&QM@Y%@TSH%?V;^+&O
B:73AU^T>Y6[EFS*;UZ_UWWEF^-1]&5Z?ET-K^SBU'A3_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>g652797g10p49.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g652797g10p49.jpg
M_]C_X``02D9)1@`!`@$`8`!@``#_[0]T4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``8`````$``0!@`````0`!.$))300-```````$````'CA"24T$&0``
M````!````!XX0DE-`_,```````D```````````$`.$))300*```````!```X
M0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!`&QF9@`&
M```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4`
M```!`"T````&```````!.$))30/X``````!P``#_____________________
M________`^@`````_____________________________P/H`````/______
M______________________\#Z`````#_____________________________
M`^@``#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0`
M````.$))300:``````!M````!@``````````````3````,(````&`&<`,0`P
M`'``-``Y`````0`````````````````````````!``````````````#"````
M3``````````````````````````````````````````````X0DE-!!$`````
M``$!`#A"24T$%```````!`````(X0DE-!`P`````#-<````!````<````"P`
M``%0```YP```#+L`&``!_]C_X``02D9)1@`!`@$`2`!(``#_[@`.061O8F4`
M9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P,
M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X.
M%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`S_P``1"``L`'`#`2(``A$!`Q$!_]T`!``'_\0!/P```04!`0$!`0$`
M`````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@)
M"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D
M%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#)D235&1%PJ-T-A?25>)E\K.$P]-U
MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$`
M`@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D
M8N%R@I)#4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%539T9>+RLX3#TW7C\T:4
MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G=X>7I[?'_]H`#`,!``(1
M`Q$`/P#K_P#&)GY>#]5[W8KG,??970^UI@L98[;80[\WU&_H-W_"JA]4?KE]
M7\7ZK8=74,VK$NPFC%LJL=[SZ8VUV5UZV/JLJV.WL;L_P7YBP>N?XRAU7I.7
MTZWI+6-R&NKWV7%P9!]MCJFTUN]:ES=^WU/9<L'`Z9FX/6.GLZGB.I;E$EE>
M0ULN86N;O=0=SV>[_35UILY<,92WX09?XJZ,>*48[<1$?\9[OZX_6_ZO9GU6
MRZ,#-JR[LUOV>NJMTO&[^<LLK^G7757N?O?_`,7^>M;ZA9F3F_53!NRG.LM:
M+*O4<9+FU6645.<[\YWIUMW/_/7#]5Z3TC,]3'QC5C=28`&&L;?>X.=33D-9
M^B_3[?T>_P#3?Z)=3]0_K7T7.P<7HM-9P<S&I#6XKS(>*Q[[,>[_``W^DM:_
M]8^G_P`:F8<PRQL`QKI+^M\LA_57YL)Q2HD2\8^&X>O26);];>FUU6V&O(<Z
MK*.$*A7[WVM&YWI,<YNYG_3_`)'Z1BEB?6?$R,ZK!LQLK$NR-WI?::O2#BT;
MB&[G>2?QQ[L/$.[LI+,R/K)T;'MR:'Y`]?#:765:@D@;_2I?9LJNN_X*NQ/@
M?6'I.=358S(92^\[68]KV-MW%VQK#5O=[W_F(\4;JPJQW=))8O\`SNZ)^T?V
M?ZK@\N-8M+8K]4.]$T3_`#GJ>I_P?I_RU'$^N?U=R:A8[*;CDNVBNXAKSV#M
MH+_:_P#-0XX]PKBCW#N)+#ROKAT?%=DLM]7U,6WT2P,U>X`.?Z+G%K-K&NW?
MI'U_]0AL^O7U<=8&OO-3'5BP6O;#-3M]+V[G>HUW\CT_^$2]R'[P5Q1[AZ!)
M8F7];.G8V9=ABG)OLQR&VFBHO:"1NB90C]=>F-+?5Q\NECG!OJ64D-$^>[_J
M$N./<*XH]W__T-+_`!F]'Z=@T8O6,+&KIS[<UGK7M!AY#+L@>K3/I6.?=36Z
MQ^SU7_Z18574&?6+ZU5=6;B'%OKKWYI%OJ,<YC/L^.ZIIKK=3NW_`$-[]_\`
MVYZO<?XQ<*O*^K[++B13B9>/=;!@FLO^RW;3_)JR7O7,XK,3I@?B8&%DV[7?
MI;&,'N</;[LC*?0V[;_P7Z-5N;S<$#``F4XD7^B!\LO4V>4Q<<Q,D","#6\B
M?FC46.+T0X_4,V]CVNKZ@^MSRZ=U;66MS+*V,CT['V755>GDN?\`JU?^#]3W
MK>_Q=]!Z=7TVOK_IEV?G&XBQQD,J=:_TV4,^C7OJ96Y[_P"<?_Q:Q,KJL8.6
MYE5U.576175=66EUEGZ#']-XWTV[[[&,_1VKT'H_3V],Z3A].:0X8E%=.X=R
MQK6.?_;<-R9R4LDA(Y/T>&$?HOYV.*)B,?Z7%.7U>&>RZVVZC(_7Q1U"S#Q7
M9>1>+`YQ+*ZZK*-W\[Z+?4W^G2RS8H]`IWYN`;*JK+'Y)]*R^ZX/_0ECKVUU
M5[L9SZ6_I*_5=^E4GY?06Y5^5C_67I[#9E6958LJ9;Z;G.<ZM];K'G;<W=LW
M-6ST_P"K>:\8>35GX=F&VQF72:L.L3NVV.MHLW>Q^17M_2J3@E8]/_1<[A-[
M,LWI/U<JZ=U&TV49.;;]HO;:YS#8VQV^UE=.T[F>F_V[6IOJSB?5YW2L+(RZ
M\7[>"7;[-@MWML=Z3O=[]_T-BT,OZG]"NHN;1B54Y%C7>G>`9;8Z2VW1P^C9
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MFR6FNSU-K_TKOH^F_P#P2%F_4;IEF.VO`G%N#A-SW/MEDR]IK=8&[OW$#BEJ
M:'7JHP.NC__1['Z_ES/J^+28QZLO$LRO#TFWU.>7?R6NV/7.9/[2KRS?CM9E
M4/K:QV.^STRUS2YWKTOVV5O;:Q^VS^I6O0,W[)]CO^W;/L?IO^T^K'I^EM/K
M>KN]OI^GNWKRE_VJ?^Q'[9^S)/I?;_2]+;/L^P_:?UW[/_HOM"H\[&),291!
M`/IF)<,H^</TF]R4I@2`C(@D>J!CQ1E_AINHUY5/U>Z@,^SU;\HO--37%X8^
MTM9B8N.YP:]^RS:[Z"]59OV-WP7P-Q'$]X7F_P!6_P!G_MK#_P"<_P!I_:>[
M_)WK^G]@];\S[-]E]GVW_0_:_P#K/Z?T5Z4I.3B!&52$B9>KA'HCI\L6/FY$
MRCZ3$"/IXC<Y:_-)XKJ3&#_&ETE@:`T]/LEL:<Y/99;.J=4^S_7J,R_]2?&'
M^D=^A&_)$8VOZ'VL9]!=#G?L7_QP.G>M]J_:_P!C?]GV;/LWI?I]WK3^F];^
M=^C_`,&N?ZK_`,R_V]U7UOVG]FWM_;/V:?L'JP[T?M7I?K6_[3]#_M/]J_G/
MT/KJTU6%6?U?,ZA]5>G?M+*IKZKTXC,LKL.]T-?DNL#W[MF2_P"S^E]J;^GK
M8]_IJMD=0ZO7]5OK)5^TLIS^A=1]/$R#:3:ZMS_LCJ<FT^[(JV6>IL=_AO\`
MMM:^!_S8_;/U3]+[?]I^Q']F;_2V>EZ=V[[?M]WK^GZG\P@9/_-+]B?6WU/V
MC]F^W#]J;?2]3UO6;_0/S/0];_3_`."24W<'J'4'_7;H^,[*N=CV]%KNMI+R
M6.M/J3<^OZ+K?Y:-_BOSL[.Z'F6YV3;E6LSGL:^YY>X-%6,[8US_`,S<]RS^
MO_\`-K[=T?TOVM^U?L#?L_[,C[1]DVNV?:-WLW;?M/\`1?TW\[_P"!B?\R?V
M7C_L_P#:7V#]O5_9O1_[D>E5Z6W_``W[.]'T_I_Y0W_S:2F_]7CG_6/ZQ=6R
M\SJ.7CU=)S13BX6-::JME5C_`&Y=+1^G]?T=MOJ?\/\`R/3P?VIU[,^J^?\`
M7/\`:N51G8^8&TXC'QB-JW4UMH?A_P`U9M^T?SEGZ1__`$ULV_L'_G=D_L?]
ML?:_7I_:G[,V_9/5]3_M=ZG\O?\`:?2_[M?]V5FYO_,/[;E3^U/V)]N_7?0_
MY)^U?X3?_P!J-O[_`*'Z'^:]+]!Z*2F^_+ZGUOZVOZ:>H96!AY73*<Q]6-9L
M<UX:'-;39]/']]^Z[T?Z1Z=;+5B8_5.O-^K/2_K(_JV79EG/9B"DV$4&E@L=
MMOI;_2;;'5^_(O\`4M_S%V#/V#_S^NV?:OVK]@]T;/LOH>S^;_POK?1_D+GV
M?\S?^8W3X_:?[+_:/Z#^:^T>O%W\[_@OLW\Y_+24_P#_V0`X0DE-!"$`````
M`%4````!`0````\`00!D`&\`8@!E`"``4`!H`&\`=`!O`',`:`!O`'`````3
M`$$`9`!O`&(`90`@`%``:`!O`'0`;P!S`&@`;P!P`"``-@`N`#`````!`#A"
M24T$!@``````!P`(``$``0$`_^X`#D%D;V)E`&1``````?_;`(0``0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0("`@("`@("
M`@("`P,#`P,#`P,#`P$!`0$!`0$!`0$!`@(!`@(#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#_\``$0@`3`#"`P$1
M``(1`0,1`?_=``0`&?_$`-T```$$`@(#``````````````@`!PD*!08$"P$"
M`P$``00#`0$```````````````$"!08#!`<("1````8!`04$`PL$"P<5````
M`0(#!`4&!P@`$1(3"105%A<A&!DQ(B,D-#4F-C<X"C-3)2=!8U5E5G:VMW@Y
M&C)B@[576#KP44-$5&2$U(66UG>7IRB(N-@I:2H1``$"!`0#!00%"`8*`P``
M``$"`P`1!`4A,1(&05$382(R%`=Q@146D4)2,PBAL=%BDB.357)#@S14%\&"
MHK+"TE-S1#5C=$7_V@`,`P$``A$#$0`_`+_&Q!'7_P#XC;7Y=\SZM9'2A3K)
M(Q6&=,KN*:R4;%O5FK:WYI=1C27G[-)BV52,Z&CIR*4-'I+%$6+ML_62-N=;
MP:8RH&$^,7L<)6^*R#AG$M\@I/OF%NF,Z+:XF7YY7(R<=8*O%RS-^9P558%C
MND'93F-QFWF,/I'W=G1C.9AS]B$@(^I98(>K]/76U,3K]U&LB:6\WQR#IE(+
MQ3TTQ.8\GX.NLVD@W*=1LYD;!(M6Z8B10@F5`#D.03%$A1F(K,_A;-9%Y>7/
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M3KF`8[&$1@B@NE6$MF%A$6EU;WF2)^"E"R$"P1?/(*!4@*9&O6C=^+`2.7*L
M@DF)W)DT`*I8YS`(RBN!&DF></;^%WQ'.V_7;D#*Z*#@M6P[@RP(RD@F'Q?Q
M+D::AX&LPS@114#BD(B-F71``Q#",>.X1`!`00B\HO[[.C%"V((6Q!"V((6Q
M!"V((6Q!"V((6Q!"V((6Q!"V((6Q!"V((6Q!"V((6Q!"V((6Q!'_T9>2?BI=
M&+:VV*)E,$:C5JI&RT@R@+76&F.)=W88UJY>(LY=2NSEXJ0Q!)%))%4J)GBR
MB953`;WQ-QTG#]!YQ7MZSG58QQU,;?BSRSP4XQW6\2-[(WC[_>%(M3+%N;60
M\:J:%E&M==OX2"K$4NP,LBR[;*G[4LHJFL@!U4U4)G#TIEQB$79(=%R?`\PM
M8L'89L#@3BXG,4X[F%Q4X1.*TG4(=ZJ)Q+N*)Q.N._=Z-^WQMWY1HMV^-YV]
MN738NU6V)9214.)$O<(^SVPJQ=QV+LNX.$]1^TT;AGG-=.VHS]Y@?=5^BG&N
MHJL34A'PD16,MI-%W5?NT>U2CUI*23()T8ZW&:I!WS&/C%Y1E52J.&O%QI&W
M`9,_0/2CUKW+Z=7.BIZBN>JMI%82[3+45A"#@5T^H_NUI\02DA"Y:5#$*3SS
MU:]$=L^H]KK:BGH6:7=X05,U*$A!6L8A%1I'[Q"O"5*!6B>I)P*5/'^'FZ@N
MC_2Q3[YH_P`\$1P!G*RY:EI:0R9>'C="FWN3018UJ,IDW9%DT$L?RE/-'K((
M-I!0(I51998CHCER=`?J715E+<*.EKZ)Y+E&^VEQM:<4K0M(4E0/)22".PQ\
MJ:^BJ[?655!6L*;K&'%-N(5@I"T**5I(YI4"#VB+GR"Z+E%%RV62<-W"2:Z"
MZ"A%45T52`HDLBJF)B*)*$,!BF*(@(#O#;:C2AIZEGW"M]OEHQ?3,H4JS9"I
M7:O%-0AIYD]G(?L#M./D>TLT5#'/W7(+$;N^7Q]E<'*FKP'$"[:#%UMM55/4
M5/6MKJVYZD!0*A(R.'8<#R.!C5:K:1]YRF9J4*?1FD'$2P/T'`\CG#.3FO[1
MC6YB2@)C4=C-O*P[Q>/D6Z$R>03;O6QQ2<-^V1S9VR6.@J42'Y:A@*<!*/I`
M0VCW=U;=9<6TY=V0M)D<9XCM$Q&JN]VEM:D+KV]0,CC/\T<VI:[-']ZL<14:
MKJ$QO*V.??-HN%B@F#,EY23>K$;LHYD>1;M$%W[URJ5-%$#\Q50P%(`F$`V<
MQN?;]2\VPQ=F5/+(`$Y3)R`G+$\!QA6KS:GG$--US9<49`3S/+'C!9[3L2<8
MN<FHJMPLO8IU\A&0D!%R$U,R3D1*VCXJ*:*OI!\X,4IC`@T:('4.(`(\)1]&
MS'7$,MN/.J"6D)))Y`"9/N$-6M+:%.+,D)!)/(#$PT6(-2N",^N9UIAO)U:R
M"YK*#!S/(P"[E4\6A**.DH]5R"[9N!2NE&2H%W;_`$D':/H+Q;+H74V^M0ZI
M`&K3PG.4_;(QJTMPHJTK%)4)64RG+A/*'QVDXW(8#+>J?3U@>:C:[F#*]5H$
MW,18349&SR[I)R]BA=N&(/D2H-5RB@+MHHGO$0'B(/HVBJ^]VFUN(9N%<AIU
M29@*GB)RGES$:55<J&B6ENJJ4H61,`\LHW?(&8<68IK4?<LEY`JE$JLL\9QT
M9/VJ99PL8_?R#-S(,F35R^51(LZ<L6:JQ4R[S"FF8V[<4=MFJN%#0LHJ*RJ;
M:840`I1`!)$P!/C($^Z,K]534S:7:A]*&R9`DR!)Q_-&RU&X5>_5N)N-*GHN
MT5:>;"\A9^%=I/HJ4:`JHAVEB\1$R3A#FHF*!BB(")1W;9J>H8JF6ZBF=2MA
M0F%`S!'88R-.MOMI=96%-JR(R,8;(F4<<8BKX6K*-YJN/ZX9ZWC4YFW3D?!,
M%Y%V"AF\>V7D%T"N7JR:*AP23XE.6F<^[A(80QU=;1T#77K:E#3,Y36H)$SP
MQS/9#7ZFGI4=6I>2AN<IJ(`GRQC7<BY]PQB6DP.2,B9(JU9H5I>1;"MVYU(%
M=P,ZYFXE]/0X14C&E>H/D9.&C5W2"J8F2513$Q3"`AOQ5=UMU!3-5E76(12K
M("5DS2J8*A(B<Y@$@Y$1C?K:2E914/U"4LJ(`5/`S$Q(CF!.,)(:H=/$1C^J
M95F<Q4*%QU>7#EK4+?-3S6(AK"Y:*/$G2$8XDA:BX60/'K`8H%WARQ_8VQ+O
M5I;I&*YRX-)I'3)"RH`*(G.4Y<C#%7&A2PU4KJT!A?A43('V3]D.[6K+7[E7
MX:UU29CK#6K#'-9:#G(ETD]C):,>I%6:/V#M$QDG+5RD8#$.41`P#O#;?9>:
MJ&FWV'`ME8!2H&8(.1!Y1M-N(=0AUI84VH3!&1',0T%_U3:;L5V%:I9'SIBR
MEVALB@N[KM@NL#'S;)%RD1=J=]&*O0>,@=-U"J)<TA!43,!B[RCOVT*J]V>A
M=+%9<V&WQFE2T@B>4Q.8GVQJOW*@IEEJHK&T.<BH`_1&D>O?HR_SG<*_\_H'
M_C>VM\S[=_G5-^VG],8?C-I_F+/[0CW)KLT:*'(F74]A,#',4@"?(->3(`F$
M``3J*/2IIEWCZ3&$``/2([MCYGV\</C5-_$3^F#XS:?YBS^T(?7S0QI_E$HO
MU.\P_K;`?4#^'/SA]3OWS^1?MFTIYVC_`,6U]WU/$G[O[>?@_6R[8W?,4_\`
MUT>#5XAX?M9^'MRC_])G.H/T#-8FFK*%NEM/.*KCJ,T]2DP[D:%*XRCG-RR#
M6X=^Y4695"XT",,]NCN8@$C]G&28M'C!\BF1P8[=511JBV490L'/.&EZ&>BO
M%&M77>AC7/;`\G0,9XSM^7)ZB.GCR(\<2-6L5/JD=4)%1HHUDBLDI:YIOGC=
M)1(ZS>/42,8"&.`@A5$@81F>NE<<=0VLJZ:8\1:6,%:;,?Z>'4-`Q[K&N)ZI
M1KQDEU+U&!G#6FZ6"#CVCB7B5DY<1BD@W<QJ<KAR99<Y>2&!.6<%;=\N6339
MT[<7VZIMR!;BXHQ%7XI>2(FY2A)>S5N([7)J-3E%)TI$E47%ND<#)<XJ8*`=
M,#%-\T;)M&V^I/XB-T6B[.'X1\6KW7`B:2ZVR\YI0%#%(<DG6H2.DJTE*B"/
MIQ?-WW/TT_#GM:\6AL?%_A-O:;*Y*#3CS+>I92<%%N:BA)FG4$Z@I((+<=/R
M1ROFO2'KRU(R.4LE*Y4T9%H>7XYY:[=.6'%V4:'8(RWJ7/#UAIDFLZAJ\^;,
M*&J[AY.#38OD'TD!7)U&Y44R^T=P>AGIE?K&_9F]J4=$YH(;?IVD-OMJEW5]
M1("G)&1*72M*A,'./$^W_7?U0L%^I[TYNRMK6^H"XQ4.K<8<3/O(Z:B4MS$P
M%-!"DX$92B+[J`5MM$ZK\@K0S)9%I<TJE<V3,J``JH[M=7AWTD)"H@)7"SN>
M.Y.(E`1%0X@(F,`F'3_#[<'Z[TJVZS4NA=11J?IB9SP8?<0V,<1)O0`.0$I`
M@#=_$+;V*'U7W&]2M%%-6)8J@"`,7V&UN'#`S=UDGF3.9!)O*]`?$VK'`>@Q
MZ?5>ZND=%O[$^M&%L778SI6VXYQ.SKS$2,U&,NL20J[2Q2R3ERR@EP1!BD`+
M<*0NSD)VA2@VA:U9`$_1'#75!(4K@!`#X=R!IS8Y"U199TE+ZB9?/EDQ=E.1
MQ70[_6*!7F%<2MBO;+]8(^R5Z_65:Q2>/:PJ]E&2#A%D8Z+02<+M;=NX5;ZN
MT)J[W7V$U:KHMAPM(6E"0G5BM04E:M1;3-200,!]8QS"D?H`_<:FV%\UJFUE
M"5!(`U>(@A1F4B9`,LN)B.G&$EBC'Y)I7/&`+YDLLF:/3K)H[)[[#[:&%L#T
MTJ"_%CNWJ3R[\%D.#<HW!L5$WO5!4WDJ5$NAI0X;I:G7M4M,G"U+.?\`5KU3
MPY2EQG$#3JIF-9K:%;DY2DLHES^JJ<\.4H]\@R=*LLQ6+/I[PAD3$K:(`5G!
MW>0Y+*PO9ID_(YCY>)F$Z#3E89Q'G3X3$`7`&.4IBBF8IN,JUTSSC+UIMKK"
M4\W"[,@S!!T(E+W^Z%?4RXMMRAHW&@/UBO&>!!TIE+WQ8&ZF6IC+;'I^X292
MM=6IUSU(,(&%RDV=BU[PC4(^`;3=CC8E",5<-$VMLEDDS$/S.(L6H9$Z15%C
M`CU7>5YKT[4MJ7&NG45@2'9RF))U*`EAWC+_`%<)3.%WW#<*I-CHPIO0[4`!
M?,2$R!+[1_)A+'".6JX;ZK.F#3AD1*KT62HV![;7)FX9(:ILL!V.><5R=J:$
M?.OIEF]-/Y2B$&E51^';E(W4BP!904VZO.-M46+?OBRVBK#%,6K6X@K<P84K
M2I,E$@ZG!).8PTXF0,X@6Z3<MNH'^FR442DE2_NR9%,C/-8PS&$L<C.&;T!^
MOMWODSU%OG;NVL>8WV,_-_:IKPW]L'Q;Y3VSY![_`/.^C@VC]K?-'4K?EG[R
M2>I]SE,Z?O??X??PC4LGQK54?!O%(:_N\L9>/WY>^)W]%WM://!AZX/V,>'+
M#V[[M7UA[.EW#]E_TK^4<7]Q\!^<]&[;IVW?GOXDGY@_]=H5/^[^+ZOW?>_T
M<XN=I^9O.)^*_P!TTG_I9\/!WH@$;:7[GDO5[9]+]QSM"][T5];*^]RE?Y67
M-7&PU%NNY=MD!L#\D@BBZE.)NDF4^XRI^,`$HB;;E@LM167]ZRU%S3U&BI)<
M63I[F)\1GB<!VQ21;GJBZ.6YVM&I!4-:B9=WVF>>$'QJ+T1AC/1S`AEW6O1I
M%@QS=*3]8GWGCNYURQA,4R,KX5F*2KZ-NGE9R$6K#A5+D-5&B*3E?GG0`!/M
M:;OMOR>WVO/[C:*14E25'6M*IH"=(TZU:AI)$A(`F<HFZ^S^7M2/-7=!2'B0
M>\H&:0)"6HS$CD)8F<H"""R5=JO#1=<K74]N5=KT&Q;1<+!04QJYB8:(C&21
M4&<=%Q;"JMV,>Q:($`B2*1")ID``*``&U::K*EEM#+.]'$-)``2DU0``R``3
M(`<`(AT5#S:$MM[B6EL"0`+X`'(`)P$2*7-A@;,^B+2G5M3^KJYNI2R92RLY
MINH5U"W>ZQ3YW$S:\7)05S\P2Q5O8Q[9K+M4&[M<$VK46HF,H5N&\;;4)M=Q
MVW8V+U?W"M;[I0^0M8)"I%*^I)8$B`"9`2SE$ZZFBJ[/;6[C=%E2G%Z79*4,
M#(A6J2@,0`3@)<H"OJ*Z8X'`N?,18ZA,KR,OCB_8[Q.M%RD^*2C"IQD'&1N+
M5YYRZ)-$A9=%ZG6UIDRR1(Y!%)X+<H<"?./7=VV5JUW2@I&JXJHW66I%620`
M&]4YR,])7,:0`99"<1-^MR**MI6$5)-.MM$B<D@`(GG(Y:N`QEVP\V4^G]IJ
MQ3@!:\SG4&AKM2I/)%7J=7M%#QL-^JD19T8&\2KZO/&5&RA<S).).+357!8A
MVX-C->$Y%!<%%.0KMJV:AM1JG=UI<IE/)2E2&]:0K2LE)"'%YC&>$I8@SPVZ
MFR6^FHB\N^!;1<"04HU)!DHD=U:LQCPE+MC<^G?4<2)ZI<0MJ7KVF\@.:X>9
M7A\32N-\J4R+M#)G49ML:&BW=@G5ZVW/%LSBZ3;G3WF3;""1!$/1L[2IZ`7N
M@33[H4Z43DT6W4!0"3@"I6G`8R[,(RV)JE%RI0U>BLIG)!0M(/=.`F989R[,
M(B\SM+,'&JC41.W2"E[PR)F#*Z\HW;3B\*Y*)[[*,6CQQ+DC9<6S5NNLDB4H
MI`01.1,!+O*&U*N;B#?+L[4M*=3YAV?>D?&0#.1PR&7(17:U23<J];R"L=5<
M\9?6/&1C:,LKZ3X>W.VF',99%N])8T^DV)]/R^3N6ZCW]CK]=?SK"0)&T,&[
M-&M6:PA"J**<(&?(B4!'C(`YJ\V)NH4FWT3SE,&T**BYB"I*2H&2,-*E:/Z0
M[1&2J-L0Z124[BV0A)F5Y$@$@R3P)T^V,=J>@M.<-;Y.`TU0=WE:K$5NB6I>
M\V2XLIX3MK56Z_*2,>[BH^M1R#3NB:M3:-.H*Q3IO43IF(/$&YEZ:M#=0MJS
MM.*82A"M:EA7B2DD$!(E(J"<\P1#;BB@0ZI%O0LMA*5:BJ?B`)$@!D5`>V!=
M[YE_W5DOFWN;Y<Z^:/W*_*_-O[1^2_O=H7J.?;.4LSER]G9E$=K5]HY2]W+V
M1__3O\;$$=2C4\ZYHTHZHIO+^%[?+8VRM0<A79..F&K9FX5:J*RTM%S$/,0\
MNU?1,O&/FRJK=VR>-UFZI!$#D$0#<V,\IB1@DM16M?4WU5<K8<J67X?$BMR+
M*L*K&6>AXEK%8MKN/=+GYZ]FN22#ZWR%>KK)9V]"/!\G%(;U5P;<W<<(#=.X
M:/:NW;UN.X*`I:.G6Z>&HI'=0/UEKTH2.*E`1/[4V[6;KW'9=MVY)-56U*&A
MQTA1[RS^JVC4M1X)23%@2\8DHF1,92&(K3$`]I$A",H(T>FJ=!=HVB@;&B'+
M%T3W[=_$N&2*R"FX0*JD41`P;RC\A;'NZ^[=W-3[OM=9HOC;ZG=9$PI2]742
MI/%+@4I*AQ2HR(,B/L-?=H6'<>V*C9]UH]=C<82UH!D4I1IZ:DJX+;*4J0>"
MDB8(F(9+$^ER2Q7B.3TX,\QVA]IOG+RGD.UXI952BUM?)D^R=1;J%0R[?HB$
M)=+Y7H0\.WY,3VEE&'%(O,0.!>';T%N#\6&]KQ8WK506>CH:UYLH74-EQ2@%
M"2BRE1DTKDI2G"G,'5)0\\[>_"5LBSWYF[7"\5E?1,N!;=.XEM*24F:0\I(F
MZGFE*6@K)0TS222Z3E-KF1NLWJAMTY`PMF1PUIBK$777$Q!14L2L7.<GL2R3
M.>@GKU-=:(L;%@C)M4G:`$<E1<N4@4*03%/Z=_#/1*I/2';[BT24^[4N>[S#
MB`>R80")<)'C'ES\3U<FL]8-PMH7--.U3->_R[:R,,Y%9!GD9CA%N]9%%RBJ
MW<))KMUTU$5T%DRJHK(JE$BJ2J1P,11-0AA`Q1`0$!W#MWL@$$$3!CSX0"""
M,(IFTZBW%?J(:E:+@.R06%[)$WG50QHD^U=O:77*%#U::N#I5%DM5(B0=0$2
MPJT4LU129LS$32X4P*5/>)?/-/2U!W;>*6UO)IGDNU(0H$H2@)*SAI!*0$@@
M`#+#*.3M,NF^W!FB<2RX%O!)\(2`5?9!D`!+`0U^7+7J2RMAJT62R:JE]0V,
M:);*.UMT,G/Y:=(UN=MR-I3ILLO'9,H5,:N.U#`2"!569W"R(CN.4I%-^VE7
MOWBNMS[SU\-71-.("QJ=.E2]6@R<0@8Z5"8F1[#&O5.W"II'''+EUZ="DZA-
M>!5/29+2GD1A.,YB:V:C\=8QQ6C!:U&NG^@Y#&ROJ17)&QYUCHAH#&Y2]=GW
M;P]!Q;;:W&"I8&2BZWQLQR)+IK+`F"GHRT#]XI**A#6XQ24KVHH25/`"2RE1
M.AM21WA,XY$$RG#Z9VO8IZ8(NX88<GI!+@&"B#X4*`Q[>,S%K7&NG$DSC+3L
MCJ;4B,QY;PBD:=;6UQ+S%DAG%Y<$41"UHK3+2*6GG35IRQ:+/FF]!8H*D(54
MB:A>XT=H#E%:1>2FHKZ;O!<RH:_M8@:B!D5#`XC$`QTJGH-=/0"XR=JF<=4R
M1J^UC*?9,=L.7J3^[IGW_J5RG_(:=VW;Q_ZBZ_\`UG?]Q4;%P_N%;_V5_P"Z
M8@.Z`_UOU,?Q;QA_C.Z[<M]+/[Q>?Z#?YUQ2MD_>W#^BC\ZHLM[=CCH$4R[Q
MA2.U*ZY]>44_F'M:3QZ;53DMHNT(@Z.\E,6SLBWCV+A-9+<9A*OB%%8"F34(
MD8>$_$`<7GFIMJ+QN;="%N%'2\RX)8S+:C(>PG/LCE#U(FX7F])4LIT=9?O0
M3+W&!9.[=*:/D&2CEP=FUU).'#9H=90S9NN[QBW([700$PI)+.B-$@4,4`,<
M$B`(CPAN@]2CM\)).D5F7M;Q^F0^B(V9^%`3P\Q_P0:>J6P47`4SI_H%'TI:
M?GX7#3=A:^O+'>JW89B9N-DNT.HE)RQ73:YP4<Q8]ZL%$.$R7%VE-90RG`8A
M4['>W::U.6JEIK'2'J4;*RI:5$K4L8F86D`3$LLYF?*6N2V:)="PS;&#KIVU
M34"2HJ&)\0$IB7MG!C:F=.TK-]*>"N^6,:16!,H8$M<Y8(?'U98+UZL(LKYE
M&(JD@S<Q#V6L"Q5IZ,D&SY%0')CF>)E*'"14Y0L%YM*W-CM5-=1II:VE<*@V
MD:4R6X$D2)5X@0H8Y^TQ+7"@4O;2'JFG#%2PHD)`D.\L).$SF"#GG[8C'MCT
M^=$^G31KK*R"W>-,CL5R;UF\1[[0J"FI/(-.AE&:CQL\0:KQM=2!HT%1)9(.
MQ@(E,`"3:F/J^)C:--4+.+8:)!QT>8<0)3!E).`P(PBNNGSGP%EY1Q0$'GIZ
MJDCZ!@/9#OZ%;GI6QG%ZF(;5=%IV?'!;1CU.F0,Q#6"Q,760(-OE]K"OW32M
MHB+=Z6!7?(]I.0B92.#E#=Q`&TAMBHL=&B\MWU&NCUMZ$D*4"X.J`2$\=,Q/
MM,;5F=MM.FX(N:=5/J3I!!/>&N1P[)X]L??I,/\`#KK6G#6W)<EX?MB[F52P
MY3J]`R?<+^]7!&58N"'59)NVD+!5JO.71&R#@Y"BJN@8%/@!*==B*MZMQ-OU
MB]#Y)Z2$I.DK7,<)@)2F<@>)&.$+ME5*;NAVH5I=QZ:0#(J5/Z`!.4^SE&OX
MRJ5-O&L76Y7,@/6\74W-0UB2$C+NB'42@UX"4FK!$3P(ICS'"T%-1;=VFD7>
M951$I``1-N'%1,4]3N#<C-4H)8+=62?LZ25!7^J0#+C*&4[33UUO#;YDUH?)
M/*1)!]Q`,;/T\\=XLR1IQZBD-<I%DQM;?`\7.P*\B4Z;>+B*>M8[LK-`LD59
M4[9G=JW`BZ*4O,`@$*0%!4,!<VTZ2AK+1NUNH6`^*4*3/@$:ES]RTHG[LYQD
ML3%-44%]0ZH!WH@B?`)FJ?[03.!VQG3:V70MJ?R*K(,5;8;*>":(SC1.0LA&
MP:JUFL;IR(&#C.WL3QD0"`4?=B%!$-P;PB:.G9^6;U5E8Z_790!Q`[RC^T1_
ML&-"G:;^#7%\J'5ZC:9<0,3^67^R8";:MQ$1_]2_QL01U9^>-&N;K]K0UJ4+
M&%/2GE,4:E<F0,Z"]C@8<C&.F,C7DE:DR*V61AEY)C(1T(HL4Z*9UN6)3"F`
MG`-J%O;U*V;Z>?#_`)MNJJ;S8=+,FGG=99Z>L?NFUZ3^]1+7I!GG@8Z)L?TS
MWGZB_$/E"U)JO*%H/3=9:T![J:#^]<1J'[I<]&HB66(B4G1#H1C]-I5;]>WD
M=9,NRC!1BDI'@HM!TF+=E(+R/AEG":2CZ7>@7@=/A33W);T$0!,RJCCP1ZW^
MN]1ZDE%@L3+E-M%IP*(7(.U*TSTK<`)"6TYH:F>])Q9*@A+?O[T-]!:?TT"]
MP7YYNIW>ZV4@HF6J9"I:D-D@%3BLENR'=FV@!)6IR1K;SG'I"%L00ZGX<BHG
MM\OU"]62R2BC#+.H*.QM3W:@'X`K^-FT[85>R*"'`X3=,<B1::JA3'(*C(`(
M!-Q@'['>G=E.W=B[2LBTR>I[>PE8R_>=-)<P_P"X5=O.9QCXQ^I%[&X]^;NO
M:%39J+B^I!_^/J*#7T-A(Y<L(L\[7**3%)NZY.A<4:^]7,_8E["PA)[(NL7'
MDA-52'C[#8:XGDAWDBDHV&+@)6PU*/F7,2ZFTU005E&!3``B"H&`"F\XU-:W
M0[IOSKQ6&U/5;9*0%*3U"XC4$E209$SD5)]L<B>J$4U[NBW"H(4X^DD`$C7K
M3,`E(,IY3'MC(UK*FCFN:8<FZ=R7G4<YD<E9'IE[=7_U>L8(=W,J4S<-V%?\
M,AJF5.^YJ[YRKVD9)("<[<"([A,9S-=M]FRUMI%36%;SR%E?0;P"!@G3YG',
MXZAGE#FZFU-VZHH.M4:G'$JU=)&&G(2ZWMQG[HY-URMHKN6F/"V`%K7J.96/
M#-LOT['9-#`.,7'>T)D*17E9FN*5+UH6XLN!\BP.1R,HO\D-N2#G")'5-=MR
MHLMNM1?K`]3N+4'.@WB'#,IT^9PQTXZCEEC"O5-H=MU)0EVH#C2E$+Z:,0HS
M(T];G+&?#+&)>[/I4G^I#IMTAY&Q]GBT4&-H^.)ZF.92Z4-2*L]Z=04LRI2]
MIEX"L9*F(R%7DWE$6=E3))R!3I/"G`Y-XIA?GK&[N^SV"KI+HMI#3*D36B2E
ME)"-12EP@3*"?$K/AE%I<MJ[_;[6^Q6J0E#93-29%4CIF0%D">F>9S@2LR]&
MS-^.<5Y`O\;J:9W0]*J5@M3RL/8BRU\LS%5^*=RLJQ;22EGFVQ'SA@T4*@FL
MB5!540*HHD01.$%<?3VY4E#5U2+R'.FVI120I,PD$D3U'&0PF)$YD9Q%U>U*
MQBF??3<`O0DF4B)@"9$YG&7N[1`/:`]%5LUE2^3(RK9;\J5*%&UA\]<=SR4M
MWT2P.IINBCPQT[!F0[$:*,;><5`-S?0`;AWUK:VW']PN5J&*_H%H))P)GJ)Y
M*3E*(>R6AV[*J$MU72T`'(F<Y\B.43C:0>E5>=-N?J;FFT:D75_8TQK:.SU-
MO6IB.2E7MBJTQ5""^=R-ME44VK%O.JN0`J!CF713#>`"(ATJP;'J;/=:>XOW
M@NI;"N[I(F5)*<25G`:IY9@1<;7MMZWUK56Y7E:4`]V1$Y@IXJ.4YQ%/B"\P
MU6U4]4+(=N3?+I-L/ZN?>Q""2BYIN^9MJ5&8F*V6<-D1:]X7`O,WJ!RT]YPX
MA*!1HU!4ML7S>M6^"0*>JRYK>2@<L)KBM4KR&[EN)]V<ND_ES4XE(_*J`;!L
MY'1\9X#=<69=2A&QG0)*=F*Y4Q>=4C<R_#R@7.DF8P$W\0E*([MP#M6I'Y?U
M2.GSF?\`9Q#R/PJ<L/,?\$&OKBOM"U'Z3]*6:L=QEC9J85:QNE[)"U@C6;(5
MK*VQS6;1#$C%64C(`ZB$#Q$L**Q^4=3G>E,@AN&Q[EJJ6[V*Q7*D0L&F`IG-
M0`[W32H2D3,8+D<,\HEKP\Q7VVVU;"5#H@,KF..D$2Q.&"H.OJ":E!R/TI]/
M5@3D4G,UG.3QQ$6DI5A,9R^HT3,R%Z6)[\QE$V.0JB@D8#"(E%0.+WP;6?==
MX\YL>TO:P7*E385[4`E?T.(`B:OEP\QMJA<U36\4`^U()5]"DQ'XG04J;J'Z
M1M:>MB&2G,=Z9+:[1.`B#IMDS5;DV]!S1WB8X*LK.4ON^@FX`W```%4%**>[
M;"94,%,TZCV]2I<7^940?0#5=MALC!3;*OVWEJ_TQ[:/);3E6*]K/N&IB@J9
M!IT#-T-&`CFT6G+O(^X3DOE"(AY-LV6EH9(G*!PH0YS+#P$,/O1V7;[EH9:W
M%47FEZM.E2-(E,A:BX`93'YX+4J@;;NSMP8UM)*9"4Y*)6`<Q!$]##%%'O.2
M<QW:UT]C/3.,6N.9.CS[UNX.I59R5=7--PO'N$SD12>/6C`/>GXA,1(1`/0.
MTMZ9T--4UEPJ7Z<*<9#90H_542O+M('Y(W]G4S+U15O.M!2VP@I/(G5E]$`J
MAA[+V?-96I#$V%CQI;3;KUFUO(I2DJE"M759C\ANI:6:&D5DU`2YZC!$#%#<
M*J?$0?>F,`UD6^ONFX;Q06XCKN.O3F9`I#A)$_</;E$,*6JK;M7TM)+J*6Y.
M9E@%3./N@T);HXZS,?J))X?N=1>,+_C*)K62$AMZE><M',PRA'E]I4@)HL$9
MZIC9H_C:+HB)W#9%/FI%.7>I8G/3[<-*1\/J&REUD)<[^D@D)*T'#O)U#`C,
M`3$\Y96U;LP1Y5U)2ML!?>EF!J2<,4S&',9B!IU,]//4YH^QC:K!:YNF36)I
M:2H#.=?5R;54"1LXME%X[DPL@Q:2G#7Y62D&:3HY4^<@<RG+("O`2&O.T[UM
M^B?=?<;50**`HI5FKA@0#W25`'B,9"<HC[A8KC:J=U;JT&E)3.1S/#`B>!)$
M_P!,1K<E;\TI^3YWY,WY'\[[GY/^^]S:GR/**_*/_]6_QL013DU5P,3BOK6Z
MI*U6G:;V.SM@G%N:+)&QI153J=O@V<-4%FDQZ.)NM,I`M+"8QA#CF$B@``<H
M%\D?B]M+-1LS;=Z*TBHI;B6@"9$IJ&EJ4$\S-A!(^R">$>P/P=W=ZGWIN2R!
M"C3U5NZI($P%4[J$I*N0D^L`_:('&!_ECZY;[(.AKZ.&L!5453I,N_SO\HY'
MY(',F5XZ2BS(41`RB7PH($57Y9]Q!54+O,/ERD3Z&V"G:^(+O-_NL@5=+114
M<\]*2N=49'NZBE,QW@E)PCU16*]==P5#OPY%EV_:9D)ZI775DLM2@B5*)CO:
M`I4CW2M0QC7W^.]?\,CV^`U$XANKU'>8("V8I3JT4[`NX_+/*5PTA(IG4X>$
M``$R^^])@]T)"GW%Z`5B_+U_IW>*)A7]:Q7%]:>W0]H00,^)PR.1CW]N?B#H
MD>8H/4:SUSZ?ZI^@##:NS6SK6"<N`QS&8^]JSAG.IZ9,XW/,>*$,>W^CUI\R
MA757GV-DK%G=SC8(J(LD(5B_D9>)9Q$K()J.V[LPF21)Q@MZ5"HLM6Q]BW;U
M-V-9MF[K5<-OUU2E3B7VE,O,I:5U'&7-24-N*<;00VIL2*C+1X2O)=M\[[M/
MIAOJ];SVDFW;@H:926U,.I>8?4ZGIMO-:5+<;2VXL%Q#AFE(GK\019YZ-N!X
M/3YTVM+%6AWD9*.[GCJ.S)8YJ)=%>M):?S`'C]42NTQY#GN2,FVL44Z8<!DF
M!1`3#O.;ZFB/E(HS)B2B:DTX2&EIE9%9RE$1C^35;M@*9PNFP:JNSHH%,8I3
M+*E2$I0$0`3"'IV(2*H<G^($Z<U>>V>QS/3CRO!R.0E))O<YZ3PO@N,>WA69
M>&F)="SRCJ=07LRDM($%TY*[47%=8!5.!C!Q;1_PNUA;[@MM/U'9ZSTT37,S
M.HRFJ9Q,YS.)C!\.HM3JQ2-:USU'0F:IF9U&6,SB9YF-ZTY]5+IEZD\QXEP[
M4^E[)PCK+]UKU*A+?/:<=/\`X1BW%BD4HYO+2LA&JOE`B6JBO$J=$BA@*`[@
M$?1MK_`+#_(Z/^"W_P`L83:+6/\`\ZG_`(:/T18']3K2-_FL:<?^Q#&7_1C9
M?E^P_P`DH_X+?_+#?A5K_EM/_#1^B'\AX:(KT5'P4!%1L'"1+1!A%0\.Q:QD
M5&,6Q`2;,H^/9)(-&31NF4"D33(4A"AN``#:4;;;:0AII`2VD2`````R``P`
MC=0A+:4H0D!`$@!@![!'UDHV.FHZ0AYB/92T1+,G4;*1<DU0?1TE'/D%&KZ/
MD&+I-5L\9/&RIDU4E"F343,)3`("(;*M"'$+;<0%-J!!!$P0<""#@01F(524
MK2I"T@I(D0<00>!C0:!A;#N*%I-QBW$V-,:N)I-JC,KT"B5:FK2R+$RYV24F
MK78J.._39G<J"D543@F*AA+NXAWZM+;K?0E9H:!EDJE/0A*)RRGI`G*>$XP,
M4E+3%1IJ9MLG/2D)G[9`3B#CJ[]5W5GH*U(:;\0X%TY5O*E3RK`L)F2F+%`W
MF=E;[:)&X2U:'$F-QJ,Q$HQ5QCHV-0>&.LWEU5SR[3@:@1%4KG;)C;2D$&9B
M:I+3?IW0&U&0P+A=$U[05;7<R6+:.F-R;+RK>=6;VH200#84%IMHD\,1WSBF
M=)$5$.84#!'BSVD=>5KIAU1)?[M'?QU=[N][$`XSQ$\XT104`ZLJ)GO^+N)[
MV,^]ACCCCQQC*)X*PBE2%<9I8<Q6EC==Z,DMC]/'M1)2%I$1(89!6J%B`@5'
MHF3*/-%N*F\H>GT!L\6RVBF-&+>QY,F?3Z:-$^>F6F?;*'>3HPSY<4C?EYST
MZ4Z9\],I?DCC1>G[`L)6GE,A<)8BB*?(2R4^_J<7C:FL*T^G4&Q6:$T\@FD*
ME%N99%H0$BN3I&6*F`%`W#Z-D1:K6VRJG;MM.FG*M12&T!)5E,I`D3+"<IPB
M:&B0V6D4;0:)F4A"0)\Y2E/MCQ-Z?<"66`A*K8\(8AL%7K+B0=URMS>-:9*P
M%?=2R@+2KF$AW\*O'13B36`#N#H)IF6-Z3B([(Y:;6\TVP];:=;*"2E);04I
M)SD")"?&6<"Z&B<0AMRC:4VF<@4)($\Y`B0GQE'*D,%81EYVI6B5PYBN3LU`
M90,;1+%(8]J+V=I4=57AY&L1]2EW,0K(5QE7)!4R[!)FHBFS6,)T@(81'9R[
M9;7'6'UV]A3S02$*+:2I`29I"3*:0DXI`E(XB%51T:EM.*I&RX@`))2F:0,0
M$F4Q(XB67",6GIOT[I0$U5$L"X73J]DE&<Y8JVGBVCD@)^:CA6&/F)J'+!!'
M2LHQ%RIR7"Z:BJ7,-PF#B'>P6>TAIQ@6NFZ"U!2D]-&E1&1(TR)'`G$0WR%`
M$+:%$STU&9&A,B1D2)2)',QN-%QEC?%T:XAL9X^I&.HAXY[8[BJ+4X&HQKIY
MP\':G#&OL(]JNYX/1QF*)MWHW[;%+14=$@MT=(TRV3,A"4H!/.20!.,K-/3T
MR2BG80V@\$I"1]``C!5W!6$:A;7E_J>',5U>]R"DFL_NM=Q[482VOEII4R\P
MJ\LD;$-IERI++G,=R8ZQA7.(B?B$=L3-LMM.^JJ8M["*HSFM+:0HSSFH`$SX
MXX\88W1T;3I?:I&TO&<U!*0HSSQ`GCQYPZFV]&S&IW2@T7),&I6,BTNIWZMJ
MN6[Q6O72N0]I@U'C0PG:.E(F<9OF!W+4QA%-04^(@CZ!#;!4TM-6-%FKIFW6
M9STK2%)F,C)0(PC$\PS4(Z;[*5M\E`$?09B,)Y.XB_R68X^J?@+ZCUGZB_P+
M^:_JG^]WR/\`:]L7P^@_P+/W>CP)\'V,O#^KEV0SRM+_`(9OPZ?"/#]G++LR
MC__6O\;$$4H+%(+VWJY=3ZT3CE)Q.0MKQC2HP1*H"I*Y$5@D$V01WJ&(5)NQ
MI\>13T>^4W&#=Z0'Q;^,>I?3;-B4:0?+./U2U<M3:&$HGVR<7+WQ[<_!C3,*
MN6_*Q1'FFZ>E0GGI<6^I<NR;:)^Z&+SAJ`M>GK513)G),A.,=,=QQLK6BR3*
M(4DJ_7<D!-KOC2<V>/8J2:;X8YHDD4H"MQ-G!CIIFY:PI\3V/Z?VGU"]*[S1
M[;IV%^IU'<@]H4X$.O4?3"=#>M004ZU*43W9+0`I0U(U=PWSZA7;T[]5K+6[
MFJ'T>E];;"SK2V5LLUG5*M;NA)6%:$I2!WIH62E)TKTM3K(UH4NR8P:8^TS9
M/E;'F"[V:OQT$3%IYD)MJS3?).G@%DV31)1!60%--J1!%4KE45A]`IE5VM?H
MYZ+WJV[G=W#ZF;8:IMGT-*ZMWSP;Z2E%)2GN*400B965*24)TC'44Q4_6;UK
MLERVLUM[TQW0[4[QKJIE#7D>IU4I"@I7?2D$%<@@)2K6K4<-(5!KW*#E7VE6
MS5[)KI)[/K8!E8V^2"A"&35GBX^61L<D!4%!(4P2A55BBF?WI@`2&`0`=N*6
M:NI&/56V7#;#11;Q?VUTJ!.8:\V"RC$?8TI,QB,",Q';KU0U;_I/=+=NAT+N
M!V^XBJ692+OE"'EX'[>I0(.!Q!R,3D=`RVS-OZ4.EEU.$>F<PC;*52:/'93@
M1_#5?,N08B#.Q,</A&4;$MD6`"`B4%&9RANX=P?7T91\<U^(Q,5LL-BKA^*P
M^YUIU_I+H_S6Y`V0QD1F8.+1%8)NI]!NAVFLRKZ"LE:T-Y1L%?FXMPHTDH:;
MAJC>Y&*E8YVB)56KZ/?MDUD5"B!B*$`0](;'"&GQ&(VOPT>K34UJ7O&K=CJ!
MSME#,;.HU3$+NL-LAV^7LZ,"YF)>_HRB\6G)N%RLU7Z4>@542;A."10'W`V!
M#E@"4A`_]'_6IJVS!U>\@X@REJ+R]?\`%T?ZR/8:#:[O-S-5:>&YMTA`<B'>
M.E&:?<Z)`*WW%^"`-Q=VP,X%`!,Y0SD)K2ZE^9.J=JRZ?F$=5%HJ3'->KC/.
M,ZQ;;<]D[6O@3&F),CY2L\TMB5B\D4VM;<,\>5IPV*DV*DLLBU1;H+LU.!RD
MF,X620D&4<Z&U(]0#I>]77&VE#).LO,.K/%]HR%A:IV$,M6.V6*.M]!S4K78
MY:5C("^VN^.J3::C(3*IFRL;*@"[F.`JJHMG"[?8R,$@I,Y1]^O#G379HHUH
M'9XWUVYZ;4;.-6/EVLT"M6*QTJ!Q7&KV&8JI*3%IM;;+-YELBI7#.@=D0C@$
M7(D[.'!QG4PB0",H,[\2YJTU-::+QI(8Z?L[90PXSMU4R\[L[;'EOEZPC/.8
M>7H",6O*)QCA`KQ5@E(+E2$^\2`J8`]T=@P(`,YB'_ZX>I3/^#NEEI(RGA_,
M60L:Y'MN5<"Q5GN]-L\G!66>C9[3KEJQ33&4EF*Z3MXVE)V):NUR',(*.$"'
M'TE`=@Y0B0"HS@_^B9E7).;>F+IFR=EV\6;(^0[-YS>(;G<)9W.6.9[FU!97
MK\3WC*/E%73KNZ#B6S1'B,/`@@0@>@H;`RA%8*,H&[KV=2G(^@'`6/*W@URR
MA\VZA9FUPU<N+UDVE#4.H4AE!KW&R1$:_;NHMS9CN[5&-&(NTE4$BN%EN6=1
M$@`&!(F<8$GIP]/_`*E>5*[I5UP9CZK&H1M'6ZP8OSW(:;G<_E&Z4NZXCD)B
M#M[>J6*1=9B@JK&^8-"4,19FG6'C-@#PA?A3%-P&/.%)&("8#_(FMW7'U:NI
MK8=%NE34W;]).GRFV.^Q["Y8T<RT)95:OBPJS&PY)GY>I3=4N5I=6Z>9$+%0
MY)>-8(-GK9-8"J%<N5#,PL@E,R,8X^']<>NCI7]4"&T.:J]2-QU7X,MEWQ[5
MWUNR8_E9V<)`9;2C$JID^N3]OE;1<JX:KR<X`2T.>5?L%$F;I%$#J`V<E,C`
M0%)F!C&R=73J&ZWM+G5E3Q_ITR[/M86:Q51:Q6,56&6=/L6DN>5:K-U!C:G%
M3=.DH%2<@IZ9;2K19R11L#]DB9PFL@"B*@<X$@%.,#+U#[9U2^D!J`P1:I'J
M.YAU$KY.KDA>EH^VRUR'%P3]>G6"%SH3W$]DO%MJDA5N5(,P;OFJ$2Y,@Z4!
M!!BHF4XIB.,*-*@<(R&O9/JN:/L`:7M>UUZE6<9FY:D9F&E9W#%;FK73Z#BN
M4M-*5R'6H%O4VUK<XUMC)K#MUFTDT/6F#)N[("9"O$_AQ,><`TDD:8*3^T59
MV_@_0/ZNKQ[]6Y3[W?\`"?\`+?4']YOR7^_=EG":1^6/_]>_QL013*ZOV.;?
MH%ZB!]<+6K3,[IGU:P<'5\I/X5LHX1IN3:[%1,0Y*MPE%!I(R497VTPP*X43
M[S%2511$#(B8G'O6OTS_`,SMHJME(ZAN]TKG6IE*\)6$E*FEG,(=29:L=*@A
M1!"2#V;T/]3QZ7[O3<ZMI;MCJ6^C4H3X@@J"DNH&16TH3T_605I!!4"-GJ%W
MQKF>I)SE0G:U?ZA+)$*H=J=M*,C[^%7L4K&N2"JR>(F*',;.T4UTCAN.0I@W
M;?,"\6/<NS+NJAO%#4V^[LG#5J0KEJ;6DR4D\%MJ*5#)1!CZEV>^;9WK:$UU
MGKZ:X6=X">G2M//2XA0FE0XH<2%).:01&1KN/:!3UU7-2H]/J[E<@IK.*[68
M6$76(.[>156,9-E%"#PAZ!$0]&VM<=PW^\(2U=KY653:3,!YYQP`\P%J4!&Q
M;=N[?LRU.VBQ4=*XH2)99;:)'(E"4DQ'UK4U%GM[5'2!IU15REGG-LDUQP>O
M4U0LJO%-;$X"->P2CAJIV+O^>3.9FHV.J4&;155=R*1`3$_IO\.GHS>;IN&V
M;ZW#;W*>PT2P[3AQ.E50\G%M24J[W2;5)SJ2DI:4I03WRGS!^(_UILMJV[=-
MB;=N#=1?ZU!9J"VK4FG85@ZE:DS3U7$S;Z<YI0I2EA/<"KJ6A?34VT?:1,!:
M;DG;:0>8MH#"+L<DQ`Y6$G=9=R\LU\E(\JOPI(^3NDV_70`_OP14*!O3OV^A
MT?.8F9)@L-B$BKA^*P^YUIU_I+H_S6Y`V0QD1F8-O15$2=@Z"=+@85DXDYF;
MT*Y6B(F.:$%1U(2<E3;XS8,FR8>E1P[=+$3(7]DQ@#8X0T^+WQ7_`/PQ&?,(
MX,O6LUYF;+./<5M)#&V,IR.=9`MD+4V\C&5&8O"MD<1RTT\9IOCQ"4RU,JDD
M)UN%8H@40W[D$/6"92AH^@59HRZ]9:S7*%[0,-;:]J2LT2+M($'0QD\^/*L.
MTH`=0$7'979.,G$;A-O#>/N[`S@7X8V'0E_I/=X_ID]1?^26I[8XP'P1N76"
M_P!(#T[_`,<M%?\`+N%V#G`GPQY_%8??%TZ_T:$?YTL@;!@1D8?#\6='/BW+
M1#+&:K!&K5G.\<D]X!%N9\UE<5N5VO,#T%6(W=IGW#NWE-O#?N'<IA&^,<;K
MEZO-.V8.E9H'QIC?*E-N=_G+!A7)[FIUBQ0T_,5>MT[3_>*?8B7)G%/G3FKR
MS&T7=JQ!J\(DL=RW=$`.)LJ!0Y0)!U'"#_Z:>NC`&@'H;:-\O:A9>?8UV>MF
M:Z378RIP*MCLD]8WVHK/,N#-A'%<,VR2+2)AW+A9=RX;H$*F!.,55$DSG"$(
M)491'W^)3D8#4WI\Z?FM["KQW;,'V5IDRMC9@8NVB<>ZO+:F3]/923)=J1>*
ME%E*9/M7:+@Y3(NH_E`43`8=D,*C"8,3\=,[7?I7R;H@TFHESWAF!ND-B+$>
M([119G(-6K-EB,G5BJQ%+?U8E5GIAI.IN)6:B%#Q27+.9\U5240,L0Y3F6&D
M&9PBJUTKK%7>G_UO<HXTU%3L5C=LJ^SMA0]IN;]G`5]J^F9EG;:+,OYB07:1
M["+O+*O,PCW"A@26&4;[MP*`8$XP\XIPCVZA<S7]=_7KQS5--LY'Y,CQOFGG
M'YK;3I!.:KJQJ.,5/Y&L4;,Q"XI.X.B1W;C/73=42AW8N9(Y@`AA.,`P1C&6
MZY']>#C+_P`J?\H&>P<X$^&"7_%F?:%HG_B9G#_'>--@P(R,/)^(E_JM^G__
M`!RQ5_Z=[)LIA$9F*N?_`+--DAWZ8__0O\;$$,=J3]7SR.R-ZU/EUY`^'UO,
MCS6[K\$=S\Y'D]Y=[_%^V]X\GL'*^.=OY/9?C'*V(43GAG'7/ZP?9T^9\[[*
M_P!=?Q'SWW+[O^S;E=H#D>!.?^O;N'@W[^^_C&_=^QM`;A^6?(GYI\C\,G_Y
M?2Z4_P"V[DXL>W/FCSX^5?/?$Y?^)U>K+^Q[TOR0-+;UI^UM_68]>3R@X_I5
MV;S%[7V+>7G=G\?_`$7X^3Q?*?>>YO\`1OVH=D_R+^(,_+GRG\4GW?+?#^K/
M]7I=^?LB_P!\_P`]_A[WS)\W?"I=_P`S\0Z4OUNKW)2YQ<(Z%/L:=QO4Y[]]
M:GN)QXB]9;NSUBNYNRG[X\%=A^@/ASE<WMOA#X?LO!WI[WD[=:$HX^K5QRBR
M_LL,A;$$1<=5CV:'D[CKVGWV2>99/+_[??M&\+6#@^[W])OJSV_Y;\1_PO+V
M0RXPY.KZL%AHX]7/U8,+>J/]VSP:V\GOKU]4.UO.S?:9]/?E7-^=/C7^OZ.'
M980SF9YQ6CS;_9;/6/GO&W<WC/Q8/C'RU]9;R1\4=X+=N^S_`.@7=G:.#M/<
M'Z&W>[[[M&R80\:Y1*II\]C+Z_;'U9?+KUT_)2M]T>57F_X(\E_*NG^&>Y>X
M_P#PV=C\J^YN1V;X_P!FY7^R\6QA#>]+'*&FP3["[VGTYY)?UDOG+J,[Z^^#
M]KO=&3_6!^MOZA?FKQ+^2_1G[F^_[+L83A3JTXY1F=8/L1?:`X[];+[]W?.%
M?`'WM_G?OYEY._9K^IWY[Y/RWX+_`';\'Q;&$`U2PRCSU6/8B^<6.O:??:WY
M:$\O_O;_`&<^*;!P?=[^C/UF[?\`+?CW^"Y>P9<81.KZL&-U/?9Z>K>M[2'P
MAY,^(V?ASOOQ/XN\==C>]W^6G@']8/BGN_M'-[J_VASNU_$^?L&7&!,Y]V(9
MM*O]F>\!ZA_++P[V+RJLWFWYL>L+Y@>4G)8>)/+GQ'])^/?NY_@WZ1;N+C^!
MY>QA#CKP@K<P>PX]E=A+QKR?9X>8L_ZOG9/6&\6>9'CK)_B?PCWY^O'MOB;Q
M3VKO#XGV+F;OBO9=C"4)WM7;!W__`!O^SHJ_?GE#[.WRGKO<'COM7@CP/\!X
M=X_%?TM\<=]<')YGTG\0?W/Z2V6&XS[8@!P5_9?_`%C<9>57CGS)\V*OY5]M
M]<3PIYA>+&/@'L?:_A^Q>)NR=E[T^*\/#V[X+F[)A#SKE$D/5K]B%XRKWM%/
M"?G;W-&=S^!_,OSF\+<YYW9XE\G/TEX9W=I['X@^+[N9V3X38,H1.KAE&:Z1
MOL5N^[?[-[PGYM]S.O&'B[S*\Z_"O>#7M/=GG'^F_!O:.Q=J\/?HWF]F[9\:
MW;`E"*U<8U_7)["[UX:SZZ7WS_U4^'/O@_N@CY7_`&4?JI^7\'Y?_A?O=^QA
M"C5+#*',ZLWL<_$.$_:E_/\`W->/)O[TGS1VZL^-/N[?$OEO=WSK\+^8][S=
M@RXPB=7U8W+J)>RB]5O3_P"O[]V?OFJ>1/WD?G?R[DO#'V+?3_Z@=H^>?@OS
DOQGAV,(!JF99Q%S_`/ET_P"YK_[#?LA_U?\`*>QA"]_\L?_9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>g652797g34j96.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g652797g34j96.jpg
M_]C_X``02D9)1@`!`@$`8`!@``#_[09Z4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``8`````$``0!@`````0`!.$))300-```````$````'CA"24T$&0``
M````!````!XX0DE-`_,```````D```````````$`.$))300*```````!```X
M0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!`&QF9@`&
M```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4`
M```!`"T````&```````!.$))30/X``````!P``#_____________________
M________`^@`````_____________________________P/H`````/______
M______________________\#Z`````#_____________________________
M`^@``#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0`
M````.$))300:``````!M````!@``````````````$0```"L````&`&<`,P`T
M`&H`.0`V`````0`````````````````````````!```````````````K````
M$0`````````````````````````````````````````````X0DE-!!$`````
M``$!`#A"24T$%```````!`````(X0DE-!`P``````]T````!````*P```!$`
M``"$```(Q````\$`&``!_]C_X``02D9)1@`!`@$`2`!(``#_[@`.061O8F4`
M9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P,
M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X.
M%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`S_P``1"``1`"L#`2(``A$!`Q$!_]T`!``#_\0!/P```04!`0$!`0$`
M`````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@)
M"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D
M%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#)D235&1%PJ-T-A?25>)E\K.$P]-U
MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$`
M`@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D
M8N%R@I)#4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%539T9>+RLX3#TW7C\T:4
MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G=X>7I[?'_]H`#`,!``(1
M`Q$`/P"^_KW6:^M9O4*Q9@491;7;1:T66,LQJZQ&S:?3JL];=_PN_P!BVOJ]
MUNGIG0F5YK;GOJONK-FUNU[B\V[Z"7M8ZK]+_8>LSKE`Q_K#G7X]4W6N8'/V
MEW^#H,?SE?ILU=_F*[G5,/U?Z3+2YE]^W1P:9O<^W?\`S=V^M)3NT_6/"N;4
MZNJ]PN.T$5R`[])[';"[W?HOS%!_UHZ<RZRDMMWUE[7>UO+-'?G^S_KFQ<_3
MUGHQHQ:Z:\U^UX=6?5#0'6#'V;VU65,;^DZM57^@:RW^<_P:%@YO0LOU,NXY
M++VXMN;=#JXD-KNMKIWA]F[]<_0[WI*>@/UPZ8`XFN[V^3-==FGZ51_YY],X
M]#(_S6<\Q_.K!-_U>IM=0['RK'ES*PP/J(+OU9OI;JRUVS]?H_2._P"$5;]O
M_5C[1Z?V3.]39]JV^HV-GH_:/I>K_H/TO^DW_H_^#24__]#5_P`8?_*M'_A<
M_P#5A=1U7^B],_\`#-'Y'+YM224^R]*_F:?^._\`1W34V+_RE3_X5K_\\8Z\
M;224^S=/_G&_\7A?^?J51_[7_P#H%_[IKR=))3__V0`X0DE-!"$``````%4`
M```!`0````\`00!D`&\`8@!E`"``4`!H`&\`=`!O`',`:`!O`'`````3`$$`
M9`!O`&(`90`@`%``:`!O`'0`;P!S`&@`;P!P`"``-@`N`#`````!`#A"24T$
M!@``````!P`(``$``0$`_^X`#D%D;V)E`&1``````?_;`(0``0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0("`@("`@("`@("
M`P,#`P,#`P,#`P$!`0$!`0$!`0$!`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#_\``$0@`$0`K`P$1``(1
M`0,1`?_=``0`!O_$`(@```$$`P````````````````@%!@<)``$*`0$!`0$`
M`````````````````@$#$``!`P,!!`8&"@,````````$`P4&`@<(`0`2%`D1
M$Q46%Q@E-G<X>+@A(B,D-+8W1[>(&<D*$0$``0(&`@(#```````````!`!$"
M(3%!41(3\'%A`X$B0O_:``P#`0`"$0,1`#\`+)WSMS*C&9V462,9`G^+%NKV
M/,>M_-[2W+B$>NC<^"7%Q:M%`@D@5(N0Q.`L2@\J%N0D:-TD-RC^HZ*E`J*(
MCKE);:"M6A27<4MMH599KR\\U(ABG@O'HO?%JO=)I%!KX7T@KC,JXY#AV"X[
MZZ7.>+@%2&UK@?-6EA>(.*C<!$-7A2E*&YQ%,'JW44**ZM+54)%]P44SEB<1
MYC=E9R#`7*-0:^[J#<%UI8&XMLM@0]BMDBU3G9"D><BX^[.PICXD#;\HK49L
MK<5:A%T5J-*DZ2:A]X..))Y#HQ%>.9[CNQRV50HYCNEVY$'.=,KFFE'HS6E2
MZV^+6!>1"^F9T$1O0HH5:D99Z3;!ZJ4:JU%$D]VNIP<XYD82_-]QI&%<BEH7
M>VFEN2K73I38+>$TN2:4@TCA%018MSUV]/44S7K5-"5A]=!M:5---=*Z-YUW
M;DSF;,0_\S&->_U7AAD;UN]U6YW-M]T\3P_&<%O>*>YQW"?:=3T]9T?1T;WU
M=MZ[MR.9LS__T+!<X80-;GF&947$MM!DB9W-WZ`M+[)%HR\R\C44BT%@W%`!
M952?Q0.*1\TMP.+K)305%6J:E*55J5AQAUN_U%"H8R+VM!?UA2WRC3,KR_\`
ME^*+,+LZ1^YM_=612@:9@1(H9RR%ED[N"A)1-3+>W);I)$M5DB"1$:Z1*UQ5
M1:]:]=Y2FGGS2ZY-65P$!<B1=#,R,-"X386.P6'9M2#5LE;,_P`*(3OBUQ9J
M97ZZ4<QW68!Y"R0&Y$!C3&(W2_F$Q]F*7BH+8^C<(>E45J`DHD7/-QP)75EC
M&%9.\N"UWZ)G>:;F9(QNY;5BM>3,6XW#R&S"K)H4UP:WMP[@Q2VPDE:7^6JO
MK@OD60K&D'1P**4X52HLM91%%77>QI2A)?J*YZS"9WR]X;+'6`.5I<LI.^F/
MEO80WQ86Y./Q;>^R0E;&=KUA`SY$WEH>FZ/DZY81/4IX/)'$/4"<4@B]:@U:
M"'9='2;R&//SRR>_W=CR[9W=Y.ZGF<[%\78;V?W+\M7B_P!9VIXK\9Q_A1Z?
M_$]L]I^C^-X;[AL[&;TD_]$]/^A;WJK3?#H[_P`D-FU6_P!>I1D>Y?'E3^EF
M"_Q18R?EV0[1&K.>'%+U2MQ[9"?F:Y8^PE7Y^?,W:WWD[>_"?:+Y5<?=D:'F
=L6<?/6)D]FG+R^96T.R8P4/WZ_H]_K9V1I^9_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>g652797g34v50.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g652797g34v50.jpg
M_]C_X``02D9)1@`!`@$`8`!@``#_[0SN4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``8`````$``0!@`````0`!.$))300-```````$````'CA"24T$&0``
M````!````!XX0DE-`_,```````D```````````$`.$))300*```````!```X
M0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!`&QF9@`&
M```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4`
M```!`"T````&```````!.$))30/X``````!P``#_____________________
M________`^@`````_____________________________P/H`````/______
M______________________\#Z`````#_____________________________
M`^@``#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0`
M````.$))300:``````!M````!@`````````````!U0```B(````&`&<`,P`T
M`'8`-0`P`````0`````````````````````````!``````````````(B```!
MU0`````````````````````````````````````````````X0DE-!!$`````
M``$!`#A"24T$%```````!`````(X0DE-!`P`````"E$````!````<````&``
M``%0``!^````"C4`&``!_]C_X``02D9)1@`!`@$`2`!(``#_[@`.061O8F4`
M9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P,
M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X.
M%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`S_P``1"`!@`'`#`2(``A$!`Q$!_]T`!``'_\0!/P```04!`0$!`0$`
M`````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@)
M"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D
M%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#)D235&1%PJ-T-A?25>)E\K.$P]-U
MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$`
M`@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D
M8N%R@I)#4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%539T9>+RLX3#TW7C\T:4
MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G=X>7I[?'_]H`#`,!``(1
M`Q$`/P#U5))))2DDDDE.7UBFF^W%9=6RUNX^VQK7@2:V;FBQKMKMCWMWJI=T
M[IM3-XP*[0#[FLJK+@(/NVEGN5[JPN:['MJHLR`QQW-JVR-6/UWN9[?T:I/R
M+[&[;.EY+V@AT'T^6G<QW\Y^:Y)2!N+@&LV?L=X#206NQZ@[3;M+6_RM_P"]
M_I$OL_32&EO2+'!QY&-5H.-Q2;5366O;T6\.9&UWL)'[O^%2&/CM@MZ'<W;Q
M`9IS_P`+_*24F/3>FF@VC"JK)87AKZ:PYIV[H>W8[W-6ITQC*\)E=;0QC'/:
MUC0`T`/>&M:UOM:UJS7Y>6YCF_LW*ES2)_1]Q'^D6IT\/&(S>QU;G%SMCXW`
M.<Y[0_:7MW;7?O)*;*2222E))))*?__0]522224I))))2'(LM::F5%H=:_;+
M@2``U]GT6N9_H_WD*VS)I9OMOI8S@N=6X`?$^M[5/*):ZBP-<X,L)=M&X@%E
MC)VC^4Y(Y=;A!JM(\#6[_P`BDIIY.19=0&,ZA32;2!7=6S<0YKOS?4LLK_-V
M>YJ;=C59'J^OB,N>20XL(<9+J_\`3?O>HI/!V%OK90:9#OT0)]VGM=Z.YKMS
MD1CVML<YWKV-/YCJ1`_M-J:__.24F8<RQC7LNJ+'@%I]-VH/_7D3&M==CU6N
M`#K&-<0.)(E0&76``*K0!_P;O_(J6&US,2ACQM<VMH<#R"`-$E)DDDDE*222
M24__T?54D+[.R(W/_P`]WG_*_E)?9V3.Y_\`GN\OY7\E)25)"^SLB-S_`//=
MX$?O?RDSZZF>YSGZF``YYUG=]$'^2DI,JPMRWEQKKKV!SF@N>X'VG;J!4[P3
MQ3$3;X<V3QM5.NW(>QQJKLJBZUI&1ZC20VQVVRIM)?\`H;?\'N_P22FQD#JE
ME+F4"BJTP6O>7V-$$.]U8;3O_P"W43=G?Z*K_MQW_I%*MM;@&.<\/+=1NL'`
M#';7/VI-?0X![76.:[4$%Y!U+O;'Q24RIMN=8^NYC6EH:X%CBX$.W#\YE?[B
M,LWU''+R*JJKP654EEUF\5/)-K2QEC"ZSU*VL_2_H_S_`/A4:IQ#"[))809]
MCK2T#4^XO#?WW)*;B#=EXM#PRZUE3B)`>0V1QIN4O1;^\_\`SW?R?/\`D(-V
M/D%P-%VQNT@M?N=J9VN^FWZ.Y)2_[1PB]K!<USK)V!LF=I+';=O\MKFJRJ;,
M7-%C'V9(<P`;ZVM+02-GN:[<YS?<QWM_L*QZ#8C<_P`/IN\"W][^4DI__]+U
M5))))2D.WZ57]?\`[ZY$0[?I5?U_^^N24U;LVZG(]-_HM8=6ESW-=!^C[?3<
MSV[7[_TB@WJ-KG!K'8[Y,"+""?<&;=NSZ>UW_;BL68]K6O?5=:7>YS:Y9!).
M[TPZUCO;^;_(4:*<AS'BVRU@!#:]Q870W_";JV_X3]UZ2DPWFRHO`#]CMP&H
MGV*M7=93TW&LK#3#:P_>2!M,-/T&O]RLD$7,DS[7:_-BKT/O;@8_I5&V6,!V
MN#2`1#GC?^XDI$.J/AVY^,UPB)L,$0=VYVSV>[\_WUH[[+[.GW.L#&N-;]A8
M2]I&W1W%;D$.S7LCT;VED&"^KWM<)V>X'Z.W9[T6RVY^'=ZM!H`K?H2UW`_X
M/=]))3"QO4?L^+]I?CD"/VC#'[7::_9=UGZ-OJ_Z?U?T2C><4%OV9N(X:[Q8
M0WPV[-K7HW[1QWU8UE1<?MH!Q]S+!(+?4_22S=1^C_T_I_N*5^2<<`W%K09.
MZ'$:>+@W:U)33W`Z-KP2Z=1O_-/?^;1C^S_1=O&.+-IT9MT,<-_>02]EEU]E
MN2+*+FUL;0UKF^D6>J]SS?4/5_3_`/"_0]+]'_.*UCD,H+L?:ZL2=7/.H'_"
M2DI__]/U5))))2E"QF^/<6EID$1X1^<'>*FDDI'Z3_\`3/\`N9_Y!+TG_P"F
M?]S/_((B22D;:B'A[GN>0"`#$:Q^ZUO[JC7C&JMM;+7AK`&M'M.@_L(R22D?
MI/\`],_[F?\`D%%^.7L<QUKRUP(/T>#_`&$9))2.X@5R3`!:23\0J.2UQ>75
M/+@"X@-R"PR0/S8+-F[<M![VL;N=,#P!)UTX"CZS?!_^:[^Y)3G,%@D`F1`]
MV1/M+7M]I'YWT?I_];1@9+[;+-I+7>P6[FR6M;]#1OYO^OJ);[[<O)8:K:*=
ME/I938)>9L=:QM6USZO2]G\ZW])ZOZ-'J>VFL[WVV`:ESVF0`/Y#&^"2G__4
M]/MR\:FMUMMK65L^DXG02=O_`%13.SL-CW5ON8U[2&EKB`9.WL?^,8H@=1^S
M/!=3]IWN]-VUWI^GO/I;V;]_J?9_YSW_`,\@Y&:ZJUS2YAVDZ&NPG:`USOH-
M?N24V'9V&QSFNOK:YGTFEP!'^L(S7-<T.:06G4$<*A7G7V/-;37NB`-EH&X'
M7W.8&_0#_P#C%%O4;W$M!KGM+;1,'W1+/W4E.DDLW]IV&L.:^OZ4$EEL'<`Z
MCT_9[]R?]H7..UAK#B!LW,MB3M;[O8W:W=O24Z*2SV]0LL],5EA<XZDLMCZ6
MWVG9_)?[TSNH7#:/9)8'?0M.I):[05_1]OL24Z*2SQGWZ":BZP.-(VV@':?=
MO.SV>U,>HV;2-S/4!XV6QM_S/I;DE-ZYCGUEK'!KM"'$2`0=WT9:JUF%;:\6
M6.I<]L$.-3I]IW-_PWYJ$>HV;`0^N7&&@LMUAOJ.]NW=^>Q/7G9%KVUL],O/
M,MM:.-WYU?YW]9)2QZ2TMVD4QQ_-O_\`2Z(S"NKK?74^JMKYW;:W=_C<49GV
M[U!ZGI>GKNV[MW\F)1TE/__9`#A"24T$(0``````50````$!````#P!!`&0`
M;P!B`&4`(`!0`&@`;P!T`&\`<P!H`&\`<````!,`00!D`&\`8@!E`"``4`!H
M`&\`=`!O`',`:`!O`'``(``V`"X`,`````$`.$))300&```````'``@``0`!
M`0#_[@`.061O8F4`9$`````!_]L`A``!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`@("`@("`@("`@(#`P,#`P,#`P,#`0$!
M`0$!`0$!`0$"`@$"`@,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#`P,#`P,#`P/_P``1"`'5`B(#`1$``A$!`Q$!_]T`!`!%_\0`
MM@`!``("`P$!`0````````````<(!08$"0H#`@$!`0$!`0``````````````
M```!`@,0```&`@$`!@0'"0P'!@0&`P(#!`4&!P`!"!(3%!46"1$7&-A7ESA8
MF!E9(2,D)=5VMW@*,2*4-94FMM8W=]<Y4S2TM3:HN$$R,V39.D)E)XAA0U56
M*-IB8Z41`0`"`0,#!`("`P`#```````!$2$Q46%!`A)Q@2)2,F*1H;'!T?#A
M0O_:``P#`0`"$0,1`#\`]_&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P/'&7Y
M=-`>8KYU_F<0N_UEA(V>N4%52B/BKV1MD<6#<G6%P1J5!<3W./2`"E-I*'71
M"$!>]#^[TM_N9.LNES';VTV]3Y2?[.\C4'I%?F`Q-*K2G&IE253SIXUD*$R@
M@8BCR#R#6H)A)Q)@=A$$6M""+6];UZ<5">7?L^/U3G[.K]H3#/IW<9_R9BH7
MR[]CZIS]G5^T)AGT[N,_Y,Q4'EW['U3G[.K]H3#/IW<9_P`F8J#R[]CZIS]G
M5^T)AGT[N,_Y,Q4'EW['U3G[.K]H3#/IW<9_R9BH/+OV/JG/V=7[0F&?3NXS
M_DS%0>7?L?5.?LZOVA,,^G=QG_)F*@\N_8^J<_9U?M"89].[C/\`DS%0>7?L
M?5.?LZOVA,,^G=QG_)F*@\N_8^J<_9U?M"89].[C/^3,5!Y=^Q]4Y^SJ_:$P
MSZ=W&?\`)F*@\N_8^J<_9U?M"89].[C/^3,5!Y=^Q]4Y^SJ_:$PSZ=W&?\F8
MJ#R[]CZIS]G5^T)AGT[N,_Y,Q4'EW['U3G[.K]H3#/IW<9_R9BH/+OV/JG/V
M=7[0F&?3NXS_`),Q4'EW['U3G[.K]H3#/IW<9_R9BH/+OV/JG/V=7[0F&?3N
MXS_DS%0>7?L?5.?LZOVA,,^G=QG_`"9BH/+OV;9!O)?\@^SY6SP.M.:I%ASB
M1'')H_#(-S+X_P`ME;ZH3)%"]00SQU@8'!W<SB$*0TX82"1B"44,>]:"'>]*
MA/+OV9/RH>,%;<-/.Y\P'C941\F4UY7'&BM?#QTP=$CS(Q^,&OCY/7;O%R0M
MC.E4]%\E*G1/13%]`C0`;Z6P[$)&LG=-]L3+U:96#`8#`8#`8#`8#`8#`8#`
M8#`8#`8#`8#`8#`__]#W\8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`\ZO`G_
M`#W/-T_,VE_Z/0;)&LM]WX]JV'!_Y(O'G^ZZ-?[+G6-(<>[\I6IRLF`P&`P&
M`P&`P&`P&`P&`P&`P&`P*^W!_:YPC_6V;?T`\@,SWZ1ZM]FL^BE'%/\`]QSY
MG_ZM%&?HVXLYSZRZS^':]%65@P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P/
M_]'W\8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`\ZO`G_`#W/-T_,VE_Z/0;)
M&LM]WX]JV'!_Y(O'G^ZZ-?[+G6-(<>[\I6IRLF`P(<F7(*E:]?4D9FMD1F./
MZ^31>$H&IR6"+6+YI-TRI9#8<B+`4/M<LE:1$<:W-I>Q+5I90Q$ECT$6]+6I
MGHD2,2B/31B02:*NZ%^8'0!PV]U;CM'HU6DRDY&HT69KT?OTZM,848'>M"`8
M`0=ZUO6]8-&?PC3X#8$)M2'L5@5Q*&6:PF3)3%L?E$=7$N3*[I2E)Z(T]`M(
M$(H\LM6E,+%O6_N#!O6_NZPLQ,8ES);,8I`8^X2R;R1DB49:0%#<GZ1.:-H:
M4?:%!21*`]<N-)3A-5K#RR20=+IG'&!+!H0Q!UL:L-'K.@<IDKQ"V61I#YG'
MFEI?G^'JR5K3+&)D?AJ2V-V>8V[I4+TUM[R:B/`D./(+`H&G."7L6RC-!%2W
MW"&`P&!HLILVO(3MH#+9I&X^-^G,<K)G+<G5(G,<+#EY:8Z,0M.7LS9FY(^D
M+"C4R3>M&FE&@,UKH"T+9:F6]80P&`P&!7VX/[7.$?ZVS;^@'D!F>_2/5OLU
MGT4HXI_^XY\S_P#5HHS]&W%G.?676?P[7HJRL&`P&`P&`P&`P&`P&`P&`P&`
MP&`P&`P&`P&!_]+W\8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`\ZO`G_`#W/
M-T_,VE_Z/0;)&LM]WX]JV'!_Y(O'G^ZZ-?[+G6-(<>[\I6IRLF`P.KWS)*XE
M,O4<'#J\KZ2RE3$O,DXR7591\+ASN]F-4&@B&3M4FG,G/8VU5O9#(VC;TXAG
M"$H$G+*`6$0"O0&=W3U;[)_*YZ*X\[3N8$7M#D*WT(AY&@CTGI#C;(*@!4C)
M9+K&$MEZY5(AWH:D411"K8HW*'*L5:A0ZIE0TQRY$<8?HLS?6&!G=>::[?&H
MNKO_`$^#PFYBI[Y7RE";RD,CB;S.XRSI6XL^VCX-[%TEJ!T+GRPN+`V*.K86
MFG(">S*]IC%+2JT$2`2?I[V)F_<^-=-/[5V3+/,58./-.B=DW+C<_?.!?)R.
M.Z5F9[4=)`CY,MMJ@=*F4RA*P(E0XS+!Q%1O38XK])2E20.TX3C-!T5DS4:W
M2_"YTJW8#S)JN[[3X^<')?'FB7RUUHOD-Q4ON\:Y"D5:FLUB4""G43M-MA<=
M)W!_DS*O5;6B:30".5F$F;`68J+(+%9S$,]LQ$]W,2F'DK(K"FT5B$CX^PRS
MF]<.W..S=;LO)@,JKVQ%7'D=KM:^THQ$D,F;HW9PW)OCJHU4ITC;]=2B4*@I
MSNV=,L-F^B1C65-6V%<Q;#MSCU!+!D7*"*4C(+1\Q=N?I%"I38\+E#33)CTV
M;X?N%DS%C-)=&>4(MDK364QS-TK&D`06O"86:84;,W&V5OMB)F*O'_M%%133
MEW/+=F@*:F5X2N55[S\Y]UR^*9L]3MXH)FHJ'Q9[05?%9*<_*#(`:\M%CF-)
M3*6FV-[)T(\1WH1:R1=S6\K/C$9K2'VG@?,/+X\2@,.,Y,ERDWB;P=W(#1ZF
MJFR2N7(KV*%R2'7X=@4N`&$%5!5[>0MX-L'5=GTG#L6]ZVGRKV(\;S6L_P`)
M'YJI^4-4JW*!\70\TY,:Q5Q`K&B4T->K1ME@<'Q=RP;)!+X*D6HVES>'&4M%
M8N*\A2GF#PM)\)H$[<D:5*@\:\FS<8BSM\9S-?\`D-'C\1Y)PZ7VH3#XAR2:
MG>4>=?6UG2-T*:;6''9#Q'>VV%$+'OM[AHU@?(/W,T+$KII+UPD!"%*C7]1L
MEN(U,_V8Q=?C_;&3DKS*_4:^":]W[ZVA\=^1PK7[H.E_IU>)7)5!NCO4J%$/
MLQ9FX1IP[/J/:T@'&.I[=Z=]3CY5R?"^E7_IV&<,DMX,UV<OV"PCKA65,6Z\
M?7^DU]L*9J[@.5R&DV53<Q$4?9R)0Z=U)K+)/T<VE&A1-JD0RTQ!!8NCFHNY
MV9[JKMK5V(Y6#`8%?;@_M<X1_K;-OZ`>0&9[](]6^S6?12CBG_[CGS/_`-6B
MC/T;<6<Y]9=9_#M>BK*P8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8'_T_?Q
M@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,#SJ\"?\`/<\W3\S:7_H]!LD:RWW?
MCVK8<'_DB\>?[KHU_LN=8TAQ[ORE:G*R8#`TR;3EE@B)H4.O7J5TDD37$8PR
MHMIMNDBDKQL\:1J;2U:A*G$84B1J%B@8S`%IT*0\\S>BRA;T6(M`R7EC%Y+N
M_CJP@\[MEOXU2)U@]CJ86F8NT.-AL#0C>I/`*_1OCXS^+I1#$+@3MW)$8C`6
M:<!.C$N5[$G!+U6M+ZIO06=`EAA:(Z71EN?`L@Y`X1IPD+,GD#,VIVQM>')0
M[-0EO;$)+0WO"4U48,&BR"SRQBWH)@-[J5(*U*P`C1N`['@84#AV+L"X4OCP
M4:[O)0X)&[L:G;CHE3V]4TJBB>@(76F)C0A].RQZT*G9^H]:592Y2B11.Q8)
M)UCDQ'2AN21Z71]Z4KXRF<CF51(D1#:X*353$0\)S$@U8-"3A4@$5L>AAV'2
MX*G9^"+5J]4BVY)K(@*AN"ZM[$)>1,(\<B"]NR$MS:F?:HMQ$1IU<VTT"A.G
MZ77'$"T8`.P;UO!4[.478$6<H2OL"*NS?.XTC;'=T3KH4[LCXE>`,FE6EZ5H
M<P.A+(I5EJ$1A&]#5%E@.#L(Q@WK?H%9I5GB/=?&*<4O&[MJEE1TE%^1LBEE
MBIF"?+HC$Y9-)8KENXM)YFZM+;,)(@<I+))*$@"I6!4>L6&GIM*-]8,L.2)B
MK7NB;J<TWZD^6]/W;6B"TD;F;73(YS&<P9$V6JY1&+OBE]KZ;J*^?`)B4,I?
M&M8G.D9)9:81*LP9FE)&A!`8:$O+$WDGMF)I,N[,K@+^GBF[`A&I2K<U3(DC
M6Y6PZ?U3RA2[7+6A.S;7]XG.:1$'9QJ<)>S2RM=,0=!^[A*G9"[MRZIYJY#1
M7C6%S-=IO)XM8DJ4O+*YPYQB4-)J\IF42AFGBHN5!D$7?BTSX0:40<V[`(OI
M"&8#0<7%TOC-3/1)Q-R5VJ?8JRH).RNQ,V=W.+QE]97EG>6-RFS1'5\R6P?M
MC:O4C(E'@MJ5NQ2<8-:,0HSA]+6PA",E2E'"&`P&!7VX/[7.$?ZVS;^@'D!F
M>_2/5OLUGT4HXI_^XY\S_P#5HHS]&W%G.?676?P[7HJRL&`P&`P&`P&`P&`P
M&`P&`P&`P&`P&`P&`P&!_]3W\8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`\Z
MO`G_`#W/-T_,VE_Z/0;)&LM]WX]JV'!_Y(O'G^ZZ-?[+G6-(<>[\I6IRLF`P
M*O<BJV>Y;*^,=BLQ1[D30]]`L"11\I*:XC=(S(ZJLZI')P0-9&NO6/44/L8A
MU)ZOIG:3(U`22CCAE%[D]&HG6-X0MQOXVVKQ+D_)ABKYO@TYK6^K^FO(R(N;
M[+GN-/D$DUAMD<2RN'RIL+B<B[VCS<HCX!M*U$J.5*-;V4J)3_ZSM$5:S,=U
M7K$*U./%3D/%N4K#RELKU-CIVE[LY46V\,-<[F/>\DJ6U./`(5MR#53/63VX
M2BU!N#5USN4<\.Y[PH"60B"246#KI4W?1?**J-:AK\5X#S.2\2H/6=?RB+/\
M99>74,M"LS+)!)HUW9Q(K*[)/8$!KT\C40>W9V>PMC^O,1=O2DA.(=`A-.)*
M*+(`K%<KY_*9G;^W`AGEL<@X5,H9,&M5QU,.BLJ\R60*&UR=9LX,KZBY=LS,
M13S$_M2>N6D3PQ1=S:]@D*,2@D!2,>^Q#4#%T0O&?\GG'/3^FBM/EG\L'0N3
MJ)@Y488IF4F\N28.C<9/)0I940N(B61(+%CC>UM=*-;,@;WU"M3%,R-,D`C3
M)0`3FFF[+$H'/&?\'GV]+Z_V['.,'&RR*/KGE5%'\^!JG"Y^2G)"Y:^0QU\?
MAL3+%+A<0N$7C[ZI6PYL/9W!JWT@K"T2-:F*]/I)&;Z?1FHBK9F8F>WT49J+
MRX>2%8UGQ8C2";1.'VA049886^S.$3IZE%7V/"G"_)'8<_@UF59-ZY;$<LCR
M>&N)2AA4IP(G)+)!BT(T!`2EB:1VS%;K/?$S.,2C25^61S`7T8[4NUN/'()4
MA@G+!G=9"@E<N02+O6Z[O;[:B#$IDZZH5;FY00E,VIPKFU,4TBV[$:.,5J$H
M=ICIXS5+Y]MWE-#CY=5_NMFNMBJ'&DRECGSGX:<H-JO%\U5/)$$X_0-#&+!C
M/>`ZJ(--D3TX(A;;2NF%&J(4#$I.3"ULL=\9_M/.*KB6BQ7RS[^:$53PZ5-U
M)SZ'5A3',^F)6Y+;,G<6D5T-_)J9KY&V/[EW'5RM3%'4YM7B*>#@KU1B=<<>
MH3:/``LHYXROG&=>BU59<8+PC:6E8!/K$DMC%0/ELYWXEL&6B1K[!1TM$Z<?
M8)"8C9M@-#$U-UE6FOESFC2'*3=C4"C.Q`V=L*`DL=B)_MF9C,Q'1VBY6#`8
M#`K[<']KG"/];9M_0#R`S/?I'JWV:SZ*4<4__<<^9_\`JT49^C;BSG/K+K/X
M=KT596#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`__5]_&`P&`P&`P&`P&`
MP&`P&`P&`P&`P&`P&`P/.KP)_P`]SS=/S-I?^CT&R1K+?=^/:MAP?^2+QY_N
MNC7^RYUC2''N_*5J<K)@,!@,!@,!@,!@,!@,!@,!@,!@,"OMP?VN<(_UMFW]
M`/(#,]^D>K?9K/HI1Q3_`/<<^9_^K11GZ-N+.<^LNL_AVO15E8,!@,!@,!@,
M!@,!@,!@,!@,!@,!@,!@,!@,#__6]_&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P
M&`P/.KP)_P`]SS=/S-I?^CT&R1K+?=^/:L/0<>Y>TS3-;U4Z\+Y\_.,!BK=&
M%;TS7'QN`TNIK8`1&U[>!SME"X`2*=:T,&CR2C=:WZ!!UO[F;CNJ(BG.>VYF
M;2]XKY6_,8M'XY>,'^,>7RC9/'D\5\K?F,6C\<O&#_&/'E&QX\GBOE;\QBT?
MCEXP?XQX\HV/'D\5\K?F,6C\<O&#_&/'E&QX\GBOE;\QBT?CEXP?XQX\HV/'
MD\5\K?F,6C\<O&#_`!CQY1L>/)XKY6_,8M'XY>,'^,>/*-CQY/%?*WYC%H_'
M+Q@_QCQY1L>/)XKY6_,8M'XY>,'^,>/*-CQY/%?*WYC%H_'+Q@_QCQY1L>/)
MXKY6_,8M'XY>,'^,>/*-CQY/%?*WYC%H_'+Q@_QCQY1L>/)XKY6_,8M'XY>,
M'^,>/*-CQY/%?*WYC%H_'+Q@_P`8\>4;'CR>*^5OS&+1^.7C!_C'CRC8\>3Q
M7RM^8Q:/QR\8/\8\>4;'CR>*^5OS&+1^.7C!_C'CRC8\>3Q7RM^8Q:/QR\8/
M\8\>4;'CR>*^5OS&+1^.7C!_C'CRC8\>6N^%>3MG7%QD5OW%J7UA%*QO,JRI
M;+9+:%&/B)(R(ZIM2(A3IVF%6-(I`M7*7>9)-!"4E$$(-#$+>M:R3-K$5>5/
M.*?_`+CGS/\`]6BC/T;<6<QUETG\.UZ*LK!@,!@,!@,!@,!@,!@,!@,!@,!@
M,!@,!@,!@?_7]_&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P/.);_`)8_F>L/
M.WE!R]X2\NZ)HE'R,-BB1Q02N'ES.0#8HQ&(VUDM[DDEE03]A0FA=V8T\)B(
M83!%C#H8_P!T.I3?E%1$PR/LI_M'/VG_`!H^(RMO=9QG<OL^I[*?[1S]I_QH
M^(RMO=9QG<OL^I[*?[1S]I_QH^(RMO=9QG<OL^I[*?[1S]I_QH^(RMO=9QG<
MOL^I[*?[1S]I_P`:/B,K;W6<9W+[/J>RG^T<_:?\:/B,K;W6<9W+[/J>RG^T
M<_:?\:/B,K;W6<9W+[/J>RG^T<_:?\:/B,K;W6<9W+[/J>RG^T<_:?\`&CXC
M*V]UG&=R^SZGLI_M'/VG_&CXC*V]UG&=R^SZHNCU4_M$$CMNS:?2^9=Q[(>Z
MNBU8RMW<U%%U9W4X([2.GI#0F;=E\81J]J6\5?J=J>M++!Z#BNAL?[_HL[GP
MQ\4H^RG^T<_:?\:/B,K;W6<9W+[/J>RG^T<_:?\`&CXC*V]UG&=R^SZGLI_M
M'/VG_&CXC*V]UG&=R^SZGLI_M'/VG_&CXC*V]UG&=R^SZGLI_M'/VG_&CXC*
MV]UG&=R^SZGLI_M'/VG_`!H^(RMO=9QG<OL^I[*?[1S]I_QH^(RMO=9QG<OL
M^I[*?[1S]I_QH^(RMO=9QG<OL^I[*?[1S]I_QH^(RMO=9QG<OL^I[*?[1S]I
M_P`:/B,K;W6<9W+[/JE?RY_+GYI<?N:5_P#,OF7?]37K/KUJ9DK]Y>:_9%4;
M<E+E&U4`0,2U:Q((!`XBA0H8C`TZ/\#3@,-,`$PP(S!F&;),Q,1$0[T\K)@,
M!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@?__0]_&`P&`P&`P&`P&`P&`P&`P&
M`P&`P&`P&`P&`P&`P&`P&`P&`P&!3:KOEP<O?[F^('^W\E<+.D)FMVX$U2**
MK(5QIT?B[1MJ)U.0K0*VU*ECRZ6!7B2N[II8H`L4I"]-XPZ+3$FC$/>NELL/
M[[`AF1\S85$WE^6O[,-OJJ,W6Z<?GNRC'@H0T-@LU<'V"Y+3(N6WB,%"4RU,
M..;6!6[<=R`/1TW]@_#\%,"7SA8&]I;SY;7SVR2:95K25F59"FU]:'M]G:6_
MYT16D&AAIIQ;,VL,Z:9FZ-B=^!LY4RMJ9S+5%N:H@E6-.*3U6%OJ[)D$E8RX
M:H:4L,0MB>120N1,CY'CY@Y*5X_#$:4-0S%SD4GCJ5*]"4KT[4<)J>VH\*7>
ME8M$!-N$,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@?_1]_&`
MP&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P..K5I4"8]:N4IT
M2-*4,]2K5G%ITR<DO72,.//.$`HDH`=>G8A;UK6L"BE63F$CYN\LS`S"+"+6
MU#Q#3(AAD#3L"M04X\D`FD)1:5["H.+$H+T(`/2+6QA].ONZ])9C$)OY`59*
M;1]3?A@^/I_5Q>,$MAV[^<'%#VYNAO>?6-+=W>RN_26K^\M]$9G5@+Z'W>ET
MOWHCJK!87`1#93?-JKD3JSBHZP.3DGY-OY:?:L$V[QE4$5M[C!TR0QO.8]%"
MM)>;(`O0E&Q!0:TV;;Q&;VY:%M]KCB6J1/[')[>2US/ED(XQ5UQLCC&-J/=(
MQ(@0N1D3)ZG<C;I"U*"V@<DE$>83T+24!QVQC:QFZ7KC#B^S"]F3JGB>97]G
M*YT].L?EAAR.(K$3VH;5*=[CSTV-DFW,&>#-AFU2>`1:63"2&.IG=R_0MMQ9
M#`80-J1I0EBUT\(8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`
M_]+W\8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`B&Z[\I[CI$T<ZNV>LU=Q-P
MD#?%4+T]Z6C3JY$ZIEZQN:$Y;>D6J35JM,V*!@"$&_2$H6"K5B^M'X"?.5AO
M\E3+^K.%J3ZT?@)\Y6&_R5,OZLX*D^M'X"?.5AO\E3+^K."I/K1^`GSE8;_)
M4R_JS@J3ZT?@)\Y6&_R5,OZLX*D^M'X"?.5AO\E3+^K."I/K1^`GSE8;_)4R
M_JS@J3ZT?@)\Y6&_R5,OZLX*D^M'X"?.5AO\E3+^K."I8*3^9#Y<<UC4AALM
MOVO9%%9:QNT9DT?=F&7+&I\C[\@4-3RSN20V,"*5-[FW*C"#BQ:V$98]AW]S
M>"I>1;@KQ.X4TMYI4]G%H7K$'CB;QZ?R;&X^OCTWR)<5:#X]']Z5HT+4FF(U
M6>JJ06QF/!QQ)`#W=K2B`6),J]&L]729F>WE[!OK1^`GSE8;_)4R_JSFG.I/
MK1^`GSE8;_)4R_JS@J3ZT?@)\Y6&_P`E3+^K."I/K1^`GSE8;_)4R_JS@J3Z
MT?@)\Y6&_P`E3+^K."I/K1^`GSE8;_)4R_JS@J3ZT?@)\Y6&_P`E3+^K."I/
MK1^`GSE8;_)4R_JS@J3ZT?@)\Y6&_P`E3+^K."I?D7FE<`@!$,?)>%@``.Q"
M$)KF(0A"'7I$(0MQK6M!UK7IWO>"IV77A<RB]BPZ)V#"'I%)(7.HRPS*(2)N
M$,;>_P`7D[6E>V!Z0#,`68-$ZM2XH\K8@AWL!FO3K6_N81LV`P&`P&`P&`P&
M`P&`P&`P&`P&`P&`P&`P&`P/_]/W\8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8
M#`H)SM_CO@E^OW3OZ/KBPL=5^\(8#`8#`8#`8#`8#`8#`8#`8#`8#`8&F6-_
M9[//S,E'^Y%V%C6%:?+H_P`OC@E^IMQA_0E!\$ZSZKDX0P&`P&`P&`P&`P&`
MP&`P&`P&`P&`P&`P&`P/_]3W\8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`H)
MSM_CO@E^OW3OZ/KBPL=5^\(8#`8%5;AY4):8EL2BSU2-UR)-.[2A].0^61DJ
MI"HS()U,XP[2Q$B0>+K;B<B[L;&]F.*6+S&X","O6R2C#1@-T66N4MQ*VHI)
M65H7NIP("_N*TEE<(!-WN()9K&968BTXCACZCC\ED3,*3$H-Z4:)0KEI)Z80
M5!!II`P&B(X*F[J\6QZ9O,"D\4M-Q@[40YN\9@L]KU0ZDZ7:4;:R5ZYZE;-'
M8^%TVD-ZDYS6HR!A),WH>]AWK`W5)-X6O7IFI#+XNM<UJYX:T;:D?VI0O5N<
M=UO<@;DR,E6-0>N8]:WM82`.S$VM??-!P(@NODM!Z0B=VRYW:)3+D_'NFG6]
M+.:86F8U#PUPEM;Y([$ID/B1_C+.NDSLU0YU5)D.UA6])T`A'#*$H1`5EB+I
MC".3[(IMJMJ8(K2SQS"T*!E_(AE,]%:A9VN*0ET@;"\QQ]6CLD)Y4R&^V6SI
M"2TI*MM&-2(>UH22C30"NK5*&YGPWD@RTZ_UC6UIK&VWZU2VN<I<@5F074\2
M>D[<JAPK?[MLMV-CSQ/2''9C.WMP'=<J(2*CME`*3'#")BK34MN6,IJJF]LI
M&]\>&NOF^?J)+&VP#-J5)7:L5#RAF47+)<7MOCXWQM<F!2G`(3B%`IV$)I2D
M:<PLX1&/B]V()G0,7Y`L$.E/=$RK>/V:P0MZ<("PRT31*&5$_,[<Z.#C-@5\
MTN8T#@4(X1KYV0G>]ZV=O>O1L=6PN=ST\RN"]H>+7K5I=6H3Z%T;'.=1=`X-
MHHNTHW^3!7HE3H4I1BCK$XIUJ[1@0]D2'EG&]`L81;#5Y;R(JN!HR9/,)9&8
M_6"N+1R3-]M+YE"=0AUW+9(BC$;:&G1,C-DCDI>EKHD$E5$MXVQ3I6464J&<
M+96BTDPF:PU0Z!8T\MC)[T-F\1A:"7YJ-=!1[HIA=_!;P*A*]LW16$[[5H'4
M>@T'[[]\'TD1O4U^P6Z9+;L>@QPW-/3\LC\0=9*D<8Z[QJ2K9#!(S8"9?%7.
M//;R!8V)FR4DICMJ-)5`%I)P-E=`(3!EJJ3=A#`8&F6-_9[//S,E'^Y%V%C6
M%:?+H_R^."7ZFW&']"4'P3K/JN3A#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`
M8#`__]7W\8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`H)SM_CO@E^OW3OZ/KB
MPL=5^\(8#`8%4.4E-V!;[AQG60,4.""G>3D%NJ6!ES^],8U<8BL8G#&K;H[W
M-$I5I<_*5$J*&66IVB3]`H72.UO>M86.J"YUQEN]VY`2J7QY)6JJOY+R;XY\
MBM/+S-Y$T21&EJFK66L93$-Q=%7;XC4+C@1L"]$K[S`2?VK1!@">K$;@N*5V
M.\O:^S*=E5=A34#IR?N)DXHY*/<UF?<Y$^D=_2:UV=].'JF>T:8VQJD&S=J@
MD;6EN@C`@3[`+M.XMPL/$N,UXLW(*-R]<CK35>1;EA=7((+R3.9&;*'2.W%0
ML@KW3$3%-UR6WIGR-R^0>@6S';LZMN([1HPHX>DFJEQ3-WUQTL&>1'S#*RAP
MV@3GS+HESCT"?Y6N?444CLP=J3<*'>FF2.;'').H861D2IVAY3Z"F-.<3%ZT
M!!6]ISAA$3H_L(XH3*ON3U07A&F6ND,<A?#^SZ+E[5X_FZE[<K#FDVHN9,ZY
MG+<(*M0&1!'NI%*90K&>D6:[>`P*(?5[+%%F;BN4$<&>$'(K@RST9'H4[54Z
MPIWK".1OF%`U5CV*L83;7@L6CT1CMZ\>1*JL4*2Y!(8XPEMTD9EY3.A=$Z1O
M-*&G4I33%8F8FUL(W3T\6TSRO1%%)D,MY(2^Z)/$H]*W%:UM4:;Y7#FVLX02
M[JD#6^N3(2],L42/S@0%"<J0JW102,G9Q8];J7H@V4<<^54KX3,_$13%^-J,
M3;QD8ZE62M5:UCR`A=.XI$XI%V!8W(#*$9ML3#M4A5N1CB+MRPD25.F+1;VI
M&L1"XNV8<.)=L*[MD-GA;J?&WO'/VO\`E60$^5273V57\0X.17B\<T&^BKC"
M/&A$U8U3JD3Z/VB[`M%O:LL_8RQ1;Q[("(X"<AD$,:6\LJCQ/L=J*`Q(H*"=
MS#0'M_KCF6Q\CVIH&O4U$A&CCRB$LVVI.J&$P:->9H&DNTVMG8+AN]@\)+GL
M$=]%N2*NE4NE3S;\MJ*VI%<ENOB9F2W!!`LCC54@J0N--\-;V,LY*")N+LF+
M5&+(.`DT*;O+8B2!<87#X\UQ:T8L7DE9%GL4#C1EX3*M9DS,,+F[U.#F<49I
MB"UL]-SXY.M?P(@9Q2^':,(-3@/"<4;O6]%]6'9M2>BUN$,!@:98W]GL\_,R
M4?[D786-85I\NC_+XX)?J;<8?T)0?!.L^JY.$,!@,!@,!@,!@,!@,!@,!@,!
M@,!@,!@,!@,#_];W\8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`H)SM_CO@E^
MOW3OZ/KBPL=5^\(8#`8#`8%$^3W+9]J&H^9ED5XPL#^=P]KWOM^*D>W,Q%(;
M%#!FJV%4!$%N4MIS22@K:0LBH:X)BK8S9"3O1(=(S`*BQ%URQWMIQ]'R*45J
MHL*G'^J(AQ1DW(6R;"B*M0]JV1UB$R8(DYMA1;)*9"G2-2Y.]#7D$")4K]:(
MTG!I0,W1@!6.4N/G,*D(ZYBCKJOG)4QU.6:N0P9/5-F+ID;*I-"Y-8453EL*
M**'JMM,HB,.<U"%SWZ&PT]">CVH"M(/3%BI?$[FEQR)8*YDX)RX+6:TV*KY)
M%#FJ#3YX6A9KJE":"50JD;(UQA8^Q$R>3Q86Q-Y+FF2'F/&]I!`"<`8`BI:!
MS(Y?MW$>1\<5LQ>H9%ZLM6PIW$+#ETJ;WA<JBS?$:5L:W&Y5'R&IX0;<7F2.
M-?`84J+9)YIRQV)&5HT96DJ@1%VE-@N20Q2/L9UZHT+=/)RHF+[#:SK&+2J:
MRQ+!(XH`LT-X01M5,C'B0L<:<6XQ\,;M";$SLM`W(3W`9B,Y:/1K[7S@XVOL
MCC,<8IH\O6Y<33:AED397UAJ80:1R!(>#:<-43?47#%D8)TJ9#D:;9BH/5.&
MPI3^J4=(L(J6T,_):NI](I17U5/`Y78['')-)FMK4QR7((G)$<0F3W7;T%NL
M`UD+AYA)-@QE>QG&E+#CDBDK2C:<Y,,@2@4E2L[`CUL5U`[1B0U8XO8L.C<X
MCVW!.%(XA9I2SHWMN*<D833M(W$E*M"!03TQ;)."(&][V'"-WP&`P&`P-,L;
M^SV>?F9*/]R+L+&L*T^71_E\<$OU-N,/Z$H/@G6?5<G"&`P&`P&`P&`P&`P&
M`P&`P&`P&`P&`P&`P&!__]?W\8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`H)
MSM_CO@E^OW3OZ/KBPL=5^\(8#`8#`8%)[GXC$VW#>8-4%R/<8AG,QA).FK^D
M;$KD^QF7CK.'TE('!N2FJ4!:[3S6L"80HMFC,+1+&X\9@3`'@+T6)JN'\NKA
M@TWW.9),)O/'!`5+.,L@XX.2&)L9;4X-NGZ8,$^*L2,O#F[OI3;(H]+8VD4M
MR=4D7I2PEZ`?I1]W>Q=.6^<1C)-:,2NY]L!(HM%@F-4R!W=T4(`WL;\Q4Y$K
MQB\1BX&0$H-6-P>T\AI*XJ%8URL8E2@H!99:<H).Q:JI7%RWJQG-+P.$1%DG
MD7J"DZOA,?L:8UPP/42ECM";4<9ZA',$[5R2J^31ITK=Z9(ZZMBA>T3),B7&
MGN#$B+6!6D&Q;PO%>W&QAON:T/)92O:U#!2LMGDF6P=\BJ63L-AHK%IVP:/D
M<9DA*YR3)=,A\-LQR%U>R#]#5A)V9H9`32#JD35H9JKA,_U&OJQR8[T=GHZA
MP6S$*72RF(;>$,4HJW3(NJ<:(>S]R\F12Z)PI?7<8,CJ\YQ)=T);(6G4*%B<
M>BBA>N&)8_+WC<1.;D\2L-:WL+4[\2W1(@<HJC7N)YG%.;RJQ$)[BXMSPQ-Q
MSG8DKERHYS-3H$J=.7OH)TX?^]H6P/%RNN0,*>;)D2NJH=#5DB%:R]L9Y9$F
MIC7QZ1S2T)'9;3%VZQ81?]F-$CKA%(IJO5+C6V#Q4QVZS2\T.W()J48E>&E*
MN:Z2I^L*?95REU;*R@<6@Z5X7$)DR][U&V9&U'/C@G1A+1D.#T>F$J/`2$)0
M3C1:!K0?1K"2D_`8#`8#`TRQO[/9Y^9DH_W(NPL:PK3Y='^7QP2_4VXP_H2@
M^"=9]5R<(8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8'_]#W\8#`8#`8#`8#
M`8#`8#`8#`8#`8#`8#`8#`H)SM_CO@E^OW3OZ/KBPL=5^\(8#`8#`8#`8#`8
M#`8#`8#`8#`8#`8&F6-_9[//S,E'^Y%V%C6%:?+H_P`OC@E^IMQA_0E!\$ZS
MZKDX0P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P/_]'W\8#`8#`8#`8#`8#`
M8#`8#`8#`8#`8#`8#`KCR7XVLO)F+P>/N=C6?5#K7%G1VW(=.*C6PE%+F>71
MEJD+.W#`*P8+8D:4-XT<F4]:4:VC$(6@;T,.M;T(L32$?8EM+[27GY_#^'7N
M=9/=;_6#V);2^TEY^?P_AU[G6/<O]8/8EM+[27GY_#^'7N=8]R_U@]B6TOM)
M>?G\/X=>YUCW+_6#V);2^TEY^?P_AU[G6/<O]8/8EM+[27GY_#^'7N=8]R_U
M@]B6TOM)>?G\/X=>YUCW+_6#V);2^TEY^?P_AU[G6/<O]8/8EM+[27GY_#^'
M7N=8]R_U@]B6TOM)>?G\/X=>YUCW+_6$`PSCS>4BY&7M4*WS&><94:K"`41*
MF!<E/XD`?%;A:"JW27\EX4G<2ST"A$C!`$?8PDIDXR]FG=8,WI`ZL7B,0G[V
M);2^TEY^?P_AU[G6/<O]8/8EM+[27GY_#^'7N=8]R_U@]B6TOM)>?G\/X=>Y
MUCW+_6#V);2^TEY^?P_AU[G6/<O]8/8EM+[27GY_#^'7N=8]R_U@]B6TOM)>
M?G\/X=>YUCW+_6#V);2^TEY^?P_AU[G6/<O]8/8EM+[27GY_#^'7N=8]R_U@
M]B6TOM)>?G\/X=>YUCW+_6'$7\%['=$*UL7^8_S[4H7%(I0K4XG#AZ$)Z162
M-.I)$(OAX`P(323-AWL.];UZ?N;UO!?$+=TM5<>HJG*FI&(K'EQBE.5G!*KC
M#A(U"%7(5T>KV+-4195C\K;&YH;53RJ;6@H:HQ.D2D#/$+99)8=Z`&LSG*3,
M!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@?_]+W\8#`8#`8#`8#`8#`8#`8
M#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8%-JN^7!R]_N;X@?[?R5PLZ0N3A#`8#
M`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8'_]/W\8#`8#`8
M#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8%-JN^7!R]_N;X@?[?R
M5PLZ0N3A#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8'
M_]3W\8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`UN9,;A)
MXC*(VTR9XA;J_P`>>69KF,?"@,?HFY.3<H1H9*S%.J1>U'.C$J.`J3EJDYZ4
M9I00FEF%[$#8>,O@,Y>;W8'FV69QZMSD=-FLJH'..'\L)HAB$!(13&J*O<'=
M=5C0S*3(*42F2VN";"VTF%Z2+ML[JI6;T(:/98,YMTGQ\;I[6,TYF`P&`P&`
MP&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P/_]7W\8#`8#`8#`8#
M`8#`8#`8#`8#`8#`8#`8#`8#`8'4]7?$JHN1-N<QY;;#K?3N\1[E(Z0YA*C7
M+/E76K"S1E)2U)2!,SM<3K*Z(?%4*8IXDBT[6RT01^D_8=BZ`0!#&KF*I,OU
M9G%#_1\E_IX<[/>0Q1Y2?5F<4/\`1\E_IX<[/>0Q1Y2?5F<4/]'R7^GASL]Y
M#%'E)]69Q0_T?)?Z>'.SWD,4>4GU9G%#_1\E_IX<[/>0Q1Y2?5F<4/\`1\E_
MIX<[/>0Q1Y2?5F<4/]'R7^GASL]Y#%'E+#(_*IX7M[T\R1!';^0R&1DM2:0O
MR/FYS>3/3\G8BU93&0\NA/(D"YT)9BEYX4@3S!A3A.,T7H.AB]*CREF?JS.*
M'^CY+_3PYV>\ABCRD^K,XH?Z/DO]/#G9[R&*/*3ZLSBA_H^2_P!/#G9[R&*/
M*3ZLSBA_H^2_T\.=GO(8H\I/JS.*'^CY+_3PYV>\ABCRD^K,XH?Z/DO]/#G9
M[R&*/*4'<G?+\XYUYQKY"S^'K>2[/+8-1ULS"+.WMR<W7#NN1QF!/[TR./8'
M3D.M;%O8G-$4;U*@DX@SH]$P`P;V':B.Z7:#`5*A9!86K5GG*E:J)QQ2J5*3
M1GJ%*@]G1FGGGGFB$8<<<8+8A"%O8A"WO>]^G*S.LMLP&`P&`P&`P&`P&`P&
M`P&`P&`P&`P&`P&`P&`P&`P/_];W\8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8
M#`8#`8%-N)O_`!MS?_7)??\`I\X[86>BY.$,!@,!@,!@,!@,!@,!@,"M'-'Y
M'7+']6B]OT6RK"QK"9*Y_L]@?YF1?_<B'!.LMSPA@,!@,!@,!@,!@,!@,"K;
MY<LTD_(:3<=:H)BS6YUM4\(MBRYY-6ISDS4VAM.23R-5I"62*LDEB"]<[/.J
MO?G!P7G.!1+:F3)"P$*QK1"1EK%HQ@7F`TXL@MAO5N*EM:3*D&:_WNZXZAC<
MZFK7&V+C%8)E<VS,X^]1J)KMR.+)UHT;JC(+*T];9G).><B+]!N@"MDFMO+V
MJ%S_`&'&CT\W;W:`7:JH0M&I@LI$=-)RW52.Y74F#=2UC)DI3=!&QU6B+3#,
M5&$-O2+*'M8WA5BF3(Y%PXJ66-%%$C2/#Q'['8JZC<8B\(G:V3@>':H&>U=H
M'$E0C*0RPW<>&N>PK6<?=H6?1)0CMK-#"(4B:F>=-7RFJ>.LEM:1LD+L*]X]
M4B@J.-[9(Q-+?)KH<G&/U^S&J#TZ\3+J6RAJ-;4`5QX1B6;+*'L(CBNF*U</
ME/RMD=!W73M=$/M.1B,V73_(:RSY#;*AV9TI3U0B^GBR(>F>T4B1$IMSY-;/
M0+4`;W!2VC;!&`1N'7Z))$1<2K&T^999K@^/2175<999>5$.',LBO%E[-=FS
MD;,%/)U`4OFT19>DZJ-*)%1K>0L7+A"CA24Y(F&)Q,9"2CU1<6EVV:X[0MJU
M;YA5/%U\QQ?CM)&:M)%(YXU2&1JIS;KM7$3M-PC+,DC\CC`8?&(E%[!80*78
M[O@]8N7*22T)04.C5E2M+6,@2R8.$%A:^PFEL8)^NB<<63AB95>U[,RS!2SH
MSI,TM*[9RG:UL;7H9Y)!O6&=84`(ND+T^G9&V8#`8#`8'__7]_&`P&`P&`P&
M`P&`P&`P&`P&`P&`P&`P&`P&`P&!3;B;_P`;<W_UR7W_`*?..V%GHN3A#`8#
M`8#`8#`8#`8#`8#`K1S1^1URQ_5HO;]%LJPL:PF2N?[/8'^9D7_W(AP3K+<\
M(8#`8#`8#`8#`8#`8#`K])*06>N-5?5;2M%#+$?:Z9JIFQ4@CBR90R9P^*R)
M_E4(.<X\WRJ%.*64PAWEST%N7D.("]HWM82J3J?0C&C+?15":>6W'GN$R.&1
M6V'Z-"LND^6M-7/)7F,-DLD-A&\Q']#-[*L1,:!RCS=&)B3.T8E*8LM.J:BF
MM0-O)2$!+2GII2VW^9\(&V>L]UQ:52Z/2.)W/<#?=2IID%="5N$3F)-0L=:J
M7**R1KFK(],+VUOL6;9`P.K<8@=&12083UZH)NC"ZEZ`^%KPWVH.Z(O=+BBL
M!+8T<G#6Y26'%2E(M;$%#-/'R4QF;)"I0PCDXI9&F!"[=O2FM*A&_)M'!"8D
M&8B&+Q3$TGP3.HIVAJB+6V%S:6FNZNK^7D2*L8RZR!ZU3SO(5T4D4*D9SCL%
M=O#PS/NFE[_`W4M2B3%G(=-KAKMNA,VL3+J-\5\C*8Y!"E'83Z;KVY*]0173
M)VDI[1W6XU@Y2%Q5O.W<@:12UG5(UA1!`F$`(3576]9LPG:<7B8078_!9DLB
MPKJL]78KS')I8SA2<JKB4QAD3(I/1]BT(U2QHA<TC#JK<UZ9[[T;9HXH7QO5
M)2TCLT+%"`W6DZ@[0A>B2&3CK(X-9]D6E6ME-\7<;R!$W2Z8^Z004BC+U8$1
MB+7!4UEP%$"8,JJ"R9WBS(A1KRE9[ZW*2VU&/:?1X%)RH7PL^@3'(T*)(H7J
MW50E2)DQ[HO`A+7.1Q!("C5ZTMK1-K86K6##LPP*9,G(T,6]%E@!Z`Z(Y>`P
M&`P&!__0]FOJQYM]HZSVMJ;ZCKNGV;V1'+_P>GTNHZ[VE>G_`-S][TOW?^W"
MXV21:L.Y$R-]0*Z@O.`5?'B6DI,X,LJHI7:+@N>=+%AISH2^$V[`"T2(Q"80
M4%)V,T0!E#,V<+1F@%C&S]M4/Y#)JP?X^[W?`'2V%CF$^-V4EHQ8UQAB:>N:
M!#;G&M-VZO.?UNR4RX`507U$'6U90MDB[.+1XQLP=>03E*R2UM<K*Y%5I/X:
M0!<%UBL?XY+8`[N(SD"DEO&DE9EX3`MM[$Y#*/,T)N4:/*+$5][V/1H!C9AI
M/7/,%PD;ZNBO**IXU&5CLO4Q^/./%I?)'!D9CE1@VUK7R#7()E"]K4*38"S5
M>D:0*@8=CT25H6@!&-FZSR'\AGF/0=%7MWP"#25I;.HG[^^48LG#?,W;L+63
MIQ8&`%NQ4<)1=O(6'=E,6.XN@I++Z[[QL9PQL0.'\AF:/3A%85WP"<R5V;.H
M@#^QT8L@[?#';L+H3MQ?V`=NRH<V1=O/1G=E+6-`N@F,+Z[[_H9(QLTJ,5SS
M!;Y&Q+I5RBJ>2QE&[(%,@CS=Q:7QMP>V8E46-R:T$@WR">@LBU<DT,LI7M&K
M"G&+0]DFZ#L`AC9F;#@G*5[EKDY5KR*K2`0T\"$+5%9!QR6S]W;ADH$Q+@-7
M*R[PAY;EVUR`:>7H+<GT048$K[YL&S1C&S..L/Y#*:P8(^T7?`&NV$;F(^26
M4JHQ8Z1A]:>N=Q`;FZM-6Z@.8%NB5*$`E0GU:'>TAHM$A[0'1`QL_%50[D3'
M'U>KM^\X!:$>.:34S>RQ6BE=7."%YVL1FDNASX=;L_+6HBT)9Y0DG8RA#&:`
MS1P=%[`8,;(W]6/-OM'6>UM3?4==T^S>R(Y?^#T^EU'7>TKT_P#N?O>E^[_V
MX,;)(M6'<B9&^H%=07G`*OCQ+24F<&6544KM%P7/.EBPTYT)?";=@!:)$8A,
M(*"D[&:(`RAF;.%HS0"QC9^VJ'\ADU8/\?=[O@#I;"QS"?&[*2T8L:XPQ-/7
M-`AMSC6F[=7G/ZW9*9<`*H+ZB#K:LH6R1=G%H\8V8*O8'RG9)<UN5D\BZRGT
M,("OT\15@XX+H"\.6SFY62W"12P=Y2XIJ$A=#"%!G2;56CR2ADZT7LS1Q8QL
MQ4JKOE\Y21\7Q'D]4\6BZMS5GL$<<>+CA)W!E:1FBVA;E\B]H)DT]K4R?HA-
M5:1I`G#UL022M;T`(QLW2<Q'D,\1B$-\!NVOX3*VIN*)G\E>J-735MF3J%O;
MR#%T>C0;?C`H2A-<BE2CLQJYX&$L\LKK_O(C#AC8KZ(\AF1DFJ2Q[MK^?/SH
MW%$P)Y8Z-70-##W4*1U+-72!EW;\K'-4)BP]$;I,4K:!A`F-+Z_?7A&0,;-&
MC5<\PV^1,2Z4<HZFD<:1O#:ID,?0<6'".KWMD)6$F.K4@?\`VA7C3&N7H0F%
M$K-HU84Q@@F;(.T'98AC9GK&@O*)]E:YQK/D/6E>PXPE$!NB\@XZ+K!=T9Q2
M0H"\]7*@7A#RE_;%VC#2P@;D^B"A!+WU@@[-&,;,VNB/(8ZK6F/(+MK]#;:9
MQ$<\V:;1JY;%W1J[8XFEH458^M],<TKM(CDI(E(GY2`0B##-$!ZX(21C9QZL
MAO(V.R!6LMR]:]L^-&M)Z=(Q1>AEM8.:1Y$K1&)G0<@-N*>$J492,H\H:3:$
M(C!G`'HX'5[`8,;(]4UGS8,6'GI>65-IT8U1IJ="9Q'<U'4)A&B&2E,4ZY*$
MFG]45O0-C]`!"]'I^YO>#&R2+4B'(:1NC6HJ*[X!6#0G;.H=FV448LL]8YNV
MU!H]N*9T*MV!@;$6DNRRPI>S'BT,(A[.%TM!`,;/HPQ'D(CK:2L,BNR`/EHK
MEIID5L5!1RUBCD>0#+;=%I':NA6Z[F212280K%H\#TWAWI07K9>^IWLX8V4I
MX30OD@WVYRL<)5?%>R6*M7+.2)IS&VZA%<;<I@\#X_4CU#JRR3=Q/08<F("K
M0>E*)"Y]/:(S?6ZTI]!,6:QA:.75YRZ<Y,]N$,Y.57$XJK<#SF&-NO&!=*W)
MF;1;UV="ND@;^CX7I22'7[]1I"ET9O[NB@:^YE3&S;YE$.0SK$(4V0B[X!$)
MHU(BBIY+'>C%DO:9DN`@2D&+&2)@MV."AA)R\LX_9(G%TV$)@2]#]`-B&,;%
M=1#D,QM\P(LN[X!8+DYMA1$)7L%&+*_3Q)V`0Y`-<7EO';LOW+D1RA0E'V4)
MS:((4P@Z.^^](L8V:(P5OS(1/K*LD/*BI'U@2.S<I?&-%Q47L:QY9R%A)KFU
M)'KVAW3N=2XH@#)+5=F4=G&/1G5&='H;&-FRV1!N3S[*53C5_(2MZ[B(TR(M
M'&)%QX66(ZIU11`0KE)\H+NN%EJ@+%/I&`O3>5U(-Z!TA[UL>QC9EE40Y#&5
M8W1U)=\`36X0YC/<[.-HQ8IC#@T[7+SRVY-6.K=(-;EH$)R<C:K;\>$6R!&=
M3K9O1+&-G&JV%\D(](U"ZV[XKVS8P8TJ4R>/QBA%=9.2=X,5(C$KJ*0FW%.P
M'IDZ4D\H27:(/6;."/K0]7Z!#&S0%M9<UCEBLY#RSIY$B-4GF(T9G$AP5F)$
MHS1B3IC%>^2)&U0R"MZ!LSH`Z>]>GHZ]/HP8V21:<0Y#2)P:#ZDN^`5BVIFS
MJ'I!)J,66:H=G;9XQ[<4;@7;L%TTHM)]A!I+LE2+I:V+9V_3H.AC8C\0Y#(J
MYE#%([O@#]9S@M&;$K"0T8L8H[&D(BFT&D;K7N[==C),<680J'HX+R@U^$`U
ML&]$_?!C9KL"@/*QFEK.Y6'R0K&=0U,-7MZBK'QL6P9U=BS4"HA(%'*AWI*P
M-`TC@:2>(6V]3HT!6R_0'I],(QLX4NKSETYR9[<(9R<JN)Q56X'G,,;=>,"Z
M5N3,VBWKLZ%=)`W]'PO2DD.OWZC2%+HS?W=%`U]S!C9M\RB'(9UB$*;(1=\`
MB$T:D114\ECO1BR7M,R7`0)2#%C)$P6['!0PDY>6<?LD3BZ;"$P)>A^@&Q#&
M-BNHAR&8V^8$67=\`L%R<VPHB$KV"C%E?IXD[`(<@&N+RWCMV7[ER(Y0H2C[
M*$YM$$*80='??>D6,;*6\LZWYD(N*_)=9(>5%2/K`DX_7*I?&-%Q47L:QY9R
M*YD9KFU)'KVAW3N=2XH@#)+5=F4=G&/1G5&='H;$5<86*%!N3SZS0UQJ_D)6
M]=Q$<#A9:.,2+CPLL1U3JBHZWA7*3Y07=<++5`6*?2,!>F\KJ0;T#I#WK8]C
M&<)(51#D,95C='4EWP!-;A#F,]SLXVC%BF,.#3M<O/+;DU8ZMT@UN6@0G)R-
MJMOQX1;($9U.MF]$L8V<:K87R0CTC4+K;OBO;-C!C2I3)X_&*$5UDY)W@Q4B
M,2NHI";<4[`>F3I23RA)=H@]9LX(^M#U?H$,;-`6UES6.6*SD/+.GD2(U2>8
MC1F<2'!68D2C-&).F,5[Y(D;5#(*WH&S.@#I[UZ>CKT^C!C9)%IQ#D-(G!H/
MJ2[X!6+:F;.H>D$FHQ99JAV=MGC'MQ1N!=NP732BTGV$&DNR5(NEK8MG;].@
MZ&-B/Q#D,BKF4,4CN^`/UG."T9L2L)#1BQBCL:0B*;0:1NM>[MUV,DQQ9A"H
M>C@O*#7X0#6P;T3]\&-FNP*`\K&:6L[E8?)"L9U#4PU>WJ*L?&Q;!G5V+-0*
MB$@4<J'>DK`T#2.!I)XA;;U.C0%;+]`>GTPC&SA2ZO.73G)GMPAG)RJXG%5;
M@><PQMUXP+I6Y,S:+>NSH5TD#?T?"]*20Z_?J-(4NC-_=T4#7W,&-FWS*(<A
MG6(0ILA%WP"(31J1%%3R6.]&+)>TS)<!`E(,6,D3!;L<%#"3EY9Q^R1.+IL(
M3`EZ'Z`;$,8V*ZB'(9C;Y@19=WP"P7)S;"B(2O8*,65^GB3L`AR`:XO+>.W9
M?N7(CE"A*/LH3FT00IA!T=]]Z18QLT1@K?F0B?659(>5%2/K`D=FY2^,:+BH
MO8UCRSD+"37-J2/7M#NG<ZEQ1`&26J[,H[.,>C.J,Z/0V,;-ELB#<GGV4JG&
MK^0E;UW$1ID1:.,2+CPLL1U3JBB`A7*3Y07=<++5`6*?2,!>F\KJ0;T#I#WK
M8]C&S+*HAR&,JQNCJ2[X`FMPAS&>YV<;1BQ3&'!IVN7GEMR:L=6Z0:W+0(3D
MY&U6WX\(MD",ZG6S>B6,;.)5T+Y)1Z1G+K9OJO+,BXVM4F*CT9H)96;F2[&'
MI#$CIJ1&7).2S$Z8@HXL:;:'[[UVA=8#8-:$,;(JFL6Y<QA!)YBY\P*9C$.9
M2G5^6FK.([NXDQR.I-G+#37!>7R,"<<D9F\.Q*%0B@!"44(T>@!T+>AC9OL@
MW<%Q,$$G?'/D+6D3@S_&4SN4[.E&N5G(YL4YZ`J;)/'7'=MP0*&.+T&PF(PA
M*6!4DFA.`I,+&#>#36'(TFNB!U5*0V7R!K57-G)[9VF'V8"CG".1F,JY4Z,,
M5CS6[0(%N/)LI5K9*XA*(&%W;]"-6%A&'82]](>S38DGY`Q.VH-%+0Y8TY+A
MR)NE+^GK%JXY+(/*Y<P1E.@1O2]G?]WM*=M:>/N<D;C#CA(%`!=8$KH_?-B"
M/9F;!A7*XU\DL@B/)FKX7"2Q*'!KC;EQ>=9P[LK4E2A,,3JGY)>[$?(%>NJ&
M/IE-R<0]BZ("OW-;&-D12'DLP2.F8Y)X#SGXY1Y;&HRR2VQ;06UIJ6QN21)X
MVE9&F<M4)#<3$KA\*?Y"L+`0ZB<'-M.4CTF*/Z>MZP5G1)-03:6%1BUY3/\`
MEM1%FL4-;#"W5^8JR35@@IEV;F,R1.*RT-+KIE78DQ+`Y(W$]&X[9CB4.@';
M."4=H>"?1%]9RN]9E.F".H>;=+2AP&UES]5`A\093#9-(ZW;'UH:W-^;-/E]
ME.*:-NZAU)2HWDI*H2&C/T81L_0!:P8V6'LR$<F7^3C7U9R`KFN(GV%(25&Y
M)Q\6V.ZA7EZ,[:N-DI=TPDLPI4(0>@2%`#100^CI#WO8L&-F1\'\A_59X=]=
M\`];G>?7^L[U&+/#'=/;NO[N]6/K=ZWMO8?O':N_NCZ?OG4^G][@]G`K*$\E
MV"3:7VK?U=61%.[U9`HY&N/RRMW3O$S9.T:\$D-N:;EA)2Z`/0R-H!=;H?\`
MWP;UZ=C&S3':M.9ZET<E+1RNJ%J:5#@L/:VM3Q.<'10VMQJ@PQ$@/<_:,1=X
MG(TP@EB/ZDGKA!V/H`]/1T,;)"LN'\AW_P`-^JR[X!7'86P9$H\1T8LL;Q"[
M"[/T7%MZ%NPKPZB+ZLST)1=N%OK->D[?1^Z/9J?J_P"7/SEZG_X9[N^3"Y_\
M4?\`[E^4%_J?_P`O_P"[_P#[\&-G_]'W\8#`8#`8#`8#`8#`8#`8#`8#`8#`
M8#`8#`8#`8%-N)O_`!MS?_7)??\`I\X[86>B0.1]H2ZIV2K7B)@CQWBOD'1%
M6R%._M;BX"'&;1LV.0AZ4,QR!\9PMKVB0O`S4YQX%A&C`ZT(D6L$=56[#YPK
MJ^/M.SG,QD+IBH.7]?<37]G"RK5$F<]2^.5RB>)JF=].A!"1X:+5M%&C3H^S
MF)!LK6I&,0E*XD3?%K^6K(^<%J-4:J]0[,$1D4NY`<4X#R1A3<@;GEMCM7J)
M9:U+UI,!SAU`O5*72I:H;^0[`]NKIL"%6%L8GI8<-.2<G*0"ED:IY`NTDLMQ
MA<QF$(4%M;64WDHV""2B-N[Q)'&2*DR%^6)'&83$R(0[;.!N2)C'+90%LB=#
MVH"CO!L4)<J+BX0P&`P&`P&`P&`P*T<T?D=<L?U:+V_1;*L+&L)DKG^SV!_F
M9%_]R(<$ZRCR\+==ZF44V!NC;<_I;.NV$5*ZJ5KVI:U$=2R\+F,+XWHB&9Q+
M?%!`FW9>TYBA"$.C.LZP?1ZL05NF_.QBK[<NL&3(V1)1<(Y&/_&F0/@5WIDR
M:01JO%<B=9J$TY82R[0DV0B,BFF400*.CKO+:[6_Q=@IB5/.AYBK8QIIG"(\
M9-[&IR@;;K./-<D-:68I3?5HLM0BB,WDSDF<=M[#6$IF+$>ZRHA'T%K>N/$0
MTEJ4Y"5:*6"J>_3[`FKA%G@RMF<A*V)4[$:T3D]U>)_)1%*GYT'%6-W8XVL-
MC+1`C6=XVJ3:<BS2WT)6S2AH5'6BEF\(8#`8#`8#`8#`B'D$E6KZ'NAN;&YS
M=W-TJJP&IL:F9L7O#JY.3I%75O;T*!L;$ZM>L4JEBD``@++%OTB]._1K6]Z$
M:PZ@4D=Y$Q^$TCN-MW**.*JUXC^6XF;XS&TUX-$;0V-%+W)C_(!E>H(V%$Q=
M_=4=2;V2_-R]"J`>U!`<,H?4E&EQK":)JX\J60GD`W-Q%Q29'N\:SDM96%%T
M%PH)&GB)_+[8)S5[G6[DE=&@]CB53&N!*&0Q0TQHD,/`G-<DB1<4C.6#&$,S
M97R9721LL"/5U?*SD7!JR\PR-2(;G%;>7P)ND+O.J[<JJ35&XN9;=5JQND%;
MQ4P<4,9EB7;B>E3)5Z@#F,[6#'L[,N+^WIO@D[?G^76[-6Q[G3O,V`5F5E9D
M`>HVQ.,8C1RN&1"#6DY2.ZQ1YL?$BY002]"-6:6KCTJ$/8"490*DNG!)PPG@
M_*EKU[D\>N%]Y)0[A'&>.L,J4N!+6][KI-();5D@L-A(A;;&A25_D:QUK9MV
M<N=!+$I*9L!M*42$Y28IG1J_EPGB=TA>B^*<L(XXP.;6?=#ER$XO<BU,V,:"
M&>'<LN-=-V[7LL8*;:=!3QF#0"R(K6\)7QQYC2D*$]X<]Z7CV-$[BVD)<8=M
M$.FL2L9Y;I"T0R;I7!MC;F2EDTZJJ9UNX,[;(5[$H<(TG+LB/162[-?E+`E4
MJ4Z1,:0';64)4(L>DNC:RE?`8#`8#`8'_]+W\8#`8#`8#`8#`8#`8#`8#`8#
M`8#`8#`8#`8#`A'DA>;3QHHZR;ZD$)L*PHY5D</ELEC%6-3&]S@Z-MQQ&W]V
M:FN1R2)M*I-&FD9SDNZQ>2("!(<,&C!A"6(L1<TZ./+'\XWCWR>Y-W-1]65!
MR55RB_[PEEVLCPZ1"LDL5@U?-=/U;%E[M9+FDMUP6L@B'F#'$ZTB2N(#3%R(
MHL0SS]E`D2UW=LQ%N]>Y*<:+I:(@S/4GED8(AMF5Y:C>?$AQDM2MD-92MKF4
M<1N>Y/&)00-F,>&@KM)9!9!YI72"$X'I].JS$TC][XIU\_RQ\>W%:\FQ>4V]
M&;[E5>BVW&1M^M>'PYBA3"]JCCD)CH0S%I(HT.)[:2<62<]-*=7T@Z,7$K1;
MGU'QGB-1.48<VU^DC^=7U/M%!5IW\<W&BA=4LJ](X$LQ)Z=`0I>WMP&T-9"Y
MR6C.-5IV1!T@:/"K4+!,N3!N-4%KZ7JYFR.TK4.#O'H0S2=(ZJV)6DE[K`W.
M;/S5-9,K+CR=]<94ND=@NCJMWI:6W'NQ^UVD@%0C#ABUAL(8#`8#`8#`8#`8
M'3GYQGF%5=PNH23UQ:59W<_AY-5#<M;P*=U_'80\0)HF;E#%["2R31Q?;#C+
MVRJ=:?R%FM$MZOKT0#A$=<80<4"2UVQ:=/+3Y\5KS]I5;-ZEK:Z(7#ZV4Q^M
MU$BMAAA#$WRV4MT=1J7U+#`Q.P9NL7IHZ0<DVK.5E(0=)<2`K9HPJ`D(.Z*E
M:>[J@<+<]5?894CB_JSMZ'VSOM<;/D7?:B'=O[*R:ZF21[NPA9W@/K#_`,(%
MKT!]`/W?3405+N#$'G*B31N3/8'&FIA?;YR)D59#CI9:MPFTAK\^).;7N8EO
M`#BHLHE:LV4B+TA[P[V'HG2S2'79=B_Y;M57&#5?/K=*I#,D4_DL9X]PKC?#
MUSA"TK2C0PV)+%CHO=9$VI7Q47(7^:NP6XUTT0-N0:`U$@2)DO3/$8)ERZRX
MO,]:SI_F*>3J'W4H3PA8_@=&5'I^=Y1#RI6K.<E[Z4JTATPOLTFSK+#FY.W)
MS2Y4X*5@5?4G;2Z%K2X0P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&!__3]_&`
MP&`P&`P&`P&`P&`P&`P&`P&!7'ES>+KQLXWVS>+'&6^8O%=QPIX;8PZNZEA;
M7A8H=FUI(2KGE&VO"IN2]8X:$,PM*>/6@_<!O>%C,H1\5>:3\!/`/Z6/(CW+
MLF5^/)XJ\TGX">`?TL>1'N78R?'D\5>:3\!/`/Z6/(CW+L9/CR>*O-)^`G@'
M]+'D1[EV,GQY/%7FD_`3P#^ECR(]R[&3X\GBKS2?@)X!_2QY$>Y=C)\>7Q4R
M'S05B<](KH'R_52142:F5)5/*SD*>G4ISP"*/(/(-X6"+.).+%L(@BUL(@[W
MK>O1C)\>76=P"\MCF1Y><RY!S:IJ,X(.[M>,R5.+6-WY1<@"C:RK,"TYU9*C
MC2SV-EBU8Q-+FK&,U6:,!Z\!"31X1#2A,$I9F)JYEV;^*O-)^`G@']+'D1[E
MV,I\>3Q5YI/P$\`_I8\B/<NQD^/)XJ\TGX">`?TL>1'N78R?'D\5>:3\!/`/
MZ6/(CW+L9/CR>*O-)^`G@']+'D1[EV,GQY:S-+4\SF"PZ63=WH+@>I:H;&7Z
M5.:=NY6\@CG`]OCS6J=UI*`I3PV1IC5IJ9&()03#2@"'O6A##KTBTR?'E=*D
M+#.MVEJAM=2UE,:BSZO@%AGLI"H:XEG.FL4:9(:UDKC"$HUA3>-RV4$T11>S
M-`Z6PA]/HU64H8'79(.0_,27\AK]IWCK3?&F01NA%=9-;Q)KIO6T:\>WISL:
MO&J?%Z;&*#<?K40=A;2G':<1AJTHP8@:WHOT;^X6HK++^*O-)^`G@']+'D1[
MEV3*_'D\5>:3\!/`/Z6/(CW+L9/CR>*O-)^`G@']+'D1[EV,GQY/%7FD_`3P
M#^ECR(]R[&3X\GBKS2?@)X!_2QY$>Y=C)\>5/^=?%SS`N>O&R;<<[*I'@2SH
MY$-N>8M,4/*/D"XO$!F[$<)0P2YH2*>&B8M0<ET:<E4D=:3VMN5J4W6%Z.V/
M3*Q/;$WE(G%VG/,'XDT#5W':K>/O`5-#:OC"5A2*C^5G(`EP?W,8S5\BECUI
M)PJ*3F/TMD*Q4Y+1`"$&U*D?1T$/1#IE)GMF;RGSQ5YI/P$\`_I8\B/<NQD^
M/)XJ\TGX">`?TL>1'N78R?'D\5>:3\!/`/Z6/(CW+L9/CR>*O-)^`G@']+'D
M1[EV,GQY/%7FD_`3P#^ECR(]R[&3X\GBKS2?@)X!_2QY$>Y=C)\>4G\0KVGU
M]P.>NEH0N(02>UI=UITG)F:!2UZF\14.M8O@6-6[L4BD,3@[RL;W([I#+[0V
M)3-!UKT@UO?HU4GA:W"&`P&`P&`P&`P&`P&`P&`P&`P&`P&!_]3W\8#`8#`8
M#`8#`8#`8#`8#`8#`8%!/-'^0)R5_,UJ_IE&<+&J_>$,!@,!@,!@,!@,!@,!
M@0UR,^3W>W]S5G_T(?,+&L--X7?(ZXG?JT43^BV*X)UE9?"*"<;?EJ^9!^>7
M%_\`Z<8UA9TA?O"&`P&`P&`P&`P&`P&`P*">7_\`Q)RU_7[Y:_I!PL]%^\(8
M#`J1>5R77&[KI^CZ/@U6RB0615M[6L[N]K3J60IF96:EY9Q[B&VYNW$(%/5K
MDYOJV^BC?OI2<HDI`/\`?B$/6L+%5,RQO?GF#_!APV^/:[?=TP8Y._/,'^##
MAM\>UV^[I@QR=^>8/\&'#;X]KM]W3!CD[\\P?X,.&WQ[7;[NF#')WYY@_P`&
M'#;X]KM]W3!CD[\\P?X,.&WQ[7;[NF#')WYY@_P8<-OCVNWW=,&.3OSS!_@P
MX;?'M=ONZ8,<G?GF#_!APV^/:[?=TP8Y._/,'^##AM\>UV^[I@QR=^>8/\&'
M#;X]KM]W3!CD[\\P?X,.&WQ[7;[NF#')WYY@_P`&'#;X]KM]W3!CD[\\P?X,
M.&WQ[7;[NF#')WYY@_P8<-OCVNWW=,&.76A];AR$^;K37RB?98_MDF_]J7_Z
MQ_9-_P``?^8_C'_RF2VO&-W_U??Q@,!@,!@,!@,!@,!@,!@,!@,!@4$\T?Y`
MG)7\S6K^F49PL:K]X0P&`P&`P&`P&`P&`P&!#7(SY/=[?W-6?_0A\PL:PTWA
M=\CKB=^K11/Z+8K@G65E\(H)QM^6KYD'YY<7_P#IQC6%G2%^\(8#`8#`8#`8
M#`8#`8#`H)Y?_P#$G+7]?OEK^D'"ST7[PA@,"FTX_P`P?C#^IMSM_3;Y=&%Z
M3ZKDX0P&`P&`P&`P&`P&`P&`P&!XV?\`UD,CH__6]_&`P&`P&`P&`P&`P&`P
M&`P&`P&!03S1_D"<E?S-:OZ91G"QJOWA#`ZWW%_Y)%\M4M`)[]5@(=.-4VOE
M,J+KFMQM:.5-=T1R),43"C/CW?*J%IHL_P"TRG8W(MS4JBM*@JR`BVGT7%73
M8W?S$*M:Z^-L,-;W`K;]4-8G(-.UEH:Y*=#XI5]BL%92QDWUUE!0%2=&]2-.
MI`7L_:,Y`$P1:D9X0IQBF2<.8S*<]0M&IBUK0UT1<B;7HN4P\+55C]MXEE=\
M7;*Y$)XTZO09V>F:VN201@)>6QQ:U!HM.:,MM7[2DGG&:%)?I;DU"KT?3&"+
MQ^:,RG5!\>.1J95)T<=3(ET!Y+>M`$&2)A,LG?51<D9E51NQ+NG.*)(('LC:
M8]669L8!2L%@W[R3E505Q=7&Y%')&^2:^Y\W,5-/J9O0HK1IJM4%NJE,62RY
M5HU9&;/L=EJC:]E<1C(;6QP="4*Y.802:LV*CJWJJ>6K+933+KBASQ))Q6;R
MKJ]FBT45L\<BJNKWV0I5C?-&ZSU:Y.WNL.5PN3HS4<@(=#E"EG6)CDX"C3=E
ME;$Q3$,?F+5M(U$).::PM@Z,R^,\-Y8JEQH*Z*;(TU\XK5F5&4Z!R;]6"9(%
MRU%;,/&V/(4*126D)-[848H3A"(P4R+?RM0`70_:A3;3CIRO/EM7QC2*'U(E
MV[N5#-5KO:J!K%14T!IN:VQ#"#0L+J0;U[H8A([T,2:4G;T*<B#\^J^F45%(
M5=?6+#UZ]-Q:616.R3P8>ME";F*N(9*5/)<8S+9"RLX%TB[0D<0KE!!J+278
M]`-ZT@!@IN,7Y2HY@@XS3]OC,DCD%Y'S"1UBF8)R7'4$MBTJ;H;8DW8GA7J,
MODI9E"%P]5KFTG$$KU.CCUR!00,!19_7BM5OL(AKD9\GN]O[FK/_`*$/F%C6
M&F\+OD=<3OU:*)_1;%<$ZRLOA%!.-ORU?,@_/+B__P!.,:PLZ0OWA#`Z9[+Y
ME7#6]N<JVLF9KEC;2/*OC%4\6:)96J=/2R6L;CK'CU.;"=K;NEIBK.@KM<P&
M6D\Z:G16^@"2(EN3F-;H>>$"J-5B%P))S1@9CI8<2C3%:"_PO%+Y4"L>*1)F
M?HTU2:@U2EAGS(<>[/"-M;)"W/J582TE/&DB%W5,RXKK`A"F$KJ4T@_EHW`$
M8+<@MLD@+GY>*02C<#J,P@A)RTMA'`X\Y&`U+-JC&^?O*H+/)=!!M7&RS-*V
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M,8:Z%+WBQ$!9+*E;VPTA<(T(%1*O8`@(-)WL\(I'RSGU`4C&TVRJ8[?3Q`?&
M*?WPO@*>.UDI5]@@MDPF"RXDYW-G9)_C6%.CX)/V0E5W*O2&G'DJCS2R`"%+
M?UU;3%94ENN*M31(6ETHBTTM2RS;Z2SEIG1]7U/5ES('>-'-#T\"5QY9#K>:
MM!&K"B6`5@4%&)@:+`,PFR4\!@>,'G+RF\T?C_6O+@KBC7)T4XX*>;/*LRP.
M2]>:W,+0CCDIL1<4Z-2YO"2)144<(3[*UI^`B4[V<,O9+HB/%U&YETB.V:O5
MVI^43;7,A9Y='&9:PT%!+3;%\?FB\NPYMRD=H[+)8I76C.5;DZOS0IH^8J4S
M@-R..`(1CFK&=H&C1#UL>PA0SW1%SEW331\LUJ@>GB"U]'9C874M`MP=ZL(V
M',.CU)B8+T3J<EPR3&[`TE&&B)'W3^%[+UK82>GZ0UEY:O/YY%<Y*TBG$&;L
MD-!QMGC1<LF(@\II:_'BQI-('1=&D(#(NL9DU5P`*AI<!%%:,1G;<$SCOT$&
MIAAWZ-R73LB,KI^7!<?/^Z.0O&*2<_Z88ZJF17#GFJ"#/9(?#4TL9A/N+R\A
M.+]/:I`4,FNG9.<4GZ`=&)-KMGF;TV("R2Q*D)W54T]`^5@P&!TN[Y67LQQW
MD5&+*G\XJSDY5?&7DS9957RROJZ%6<Q\')2'FO;UXN6$WP90DL6`1@))")Q9
MWIP7NB73T`+HE)4)@C41JM*T6QC/,M69#Y0*05J[HYG74NC<&E@7641-#'![
MD'']!?[),53\W#5B2I)*RK264EO1-RQ8&5+"$82MH![<P5*8QJ\P6(/9)KXW
M558^H22S\>EVY.>*-*EJERY1M<86T^RM4*CKQ(9F]JW%;*TZ5>%&B//1;`88
M$D\L/IP5RB67<\9S%)VQ3MSJRU6&KFCC]?<RM"II?&VN#RIE74U?M;5PKM..
MBFK(P2Z11URC;ZN7L).QHBGUI6HU`TJ-1L82XM86C]K&+NCY'VY*RR%'!)U>
M=B<6X_:;8I950FF[*\/G3&^)W>-KB50VN-CF%>.K$VN1@5NU#ZF++4(2D2@A
M6=4I31DYI6U*.%''N;Q]U`XV^JJ#RXIY?%@@)B").2\\IY35K=(&IJAYD=<6
M54X/S0YNBIQ(`4S`:$+FA.;AGFBV2GBU%K"2#S`XJSH9O(FRE[NE<$BS$^O3
M58;-#%S=!9$;&+B:*6=F4J:S`F+PD+RZ/CV2[,A"%T<Q.L?*5*=]G/2GI`U*
M;0IY2N<BD%C4PWQ3P->D4A.WXZ`N<H8W:P=-SFPEO"*>0:,-J9P26#!TP3#F
M\+DA4'=7)DW=JA(#I:,$*Z]$F,;I/D\_&A+5/KA&7"Z'-.W#<R1&D^J0OC^V
M.!R]">8D`,]I170E`E(6C$(T>U/HZTPM0$1H6.PA@,#QL_\`K(9'1__7]_&`
MP&`P&`P&`P&`P&`P&`P&`P&!03S1_D"<E?S-:OZ91G"QJOWA#`A\ZE(N?>R#
MD,)RD()PW5DXU&2B`J;/#8X:ZR)OEBQ,<@&T#<-KAO[4G/T>%6$8>JT#7WL0
MP"'2E<S/+WI<]CD$9/E%JG,+W`+0JA"UFR9B&GBM9VY/V6RY9#([O<4ZW:,$
MH8R]HUJ\2]W3)1B3Z5B)`0$DMRD4SB)6JB5)Y<N>9LX+R;TDO(@:12XL`&Y5
M8DLH]WXYO`E!*2-)E&V,RHY`N;0)`&@Z!BH2GI[5`).+%N=0_%>"\?'+;M%9
M-8,B7:I^J*)*.FSVTNND]:4>[6,YU8R$EM<?9"^T10BT75)I6+0E2T@0!K!J
M%6AJ#!,VRT=H!LCID31(9-(4$>KJVIU;4&:FP]M+"!;9!<U'(8S)=.#2X]Y1
MMJ/LE](:B4@T(4C<J2D]':AO)5C%M;D?#JEGES?WYA;WFNI')[QAO(U\?8`X
MIVHYQMZ%L9$822E6T.B!ZC"H;U'T^B',DU`,E8?O:[80N7X9H7*+4W`2L(=#
MCVJ%ND_>5[)%N.S/%&B1S1F;T*H'#RWY3R!XVQYRDA=>2!P;FR,6E*#Q+'#:
M)P6+D8]!7`<.AL!@MFX)Q!1"9VIPL%]>$,K;[IY.W2UHHDXM9K6Q+^23E92)
M4UJ53M&U)CTKCL$L4Y'UF@%IA+^F=H!@`E8+:+8_"A3'ZZ%&J'<G96L<VGC1
M7<D22N8QQD6`JGC$:ZKX"FB;JX5%8D9,E*9Y5DC7%OS&Z-KRA,5)S@DB&0<0
M+3W#*-DXD]&F6E,/%"FCGF32^.I24L:)-'*W:-2FOHR)P<83!:FBBYF@U=S9
MW0)4Z6+-9*DY4F4#*`>W@.4C=9W"(:Y&?)[O;^YJS_Z$/F%C6&F\+OD=<3OU
M:*)_1;%<$ZRLOA%!.-ORU?,@_/+B_P#].,:PLZ0OWA#`IO(^#]33%[N-?+Y!
M8\BCO(&=0^P[BKY3(&ALADZ?H!&H=#XBD=@QV.,LG!&VZ-5\SI%#40YE('8E
M%Z'(I9URCKBW+:4O%*%(/6LW-TSM!!#;:<;"?W6NTTF;M0R.RJV2G?5ER>+I
M3&`QY`KF*V0+UQZ%Q6N+,F<EAJQ(B3J1=;@M#L0X:=Z+Y@;8:Q7'F(\WB.VP
MYBBLH1R)S`1PBL)]L2HI0_21R@K$F-4/,J,:7%6W$MQ8`]W=G-..)..+$+;+
M+.'R)I:);)J@DL@2VX%LY1N5?J)3)BF:+HIKRD4H9!,SW5VC$-621I;`3!F1
MK4:E&6H5M>R]]6`X'W@0MO?%>J9_4<)/CDQ=OQ2`EC3Q2&Z.K)R!#4;<@&E5
M)RWJKJ,H-H5@5%[3D]0<V.!Q.T76]O-THZE.)9@?&*MU+SR0=G,^2.Q7*ID1
MQZVV9:Y(BFI8U(()ZM4I#'MN:T#HSB+AWI2[$%4,0A;ZT7I-_?X+T:`R<):Y
M:%S<\*IS:\BD*"75#-CY!('R+*7!U?:.8W2-P`Q>G0PQN9RTZ1D=1$*@)4J;
MMFRP&F;V=UA@Q;'BX%4J?$C80X.E@N4>-I*TJ"[,H?FE,H*@UO2Q#-I8>0N:
MXZWK"I"7(FI(<C5Z'Z$VDX0]`6A&:&+E.M2TJQ5$MLMW;9),96_6],62P)^^
MS)>SK%SS,62L*^J,+V4G8F*/-+4)PB%8M`3TR1,0B`<2(1!)(!=#1$QX#`H%
MP!"$;%RW`,(1@'SZY;A$$6M""((K`WH01!WZ=""+6_1O6_W<+/1=F(PV(P"/
MHHG!8O'H9%FTUP.;HW%69NC["WFNSDL>7,:%H:DZ1`D$X.S@>I.ZLL/6'G#&
M+TB%O>R-DP-5?(+"I,^16322)1M_D4%5KW"$O;TR-SHZ1%Q=$H$+BY1E:M3G
MJ&-Q6H0=08H3"*.$0(1>Q=`0@["L$X_S!^,/ZFW.W]-OET87I/JN3A#`8%35
M?#&G'9C21N1G3>5,S)3DVH2')I%+5C@?!JOLIG9&"?,L<=.I*=C763,T=2)1
MN[B>X/"-,6(A$J3$F&%C+;B.?"*DGA\(DB\<_P!O9,R89UMP03Y_8E!SXQ4:
MY\;Q:&-@/:]E(GFG'8UI6%E=7L0MZ5%"*6>E1L7+B-'!:BF6`/M<)?'HF)^9
M*/:!K13IZ(DC.KXW]PFTK)HW)$`T;M'Y/!'",(5:94E,+T-2G`(T`PZT'!<L
MQ,.&E13]*YDS)=84B5/U6RRGY&[N<Y=5#Q((=.Y'&Y1,2W!>/73(<'MSB#:`
M)J328+<C2`2H`)$_I*V+;@V<:JT9GI8\M93VC[38<BN-,T!<BCF)GN66QYSC
M,CM%E;%2,\IOD+L@>EIYJ,.]L?>BP]R"@TXG&*A"T0IO+YX[HH]&XDWD6(UQ
M>.5W2U6]PL]ERQG0/L0XZ2`B0T<3(^ZUZ-2Y/=;G$:3(W71A;FI1]$M8>IV2
M0(H7+:3>%M.'1B<0<:RQ]P:;OS](Q0H=B20V+Q-RE<Z367*=PII/4FD,2=YF
MJ72L(/ONFTLT]*W=C1JE*<X6E\ZG(DNL%DLMX,=7V21AQ<GJ*[=3D)R>+O;W
M"T-?/S@PFD-Z=T;T[[%T.BU;<%3W0<I'M7M)VL)9Y9$K8#`8#`\;/_K(9'1_
M_]#W\8#`8#`8#`8#`8#`8#`8#`8#`8%!/-'^0)R5_,UJ_IE&<+&J_>$,!@=?
M?(/3AOG5P60MKBH0:>H7RV.6I1J',Q@=7&,0^NU,05R:/HG-L224J+.3XJ4H
MBU`]"3''F#(,)-%UFBQI*FAO,;DE<7&LQ>YN=6Q"1S/CWY5G(M*[0V%3$A*W
MQ[G-;\F@%@5DO0.MGN*IQ`T#KQ0(IT*5I!*&MV&C$F`>2%P'%J+6BB?(*=QE
M(SL$)88$7"8MRU4\-7"&C:9B.:,JH+5I,ELA`I>9X>!0R)Y`J)D`8X`M0($%
M4@-`Z%C3BP4A!+S;Y8GTI3=L&#X\%J[C\N2Z.>R-D!6-DFIXZHJ6!<0Y"GK9
M2N%=Y1CN3(WN^7O0W()242)*2A!I.H,(4&*Q49]4N+.8]M-3_,8*Y*J<U+TT
MJB`H067%IP6K?HK,>,-AWQX;;8P&;*DS_,8DZ0,>G!V7/L78QL.U"GHD+BDJ
M%<*1/'^65OV35=N6I+"80XQ1NGOEXG1&N4S9+&$Z-D7RQ\6Y\]`.G$?FS:Z/
MAK#)+8/4$Z.2@)6A1%IU)8DAIA&"HPWB=\Z[?9*D1W/&8W72UBEX.;$<8XLO
M9I.9):WF7%R+7Q*X\X6(/4O:C']C=-T.I9I$B1HFH;2^.Z0DE<>7T#%`I:[C
M%<UB6<\7?%K)+A9SM5TP@#>TO$'9'R-MSDP6'2-:6PF2.#*_2B9*0O#`OFBE
M$8K+7!)7$DE&Z3)A=,&ZDPMEA#`AKD9\GN]O[FK/_H0^86-8:;PN^1UQ._5H
MHG]%L5P3K*R^$4$XV_+5\R#\\N+_`/TXQK"SI"_>$,"GW.:'MCOQIO6<'+I(
MAD%:\?;[?X>H8I5(8X2VR/U;NBQ!(326%R;M+WAB4-`!MYA^S-(S###"PZ,V
M$82Q.59&FQ)Q2\$I6#\?XH;,KBO3BT[7T$%D2Q2YP=;):CC%&,"U*O<)G:$0
M411#,%%F$#>'%G$[&MG4]X"9UIAINC8NNNC,6K?%@V]Q6Y1V!''B`1ROFNKN
M<-=C9V]VD3=;\>L2D"IS$X[(8Y+V=]&S/K3)B8:N?B2BT+6H`S+FU80H4%#'
MTZE:,-'N47(=(OCU2)U=/"DA?).J*&3S1?`9PN;-PJQ>&X^0C<Z+8L"VT2]9
M+XW(DO85*D+N4D=4GI$%*A-%Z01:AAHOY@=MS"BYI;39#J]3/]+\7Z!Y%SZ!
M*4<F&NL_5DIK`<98Q5:N.D+:3&4JPBNU3?&CE.I">I?A&(CR=]0`U6*RS%*7
M18:6Y;9X_P`/=F)%(Y=;?-&PH_,K7)E\U8TB.FY+QXCB&"-B)+)XZK/`<&VQ
M*SO0ZEB;$2'6R$BD!A@DHKJVZJ.6_(F\7Z@5$4I]GB$1L2%\>[!L#3RSOTU$
MR0ZXJFLJPI!(6F=,4FCD5:2HS+(*EC25(N3'K5W>Q#GHO1)A*4ZI41:9N-%\
MV1;<AET)G+=$VB94FYS*%7DV,S$\M1:2;^,#=50MB7>$MD(RHU.:D1ERD1:K
M9ZD*)\:]Z&`0SB@B87*PA@,"@GE__P`2<M?U^^6OZ0<+/1?O"&`P*4WW';M9
M^2E#7G4U4(K=:H71W)NIY6Q#L*/U^X-SA;D]XH3",.R53(4JE,Y(@)J/="3P
M`]`RQFD[_<WO"Q53#F^NOEU\R3_F2K+\E8*C<]=?+KYDG_,E67Y*P5&YZZ^7
M7S)/^9*LOR5@J-SUU\NOF2?\R59?DK!4;GKKY=?,D_YDJR_)6"HW/77RZ^9)
M_P`R59?DK!4;GKKY=?,D_P"9*LOR5@J-V@1[EKR2D\ZL2NFKA4M'):N\(^*R
MC^0]:DHR?&S.>^,7858FS8%O6($XMF]'6NK%]S>"HW;_`.NOEU\R3_F2K+\E
M8*C<]=?+KYDG_,E67Y*P5&YZZ^77S)/^9*LOR5@J-SUU\NOF2?\`,E67Y*P5
M&YZZ^77S)/\`F2K+\E8*C<]=?+KYDG_,E67Y*P5&YZZ^77S)/^9*LOR5@J-W
M2G]7[SD^!B&_+(]KS^V6+_ZK\''^H?QS_P#,/]3_`/PR-7#_T??Q@,!@,!@,
M!@,!@,!@,!@,!@,!@4$\T?Y`G)7\S6K^F49PL:K]X1\CSR4Q)RE2<4G3IRC#
MSSSS`%$D$E`V8:<<:9L("RBP!V(0A;UK6M>G>!#C#R0X[RET:V.,7U2\C>WL
MYO3,K.PVE!W=T=U#LG.6-9#6WM[ZH5N!SDD3F&IPE`&(XL`A`UL.M[T6IV;N
M^5W7\G?&F326#0Z0R1@2+T#%(7R,LKL^,J!U!HMT1-+LO1*%[<D<B]=%0628
M`!VON#UO6$1TV55QE<U3]#6:MZ)<%L5;H5'I/%&R'U^K51QH8S#Y!73&_,:5
MN,.9VYG.,-7,J90464G%L1R4(=[V+"W*1!US7ICXNDYD$AHY*YD@3.4A'%V0
M3XX)RVDQ@+(7.PD.UZLD#$<-%H!A@@Z2"V3Z.KWL.$:(XUYQQ:E,,@CM!J2;
M5CC&)-7E>PUQC,$1J5T,4-^W:8P:&1U2B+-51@]K;.TN;8A)$D$G3]8>7L!?
MIT7+)+Z!HAT,).<Z4J1Q-3N#"[$&KZWARLPATBS2L8(PY$C4,Q@BW".,3BH1
M(#@[T8C2'F$E;`6,0=DN=W%2<<^/:!(-`AHBFD2$QIB["8C25A"$Z0;%!U`5
M<*91IR6,!(FF(*@Z,:TV]=2WF:T(@)>_NX6YW<B7Q&AHJS3B7SZ,5%'(^_H5
MI%DRB7LL-9V9Z;'T21N<29P]O29.B<4+P+1!!P5YHRU&]%@%TOWNL&7YJU;0
M:]5*#Z45U`L6[\-E34ZK3X8H5;[&S:;H@7*#(F,9WX+'T.B&W2O?[Q&3T"?0
M6#T:&>J7\(8$-<C/D]WM_<U9_P#0A\PL:PTWA=\CKB=^K11/Z+8K@G65E\(H
M)QM^6KYD'YY<7_\`IQC6%G2%^\(8&)?F!BE+,YQR3LK3(X\](CVYY87YN1N[
M,[-ZH&RU*!S:W`E0A7HE!>]A,*-`,`P[]&];U@1%9<$XTMD0C2BX8;1C?`JV
M7)#X<?9<>@*2(0%S4`[K0G1HV4(RV:++CRSNSE"2[(,%H?5A]/I]&%ST<>*1
M/B_92^R)I!XU0D^=)?U]?6]+(HS5[*E\HZIK:EBF$60^M"9>H>^K95Z$T;:Z
M&F^A*<0+9?5C+WL9AMQ=*4T4K*7E5)612XAT9'PA:7`HJ!62]QID'&HX\%*0
MM6CBW1@CA@F]$HT+1R5$+9!0@E;Z.$N=VLE1KC3'I=":Z(8*,8YXS,*I77$$
M*:H"V2YJC"%Q$[+5,)C`""'E"PHW8O:DT:`@*<M0'9@MZ'KTX7+:3J9I]04>
M2?5%:GDJI"KERDHZ"Q<PI1*UY(DRZ3GEC:Q!.D*U./99RT6MJ3`;V$0]Z^YA
M%:T/%^H+%O)_Y#M\KA$Z4%RZ,]WK6V%54_2RN9-3J=JC'@*)W"W,ZB91N)-4
M@CJA2YQX1XCRW9P<RC#@)59J'1;Q2QU3URLKA@<$SY,'2Q)G)7@$CG4_>FF.
ML#E+Y"2PL442N:ABB38S1II"CBT7;4!92-*4#92,(S.F<,PP9$H8#`8%!/+_
M`/XDY:_K]\M?T@X6>B_>$,!@,!@,!@,!@,!@4VI3Y77-O_[;?T9.N%G2%H)P
MYNK+#)8\L9C>4\-$<>71M,=42EQ;=+&YO4+"-+D*1Q:%2I,(PG6A@+5$#WK?
MW!ZPBA3'RLLV?,-`,D9,A3#8E@<$W7F',UJ^/NSG'2GI*TU8DC$0:VD+^G6I
M8L_RV<N)K@:)::O3MS6!.0/KU?;$I:_RCZJ?,.77!!8AR(CR5D0TQ*>1G&CC
MTBBJML6J),KUR*@%-*RI0*0!<""$CPQ6K>+<WE)^R&)!LK4J,'TE*XG;?%KI
MU;_!>7-@R4JJG26JH+!2;.5L4D4PDV`S5=.(/'UO?2]?4"_6I>8NEM\M@@-3
M*O0MS&68F=!O75HC=,#AHNI6KL61+4CDC2.*!22L0+TI"U$L3&!-3JDBHH!Z
M920:#>P&DGDF!$$6M[T(.];UA'*P&`P/_]+W\8#`8#`8#`8#`8#`8#`8#`8#
M`8%!/-'^0)R5_,UJ_IE&<+&J_>$<=6D3+TJE"M(*5(UJ<Y(K3'@T82H3*"Q$
MGD'%B](1E'%#V$6M_<WK>!U6C2RZ.7UYH#_74!(DLN:*(XZR*BXVN8#!L,ML
MJIZTM=SB[/&P;2=C=#HY.=LR<\"'K!MZA2G`/18QEZW-VOK>C!,=N3A$FB#C
M)+RM*P>/5O60!.^V!'*/L^L'ZDQ+J@?"VF$K7P]1-9N0C?;@:-+G%><-"DC3
MX>1'A[+1*@-I8_RU4!]GPCD\XRAGF]K*C7*UN$D%F#J[1E(RHK$B#S2<H9;&
MDT[C:6)H61(Y(G`"92N,3E)$L=<^B6`"70AE&#IHT6!7)RV8V2,KO%%R3W<I
M@U6R*T>^HJ6YOL282.;Q,"M9^AK(W0M$)!(VKC4YKEAC>F(VIVA1%.1*<U04
M#9XJ$A3AXO8NUH.KB`UEH,\#Y"7\OXI/\D&<Y%O\3</+X>S8VADDR+!^/H8#
MD5*G",-<A<E>UCGKJDYAZHX!2Q8,4Y\BN2\HW!`6!&9Y,UE<JZ7XO26WC;%:
M75#)XC:SUR"K^.W#!&LU/'D[W7T_LJIG*1MSHUA+1(:^=TS8N+(92%!APABV
M<(EO()NKZ@9I%KO=KX3SA_MSCS-3H^LBYY$)>;9<'`?'>SGL4798_M8^4.8U
MMK%)=C&:)6F?ECJ(*TY(A'@QG"=>7S2^,T[X3V`X,,@FE)T]>[H_W"F;F]SE
M3G'!N%,6)#*NMM\86Q(M<9"QU_8;ZD.<#M%&Z:!K"WH8`A;=GD5(Z[EE31F6
M7#5CO"@NS+4%I.$DCEZWA"D;Q'D#H\1>!.BZCDZRRD:(A)X*&O7N0-R%"K`C
M,=TS4S&KC"U(V\X;MQIR\G>%<>HR_<G'60DSV,PYLD$[>-5O*S'=7$WV>/4,
MK^;R6-PR(G$,4ADK*WI7*0MR9(0&/&F*C52=$B($,L=<+D81#7(SY/=[?W-6
M?_0A\PL:PTWA=\CKB=^K11/Z+8K@G65E\(H)QM^6KYD'YY<7_P#IQC6%G2%^
M\(8#`H1RA)=8[R;X6VW)6-Q>*(K]1?K5/'=(W+7EMK"S)Q#HJBJ*V9.@;DRU
M2VQMI9FB5QX]Z,*TB9S9.4:J-3DB$<`L:3NQLYE2$VZ&)+%E$LK>B+;BUSR:
MPKJ@K([QX;[R7C*+CS%*;7JI.H8QEN:5;6;4Z%,QG06,$J6,I+:;I9LLM$K'
M3E*]-WFZM-)4@9R1&XL=X/,;H2)VD@;8#+QHD%S6TQM:=*VK2V%@<F:.E.,I
M.&0K'I0)I951H4YZL(=E#,$ZS6B&[.?D$1\R:E)@_ENR2)M_"+DG%'&2D,#\
MY,3=)I1>O%5ZCC"XNC6VK42!V?&B%NJE*0<,!AQ*`X0=;T#>3JO_`,^Z`'N[
M)@1;'(BQF55?B>OI;).'1(MKHO/T1D.XYN\D.B]FSR&Q8Z-FNL;0J5!*G:PU
M,!&],S8YKG@0$JI(8<0*T6>X+.S<QPZ>Q-47-$RZ2\G^7\EB6Y=&9JC6OL1+
MNMV>44@&]2%E2]N0K&:6MPTZU4=LQPV8/HF'GE*=@J3T7WPA@,!@4$\O_P#B
M3EK^OWRU_2#A9Z+]X0P&`P&`P&`P&`P-&LV7N5?UW-YTT0R1V*Y0^+/<F20.
M'Z0CEDO-9&\]Q\/1DIS5(4"E_=0)]DHR33B@'*!`!TP]+TX'FTX.>>'4'(WG
M9/()6?':_P!RD/*)^J=ICJ<XB!`*A3;6T,<VV9RB;FE2\[L;"R-X3EYHT^E!
MO9R!!T#9P@%BEMSVU&KTT2=B!)XX^QPUP<&HI^:7!G.<FK3?MR1$.*4U(<>A
M[U0.C=I2`HW?0V<F.+UO]T&\K"LB?B#$FF'U9%X[.Y^SN=44(_<9VB<];%%$
MM=:CDK=#&YR1.VBHNCC.Y2A'7[4L;7,AM*[$M3B%LDTA0J3GEL8>&=4158UH
M8R8],E=M5BUQ;A58)#49D;'852P"+5S`G'2Q4D4/:=F:6B#,:XQO+4!`<],R
M99TP]8N*6BV[RWCG#YA/6>S%K_,4$V8)6*2L[XVK6'M;8B%7$@K+</;1N<=<
MAM<8+:)<\+"=I=DN:5S=UQQ"PH*L\LP6GA(D3($J9"B(*2HT2<E(D3$`T62G
M3)RPDD$$EA]`0%$E`T$.M?<UK6$<C`8#`__3]_&`P&`P&`P&`P&`P&`P&`P&
M`P&!03S1_D"<E?S-:OZ91G"QJOWA#`8#`8$;W%:4<H^J+'N68IW91#JJA4DL
M.8=Q)DJUV2Q*'M*I_DSDC0JUK>!<-I8T!ZH1`#.T'`)V`D!IP@%C$9PR1%@1
MK44BLP>E@(HVS`<02-!$F4($"T3Q.E;<W1>/F!(6K$ACXZ.CL0E+()..Z9YF
M@AV+]W`B2ZUM03:65I05BI),O>9\[.TIB"J'RJ00QTC3]63:7*`NFYA!)9%I
MW$G`2$X6DQJ,T.E98C23!;*&8$18W;NW4?7#7+8Q."&Q^42:'MSNW,2UVGD^
M?4I9CZ`:=R?G-G>Y.X,L@F@V\TU"4_N"=4]IFU0>C)5EI3SB1D2U@,#CJDB5
M:3V=:F3JR.M3G]0J)+4$]<E/*5)3NK-",'6IE1(#"Q>CT@,`$6O1O6MX'(P(
M:Y&?)[O;^YJS_P"A#YA8UAIO"[Y'7$[]6BB?T6Q7!.LK+X103C;\M7S(/SRX
MO_\`3C&L+.D+]X17&5<L*)A2/O&4SMF86TYBN63MB][<VAB3/L=H`UK2VP^L
M8GUQ;#'%FB2YU"6>K"'2?J"QK>GW?H*L1:EI"KF_3[:_6*VO3;-VB.U/8E:U
M;8-C&MC"ZP.-2ZX6"`2:M0+%\;DSX]&1Z3L]I,)O?)2`;.W]X![<I2]4?U0I
M;!U=2FQ"[*RTRMV5-#4>ZC9&@)"I[6E%DJS$R9`B-/3A,5N1B(PE-H8RP&G!
MV'I:]`MZ(T\=@J0;'KU>V*/0!UL#>P,S4+6_6*]ELJ@8-=^](0*ZT9I9)-ZU
M^`HM;,)[3O6P8&Z#$T."D*4P3:M6-QI2\"8>TRE2@.#L].2M"2+IFI3="T8`
M)FM!WZ>EK6_W=8'%>7]"S1YYDHP*W-`R-3H['D,:4QW<59+0F4*525K0H^L.
M<'$?9A%E$%ZV88=Z`:UTM^C`KA"N6$>FUB2"LDU5W*S2&&O\,C,Z/>&&('-L
M'=;#AWCJ&ZDQL>G+\M2(GE@&5Z5)2<Y.C5GE)E0R%`]%X6EI%"E.D)&H5'DI
MDY?1ZP]0:`DD'3$$`>F:8((`](8M:UZ=_=WO6L(PVG_0Y"A8B6AY4)5S`L?P
M2A.G2FQ8K25<VHRF@YQTM[3IY<2W':A,6`@91B9.<+9@=A"$8:/9EMME8'L"
M=PBDZDQDC0SI:CW#&).\E)1P.%NTX5(70Y0Y-Q3<K?T#,:D:]F;T2I<1E$#,
M*V8$6PS$*LJ-3H796S;@W/(8M$)H?&W]'MID:.,3I(M41IU7-!HQJ49"U2TK
MT>]&=$9:UN4DBUH16\#?\"@GE_\`\2<M?U^^6OZ0<+/1?O"&`P*D7E<EUQNZ
MZ?H^CX-5LHD%D5;>UK.[O:TZED*9F5FI>6<>XAMN;MQ"!3U:Y.;ZMOHHW[Z4
MG*)*0#_?B$/6L+%5,RQO?GF#_!APV^/:[?=TP8Y._/,'^##AM\>UV^[I@QR=
M^>8/\&'#;X]KM]W3!CD[\\P?X,.&WQ[7;[NF#')WYY@_P8<-OCVNWW=,&.3O
MSS!_@PX;?'M=ONZ8,<G?GF#_``8<-OCVNWW=,&.76[QB\MN_^*O+#DSRUKVH
M>&VYAR'6ISVYB.N2Y2&JIT;H:%[L9KA9I?'LP6D5B30`')0#91($)9)2-,$"
M<`M#E-3W1,1&79%WYY@_P8<-OCVNWW=,K..3OSS!_@PX;?'M=ONZ8,<G?GF#
M_!APV^/:[?=TP8Y._/,'^##AM\>UV^[I@QR=^>8/\&'#;X]KM]W3!CD[\\P?
MX,.&WQ[7;[NF#')WYY@_P8<-OCVNWW=,&.76A];AR$^;K37RB?98_MDF_P#:
ME_\`K']DW_`'_F/XQ_\`*9+:\8W?_]3W\8#`8#`8#`8#`8#`8#`8#`8#`8%!
M/-'^0)R5_,UJ_IE&<+&J_>$,!@,!@5KYEUY+;>XB\H*B@3:!WF]M<?K@JV)(
M3ER!L2"D=BP!_AK.H<7%R4I4J)I0KWH!ZPWI#-`E+,V46<;T"AEC6%:+UKVY
M+IK6H($HXV@71^JYWQUL22M<\D]3+G25+JSM6O%4C8H6UII9(8P>E'`$[\::
M>\+FKM.NK2@!OKS-9%QG+7()1M\Q^[ZTFDFJ=I>7"K+2YJRA\M5%*826JLR)
M7F[2*1U"D:PGK"Y8F<&1I5-L?<D3F0D1-?=Y/8C5*(LO1-2XIV@-:E6L;&Y6
MX-QK0O5(4BE:TGJ$JLYK5GIRS5+<<K0FG(E1J(X0BA&$C&4/8?2`6P[UO".=
M@,!@,"&N1GR>[V_N:L_^A#YA8UAIO"[Y'7$[]6BB?T6Q7!.LK+X103C;\M7S
M(/SRXO\`_3C&L+.D+]X16;B;!%,!XUTW4,N0!4R>F:YCE+RE0Y$DJAOKI!(^
MW11TE&CQIB@+$-BIFXIZT/8>D<0XAZ[76],.BSK+KTM?A[>\_L[E](8M#G2.
M2:X.3''2X:*LI_M-"&L8&32]34+`W&93ZH6V2R5GF\A1/57.:MD;5T9<-*0G
MH1F+6E24`]#%B8PD([BM8SO(N03G,ZT>);/UY7+1KKFU3;.CI$/E=:<A5;L\
M0F#[AP5:5[62&#D)HZQ*4\D3%-"!)'REC<N-,T!,$7HAV-4Y)[`<I<UP*-LD
MH<H:O\GQR=GA@?(<M9D4HXI7VYS6_$2.5D/&V59,62!1)0T&E)E)BD9C@F2G
M[+3G&#+%_P"W*?N-S]2P[8NF2P5/7<211OS37:PI_#9+"(A+=0GD!,XU957*
MRI0TF.SH@4$(8ZH'H\Y(K"QN@2CQD"+#LS!>D+6^7LT1)MC%JN+%&5#1))A*
MH/*)\\(14LH@KI)&^I(-6IB6`'4E:]Q,S:UC!7.WM<W.#J!Q"[R!4X"(++<@
M>FI+#2/C79DO>?-!;E,=;DC1RPKYAB]4NCPZ,BEJ7.#9QR]5!PWY$B6.+FT)
M]2GT'%B-2[WM*'K-Z"/T%X+T0EOBE:TYEZ.6S*@F9"T.MW<.+#=8M(7JKY&M
M2-M,UK)838ZQX)2/;@Q*U^U:PK272=2J,6HC0[%T!Z,)!%OEI"[@]>3K2P*_
M(KAA;WA#P5Y"4.A)<'^'`:?&S]=$-GU.1<H]M<7(:5D:8_$A$I%&B>RLYAI(
M`:`'0^K%_P"78AQCKZ9Q>9<MIC,Z_!`$-Z\@8[;L28CW2+.[D0R*.+'&JK)`
MED08HXN[0DD?CNJ78:X!*E4G/V8`XM0H"/K-U)Z-G31A^>>6BRPDI"M##H70
MQE<+UAQ0R$DMF,QGC;+"DJ'IIP#7!KECBGI-4:&)-HV3;(*$(\E8`D=%D\(Z
MU.'E@P6JZUYI3^RYC&8#!XSSOY;N$AETP>VZ.QUE1!L0)?:'%W=5"5"E`,T8
M0`Z8];&8((0ZV(6M;+/1=6D+MK3D95\7N>G9&&75K-0O!L5DH&]S:B7I(R2!
MUC2M<F0O*-O<RDAKFS']2(TDO9A6@CUKHBUA-$K8%>+UY7<?>,KK6#7?=FL%
M6%W!(W&(P9]EIAS9%EDC;4!;F:V.\G,*VQQCKT8][)4.1Z5(8,/5];U@BP#+
M$3.B-I>I3K.?_%E6D/)5)%7"_G0I2JDQH#TZE.?=7ES&D'D'E"$6<2<6+0@B
M#O81!WK>M^C!TGU70PA@?D0M`"(6^EO00[%O00B&+>@Z].^B`&A#&+[GW-:U
MO>_^S`@-AY0T;*85);`C4T.?XY#++5TW+PL\2FSC)(O:*&6HH*M@T@A"2-FS
M5H?TLH<DZ8PE0WE]$)Y9V]]0,)NRU*?`BT,(1:Z6M"#H6M""(`M:%KTZZ0!Z
M",`ON_=UO6MZ_P"W",*[2)L97&,M:[3GM7+WE2P,NT+$^.R33BDCK[*3N^7%
MJ;EK=&&_;1&U706.9J-&:KZE(`T2M2F(.!&9$V2Z/,LI9=.>FB0-B-W;.^6)
M\C#KM"O(`H3"7QZ3-S1(&92(DS6Q)UB4A07O?H&`._N8&<P*W2GEI1T-F),`
M?'J:^+5CS(H\U-+-35TR?Q"]Q&-%3"4-L67QBOGALE:F/QTWM"O3:<JZCH#+
M'Z#2S`!+4I\8GMKDK(SR-D5!7,K^U-[VT+@EG$A6-;JD)7(%025)9*@H*A(>
M`>@F``,/I]`M:WZ=81\)#(FR+H4KB[:<]IECY&HZ3W2Q/DA4:<Y;(6R+LVST
M4>;G1:D;-.[N1VQ>:6!"VI>L5K#B$A)QQ89S`8#`8'C9_P#60R.C_]7W\8#`
M8#`8#`8#`8#`8#`8#`8#`8%!/-'^0)R5_,UJ_IE&<+&J_>$,!@,!@,!@,!@,
M!@,!@0UR,^3W>W]S5G_T(?,+&L--X7?(ZXG?JT43^BV*X)UE9?"*"<;?EJ^9
M!^>7%_\`Z<8UA9TA?O"&`P&!\2$R=*$P*8@E.$TXY2:$@H!03%"DP1R@\S18
M0Z&<>:/8ACW^^$+>][WO>!]L#CI$B5`F(1(4R=$C2E`(3)$A):=,G)+UT2R2
M""0@*)*`'7HT$.M:UK`Y&`P&`P&`P/';RL\H>]_,%8^3EDTIR&?"GR#<W^6B
M5LXUV$\*4=..ZQ+/UAI[]#5C<#26*3]X`,*<X]R2+"5WH*`-:@()UK<ITCNB
M*N':WY9G!B\JXX-T'!K/Y!<KZ&GL89Y:UR6I8V\T<!AAJXFQ9@("1I$ZT[,U
MBA"XI1EK2S^]5Q*C2GK23=DC!K1F9S.';E-($YRZ!ZA2&S;%@KAHEH*]84+5
M1)//-B:C$QAQ^U$BB$CC'7/6D^PK/Q7T1!-'U6BM]'8:R\XOG1>5_P`J>3\:
MXRUQ1EDW=R'=3K/DZB1*KLD56-\!J]DW&"BQ2UV>HC6<%5-X#C/25U?I<%*G
M0>K3)3#O1K<F&^WNB+M/'ER>7].?+SY'<:JNGG(^<WNZ/7#SFNX:87(\\NJZ
MJ,173Y?.U;!3S,Z;6/S6TN1KEK:\PY26G7&I2E!2!"8-0$U!,W$XZO0/E8,#
M\B%H`1"WTMZ"'8MZ"$0Q;T'7IWT0`T(8Q?<^YK6M[W_V8'48MXP6D3,8GR$H
MV/JXA))SR?;B.5%3R\LJ.I;1I9LYB*+(AEQD%Z5C;D]LU1"SBUR)3TC#W6,*
MU3.I#VU.@*1QJ^DH@M2#<JY>'D21'ZCO"(^-Z<YAQ5J(:I?H:Y[LD')R-O-'
MOFYX@GY;XY"=ZY7*5$>,$4WM\<CJS3`G]*=M5[",82^VL5@5W<].L9QMK1B!
M/OF37,3&&,4IGFT+]1<A\MZ_9482<TD/2I4XQX^]88K<T*=<6)4E>B-*4I90
MSRAFCI/H@Q32G*1QK6K5[O'K[<+.A7$"J&DM4MGDM6NR._8MR%CCT]*URHV8
MFHW>:AAJ%4<H=E`U';T`AEB4G:.ZL9<+/5$>M?.9TBF+W+;>/92;+Y`02`KD
M[3."JUL#^;5?$%PN3/4;<'&M%*6B'^J9\C:$SGL"E.XK%6AD(G7M`5I.B<[[
MA,N>^5W!>9,,6>'2)5K*KY73Y^;D?7-\73SBFGN'QI2X]$6CS0N\G<"R!;(+
M.VGT+9ZCJB`B-U4C256U\%Y"$VFN9"8)<&XZQ<C^5,E6R-I?B4<;44Q9_&N7
MD5LCCJY-,$;FX-Q%D+T91#6A($I9W@@)NB"-A).%%PCBO*AY*PN!,S.B8;U:
MG8LSRAY&[E%S27J5"Z7UO;4;5<WS'-;XJ4A=DVZ?9QI9`G/,-;I"`HM.F`M/
MT6'0Q_E//&.(WXP7C4B>90JT&N+P.">83!)[(G]Y;SXHZN$KY84G/>,ZI-TY
M4K62AJ35"C?"V)2!(;MH3*U"+6DPMJR2Q-9=I.5DP&!XV?\`UD,CH__6]_&`
MP&`P&`P&`P&`P&`P&`P&`P&!03S1_D"<E?S-:OZ91G"QJOWA#`8#`8#`8#`8
M#`8#`8$-<C/D]WM_<U9_]"'S"QK#3>%WR.N)WZM%$_HMBN"=967PB@G&WY:O
MF0?GEQ?_`.G&-86=(7[PA@,!@,!@,!@,!@,!@,"@GE__`,2<M?U^^6OZ0<+/
M1?O"&`P*;3C_`#!^,/ZFW.W]-OET87I/JMF_KUK4Q/3HV-"F0.3:TN*]O841
MZ9,L>UJ-&<H2-"12L,*1IU+D>6$DL9H@E@&/6Q;T'6]X14FO.3=C32V[(JMQ
MI)I9QTW(JZ8+2>VVURGL$=*LRNR[$9WMN0KH'&RWUI94JI.B=-@4DG)U)NS"
M2U*8L9^BURG$R_*1*C[S*Q6S7NXY'78QB?7@J6,IR%G>"F/4H&W.)I*P?9%.
MHF+3QH(_1Z6?>E^O2CWH["5.R.(;RRJN3W#8=+N4EAT<E,5D\?8(64KFS,>I
MM5&_4Y';L[XB3>,"(Y04AB;V>:,LD2KIIVY2I`,1)1@@%INL3Y*<>IVW/+Q"
MKOJF5M,?0Q1T>G./SV,NK>W-<[6*6V$.:A8C<CD^FZ8N:(](UGZ%LIP5D&$$
M",-+&`)*G9'"NX*8-NNH'.+1^NID[7`TV=$A7<Q+8VI>HTBI-"XOSS#GEZ(:
MU#F)$SNKHO(.0&N!&VM>-4$T@!FS=;+T3$VW?3KRV/[PT6A`W5MBPV,N0JVV
M4,ZX#0.4F%DQ/2P*96:87XO,.+TS_O=Z=MF@[)UW3!Z24B^%R[A6W2![L:NY
M/Q=0RJ:Q%^M61SR%O53I9!+8&C<"D\GLA[E#&I`XOT12NB,`%[P>>:C`H*#H
MT[0PZUHN6UV]>":MW6K(7'(\.>V;=LC<8]6T5)=R6)G4$1^/K)9+9A*Y4-&[
M!CD&B<>1=:K5D(W%8<H4I4J1(I4*2R]AQFZ\!Q\Z9DWLQQZDT\:>T;;'Y`Z3
MQ$[1*PFX^,DR=>^Q)W<6:*+C4D=([22YE*$1!R$2!2>8'2,):DP5LG)K=&U[
M;6YZ97%"[L[NA2.C2[-:M.O;7-M7IRU:%Q;ER0PU*M0K4IH#"3BQB+,+%H0=
M[UO6\(@J87H;$^2%*\>_"07$=S5_<=@(Y:%_[*!@14HNK9OD:%8QB9CQ+5#F
MIMEH["(M6$(@@5[-T5U).E):Q,MA-O\`IQ-/;!K);849;YK5D3BLWGC*X.B5
M"?'HU,U+FE87%5M485H0#S6S6C-`Z6R>UI-#]&U1&ADICJ'O%HO=JL)X9&\I
M$@@=M36JPJD[J%V3O9L,&WEG/1!FD+>-$%4-=T!)3`"-3&%B`,6Q:WK19BDY
MX1XV?_60R.C_U_?Q@,!@,!@,!@,!@,!@,!@,!@,!@5:YL4O,^0_%BYZ7KM9&
M$$WGL8(:XTJFC@ZM45*<TKVU.Q6GQR8V22.Z)"8!O$`1B=`J,#L6O07O"QB4
M4>*O-)^`G@']+'D1[EV3*_'D\5>:3\!/`/Z6/(CW+L9/CR>*O-)^`G@']+'D
M1[EV,GQY/%7FD_`3P#^ECR(]R[&3X\GBKS2?@)X!_2QY$>Y=C)\>3Q5YI/P$
M\`_I8\B/<NQD^/)XJ\TGX">`?TL>1'N78R?'D\5>:3\!/`/Z6/(CW+L9/CR>
M*O-)^`G@']+'D1[EV,GQY/%7FD_`3P#^ECR(]R[&3X\GBKS2?@)X!_2QY$>Y
M=C)\>3Q5YI/P$\`_I8\B/<NQD^/)XJ\TGX">`?TL>1'N78R?'EJ%@@\T6?0&
M;P4ZEN`S85-8A)8D:Y%\JN0ZHQO+D;*M9QK2TPN&9(5`T@5FS-`V,&A[#Z.E
MKT^G&3X\KF\?(`\U10E(5;(E+8MD%:U#6L`?5C*<J4LRMYAL,98ZYJ6E0N1-
MRT]L/6MPQ$#.3D&B*V'8RP"WL.JRE[`ZU'.K><58<FN3%K4/#.*4\@-^N%1O
M"0%N7=;U<2]@65W5[/`EZ50T0WCI9[*H3+EC>8<2:%QV/JMAZ0`BWL.BXK+;
M_%7FD_`3P#^ECR(]R[)E?CR>*O-)^`G@']+'D1[EV,GQY/%7FD_`3P#^ECR(
M]R[&3X\GBKS2?@)X!_2QY$>Y=C)\>3Q5YI/P$\`_I8\B/<NQD^/)XJ\TGX">
M`?TL>1'N78R?'D\5>:3\!/`/Z6/(CW+L9/CR>*O-)^`G@']+'D1[EV,GQY/%
M7FD_`3P#^ECR(]R[&3X\GBKS2?@)X!_2QY$>Y=C)\>3Q5YI/P$\`_I8\B/<N
MQD^/)XJ\TGX">`?TL>1'N78R?'D\5>:3\!/`/Z6/(CW+L9/CRW?A53ENTY`;
M.+N\%<)K`M+D-<EVN#754FDTPAS(ELZ1!?$;*CD,NA-?/3BH;@](LP8VL@.]
MZUL/I]/W*DUT7%PA@,"FTX_S!^,/ZFW.W]-OET87I/JN3A%$W'BC+9$_^8'W
MI*VE@8>9L,9XA'7B/*'-7)X#W=1GJ:,=E:-0W-:-0MT,>W,CJ%GWL00E;WO_
M`,71;T:''N*]S1J55_<+%'>-S!9+0-Y8K3A36OL,V&6VS22,M,4=)L\3YPCR
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M%IBU$XJMI1?\.4VU(BF)_$.`-4(EE0S*NO'VIN@11ZU)9`I+Q<G7B%/:,&DM
MHSJK:F:S5-O3B)QI8K9%2%KDJ!:$E24VZ;`Z5&"]5OK\HV2SV>T-==</C2UV
MAQ[D<R7,C-*1KR87/H;9,5,B4\@DC<&E,O=8Z-<62@<6]V3I'`2%P:RNFC4D
MF&`RI$ZPQTCJRYG^X*@O?O&O4KW6C'<$&5U@6Y2@4;=(7;1->+5"S<_,9C5)
MLR8I15+6H2JM1A.4!M7KT'1Z0^UF#%3#X5E5UM\>J<K*G*VU`I8U5ZAI^*)7
M-^'(VPY<R%R14&Y#BF@M4L3Q1N:HH,O<43@7.04>]=G.+.`02`\/Q;E.VA(.
M3U!<@(*3`G)NIFK+]KY=&I9*I#&%K^JO)YI=Q[>D<6>"S$AN3Q8NFR]=$91P
MEPG(6O0GTFT)0+Q,(,EG%;DC+919,\63>IT\LFWLIS5`6D#+D\?1S3BKR(F%
MO,->O"/36-4ZP"41%]1-1[Z`TER2KT@E86PWI!`&+<86&X_5=;%6J)X.3F5V
MJ2VA>%F6X_IV%UDJQ1&D,S;60;+'F=6X1]J+D2ML>&XTM4L.(;@'IA!,+(+'
MZ2LJ2M1A'C9_]9#(Z/_0]_&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`
MP&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P*;3C_,'XP_J;<[?TV^71
MA>D^JY.$1O<=FLM+5/95NR-.I6,E:0>43AR0(1$A<'-/&6=8[;:6WM`RR!.;
MJ-+I,F",6@B/-!K>_NX(RC-PE/)I`_-K:35\3?&;J*<$\R5JE;>E(`?)).^H
MKF[J:'I:A<E@*[926U2B+.VE[>C-/,*.4K>@@++C=46)\T+H')IW1UFMU80.
MZ]W08U4+,BXI+G*K;PHM+R>:Z&DSXSQM18+:\HK8K4AP#J0LNG\W1`U2)S)"
M8@4B)(BUUZ+%S?FW4M<AL@,M9[%0J:Q@<^LIU1;B1:9VD$)J^Q2ZMG$EC,=6
MNY#^8TH90<68@-6IT9;ZVG%KFD2]*,)VZE/LDY6Q212NMXXD,DT$>7;D)8-#
MRB%RRN%<D?'"706@)]=9\32R&%RUPC$16K8DRI)*A<=F/8'%O3&M@$A2U2(Y
M`*1W%.?-:!CE8"?0S>9G2RNZ$G3U8\:K8N&PQ,PW]8:VGX3+W&*2&>O4KC*%
MPL=#I*J:BC'AS;25(%`PF)"E*@@4G6+\H:TF%OETNQ$R=7(U2>VSVUZTS%>%
M'/=#RR*P.WR$[F!>8L2J(+-)PT-BD*M,FTH4+RQ)=J"M#,`*ZH)M>U.5L3Y&
M4O2T=EG'M&VWPCY)N\?7O5.61(ET,;ZF9XFXP5.\JT-_1)/*EKL&2Z,=AD)&
ML`-ZZE/K]YV@P8I(17,RMT+4F,?6^4[=B#N0#([%M#*D,1BE7%X+B7;S:VA4
M/G:!D@-9U)C4,>^K6$Z#H1@#!=#!3`HN:<#F+2SJ60<NKI>?:W'>&J$4[K8Z
M1K'9GY`^&WF`&I2XC,Q-T823]E?0I27)Q5;.8UFC`K6T1P`IQBF8-Y,EVPU-
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MVK!&[(A<F@[X<WF$DN29LE#.L9E:QK//(4DI71$4LV:F.$6/JCP`'Z-[#@;(
MQ`?=,;<3)36\4@`B+(=5;-LW;>H6EAV48O1%+$Y9B8"O8=':(&$S2<0^KZ9N
M@]8,*YO7$2KY?%:^C=@KI18#A5?(-+R8@,WD!D7;II&K+2VHOM;I-J^&Q6*M
M2=A6+G=8SJTH46A+&%6:E/,,&+KM%M"3WY<D$D0;`3N]UWB>BL:+<A(:\`"H
MJLUQ11_D7:T?MN3I4#XY5:Y.JLZ/O$?*0M1[D8X'IVK1:;8A`(*Z(OAF%W%Y
MY1WS`I!&%DT-86CE%).7TVF\L<:\4-IT@EW$.[.)ZBO8$SL#6U2!"K8P2F.O
M`!NS<M1&D`5ZVM$=H"<0O#B-WESU>V11HB":U;NVW,M8495"-2:OJD2_;!Q[
MN=7>,#<3C-5(%*-\.E*T:1P,T2%,H;/0`!!2C7:=BWWH"I;EB]YV1.90RJXX
MW22Q+6>'K3LFIU[C#O'I,YDABAU4R.%DMEG(U:]IC4=$^:DC>WC/,;!%FZ7C
M*0JB!-4L=-J(C\YNFF+Q7R>8M<CHYNL9KC#"SFQ<,5>4UH(6%NDNY.0Z19T?
MU)H$D<3A3;1.*#16^EL6A[%]P7J@9?P.A;C(9$[G6O;:9H>9'R%D[9%4&ZR`
MV1EQY/,B]LM/3:O75LXOZXD]R=U3D@"N5JNQJ1@+_?I@;(&+<M'P2K]$,@1=
MF7`9HB3\7Y7T#5=9;`:X<326HJO$YFRZN+'V%]&S$F/@0["8H'TM)!H@;Z."
MVPU5P]C%3V5'+':[(LAZU"D7)AFAL0>]0'PRQ1WE1;$`NJP&49[7!6V4NH&B
M<UVC$TJ%+D-20B$(D\:G>]F"%IBMFL@VN&`L+JH2E0^-69!K2D2,03#5[V[5
M/(VVP*W:T8>@$A&2@LYA:'D]4(8Q:`T:2A)%VO:A*1+>`P/&S_ZR&1T?_]+W
M\8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#
M`8#`8#`8#`8#`8#`8#`HMR`53^"<K>.]T1RD[2N2(1WCWRQK"2E527`U3S'I
M)95D<-97#QN**=3N!D#;'1KJ%\UUJ<X\99J<`1@UHS0L+&DM@]K*;?,@YD_R
M%Q\]XG!7)[64V^9!S)_D+CY[Q."N3VLIM\R#F3_(7'SWB<%<GM93;YD',G^0
MN/GO$X*Y/:RFWS(.9/\`(7'SWB<%<GM93;YD',G^0N/GO$X*Y/:RFWS(.9/\
MA<?/>)P5RU-HYUJWZ4S"%-'#CF&ME$!\/^+V@$<H<!S)XI;C79@Z\X[D$6E/
M[R;R1&AZDPSHZUZ!]'?W,%<ML]K*;?,@YD_R%Q\]XG!7)[64V^9!S)_D+CY[
MQ."N3VLIM\R#F3_(7'SWB<%<GM93;YD',G^0N/GO$X*Y/:RFWS(.9/\`(7'S
MWB<%<GM93;YD',G^0N/GO$X*Y/:RFWS(.9/\A<?/>)P5RZ!_9=Y@_-*N7Y=O
MM:?Z_47]GW_[<_M3_P"/_P#R?^H_^<R-W&[_T_?Q@,!@,!@,!@,!@,!@,!@,
M!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,
M!@,!@,!@,"FU*?*ZYM__`&V_HR=<+.D+?+UZ)K1*W)R5IT+>A3FJUJU6:`A,
ME3$`V8<>><9L("RBP!WO>][]&M81$I_(.G283`K$*FR-RB%HQ8F<5\Z,3<]R
M$Z5PPZ,%3/<L:6AB;'%Z-CB:+J25BA:),%.E*/*T<,`C2PB+4N;N]*DW(FJ+
MDSIF5N;T.,DMZAOVK<H^8KFK<K=X8W*):@3*8JA=I>UHA*&M&>M*5.!1A(DY
M9FE!'6"I<=1?]-)7)Q9S[#CP7)LE3;!3DH#SC1*YFYR!LBA<693"2!E2)^02
M=Y2M[@E0"4G-:Q0`E8$@P6@X*E,&$,!@,#__U/?Q@,!@,!@,!@,!@,!@,!@,
M!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,
M!@,!@,!@,"FU*?*ZYM__`&V_HR=<+.D+?K592!(I6G@5&$I23#S0(D2QR5B`
M4'8Q!3(&XA4O6';UK]Z626,P>_N!#O?W,(ZE..%<V;4D-\MN>R^"SY2WTKY;
MDHXUV77J"*N3C*8G<*^-\2'Q,E.CB=&-P5)UQE`OS*->'1C>6K$CT$WJ5FS=
MQJ<WZH*X^\0^1=2\;$O&*9$2%ULY[Y$^6G:Z*PD*<IRBT=A7'2O^#2*TD*B6
MI4VV!*K@RKB9)VQ`E4#TH=@K&L?1-VX&"T69B[]5MY-1-@UO+JZ9JC5V(GK.
M+6MM0ZR9P0L4UDT9U9A]GSZ52"!L^F,PMX*;Y#(BH^H<G]O?MG'S,YU<#MCC
M!"HJLNQ6*EO148CA4D/-4R(MA9RW]2?IO"<H>@-Z<+H><%I)3M0335VC!"TF
M+`GUO?WL.@>C6B,]@,!@?__5]_&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&
M`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&!IUA3V
M+U9!)A94V6+FZ'0*-O,NE3BVL,@E"YOCT?0'N;PO3QZ*M;W(W<2)`F,-V2B2
M*%`@@WT0"W]S!JZ1^+/FX>7U9W-2[X[`KW72=[Y%2&@8M3C:W4S?>U,O>F2%
MKV!Y($$^KB0QU(U.)^NT*W7:%(2G"-0(W2<LPT,MJ>V:C#OIRLF`P&`P&`P&
M!__6]_&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P
M&`P&`P&`P&`P&`P&`P&`P&`P*A<BN4[[25DT]44&X^67R&L.Y8S;4P9H]7<G
MJ&)=S1RG%=8H9.XO#M<5AUTQ[ZY5:S<%.2G4G'CZ)N^AK0?3A8B[FV@>U9RO
M^S`Y+_'GP3]Z;)[+4?8]JSE?]F!R7^//@G[TV/8J/L>U9RO^S`Y+_'GP3]Z;
M'L5'V/:LY7_9@<E_CSX)^]-CV*C['M6<K_LP.2_QY\$_>FQ[%1]CVK.5_P!F
M!R7^//@G[TV/8J/L_!G*CE6<682=Y7G)0THT`BS2C+QX)#+,+&'81EF`%RFV
M$8!AWO6];UO6];Q[%1]G2#P:X`VOPOYP\@^631Y:5_O;#*#5J?C9!R;BX,%F
MTLU3@!JRQP'G*>4(B1KB3#Q,C&:D,Z1$>-4%G[&8I%HI[-3,3$1Y.\'VK.5_
MV8')?X\^"?O38]F:C['M6<K_`+,#DO\`'GP3]Z;'L5'V/:LY7_9@<E_CSX)^
M]-CV*C['M6<K_LP.2_QY\$_>FQ[%1]CVK.5_V8')?X\^"?O38]BH^Q[5G*_[
M,#DO\>?!/WIL>Q4?8]JSE?\`9@<E_CSX)^]-CV*C[*!_7WP7YF/)?Y2_L??\
M3\=/E%_!W_;-_P#]?^(O_.XM?#E__]?W\8#`8#`8#`8#`8#`8#`8#`8#`8#`
M8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`H';_^9'P:
M_5HY]_TKX1Y.K4?C*_F5DP(!DG)NHXM9<EIY>KG[C9$1@T<LE_C$1I6ZIZ>D
MA$N<9,T1M^(7P>O9"TN9+L[0UT2E%)5!ZCM*$TH1>AZT'9:ZIN:75O?6IL>V
ME2!:U/#>C=6Q87H82U;>X)BU:-26$P(#`@/3'!'K0@Z%K6_NZUO",A@,#0[/
MLJ'T[7\KL^P'%2TPR%-)SW(W-&T.[Z>A;2!E@-4A:V%"Y.JD!8C=;'LLD6B@
M>DP>PEA$((;Y@8!LDB%U4RE*0C?TXX@\@8W(QSC,A:4S@J''6*3Z5194Y-B5
M/,F8*&0DD;7M0EB/3B2J0];VM(J)*#2:RN>"W`RQ.2P`Z1N\:F\&;K$C,C4P
MJ8,K"X1IV5F)$&AN[VQMZ%#(#=E]:-H4#*=22-Z--3@!O0L%4E,0M`"(6^EO
M00[%O00B&+>@Z].^B`&A#&+[GW-:UO>_^S`PT:?DDJCC!)T"1[0(9&R-3\B0
MR6/O<3D:)(\(2'!,D?XK)4#5(XT]IB5`0*F]P2IEJ,_0B3RBS0"!H,W@,!@>
M`_\`_LMYEV_X_]#W\8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8
M#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`H';_^9'P:_5HY]_TKX1Y.K4?C
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M96^357)FTT^!(TD0D0CWENET`G(TK5M3%YRVC.%&CD*O2H)Q*[:914B5`)CQ
MHY1RV!26MT=/S(DQ!QQ\S6GCG57-ZU;V"8OML<GJ8LWC(G9%`+'T[&,RBM&-
M\3LZA<E0@CPU)J4[L/6G>B+<;IAG'&&V&]JLITHQB<X6Q.MO%7!3E.2AA99=
M613LBH-%!I'&YS"-REL=:_C5PRYP5#3*&!:G71B1D@?3@!*5N0="VVK:YY$(
MKCL!^DU-2^QZ-DG-,4[4UN9.:\E`G>NWCA%4%:,LH:6:8V*A9E4`B/)&,ORD
MZ.NFVXP@Y>E?$R#0D8-E#%:YI!D$HSE-7M25DR;H*;R$N+</J;JF0UXJMF(I
MV(<U8N14363%*0T1^ZF@EV4-U5%+'8Y,6L;4$G1IM,RU>5M4,L!;C?JW_C_Q
MPMD5H11QNBG+$-A4':N<`6@]YG==$B1K93S<,MSC"C9FF$6<00V.+-2F@)6H
MQ"E2MC!OI(BS$I.]:V2:K##4C0O)TO7%-BOZ.7R-?6=`<'1-[U"[#I`UJB=Q
MTP@7-M]1ZW)<X/,FL%85*7(S1[NNC2I4EFD;7#;3Q&')M`$)K-+F<-X!:M<-
MLVCT_3!4QL(8@I@LB?&-KCUI+"CD#J)]C%P;CCNZQ:PIU"![2I#9NATG\4DC
M`(\!AZ0:D^I.5U<(8'@/_P#[+>9=O^/_T??Q@,!@,!@,!@,!@,!@,!@,!@,!
M@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,#JLYAWI
M3?'GGKP6GMY6;"ZGA9U`<[H^5*)V_((XR&/;C).%ZE"U`<'$TE/M<K3MYXRR
M_3TA!*%O7[F\C41<325_K4_+<^>_QH^-B*?E#%P>/=L?6I^6Y\]_C1\;$4_*
M&+@\>[8^M3\MSY[_`!H^-B*?E#%P>/=L?6I^6Y\]_C1\;$4_*&+@\>[8^M3\
MMSY[_&CXV(I^4,7!X]VQ]:GY;GSW^-'QL13\H8N#Q[MCZU/RW/GO\:/C8BGY
M0Q<'CW;'UJ?EN?/?XT?&Q%/RABX/'NV/K4_+<^>_QH^-B*?E#%P>/=L?6I^6
MY\]_C1\;$4_*&+@\>[8^M3\MSY[_`!H^-B*?E#%P>/=L?6I^6Y\]_C1\;$4_
M*&+@\>[8^M3\MSY[_&CXV(I^4,7!X]VQ]:GY;GSW^-'QL13\H8N#Q[MCZU/R
MW/GO\:/C8BGY0Q<'CW;/%9Z_Z2^%.#_Y_GK_`/\`B%O_`+$OA3_\;_@?_P"8
M?ZO_`/Y9'3_C_]+W\8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8
M#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8
M'__3]_&`P&!IUB3EBK"OYS94H$K#&:\ATFG,B$@3]K7!8HDRK7]W$B2=,KM2
MO3>WF=67T@],?HUZ=>GTX$9<<N4G'[EM7Z6S^.UIQ:T8@?V<M8I85@@NL?7*
M2`J0,\MC:\M)(HB^:(%H>T3DE2J=`WH70Z.];V68F-4]F"$`LP82QG"``0@D
ME[+T8:((=[T67LXPHK0Q[UZ-=(00^G?W=ZU]W"*MTIRJ9[V:()*(K4UO-4,L
M)\FL=9IA(DU:::43G`U4P;GP+Z@CMFR*3M2(3O"%J(A4)OVF,5"(!LP.E!6Q
M%F*ZI\;IW!W<L)K3,HHYE"4*T@3&Z0M"TL2IO&L+7I@C3+#0[4(C&]0$X'IZ
M18B#-"UK8!>@C6I7;T+A"<U]E2].RU\EBBZ5.%IKGB,IX"WA2/+(QI&(Y::_
M`>U3\^*WP'80)4"A,<(O9.SPJ3$Q!X;@3+(LH'LM/)8^>9I2WHM@)>6XT>EC
MMH8FI)L(%(A:4N82Q;3E_P#?.T'?0UOT;P.(NEB=K?CFET;ES8TD1[3^;-7!
M7'T<3"9MT"V#8MFJ'PM]"\%=:6>,6T&D(2C0:[1UHM%8&-]:E:[>(A'P3V(G
MO<_*D)\);$S^V*E<J(B9J9/)U#$4G4F[<4[`J6DDJS"^D`@\XLH>]&#"'89D
M<RB!;2I?S)7&P,2)0Y)%CT-]:PM*14S;5:=TREQ$JTC(4-6T)_:0#'H1'4CZ
M>@]`7H#[ZE$:WIYWJ1,6]1P!1DAWIV0>AA+/2Z7$&/.^T?BL!R+?7`V?U>A%
M?O\`7[W[N!KK;:U9O#V^QQJG\0<GN,19DF\A;D4@:U)S-$))IT$Q25QV2I&6
MF9G,ME4F%J!"T7LHO0][T`8!"#<FYQ;W="E<VE>B=&U<2!2B<6Y40M0K$YFO
M26>E5IAFIU!)FONA$`6P[U^YO`YN`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P
M&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&!__]3V=N/#2&.;
M@O<C;IY>I3'!:J7&)F[EO?;<WIQJSQGC(0-Z2;E)$*(D1G1*)*"$LH&M!#K6
MM:UA;X</V)H3\.',GZ8?(/\`KW@O@]B:$_#AS)^F'R#_`*]X+X1%R`X$H)10
MUVQF$VORUD<SD5162Q1&//G+RZE3(_2=WAKTWL#,\)9%/01]2UNCJH*(4%KM
MZ1C)&+1V]%[%@B<QB'6_Y1OD0N?!R6,O(:[[MDSK=H$8P%UO4$I?HU5+2D5I
MQ!&TSEQ([L=+8&0(WI[2GDI&8H\/W25F@EGY(AKN[KQ&CTAF"$`LP82QG"``
M0@DE[+T8:((=[T67LXPHK0Q[UZ-=(00^G?W=ZU]W*PZ5(;PIY`1KC"?4,<@4
M"AMYND;Y.QC=W*[4>G..1IMNYWL64(^QQ=K:`N#FK7F.C.TJ#"@H#6O8SG`@
MP\24"97&KYP,$-M:Q>1]ARMDJ^$1V;TW?/$*SI%4B&Q&M20E86_C5:U5.S8T
MRY)&43,)QCOCH!I8.S%E&H$&R@B`<,)`1I#%N_`J\UE:,,<,AM;J9&Q<8K.K
M-7U$G2GHWJ5O'*2N;RA;*!Q71Y`H[M+C$,7)Q*#R0DH7)<```F$B.4`%PMA#
MH.RR+F9)WN`OT3'$D$:AL@Y,5LPG@=4\)Y+5W'28W4R=4H3)D"#;M)*QG/:%
MH3`;4)RH''5`4Z<*D!AE3HUKF#Q2GUW3JS7J+0V(.[9,^.L+JP"A_7M"0;G)
M(Y?;!96P.A"A(K-&S(HVC4A(.,T,>E8NK"5H`]FY%B:1+(^$EX+9%,%\,:87
M"S)*Y<_&6'2-,^(4*ZKTO**-5L*M;$;DS<S+^J7122PA<>K1(_2<6K7%&%B,
M"-0:6+AN";AHN?CZ?DSCQUAL2<">14`M:ZHQ(;CD=X@>$</H6PZ27K6U38IC
MFTA1%)G9@3MB%*!*)4S-NC%NB511*0(OEPX#PHE2.%R9JG<!=D]EI6,->CNZ
M#<B98IE\M8F[D$P7%$I_7,1EQ2FMH')F5>0HDQR)P;24Q<H+$@+TI:E:D\P6
MR,2XFW4%??8K8;V>9*KLI:EXBXV;7[S&ZSLH;_`;1M=P='<MK1,Y\78;#%$9
M:RO8NS'&QDR0H#$@0B0!*WL7HOS049L6'U5'X]:\B3RZ=(G&8FN<H+:61B7R
M!O<9M(W.,N\G:HP61%DLZ7Q98B,D/=19;4-\$K&B`%*(H.JRF/`8#`8#`8#`
M8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`
M8#`8#`8#`__5]_&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&
M`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&!__
MUO4=Y@'G,\/>`1#E&)+)?6U>B<G\%HZM7!`OD#>J'_X.I^_;$H9:Z3>C81C+
M6[,=!$#":0A/!O6\EM1VS/H[3XT[B?XY'WT9`4PWID:G<28(]FA3B<D!"P1`
M3=A!LP)6SNCH6PZ]/H]/HUE99O`@3E+>!?&CCG=/((Z.#EY%-UU)K#418IS"
MRFOZ>,-QKFH:27<:%S`VG+22!``<).<$L6];V`6M>C"Q%S$*U\&_-#XA\_V)
M.92M@DMUB$M^ELAI6;[21ZT8_P!65HQ:86R"5'II.TH__C<&@]<C!K8=&C*'
MO9>ED]LPN[8T]C-55[.[0FJ[NR&UO#91/9:Y='0^[XS#V1=(7Y=T!#+"+LC4
MW&F>C8@ZWT?W=817J.7;=AS!6%DSRI(!`:IFB5UE5C.KG;AWB2@ZZ359*IZU
M2.=IUD&;HF[JA.S(A;7L"1V*3,9SCO91[DG3F*Q%;>Z<K:$9>U%.LX/0N:.4
MQ:%'QLZ'SK4R\33I*Y+((VDP@,9%+E/CHAG5]R'%HAIW@:8P",PX8-AT*EJ`
M^<G&HM0M&9.7`$>;:;9;Z<YT.&3,,#:ZV?WM^CS:Z.<G$PZ0-SAWI%W$M0B.
MV!4B$B.`H`48#8,%2D1DY*4G(9"QQ1KFY1DAD;QN/-;8L8I0U'>(-H)@[)F%
MQ&ZLB(AD>W)I@+PK1)%HTZA<D0C.3@-*$6(8IISSS*H!I=XNP$2=\D3U,)E#
MH4R-D4@DXD2Q4?8$>F4KA<G*);H^:)77LICU?/:ELD*?KV=S"V*0I%!XR3`A
M%2VDCE!0BAM3O`+*9BVM7!G:R$BY6E>$)"R&,4F00MY=T@EK:G[4-MECJE;C
MDI?26`6*B2ME=(TO0A4M='R78W6SJ0A,*0HI-&[;=KOCSG*#5[LR.\/D]')C
MR9%'%T-=8VG7=X!?DIZ-3I4H1G)#$^_O)H3`C"*U;V_W_3\8EBB#OLW;T$F2
MJ3FY0W[1NZ@HI[)@CS:`HR)S2MQ[3XO,K>/+7XIGZ_O0YH3#5EIQ$:Z>$I';
M3S6XPOIK$4U6JA5>)6<F2,1WAV9$HW.+'^$]AER=<HCA*/P<4"=,XSG<1FFT
M@MP)&8>`(O3HM2S!_+7C^0U)'?QV<H(<9>VP%L1-\.GCF_NLS?*]!:T>CC5%
MVZ,*I(Z.<GKPP+JU`3I#.]4X@Z2;.'O0-BI<U5RIX^(V2!20VT6`;!9K3"WV
M%.Z0IT7H'5HL=R3LE?KE*E"WJ"V,F;OZH#<T]X;2[<'+?8R-#4ZV5H5+]RKE
M)0,'4R-)+++9F(Z)M*Q^>MK4CR$DME:ILDK9^=FY46V&)GUOBT_<$S.\&H!J
M0,SBI)(6[3C.*T(5+B,7+"@9$_(XT@GHDKNL>YC&.ID$4FT32H)5`6!7+I7$
MGQTE,;9FJ.RYMA:`Y^`U+STS@J8"AN:<DU`':C0J1RY7T$T@,TMG1NEY4W2U
MMN/)8C.7&7CG;E#%=B,47(A;?&E4M4.DI@Z$QS9@%HA:>DF@C0[4=,&A"I8F
M/<Q:"E<A7,$?E;HZ$I*OI:WTLG1PZ7J8<^P[D'))5$:E\/20AD-0/#],)'$5
M*)&VE;VM5+1:3$%FJ2U))`J4O.]IP2/QIAE[Z^"98]))5$8,UKW5J>F\>I?/
M)>VU_$HZYH5;<2X,+J\SEX2M`"EY2;9;BH+3F=`T6@[(B:4\QN-\+1;<))9`
M$"8'K3V?LJ*3AR/1E4>](F&X5+@C:HRM6-R*LE[@6-[//++);D?35G"`D*-.
M`6I<6RN4$;AECTY6\;1$S1QLFY6FI9,XHS7TEH@ASU4LOMUO.-?D<9=8FYR9
M4P1]">%C-<T+AW8[D.&@B3[+T<(B[95RY<\<VD"P2^SVHHU$NA[?V$IJDBIU
M7FV(UN;S7BEB9TC*>ZR-JL%"R+>X5K>2I1O)Z0\A&:<>486$5+9)YR)IVLTD
M36367#:=3MC>Y)#T9$;ECT[R%EC3*GD<B6MK$Q,3F]'=QL*D"Q67V?1J=/TA
MC"$(!;"*EPFGDY0S\4WJ&2RF-W1NTCAL3;'%M*=%K6X/MB0ILL6!I$CHF;S&
MX\B80AZ2.+:I";M*L3J`=48(6^C@J6OI^8O&Y7%W>:I;-2*8HPH7-X=WXB.S
M`UN0QU@"(4IEQIP(\+TPB%C!LM^?`Z$T,)VME."A,9^]P5+`P3ES!Y#<]OTE
M+>Q0R2P.Y1U9!%@CWYS8;)2D\9*@Y-J'(J4&QAKB;#)B8E9+@/N(:\]8:WQY
M8O($<G*/$0*;PU\HJ)>VK3RS3L#LC,<&=N2$ML<EJYU=39#!%MGL*MC8DS`:
M]OS,]UXV*GE(X(DYZ!0WI#SBSA!)-V`5+=/7#6GCUNK'<N;@S=WT\::&89:P
M`'95'VIK?7UJ:W8:4+*XOS.PO25>I;R5(UQ*$[2@96B=;'HC'.][U*PRHN%N
MTU;T;^9)B(1U8TKH8U$SM7&4\S00!7(R4!L<13]TB2PAR2,9RL#LK1*"C24X
MP&E[$6I0DOY\\6TS&WO[9/W&5)'9QJ5$SIXE!9X^N+XANJSF*GX/)8XWIHWI
M3)XJ;8,B3-BM>VZ5DI%PPHQ[[::0F-%2DAJY#P,P<M[WDT44;:+-?*X86J!K
M)1/Y4XN4>A+--'AG=HFUP],_HYNT-:M2K<&M`G<RD#>`HTQ5L8S2R13%D<P.
M-JM[C;`@M5F=%DN15.YQ]8T-TA=H\N:[U=WZ.4\[#EC:SJHLA:;&E,96,[4J
M4+"DZEZ`!OT/MIQ!!@J4B3ZZ*OJY>T-<\ER&/N#VGVN1)3DSDM,+:@2&-10]
M^=.[$2T+'&TDCF+6C/<ENTZ!.>N*"8<'I81J+]RDH&,/,F8'ZRV9N=(?')O+
M9`6:D>1I4D<K,:4FR'9.Y$MAK:Z)J^5+B"'SLAQXFE2H*)5:*--+`(M2^J#D
MY1;B"-&D3](41+Y"SQ5@5.#/)&E&K?),_/,6AR90L=69&E:T\^D3`J11Q2K&
M0ED:@`0-ABK9I73%2XCIRLX^,FG03K9C2BTS+:K2+NM;W[[I-X28R%U"^(M`
M:1;=8A8LP)-:FE[2]<SJW$@Y.!3LXDT`!4OC'.67'Z5+=H&JP0$'@:;#=U`W
M^,S*)(T`*C=C&2TFET<97'65O:I973@5O3TR*32GEL)V$]0E+($$S8J6-D',
M?CA%B#S7NQ1)E"-XG3`X,Y$.GKC)6EZK-A;Y9/6QYBK9%EDE95<7A[LE>E0%
M20G86106XAZ2(83]BI;O7=\UU:DUL>"PE6^.CG5IT4(DKL9%Y`BB2DR9Q%EG
M+#X<EJQO)8)*!3%Y&A5]-&>:#9:D.P;%K0]A%,[85O5M5!"558<L;XLD5=29
MM8O*6F(T",YW:&#3N]JT:52GC\?*>GY$E-<5PDZ`DY46$PX.Q:PC1)1RIH*%
MFR($HL-(T$15ALF3O3H>QR@U@*C]-'IDEO.J&1IF,]A>DE5KE04TCVB4J-LB
MH(R%FB3BC``+4N1*>0,$9GPF--LIAHG]MMB,55+6.3NK_'GE&\R:,%R]$T11
MK2Q1[5S"7N,>7(UB!"4$A*K2G",[87T-!&*:]7W,"B+(C$1EC+(GYK03JM9C
M<,822N"S:+NSI6<!4-*>63`AO=F!.:8ULXI"V[-Z.Q&Z[Q2AZ'3.`'8J4D36
MSFN)+:G3C<HHD#9TT!&4*.5O+O'9"Z$&0B62SL\'8"(T\+I-,2ML!0QM2G3:
M`#?I6<)2$X@M,H(A`_GEQCW%RY>S35\E30<[46V)@Q>N[$=7%P2\C;$3U75,
MD9FS47)6R")OTZ,.;1.*`"I.4XHU"#>]N!?9!%J4D33E!0M="D&IQ8[3&`1B
M(3*=O"AV1/:=$7%ZX+0'6*N0KNZQ(WE37Y+HG&^HT1BA:S@.#M623K?IP5+F
MI>1U+*U<91!G"9,?,),.'1[O)HD320LD^WJ4QUO93U;HT(TC8LD;Q"G,EFTJ
M&1I\[+L;?M2`98ABI8$SE538GBG&9N<I6^G7M*U42KM:R5Y/%S2XJ$L`/LO3
MXL=-1TM&BB*V)@+4)G78MHE)1NSBS!)DRT]**U92P>3=%57*#H98%@M\:D21
MLC+ZYHUC8_GIV./3!_516.2:1NJ%I5-$;B[C)$9B'O->>F0$JM:+-.`(0=;%
M2TB)\KHB;'[?DMG@;JZ;JHMJSZ\5#2+WB8:4QVK4S2K?9^M`VQI&XMC"A0.6
ME;H>-+M"RD;UM0JV7KKA"M'WF/*>*LUNT!5<1(23GUQVT\U=()&V*7H++"3D
M7&JV>1S4K2OB6-.,.DSHYL]<)"C&P+NE6IT;TG6]`PK>@B%8EN4<Y,T7+PO(
MHQ83<^"8DD1<%9+>W/IZI8V6#HD5?.T>2!:NU2MHGX#PB8E;6!8F>0;V)&,X
M.M[T*EL::[:I6ULSV\BFS0LKF0*V!M9)*C[4J(=7F4RI!!(['D*`A,8[*).[
MSAS3LI+6%/MP$[FA1]3VG?5X2FI/'*:@&",L$P>+*:$$<DI3H>V.)J)[WU)#
M'+6N`OBA[1EM8U\83L<[>T;(M,<RD@$CNJ*1F[`H&$O9:G9]TG)NCW%_DT6;
M)J)VD4/<5K*_,[1&9@ZKB']O2,#BIC:$EOCZG;W)]M4H0+2FQ#VE>>A4:4E%
M#(T,P(I]DG)>B'!/`EK;9D><VZSPQ[P*[->USDS/Q\N3NZB)MX'A"C4-B!WE
M/<"TIM1*C2%:]2E,3D%F'AV7@J6@(.<G%IT;R'=OM$*MH4QZ-3`AV*A=A;:S
M85+'8Z/M<Y`X;B>D>X*DD!`F]S>^GW4RK_0F<3TIP@@V*EO,ZY/4/69DE!.K
M%:XYJ(Q*;3I[4+$+X:B!%ZT`B-LAQ;%Z-K4HI`;7I#D08^IF\Q4K:"C0C5E$
M@WTL%2U\'+JCU4J@L,:7J3ODAGUK22ET"!JKN?'&L$[BD#]9;JCFA9\<3'Q)
MN,A2E$YI%BP!:=>U.29R3"-;-FK2A2S.$,!@,!@,!@?_U^^?S%?V>WC/R]5R
M2TJ*5)>-=_/!SB\N*QG;A+:FL!_7J3'!6KF<-3B+/879U5C%HUT91D^@9PU"
MA$O-]&MRFX[YC71VCUSY?W"FO?`CZT<.N)[+8,'\+NS9-(YQ\J9MD+3,8UV%
M8BE##(TT,1/:!Y0/:(*M*M+&2J*/`$T.PF:UO59F9W7*PCJ^Y0^51Q"M;CM=
M%:TYQ,X>5E:DYKJ3QB`6&FX^5C&E$+E+NVG)&F2$/\6@ADC:3FE29HX)Z+7:
M`"#K8/1O[NI34=TQ.90_Y=GD><3>!!S'8*I*;>_(ILT%07<,Z;24R.+.`R-D
M'BK*"@5.#3#@[`(706'G.3R'ICT%:`H>R=*)[IGT=MEE5]%[:KF?U5-T0W*%
MV;"I57TO;BSAIC%\7F;$OCC^B+4%_?"!JFIR-+T,/W0;%Z=?N96565O&&T)G
MQM?N+-GW4U/T)=Z?D%+J9['(&X1RT'YB<84HA[%)GE>?.7:.():S@.+5.`TJ
M':-Y6D;,`2WISAH0EO-Q#&2WB!*I_9D3NB3V;%T]DL+WQW$\*&:M5X(X_1?C
MO(+DDR!O2MIU@@=6AXFK]=#BI-//7.25F(*)2ITYX]*EJT6A;?ERS8FNYE72
M*^8L`B?\:'#CS(GU533L>:E]%M679K)*65G*N).`KJ2;56HE24]8=UHD9!Q9
MI>C#"@Q;X2K<W#FQ+FMI!-7ZZVG4':YE!Y4T0X<">N^HTE;JGLBI["8HA)D=
MC)&]A+F!-A&/!2X36J<"EY)))YRA*E3`+J74:,FW<7;F%`>.\9D]SUZ]2/C9
M8M>R6)/K?3CTRMDCC4#@D[J\:65,V[8<58I2^Q6<B5F*4:U,WD.20.BD>B31
MZT+U1.U\"[ECK2!%%N1\<C3A%:JMRI*Z>FFIWY,\)(_9-[0BY4JJ3.I=M@.,
M<T;9#1,*T]J`VGG@<!KD9B`\DHO(MQLDJI^&<LKB=5Y+5=HPY>W5_<')RT2X
M^Q52ZL!;HFY)+%#FI8$JM1:+R6P!B"]<=HDW9"[2HC0`B"6+0A[J6^=L<0K4
MLR[V^T=WA&R8[&+3%8T`B<@K)Y?ET*;W;B79O&&5PYM=T-GQUK&SO3C9JN5F
M'A;27!2O`2E4J3DB-$`@1,1T96)<0)I#D]2Z:+L;T3G4_"9_XBMKXWU>(IP-
M>W0%>=UVZA+<;!=VYO&QJ*X2'!8CR%Y9XS3-"6Z#Z`Z%\=4=P+@I9,;E4?E[
M_=L+='-MO.H[Y>MH:GE`3)!(:]XUN?'B0-JER>;F=W,2B5@6A>ANJDQ6I[9U
MH32C>LT,$6^$(IN.$_J6:T=522/)+2)J2C*3C*22N=+V4V0BZ)#5EU.%JP_:
MZ81&>2^(56XU%+8RS.[?XG&$PE<M4*$8ER8Q2A&+U3&'R]G8NO;.K=#.:A:2
M96[2X<5LM/Q\*4W"7%Y9=+/<H8S9<WU9"%PGH&0YK"V[/3C:MN@B$B]6$1Z<
M19PO-N=:GE\.EMESAL?KH2-T>GG(:X;O<TS'7#D@?D;3;_"6?\*ET.;)#JSQ
MZ2.C)'Y^>^D/04O[Y:G+)TC`#TF94OANC%P^EI!--N+C*Z+C,GK*Y8M;,C.J
M/CB57L>L13%:WL>M=]Y-:*RCG!`_OR.P-JQ*S5B]*W`1E(TZ00>M5'"V@0'R
M^G:%1=7"GR?5[9\2D/%_COQLG#!*JJ?&M))D/'NU;GGS<_-9S?:*Y5$E,F8[
MM7HNL`-:K:'-`C<TAW3!M/@M.4HXPR9XXP1>BD%HN"V606?T]9D4GMB%/-A&
MFO%'<AH9R#@T;F"E5(&F52YF"?!4,?5N1[D!X5H-"6&FC6"%L0O-H)>O+ZFC
M^URE"NO6,$J96R\]F=8H24TZZ(3BYQ.C(\J%B9,=<@S-!K=P9][`2,T?>I)V
MB]F)1%]<9%OADC."$Z4N#8S++R9%%:(KS;+W.:`UH^I9UIZ<*&=J1L&,,TV3
M6N4G96%U$[J7AD.&W+%K*<JTF$8K)2%;,%\9?:`<$I+$H?3T</F](M3O4L\I
M"3+9177&Y-!G&TVNCDLG;VD4^$ALLQ2=*7Y-(MF;4`/,;VQ0-6(A$9I7T2:E
MZI4Y!QFQW;D;Q&D$`;P;(BIUZ!D4B=8I())%X\5)8"WL[.)[&Q.#1M"-<XZ^
M\=8I+";LH1>]EZ'UQ8C24(PCR\'BLG"),L$MJ/HZSB<\XS620SOE;.+M+E,A
MX\U4QU$<A[^;[%8F1*S3%AC"57T0->QMZX\[H=:0$HG0MOL`X?V=5)%$+81=
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M3QC4S=]0UK:M(0.GV:#-;U74@`9'S:_Y,<;N3<F:+'9UDM9U\@$_27C"PLQ(
MD1Z$M(E$K6DF&[6!3IHMY6=8^'TNC=OGWB@M=D5S(5X63:);4.`O#9&%$1M6
MH*TJV30!Q2EV*YJ5#BE7U0T/2)[T+74F%F)=HA`.$=JI:-4?ETKF02XJ-W&T
MMS>X^Q(M4HUM5*%H@/G$+F79G-)T6(Q(;,9TB)IM&;VFO:B4!9&@1UL)(T`Q
M<(&_3*6^$N\M>+=C\D#0(&"X62&PW=?N3`HALD@3I,&PR<%V!7\XCDW3C:9[
M"P@5HDT-.;QA5E+])RU6CDNBC>LV94B:58C%#S^TI#R:B"N+)(&*TTG,.M"Y
M)):=LID64W'^0"E`0^R>(NCI.#ZSMENMAY@$:D#BACCJ`LU9Z3S3F]26K)5Q
M=EDS.&BX5PHK*52"JI*@7P:E([(RYC3&W^;1N44FN=C6^94G-%4[&?6)TB;W
M0O74;(<#&=T0E.20\2@P[0JEH[A'E^O<3I2$T^7.:9:E=>ROB@O;["AO'%%&
M)7/8WQ+O*O;HBI5J'M]BD'/TKDWJ[(0*52,]$W)%+@X+RT(Q*2DJ2+>;8^Q/
M+F?K%CSM'%UZ-;:E<9WS"G:=0BJ14:H2K.4B]>]-"!06KM,Y`ZH:Z>E8!+"C
MR=IY*B`-*82B`:,6")X;F\<(I+(4L;/U,:3KEQ;F2]$#XT5)QX'$X:[/%TU$
MU54.1%MA%I%.(W1E"U`5GG+5*PY>F+(0A&E`G">.I;9ZUXUW/126P3ZWM*`/
M+G-P<<M!\254]#)3K:H@U9U#-]G%I;<0:(9I=`H`(Y+L`SE;,M7#-]#EI,6E
M5"XEL-V\53[3N5BM=$X58L3[K4^KI5%[>IY);B$E$DD:B5Q>9U]WC)F9OBLN
M97)Q6DJ@GI%R5U)4)A':#MN*+.$3A3&><)K0>I`S<<'R>'2&FYEQ[\Q>HV&R
MFJK'P,AK%CY1#@BJ-)K'D9LP71:8R9F`I=DR,TI.QZ<2F@HQ1T%"OT9%N-5E
M2N'MF/,Q<;`F-PP4<AD/(RB>1#^@C-12!"S!74]5C%6R^(,YCI;[FN(22,+(
M!02O.ZX:/>Q:$G/Z6M%U+C9'I?%1Q:(OQ#XW.:J225YHQU7N!5R1:`FQF#J*
M%`ROD$G]4V"O>)%)4JQRMR&NY#:L;$AP3QK#4[JC*)[HTJ(BWK*Z%TT^[VJ^
M42\M<N;HMJF+F0VXH3.$54R7Q0%%`Y]!?#Q)R>51GN`1A,\,4=L$!=Z!)P@Z
MC>A;%JI'52%J\N68L<-AL>27M&5CI`ZWX<PQD7J:>=$B!6^\/.5Z;E!'W]U0
ME6\K4":9H:FTR+&\D\!R4.]JRU@M_@VHM\,S)O+V=I)!.4M;^.:A;D'(-FY.
M(&.R1<?"G>YX8/E@EFA]@-3M.5=CDK)-$XW)9TN5M*0@38HV@`@;3#])6_>U
MM2]$T'<4G(?(IZNXYVJ1^12XZJY$^IIA2I$GG<4G-7HD;*8Y5-.768J0PE@E
M["WI@"1B1*SV=:0<L3*#3UI@B1>*1Q7'!5YK!_IY\B-B,[$VU5;A]B$5V%@D
M[Y6K<UOM(RNHITPU8QNLY`Y5*URETE!C^A9TRQ>P1Y1LQ.F2&A,,.&+?BZ:(
MEEV\E;PA:Y,:T4[<W"Z#TE.)2MB3XXDKV];85XCF[#$)"G7MK,V3%/$YD0$D
MQ1U^DQCB6K`$T2,:4\1-1S;AO/`I]63K5@;G-13-8?:'(*4KHC:]#*IM7RF#
M<BS:O5R)@/C1]IDZ432(NM2-1[<^A-)T<D,7(!)22UPSRQ;)-?#VPX%*8#(F
M>T&230&E^1\[Y31&O2*J*1SIX=Y]Q_N>I)C5Z.4%V?'(4WM:M\N)Q=F([NE,
M0V`&0VC+VE2Z/,%JT4?Q,FT]IJ'1H;%"X@Z0`5)OC`Z6%0UJL3'HVE4D@C+'
MQ^GE16G+4;I+:U8(5,WA"UK&MQ$U,RHXE:@/<ME``"+>78?)J,FIU#LM3UO.
M8=5#^TS&(2/;K":T\.07;$RVJVV!)H,WP6,RQB<F-AEC$G4LIQZ-Z)<=`4C5
M"4"/&9L51UZR3C)/ZO>ZEK1)'F:QD<;C]_J27<JBK-.KFP$UR<E6N]V6H'==
M!;!?&NNP0MXAJ`T]3*"TK(J)5%!3JNB6XIC8MZK-2[A1)Y.3*GOQW`%DE=>6
MQ/+*-QZ:58KE==HE"JCB:$?*NGK$.?)]SYL50Y0M.2NY?=@D+P-,O`A&)&64
M.I;F0[A&;![;46`TK:#5,;N*NGU0SK.-K.!UKZ85R+2%/NCW`J:"0US"WR/$
MI$P6[LRM6UJDIRXI:>L7G'%"T9[\N25^J(-5AOJ/:]'#CV2AOVZ8<M](/C,4
MGU/PM>KD#T=]@]"3NK:G?W[6S^U]'?9]1;X9:4^7NYR6#<IJX!-ZB;&WD(T<
MGD#!8YO'XEYNJ%[Y8IIH?/VEXG:JQ4JN416-22=KE;2E3]UG[0@0-IAX4K?O
MMM2]$D$<0)HCO,R\$]L1@YQ6\J-<BUS$=6+J2B+:%_#6&\0'^$I%0+../VXJ
M6V#I7M&ZCUU24\XU.8B4`T`W0O%4MO6A%B)X.PDVNZ1MZGX"EFG]UB4>5Q-B
M6^ER6":SD\:6RF<',BON7:;2M,%X<R2UFC=%*3BN@/9&]8#`8#`8#`__T/?Q
M@,!@,!@:Q-Y6A@<,ETX<T3PYML,C#_*W!NCS>8[O[@ACK4K=U:)C:2A`-<WA
M60C$6F3AWH1QP@@UO6Q8'6_97/XB&R>N[6CJ%PL;CFLXB\NN04[*K9XJV6IE
M##QZFG$PX-H0R8"DS8ED;,SP*W)%H]O2+C%2Y<60GTD*/),'J-1'\K(6AS`A
ME2SE=")1#)R8K*(FPF8U`"+A5RXR`TR9>;XKC#6[R5I4+(R.*(US>0ZGB3I!
MR%L5(!;!LO1PZE--2<\868=$$2ZJ+A1/$M!3KT!@0M,4EK\T5_?$F6Q*O+%=
M&N$2Z2JBH^8XMRE4Z$:#MQ:&I$J6*4X2R@Z-%2BJD^>Y22)[:[S8YD;*]NUH
MZB,L1H8"6VVDF9N8QW%F&1B/-[/(T`FJ6'RN91-G#WJD:$JU6N&?HP)0##,B
MS&S>9IRZ.*M^DH4E&YUJH:.4$HIKD5$9BGBBP@,/'P9Y"\GXO+6F0-BIZ+[@
M5K*Y:%21Q3*TP^K)<$2U,`\HPLFI6K`H.;)B"XGU;,&Z0QVH'SC_`,;9]6D;
M<4<3-DSS);UM2R8>TK2MMJ\Q>C$N965N.6(%BC8F\*=28'0_1O6Q7\MQ;>>L
M<>2DAC70O(12:75LRN"2(%$:AK0\QR&0":RFOY.=J//D[;9#(W`$ABAHFXEL
M2*N^T"I*K;A*B3];"*Y35`[!=+U2U-:E539@#5!JV2+)26T*8K/&"SX\OBQQ
M,560V<1]:XIBDS=(UB=7M0G,+$+LRE(H*"9KT!'J_LYY(1J!6<HJ9SAT\<)2
M=7358\5&V$PX+7/T:^R8[53A'(@J>)FT'F2:+RJ:,.G,*\E`A3IWU$,"HP1@
MP%BE<[M\Q*$U14,HMMLKR8R9A%"^2SW5+T-9$V^,V9*.,<6L.92V,$*]2-2]
MLY3]%:N?7EH5&(1A7L[0K-T$L_LJ=4(AM\KY>(Z_GLT8GJ#7`[NZ)[XJ0U-7
M)+?3B<,?>>2,EF<2C#LEDY=E!(=$ZE_9=I7@!ZL>D`TQ(T8#B3CC@BF,<?,'
MK%MA$.EVX!:#@Y29AG<C=(*V)(8;*HPVUE=L2X[SO:@U=,V^+O:ABM*:HR>K
M;G)3M0WEG*2>F+LY"D4GFW[Y#4[]5$33UE/["E5RO,GCT09H@IK]'HIYBD#D
M-B.")[<II.8HVM_7,$85Z)-":<0(\&@"&'8P=(1%JZ+N>$`KJHEUA2AMM69J
M$#SS7>')C+C<!:YDTP_AS<$VB%QE!2-TN(ASN"N4[+I&U`2N)SI(T*8M5HK:
MDQ0$L4^;#RWE;!R+M&K)O"IH\QYRNR!U56"Q`"M4Y<-DDGXFLU^AA$J&3*43
MFX*'9S;'A,6X$@<4:92<E+&I[-LQ00*PV2A><L4N1DXU`=H@YP.><C:!K:_6
M*&/4@B':U,9L!O"H//A6@OXE4]11(P12AY"C+TX,S8Y-ZE:D(VJV44)BK3!:
M7(^,U)/(="I/'9($B92&KXHV2<O302SJY#;LP>8+&VID)6.B=SD2MB?&H@R0
M!3$[VSH'5`H%UH3]A+%(+/\`,.K$+78<A05O;KW&(##H]/02)I00+L,EC4GM
M^64>U&-:-TL!K>T+H.;P1V,&C7I$IX&Q,$W>NTCVD`*;.9SCK]JEH(=+X)9D
M27L[X^QFS%YC6P2MEI]X9:E,NS9MA.T`D<L1H(ZI@@2MB=$XE*-.XKT2(X0#
MSQ:)%2PR+GM$797'VUEIB\7-QE=D0JM8T7W+"VAK>E\]K":VHR.K=)9'.6:-
M.#>A:H"X-SF6F5GJF]U"6`PK:8XE48*8^-^8C5CJVQUXDL#LR`-\Q@S3-(@.
M1@@2U1(35EP12B7:,)B(O.G\*1\8K)G32D%M2,E*J(4C4$&F%$F"T*EBI;YC
M<(AT4+EKE2-[;1HJBY-W?*4Q[-"6)7&J]XA6!`H/=#R!/*9PPJI*GTCL%$]Q
MTUK*5IY$TFE#3F!,,$64*66I:[%]MRSD)'%,$=HFDI"Y3JG0O2YS85Z29Z30
M2$R\]X1D-CHK<6X8-RT.]DJDY(=)34^PC&?M42F$QHCB\>9<6H>4SZ/O]76M
M)6JJ*EC=Z6;-8H57)T;A]4/LDE<><I<I2OEBL4L<T\+)@[JY.Y"-L/4%MR79
MB8"DP6BL$1;`RKGC7D6CZ*8!KNU91$I.FO8%:.T00PET4VE(N/35.9',(A#F
ME;.&I:8_R>)UJ^NT:TK[,F=T+4HV,U,9M,6I%-A8.;E.2%WG+8F3R1,CKY[C
MJ5_D*@R%*&+</D]#JN0[;:R$UJFCDXJ*XW"$!Z<1XDQ;EMT(&2!$,O77[%-*
M#S\BJ[3:DC](7L_O<CG43KV'-Y3-!V5ME3Y.*PF-J1P39*Y//&2+')--D$<6
MUQV4J.,:W4LL*@`4AQ*P8I/E+\A8?>#M93/&$RI$OJR9/L#EC:X.<=4/K')X
MU(W^,.K3)6)E>'5PBRQ0='^\VWM@0$/#`XH'!$:<6<<!.)BE<;-Y_1B+56ZV
M'$X!+7HF2U#?5E42].!D2)B5HJZ-8720.#=UA4R)>&@EZCS6=($&CRB35T>1
MJ3`=!:6%&,4GB)3^61*CH_/YT1-9@^2%3'50F]U;Z]:7>.IYL[M;:DW(EL*6
M!A;?#8EIRVN7.FC3CTS,4,TP!ZDO9(QU5)5^9:F<6Z6/T%HR:RJ.LM:<3I\T
MN8I%7[>)4IY.<A;1X^=S+R%$N"$`XQ(:R5#(-2C4IG`91NAG)4XDRH^6OCRL
MFKY?0I(ZH"/!LY41QPNA3QV!,4XH4)E3W.G0&]"'J@&3(M<42JF!`XJ6OZO:
M3Q,'J!B`E$!:*I2`U/F91%'6<1MU9QZOE'!IQQ=G/,V/."I12?;%'':L(Q0$
MLL"7J&M)<*M:E=V1LOY*60T"#VY<I:U.B0[*,3G&"N4S23FM!FB9RJ%1NN+A
MM!=%$UIDJ%=:15J?42V4U!'2I%)H22J<9$R)&Q_<A:5-C4)S-0(U[RWGI-'`
M$-(-4*394-U12[F8,F@R5V4153'8!)&N4*!L)K(]I[#AC5/FQ$TJ&A]=CE"U
MKC,@;CE@A%@2^E<5I.<HUHS99*I6G?/F&C6$,*2J;07315*Z/BG@H@VO$KVQ
MK;_;IBOA:>9B>)RUHHN]LQT"<T3ZV",/6M:XLL&P&ECV:`M([M;G89(N/3U/
MJ)8Y2VRYLA553Z1=])X,:?6C?8=LNM;HV:2H%CR[-3V['N,(D!)P&LQ:`E.C
MTI+.%H])H\5G*ZMH7&BKI<W1MLBDDL2?O4.GM@,5>P\3("2/<1K$Z))IJX-G
MB%W9&U0K1N$\94"5-U^C%3B[)2][*)V>I($0A.3\Y:EA:%3+)6U2YAJMKLUY
MIV0VNX)X^7%HQ84?853JZMC^WAD(Y2D;DCX@41P2L"`W09&3M,(&B1`5#%,-
M*>=\-A8F5%(ZFMU*_P`K0\?WN&1DD%9C=I1'^15R0ZAXLY(S5=DH6=&HB-C6
M"R))&F4JBC&\MT3G$[5%"&,L4Q"CS$:N1@>VM97%R`L.$R)SCMEU*WQM@DMA
MP,;9*F:,EN:ELB4I?VZ3-CZA?"WUL$S*W`Q6Q%&F[`6JT6C,%2VU/S,0+6N:
M2%-2MII(I#+'L"JE<P?5]7-D;W+*M6V2@F@W%6EL1U61Z/%K*YTF;G!:G*(<
M5[VVI`]6><<!.*Y1F;SN;):VS=Y8H?9$7K^-@X8OC'8S6BKE\<WUNY1/\'6M
M3<LB4AEJ0YH3*6R7)6U</19ZE&2-8I(V(\I*`P4W>8\^*QA<6!/%T,L1R@CT
MU<@55?RAG+A)R2Q7GC<Q3Z63:,1Y.NFC>J2NDCB%8/SM'35P4J)R;VI08<<D
M%U`%`I-E'7XUW:=8S<3#99!7VLI-'X\_,DL-C"H]23+:\A]GQE[;%L2D4E;#
MV]QC,V2A&68<4J3K"3RQE=`)1QPF*1(U<Y*Y7IY$2NBLR89.Q.W'=A##G8#%
MI["_\HY*=#:MC4@VC>5:*(RE)*$AZ.0(%QH#&<TG8=;4#&4`8IK:7S!8$J:8
ME(#*EN-G8)!3D^OY^=Y`&JF]+7U3U5,&.(63)99I+:;B:H-B8GT"\25J"Y'K
MD)0Q(M*3/07L4Y2[G_6[<ED92NN+A+E+(YNZ1HAVXLV]YSQM9(,WSUP>H`Z=
M^^&I2F1)W9*S*"B%NST\C."D&#LV]+=K/&7\WSTC!\E!'VND;O7IS+#JRKP/
M"E'6L=`"6W)4#)<<&1K&"4V2RRYJ"H:9$E;EH5C>G/;W/K`'EA*+V;L4)/,$
MJM:RQ5>CA%INCZ["9MRR#Q^.MLEF%?)W:X9E1!JUX:V)[7!?D+58==O^U!K.
M8X`[H9%BT&Q^A,2I%2T*9^9&PQ^%V=(6RC[/$ZPV!\L)=%$$@<JV0M\V5\->
M035QLNIN"L9)V_J&0EEG<G:E24U447MQ;%!PTX=FD:*,%<NR%N5'KF]`M4MR
MUG4K$254H:'$;>:X-1Z@@!IK<O-:%[JU&+4)@]E&B2JE*?8P[V6:8#HCV1S<
M!@,!@,!@,!@,!@,#_]'W\8#`8#`8&IS[H^!9IT_$W0\)R/I^"NI\8]'N=9TO
M"7:/P?Q-Z/\`4.L_>=JZ'2^YZ<#IUL[V%^S7QW_ZW/1[/'F$^OOP%ZL>[?5Q
MV+C+[:O3\*?S1\:]U>KWKO#GX5WAVOT?CSO[(U%X<VSO98]<=F>(O:M\5^N&
M<>,^ZO5_X9]:?U?2?UL]C[X_".S>S)W5UW1_%G>_5=P_@_>>#*:XQZE?6I6/
MJ[]J'OSV7J#]9'@?P[X;]G_OZ=^SYZ\>R?C7OWOSQ'V;P3^/^P=L[R_%/3P9
MR@=3[#?A=+XN]??A_P!6U_\`<_>GA_O'MOMP1#Q/X>\"_P`X_6K[8'AWPIV3
M[UVCLG4_>>NP9M/TU]F?UC5_ZQ_6?ZR/:4>/%/B/P!T?6A[$]F>GUH=E_F?Z
MO?8R\4]1X<_%/2[7UO\`.+TY4ST58:O9%\,,G7>VMWWZFN*WJ$[X\,>LOP%Z
M]G7V/_5CV7]]XF\:=M[/XT_&'A[M/BG\&[1D7/"Z#-ZO/6B_=?[3WKG]E6<^
M)>_?!_B[PKX^>^_NQ=E_`/6-X\Z?<G<7\U.R]D[I_%/9\J?]3WQF]4/<UI>J
M7K.T>NB8>M;I^&/1ZW^ZXUXJZ7@+_P"GG;^[N[^\.Y?O?>?:>W_CGO/!/1^+
MB]17KKXM>L?KO6MXSL+U(=E[=T.T^KAX\:^(NS_B[PGV7N_H=M^]>)NY.I_"
M^SX(NI45GWL*>HJV/&OK2]FCL7.GN'I]I\%]\^";R]K?U(=E_GIWSX4]87<_
M;_Q9V+O'P[^`=5D7/NV23>HOUDN'K"]I3UF^-N`'BWO[U2=L\8>L2;>SKWMX
M=_$70]9O>O?_`'9^!]/H=G_%W4X,TK=+EC\F>..97&Z.6V]1!0/E$&!K=33B
MU&+":+:#R53!N$UZ;.0T"EU6R,!MBF)1Q4MC5M3^6(E:`(QI#B1D#=VF6WJ#
MAN'B*&:F30V>AG4\U61L9)CR>.&2[5.2_4L,F9#H>I6D-PZ[[[VF`D,,Z)N]
MZZ0CM)M[J=)=9-GK5J)MH[=`1JTI)"3.0/.\)I;S..-4)EZ3DV&^)3NU34IU
M[5[/Z0<4ID^]9`6PL):5[`G[2)H&-JZ8<B[VL2C#2P+H:P30Z\%-S@Y44&&4
M*#$U9(H^?R*#Q$7::3CT;*K7ITD8-HW2D3J4C/.(+6["%&8,_6A;&6'IOV6_
M5)PR]'KL]37=G&?V6?6QZN^IZ/:I![,_AGNO_P"H7?\`X/[%VON?\.\+]G\5
M_>^^\&;G=EN27LY>T\L\6>T/ZR.GP5[Y]7WAWP+W][1MB>R_UOBS\+[3XW\4
M=Y]@_$W=W3[3^-N[<$77"KM4*Y(JI^^=<D6"UV*IDQKN5:9D)EW%R6(WFX=\
MCR`O*Z)E-L(A?(6-(2[-)?1I4LZ&[*!MR@\!J@*I.$:HLZX7+7^H3UQ\G.\O
M7]X"Z]L]J_JN[O9O]9?J$B'3\5=S_P#U`\3>HGN3OKN+^9WH['WE^,NHPF:A
MJ$#]4_AOBKX@]L;T^MNL_9^];_@?O;J/5E<WJR[S[#^(O#GJV\3=L[P_G[T.
MQ]_?A'=F#=!3Q[%G@6K>V^T]U'JM<O4QW-X.\;]N]M"G_#?A/P[^&^M+VI/"
M'<_:/Q?V?T=K_`>WX,I8Y"^SSX:?/:&]J3O3V'><WK+[]\!>*?9[[30WM>=Z
M=T?S6[_ZOP5W=X1_%?9OX@_>]KP1?2M4KQ@,4%9=D>K,[E$2XAYB50*VML2:
M*J8B99H:0AVYN2YZ:U:0XBMC(7W%J7&K=F-8'7J]L)8S?N94E'M\&,?MKVX7
M9Z23^HGV(:EW<2R..+!W%ZO]7!R"\1%VDVNK7W_ZN!-XE'>PV)5VL+<$[M(=
MHA*=`BQIC6TK4O[,/B>%>"O'/@WUU\B_4-XFZ'JJ]<W:[1]?7JNZ[^<O[GC?
ML/>OXF[K[S[@_%W5Y4RBKC[]73W:D]5G:>XO8@D7>'??BONWV1O6?-^\O$':
M?W_8/%_?G=G_`,7=O7=W?@F19O\`M]X'ZI_#?%7Q![8WI];=9^S]ZW_`_>W4
M>K*YO5EWGV'\1>'/5MXF[9WA_/WH=C[^_".[,&ZR]3>I[VCK5[#XI]>_A95W
M]XN\)=\>J_UL3SN/H>$/QGX0\3]L\->)_P`/[GZ/=WWGMV5.G"I:[V,_4C)?
M1ZW_`%'^`.8GJOZ'=O<O@SHOWM(^H_O?\9?Q+WSX?[\^^>'^V>'/Q9D7-K+W
M_P"K#U`T?XQ];_8O6QQE]5?@GPIZPO69XZBOJJ[[[P_^E_8N^NH[R[V_%'0Z
M75_A?9<J=9=?3![%W@>:^&O:T[B]2]&=Y]'P5WKW-[;-\^R!V7OW[[XU]?GC
M'N+O'\7=U]#QA^%=FR-9M<".^S=XOE/<GK9[N]I='WGVSNGU=^V1ZO$?I[%W
MQ]\\9=9V7M'3_F1XZZ/I_'?6Y6<X5RDWL7>S'2O>GM`^I/ZJ+D;X$[+X*[Y]
M@'PMQS]</??2_&7B_P`"^K[LG1_'?4?^%^&]Y9%S<[VLI6:ED1V?<RJB6:\9
M"Y$6%)#%+'/I*W0[C`Z<H`P86[$1JI3"HG.K$851R7K]/JG3.Y5\7)NLVWD&
M/75ZRI/2TF\,?5'OC8>*MM%`B0YI=1DD*CPGXQ(F?S+%EHY$DABC82I.M@2,
MD0"H4H`4G.4P\#2:F((*&02`3JZ\:+]C[KJ2\$^UGU'<G`OU>>+/5?V/N3L5
MS^R9WCT?OG5^"N\N\.A]\[+V;MWXW[QR+-Y<8_V*O`KGW#[6'@[U*0KUU>$?
M!'0]6OM&6EZD_6;_`/G>)O7)XI[C\,?CKNOKN]/Q9U6#+L/Y,^KWUF<?NT^O
M'UZ]BLSU>>H;N/QGZKNE7?KR\7>(_P"9WJT[;X4[RZS\8]Z=V]T_A_494CJA
M=;[%G:K1\0^,/4QZ^E_K&\5=I]0WM#>JP'B3MO>_\[>T]P=7WAT_YK^+_P!W
M^<'6X,X5VOHRL2^/-6BJ]):ZR:^*_+)]4A5IN*)LGGL]!\P+CL.#:A:AS:W9
M'IR.D`&LIRW)2O$976-QK]HP1:4DR+&LIF__`(^^M]!X)]J3UW=RVS[17JW\
M.>+?!/C(CQ5[0'5_>?\`B'H>$/`'\Z>Z_1X;_%?HP9KACY-[,7<L,Z_VC>M]
MN7D[X;\/>%^\O7%X)Y"^T=VCJ/Q-ZO?!GC7L_6?S@]/1[C_">HP9_I&D4]DS
MU6.'</M3^`_55Y>_B'M/JPZSI>)H9[+/;NT_O?'?1\/=[]B_$O=_5_\`YO;\
M&;29)O8Q]4D\[?ZW/47WAS/\"=F[%X2\7^';G]JCU'=Y_CWO;P[X_P"ZN]OQ
M3W?WEX=_`>IP96=XZ^J7O[D?X0]9_>72J+UJ^+NY.EV_V>X'X:\+^!?QCWAZ
MJ^YNW=G_`'O;_P#5?OG6Y4F\.K(M15B7C\L/XP-/(=\;P55Y>FG]KLN0U)%7
M110`YS+B^,8H:^R&,3*O$<H3;$C-=PR=N/93XV`XITV2]#6G%Q<WE;=B'5YK
M2U'<KTUE(7@[@]R0,FC?*5M&.D*;^)>Y3'=6&DD#QQX0,\5>%`&33!MO41M"
MAT)G$1K1`5(5PA#/3=\]^`^R\=.V^WMZ_N^5?J2[[]67KI]6_A1P\0]]]Z__
M`,?O5UX/ZOOSOW^=W;.[>W_CON_!OI3,F^S9X\<^I]H3OSVH^*O7=Y=Q]=ZX
M/4/&_5%V[QS_`#U[L]6'=??O>_XR[P_\;\)[5@S33:H]G+QM%_4][6_?WAFT
M/6WX/\)]7ZK/:3N[M/KB[N_&7=GK\\=^&/`_\\.I[PZC\7]/!-]6GS#V+O"$
MU\5^T1W#ZJO-=[TZOP5VSN#VK89[<?='='X1XC]J;N+P]UGX-T^AV;\3]KPN
M7<M%.U>&(]V[Q!V_N9M[=XK[G\3]N[(5VSQ#X<_FYWSVGI=I[N_%_7=+LWWC
3J\K#8,!@,!@,!@,!@,!@,#__V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>g652797g44p62.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g652797g44p62.jpg
M_]C_X``02D9)1@`!`@$`8`!@``#_[0]04&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``8`````$``0!@`````0`!.$))300-```````$````'CA"24T$&0``
M````!````!XX0DE-`_,```````D```````````$`.$))300*```````!```X
M0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!`&QF9@`&
M```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4`
M```!`"T````&```````!.$))30/X``````!P``#_____________________
M________`^@`````_____________________________P/H`````/______
M______________________\#Z`````#_____________________________
M`^@``#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0`
M````.$))300:``````!M````!@``````````````8@```/L````&`&<`-``T
M`'``-@`R`````0`````````````````````````!``````````````#[````
M8@`````````````````````````````````````````````X0DE-!!$`````
M``$!`#A"24T$%```````!`````(X0DE-!`P`````#+0````!````<````"P`
M``%0```YP```#)@`&``!_]C_X``02D9)1@`!`@$`2`!(``#_[@`.061O8F4`
M9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P,
M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X.
M%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`S_P``1"``L`'`#`2(``A$!`Q$!_]T`!``'_\0!/P```04!`0$!`0$`
M`````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@)
M"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D
M%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#)D235&1%PJ-T-A?25>)E\K.$P]-U
MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$`
M`@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D
M8N%R@I)#4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%539T9>+RLX3#TW7C\T:4
MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G=X>7I[?'_]H`#`,!``(1
M`Q$`/P#M/K[U/+Z9]6,F_#<ZN^QU=`N:8=6+7MJ?:T_FO:UWZ-W^D69]2?K7
MT*CZK8U&=F58=O3V_9[&7V-:3M_FK*@\[K&6U?N?\)7_`(-9'5_\9N#U'IF7
M@6](<]M[7U@76-].)AMENS]+797'J;:_YJW_``_^%7*X'3<S$ZCTQW4,1[*<
MJP"K[16`+6QM>X5O_P",K?[F(2/#$R[`G[$Q%D#N0/M?1_K;];.@6_57-&)F
M4YK\VMV+5538'.WVM+)>VL[JVU5[[G^I^XKG^+_-R<WZJ85F22^RK?0+'<N;
M2]]%3C^\[TZVL?\`RUQ/5NC]'RR<;'-&)U2/T.S:PDG5E=];/S;?S?\`"_Z-
M=3]1/K1T3*PL7H5#'86;BTAIQK``'FO3(?3<WV7/]3]+9_A_\+Z?\XH\&>.6
M-@&)'27CM+^ZRY\$L4J)$O&/XAZ])8MWUMZ32W)<[U2<3(&)8UM9)-IW']'^
M_P#S;_\`78GP_K5T[+S:L(5Y%-U^X5^O4ZL$M!>1+_ZJ?QQVL,'$.[LI+.O^
ML'2<?(R,6RZ,C$K-EM<$:;6V;&/>&U66N:]OZ-EB?`Z[TS/QZ[Z[FU^L2&U6
MN:RR0XUP:MV[W.'L1XA=6%6.[H)+'=]:NC-ZD.FFX^J7^D;(_1BT.-?H.L_T
MOJ>Q-C?6[ZOWU&PY;*`'%NVXBMQC\\,<=WIN_-<AQQ[A7$.X=E)8V5];>C8M
MF55:]_J8E@J>P,=+GEOJ[*OS7>Q"9]=_JXYS0[(-;75^IZCVD-!G::7$3^E;
M_F?RTN./[P5Q1[AWDECYOUIZ9A9EN&]M]MM&WU?1J=8&EP#VM+F#]UR`?KIT
MEI'J5958D`N?0]H$^;@EQQ[A7$.[_]"__C1Z!TC%Z>SJ6)C,HS<S+#,BYD@/
M#Z[['N?4'>EO?96Q[[-GJ+&?U)GUG^M&)U)N+9C7T5@Y@=:+*HJW>A]G;M8^
MK==;]#\__1_SK[.W_P`8V$S)^K+[7@EF'?3D6!NA]-KQ5DG^QC77/7,8]'3N
MD&RG"QLBU[B/5?6Q]A.WZ.ZZS95[=WT*U6YK-P0,`"99`1']W^M;9Y7$)S$I
M$","#+][^KHPHZ);5U'/N;8UU74PQKBXG?6!:S*LV5[7-MNWTUMQ+_5J^Q_S
MGZ5=!]0OJ[TQM'_.-S'/S\JS)V.<996PW6UC[/6(:SU:F,W6/WV_];_1K&R.
MKTU863D!MM5N/4ZP575NK)=]&IK=X].S?<65_HWKN^@8)Z=T/`P7#:_'QZJ[
M!_+:QOJ_^";DSDI99<1R?H",(Z5_+]%DYV.*/",?Z9E.6MO'Y-EEF5ET98/4
M1C=0;3B^O>^ES'6A_IBJS$9N>Y[F;/?_`#7IJ'27779V(,NK[7>,QS*+<C+N
MW,=3Z;[ZZZQZE#W4M_2>]_ZTB93NDC/RLBKZQ=,K<_,&2VJTM=Z=E>X5/+O6
M;^FK<Y_L_FUHX/U:ZB]N-?3FX=F*;V9U;ZJ29<[:XWTV>J?YZK_K2DX)7MU\
M'-X97LEZAT3ZO-Q>I9%SZ\G.L-][7N>-S'G<ZNJIC7>WT?:U`^K'3?J[;TO$
MS,RNC[<'N>7O<`\.9:[T3MW#Z.VO:M/,^IO0LAN197C!F7=O>VXOL,6OW.]7
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M?Z)9E_6;K,/%=9F-IR`]S+FC'J-3:0]^[->WT7[K/S74T_SGI?S:ZC)^K67D
M=0R,QV17-V9BY`&TZ58P(]'Z7\X_=])5L;ZH9]8Z?79EU&G#R#E6,%9ESB_U
M-K7E_P!'TV^FD83LU>O_`'RC&5_R[N1U]UM'5.L9U%YQ[\>W&;66DC<V^EU=
MHV_G;&-]7^1_70NK8IH=U'%;D.LQ>FNI=B5N>7:99J<]WN_G-C6_^"+J'?53
M&R>KYF?U`B^F\L=12"YNTM9Z-GJ[7;;?^#_<0,[ZC]/=B^GTXG'O+FS;8^RP
M%DM+VNK+]KOH_HTCCD;TW)ZJ,#K]7__1[#_&'(^JN02)I;;C.R._Z(7TNM_L
M[?I_R%S^8[J-64+L:L95#F;7X^\5N:X'>V^I[QLL]1CO3>QR]`ROLWV:W[7L
M^S;'>OZL>GZ<'U?5W^STMG\YO7DU'VV3_P`U_M'[)D_9_P!I^GLV3[?LG_:S
M[/\`Z+U?\%_PBH\\(W`F400)>F8EPR&G6'Z3>Y$RJ0$9$$Q]6,QXHG_"_1;'
M4!DT_5WJK^J6`F]EKJZ@[<VH/;LQL9CX;ZCFV;5Z?@>M]AQ_M$^MZ3/5W<[]
MHW[O[2\WZ'Z/[=P_^=?K>KZ@_9O\W]A^T_X/^8_2_:?^XWVG_P!)KT]2<F`(
MSJ49$RN7!\D=-(Q8^<),H7$Q`'IX_GEKK*3Q'5<;&'^,SHM0J8*WX>0Y[-HV
MDQ>=SFQ[E19U?JK'_7:MF5:VOIM?ZBT$`4`"Z/0`'Z/Z#5N=2_97_C@])]7[
M3^TOLMWV?9Z?V?9%WJ>ON_6/4_<]-<YU3_FM_P`Y>L;OVG]CEG[=]#;]DW2W
M9ZT?KWI^M_.>E_P__:?UE::J3%ZIUS-=]4\,=2OH_:V-D#,O;M=8[;^DWM]1
MKZVW[:_3KNV?HD*WJ?66_5_ZSXKNHY%AZ%F!F+D/+'6OK<XTOQ\M[J]E]/Y_
M\W_X%^B5WI/_`#>^V_4_T?MWJ>AD?L[?Z.W;M=ZOV[;[MW^C^SH5_P#S<_9_
MURW?;_3^UM_:,>CNW^J8^P3[?2W?]R?\&DI+@=8ZM9];/JOC/S+78^7TFJ_)
MJ)&VRUU.6]UUK8^GOKK<M7_%WU#/S^F=0LSKWY-E74;ZF.L,EK&MIVUM_DMW
M+!ZM^P/6^K?V+]J_M;]GU?9/L/H^O]E]-VS[1Z_ZO]H]/[7_`$;_`+L?X/T5
M+$_YK?L.O]E?M+[!^W:/2]#Z?K^G3_.;_P!/]A_>]7]9^U?V$E.ETBWJ7UD^
ML?5K+NHY.%B]&RQCXV)B.:QK_3<_>[+WUV.N;=Z?_HM8C>N?6#J7U>ZG]<&=
M2NQ;^GY(9C=/9M&+Z0^SN]+(J+/4OL<W)_G/56GD?L__`)Z9?[#_`&I]JWT?
MMC[!Z/V7=(]/[1]I]WJ;=_K>E_P_^$^U+)ZE_P`U/M74/3_:O_-W[<S]K?9M
MG[/^T;F^INW?KGV?U=OK_9_9_-_9O^TB2G:OZEU3K'UEZ?TVK-OZ=A]3Z15F
MW-QBWU&O#K7;:+;66>CN]1GJV;-]C*5SF/U[ZR/^K6'U]_5<@Y%'4&8+:?8*
M7U;!<YV2P5[[[G.]GJ/?_-?\)^E79V?L?_QP,/;Z_P!O_9A]#T_3^R^AZEG_
M`%[U=W[OZ+8N3Q_^:O\`S'JV_M/[!^UF[9^S_:/6](1_P'V7;_U[>DI__]DX
M0DE-!"$``````%4````!`0````\`00!D`&\`8@!E`"``4`!H`&\`=`!O`',`
M:`!O`'`````3`$$`9`!O`&(`90`@`%``:`!O`'0`;P!S`&@`;P!P`"``-@`N
M`#`````!`#A"24T$!@``````!P`(``$``0$`_^X`#D%D;V)E`&1``````?_;
M`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$!`0$!`@(!`@(#`P,#`P,#
M`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#_\``
M$0@`8@#[`P$1``(1`0,1`?_=``0`(/_$`-T```(#`0$!`0$````````````*
M!P@)!@4+`P0!`0`!!`,!```````````````!`@,%!@0'"`D0```&`0($`@4$
M"0T+#0$```$"`P0%!@<`"!$2$PD4%2$B%A<*,2,8.3(DM38W=SAX&4$S-&34
M-55F=M:7MQI3)2:V6(BHZ$E9:5%A<6.S5)9'A]>8R,DZ$0`"``4#`00&`PD,
M"04!```!`@`1`P0%(1(&,4%1$P=A<8$B,A21%0BAL4)2DG.3%C;PT6)R@K+2
M([,U51?!HC-38X/3E%;")'0E=3?_V@`,`P$``A$#$0`_`'^-(1FCW9M]J?;Y
MV<73,<,5D[RG99!GC3"L9(-RO&"V1[*RDG;68DV@CP<1-1@8E]++)G`$G)V:
M;4QBBX*8(,5*)F4*Z_#-Y=OV1.Y1N*L>2,AV>U6;*6V:]VFU/;%.OGRUUN;+
M+V&UVTW+E<.A3D9N)BY*2*T.9,QFK1PX(D*:9CE-`ZQ6X]T0]QJJ+4&D(-(1
M\_CX@+,60,(]WIGE'#>3[C5LBT#%.'Y2)EXJ;=(+4F7*SEUCP,0D58Z"=>F(
ME9)T_CU""T?C)NBKI*)KJ`>D]8NJ)KK#HFP+=.RWI[/L%;DV[1K&R61:@`VZ
M(9B;PD/?:S)OZC?(YD1111PG&(VV">"RZH]0[(R)S<>;B-46R)$B+AZ1$&D(
M-(0:0@TA!I"#2$&D(-(0:0@TA!I"#2$&D(-(0:0@TA!I"#2$&D(-(0:0@TA!
MI"/_T'^-(0GO\6DM/EK&Q9NW.X"KJSVXA:83+T_"GGT(_"Y*V=;C\]XA..<R
MH)<OJ\IE.;T\NH,7*?;"P&P7=S8MC>[+$.Y*!9N)=G2)X[:YUMLHDFK:L>6)
MJM!7BO(&<"#5.1>5]^L=@JKQ3;R*3=80'IZB*R)B4?2A_27["$,3TG-,MNPP
MC7:)D.#;S]45L%]@8JQR314PHNFI*8N\]K0EH=ZFHV?M/!BNQ=)*)+%(<A@"
MJ<6=IZ2BN;/ON]IU]-#`(;OJ\1\4Q"BN\QIF^.A>)Q1`O"R2&,FM=,4!7+Q$
M'0@4`,(\`(;A$Q$[6[HLM9>Y#L7K6$+3N''=%AJPXNJ+83RDK3[W7K5*JRBB
M2ZD?5F%;AY!S/.K?,"W,5I&>'*[6$!-R`0ICEF<1M,Y2CYG&]S<_.;S-UF;=
MR\\Q5B5<I7%62AH-=8CA>OT^&8,:S1J\X<)`5%R[@Z;",6JZI`*199(Z@%`#
M<`IB\!(`0\C\,N:9-VT$@D_$>")G_*Q:[UBE*F,,+.H&7\((``G;^T!GW$1X
MCU></D``"1TBV_Q0PEJ8H@TA!I"#2$&D(-(0:0@TA!I"#2$&D(-(0:0@TA!I
M"#2$&D(-(0:0@TA!I"#2$&D(-(1__]%_C2$9-=Y_8C*[^-E-IH=&:-W69,9S
M#?+>(&ZIB(J3EEKL9*,92DD=J+-TD#76M2CMFWZQRM0D_"*K"4B7.2#%2F1C
MYD+MHZ8.G+%\V<,GK)PLT>,W:*C9TT=-E#(N&SENL4BR#A!8@D.0X`8I@$!`
M!#5,7H_IAV;:1EXJ/>OBQC-]),6;N2,CX@L>V=.4D%WQD.JAURM$CBH).<G-
MR\.8./'7'O*U6WM+JXHT/%K4Z;,J3EO95)"SD9;B)3D93Z&.39T:5Q>6MO7K
M^%1J5%5GE/8K,`6E,3V@SE,3E*8C<L>SE6/`],N=YX)+F-]MC0X\S'EZ(%*'
MEX6<J_,"_$PCXGTD]7@`^OKPT/MC9/Q]QX)0^6_%^:?=U_'\"733X.NO32/=
M9^QIB_`VCGMQ\S^-\JFWI^)X\^NOQ]-.NL4^SEVR\\XECGUCJRD;ENKQZ1W#
MM6K-G3.U-&R?,*KEQ47)G*[E(A0`1!@Y?*@'$QB%*43:[@X-]IK@?+;FACLJ
MM3$92H9**Y5J#,>BBX604G_BI27H`22!'3G._LP\^XC;5\EBFIY?%TQ-C05E
MKJHZL;=MQ8#_`(3U6ZD@`$QG]7:Y.VVQ051K44]F[-9IJ,KE?@X]`R\E+SLR
M^0C(J*8MB^NL]?R#E-%(@>DRAP#7HT$$`CI'FXZ3!ZQ]6;M[[7D-F>S3`.W/
MBDI,T&D(*71TB=%5)YD.U/GMPR"N@X1,<KAB6X3[U-H83'$&::1>80*&JXL$
MS),7+TB(-(0:0@TA!I"#2$&D(-(0:0@TA!I"#2$&D(-(0:0@TA!I"#2$&D(-
M(0:0@TA!I"#2$?_2\28^)T[@R.3+C9*K&8/6QW(V25=TW'=RQR\?(UVKF?@:
M$B7TY6K;6[%*2*,8B0KMP=\(*KJJF3!,G2(E3.+NP1%^XOXC3N([@\=S.-&C
MC$.#(FR1ZL5/SV$:G:X:YR$8\;`WDH]O9;K?;VY@$7O,<.M&$9/DTS<A7'V1
MC)Q(0",%]1%4&D(=8I<FK-4ZIS"X'!:6K4%)K`HJ*QP5?Q;5TH!UA*053@=4
M>)N`<P^G@&OBIFK9;+,Y:S26RE<U4$A(25V42&LNG3LC[;X2Y>]PV(O*D]]:
MUI.9F9FR*QF=)]>LM8Z;6-C)QACW`<63VV+,>,-YN`W0T:PMKY%2[E_$-&(I
M5S*\$N-DKEJ:QSANXCUBV`(Q<SQ)5$[91RV$52J"Z.`_0'[+/F;=Y['WO`\W
M=-5OK"D*EJ[$EFM@0C4B3U\!F39J3X;[1):8CY[?:K\L+/`9"RY[A+5:5A?U
M32ND4`*MR076J`.GCJK[]`/$3<9M5,,M=N#XB;;UN:0K&+-U1H?;GGIT5E$I
M61XY,WP?D*6,D!/$Q-D?KJJ8YD7ZZ9A\OFU?!E,=--"2<+*@B3U]./')0CIT
MAC\IBG*4Y#%.0Y0,4Q1`Q3%,'$IBF#B!BF`>("'RZF*(SULO<^VI53<,;;=+
M6"S$MC>S)TJ4MB$$@ICV$N)WB$::N2LX,H241=M91?PKA<C!1BU7(<%ETP(8
M0U.MS3!4,M]3U*K^.'V%MO\`5J\Y;2TYS!T)V[09S(E&"J<BQM*^^09V\7=M
M+2]T-TD3.?70F4AVF.GW2=PW;IM%M4%2,H/K7(6R=AO:$L)2X)O-NHN&4=+L
MF3V84>RL0T:!).6:Y4$RJ*+""!C&(4@D,>]F^68C`UZ5M>M4-=EW;469`G($
MS(`F09=NGJB[D<[88NHE&Y9C583DHG(>G4==915[]-_LR_@O-7_@>!_GIK"_
MYD\=_$N?R%_IQC?UPQ/XM;\D?THE3"G=DVFYTR95\4UEQD*!LUR>^55U>WU1
MG&PSZ94()F40+^-GID[=[)'+TV_53(D=40()P,8H&YV.YU@LG>4+&B:JUJAD
MN]0`3V"88ZGL[)]L<FTY-C+RXIVU,U%J.9#<L@3W3!/7LC3+6Y1L,5\J6[#;
M1?;>QH-)SKB^UW63<O6<=6("WQ$I,OG,:U=/7Z+1DS<JK.#-&;%953E`0*FD
M8P^@!'6*H9W#75PMK;9.A4N6)`57!)D"3(#N`)C@TLGCZU44*-Y3:L>@#`G3
MK]Z(&W;=QK".S2Z5NBY/JV5)V7M-7+;(]Q0H2HRD<C'&EI&'!%XM8;Q5W*;W
MQ,8H;E(BHGTQ*//Q$2AB\]R[&\>N:-K>T*[5'3<-@4B4R-=SJ9S'='"R>>L\
M36IT;BG49F7<-H4B4R.UAW1:S"V6:YG7%=(R]464W'5J_0J4[#L;&V8M)QLT
M5660*G)-HR2EV"+D#H"(@DY6+P$/6UG,=?T<G8VU_05A1JKN`:0:7ID2/H)C
M)6ES3O+:C=4@13<3$Y3]LB1]V)0US8Y,5:W0;O<3[3\?AD6_A/62.]J8^HJ0
MF/PK4Q9F\G(-Y-P55Q&S5FKB"3-J$4H18PK]0BABAR#Q$0PF:S]A@K3YNZW.
MF\))-I:9GV%ET$M=?9&-R.4ML90\>ON9=P62R)F9]A([HYC:EOIPON^@K1/8
M^;6RI(52;80+QGDI&J0,B_>2+,7J"D2WA+=9B.FQ2!R&$QTS`H/`"C\NK.#Y
M-CL_2KU;1:E,4V"D5-JDDB>DG:<6\;F;3*)4>@&4*0/?V@F?=)C'%7CN8;7*
M'FM]M_D):YR^26-LB*,:/K5/>3#%Q:YI2/;-H9H_3<)$<.T9"2(U5`"^HY*<
MGIY>(\:YYEA+7(MBGJ5&O!4"25"1N,M`>^9D?3I%JMR#'4;LV+,YN`P6068W
M&6D_69>N-`=;5&;B-<OY=H&"<=67*F3IPE>I=4:HN)20%NX>+F4=NT(^/8,6
M+1-9T^D9*1=)(()$*(F44#B)2@8P</(7]KC+2M?7M79;TQJ>O4R``&I))``C
MCW5U0LJ%2YN'VTE&I^X`/23$`8+W\[7<_P!-FKM6,E1-4C:Y.L:[.L\FO8JA
MR49)R[21?P9%2R\F#!PE.LH9ZHT,@X5ZH,W`>@R*I2XK&<IPF5MZES1O%IHC
M!6%0A""02O4R]X`D2)G(]QCA6>;QU]2>M3N`JJP!WR4@F9'4RUD92/8>XQ61
MCWD]J#[+;/$)83+#=Z\R,WQN6[NXW&R..$'3BS$K`6IS90R@=9*DI+'\6=]X
M83%8`*O2$?4UAE\PL$U^MAX=<,:WA[R*?ASW;=V[Q/@[=TOAUE&.'*\8;H6N
MRK,U-FZ2;.LISW_#VSETUE$A9Q[JNTS`]R;TN<F['=W3F"93Z4WBUK6;K6!;
M/G4@S*T&::VQJCYDW6CC]9$"B*8&+Q'T^CE9/G&"Q=P+:K5>JQ4-.D%==21*
M88:Z:B+]YR3&65447=G.V<TDP[>W=UTBZ%7S9B:WL:Z\A<ATQ5:T-(AS$Q)[
M57O.E59M%NJPCCQJ,FLOYH<[DB0H%YS]4>0.(ZV.ADK&X6BU.[IS<`@;EGKT
M$I]=92[XRU.[MJJTRE=)L!(3$]>@E/K$+;EM\NW+::^@H;,%Q=,[+8V9Y2+J
MU>AGUAGQAR+J-/.7K5D3H1<8J[14214<JI"Y425!$%.BKR8W,\FQ&":E3R%P
M16<3"J"S2Z3('03T$R)R,IR,N)D,Q88QD2ZJD5&$P`"3+O\`0/7U[.ABJ_Z:
M39!_#N1_Z/7_`.[-83_,7C7^]K?HS^_&-_6W#_CU/R3!^FDV0?P[D?\`H]?_
M`+LT_P`Q>-?[VM^C/[\/UMP_X]3\DP?II-D'\.Y'_H]?_NS3_,7C7^]K?HS^
M_#];</\`CU/R3$[?I+-EWE'GOOD:>5^[;WJ>(]FK=U/9CVW]W7AO">1^,]IO
M:_[6\KZ?CNG]L]/POSVLG^N/'?#\7ZQ&SP?%^%_AW^'TVSW;]-OQ2UEMUCF_
MK!B=N_YH;?#W]&Z;MO=UW:2Z]O36/__3B7NE=C;<KM6RG>\BX$QO9,S;8+%/
M3-DK#[',([L=GQ;#OW!Y(:G>JC"-EY9G'5DBYV[>8;(*QJS-`BJYVJQQ;EI(
MB\K`]>L8&.6SAFX7:.T%FKMJLJV=-7*1T'#9P@<R2Z"Z"I2J(K(J%$IBF`#%
M,`@(<=1%4?0(V#[5ML/;S[3$?O6=X/J&7\R2.UMONMM-GL,!%SUIDW=@H".1
MJM1(&<EHA\YH]6AV3YBS="Q2!,BB2SU4'!P`PU=D6B26E/2$8-Q>X"\[G\O6
MS-.1(^D1-HMSL%W,7CRDU^@U2,:H\Q&$;&PE?:-P62CVHE0*Z?*O))PFF47+
MI=0.<:8NPSAD_)KS`6TZ0R*5F@ZF*5C&LHQS1P(JLS6-\SAJY#`[!$Y3+L49
MR11,L4ABB=(I@*8HB!@^2/&.,T>?>;%OQTUF6SO<I6+L-&\%6J5JFV?1C21@
MI(,F()!E*/KSRCE%;R_\I+CD8HJ]Y8XNB$4ZKXSK3HT]TNJBJZE@")J"`1.<
M8J["K9])WN`8%I.Z"6OV3:IF:^>[F5+&7^VTV:K<G>V;N$K5EISZJS<&W@5*
MK9G+-V#4J2L>HU141,U/S%`OU%Q'!^'X+&)A\7QJRI8X*%*>$C;@.VHS`M48
M]K.68G4DQ\L,SSKF6=R=3-93DU[5R18L'\5UV$]E-5(6FO8%IA5`T``C2#>A
MB^[XSJV_S9-DZYO,I2>V)#'U_P`;Y5FT&Y+/;,:V9A&Y*JQK*=,X).+;7HIH
MM%R3S@F9V=0PD(8/6/YJY!PG#^6'GKY9<@XQ;+;8K,5J]O5H)I32HR"F2BCX
M4?QD<4Q[JO3)&U2H'IGCO.,QYI>0WF=Q_E%R;G+8:C0N*5P^M1Z:U#4`=C\3
MIX#H:A]YDJ@'<P8E;)HT=/W39BQ;.'KUZX1:,V;1%1RZ=NG*A46[9LW1*=9=
MPNL<"$(0!,8P@``(CKU]'CR/IV]EO#>XK!?;TPO1]SLI9%L@&"9G(:J6YRY=
MV'&./)5T0]&QU)*/3J/6JL)#H@N5@J('AR.PCN1,K0$B5"++2)TC*@[;M=9T
MWD1V51S1ENNMLA9.;7&9Q].8[7;5:7O$O,A+.FKBY)+.Y*#KUILB@&<IF:J"
MGXE0I'39,2'0Z0*\*R?(4OOK&NBU:P<TVIR4N3,C?J55FZZ:3/O`=.M)<<O,
MJMS\W545*FXJ5T+$S^+J`QZZ=O4=F=6\W)ERRWNJRS><GUNWU"0DK>"*-+M$
M8_KMKJU*8(M6E2@W</-M4G$3)$J2350X'0(15PJ9?DX*#QU'D-Y<7^<OKF]H
MU*;FI\#`JRH)!5(;H=LNS4F<M8P.6N*MUDKJM<4V5B_PD$$*/A$CT.V79UUB
M;BYP[;P``#L:R280``$QMS5IXF$`^R'EAREXC_S``:R7UEQ#_P`9K?\`<-^]
M',^<P'^#5/TI_>BG-QN529Y87OF"X"?QE78R?AK)18*5L9K/.5&0B08/4N2R
MF:LEI+PLXU.NV442*JFF)"',<Q!4/K]Q<4%OS=8RD]&DKAD4MN9")'XI"<F$
MQI.4ISZQBJM6D+DUK-&ITPP*@F94B7;VZ](:ZWJ[N\A4CMU0^9(6JS%$R-F*
M&JE'?1MBCY2NS>.IBZ0DH-L?-XN2:MY,7<<2)>)1:IP1X]=N\`3D*":G>7(\
M_=VW$J>0IT&I7=PJH0P*FF7!W&1$YB1"G3J&U&A[*R^4KT<"EVE(I<50JD$$
M%2P.[0ZZ2,O886CVW8SWCI/&^9ML./\`+3IU&.):NM+[0*J_E$VCI9DDC,QS
M:1(P=-R.#,'Y2+<GK`142B/I$-=.8>SY"&&1PMK7+*2H=%)D9:B<CV'7UQU_
M86^5F+O'4*I(F-RJ3ZQ.7<8Y'<G<MR=JOJ++=(]R`OD2L1*,2@QR1&.8F?BX
M5=PXDFR*;-TR8*^7N5W:BR2@%,13G$Q3"&K&8N,Q7N@N;:J;M%E*H),!U&A`
MTUF(M9"KD*M<#)%_'42]\2('7T:1;C#]A[KC7&5,;X5;[D#8K2ATR4@U3K#Q
MY7!A`66Z0Q#E.)7(LTZW/P,!S>GCZ=9['UN<K96XQPO/D=ON;5)67H,ND92U
MJ<E%O2%H+CY:7N[1I+T:1IEV[)SN3/\`<G%M]SR&>D\5C4;6=V;(5>=1M<\[
M*T0&&!5RM&-2`[%;FZ0<_$1X^@=;EQ*KS!LP@S0NOD?#:?B*0LY::R&O=&P8
M)\^V049$5OEMK?$)"?9V1D7W,L)RF$MX656\K-Q\V;*-ALV;&!H]NX;A%Q>2
M;Q;91C"/`<"(K2$:FB)%5"?-G,/J^C6A<RQKXWD%\'J!O'=JPEV"H[$`^D=L
M:QR&S:SRMR&<'Q&-02[`[,9>L1HAC;L>97AK%0;PXS=03-XF:JMK7C/9RR)O
M!18OF$NJQYCG`A'(D2%/B(<`-\NMML_+6^IUK6Y.2I25E:6UIZ$&49VWX?<I
M4H5C>)($-*1["#**_;U-B<=3MS.3IM;=[MEI:UVNT_DF.K^1;O>(K(M?]KYA
MQ:$T)R-JU!N/@CMU9,/".E7*:CU(H+%(7B/#$\CXPEOF;VH<_94S4J-4"U'<
M5%WG=[P5'EUT)(F-91P<OAEI9"X<Y2W0NY<!F8,-QGJ`K=^AGKUBMOT;G'^\
M"VG?TKYQ_P#9G6(^IS_Y58?I:W_1C'_5Y_QRV_+J?].-8L'8LPI7NVCES'^Y
M+<E3;%CG(F?0*RS)B9_>KQ$5*PJPV-"5=H]-/4R%E@686&KBH]2,S%B#)T`F
M<)B<YT=ZQECC:7#K^TS&8IO9UKK2K2+N%:5/:#N0'1EU$I2/43)&S6=M:)Q^
MZH9#((U"I7_VB%F"F22ZJ#H1KI*1Z]T?9F[9N(<:[`LBWS%^=4\AHA/UO.2^
M00B6;V!ME:H=3R%6Z_3:PT@9AZWC5)&8R$J=Q(*.70`HF!#I$!,>'$R/#;"S
MXK=W5ED_%&]:WB2!5E1:BJBA293-0S:9]($HL7?'K6WPE>M;7GB#<*FZ6C!5
M8!1(Z3+:F9]49\[$>WQ8-\+/)S^,R1&XY:8X<U%H*LA6EK)YVXM"5D65313:
MSL0HP\J3@4Q,)P.5;Q0<H@*9N.J<8XI5Y*MZR7@HK1*#5=T]V[N82EM]L_1&
M#PV#?,"X9;@4Q3V]1.<Y^D2E+[L6+W)=NC`.!B8ZH.0]ZU/H64FE-<24E&67
M&5X=1%BK\K=[BM"V.,<5Q2?4B#I"FNP4;*=;JG9=8!2`_`V7S'$<5B_E+6[Y
M'3I7HIS(:FY#*7>3#;NEVJ1K.4](Y^0P-C9>!0KY=$N0DR"C2(+-(B4Y=TO1
M./-V@[.\,R&Y7"4M1][^$[M/TS*-#O;>FMZU?:Y,VA&EV:.M+R&@%+3&1+1[
M*NV4.H"::9E#A]D)>4!U1@./XY\QC:EMR6VJ5:=='V;74ML8,0NX`$D"*<7B
MK1LA9M1S%%W2HK;9,"=I!D)@:Z1S'>E.<V]^;*8YC%3QMCXB8&,(@F06+U02
M$`1X%**BAC<`]'$PC\HZL>8O[25/S-/[QBWRW^^'_-K'&X+E]C=KQ9GR:R;M
MX2AKUB/&<-:J4R99AR8BVR%-.)QA2WC6225F"F8+!9;%%*F19E$?"K.#`!"H
M\P<?&5.-5['*5+W$[;FWHAD`JU)5#N"$'73WF4R'83W1:LWP]6VO7N+&5:E3
M!7WW]XS"ZZZ:E>G9/NCS=M]@V=Y9SKBO&&0-JK"H5;(MI95-:QQ.9\M.'K!_
M/"XB:\LBE(3A69VJUG4;(+G,/`B)E!`>8NJ,/5X_?Y.QLKK!BG0K.%W"M5F"
MVB]6E+=('T3BFPJ8JYO+:WKXT)3J-MF*CZ3T'4]\IQ`>Z"7P`:\W*J8&Q.-/
MKE/O\_!1%V)?K5:_;"N1;Z4C6#UY'6!9\U9*S`-2.T#MUB<J0"42'X\Q<7FJ
MF*^9N*&+L/#HTZK*'WLV]02`2&F!.4Q(].^.%D6L?&JTK*VV4T<@-N)W`3'0
MSE/KI%7><_#EYS<O+R<.8>')S]3DX<>'+U/6X?)Q]/RZPD8V/__4?XTA'SW/
MB>2E+W(X42E*`GVU8O,<0``$Y@M.22`8PA]D;D(`<1_4``U2>L74^&))V!?$
M+M,`;8(O:1NMV_N\\XYJU1<XXK,]79N*:R3_`!<\:*Q`X]N]6LC-6&L$=&P#
MM5@W<).VP'CDTFJK<XE,X,G`I,S!C%6YL,#;B-V]>@MK&'+CA?$M]N5<B(W'
MENR(.2I*&:N90/:"2:SRT)%OX^%1A^98K%RXEW+4$5!%\N!BD3UGF>>I<7XG
MR/D-5PHM+.K4$^UU0^&OK9]JCTD1M/"L!5Y3RWC?':2%C>7E*FTNQ&<>(WJ1
M-S'T`PSQE/',%ES'5QQK9>J$+<8-W#.UV_)XID=8H*,I)IU`,EXR+?)).4><
M!)U4B\P"'$-?(;BO([_B/(L/R7&2^=LZZU%!^%@-&1I:[74LC2UVL9&<?83E
M?&[#E_',SQG)S^2O:#4V(^)2=5=9Z;D<*ZSTW*)@B,R-CVW#,FP+=$EGA?;O
M";J9JDQ<TEA1\AF*MXPH]9M<TT=0Q+W>HF?@YNTRKF%@WRWAHUB@)4WB@J%=
M\Z2*P?1+$?:C\K+[&+>9*]N;+(!1NMWH5:C;NT)4I(]-A/HSM3)$B54S`^<F
M8^ROYK663:RQME;7N/+';<)7I4UV]A>G5=*JM+JJ+4`,P&82)L-N`K^0E,*[
MX=P&?++`V3/>XROS=HR/(5=J^94^";Q%7&JX_P`=T]*357E%:Q1X021[!9V8
M72B0E!4QS%ZAN@+[S5?S8\\O+:KC[*I1P5CD*:T$>7B-NJ*]:LX4D*6%-!L#
M,%6F/>))CT'8^4Z>4GD5YET<A>TZV>OL=4:X=)^&NVFR4:*%@"P1JCG>54LU
M0^Z`!&NGP\^Q;:K&[)\`[QU<05R<W'WM;*BS[)=G!S8Y*OC4LSY(H4*-'82Z
M[J'I+E.NUQ!-5W&MV[U<3*=18Q#\@?0T1\Z')F1V0R3J8HA'?>1A:C[>=\=N
MP]C="2;4NH63%'DR$O(*2L@3V@I%#M$CXA^J1-1?FE9M<2<0#E()2_J:\U\A
MQUMB>2W&/LP1;TWI2F9GWD1CKZR8Z?RMI1L<Q5M;<$449)3,SJJDZ^LF+WYV
MWR;BVV8<KLG.Q7;1=6L-?+=!-K?;-L=ZLDW/0M=F7L+%2<S/J6TJ<HNM#QZ(
MF6*!$C%#U"E)RE#9\GR7+C(7RGC-G45:KKO:V=BP4D`EMVN@&O3V1F;S,7XN
MKD'#6[@.PW-18D@&0).[701C%DJXAD"]66Y!2Z7CL9^1%XI2\=PSNNTJOK`B
MB@NTK\$^DI9Q$LSK(F5%#KG(FHH8"`0G*0O7=Y<?-75:X^6IT=YGLI@JB^A5
M),AVRGZM-(U.XJ^/6J5?!2GN/PJ)*/4)F7JG&IOTYMQ?^[JVF_\`Q&O/\[M;
MO^LV7_\`$K#_`+5_Z4;)]<7_`/@-M^@;^E&WUBPQ,=QC9E@:.S"Y]T[Z>FZG
MD:^Q-1KKR-6;-X-O98QQ6*Y&6:0DG%<7>)/TP37>"^!L`"845?0379-;'5.7
M<=Q:9!O`9F6HX12.FX;5#$[9SZG=+N,;?4M'SV)LENCX18JS!1+I,2`),NO;
M.7<8OAC+&E(P[1*UC3'%?9UBEU*.+&PD,R`XIH)=11PX<.%U3'</9&0>+*.'
M3E8QUG+E4ZJAC'.81V>RL[;'VM&SLZ02VIB2@?NU).I)U)))UC-6]O1M*-.W
MMT"T5$@/W=IZD]IUA9/OQMT";D<1N2((E<+X2:I+N"ID*LLFWO5R%!-54"@=
M0B`KG$@"(@7G-PX<1UTUYG@?7%@9:FV'\]XZ]YF!\_:F6O@_^IHW2[<WY#^V
MS\7+/[HR.NS.(_LUA_S(^^8W'`_W/C_S?^DQ=76QQEX3\[S(N9;?3)QC94SU
MR3'^-XIHT!<#B@L[:.G"+(A3J<C7K+/^KRCRAQ6YQ^RXCT#YASJ<F=%,V\*F
M`/6#IZ.L_;'5O+)MF64&9V(/W?3%?Y*P[NMGFYN%I-MR;>(/(5,LM.</VK7(
M4Q88"3C9SRB9;M70%DU8Z<@Y:,>D(Y;+$$AP$R:A`,`@&*>MG^/YFG;5[VJM
MW3=)@5"RD&1D=9,I!U!]1$<%JF4Q612C5N'%=&6?O$@@R/?(@CJ(]C(M#;YY
M[G.1L86V9EFT;?\`>#>J%(2\>=L:6CX53)\O76GEYGJ#EJ"D;%-TDD`43.0I
M4R@("`:KN[493F=Y95ZC!*N0="1U`\0J)3F-!H(KKT1>\AKV]5SM>Z921U`W
MD:>H1TF;,9=NK#&5+QBE6T;O;A)X^L$C4Y^;@&N(6L,:QPCI5A.Q[#SII'R+
M@D1)H*-3JG03(HLD<4^=+D4/?R5EQ''7US8FOD*CTG*L5%(#<-&`F`=#I.0U
M!E,2)N7=O@;2YK6QJ73LC%21LE,:$"<CH=.GW(T2Q+@^B;G>UEF#'6UIUD!H
MVJN:IJUM&F9$ZR-@L=EJ=2IMGD(!@XIJ@1+)M+QDB@@R56`1!Z!BK<B1@5)M
MEAC;7-<(R%IA&J@)<E@*NW<S*J,5&S03!`4GMZZ:QG;6SHY'C=U0QI<!:Q;^
MLE,E54D>[IJ#IZ>NFL9^[.\XV!+:OOGV\2<FY=5=_@Q]E"JQ[IP)VT--PUIJ
M\#8T8M(YOFC6!E8&JZQ"ARB,=S@`")Q-JO'\G5&$Y-B7<F@;4U%![&#*K2_C
M!@3_`!9]\8/%7CC&YFQ9ITS1W@=Q!`,O7,?1%#8_'-A6Q9-YG:/XQ"OU?(U.
MQRX;`Z?)6'VAN-=NUKAW[%%-B++RQHRH#LJRIG2:Z:ZB($2.4QSIZNEI5-C5
MR*LHI)62G*9W;G5V!&DI`(9F<YRD#K+#+0J&V>[##8M15],V#,"/1[I[>Z-P
MZMM@H&[[9!1MX^Y/)^63V#"6%;W2WXUEU`.WMFJ^)KWDJ;@!>.IZ"EWKBPN&
M4P2.%PHJ)3E0355'F%4X]E4,+:Y_C=MR',7M?Q;:V=#M*DLM)ZA6992=TCMG
MZ`3VF-PIXZAE,/1RN0N*OB4:+*92U",Y'4'764_:>V*`=L3`EISEN_Q<\@04
M95_$%HKN8+A,F]9)C&4F?CI:*BN?E(19[9)QNW9$3#@?HJ++``E1/PU;A>+K
MY//V34M*5NZU7/<$8$#ULTAZIGL,8/CME4O,I;%-$I,'8^A2"![3(?2>R)9[
MT?Y<$]^+G'OW.=:YWF+^TM7\S3^\8Y7+?[X?\VOWHK]O]P>.%,V13F/;&;5K
M+N,<?Y:A.1,Q$/$6B#;$MC7J%$4CJ$ND:^7Z8<HIHKH\2@`E$V*Y5C?J[)(4
M$J-Q12J/Y2^]_KACZB(X.;L_E+Q2H_JZM-7'M'O?ZP/W(MAOPVEN,(;1-B65
M81LI'3<+2FU/OS]H<4W[*SW=62S/`&*]:\J@&B)^9L"!5^?U>"!2"'JZSO)\
M$<9@.,7U,2JK3V.1U#/.LNH[F+B?JC)YK&&SQ>&N4$G";6/I:=0?02PGZHIV
MAB$(GM^3^<'[<0=W/=OCW'T`JJ7@9.&IN)<O3$RX:B`@)F\K+V5%)03<?G(P
M`+PX&YM>%AX?%:N28>]4OZ=-?4E*J3+UE@/Y,8H6NW!O>,-7NE4>I4<GZ2?N
M13+6O1B8_]5_C2$()?%.5T(W?WB.P(MBI-[)M1I8.''7,H9W+PV5<QLW1A1.
MJ<6Y48I5B0.4I$S\!$`$_.(TF+J=(6AU$5QMOVKMK\DE(K;E;E'J-&9&4A"X
MM:.DQ(J^4?%.PGK@0A@`Y&B;3JQ[0P\06ZS@_``(D<WB3[5'FA;/;)Y:X:X#
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M8L2XWRWDVK5X][QGAV'BJ==[+`LTI5VVK<+.J(QL9)-6/CO:R5>%YN01.)"\
MW'7/Y1D\A><NK6%G?UDI>+3I`([*)G:&T!E/<3'*S5Y=7&>J6MO=5%I[TI@*
MQ&N@.@,I[B8JIW-&#*-WU;B&C!J@S;%M$&OT6Z94R&7>4FL/'C@_*`"HY>/%
MU%EE#<3JJG,<XB8PB.#YDJIR;+*B@#>OW44GVDZGO.L8SD*A<S?A1(;A_-$7
M5[DF1-P^TG?;[84K*^3V5.M`53+=4K)KW9SU)5+K!&VNJN889%2&4B'=A@GG
M58F;BF1D]3*)!*)1-L?,+O+8'D_S%M?5A;OMJJN]MG<RD3E(LIFLI2(TC+Y^
MO?8S,^+1N:@I-)U&X[>YA*<I3!TET,;`[UNX,7:[B#">7Z70X_)<+FDS=U$I
MR%C6KQ&T+(5AG9XR0379Q4T5T9TT?$`2\"E`!X@8=;_R/E?U)C\;D+:U%:G<
MZB;;="H8'0&<P8VG+YSZNM;.ZHT142MTF9:$3!Z&,S_T_%O_`,F>M_TGR?\`
M,K6F_P":=Q_@R?I#_0C7_P!=JO\`AZ_EG^C&8F^/>;)[U\@U*_2E!88^6JE-
M+4$XQA8'%B3>IEFY6:\<=TXBH@R!Q-*"GTP(8.!./-Z>`:7R7D3\CNZ%T]J*
M1IT]D@VZ>I,YR'?&NYC+-EZ]*NU`(53;(&?:3W#OBZ^WSO,V;`6%L=8<9X#@
MK,VQ]7D8!&><Y`D(Q>4(BX<+^)58)51ZFU,87'#E!4X>CY=;)BO,.MB\=:8]
M<6KK23;N\0B?IEM,OIC+V/+*EE:4+062L$64]Q$_9MB[>V3O)6W<+GK&6&#[
M?(B!2O\`8!AW$TPODG,.HEJDP>R+N0)&C4FA7)&C9D<ZG,JF4B93&$P`4=;)
MAO,*OELI98[ZJ515>4PY)`D23+:.@'?&7QW*ZM]>V]I\B%#M*88F6DYRVQF]
MW-2H6#N?3\&BL9!3SW`\$Z7,CU`;KR%/HKDJI$^HGURIMI1,W#F+Q'B7B'RZ
MT_F8%7FE6D#([J"GVHG^@Q@>0R?D3H#^%3'TJO[\?CW5OK(;)_Z,?XJ5?4<X
M_:^M_P`G^:L1R3^_ZG_+_FB.;JOUPSK\_BY?UUSFK-#_`/H#?_J/_;-%NG^U
M1_\`FM_:&.6[F>.$<-;\LK*J13>2@;;98?+[&/>@LBTG&UT(WG[*U==!0BQ6
MKFW!*-3F3.!C$*)@$IAX%L\RLQCN47Q*`TJCBJ`>C;_>8'T;]PBWR&@+3-7)
MVS1F#R[]VI_UIB&G\?5_!.V?:]<+_@2I1U0QHK0K!N!(Q92,F^:R)SX\9319
MA1U-2,LH07<!`LR"!5.B!4@$"\1,(]W6M+&8;"W%UBZ`IV?A-7D"3/\`JP9^
M\3U51Z-(['H4[+'XZK7LJ06WV&KU.ONSGJ3V`0H/M@B7YL?[RK0W*<K2O;87
M<<LN!`.CXJVYAQ'"IM5A$@E`7$2+XY.`E,!T0$.(`(:Z"PJ-\IR&N/A2R(]K
M5:0E]&[Z(ZNQRMX&6J#HMO+\IT'WIQZD4FF';NO:P)D!53>CB=,ZH$*"ATTL
M'9H,DF<_#F,1,RQQ*`CP`3CP^4=5H!^J5T9:_6-+^QK14H_^BK'M^;3^SJ1+
M<%MWW:W+9G"YBQY<)*.V^57'&0_;BNH9+E81D_\`(\B9"?6;K4ENY(PE_%1C
MI`AN<AO$`7D'B!=<^EB<]<<>IY"TN",53HU-Z^(0#MJ5"WN3D9@CUQRDL<G5
MQ*75"J18K3;<-Y$Y,Q/N]#I],<-V_,,[B,OY<'W`61[7O8U[3[%D+P5XD*7Y
MC4DK,UZS-;P*Z'G:8])3[64YBCQ^3TZXW%<=ELA?_P#U58IX91JDG*37<--/
MB]46<':7UU=?^QJ%=A4M[Q6:S]'7U1-_>C_+@GOQ<X]^YSK62\Q?VEJ_F:?W
MC',Y;_?#_FU^]%6]YV=W.XG+J$S%*N7]/QKCJC8SJ@IIJ'00@Z=#LF,M*\2%
MY2M)FXOGKE)4X%$R+A$@^D"AK"<BRAR]^*B$FWHT4IK_`!4`!/J+DD'N($8W
M+7IO[H.IG2ITU1?4H`)]K3/M$31G??4MF'8OMWVS.!ECW#'4^N6]R;A(J;"2
MK5(CG<)B]!LZ!0ZCXQH6;$CHIP*8CB+(H;FZA1#(Y/DYR'&<3ACN^8HM[Y["
MJ`BGZ]#KZ5GVQR[W,FZPUACS/Q:;>\>PA1)/N'7TB(L<;@$K!V_B[;YAR3S?
M'VZ&JY!IR1S)E5<T^T8[RPTL35!,O`YD8"UBFNHH;B(FFB%X\"@`<(Y45>*_
M4]0_UE*]6HGI1J=4,/Y+:_RXXYO@^$^0<^\ERK+_`!2KS^AOYT4LUKD8B/_6
M?XTA"<GQ4.'FCZ[[&\OOA5;5Z7=7[#UTEFZ14UXUHG+T^SU\4W9D71#JK,9.
M>53(=,03%N)@*IS&`O!R=:YM\=?W%G3#WB4'9%/1G525!D1H6`!U'K'6,EB:
M-M<Y&PMKVH4LZE>FM1AU5&8!B-#J%F1H?4>D4?QEVLMNU$L9+#8W=KR:5FZ!
MQ&0-M<1J-<2Z:A5&YI6.AV#%2=42,4.9-=4&2Q1$JC<Y1X:^<?)OM3>8F=QQ
MQV-HVF,+K)ZM`.:QF)'8]1V%('L*KXBF16H#K'TFXO\`94\N<#DAD<E6N\H$
M::4K@H*(D9CQ$IHIJD=H9O#83#4R-(TH000:H(M6J*39LV230;MT$R(H(((D
M!-)%%),"II)))E`I2E``*`<`]&O-=2H]5WJU7+5&))),R2=223J23J2>L>EZ
M=-*2)2I(%I*```)``:``#0`#0`=(_;5,5P:0C*GN&PDOG/+.SS:/6%5C369,
MN1#59)NGU562U@FX>@5Z4,3@8`0;%L4HJH<X`FFF@8QAY0,(>UOL>8$M=\RY
M-431*=*UIGOWL:M4>S91/MCQ%]LG/A+/AG&*;ZO4K751>[8HI43[=]<>R/H&
MP$'%UB"A:U!M2,86O1,=!Q#%,1%-G%Q+-%A'M4Q,(F$C=HW(0.(\>`:]U1X*
MCUM(0I7W(=K.Y;+&_P#RU,8UP9EJSP-HD<4LJ_<XBB6@]*<.$<3X\AW#GVW"
M-+6&C.,E6JJ+ERH[(BU414!0Y!3-PZ)Y?A,S?<JOZEGC*[TG-(*X1MG^RIB>
M^6T`$$$SD)&?2.LL_C<A<YNZ>WLZK(Q23!3M^!1\4I:'J9Z1QTC.]V*JW!9X
MZP3>)"ZUZ83<#=V>R;%=VFG$[&+$.C84,E,L'SCFQR@N42K!+$D7*RZOSHKG
M.(FUQGJ\ZH7!9L75-RC?&+.DYW#\+Q!1;<9Z[MQ).LXLL_)J=4DV3FLI^+Y=
M&,QV[_#,S_"F>^<>9/73NIVJ7>S]GV[7NQSTD<BLC-SW;YQE,2[]1)%-NFH]
MDI#;RX>.CIMT2$*)SF$"%`H>@`#5%6XYQ7J-5KXFJ]4]2UC3)/K)H3,0]7DE
M1B]2P=G/4FV0D^TTH]FWY7[NF05F3B^X4RI=W$8FLC'+V_8;0+*M'HN#$.X2
M9*S.`'IVB:YTBB<J8E`PE`1X\`U<N+[GMV5-UC:]4KTWV2-+U3H&455;GE%<
M@U[2HY'3=;*9?32AA?;#B&0R9M-PC$[S,38[N.18>.G'SRM7?%..RL*JF[LL
MZ%79L:8UJS&LU-\QHIHYJL@S8MCD%,2*`*@'$>V,+8/>8+&T^0V%&I=J&)5Z
M5.2S9MH"!0JD)M!``].L;SCK5KC&6:Y:UIO7`)DR+(:F4ED`IVR&@$2U]#K:
M-_DL;<?Z$,9?S8US_P!7\#_@EG^AI_T8Y7U5B_\`#;?]&G[T+N=TO8=,5O/%
M7>[5-MV0'U-L6.H]_96.)<;V^RU*,MS6=GH]8$BUZ+DXZ#=O(5NR.HT3Z)>)
M>MR<RQC&ZEYMQ>I1RE!L'AZIMWH@L*5-V4.&8?@@A21+33OEK&B<CPKT[VF<
M;8.:34P2$1BH:9'8"!I+3V]L;![+=G6"_HKX1][FUC$WO)]BFWMA[QL(4_VX
M\W\8]ZGM+[35CS[S+I<G-XKYWEX<?1PUV!QWC^,^H\;\_A*'SGAC?XE%-\YG
MXMR[I^O6-JQ.*L_JVS^:QM+YC9[VZFNZ?IF)S]<7.I6WG`.-ILEEQU@[#]!L
M:;==HG/TK&=+JTV1JZ)TW+8DK!0C!\5NX)ZIR`IRG#T"`ZV&VQ.*LZGC6F,M
MZ5:4MR4T4R/434`QEJ-C96[^)0LZ25.]44'Z0`86^W:[?\]7WNG/K_'8#R]-
M8X<9EP+UK?%XTNTK3'-?K<%C.%EY4;,S@SPPQB"40L9RJ"W20Y%`,8.01UU#
MGL5E+KF[728NX:S-Q0]\4W*;56F"=P64M#,SD->Z-!R=C>UN2&NME5-OXM/W
M@C%9`("9RE+37NB*-RFWC>7N$W[Y"GEL&96D8UUG.0J]5NSS&5AK=$]W=0MR
MU?IDNM;EX1C6CPJ%/C&RGF)ES>+2#J\ZAC@)N!F,3R'+<INZIQE<H;HJKFFR
MIX:/M0[]H66P#WIZ]=9QQLA8Y:^S5=S9U2IK$*VPA=JM)3ND!+:!K/7K'G;F
M=LN\S$>^?)^7<685RK:7)<Y63,V/+K2<7V#(-;4)8[:]ND,*BL5#3L2HZC32
M`-W35SP4!1(W$@%$HC3F<-R&PY->W]CCJ[M\RU:FZ4VJ+[S%QT#"8G(@]W2*
M<AC\M:YFXNK:TJL?&-165"PU;<.@(TG(@Q/.^/;MNNW,X6VA9YE\2Y"M6>'U
M,O%)S)`L,>/H2R0K:(NLE+4164J+:*8.85!5I*/_`$'02*/.F<`'J"(Y/DN)
MSN9QV`RE2PJU,H:;I644R&$G)2:`"6A;L'9WQS<Q89/(6F+O6M:C7I1EJ`*0
M1)B5FLA+J>S[\7-63W$)]G*0QI)8<RJ;-C&MH861HK2D61]:W=8"\L8MM)(0
M#%BZEU(AMBY?IF6(D=+JH&*(E+QY=B(RP\OGLWQ]?ZR">#L",6*[P)[0"9>'
MVRE,1EC\_P#JJUNUI5^;"^'MVG=+<!.4IRV?>BA6U[:MFJ`V(;_2S6&\I1V1
MKNEB2HU:C25`M3*ZR;6M61K9912&JB\4E/R"#A&P(J'.FW.3D:B)1X$4X:OA
M<'DJ7&.4^)CZXNZOA(J%&#G:P8R66X_$.SL]<87'8V[3"YO?:5!7?8H4JVXR
M,S)93/7N[(AL^VS/,1VZ9NM2.!\PQMYDMZ]/F25I]C.[M+,\JT?@R\L$II&!
M<0J<BK"-IB3.W%V1'H^(5!,3\W*76/\`J?*4^(U*+XNX%R<DAVFFX8J*+B>V
M4Y3,IRE,RCB?5]ZF!>FUE5%8W:F11IR%-A.4IRF93[XL-9H;?EB+8)@C;YC[
M!^3';#*U=S@3,%=B\06:W6F`B9V\D7KK&7\MB7[JER,U`R*Y_#N2).NF<>)2
M*$,!,M6I\HL.+8S$VF-K%:Z5O%44F=E#/[H,@2A*DZ&1]1$<^HF:M<)96-"S
MJ%:JU-X"%B`6TG(':2"=#K%D.R?MIS7B:>S=D#*V-[EC2.FX.L5.NL+U7Y&K
M3,RZ;R4A*R[I"$FD&4RDQCDTVQ0740(BN=P()&.*:@%R_EQALC85<E=WUG4H
MHRJJAU*DF9).TR,AIK*1GI.1CG\1Q]W;/>5[FW>FI4*`P()U).AUD-.SMTBK
M7=NV\9_R3O$FK/CO!F8K]6E:#16:5AI>,KK:8-1VT8N2.VJ<M!PCY@=RU.8`
M4("@F((\!`-83GF)RMYR"I6M,9<5:/A(-R4W99@&8FH(TC&\GL;ZXRKU*%G5
M>GL7548CZ0"(UWVX=LC:QC2JC-KX^G9*=R7B!O2K_"W>:DWJ"3.TL860M#!O
M'*$8O("4\Q8@0%DCI.VG*()G(;B.M]Q'#,)9T/$-HQJUK?8X<DZ,`6$M"IF.
MHD1V2C:+#CV-MZ>\T&+U*6U@Q)ZR)$NPS'K$>?7.SSL=KMBC+"%&M4WY5((R
M*,)8+Q-/X!PLW5!=NC(,4SM59!DFJ4O,@JJ9)8H<BH*$,8IJ:/E_QJC52K\L
M[;3.3.2OM&DQZ"9'MG%-/BN'IU%?P6,C.18D>T=O[IQ0'N0]K_'>.,5Q=YVK
MXDRI;,BV#+[%G-UNGMK-?T8NG2U<O,Q)+LZQ"1;YS%Q+&=8QR":XATT`4(D)
MN*A>.J\OX5:6=BES@["O4NWN`"J;GDA5R9*`9`,%$^S0=L83/\=H6]LM;&VM
M1J[5=0LVDI#$Z`&0F`/N1DG]`+>7Y;YG]'#+?3]C/;GPOL18?,O+?:OV1\G\
MN\O\7[9^+^W/(^7S;RG[>\/X;YS6B?JKR'9O^J*\O#WRV-.6[9*4I[YZ[/BV
M^]*6L:S]29;;N^0J_!N^$SENVRE+XNW;\6W64H__UW^-(1@?\250:E<.V'<[
M%8I)C&S.+LK8HNU%*[.=->7LDC/J8\>PK$$BF47<*U&\R;H4^`DY6@J&Y03Y
MR0>D5)\48ZQUSSS=-MV)+-B:`J1<EWJF4I[*/LDR#YE`5A*4K:#R3L:S*(;.
MY*:45<\HM&Y`((@X*JJ40(9$WR6N<-P/"^9/+L9RV_N_U:L;VY5%LT5JM8I6
M*I1#5"J4P%GXCF?P%5(+!Q]=[;-<^S7EKQ#*<1Q]G^L]_96S.UZ[+2H!Z(9Z
MQ6F&>J2TO#02^,,P(4H88^B)N1NR@O\`+.]G)J*KDQC.8+$;$,?1#<A^)3-$
M7<9(-$WK;HJ')\ZP*(^J)P,)?3N?^;OEOA%%#B?DGC"B]*M^WS=0G\8JZ,5,
MP#[M4RU`D#&E_P"3_F5G&-QRWSORBNW6ECU^4I@'\$,CJ&$B1[U(3T)F1'GO
M=@UZCDA7H.]#<C79<"FX.)NTR%ACEA+RBDFYCV$O6Q52`>;B!U#AQ$!`/1P'
MD4//S!7+BGG_`"7XW<V?=2H)2<=Y#O3K2/3H!W3UTXU?[/\`GK9#4X_YU\EM
MKSOJUWJH>X%$J49CKU)[Y::]I@V(WT8]R&PI^89:BYDQ*[2>$-D9F[90MMKH
M(,W*L8=S'BSB'<P9T[2(BND=!XH7K`H#O@F8A\+SF[\B^0\>KYCA]I?8;EJ%
M3\FRM4MZTV`>3[JBT]JDLK!J8.W::,V!&;X):>>_'>16^'YC=V&:XBX8?.*R
MT[BC)24FFVFU3<P"LI6H1NW"M)2&ESMD4^+W)]\JVVJXN6S)MM'Q+8)>AU67
M,)9*:E6:432$)-HP43%-Q&QTIE"0F4U@,!DSBR.4#<PF+[4^SEQ^VP7E3@*E
M&HCUK\U+JHRZC?4;:%]:4Z=-&'8ZL(\1_:3Y#<Y[S8Y!3K4W2C8"G:4U;0[*
M:[RWJ>I4J.I[493#L.N]8Z$@TA";/]K:_P"'_P#Z5?\`JW:B<7/#],']K:_X
M?_\`I5_ZMVDX>'Z8W?[4_<I_2<8=R+EGW+^Y'V!R6?'?D'O&]Y/FW)5J_9?.
M/-?82@^`X^>]'P_AEOUKGZOK<I0,XI9=O;&H^IBF#2$&D(-(0:0A0'OS=RON
M*;2=X..,8[?+;*XDQ0ZQY6;15)"+H-3M*>5[8_FY)M/(O)*U5NR$>&@G3-!B
M,,V%$Q2*%6734!VW-J#%Q0")F&H\`6>_W7!&%+EE>M^QN4K;B3&]GR54.@HU
M]E;_`#U.AI6Y5OPJQU5FWD=B=N6O3.8QB=+@(B(<=3%LQ+>D(-(0:0@TA!I"
M#2$&D(-(0:0@TA!I"#2$&D(__]!_C2$*M?%37.4)M^VF8A:N%&T9D3.\]99$
MY"B*9G%$J)8*-(XY5TS*(D-DI57I"4Q3G2*;B4Q"\>/=5A;6UQ<%9BFC-+OV
M@F7W(Y5E1^9N:%N&D:CJL^[<0)_=CB8R.9P\;'Q$>B5NPBV+2.8H%``*@S8M
MTVS9$H```!4T4BE#T?J:^)UU<UKRYN+NX?=<579V/>S$LQ]I),?<&UMJ-G;6
M]G;IMMZ5-44=RJ`JCV``10G9)NAM.:I?-%(RK)Q#/(U(O\LG&59)BUA7S&HI
MK&CC,D691*XDO9^88JHN53]1=(5D@6./.37?7G;Y7XKA5GPO-\4MJS\<OL?3
M+URS5%:X(W[BW1/%ILK(HDK;6V#W3'0/D?YI97F]YS7!\LNJ*<DL<A4"4`JT
MV6W!V;0O5_"J*RNQFR[EWGWEB9]XN59##6W3(]W@;`WK=J;1K2.J3]5!D\<#
M/2TFRCVY&#!_S-W;M-NNJJ'$BH)$3,J)#E3$HZ9Y.\5M^9>8O&\)?X]KG%-5
M9ZZ@LH\*FC.2[)JJDA5ZKN)"!@6!C=?.7EEQPORXY+G+#(+;99:2I;N0K'Q:
MCJ@"(^C,`6;HVT`N5(4B.9V)9+R-EO;=4KME!ZI+61]*69HC.+,&D<M.1,;-
MNV3%\J@P;M&1SI&24;=1-),%`;\3<QQ,<V3\]N-<<XEYD9;"<7HBEC4I46-(
M,SBE4>FK,H+EFUF'D6,M\A)9`8OR%Y-R3E_EKB,WRFN:V2J5:ZBJ45#5II59
M58A`JZ2*3"B>R9FTV/B[?K"XPWW]-JLY#J+(H9DJ`UZW-6G+RR[>U4S)&.V:
M<@43-N=%A(5:*>!ZYA*9BF;@?EZ0^R/LI9*M?>5IM:K$I99.XHIZ%9:5P0->
MF^NQ[-2=.T^,/M9XRC8^:8NJ2@/>XRWK/Z65JMN"=.NR@H[=`->P/5:]+QY@
M@TA&:/>.^K!WH_B:D_NO#Z@](J7XA"N/PI_Y8NXK\VA;^M+'^H$5OT$:W?$8
M;UMT.S2E[5I/;-EN8Q0^OMHRNQMSB(AZM+FFFE?BJ(XAT5RV>"G$T"L5I5P8
MHH@F)NJ/,(@`<),4H`29Q<7L7;C\V;J=@]>RUG^^R&2,B/,GY)@G-FDX^#C'
M2L3"R3-&+9BUKT7$1P$:)*&`#`B!QX^L(Z"(8`'2%L>W_P!V7N&Y=[EF"L)9
M&W,6BT8MM6=I&J6"H.JOCIJSDJ^BI.@E&JO(VG,I5)(@-$_637(IZOV7RZB>
ML5E1MZ1H=WZNY)NUV/[Q]M<%@S*TK5L;/\65_(%YH#:'JCZ,NCEAE*T,Y1F_
M?3$#(2[1*9@8=-DIX9R@)4_6()3^MJ3%*@$&<5EOVYGOP;XL$Y2W_P"`+8TV
M_;3*:E>['2,84Z5K4/=)BA8X!^G:[%#O7M7>6'(3B'3B7A'IW,BT2=OV#A.,
M8@8"(F:Q,E!D>L6B[!/>(W";K\L63:9NIG6>1+$G0Y6^8ORJ,-'0EI<C67\<
MA8*7;T:^Q8PLT16(E"O8^0\,V=)>`<)N579G"`H`8AU`U$94=Q'?QWD-ENYJ
MRXBR?N@=1:R[IUD['D;"06(;0SB:)8;':8ZEJIOU<>G69RS:,C543%,8RZ9!
MX&./,/&-8K`4CI##&]C=UN,QCV),.[K*)D^5KNX*R8)V86N;R4VBJVYDW]@R
M7'8R6O,DI&/X5W7DU;`K..Q4*1F5-/K#TBDX%X3V10`-Q'9$$_#B[Y-UF\_Z
M9'TG,Q3.6/=M]'GV(\WAJG$>0>V/OR]I?#^R\!!>(\U]EH_GZ_5Y/#%Y.7F/
MS!!P!*0C)WNR]V7N&[?NX;N9P[AW<S:*1C6D6BKL:K56-7QT^:0[1]CJG3+M
M%%W,TZ2DUBK2<DNJ(JKJ"`J"`"!0``@F*E42&D/L:JBU%5=[&[&C[(MLF4MR
ME^:+2T9C^&2-#UEHZ39OKA<)IZWA*A5&;I1)QX/SJ??H)KN017\$TZSD4E"H
MF(*)`F90FA@[?5WS>[9FJ[0>U_+#+%=>J#9.R3<=44:SCS&.,X:6=/&E>CIB
MX/(&P7JPR<RHW53;(+.))TY%LNN1%-!!8R5.IBX0J]88;VZY/W@]N#8ON0S/
MW6,IL<Q36,;.:P4&0K$_#SLA8:[+P=4A:U1HZ6&M5-V>7GLCOE&:0R")Q;BN
M*O/X<O'4^N*#(D!8P&PIOE[X?=^S'D>/VI94@,&TK'[5G89.%KBL#2:+0HZ<
M=2;.IPTQ=G-8LV0[98[`E'.>0IS*MUSL5URMVB9.4L:F*Y*O6.EVI]\C?/LP
MW9.]K7<LE2Y!IE<NZ..,D2\Y$5AOD'$;E19JU;W2,M5,9,&5]J+=!TG(.O&$
MD'+Z-4!=FY`0(DLGWQ!4$36-C_B%MWVXC:%MAPA?MLV4Y+&-EMF<T*S,SL+&
MUJ9-*UM7'UQF2L!)8X:<9`W4?QR"P*)$*<>0.!N41`9,0@!)G&5^*-[/>W[M
M%(70V73E4PI3<!X_QY`9/NYI*M5:S9CS02H,5K(9I9Y2!E_`/K'.,'CYK%QB
M43%1S%R@22=F,J@(M3$R5>L4;VT]_CNA8Y7M.#)5W'[C\E7MZWQWBQ')-::.
M+O1<J3%B80+(K(*TU@W=W6<.%EFB,5***%+(J-U`5Z"2S-U$S$E%ZQ)6]7<M
MW].W!;\47;<5N@<`KF!O-SM<:5Y7&]VH:<E7#PI[329ZK!1FE<BY&)0GV?,1
MJV,R53<"9DZ5.DL9)K`!#T$:#_VC3(_NT]X'N\QUXG]'5[WO9WP<SXKZ7GTM
M?HR]#Q/M1T_=#Y1_A3Y3R^;>#^8\PY_7U,XC9]^/_]%_C2$+!_%*8BL-FVDX
M+SA`-EW),&YK,SL"[<JI_)8+)D($>WG7)>4S4K-*W5F)9<RGK==^D4OH,;5N
MK32M3J4JBSIL"".\$2(^B+UO4>C52K3:512"#W$&8,5APWD^"S-C"EY+KRZ"
MK"UP;-^LB@H"GEDJ!.A-0R_`QQ(ZAI9)9LJ41'@=(?2(<!'XT\RXO?<,Y/FN
M-9&FPKVE=D!(EOISG3J#^#4IE7![FC[2\,Y38<TXOA.38ZHIM[N@KD`SV5)2
MJ4SUDU.H&1AWKV]8KQFS8?A3,]O'(W6MF-\BG63<NKACB81A'LD[2(5%-Y(M
M'3*09"_*B`@+EL1LZ5$>*JBG``UV'PGSXYMPS$?JYLM,EQP*56WO*9J*BDS*
MHRLC;9_@.71?P56<=<\W\A.$<US'ZR;[O&<D+!FN+.H*3.P$@SJRNN^7X:!'
M;\)FD(B5EVR<=R\K&R>6\P9IS`E$JF.SB+/:.G&&1,*9C-5U#)OYE-!0P&$_
MA7C4QN(>D.`\VVU_M-\BL[2YM>(\/PN':J/>J4:$WGK[P$UIDC26^FX&NFNF
MHT/LP<<O+NVNN7\QS>92B9K3KUY)+3W29-4`.L_#J4R=-=-=%J_7X2J0D56J
MW%LH2`@V#:+B(F.0(V8Q[!FD5%LU;()@!2)I)E`/^4?E'B(B.O.F0R%[E;Z[
MR62NGKW]>HSU*CDLSNQF68GJ28]'X_'V.)L;3&8VU2ACZ%-4ITT`5411(*H'
M0`11'8`W/N^[[V-['4RFFL?[<8>S6"3FV9E7#1.&QU5IN):RB:[54B(Q[S,=
MV:-D%`4,BNBL0_`X'Z8_4C[/O$;KA_EGA[7(433R-X[W=5")%#6VBFK`ZAA1
M2EN!`*M-3TCY6_:'YA:<Q\SLS=8^L*F-LT2TI.#,.*.XU&4C0J:SU=I!(99,
M/BA]/7=L=%P:0C-'O'?5@[T?Q-2?W7A]0>D5+\0A7'X4_P#+%W%?FT+?UI8_
MU`BM^@BY/Q9GX/=D_P#+/.'W$QIJ3$)U,7[^&L^K!JOXY<N_=>/T'2(?XH4-
M[7'UP&VK\Y>5_P"ULVH[8K/PQI=\5A^6+MU_-H1_K2R!H8A.AC?'9VV;M?A^
M8%)J@BV3-L*S:Y,F@D1$AG#RF9&=NUS$3*4HK.G:YU5#?9'4.8QA$1$=3V10
M?B]L*[?#6?6?57\367?N1'Z@=8N/\,=E\3W]9'!_FT8O_P`:\E:'K!/AC9/N
M*_\`\S^`?S:.WM]RL.:D](I7XS%:/A)?]H!_FJ?_`&1T$*G9&'7?)^M9WA_R
MSIG]4]`U!ZQ6OPB/IUZJBQ"U_P`4P\?->WCBY!HLLDWD=WN.F<HFD(\CEB3$
M6=Y!-%SP`0%$LDP;J!QX!U$RZ@Q6G6(8^%#C8!+;?NJEV_WT/LW56-F/F0+_
M`'@BJ&@YK?VQX<HJ_P!\9B5]3JGY/EY"<_,H$34ZB)Z^**?SC/MSTEO$F6*P
ME=U6-6%G!(3`0\&GCO,,FW*Y`IR@9$++&QP@`@8.H!1X<0`0&(3K%</A/D61
M<%;NG"9&X2*N6L>HNE"\GBCLD*=*G8$6X?.>'37<.12X^KS&4X>GCH(E^HC%
M+XC9C!M.ZEEY>)'B_DZ!A=]9PZ!4N6<3QO!1K<.H5L@+G_!J/CQYQ,L(<>3G
M`"`FG!ZQ4GPQK#W\W4@^[1';4>RRKA:5>/L'.I-9V!@=*R#C;'-*O%7('`I@
M<*.3F$_$`'F$=28I3J8MS\*XFF';\S*L"9`5/O&OR9U0*4%#II84V^F23,?A
MS&(F98XE`1X`)QX?*.@B'ZPK?L]01<=Z3"J:Z*2Y"]P!@N4BR9%"%6;9G<.6
MRP%.!@!5NX2*H0WRD.4#!P$`'4=L5GX?9&_GQ9GX/=D_\L\X?<3&FI,4IU,*
MX?\`DE_F;?\`Z#ZB*^WVQ__2?XTA$69OPQCS<3B/(6#\KP25CQYDZL254M$4
M<P)K'8R"7!)]'.A(<\=-P[PB3Q@[3#JLWJ"2Z8@HF400&FL(&;AMJ&^/LH90
MLKN.@)+,NT:QSHKPM_1C7B](F&RA1+'HVP\9XQ?$^2T67!!7K@#.1,@)D!?(
MH@"74_F?Y/\`%_-"TI#**UOF:*D4;JF!XB@F>QP=*M.>NQB"I)*,A9B>W_*W
MSCY1Y77=4XIEN,-68-6M:I/AN0);T(UI5):;U!#`*'5PJ@2/CWNK;:K0S1]M
M26_&4GR$\8C*03NS1!5A`O.5A)U-&3D':!!$?768-3CP'U/DX^+^0_95\RL7
M6?ZE-GD[6?NE*JT:DOX25RB*?0M5Q_"CVMQW[5_EGE**?78O,7=2&X/2:O3G
MV['H!W8#O:DA_@Q)DUW(-GD0T%PEE-::7%N1RC'PM+O*[M<I^;E3!5Y76,<W
M<<2<!3772.7B',``.M9LOLW^<-Y5\-N*B@FZ1>I<VP42[9+69R/2JL#V3C9[
MW[2GDW9TO$3E;5ZFV82G;718S[)M15`?0S*1VRBE5ZWG[@=ZME1VX;'<09!D
MINZ%/'K/(ID5[D*0BU1Z+\Y"1;AQ"8_KJ**G%]+.GPD;MQ$YUVA2F,/I;RN^
MR]C^-7UKGN<7E'(9*DP:G;TP3;(PU#.SA6K$'4*41`?B%327F;S4^U-D.2V-
MU@>#6=;'XRJI6I<5"!<NIT*TU0LM$$:%@[U"#[IIF<V[>S-VL6';@PG+/[XX
MB+#N5R^6-?Y3GHE07D358B.!16!QG6'ZB:1G<="JN5'$@[(0@2$BJ/`3MV[0
M0];@1X^9I^J-F]3%,&D(SD[NL+,V+MJ[Q(.OQ,G.S4EB&1;1T1#,'4G*/W!I
M6),5!E'LDEW;I82E$0*F0QN`?)H>D2O40LS\+UBS)U#W<[@9&\8YOE,CWFW)
M9DT?6NH6"NLW3SWFT-?PC9U+Q[-!=ST$CGZ93"?D*(\.`#J!%;]!&L_Q%NQG
M,F[W;'C.Z8)K,M?[QM[N5@L$CCNOM3OK'9:3<H=BPL+RL1B`'>3D_`/X!@J2
M/0(9PY:*.!2*=5--)08A"`=8P+[;G=%WL[/-N-SV/8=V677*V5;%;[7*8FLH
M15V;S>.;#;64;'R"$WC-I0Y1:YHP\RT%ZD"DE#E056.5P91$H`$`Q4R@F9,1
M]L=V'[I]I/=VV?5/-.-+4G)-+ICR]V*RQ47*V.K187.DN)Y\PE+G'MGE?6E*
MW*OEXV143=JH>.:J"FJHF)#F=L22"IE%SOBA<69.OF[G;](T?'-\N<>SVY(L
MG;ZJ5"P6)FU>>\V^+^$<NHB/>((.>@J0_3,8#\A@'AP$-28I3H8W8VG5BRQ_
M8=@:F_KTXQM1-B>7HD]9>1+]M8"RKFD7U)O&FAEFY)$L@NJL0I$13ZAC&```
M1$-.R*3\4+,_#HX?RU2^Y56)RXXNR+4X5/$.5VQY>RTFRP461PXBF!6Z!Y"4
MC&K0JRY@$"%$_,80]`#J!UBM^D=?\2GB/*UW[B$+,TO&.0K?#EVY8T9&E:O2
M[)/QI7B%HR,HNT,^BHUVU!RB18AC)\_.4#E$0](:&"'2&$,K[0[_`+M^PGAK
M;;4F"L=EIQLNVD2M5@)TWD2RMXQI1L76KV0E0E/")Q+Z:-7UXKB[%%-HZ<%.
ML8A4S"$]D43DQ/9.%6>V5O1W3]H/*N<Z?.[,,DY$E,N1]0K]AQC86=RQG:XJ
MV420LP5.49.1Q]<7#]MT[=)(G:$8@#P%DSI."`3UX&D7&`:6L05OUVD=PZT7
M./WC[D,#7*)MV\:V9%O+6E5VIV.3GJ4PKJU9;L8JS5EFUE):C,DXF=:M8=E*
MJ!)'9,1,L'.4PB@".@,-5?$0;D]^VW6B;=Y':')7VF4&=GKR3+F0L<P`3$NQ
MGV;>L)X]K<O)!%22M<AY=N^EUB<.0L@X;E(8P"@4JDF*$`,YQ)$OMJW']T;L
MA4+'^Y=!6L;N;/429`@GUN@R51T>\46\67W92=JAR-FI(%WDK&"+9&24*W1\
M,:;5<`@3EZ(.HA,*VG2%F-A^Z3?%V0,RY9J>2-H5_L]=R*VB8^[8SM#:R4Q.
M1FJ:M,%K-PH&1H^K72ONVR*<Z\25<,VLDQDVRI>!P,DBH2.D5$!AUACNO7ZY
M]_SM^;I<<77;M);3)9I-U4N$9"YS]CMC"0NT&Q;7&#LAYMUCV@F4@7$DW&*?
MJ,V#PR$?(JG*514"%-/6*?A(UA>+8]N*WV=BC,>7JIE79S?;C4\EM(:.L]*E
M5)ZK0\K/U!6:&J7''F5(:J7ZJ231-O-/TG(M&SY)^B<I3'24;E$D=(J(#=L?
MIB+91O3[VF_*Q;E,O8ELV(\,Y`NL!/Y-O\Q"6"LU"%QQ6F$/`1U`QC(V%J@Z
MNML]C8)M'(J,B*II.E`>O/#I'X"ZPF%$@8W*^)RQG9;#LTVVU7&%#L-B2KN?
MXY%O`TFM2DX:'@V&*[Q',P!A"LW:C..:EZ2)!$I2%XE+QXB`:DQ2G4QWWPP]
M+N-%V$9<B+O4[-395SN]OLBWC+5`RE>D%X];#.`6R3]%E+M6;E5DJY9JIE5*
M42&.D<H#Q*8`"#]869VB82S/'=XS#MED,1Y/85QMOL;RSB?>4&UM85O%!EMV
MX&26E5XDC%*/!N(*=8R@)\GK<>'IU';%9^&-V/BG\?7Z_4'9HC1:1;[JK&6_
M-*DDE4JU-6-2/3=0N.2ME'I(=D\,T(X,B<""H!0.)#<./`=28H3J869]PN<_
M<SX7W+Y8\3]$+RWP_NZN'7\Q^GOYOX#I>3]3QOE/VUTN'/X?YSAR>MJ(N3C_
MTW^-(0:0CF;K]YUM^]G[V9[[]?O._>MU]]O\6?\`O_[5Y](1\W/NO_A%L?U4
MO[YF^KW_`&;^^9/OG_C9_#'[8Z^J3%]?;[8R^PE^$FN?@G_9K?\`#;^#;]E-
MOOC_`&E_=/\`JN?41)CZ3/:)_)O_`-GC^O1GU=_WD_))_A&_CQ_=OVQXG50B
MRWM]L:M:F*8-(0:0@TA!I"#2$&D(-(0:0@TA!I"#2$&D(-(0:0@TA!I"#2$&
3D(-(0:0@TA!I"#2$&D(-(1__V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>14
<FILENAME>g652797g86b82.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g652797g86b82.jpg
M_]C_X``02D9)1@`!`@$`8`!@``#_[0EB4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``8`````$``0!@`````0`!.$))300-```````$````'CA"24T$&0``
M````!````!XX0DE-`_,```````D```````````$`.$))300*```````!```X
M0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!`&QF9@`&
M```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4`
M```!`"T````&```````!.$))30/X``````!P``#_____________________
M________`^@`````_____________________________P/H`````/______
M______________________\#Z`````#_____________________________
M`^@``#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0`
M````.$))300:``````!M````!@``````````````P0```A@````&`&<`.``V
M`&(`.``R`````0`````````````````````````!``````````````(8````
MP0`````````````````````````````````````````````X0DE-!!$`````
M``$!`#A"24T$%```````!`````(X0DE-!`P`````!L8````!````<````"@`
M``%0```T@```!JH`&``!_]C_X``02D9)1@`!`@$`2`!(``#_[@`.061O8F4`
M9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P,
M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X.
M%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`S_P``1"``H`'`#`2(``A$!`Q$!_]T`!``'_\0!/P```04!`0$!`0$`
M`````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@)
M"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D
M%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#)D235&1%PJ-T-A?25>)E\K.$P]-U
MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$`
M`@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D
M8N%R@I)#4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%539T9>+RLX3#TW7C\T:4
MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G=X>7I[?'_]H`#`,!``(1
M`Q$`/P#U5))))2DDDDE*22224I)1L?L871,>8'_50@59]5U>^MKWG]UHW"?#
MU631_P""I*;*2K?K5[2UU;::R--SMS_[3*MK&_V;WI5X9;'J6O?'#6G8P3X-
MKA__`&[9:DI+;?75`<YH<XB&N<&DB?<1N_=069CWZ,H>XS!(T8//?;Z6_P#Z
MTVQ5\[J71>B[3E64XMF0'%FXAKK"S;O]_P"=]-GTD3IO6>F=4]3[!DUY#J=O
MJBL[MN_=LW?UMCTE)+FY5@(>^NBH<N$N=_G.]-E?^9:C4LJ:S]$9:23,[M2?
M=_TEQW^,;-SL6SIHQ,F[&#Q?O]&QU>Z/L^W?Z;F[MNY+_%SFYV5;U(9>3=DA
M@HV"ZQUFV?M&[9ZCG;=VUJ2G_]#U5)5\S*PL>N,RZNEMDAOJ/#-Q&NUI>YBK
M8%F#DM=55F#(+1+JJK&^P$G7]7>Y_N_X2UZ2F[=?52TE[VMCLXPA59;[`(H>
M3W($-^1O]![O^VUG]8ZWTOZN5T^K2\#)+@WT6!VK0'.-GNK\5+H'UEP>N&]N
M*VT.Q@PV&Q@8#ZF_9L]]G^B24WK!FV^T-94R00YSG.=H=W\W7Z7_`)_2;AN%
M3:S<\-'(8=L]_I'?;_X*L#Z[?6'J/1OL3<(5.&3ZOJ^JUSOH>ELV>G95M_G%
M'ZE?6/J76;LRK-%0;CMK=7Z37-,V&W?NWV6_Z-)3T7V?$QVN?Z8)&I<[WO,?
MRG[K'HS'M>):9Y_`PN'_`,9[&N'3-P!AUT3_`%:T#_%DQK<_J):`)JIX_K7)
M*>@^MWUCR>A5XIHH9?\`:G/8[>YS-H:W=+=C7*'U1^L^5UVS+KOQV4#&;6YI
M8]SR?4-L[M[6_1]-9G^,W^:Z;_QEO_4!!_Q9?TCJ?]2C\N0DIE_C._G.E_#(
M_P#=9+_%C_.=4^&/_P"[*7^,[^<Z7\,C_P!UDO\`%C_.=4^&/_[LI*5_C._G
M.E_#(_\`=9+_`!8_SO5/AC_^[*7^,[^<Z7\,C_W62_Q8_P`[U3X8_P#[LI*?
M_]'KLMWU3ZYDMZ;>+<K)H?9Z;+FY8:U[`YMWZ7;77]%KO\)[_P#!JUTOH?U=
MZ;OOPJ_0LM`98^I]PD`RQNU]C_SG+YR224_2/4.D="ZHVMF6#D&MWZ'U++8#
MGP--MC?I*/3.C]!Z:Q[\-IH==M%KJ[+@'1O]+1]C_P!YZ^<$DE/TGG]!Z/U>
MJNS)K.2*MQI=99;#=T>I]&QG[BCT_H?0^EML?B,]!UVUMKJK;3,$BJ9L?^^O
MFY))3]']2Z5T'J;*_M8^T&J75>I9;[=VCS#+&N_,2Z;T7H'32^S#;Z#[H8]U
M=EPG;+F-]]COWE\X))*?I#J?2.B=294W+'V@UN)J%EMICAML;+&_FJ/2NC]!
MZ<+'80]&R[:+#59<)`+C3N:^VS;MWKYQ224_1_4NC]"ZF*SEM.0ZDD5.LLNA
MN[;ZOT+&?2;6ETOHW0^G;_L;?0?D;2_TK+AN:W<:OIV/^CO>OG!))3]'=1Z3
MT#J@K.6/M#JI](V67>T/+?4C;8SZ>QJETGH?1<!UK,)AHNMTM%;[FR&%VR6V
MV.^AZB^;TDE/_]DX0DE-!"$``````%4````!`0````\`00!D`&\`8@!E`"``
M4`!H`&\`=`!O`',`:`!O`'`````3`$$`9`!O`&(`90`@`%``:`!O`'0`;P!S
M`&@`;P!P`"``-@`N`#`````!`#A"24T$!@``````!P`(``$``0$`_^X`#D%D
M;V)E`&1``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$!`0$!
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`P0(8`P$1``(1`0,1`?_=``0`0__$`*T``0`!!`,!
M`0$````````````*!@<("0,%"P0"`0$!`0$!`0````````````````$"`P00
M```&`@$!`P,."P4%!P4!``$"`P0%!@`'"!$2$PDA%!4Q(A9VMM9WEQA8F#E9
M"D'1([4V-X>W.+@:,M07UQDS)%:G>%%A@4)B-"5QD2:65R<1`0$``0,$`@$$
M`@,````````!`A$Q42%!$C)2`Q-A<9%"(B.!H>'_V@`,`P$``A$#$0`_`)_&
M`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&
M`P&`P&`P&`P&`P&`P&`P&`P&`P&`P,?N6-HGZ1Q>Y%7*J3[FK6NJ:1VC8ZM8
M&18\[R,LT-2YF1KZ[1.5:/V*SDTNW1(F0Z)Q.<P%*':$HX6;Q1&RKNXA=YZ@
ME(*\).J>T5MRFY6+#8D8+&ET7_!Z_7"NV.U:]]#+M24Z2GJXV5]DBD@WDFKX
M6;5`%F#UX"0[5:ZW7=U;=V;!J6HN5-=+,UVIM#;1UO*W6K$/78]OL#5-G?R=
M0BHN`G+13"06E/9)&/K"9$[,9FSQ8BL=VS[+`=NL7'XJWVYV8ERB[<VM;ARS
ML+P2O[=)*EE(IA'5RA-JY%GJJ\:E(UEO*0[\5E32+E1X^GVLPJ3OVGF[M85F
M%A#`8'__T)_&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&
M`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&!P.7+9F@JZ=N$&K5`AE5W
M+E5-!!%,H=3**K*F*FF0H>J(B`!@8PW_`)I\9M<@LG,;6@)>02`X%BJ:9>Y/
M%%D_[38ZM=2?QS%</*'1TX;E`0Z"(#Y,W/KSO9FY8SNQY'G?L39!S->.7&'8
MMX27$"-+5;$Q@JZD81*4JC@T>1[%=RH81[/>R[4W9#M#TZ"`:_')[9R,^=NV
M+/76\A>)6BUB0V5`L*Q?'46B>U0,4Z1>QL=+E,<CA)BY;R,ND=JH!`4(`.EQ
M*4X%$YA`1SG=-;I>C<UTZ[JVR*8#`8'_T9_&`P&`P&`P&`P&`P&`P&`P&`P&
M`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&!C7=]YSM2
ML?(N#0JL3(%TGQ^HN[H55:>>-#6A2V.=[M7<'*"2$<A!$8*Z9Z)J)%>BH5WV
MC=D0[!2\/DWUR,;:3XV6+=J[&'?69KJ^>N=5J$E+A#L;%8H:@2M[/"&E%2*J
M-F*#"'<*K*%(=84$1*D11<Z21QIUT4M:N2EGKVR6%97K</$U.;V)$T^KSDJW
MM#]U;*V-<H5HD;Q6?0T>JA96\VYLSVO1;.(3D^YETF2KQPD5VHU:C1EZP?-)
M1BRDV"Q7+&1:-GS)P4IRE7:.T2.&RQ2J%(H4JJ*@&`#``AU\H`.$?7@64OW(
M[16L.])>-IT^%=H=OO8HDJG+3I.Q_:ZP$*61FQZ#Y/(W\H^0/+FICE=HERDW
MK$R3\1JK6!ZXA=$:<VKNJ:2$"D&+A5XJ(-VA`"K"JV:S\ZDB3KU,*T>@`!_Y
M@#J(;_%9[92,><[35\7I3Q(]N]0CH76?'.`<F+W3J34:SMG!D;L]Z)DE`N)B
MNQ*)BE`[*-4`?+U(/13'^K'FU?\`._HY6WAZKW5PC)<A^0>TMMNR*^<!$MY!
M2%@&ZAO*9LBC)NK$J1J4W40\T!A^#H4OE`7Y=/7&1/#7VR904#BAQVUGW"E4
MU/4TWR!2]W+33,]HF2J!T$RR4I9595XU5.8.H]R9,H>H``'DS%SRN^34QQG9
MD(4I2%*0A2D(0H%*4H`4I2E#H4I2AT`I2@'0`#U,RT_6`P&`P&!__]*?Q@,!
M@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!
M@,!@,!@,!@,!@6TFM0:^L,CL*6EX9X[?[4I43KJ]+A9+0V"9I4%[)_1,`@BT
MFD$(1JS-=)8P'CRM5C*2"YS',8XC@6]VM`\:X>G3-7W/(4]I3;!06FNWT!?K
MBZ,S>4^.C[!%)LXB,F9L[A&8<1MF>(+R+`A)=Z0R15G"OF[;NK,;=H>6G75B
M1LGF/Q!?SL06KTVV[DN4$G'M*D6AP4Y$)PQHEI8(UNUA7CIU`/(ML>+M#]HX
M-&M%R/6K@$5@51*0$]SZLM[TC%^R;3J[9/<G/7:A"MM7<>:[I:O*%200F]GO
M#C*1R(`4B!THN1"$<D*!"B(D+!NR)E`"^KV1-?'Z\=\M;^B:YW;%^@X7[[V>
M/?<B.5EODV:YC>?5#6I#PD$H"@`)^[642BX4>GE*7MP0]"_A\HAC\F,]<#PM
MWR7KU_P/XOZ^[E9#6[.V220`!I.^NG%K.OV1`2BK#OC!6"&*/X4V"8C^'J'3
MIF_9G>[4PQG9EE&147",D(R&C6$1'-B@1M'QC-NP9-R```!$&C5-)!(H`'J%
M*`9AI]^`P&`P/R4Q3AU*8I@`QBB)1`P`8AA(<O4.OKB'*("'X!#I@"F*<I3D
M,4Y#E`Q3%$#%,4P=2F*8.H&*8!Z@(>K@?K`8#`__TY_&`P&`P&`P&`P&`P&`
MP&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&!Q(KHN""H@LDN
M0JJZ!CHJ$4(59LLHV<HB8@F`%6[A(R9R^J0Y1*/00$,#EP&`P&!U4U.PE;CU
MI:PS,5`Q3?IYQ)S4@TBX]#KU$.^>/ED&R74`'^T8/4Q);L,1;]S^XOT,5D"W
MPUVDD3&($;K^-<6(5A*(A_N\R86575`Q@Z!T?^7J`AY/+G2?5G>S/GCRM"/+
MKD]M(.ZT#Q1GD&#@H&96_:;A6)B%TCC_`+=-LNK6(M0$TQ[7Y&6<B(CT`H].
MAKX83VS_`(9\LKMB_0<?^<>V0[S;?)=CK*'="4RE9U*Q63>HMA`HK,'$G&%J
MJH'5]<4PG?22?9'R]LHB3'E]>/KAK^ZZ9W?)6]+\.7CG7')92TL;1M&<,?OW
M,C>+$[417=#_`&UCQT)Z';N2"'D`CH77D]41$`')?MSNW0\,>[,BI4*CT)EZ
M-I%/K-18B4A#M:W!QL,DJ"8>M,N$>V;BX4Z^43G[1C"(B(B(B.8MMWK>DFRK
M,@8#`8#`8#`P3VSQDUI;=H;"NCW4)(Q*=U"YHUGV%K.M5=+:6PG^Y+;"P]Q-
M*RSEB:5GF6M*7KY@"J+PLBB[AIQTR2;.`2%FH653TGHJ0G^+->XR;!J-Q:HL
M03;1\[K"C:&2@1)%VB\2NMCV_6;AJOII[*&9UR&=66-]CZE/)/RB2B(ILR*+
MLQKUU9LZW86"*UW0HNV,J]&VF-I=6866.J+8&=486!G!L6\RRK#0I$RM:\UD
M4U$V28%*!&Q2%Z!TZ816F`P&!__4G\8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`
M8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8%`;7J;B_:MV516EDF:8[NE`N53:W"
MN-SO+#5'%CKLC#HV2!:)?E'4S!*/`=-4R^N.ND4H>4<$80R^M-[+::V_46$)
M/0;S;6XZC:FL704*?34JCI&M2''FF;=J4!"R%UML55;)N*EU6X3,.P1=/4P<
MS)_/UV3XZ@`7IJI2_<?-LVG7;24?5*&N5T"OV+7\35['7*NRJ<!JBFWO;I*6
M]>5F"=QK%E/[?U7=(-A<8>`+#+.Q8E.Q6BUHYNU-%U;(ZL>82KK0]F,BD_1&
M0%4XH-F/8C4G[OT2H];M5UV35Z$*5`714CBB1?M]CH3H`5E9#8'+_C=K4%D[
M'MBKN7Z`"!XBLN3VZ5*J`B`-UVE:3D_,5Q'\#DR(``@(B`"`YN89W;%FY8SN
MQL5Y_P`_?E%67'3CAL_9YA5%LG895H>%KC=8#`45G*T8WG$"MP/Y.CEVQ'R^
M42CY!U^.3WSD9\]?7%P^Q;Q']O`4;#=-<\>(%T!BN8VL((RUE31/Y$Q2<-CV
M98BY"^413F69NT/J!ZA6OU8[2VG^=[Z.WA_#AU[*/TYS=>S=H[MGB@`*.+#8
M'<8P5*)NVJ7L%=REA2*H8`\A90``/^_RX_+=L9)%\)O;JRZH.A-+ZN!$U"UE
M3ZX[0_V<LUAFKB>Z`7L@"EA?E=SBQ2AUZ`=P8`$1$/*(]<7+++>M3&3:+N9E
M3`8#`8#`8#`8&`7BB;LV=QTX*[RW)INS>P[9%._PS]CEC]#5^P^CO9#N'7U6
ME_\`XBTQ,Y`N_.X&<=(?EVJO=][VR=E0I#EUC-;)1$'_`-;'Q./G,?\`)KC]
M_E3G3PQX0_UL?$X^<Q_R:X_?Y4X\,>`_UL?$X^<Q_P`FN/W^5./#'@/];'Q.
M/G,?\FN/W^5./#'@;N_!&YY\L.7FT]WUOD1M;_$*%J&OZ]-UUG[!M;5/T=*/
MK$=@Z=><4>G5EV[[UH'8["ZBJ9?5`H#Y<QG)--()'684P/_5G\8#`8#`8#`8
M#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8%M[YN'5FL
M$16V#L&IU(W=]ZFTF9MBVDW)!_"RB.]-*/AZ#UZ(HJ#T\OJ99CE=HELF]8<V
M/Q'=5JR"D!IVD;(WA8NAO-FM4KC]A'+B4_=@`JO&B]A`#F'UIDXI4H_]OJ`/
M2?5EOE9(Q^2=IJZ$;GXC>W@Z5;7VO>/4$Y`IF\M;W*4M94BJ"(G[UJ[)/+$.
MDGT`"JP+<>T(^N'_`,C3ZL=[;37.]M'[3X#6W82A'?(WDKLS8Y3J@X5K4"Y-
M!UUNJ'KNZ02DUIAD"`G\HBW8,C=GR!V1#M8_))Z82'A;[9,D*!PZXUZW[A6`
MU/6GL@@4O9EK2BK;Y'OB]/\`>DE;*K)I,7`B'JMB(`7J(%``$0S-^S.[Y-3'
M&=F2J**3=))!!)-!!!,B***)"II(I)E`B:229`*1--,A0`I0````Z!F&G)@,
M!@,!@,!@,!@,!@,#5;XV/U8_)C]C7\P.J<UA[00"\[(8#`8$D[[MG^N_DI\%
M53]URF8SVA$OC.2F!__6G\8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#`8#
M`8#`8#`8#`M!;MU5BE7FJT&6@[^XD;?(0T3%SD10[)*TQ&5G5Y!)C&2-O:L3
M03*030C%G+A$5A4:LP*NL!$CE,(4W<.3&MZ!;I&HVYEL&&]&QTM)J6=76UT=
M4Y^A!P[*8DD8&?8P[I&S/DO2+=D1O'%=++RJZ;!(IW9RHB71<*C[,K.PG5F9
M5XDV5U39%""LZ4K`RL02)LAD3N'E<%R_;(LY&4BF_<JN19J.&Y4G3=0BIR+$
M,)%P<!@?*^?L8QHXD))XUCV#1,5G3U\X1:-&R1>G:5<.7!TT44PZ^4QC`&!B
M=L+G3QBUUYPB\V2PM$FW`W2)HB"]L76.01*=(DG'`-<16*8.@E7?)#U_\<W/
MKSO9FYXSNL:;F1R'VI^1XY\5K.[8.!_W&Z;0.>&@5DS"8.UW!7$)"G,F0`,;
MNIQ40$0#LCU*)M?CQQ]\V?+*^N+\_)YYN;?`#[DY)M=;0;@1,I4]2LUDG16Q
MP`JT>]D8P*QV@6#M=>]>2J8%$.O:`1*5Y?7CZX:_N>.=WR7(HGAW\;*@L61G
M8*;V9.&.+AQ+;`G'$@1=VH(G<*J1$66(AW)%5##T*Z1<F`.G4QC=3#+]N=VN
MD688]^K,JO5>LU&/3B*I78*L1*73NHRO1$?"QZ?9*!"]VRC6[9L3LE``#H7R
M`&<[;=ZWL[W`8#`8#`8#`8%EN0.VGFD=836PF-2?7)>*<1R1HULRO3J/8LW+
MLA9*?LB^MM>;7N<56X*-*LX=.V=>D^Y`A>](FB*BZ19U4!3>4U<MNXX[2B<?
M'&M+^HQ]S17A+`ZF8V5JSRE5:UJ;`J4@ZKD)&6O5A9:TI024J@X))*2H%[<6
MDV.+A,:=U7T#?,+?;7'5IO%*L4;1%;7G*/(^?`[-8(?2NS(S5UZ>OF0,V_H,
M`F;+$.6!!5<&=,WXB<$%4%$L&B_.$,!@,!@:K?&Q^K'Y,?L:_F!U3FL/:"`7
MG9#`8#`DG?=L_P!=_)3X*JG[KE,QGM")?&<E,#__UY_&`P&`P&`P&`P&`P&`
MP&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P*`LU)5LEQH%F6EB(L=?'M<S&PAF"J
MH.;I.0)JE"V)>02DFA@90%5G)YJ=@*1RO%)5-;O43M"`H%-N]4!9[$VLFQWD
M#=%&NKT*$E!H5QS"5\DO+3D?8]@6)NU>6"RN$6EGE:I73Q[551RZ@AAQ,1XY
M4<&,0+!UN#U/Q9G;)9-D[WK:;R<<M99.)E3MJ[(L%5*C6(>7C(&ML)Y^K[$'
MUAC9"<;1+1@"+)>6*D!E$6+'N;,<KM"Y2;U1D[XCFMG\BI`:4UYLW>5BZ"+9
MM6:Z_BXYP7J`%-VW3%Y94BF'KY1B1`.GESI^*[Y62,><[35T06'Q'-R>2$J^
MON.-<=`(I2%@40E[0#8X#VR*(.4K,Z3=`F;H7M1<>8#AU[1/5!I]6/>VG^=_
M1];#P\R7%VA+\B=\[/W!()G!<L6226A8!NH(^O;IIOW4^\*U`GD#S4S`?P@`
M>IC\NGKC(>&OM;66.N^-&AM5`B>CZNJ<6^;]D4IIW'A.6`ABAT[1+!/'DIE+
MM#Y1`BY2B/EZ>IF+GEEO6IC)M%\\RI@,!@,!@,!@,!@,#7ON#Q4N!>A-D6G4
M6V-[^Q38=+=M&5FKW^&&Y9WT:Z?1C*8:I>EJUKR8@WG>QTBBIVF[E4I>WV1$
M#`8H:F-O6063LGC(>&98D&#=+EU8ZX#.0%XNK6]2[U9+RC92-D8U>)?K.],O
MSECUB2/?`9N+=TDY015263.F`B\,N#59AEXA_@Y0SU!W6N1LW4THUPWE*ZPK
MFL>0D>UJ=D9Z@C-!,K-6E3:B7DHY\SU!"M(5-GYP>'*5N5WYEY_U=B\,N#57
ME5\57PEZ=8G5FB.2+X7ITK4WB6[S4W()TPK#2]VT]\O#2N(&U*4[%O;;@*;U
MX!SJB(M6J"8IM6K9!)X9<&JYO^MCX8_SF/\`DUR!_P`J<>&7`VI9D,!@,#5;
MXV/U8_)C]C7\P.J<UA[00"\[(8#`8$D[[MG^N_DI\%53]URF8SVA$OC.2F!_
M_]"?Q@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@<2*Z+@@J(+)+D*JN@8Z*A
M%"%6;+*-G*(F()@!5NX2,F<OJD.42CT$!#`Y<!@,!@,!@6VNNX]4:X(<;WL:
MF550@"(,YFPQC225Z>J#>+,X&2='#_L32./3\&68Y7:);)O6(]I\2/CW&//1
M%)1O6U9E4QD6;2FU5VB@Y=%\G<@M83PKU0G4!#MMVS@!Z=2@8!`<Z3ZLN^D9
M\YVZJ6#D7S?V=ZW5'%9"@QZ@B`3FVI-PV5(@(B!'B4=*J45<14#H)2I(/@Z#
MU#M%]=CP^N>V>O[)Y9W;%_#\9^9NU0__`-GY3A4(A<>TXK&I8Y=H4[4_7MQS
MB0CT:6!@$IA`PK^D2=?(/;#H.7S^N>N'\GCE=\ERZ%X>G&BEK$D)2LRNQYH%
M1<*RFPIE>7*LX4.91=1>&CTXF`=E64-U$'#5<W0/*81$PCF_;G>^BS#&,QH&
MMUVJQZ415X&%K<2CT[F,@8MC#QZ70I2!W3*/0;MD^A"@'D*'D``SG;;O6W=8
M#`8#`8#`8#`8#`8#`8#`\^#Q?_K(>4?MJJG[M:5G;#UB-;&:#`8#`]4;/.I@
M,!@:K?&Q^K'Y,?L:_F!U3FL/:"`7G9#`8#`DG?=L_P!=_)3X*JG[KE,QGM")
M?&<E,#__T9_&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P+&<DZW?;?I2ZUG6S
MV78V:9+7F:RE<E&4':'-0/:H,VQ8NHS<D9./A;C,Z])*,XAXL=))K)+H*F43
M`HG*(QUN=6V?+<+-YZ?>T"5DK+):BWQ5M4)15:ID"#^,>.[?6-$1CZMU5TQB
M:U=UH)6'?./-(Z.CF`_EU"1RQ%6;8O=_-S:-M4EM>/V!4ZXE<DYW8&OKK8I2
MTP\9)+U"#@O\-X:/JM6CI%['S#EO!R5#/;6")%62$19US+O$Y!F^>-DQKT9U
MPHRHPT2,Z#8)P8Q@,R#(!*S"5%JEZ1!H4RBIBM@=]ONP$YA`G3RCZN$6CO')
M/0FN>\+<=LTF+=(B8%8Q":;S$TF)1$INU!08R4P``8!#KW'3J`AZH9J897;&
MI<I-ZQ9E_$CU<_?*PFHM>[4W)/!_[5O7*TLQ8NNHB4G0RX.[$GVS!Y/_`(L?
M)_W^3-SZKOE9(S^2=IJZP=J>(9M+UM'T;2=+0[@`$DOL.4](3383``E+YLZ7
M;.0`"CZ[MP)_+T#J`@("T^K'?+6IKG=IH_/R.^2>R!!;>G+NUG:N`$)"JZS:
MN(6%<%.("8A5T%:Y%&*3H(%[R%4]7KY/*`O/">N"^.5WR7+I7AX<7J>8CAY4
M)2]2!![7I"]6!])F.<?]H=:,B_0L"X,J;RB*C0WE]3IDOVYWN3#&,MJO1J71
MV@,*94:S4V0$`GFM;@HR$0,4.@]#IQK5L4XB(`(B;J(CY1\N8MMWK6DFT53D
M4P&`P&`P&`P&`P,897D2Y&T;LJ]8J,8^#4.NM?;!;V2SVU]`5FTMKE/[EKTJ
M@0]=IM[LC!G6Y'3;ILFLWC)%U).W'80:`B1-PX+ILZZ4Y2,&NO-<W:-JB4K(
MW_CS;.2P0*-KCUF3&@42N:_F[0A&VR'CYN#L<P1[LZ(:,.Y%)D_*JHN5P1)/
MJ8:,HHV09R\<PE8];SAA)LFL@Q7[M5+OV;U`CELMW2Y$UD^\14*;LG*4P=>@
M@`^3"/MP&`P&`P//@\7_`.LAY1^VJJ?NUI6=L/6(UL9H,!@,#U1L\ZF`P&!J
MM\;'ZL?DQ^QK^8'5.:P]H(!>=D,!@,"2=]VS_7?R4^"JI^ZY3,9[0B7QG)3`
M_]*?Q@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@=+.62NU=F,C99Z%KT>7KVGTY
M*,8EF7L].UU=/UVZ`=GJ'7UWDZXDMV@QCN/.?BS2Q62>;8AIQVD!NPTIS63M
MP.#%ZAV$9*"9O(0!,)?()W1"#_V^7-SZ\[_5FYXSNL@?Q#E;@)T-&<;]Q[25
M%0R*3U6-&&B>T`B`N#.X5I<!(@3^UT6!N(AY#"01ZAK\6GMG(SY_'&UQ!.>)
M3M/R15:U5Q]BE1$R#Z:6:S<YW`CU'O$#FO/1<`#LE*I&LQ$?*/9`0-C3ZIWM
M/]E_1_?D&[`V#^5Y`<IMGWALY]<]K-:5/!0!!'^TB@E).Y:*,D?J/421;<1*
M/3H'3KC\DGKA#PM]LE[:/P2XN47NU&VKXRRO2"43/KPZ>VSONR("7O(N575@
M``!]4",R=H/(/4,S?LSO=J88SLRIAX2&KS%*+@(B,@XQ#KW$=#L&D8Q1Z@`#
MW31DD@W3Z@4`\A0]3,:Z[M.SP&`P&`P&`P&`P&`P&!8OD+R5TIQ5H2.SM]W3
MV!T=Q8(ZK(S?L<MEH[<[*MI!XP8^C:9`V*7+W[>+7-WHMP1+W?0QP$Q0&R6[
M#"'_`%L?#'^<Q_R:Y`_Y4Y?#+@6+C?$@\&>NW&?V!2=U1^N[C9X:HUZ<G=?:
M1WM4G,A"TN;ME@C(]PC$Z?09JH/I"Z/1?]I,QGQ0;]Z)C-&QDGAEP:N:1\2G
MP<I*'95U3?L@V@(RH#KR+A8_7G*%C&16O5ZZTJ<K18IHWUV1*,JT]`1[9)\U
M0!,KA9HV<B(.FS==)X9<&J]I?&N\,4A2D)R6*0A"@4I2Z8Y`%*4I0Z%*4H:H
M`"E*`=``/4QX9<#+7C3S+XV\P&-MDN.FQ_\`$1E17<.RM2WL/OM2]%NIY&07
MB4N[O-7K*K[SM*+7'M-BK%3[OH<2B8O666;C)[(&`P&!Y\'B_P#UD/*/VU53
M]VM*SMAZQ&MC-!@,!@>J-GG4P&`P-5OC8_5C\F/V-?S`ZIS6'M!`+SLA@,!@
M23ONV?Z[^2GP55/W7*9C/:$2^,Y*8'__TY_&`P&`P&`P&`P&`P&`P&!A9L*N
M[P1Y24':#:C1]NUC1Z/MV/9$K5\<-[/YO*U:B2#=@:CSM?BJRO>;-;XIZR9+
M'GB,3L$FPK*L#%7%P7M71W#BK2)K9FV-C0NKH"HNTX:EN$I:GU2JL+3N6R-=
MC,]W;+C;B=,T.K>8"Y253J\80LN_3*+E"01-V6JJP.!JK;BG0-A:YA[)`VRM
M5NJM5;/9GSIC!LFW=O'?G<;%UB3:3[5=(;*5Q5(HH"LJR9@SAPAHX2FD6,NJ
MH*RQ=NVC!LL\?.6[)HW(*CAT[63;MD$R^JHLNL8B21`_")A`,(Q[N7+CC70Q
M.2P[DI8N$P-WK.`D#VY\D8OD%)=E4T9MTW6_]"A"FZ#UZ=/+FYAG=L6;EC.[
M'%_XDFMI9ZI#ZDU?MW;DR4?R2$#6@:LUP$![(D$BLG.E$3?@-'!Y/_MFOQ7^
MUDB?DG:5\0;K\0'8Q3#0>-55UC&..@%D=E31G$HQ*8?6B#-[)59Z97UH]1&(
M5*`>J4!$HX\?JF^>IKG=L0>-_-[8@%_Q2Y;)4QH?J8\9JB'<-3D3,/\`[09"
M*0UZX-U(/0QE#N0`?)Z\/*+S^N;8?RGCG=\G=0?AK:+*^),;"L&R]JS!Q`7S
MBU6Q5JV>"!C&[(C"H,)LB9A.(B!I`YNHB(&#KB_;EVDBSZYWZLG*=QHT!0>[
M-5=0T./<I=.ZD7,`SF)A,`Z>0DU-DD98I1$H"(`MT$0`1\N8N>5WRK4QQG9>
M\A")$(FF0J::92D33(4"$(0@`4I"%*`%*4I0Z``>0`S*OU@,!@,!@,!@,!@,
M!@,!@,!@,#1?]X4_@,A_A_U[[F[_`)O#<J$3G5#`8#`EF_=I_P!".6WMJU#^
M:-@9S^SL1)YSFI@,!@>?!XO_`-9#RC]M54_=K2L[8>L1K8S08#`8'JC9YU,!
M@,#5;XV/U8_)C]C7\P.J<UA[00"\[(8#`8$D[[MG^N_DI\%53]URF8SVA$OC
M.2F!_]2?Q@,!@,!@,!@,!@,!@,#JIJ=A*W'K2UAF8J!BF_3SB3FI!I%QZ'7J
M(=\\?+(-DNH`/]HP>IB2W88>;`\03C+13J-&=P=[!ERF%,D5KV,5G>^4'R)%
M2FG!XZM+@JH/9#NGJAO_`$^IUZ3ZL[VT9N>,[K6$Y6<MMF^OTEQ*D(Z*<%'T
M?8]IR2L6T=HF[0E?%:OEZ6T,@!/_`"H/70&$!`IC"(%R^&$]LT\LKMBY`U1X
MA^QQ,-SWU1-21+@#=8S7\0#^7;=L?7%!RC%L71`3*/0@DFCCUZ]>@]#"\OJF
MV-J:9W>Z/H:>&_3Y]=&0W+NC<6W)--4%SFDY\(^.75$.BACH2`V273[?4P`*
M;\A@*;IU'U<?EL]<9%\)WM9"4[AKQBHW<GAM.5)XX1[!BN[0W<W-QWQ/*#@I
MK8YF2(+=OUP"D5,"&_L@7H`!F_9G?[+XXSLR.CXV.B6B3"*8,HQB@4"H,H]J
M@R:(E```"I-VR::*90`/4``S#3[<!@,!@,!@,!@,!@,!@,#%OEY#V6Q:<LL%
M0AMG^);N&FWNNDJRELEJ#FUQ$<>1CFBUJU^]C6-'F7BJ`(P\Q.*K1$=)J).E
MF;\J!FJA9NHK73_:4%M=%[=&UV4A1D.2T3=E$JW>IF-=N+;RAI$9Q(5C/,XA
M[$OH^)TP^D`D7L=VVL"R!1>75:HI'5(%:Z&A[+';#W;)G&V.M<VP^OK-0WUJ
M2V3".VK]2-L$+;JZZJ&TWKNP,)R//",7[R3:IQ\9))RJ"2;-)PR=*KBLI,(8
M#`8#`T7_`'A3^`R'^'_7ON;O^;PW*A$YU0P&`P)9OW:?]".6WMJU#^:-@9S^
MSL1)YSFI@,!@>?!XO_UD/*/VU53]VM*SMAZQ&MC-!@,!@>J-GG4P&`P-5OC8
M_5C\F/V-?S`ZIS6'M!`+SLA@,!@23ONV?Z[^2GP55/W7*9C/:$2^,Y*8'__5
MG\8#`8%,VZUQE*@7E@E6TX_0:]@B496*[.6VQR;E4W929PU;K3"4FY5T(=3G
M!%`Y4$"*+K"F@DJH0+=O^0>J6-!I&S"V0SRH[&CEIBG.VT;(IR$O%LJ3/[(E
MG(0;YLRFF;B#I%6D7SQFNW2?HBS.V[@7@D;G+H_$9R$UC-V2)J\+(S<L_G[/
M+4Z$>L*I95X"4L%=CGLG:&K:Q!%A"E;UE"-<I/'*BY&P/FKEDFHH]:.FZ)%[
M<!@,"S&PN1.CM5=^2^[/J4"];=OOX?TD64L).QVNU_\`C<,61GC=!*(>1L/K
MO)ZODS4QRNT2Y2;UB+(^(E$VIXXA./>DMH[HF$C=UYTWBEX:"1,IV03=+*LV
MD_*IM4^UVC^<MF0=`Z"<H#VPW^+3KEE)&?/7UFKX?1_B/[E`1?2FN^-M<<B'
M:;L"MYBUJ,C@)DQ*HD:VN$7@=2]OH[B5`Z=.R7UQ!?ZL>;4_SOZ.YA/#FH\L
M^0G-Z;2VAO*>3'\H>=GGT3$*%,8#G3!$KZ6L:)1$.GY.5(4"CY"@/007[;_7
M&2+X3O;67^O]%:=U8FF77^MZE67"1>R$FRB&ZLX<OD]:O8'I74VY*'3R`HX/
MT_\`$<Q<LLMZU))M%U\RI@,!@,!@,!@,"W<1M[4]@8.96!VAKN;BV5N84!Y)
M1%UK4DP:7N5<1K2+I+EXSDUFZ%NDG<RS2;QIS`\64=HE(F(JD`P=M8[_`$2G
MR=7A;==JC5IF[RGH.EQ-CLD-"2=OFP%$!AZNPDWK5U/R@"Y3_P!W:$56_*%]
M;ZX.H5=@,!@,!@,"%KOGQQ.>.OMY;GH5<L&LTJ]2-K[%J$$F[UQ&NG2<-6K?
M,0T61RZ.[*9RX(Q9$`Z@@`G-U'\.=9A+(BU'^OEXA7_$FJ_BQB_[YE\,0_U\
MO$*_XDU7\6,7_?,>&(?Z^7B%?\2:K^+&+_OF/#$5UJ_QU.?5KV9KNKR]AU@>
M)LEZJ4!*$0UM&H+GCIB?CXYZ5%8KP3(JF;.3`4P>4H^7)<()L^<E,!@,#1?]
MX4_@,A_A_P!>^YN_YO#<J$3G5#`8#`EF_=I_T(Y;>VK4/YHV!G/[.Q$GG.:F
M`P&!Y\'B_P#UD/*/VU53]VM*SMAZQ&MC-!@,!@>J-GG4P&`P-5OC8_5C\F/V
M-?S`ZIS6'M!`+SLA@,!@23ONV?Z[^2GP55/W7*9C/:$2^,Y*8'__UI_&`P&!
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M^LD6T>_/5DAZ=.G90+*A^$`-^"^'UX^V>M_1/+.[8A>(G)O:P@OR$Y43J$<O
MU%W3-5HJ1,4HF<.H('=I(5V*,9`IA)U5BG8F]7MCZHO/">N'\GCE?;)>C7O`
MOC!KWN%D==M[A)(]GK)[`=*VDRPEZ]D58=R"57`P"/7J1@01'_Z!TE^S.]VI
MAC.S+>.C(V'9(1L1'L8J.:E[#9A'-$&+)N3J(]A!JV3202+U'KT*4`ZYS:?=
M@,!@,!@,!@,!@,!@,#`-QJK;]MJ=F>3^I*;2;Q.[WXL7=5K5M@MIZ+5U_H?=
M>O;R,(AYQ7JVW8+5ZBTE9NS_`-H,I,OCB8L>S%,C8O\`RNYN2#VE<GM6K[#4
M-%L]/6N\1+W&2D-D*PLN,-KVV5RX:[\V3&D.S&*YM#(7\@W$S@B"#$6J7?'?
MBY9AE!A#`8#`8#`\SCEA_%-R5^'_`')^\6QYWFT18#*&`P+J:+_7=ISX5->^
MZV(Q=J/3RSSJ8#`8&B_[PI_`9#_#_KWW-W_-X;E0B<ZH8#`8$LW[M/\`H1RV
M]M6H?S1L#.?V=B)/.<U,!@,#SX/%_P#K(>4?MJJG[M:5G;#UB-;&:#`8#`]4
M;/.I@,!@:K?&Q^K'Y,?L:_F!U3FL/:"`7G9#`8#`DG?=L_UW\E/@JJ?NN4S&
M>T(E\9R4P/_7G\8#`8#`I6\P4M9J;:*_`V%[4IR8@I./AK/']1>0$LY:*IQT
MLB0ITC+>8O!(H9,#D%0I1+VB]>H672RZ%V8*07AQ:YD)%*P;MV-LW>5B`"@Y
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MBK50``1'!5^,(8#`8#`CJ_>#=W;GTO3^,#K3NW=GZG<V"R[20GG&M+]:Z(O-
MH1\71U&",NK5I:*4DDF*CM4R)5A."0JG$O03#UZ82776)48SY=7-WYXW*GZ0
MNV_??F])P'RZN;OSQN5/TA=M^^_&DX#Y=7-WYXW*GZ0NV_??C2<!\NKF[\\;
ME3](7;?OOQI.!+B\!#;&T]Q</MD6;;FRK_M.R,>2EP@F5@V/<K%>)QG!M=7Z
M=D&T,UEK-(R;]O%-W\FY7(W(H")%G"IP*!E#B//.:7HK=WF`P&`P/,XY8?Q3
M<E?A_P!R?O%L>=YM$6`RA@,"ZFB_UW:<^%37ONMB,7:CT\L\ZF`P&!HO^\*?
MP&0_P_Z]]S=_S>&Y4(G.J&`P&!+-^[3_`*$<MO;5J'\T;`SG]G8B3SG-3`8#
M`\^#Q?\`ZR'E'[:JI^[6E9VP]8C6QF@P&`P/5&SSJ8#`8&JWQL?JQ^3'[&OY
M@=4YK#V@@%YV0P&`P))WW;/]=_)3X*JG[KE,QGM")?&<E,#_T)_&`P&`P+)1
M&V;"^W(OJF5U79*['J5BW6N$OCZ?ISZ(FX^H6"HUU4OH6%FY*Q0ZDZYMI5X[
MSUN@"[5FX,;L*)]UA>V[X=-[[AMS63;=?B8*0@3ZEM_L-D4+`Z:L+,\>%5DR
MEE'M'<`A::O!RK5BFZBG,BW1++-%^^;]HA##@LT7[PA@,!@,!@1[)C[Q?Q?A
MI:4B%]'[[57BI%[&K*HI:][I15BY5:J*)=NZ%/W9SI")>H`/3U0S?A>4U4=,
M?>%>&%BD*W+6#C/M^<E*=+*S]0DIB!U3)R%5G5XN0@UYJMO'MM7<0<LM"RSI
MF=RU,DL9JY52$W=J'*+POZ+JZR-\?O@Q"H0[6'XH[,B6U>DRS4`VC:EI]BA!
MS)(Z1AR2T.BUM"2<9)DB)=VU!=$"*@V=+)=KL*'*9X7]#54<5]XKXBP4:QAH
M/CSN^&AXQLBRC8J*C=91T;'LVY`30:,6+2Y(M6C9!,`*1-,I2%`.@`&/"_H:
MK[<>/'5X\<CMV:XT;5M0[G@[#LNQ(5N)EY]*CA#,'2Z#AP5>0&.MCU\#<"MQ
M`>[24-U$/)DN%DU&[[,A@,!@1AOO+'Z$<2?;5M[\T:_SI]?=*B99T#`8#`FF
M?=ROX(MI?]5-W_=)H_.6>ZQOZS`8#`8'F<<L/XIN2OP_[D_>+8\[S:(L!E#`
M8%U-%_KNTY\*FO?=;$8NU'IY9YU,!@,#1?\`>%/X#(?X?]>^YN_YO#<J$3G5
M#`8#`EF_=I_T(Y;>VK4/YHV!G/[.Q$GG.:F`P&!Y\'B__60\H_;55/W:TK.V
M'K$:V,T&`P&!ZHV>=3`8#`U6^-C]6/R8_8U_,#JG-8>T$`O.R&`P&!).^[9_
MKOY*?!54_=<IF,]H1+XSDI@?_]&?Q@,"Q^WN2_'[0+F#9[LW'KS5CJS(/W->
M;WBSQE>5F6\6HU2D5HXD@NB+I-DH]1*H)>H$%0O7U0RZ6[06<_U&^!GSN]`?
M&56_[[C2\46_<\VN`2EEMUQC^;FH86S6ZO4VK*RL?LC6ZZD+"TF4LTQ&M85K
M,Q4LP`SU[<)`71WB3PYRK@"8I]VEV'C>*:N"H<T?#[JMBG;FZYKZ>MUULM;J
M=0F[78]CZW;2;ZN4>6N\W5XL[2I156@DTHJ2V)+J%.1F54_G8@<Q@*7H\;Q3
M5<?_`%&^!GSN]`?&56_[[C2\49/:[V/0MMTZ'V#K&WU^^4>P>D/0EKJTFVF(
M*5]%2CV$DO,9%F=1NX\QEXUPV5[)A["R)RCY2CD%:X#`8#`\N.]?IO<?;58?
MSN\ST(I7`8#`S\\++ZPKBA\*L?\`FV3R9>M'HE9P4P&`P(PWWEC]".)/MJV]
M^:-?YT^ONE1,LZ!@,!@33/NY7\$6TO\`JIN_[I-'YRSW6-_68#`8#`\SCEA_
M%-R5^'_<G[Q;'G>;1%@,H8#`NIHO]=VG/A4U[[K8C%VH]/+/.I@,!@:+_O"G
M\!D/\/\`KWW-W_-X;E0B<ZH8#`8$LW[M/^A'+;VU:A_-&P,Y_9V(D\YS4P&`
MP//@\7_ZR'E'[:JI^[6E9VP]8C6QF@P&`P/5&SSJ8#`8&JWQL?JQ^3'[&OY@
M=4YK#V@@%YV0P&`P))WW;/\`7?R4^"JI^ZY3,9[0B7QG)3`__]*?Q@,")E]Y
M8_3?B3[5=O?G?7^=/K[I48;.@8#`8$_3P3OJQ^,_[9?Y@=K9QS]JK:EF0P&`
MP/+CO7Z;W'VU6'\[O,]"*5P&`P,_/"R^L*XH?"K'_FV3R9>M'HE9P4P&`P(P
MWWEC]".)/MJV]^:-?YT^ONE1,LZ!@,!@33/NY7\$6TO^JF[_`+I-'YRSW6-_
M68#`8#`\SCEA_%-R5^'_`')^\6QYWFT18#*&`P+J:+_7=ISX5->^ZV(Q=J/3
MRSSJ8#`8&B_[PI_`9#_#_KWW-W_-X;E0B<ZH8#`8$LW[M/\`H1RV]M6H?S1L
M#.?V=B)/.<U,!@,#SX/%_P#K(>4?MJJG[M:5G;#UB-;&:#`8#`]4;/.I@,!@
M:K?&Q^K'Y,?L:_F!U3FL/:"`7G9#`8#`DG?=L_UW\E/@JJ?NN4S&>T(E\9R4
MP/_3E^_)MYJ_:07+Z+_''WM876<'R;>:OVD%R^B_QQ][6#6<,->5/@ZWSF?(
M4R3Y`<[]DVEY0&<TPK"D9H_3%7*R;6!:-<2A%DZ]&QY'@KJQ*`@*H&$G9$"]
M.H];+9M3IPQ,_IF]9_/#V[\7.NOQ9?/+DZ?$_IF]9_/#V[\7.NOQ8\\N3I\3
M^F;UG\\/;OQ<ZZ_%CSRY.GQ/Z9O6?SP]N_%SKK\6//+DZ?%L>T+X?'(WC5J>
MJ:3U%XA-]@=>4OT[['XI]QUT'.NFOLCLDQ;9;O968@WDBZ[^<GG*A>\4-V"G
M`A>A2E`,VVW6FLX7?^3;S5^T@N7T7^./O:P:S@^3;S5^T@N7T7^./O:P:S@^
M3;S5^T@N7T7^./O:P:S@^3;S5^T@N7T7^./O:P:SAJ.D/NU.O)1^^DWG,;;:
MCR1>.7SM0NMM<)E.Y=K'<+G*F0I2$`RJ@B````'J!FO/+DZ?%\?],WK/YX>W
M?BYUU^+'GER=/B?TS>L_GA[=^+G77XL>>7)T^)_3-ZS^>'MWXN==?BQYY<G3
MXKD:A^[Y1.C-ET[;FN.:NU8B\T*82G:S).]4:LEF[.21261366C9)NY8O"`F
MN8.PJF8H]?4Q<LKTU.GQ;-?DV\U?M(+E]%_CC[VLR:S@^3;S5^T@N7T7^./O
M:P:S@^3;S5^T@N7T7^./O:P:S@^3;S5^T@N7T7^./O:P:SAB9RI\)+9W,]A3
M(SD!SUV-:6=`>3;ZL)QFB=)U<S-S8$8UO*'64KT5'G>`LE$H``*B8"=D1+TZ
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MCN=DG+98':6L-9LTG4W8I-U,2KE)HU22;-4UW[Q0Q4TRE(0![)0```,UY9<G
M3XJ;_IF]9_/#V[\7.NOQ8\\N3I\3^F;UG\\/;OQ<ZZ_%CSRY.GQ/Z9O6?SP]
MN_%SKK\6//+DZ?%W%>^[<46KS\'9H;F3MIO+UV8C)V*74UGK9PFA)1#U"08K
M'063.BN1-TW*82'`2F`.@@(#CRRY.GQ;9?DV\U?M(+E]%_CC[VLR:S@^3;S5
M^T@N7T7^./O:P:S@^3;S5^T@N7T7^./O:P:S@^3;S5^T@N7T7^./O:P:SACY
MR6\,W>7+C7:&J]Y>(!L&RTMO9(RV)1T=Q^T57'!9N(:R3)BY&0@H9B],FDWE
MEP%,3]@PF`1`1`.B6S:G3A@+_3-ZS^>'MWXN==?BS7GER=/B?TS>L_GA[=^+
MG77XL>>7)T^)_3-ZS^>'MWXN==?BQYY<G3XG],WK/YX>W?BYUU^+'GER=/BS
M*XK>$EL[A@PN<9Q_YZ[&JS._O(1]9TY/1.D[09XYKZ,DWBSHJ6&*D#LP12EE
MP$$A*!^T`FZ]`Z2VW>G3AEG\FWFK]I!<OHO\<?>UD-9P?)MYJ_:07+Z+_''W
MM8-9P?)MYJ_:07+Z+_''WM8-9P?)MYJ_:07+Z+_''WM8-9PUK;L\`%GR$VC;
MMR;2YL;3FK]>'C-_8Y1GJ754,V=N6$4PA6QTHR*;-8]H!(^-1(()IE`1*)A\
MHB.6992:2G3XK5_TS>L_GA[=^+G77XLOGER=/B?TS>L_GA[=^+G77XL>>7)T
M^)_3-ZS^>'MWXN==?BQYY<G3XG],WK/YX>W?BYUU^+'GER=/BV^_)MYJ_:07
M+Z+_`!Q][69-9P?)MYJ_:07+Z+_''WM8-9P?)MYJ_:07+Z+_`!Q][6#6<'R;
M>:OVD%R^B_QQ][6#6<+0;Z\/CD;R5U/:])[=\0F^SVO+IZ"]D$4QXZZ#@G3K
MV.62'ML3W4K#P;.1:]Q.0+90W=J%[92"0W4IC`*6RZPUG#7#_3-ZS^>'MWXN
M==?BS7GER=/B?TS>L_GA[=^+G77XL>>7)T^)_3-ZS^>'MWXN==?BQYY<G3XG
M],WK/YX>W?BYUU^+'GER=/BRGXL^#/<^&D_:K-H'G9LJKS%SAV<%8'$GI+35
MG(ZC6#T9!LBDA8(Z01:G(Z'M"=,I3"'D$>F2VW>G3AFM\FWFK]I!<OHO\<?>
MUD-9P?)MYJ_:07+Z+_''WM8-9P__U)_&`P&!:K=TK"0FK;;*V*+V9.P[-LP4
M=P>GHN]S.QIH33$<DVAZ['ZU16N9_2CLZ:#M1IW::#!195PJBU(LL0,*-51V
MY63_`%LU0E]L606TYJ)M4K->:YMB%11U!'1%N0VW$7XFP(.)FVT^=XFZ1;GM
M")9Z9%*O/')UW**2Z)5/D)R!=4":&(;[:&6%+G2SU$:PQ>SO3,?M=URK?K\8
MY:YA.,AF6E()0#,@C'LD'HLE9%\DX-YDJ":@Z-IF$,!@,!@,!@:]>4*UID=@
M/8K4#KD-#[JAM4[0E:I+0U6W<[T?8I:>T_L:N4?7;R>8PJFAHB1;WU:/L[F2
M?.D91N^AX]F550'::"18^YL?8R&U-8N(YIM5#6SGF-/>QUJG#[0:LV>EUN"]
MI82`[$BY!BBXBZF?DP5<[(]@23:!)*-%6I@`[<PA?;22ME/>^5"<VG=R0A-_
MQYJ$:WM;8C'*5<W'O0R4J:B+6A(B#FG!L="?`@QAC1I7P.NZZ")NHX9#80P&
M`P&`P*.V$]CXVBVZ1ER7%6)85Z5>RC?7K"SREZ>1K5FJN_85&/I+9U='5A?M
M4SHM"PY`EN^.469DW`)G*&N&C-MM#$M/8HMO-S"+R.KGNF6VQ:ONN(F*+(R7
M*2V3^X:G>U-A0K.XC5:KI>:K<,@_GCK$>Q3*42BE!:F[C"]'?["=R:NM^0,/
M;0Y4-E;!R)N%<U5+T"J<G9F<JPR%`K7L=V$W)JV+7O+G65'F6TB]9@DH-></
MTR(I%.Z%F*8X;((E;SB*C%^\D%N_CV:W?2S/T=*J]XV3/WDG'^9Q_F,@?M=5
MD?-T.Z4$2]V3IV0([#`8#`8#`8&&_(EUYQLO4<)7W.]H;8`R\3.U^TTRI;UG
M].Q+6,G2).JSL96@P<GJTQME^=#$/%+.((PT*+B3*NR7;LSN2Q8E(-WLZ!".
M!:[E22;3OAQDFFR$7LD]R6V@QWM7U.64D\:1K0\E)T![J\\8:><H@K7'9TY5
M543G,[4.&353A[*GR<M%GBQMCO7,UKJ9A)GTTELF!8P>PJK=XOS0$XN[O5*Y
M;F5GB)Q]Z)DZZS9-8]E$*IK*/4WS)1$=F4F$,!@,!@,#%7E^M&CJA:*>FWBA
M(61ZM7JM*Z*KV\;#.5*UR$3(C#W^PM]`,'=T"`I`H*/@3<&+'.7I$$A(=V9F
M9,L6>A_\932$Z[E_\357)JKRT<W"1"&O<:>3@75TK;KB^E5D8.*C4!OK+6BS
M<H-89%)=D^],$433>J'`XZ.O2EMYKON"R,MK[<KVIQYZTAM.2;>:KLY%I,\3
M-R-K<MNJN2]@9W<IX38/H@B;=_$F2-)`(`=U).F#4@Z=5:\(&=KB]<:Z9W>&
MG(^W+\:..PW%:=UOM&B3:5UC:_.HVMI=7UZ6/`66\J2SXYGKAB`2XJD4&5*1
M,T8*@K.;"&`P&`P&!K@N2\U+;MN"^N3\D6:$+8]?0^UH2RTKD":@;"K"6XM=
MRULGM:R5HKX:R]&4JJ'>0X,ZLN#JRQ$C+G5:NTF+-TJ7MU=Q4'6T8V[Z_6MK
MK=4;6DM#<V';V2AJUL:R'AJV.^M5ON,II.%=5RRQ\GO.-TBB]\T8/H]]97+E
M)V@JW<G.=-0+*P.N]O4E:B5((^0LC.N_*31K^QKEJ;<-UAKVU?5/5CW75IVW
M36LI)V*OV9&RK2,2!#+-O/BPZ[Z-9-TGB:*475M0J)V"E4K"D4TFV$6>O0IX
MUC94IE"QLF!HUL9FTL"%C,>PHS;9N)2.R/S"\*N4P+B*O:RLJAP&`P&`P+'\
MB)2`A]63;NRPFUK-$G<1[%6N::8[6>W*:7DW)8]HT.?2K"0V+'UY)RY*O).F
M1`*BT1.*P*I"=!4,6=1Q^Y65CUHREY[:EOCHVZ5A&3O%PJVQ:K+6SCY&\((V
M#D9BS1LQ&,"0%WL/*UN,FO#NP1LK=PL<YD"I@?H5;:E2')DB'&R1D(*]ST/#
M4+6QCU+85'V=)/K/?K!NA>N[8G-DSCJ5B9.C6W6&NO1DQ7GEK9R#%T=S(+IH
MF<MDET8MTZKW\3&5CCUH1.SU^<C)%:)W2=,\OJW:E*EVC$VZE58IO;++8A2I
MEB\YK)HOT&@JBA*-F22XLR&9F=]V*SPRLF`P/__5GMR%HK,2X%I*6*"C792%
M4%K(2\>S<`0X=2'%!PX34`AP#R#TZ#@?%[.J1_QC5?\`]AB/[Y@/9U2/^,:K
M_P#L,1_?,#N(V9AYDBJL/+1LLFB<$UE(U\U?$2.8.T4BIVJJI4SF+Y0`>@B&
M!V6`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&
M`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&`P&!__6NOX^7UA5D^"O6/YK>9VP
M]4:6LT&!*E\"1/9:O"?GJEI=5DAN)4TFGJ=>2*@>.1V6?4LX6B*OR.E$FQF2
M=I%J*H*&*F)`'M"`=1SE]G99^NS<#>ZRFXK6F[5J)#D9!6QEL'2L9:$[77-[
MRJIX/V>PKZUV38E1D@CF-FL[)BT=IR$V7MIJ-E/]Y57:$9D+A>=5M8S?7,$]
M*9VB/U7+05XMS*F3-Q8/>.NZ'WF,JOP3M6R91%I%.Y=JHS6C^0M1C*H=,!.0
MAW:;`R82"H++1=(NM6]O;YV*XV0_?46Z5537U+OFPM8#9-1[BI49(;&JS_;-
M!94^?A8YE*2U\J3R'=0DLT;Q[A](V+J,@T:-A5)$QU2R+RNMI[>7UIJJ<1H5
MKK$]<)NT0MY/+T21N$UK@T16[Z[K\I)4JHND9*>KTW;JY&,_/$`9J.H^035,
MWC%7("P##ZZ;8Y;7^C[)K%\U-98`DOK?9+QI!T?4VSG,I6KQ45^+;RG0<3=H
MY>:9W!:4D-AW%)-VR131D@K9UFH$3;.@&+TUZ56A-U<I:\K&-:SJZ4>18[3V
M.,O%+Z0VTV<S,1*\_P!IKEC()6*0?.&M>8R''BSNK81P9NNB1-N>1#_XU,R!
M!T5/.7;=NW>$/)B=LU+M,/>YK3=[_P`/Z5!ZYVC6]CP%V7U&0#TYM"3M>AK1
M:+%7]NE=^A9:%8'CG,<HP*W=R"S=Q(+U.FL<SK;_`"`L]Q%N]UG+1=<K_(NL
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MFP..%QV/KZU4SLV2XA8:XCKW:4(37CYYHZ00MM/NL[8JQ`PEAA(O9)2I0D\W
M2&%E$3H%:/'ZJ2BYHO2:]7\LF_>5T7;Y-*-H,A(5=K;]F(D;-N/.VW#P*Q1.
M06D*34V[:=0DUVD@YV%JG8%DE0?)-3I'+7_.VJ(((NBGJ:1^:UOKDM<[92ZP
M]H-D@:9;;I"H6FPV;C=MV,DHBA2>L=XV*R,UFH23:(J4C%WC6T+!D46>S1>E
MC;JD7<^<-#'&DT6NT%O3E5%:)T-3YK56TX78"-(KU+M<ALG46U9QC7+?7:)K
M!Y0T)=U`4Y[-V6'VQ!/YIW/3[QVP0JT^S&(E'#%Z4>^BV3KU;!^.TG?)762+
MC9:]F<7-"Y;+CY,]KKR=:D?,HW8MH8U[S5BW@Z^S=0QZT@S.R=MT5&[ML8BJ
M:JI3`;*EWZ+XX0P+97:<VU%R35&@ZZI]QBE&)573^P;.?TIZVD._7*HS3C&V
MN;<BY:@V*D<J_G1#&.<Q!2*!`.>S3O4NO:*-]F')+_\`AFL_C^EO\D,NF/-_
MC_U-<OC_`-GLPY)?_P`,UG\?TM_DAC3'F_Q_Z:Y?'_M6-*G=M2DFY1ONN:=3
MHA-B=5K(0&SI"ZOG,B#AN1)F>+<ZXJ*+=H9L94YG'G1S%.0A`2,!S'3ET[59
MKWC6G-S'*JD\>])6^C5K9DQRUI=*V;8N236=J.PK'2;U;('C]M=Q-Q)HQ!RT
M97V"E^2:=>+0XZNNSR#:+721CP;Q0R269;Z:WAW&Q+MOYYL]O,J4"[SAZ>TV
MY3T).(TKN!G6;3!*;ZX/6:D2R\,P%P"\K$5N0N`1:XNG!!0B'RAR+$*^(<='
M>2/)'E]%2\E&.M6RCN*E;C?ZXQMS#0&Z_,=?0T+M3DW3M?V^3K\'&7NQW^+M
M491M?K/$(Y!)0D;8E9,JC9B<KIL-)ROEN;;6^:SL#2U(U_&UAY.7/5-[O\]5
MW=/L,TK+6+7^QN-E<?UEM8X^PH,J1"2<%MR6(,H^0<(QSANW<*F62(H@I4T8
M^V/DGS1/2'EHKVIW<9.IU38LD]H;K0FZK1.0.QJ+IV[64*`WFB,ZC%6FMS>S
M(.,C(F9BVT@SFTG_`&&+Y=4Y.Q%TBX,SN'DO8Y:?\TJ]OHD#5-\5:K2#&(U)
M?)JPKT)INZ3KZ-LCY28HIH*Z4K8.H#Q4V^)7?23VO+F=I/7K/H+=&II%!)\@
M.8\A5-;MCT:UI7:^Z/KMDN(Q7&_856C-:W^[:$Y`V<(^)?VAQ=XUU/5+=-`J
MT*XC9LK3T0G+E,\2D"2K8\7%TG545<VYR/B6&T21&N;C(.SN):3J=KL>G]B)
M/[5;(#B[QPGZ7`V.N.4H!4(V[WM:W0\C-LDXY@P=P*;$Q6SUT581I%X]'[6W
M_:KU-Q&SZ>M`P*C+>[B.53U7?*^S@#ZYY"62BZZ;J6"7>N6-N<WS5:C"83%M
MYL$DBAYTR2*@J?I4Z:,>9#D!S'4U]K<R5&M9]BWS1E(M]J;P7&_85=C-?7O8
MM`VFD]A&3VR.;XS&SZ[V95X0CF+G$F(1C-^59YZ10D">BHND9":)VGNNW["5
MJMMJMA@JG6*HP2<O[EKV_P`-,W#TE3M<35<O;&X2%/J]!;/O9"]LT7/5XJ[B
M:;KIL#>8L4FSEQ(5+HM"&_N0$#4M2.HJFW"R62=J52L6VT3Z?V#>8BO7BTW.
M6J>T*P6P45LN*[[3-@;BU&"3;1CA"-:E<></$N]*W&G5=IWN'>"6@J99E]?V
M^)VO-767I<W#-M;6"VILEHQW<F[.?%G$(MIN%U[87%?9@RL+Z%*H+)^W5>14
M>9P?S$*;V!O7D`0NC&="KD.QNNP^,^S-S2NO+%KVYKS,GLF@2_'!..U@=528
MB7FM(V>/M*6BWDA+M%@B7`MUUQ*""B:PTW=#![RY86:UT]HGKWV*Q,[M5]3;
M?!3.F]KOY*EM*W2][V&751V'(H4NANZA9)BDTV+B;&@G+12CJ>=*>=*=ZT9M
MQT<T%R`Y&3JVHTD*#8HXFQ/,Y*>=6?06XZ^G0[1#.-4A>=,V)H6)D5&C60C9
M2VGKUTD5X2L&=H,"&D'Z;)QZ8BZ3JMJSWUS!<.-;RUBIM];1Z$76+I<F=+XX
M7IN#MW/:EYF^E=?/JW95)&8>)0>Q-5:^4["$M$NRK6=%)P[01>-525-([ACR
MKY`%N-)J<M3Y:);OKLV9RL]+Z'W.+$*._LNE1:S][!M6V!M;LI>D7&W$BI%T
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MD1I.BE;=LC?%P=25+L-'V+)QM4W=QV<1%NBM&;,ISB0]@?-R`J&SWC5HS0L\
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M6]AW*&Y[QKF]OFT[7*S6:O>(>WQ=::5V/EX>[Q,?7XF`>LUGKU\A9HV^T*YO
M7":!CI-X=U#IJJ&6,H92IPQJU]N/DVUO#BOKZZE65&9[:81X@KHK;;%Q8(6^
M<L^5U&L=C+:9B3<LHZ*AM6UJEVLRHHJ)I)RQ7*JP,7:92C2+JL:[+6#:^^XO
M<J6W056VG1Y;04_2D]E,Z]"ZNC-?:K=M&]:LM'(I`5B1>;;861*RMY-RB[EV
MQA3?D5@E&2)!QHQ=UUL/D[5Z9JZJO:%=I\E8C-4V%A,671V[7,W&2]HB.4<1
M:(.Q.%)!-Y./*J:DU51\Y=&*;I9?7E0,Y8J(Q>FNZMHSDORQ:QD62=U7;Y">
M"<JSU9.,XW[:CH>3K+C7_$JRW-J[D@5L#B$DX>;VW>F#%IYH8[]Q65"F>MUX
M=VREAI&<FEI>PRL3>49I55Y&P6VMDURGRKDYCO)&K0]C<-TT'7:21Z%K,[Y_
M"-S"43*LXM%0YU5#G5/65X\#_]>?Q@,!@,!@,!@,!@,!@,!@,!@,!@,!@,!@
M,!@,!@,!@,!@,#!V[?6*\>O^D_DU^\SC=A>U_=G%A#`8#`8#`8%,US_;6;VS
M._S?&8%38&#NQ/K"^+W_`$T\K?=IQLPO:_NSBPA@,#4]R>^L5XE^TU/]Y;#)
MW:_K6V'*R8#`8#`8#`8#`8#`8#`8#`P/X3?I9SC_`.M;8WN%UIDY:O\`7]F>
6&5DP&`P*9I7Z&U+VLP/YJ:X%38'_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>15
<FILENAME>g652797g97b97.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g652797g97b97.jpg
M_]C_X``02D9)1@`!`@$`8`!@``#_[0FL4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``8`````$``0!@`````0`!.$))300-```````$````'CA"24T$&0``
M````!````!XX0DE-`_,```````D```````````$`.$))300*```````!```X
M0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!`&QF9@`&
M```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4`
M```!`"T````&```````!.$))30/X``````!P``#_____________________
M________`^@`````_____________________________P/H`````/______
M______________________\#Z`````#_____________________________
M`^@``#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0`
M````.$))300:``````!M````!@``````````````K0```A@````&`&<`.0`W
M`&(`.0`W`````0`````````````````````````!``````````````(8````
MK0`````````````````````````````````````````````X0DE-!!$`````
M``$!`#A"24T$%```````!`````(X0DE-!`P`````!Q`````!````<````"0`
M``%0```O0```!O0`&``!_]C_X``02D9)1@`!`@$`2`!(``#_[@`.061O8F4`
M9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P,
M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X.
M%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`S_P``1"``D`'`#`2(``A$!`Q$!_]T`!``'_\0!/P```04!`0$!`0$`
M`````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@)
M"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D
M%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#)D235&1%PJ-T-A?25>)E\K.$P]-U
MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$`
M`@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D
M8N%R@I)#4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%539T9>+RLX3#TW7C\T:4
MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G=X>7I[?'_]H`#`,!``(1
M`Q$`/P#U5))#;>QPD!T?U7#\K4E)$D'UK3HVEWQ<6@?]$O=_T%)OV@_2#&>`
M!+O_`$FDI(D@6-N`<]]I#1K%3)/W1<YW]A28QKV_2>>Q+BYI/_4?]%)2]U]=
M(!?.O$`GRUVCV_206Y]3ZVOJ8YX>T.`T;$Z[7>HYON;^>JO5>I='Z.RMV:^N
MI]Q(J-H<[<6P7?I&LN?[6N4ND]>Z9U9UC,.]EUE(#K&LW0`Z=GNLKJ^EL>DI
MN?:6GZ#+'GPVEO\`TK?3:I-?:X3Z>WR<1/\`T-ZPOK=]8KNAU8OI8[<@93GM
M=NL=66[`'^UU;7N4/JE]9\CKMF77;C-QQC-K+2VQUA=ZALG=O:SZ/I)*=U[L
MD`N)96T>`=8?P])/6U[F[C:YTZ_1#1\@6[EQ_P#C'R\O&LZ9]FR+<?<,C=Z-
MCZYC[/MW>DYN[;*7^+C+R\FSJ?VG(MR-@Q]OK6/LB?M&[;ZKG;=T)*=KZP]1
MZ+TZIE'5+'@9FXL!%MC3Z9K<^6XY]GTZU9Z-]8>F]9-S<&PV.Q]ILFM]<!^_
MT_YUK=W\T]<O_C._G.E_#(_]UDO\6/\`.]4^&/\`^[*2G__0[CZU_6)W0J,=
MS<?[1]I>YABSTBW:WU)W>G<J_P!5?K6_KF1?BOQ31]GK;9ZAM]0NW%S-L"FC
M;]!9W^,X@8O3I,?IG_\`GLJE_BT(/4\^#/Z"O_J[$E.]]=/K!G=%KQ!B,JL&
M4ZQMGJAYT:&N;L]*RK]Y0^I7UASNLG,KRJZJVXHJ-?I!\GU/5W;S=9=_H6K/
M_P`9Q`KZ;)CWW?\`4L0_\6)!MZI!G3'_`/=E)27_`!EVW5_LSTK;*I-\^F]S
M)TJ^EZ;F[E#_`!:W767]2]6VRV&T1ZCW/B3D?1]1SMJ7^,X@?LR3&M_Y*5#_
M`!8D&_J<&?;C\?'(24F_QF_0Z;_7N_ZEBK_XL_Z9U'_BZ?\`JKT?_&<0*^FR
M8]]W_4L0/\61!S.I09_1T?\`57I*;'^,W^:Z;_QEO_4!!_Q9?TCJ?]2C\N0C
M?XSB!3TV3'Z2W_J`@?XL2#D=3@S[,?CXY"2F?^,[^<Z7\,C_`-UDO\6/\YU3
MX8__`+LIO\9Y`LZ7)C3(_P#=9+_%@0;.J09TQ_\`W924O_C._G.E_#(_]UDO
M\6/\[U3X8_\`[LIO\9Y`LZ7)C3(_]UDO\6)!MZI!G3'_`/=E)3__T>^SO^;G
MH_I_L<Z^EZOI?2C_``?K^S<H=/\`^;6UWH_8?5C])Z7HSMGV[_0_-W+YO224
M_2>=_P`V_2'K_8MVOI>KZ//YVSU_:H]/_P";?IGT?L7J:>KZ7HSR=F_T%\W)
M)*?I+/\`^;?I#UOL6_7TO5]'RW[/7]O]=-@?\VMCO0^P[_\`">EZ,Q)V;_0_
MZ*^;DDE/TEG_`/-OT?T_V+=KZ7J^CS^=Z?K^U-@?\VMK_0^P[_S_`$O1F)]F
M[T/S?W-R^;DDE/TCU#_F[Z3?6^Q3N&SU?1\6^IL]?V_0^DFZ=_S<]-WI_8O4
MD^IZ7HSMEWI;O0_-_<W+YO224_2.?_S;]-OK?8M\_H_5]'B6^KL]?V_1^FFZ
M=_S<]-_I?8MV[W^EZ/$N]+?]G_\``]Z^;TDE/TCU#_FYZ;?6^Q;Y_1^KZ/$M
M]79Z_M^C]--T[_FYZ;_2^Q;Y]_I>C.V7>EO^S_\`1W+YO224_P#_V3A"24T$
M(0``````50````$!````#P!!`&0`;P!B`&4`(`!0`&@`;P!T`&\`<P!H`&\`
M<````!,`00!D`&\`8@!E`"``4`!H`&\`=`!O`',`:`!O`'``(``V`"X`,```
M``$`.$))300&```````'``@``0`!`0#_[@`.061O8F4`9$`````!_]L`A``!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`@("
M`@("`@("`@(#`P,#`P,#`P,#`0$!`0$!`0$!`0$"`@$"`@,#`P,#`P,#`P,#
M`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P/_P``1"`"M
M`A@#`1$``A$!`Q$!_]T`!`!#_\0`I``!``$$`@,!``````````````H'"`D+
M!08!`@0#`0$!`0$!`````````````````0,"!!````4#`04#`Q$&!`4#!0$`
M`@,$!08``0<($1(3%1<4%@EW&`HA(E0EM7:V-Y>WUSA8F-@Y&C$D)C:'N#(C
MUGA152=7&4$S-&%"1#5%*!$!``$#`P4!`0$```````````$140(Q$E(A06$R
M$P,B<?_:``P#`0`"$0,1`#\`G\4"@4"@4"@4"@4"@4"@4"@4"@4"@4"@4"@4
M"@4"@4"@4"@4"@4"@4"@4"@4"@4"@4"@4"@4"@4"@4"@4"@4"@4'$O+\QQU&
M)PD#TTL2`-]T2YY<4;8C"+9<6P2E:<03:^[:]_\`%^RU!;I(-:^DJ-J[MRS4
M+BQR=K7N&['$Y4@G3_8=K;>%=@A0Y`\\:^VVP'`WK[UMEO76VW;E9-T7<%YY
M<.=K_P#3[#NJ#)Y(@[Q"^-:?9]&&94+<W[`2O^64&-F(_>_985E/#_9?>W1!
MO>[9[S";O$O'6K5*_!L*(:-5[*2?>_9E69,ZXWAFX4*P;E*5C=C<G-+@1?=O
M>XB;AL985MV^S;O64QY%9XL&#!#/$K!XAF<H+@V4BQL,<Y03[*`F9^>YGIQB
MA62&YKG1RDTF:QEL1/[DY%O9E@%E-"9U4*+*+%6+++-.+T_C;%7'][IB$GEC
M3.R-E:$C^Z)GM\2MJ%.\/*-LNRI'9T)3%EKG),SW7.?*R%JD(C`I^T'\&PMS
MB"V;U\6KE:!0*!0?_]"?Q0*!0*!0*!0*!0*!0*!0*!0*!0*!0*!0*!0*!0*!
M0*!0*!0*!0*!0*!0*!0*!0*!0*!0*!0*!0*#U&,!8!F&#"666$0S#!BL$``!
MM<0AC$*]@A"$-MM[W]2UJ"ADRU0:;L>7.!.,^8=BR@C;Q$+UDB(HG.X@BN`0
M"FHUVLY*#0BM?:`LH0K;+^IZEZM)GLE8CNIM;7#@ISN`J!E9;RRI,V7+*Q7@
M?,DR1C+N*X./>0HH27%2R+&6V7&->$(=MKWV6]6KMGNFZ'CSCLRR"U[X_P!%
M^<5A6VP;.63)-AO%#9>XK"W1]D6Y"D<QL3MMZZ]V??#LOZW_``[RD=\BL\7G
MG>NV1WXB&`:7\5)3`["PR7(>2\O/)`K@]0:IMCL&Q6TBV#V7N`IS'MVWMO\`
MJ6$)_-Y/ZM#QT@U:/X;"E6K]!&`G7N)0CPWI_A4?[.`=@W$E1N>57S,J@5B[
M[0A.$2$RX;[=@1;+V5QXE)Y/-]'3`[W':?YXU69((.VV5(7?/4H@S8K#<5AW
M`I:L)EXK;1E;UMM@V*L&W_I:VP.QNM$+M\RY9FT0:265:4YVP#CF0.I-K6*=
MYVS=2'@NX3.*$P+MD$Z3.-C@F>K8?%W[7_9>F[*YMQLN*C\6C$31\NBL<88R
MW^M_<8^T-[,C]9O;O[JW)TQ'K=^^SUOJ;;_\:Y5SU`H*77S#A5$D+>+Y2Q<D
M0O;RJ;2G2\WB:=([R!L3-Z9<@+6\S`2O>6](8D+-*L(9Y18B@BM8-P6H4FSO
MC:^LCR<Z)VAX:G4]C<1L[V2VN"1<<SNY1"=48UNA:4XT;>XEI511@B#K`-L6
M8`5P[!6O</H0.3<ZI@K&M>B<D@AFEA5(%1"Q,(PDP11Q83TYAA5QE&AN$5MN
MT(K7M?U:#[:!0*#_T9_%`H%`H%`H%`H%`H%`H%`H%`H%`H%`H%`H%`H%`H%`
MH%`H%`H%`H%`H/G3JTJNQUTBE.ILG4')#[ISBSK$*DXMP],=<L0N&H('Z@P"
MV"#?U+VM04R/S?BLI.UJ29@B=0/4@F$8;"H\C=9,K4O6/9>9C^<D601Y`YK2
MDT1G0`L[@J,+"E2.1Q*<PP)IY(3!1WJ-2!MEL<8)4S#4&,\F9&J0-)BM(I;U
M0VUY0D.*$:E`M*(6(E`DJD%QDF@`:6+:$0;"M>U!S=`H%`H%!T*7Y4QACX(Q
MS[(\"A`"R[FC'+YA'HT$!5@6,N8,3TXHK!+L6*PMM_4V7VU:3.D%8C65`U&N
MW2G<TQ/'\KILAJBS1D62XBBLYS$<<H!LMP2>E\9EI9@A7%;9?>W-E]ZXK!M>
M]KMRLYW1=^5]5K^\W&5`-)^JR8GBVV2GN\"B^(FPP6]:UKJ5&;)QCQR1E"#?
M;:]T8Q>KLN&VP6ZVWRA:^)+9!UI2.X"X_INQ)CXD6P8W#*FH!8ZK"0;UPB+M
M'<8XRDZ0X_=V"M[<`!?U0W%;]M*8W2N5GCN/K<DMKW?L_P"#L;$WO:UD>,\#
MO\I<[`O85AW[R9&RFI;;G`_:$7(K!OZFT/K;[ZN-C^KO/FM3%\OQL@ZN]4$I
M.,#N'I(U(X#B!FW;@W+V2DXFQ[$7U-_]!7<C#+;+7WM[>$)6.V,%/,O(-".E
MU5<LV5X]<<G*@F6..59AR%DG+PU:C:$0U"E/D>725`(8Q@L*X0DA+L+U;!M>
MFZ;KMBRND.PSA_'>YT_Q3C:"\+_V^YT%B\8X>S=V;G)&M#N;-RW[/^%JE9G6
M2D65)J*4"@4"@4"@4'7)@0%5$I2E&SODA`ICCV0-@C#L2PR5\"<V*BQ,\>?5
M#_%4[*^.=A<%(K&Z-H$R@8#!*D]@W.`%EL>TQNK5CUGQB:T!?(<#-K*NB9^0
M%#)*\@8QP$@%%)S(X+)I<M5O+I.#93,84J8@G\P<7`3&](KK%!YB$XVQ:OO=
ML-9)<+:H5\:`_P`8-U"XMC&,H86ZDXQ;)'AU[0,F760Y_*<H"L(3+\;Q\R8-
M;BWIQJG60DN1KF.PADFIR2!717##,+?XT\98D#JQ)(<V3J51!VCT)1*&I24P
M(8[B+'4$5"-,9;<M*--<(L8E(*)$,%FY$E'_`)8C!$$B5=J(4"@__]*?Q0*!
M0*!0*!0*!0*!0*!0*!0*!0*!0*!0*!0*!0*!0*!0*!06\8FSLKS(U0S(L0AQ
M)V#,A,;P_13)1TI3@=3VM$<9=B?'6&":``;8S-6P@:UM4A<SU($XB@K4J,XS
MA!+2G^K?(YKF19+8L6ML*:V>+Y'R9J/<=.SFAE*D$L9<7N*?#N0]14=D<D)C
M[Q'KR%)D3#T(0&LQ"9P1B$XR1(4:.QB941846YZ@-6V>HTZC9(/,G9T>H\V:
MJ(+)#<=XB9$;4WYDQH+"LUQ<_P`DA<X%DW(9V+8SB_([DOF*:-FO#\[-J(I6
MRDEJ;#0FQ8B%_<^S;+4<.QS*<-1F.YL;9ZWC7`DD/<96^,@DH$K:M3/$;,B4
M1DT9>&EV(-4V(&YR%A+X@20EG*-\ZY%2EW&Y8*F2Y5I$G8HO)C7Z+9B9G:=L
M4?;5RZ[,TS;"N4,>R6[ZC8G1Y1@9HT^S9*K-%=2O)*-1`$`PW98VA'=U3'F)
M9U"'_4:KQLU6A$9S$KB!T4L^LL*;GG'D[:HX_8LE<J3,\/LW)I9!6>.Q"*.+
M0G7KN<.:@2^QBT!`TMP"SI\<TL(X)%)<FR]/(.YD*<C3);"GTF[GC-IBV+,L
M2"#3'+$,LDO(5PS%#^^QHXT@"QP<@$J$:%<$XM2`5BU"K[\8ZC]+V"X4R0"2
MZM<:Y4FR=(TA?WB./264RN62)-'V9H=I&MBD0>I\_A?)8O;!.:RUS#AG+UQH
M@^H,(:NW*SF<L;N^>>3#W?:+'V'=3^3R+VMP5T;T_3V,-"H0BQ#"!(^Y:0XV
M9%%K[M[;X5'"MZE[BL$0+BNV\PF[Q+P+-.J5]M:\1T:KF4D_U4RK,>=\;0[<
M),"$9*A8WXU*S4X$"L`7KR+AL:$=MR^[_BLICR*SQ+MVO&0W&4HE&E/%2<[;
M:YK1%,K9J<T@=ZU[73*7:2X4;3C;!]2]S4=PWV?X;;?6OY\K_7@MIZSJ_P!P
M6GFM++8TUM@C&W%<#PWC!&:985[[+KUL)G<J+($7?=N`#F$7[+V%:]MM*QVQ
M2D\GCS(L-.EKWR`^YQRV;>]KWMDS4'F1^;-FP5A%]UD4S:8=8DVU]@@6;MR_
MJ^IZX6\W3V-L._1#2?IA@)@#X?I]PXQ+@WL+FJ7'45&]F"MM]>>^*&LYX4CV
MBO?>,/%?:*]_VWOMFZ9[K2+*]ITY"0@I,E()3)B`!*(3IR@$D$E`ML`6446$
M)98`VMLM:UK6M:HK]J!0*!0*"E#[F:$L.4HOADP]R<\ARID.DY#$RMYCB8S1
M8E8>WAD\D-`,!;(PJ5Z-002H-]::>G&6':9NA$6G2KAAZB\2A8027O"KY18W
M*O;#C8](4:EH;\'3`^!9;?'IN7MB5Q:F&!2HFR5<J.*`6&YA8P7&68$5R4=N
M?\I0J,R1-%7AT&G=CNZ':;`1+#TC3U!DBR&P+G*XDD:9M[YRQN/;F[B"MVA6
M2(%MFS;05"H%`H%`H+(O$<U"SW2KHRS)GO&),?43B!]/.2$REN4NK$/O1E6#
M0QR[<@1N#6H/W6B1*+E;IY>Z=8`K[UK7#>XQ68@19OU"FO/_`)/@#Y/9)_K^
MM-D>4J?J%->?_)\`?)[)/]?TV1Y*GZA37G_R?`'R>R3_`%_39'DJ?J%->?\`
MR?`'R>R3_7]-D>2K,'X/OB6:B==&2<PQ/-2+'"5K@L'8I"R"A$:=6)4->XOP
MVU0%<:X2-[`>GLG#ZT(0`O87J[;_`+*YRQB*45GSK@*#_].?Q0*!0*!0*!0*
M!0*!0*!0*!0*!0*!0*!0*!0*!0*!0*!0*#U&,!8!F&#"666$0S#!BL$``!M<
M0AC$*]@A"$-MM[W]2UJ#'C86D73_``%WQ*YZO&J&8O`@EK"P8N><L8C3DP9D
ME=W)&JC<4OR`&1'!I8`.RLIN2N:]VLWEB#8-MU(E[-8QF=(DG*.\Q5PCOE'1
M),9`[O\`'L>Y/S-*'R,02+.JC%>#L]2)L/:<9R)Z?\=NA*R/15LQPQR""2>0
M+5#4])3DCHU'+!<!026.UJNV>Z;[.VLDXD(SFU=B_P`/O)ZEP1NBQZ(F>8'K
M"L"=POKNW(6=RD:U^D&09QE5>^.+:R(TJQ<H0F+CDJ0H`Q#`40$2D<H-TV=\
M+===3\5L:\?Z6\2(K%@*0IY#/<E9<<D0`D;@.U-<;A6*6BX23`VV%$.5PW#>
MX;#MN6&8_F\I_5H?I?#^K%_N$<IU@I(T6<$=U*'#6G^#QRQ'%`"]TZ1TRJ]9
MI4B"G,L((#KE`,&7?;NA'L$%7'B4GD\7T<1YW"(O(&=M562B#1B&J1O6>Y5"
M6U9O&@.L6I:L+!Q8UB)+-#O``$D(07OZEK6""P6ZT0M/,N89M$.DEE7V=K:?
M\;/[O8(0!>9TQ%Y'>2]PZZ@`BG:?F25Q*-+.O>X1A-L,.V]K7M:][7F[*YMQ
MLN*8(O&HHB"VQ:.L4:;@6#8*!@:4#.B#8(AB#8*5N3IB+6"(T5[>M]2XK_\`
M&]17.T"@4"@4"@4"@4"@4"@HC.\-)<B3^!2^0GQGLF,Y&QS&%GHHDH39$:)&
MVHI0VNP"<B7DQ@"HS(FR0`2*F\EJ)N:CNL(./.+66LG+51%3HYL[0YYC#]/4
M2]7)FS67#Y`Z(X<N;4YN/-:67P98G+*TMO?E8:W2:-F(4:%`ZFJ59`@DF'#0
MVN;8LL55%E&GL^:39QF,AE38,3XYX1->D39%G)"8<S:;<Y2G.>'$#<K/FB\I
M`YI'N3"3/JLPA04[EE;Q"9OL*Q8`N7HA0*!0*#%;XV/Y8^IC^C7]P.*:ZP]H
M$`NMD*!0*"2=Z-G\=^I3R51/X7&5QGI!"7Q62E!__]2?Q0*!0*!0*!0*!0*!
M0*!0*!0*!0*!0*!0*!0*#H$PROBW'H#C)]DJ`0<M."YIYDPF,=C(""@E!/$8
M<-Z<402P!)&$=[BV6L&]K_LO5I,]BL1K*@I^NW2H(\Q)'LK$9%6`&<6%+B&)
M3O,9IIQ%@W&45?%T8EQ(A;!6O:^]8.[M%MW0B%:[<K.=T7?C?5;(7D(@8_TF
M:JI@>,8BTIKU!8KB%M,W#0!N8I/S3.8`Z(B1E"WP7$B$*][[MPAO8>XVWRA:
M^)>W4#6G(QW*C^G'$&/T^P(^993U`+W5;:W%$6,H$;QEBZ3)##K%W"8&XGDL
M`K6$&]PWV7NIC=*Y6>H8-K;DMBA2#4#A#'!-KAXJ'%^!GV2.0@7L8$P(9+DG
M*;@W<0-KV$`7(K6WMEA`O8-^(KC8_JYYK$O?+&&9"U=:H94<HM8*A-&I-!</
MM(0\&Y(@(2<20"(OB*PK;+[W,1FV$&PK#L.XQ#;K8P4OE+W!H2TN*3"U$JQT
MNR:L!M&:KS%D#)&8#%1XPE\92H(R5+I0AN:>858P5@%`+L9:P@A#>UMC=-UV
MQ972'8;Q#CNQ8<?XJQO!0DWN(D,.@T8C-BKWL"U[EV96M%8%[V*#^S9_AM_P
MM4K,ZR4BRI%12@4"@4"@4"@4'!261M,28G&1/BH"1L;"0FGFC&6`1AAII:9(
MC3\4PH!BUP6'%D$%[UKFG&!!;U16H,?+AK?EK=#L4Y2>(`G9,3R!TG;;DC(#
M26ER)&&"0Q^=OL.B.-D"EDF3)*&J3S8YD`G1O"MB41\;BX)$XS23#@%BCJFL
M=U:BM2;NW0O(SI(HNUWEL*8<2O2!M9W%S,CSB=FM"W)8FW+'94U]O2%-$Q/4
MHEZDM*=>[<06N"0`P\2$BI16S&$]43A-,TKBC3I'J`Y!DF/WD:&RBS8X*&<*
M%Q;G9N"KVJ"2G./O*(XX@0C;)%8CDX3E`2@GF"53:(4"@4"@@R>*?JWU68]U
M^ZCX;`-3>H2#Q!CDL9(9(K#\T9'C,;9R#\?1!:>2UL;+)$36WE'+%)AHPDE`
ML(TP0K^N%>]]<8C;'1&/WSZM;OVQM5/WA<M_ZOKJD6#SZM;OVQM5/WA<M_ZO
MI2+!Y]6MW[8VJG[PN6_]7TI%@\^K6[]L;53]X7+?^KZ4BPV3M8*4"@4&*WQL
M?RQ]3']&O[@<4UUA[0(!=;(4"@4$D[T;/X[]2GDJB?PN,KC/2"$OBLE*#__5
MG\4"@4"@4"@4"@4"@4"@4"@4"@4'$O+\QQU&)PD#TTL2`-]T2YY<4;8C"+9<
M6P2E:<03:^[:]_\`%^RU!;F^ZV=)4>6`;5.H7%KL[&"L`#)#Y2AGK^(RX=\)
M=F&#BD+QQ1VV;H>!O"N(-K6O<0;7NW*R;HNX+SRX@[6,'CW#6J'*!-K6[.MC
M6G^=1AI7BN3<T($+[EM)C5C/L*]K@W^TV*L+9>XK`&`0KMO,)NM$O-\T:IGZ
MX>Z.C96QISPC$G69ESQCB'7`6(`#$YRMMQFGS8X$B&`5]\D5@F@,MN"W=MQ!
M4QY%9XO%VW7E(@B*4RO2KBDHX8MXUEB.5,T.20JQH!E]F5/$GPPW'G7+V@'<
MU%NWM;:&P;BMPW\^5_KP]O-ZSD_COW[UHY?&DV!ORK%D%PQC!$(T)HA;1N"R
M"3J66)&0*X!``Z`OML$01!O:^U6.*4GOD]0Z(<,.5BA3]ZS?EPXJX1!OE#4%
MF61MHKAL8$5A1<B:-L-N6:69NC!RZP!!V[;>O'O-T]C;#O\`#]*&F.`B";#]
M/V'6)9801B<TF.XJ-Y-,!8=@F*'M0V'.ZHT/%%ZXP\0MHQ7V[17VS=,]UI%E
M>R224Q)2=.44G3IRBR2""2PE$DDE!L`HHHH%@@+*+`&U@AM:UK6MLM45^M`H
M%`H%`H%`H%`H%`H%`H*;93S%BO!\9+F>8,@1/&L3-=$K(7(ID](V)H&[KB52
MA&VA6KC2B+K%)"(X8`;=X02Q7M^R]*3.@MJ7>(9X?KHD.0.>J[3JXH5(0A4(
MEV0HJK2'A",)@0G)E"HPDT(3`6%:PK7V7M:_[;5:384OCVJ;PMXH2E1,&I+`
M#<RHA\=+%`YF"?""5_>1ZE_.`P15)3X==_[R/YZKF-T-UV^6FMQ=Q&C"0VS:
M2KW)U5>%PG8S8T1J/T]%1]3Q`KF<&7D]F]T(%#;8^)0O";O#PGEL;X<`M"C2
MJK')D(""1IP%&$E#`VS:2KOD>U[^'A%&X34P:K-/K>B,<'1V/!;*#&I/5NKX
MXJ7=X<ERQ8YJ%JYP<G-8:><<<8,PPP=[WO>E)M(N,Q#J%P;GY,^*\)Y8@F4T
ML9/0)I"H@\C;I"4S*'0M4:W$N(V\XX*4Q:6B.$786RX[%BV?LO2DQK`K'4"@
M4"@U\'B__F0ZH_?5%/FUA5;8>L(QL5T%`H%!M1J\ZE`H%!BM\;'\L?4Q_1K^
MX'%-=8>T"`76R%`H%!).]&S^._4IY*HG\+C*XST@A+XK)2@__]:?Q0*!0*!0
M*!0*!0*#U&,!8!F&#"666$0S#!BL$``!M<0AC$*]@A"$-MM[W]2UJ"A4RU1Z
M:\>6.M-\^X=C!Y`K@,0N^1XDE<[F!-N2,LIJ$[<R/-+,M>P@@*$(.Z*][6L&
M][7;,Z0E8NISY[^#7,=T\$3Y?RPKM8(^%BS`>9YBBL4(T1'&'(D<'+B9)(3[
M6"(0UX;`N(-Q;+7M>KME-T=GJ'4;F>0V*O`-%V;U))EPV$Y90E.&L4MI=AV,
ML$P2(_(4IF5BP&!V#MR>PPAVBL&^T%C%([Y%9XG.M=TDL8:A@>E[%)!MK63`
MDL_R9F!V37N3?:8N;H["\5-1EP'6M?ADN=[""*X>);<L,Q_-Y/ZM#S?#^K%_
MN$<IU@I(T6<$=U*'#6G^#QRQ'%`"]TZ1TRJ]9I4B"G,L((#KE`,&7?;NA'L$
M%7'B4GD\7T<1YW"(O(&=M562B#1B&J1O6>Y5"6U9O&@.L6I:L+!Q8UB)+-#O
M``$D(07OZEK6""P6ZT0M/,N89M$.DEE7V=K:?\;/[O8(0!>9TQ%Y'>2]PZZ@
M`BG:?F25Q*-+.O>X1A-L,.V]K7M:][7F[*YMQLN*8(O&HHB"VQ:.L4:;@6#8
M*!@:4#.B#8(AB#8*5N3IB+6"(T5[>M]2XK_\;U%<[0*!0*!0*!0*!0*!0*!0
M6'9RQ/,9]EQ9(H&X%0]*CQ9D&#S.2'XVG*AX,6NYF,9*PG)G5L?FXO*D.7D1
M8;.ICR%+:Y(5B]02M3K@@L:6'0'G'NI\QIQNH;8NW`C`]3\:RA:!WR&\LCI`
MHBMR6G678'5`TPR1H7N,,<?3FNMR!.1"=(J=3"K(`V0(N%%Z*K$1W)K]F5KF
M86>4H$[GFB)S-G<W5/9$7&,"`TT.47>\?/R<3END.`<T&.*HYKX9H^UO:)<`
M)MDAAR&IV7M40H%`H%!@O](4^H8S^7_'OP;G]=X:DH1-:H4"@4$LWT:?^2-6
MWOJQ#[D9`K/].Q"3S6:E`H%!KX/%_P#S(=4?OJBGS:PJML/6$8V*Z"@4"@VH
MU>=2@4"@Q6^-C^6/J8_HU_<#BFNL/:!`+K9"@4"@DG>C9_'?J4\E43^%QE<9
MZ00E\5DI0?_7G\4"@4"@XE]?F.+,KK)),]-,<CK$@5.KV_/KBC:&5G;$10E"
MUR=71P.3H6]`D(`(9IQQ@"RP6O<5[6MMH+6S]=VE49IZ>.93!D=608:3V3$$
M0G>8C3E!(+&73D&8QC$K3#&,(MH1<2Q>[80KBL$`Q!ZVY6<[HN_.^JN1O-[D
MX_TEZJ9@>9O]F/>83$,0M0^&(N]Q*E&:9Y`'1&$T@S?+VHA#N+U@@A%85@MM
M\H6OB3O_`*U9'?AQ_3EAW'I.]O7<,IZ@')X6A*"?N"`&.8SQ;(D9AYA`K&`V
MO0`;;""*]M@;C4QNE<K%H+K8DE[#?]0>%,=$>LM=#C#`KW(7'=WC+&7[QY(R
MDYH.+<L5KAOR3=L/=VAO8`N,KC8_J[Q;2O+7NP3,AZN=4<M/'8-E2:.RF#8>
M:!["1D#"D(P_C^%OB(!A8K;;\R&8$8;#",([B$)NMC!2^4O<O0EI;4#"?*,<
M*\F+-^QQZS,,]R-F`Y6IN66`U4I*R5+90CN:>(H(Q!`4`NQ@0B"$-PAV-TW7
M;%E=H=A[$F.^'T_Q;CF"\&UPD]SH1&8SP@W+`5>Q?)&Q#N6N44$/J;/6AM;]
MEK5*S.LE(C2%1JBE`H%`H%`H%`H%!U">J9,CB#^KAZ=2KD*5L6*&Y(WMS0[.
MRPXE.88%(RM\@DL/CRAY5"#8M+S!S2(@G""(X=R[""(+&85JWD>1'W3ACI!+
M<6QN=9?T]N<KEEG!$IL\LV6EF.8!+F8MFQP[2ELDI$9:+2D]:-"L,$>YD7`0
M6L)$F4FB+354>+Y6RB@PZ@E+_(&2;NLKU"M6+HY+&F&BCC8D@KIF=NQ(&5*6
MPM]>D9IKFG2K'!H56/,2'C<6\)A9H+CL8%>\,SAUR%!`O[XA*1.R"8Y.A"X:
M9.<C1.YN,\FR_&]I0V(U!ZLY(SS`$4LZHRKGJ.&E6%AL<;:UC!$53H%`H%`H
M(QF?/2#9AA?.N:<.I=,$:D";$^6LC8T3OQ^4G1O/>R(),7F+%.YR`N#JRT)K
MD6U6.$2$TVQ5Q[MABM;;?2,*Q$U2JDOZEB;_`&28K\KSO]']/GY*GZEB;_9)
MBORO._T?T^?DJ?J6)O\`9)BORO._T?T^?DJJ'B+TB"99.RQC#&I^EJ,LY&0L
MAPJ#G.Q65758:UE2R2-C`8XE(QP5.!48B`X7-"7<PNP[AW;B#MVV3A2)FI5*
M*K-2@4"@P7^D*?4,9_+_`(]^#<_KO#4E")K5"@4"@EF^C3_R1JV]]6(?<C(%
M9_IV(2>:S4H%`H-?!XO_`.9#JC]]44^;6%5MAZPC&Q704"@4&U&KSJ4"@4&*
MWQL?RQ]3']&O[@<4UUA[0(!=;(4"@4$D[T;/X[]2GDJB?PN,KC/2"$OBLE*#
M_]"?Q0*!0*#YU:1*O3'(UR9.M2*`7*4)59):A,>4+_$6<0<$91H!?^MA6O:]
M![DDDIB2DZ<HI.G3E%DD$$EA*)))*#8!1110+!`646`-K!#:UK6M;9:@_6@4
M"@4"@4"@Z`#*^+3'R51DO)4`')(*!E,FT?!,HZ)\AQ<D4F(HZ9*FD+C=?'@/
MZPH12*ZLLFRHT-PE;PK7M0<^3+(LH[N<"2Q\_OB`PR(\%Y;C.])9+<8[G&1S
M<4BYX`II)&J%=-Q;!3AN9?UEKBH/=+*(TN>EL;12)B5R)L`,QQ84KL@4/3>6
M66WFF&+6LI0-<D``IV2"O<PL-K!4E7OZA@-H<[0*!0*!06UZD]7NG;2$R1J1
MZB,A]/6:8.JMDCJSNG.99S%S0I++U2;L\'C,F5).$E%8>^>`HL7[+"O?U*L1
M,Z"RI[\9#PJ),B`W23/C/(&\M6D7@0/>!\Z.J("Y`>!2@6@2K\1*"`JT2DL)
MA)E@[Y8PV$&]KVVU=F5BKU_\QWA3=L97#KTS=OC:)8W1U=T&SGVQ@;W`I&0O
M0,JGI%QFI$N);TX#BB!%@-"0785KV`'8V96*N&'XM?A"FIF-$9EV&F(XPP"B
M<:2#TY9F&FCT6$KC:\4:8R!8;N4TL`ET-9SKHT]BTUS6I&/<WDQ%P-F5BKLS
M=XS_`(6[.@1-31J)1-;6W)B43>VMV$,](4"!&F+"4G2(D:;$I2=*F3E!L$!8
M`A``-K6M:UJ;,K%5]6GK4KA355`CLG8$FG?R#IY`XQ8Y[[N2R+[CZU)F]8O0
M\MF;#'7<7`3NA`N+9/<D7$V!'>X16M)B8U%=*@4"@4&MBUU?7=UC?[J=0OSM
MR^MXTA%JU4*!05_TG_6FTU>7_#?SBQRI.DC9CU@I0*!08+_2%/J&,_E_Q[\&
MY_7>&I*$36J%`H%!+-]&G_DC5M[ZL0^Y&0*S_3L0D\UFI0*!0:^#Q?\`\R'5
M'[ZHI\VL*K;#UA&-BN@H%`H-J-7G4H%`H,5OC8_ECZF/Z-?W`XIKK#V@0"ZV
M0H%`H))WHV?QWZE/)5$_A<97&>D$)?%9*4'_T9_%`H%!2_,4WD^.H"^S&*0]
MNFR]@0N+PM:GB8)X*U$,C&SN3Z\+5<D4,T@`D-[$UB(2ANE$2:N/)">:E37.
M5D"%!W;4Y.(W*FI%)\/M;-#Y:R11=$'"^1G!1/TCQD#*>+,00%DR?!.FQ,?Q
M^*32O)MQ@&FDCV<!&SK16(&>2-.`M%1$V?D#FPP-6T1\:F1Y!R]DG!S.R+'8
MM$UDSS$8LO6G`53^4@6GV8R0X0?+HE`$(CE5^S6,((XIER115#&\Z9\H8[@6
M3(Z!65'\B0N+3IC+7@**7%L\N8T+^V`6ED'*""U8$3@"Q@0&#!8>VUA"MZMR
M.Z4"@4"@4"@L>F>'9SD;)LCD$AQNW1Y!!KMYN"Y?"<CLS:_B6),EP3*#N*0L
MCC`'5J3),B3:()%#X8K"[=E;6T%T:4;B>:8,KK,=TNYCAL\PC,TLTQ_*R8#)
M,Q3*2-CK&7UO=$[IEYOGTDDL>B4F(DXVU'&U^19P:`@7(234K82DL:!59$03
M85CJJGC+"LXC60(Y(W]>B+;HVX:F9`:>C?%;@O?%.HS)\:R>BC:JQK6BN8S8
M\,3+6NW$N$)Q#<TGDA#O')T@JNTHA0*!0*"-AZ2;\2.FKRJ2WX)$UIAK*2B$
M5H%`H%!-V]'K^H8\>7_(7P;@%99ZK#.A7`4"@4&MBUU?7=UC?[J=0OSMR^MX
MTA%JU4*!05_TG_6FTU>7_#?SBQRI.DC9CU@I0*!08+_2%/J&,_E_Q[\&Y_7>
M&I*$36J%`H%!+-]&G_DC5M[ZL0^Y&0*S_3L0D\UFI0*!0:^#Q?\`\R'5'[ZH
MI\VL*K;#UA&-BN@H%`H-J-7G4H%`H,5OC8_ECZF/Z-?W`XIKK#V@0"ZV0H%`
MH))WHV?QWZE/)5$_A<97&>D$)?%9*4'_TI_%`H.I2:?P2%C2%3&:Q*)F.`#C
M$!<FD;.PC6@3W+"H&D`Z+$HE("!'`L.X-ZP;BMMV;;4%"\K2C`N68TFC"[4?
M'8BF3/C8_"70G*F/FYP6'-`CC4C>X<X"_-ZYI[8,M0,@Q.*PCTY0MOK-EU)'
M'+56EQT,=E3MF>$.KJ\,F*&52]+\NQLYT!?"<F=9MCAW)/L[@*N]LDT>E#J,
M\PLRRM4*UCPF$VL52DV*OD*\U],4V`19SB:(UC?%DN851&7XH(UEG#VLR4LF
M$W;R5#@>B#(YSU;?"G2YA1B4PE06$D@CLY-P*38JJ9&,HZ=89&H]#XSE7$[5
M&XHQM,:C[67DB,GEMK(Q($[6U("SU;ZH5'`1H$I9=AFF#,%8.T0KWVWNI-A5
MQD?6.3-:5[C;RU2!E6\;L;NR.*1U:U?9E!J11V5>@./2*.SJTYA0]P=]PP`@
MWV7M>U!RM`H%`H(&G_G2\2'_`+O17Y)<:_Z:K;9C9#_SI>)#_P!WHK\DN-?]
M-4V8V#_SI>)#_P!WHK\DN-?]-4V8V#_SI>)#_P!WHK\DN-?]-4V8V%VVA#Q>
MM=><]7^`<1Y'R9'7>#3R>HV*3-J7&T#:5"QM.1+CADE.3:PIEZ,=S"`WWRC`
MBML_;4G'&(F:"8K62E`H%!&P])-^)'35Y5);\$B:TPUE)1"*T"@4"@F[>CU_
M4,>/+_D+X-P"LL]5AG0K@*!0*#6Q:ZOKNZQO]U.H7YVY?6\:0BU:J%`H*_Z3
M_K3::O+_`(;^<6.5)TD;,>L%*!0*#!?Z0I]0QG\O^/?@W/Z[PU)0B:U0H%`H
M)9OHT_\`)&K;WU8A]R,@5G^G8A)YK-2@4"@U\'B__F0ZH_?5%/FUA5;8>L(Q
ML5T%`H%!M1J\ZE`H%!BM\;'\L?4Q_1K^X'%-=8>T"`76R%`H%!).]&S^._4I
MY*HG\+C*XST@A+XK)2@__].?Q0*")EZ2Q_.^DGWJY>]U\?UI^?=)1AJT"@4"
M@GZ>"=^6/IG_`*R_W`Y6K'/VE65*N0H%`H-5S7H0H%`H+_/"R_,*TH>55O\`
M<USJ9>LC8E5@I0*!01L/23?B1TU>526_!(FM,-9240BM`H%`H)NWH]?U#'CR
M_P"0O@W`*RSU6&="N`H%`H-;%KJ^N[K&_P!U.H7YVY?6\:0BU:J%`H*_Z3_K
M3::O+_AOYQ8Y4G21LQZP4H%`H,%_I"GU#&?R_P"/?@W/Z[PU)0B:U0H%`H)9
MOHT_\D:MO?5B'W(R!6?Z=B$GFLU*!0*#7P>+_P#F0ZH_?5%/FUA5;8>L(QL5
MT%`H%!M1J\ZE`H%!BM\;'\L?4Q_1K^X'%-=8>T"`76R%`H%!).]&S^._4IY*
MHG\+C*XST@A+XK)2@__4G\4"@B9>DL?SOI)]ZN7O=?']:?GW248:M`H%`H)^
MG@G?ECZ9_P"LO]P.5JQS]I5E2KD*!0*#5<UZ$*!0*"_SPLOS"M*'E5;_`'-<
MZF7K(V)58*4"@4$;#TDWXD=-7E4EOP2)K3#64E$(K0*!0*";MZ/7]0QX\O\`
MD+X-P"LL]5AG0K@*!0*#6Q:ZOKNZQO\`=3J%^=N7UO&D(M6JA0*"O^D_ZTVF
MKR_X;^<6.5)TD;,>L%*!0*#!?Z0I]0QG\O\`CWX-S^N\-24(FM4*!0*"6;Z-
M/_)&K;WU8A]R,@5G^G8A)YK-2@4"@U\'B_\`YD.J/WU13YM856V'K",;%=!0
M*!0;4:O.I0*!08K?&Q_+'U,?T:_N!Q376'M`@%ULA0*!023O1L_COU*>2J)_
M"XRN,]((2^*R4H/_U9_%`H(F7I+'\[Z2?>KE[W7Q_6GY]TE&&K0*!0*"?IX)
MWY8^F?\`K+_<#E:L<_:594JY"@4"@U7->A"@4"@O\\++\PK2AY56_P!S7.IE
MZR-B56"E`H%!&P])-^)'35Y5);\$B:TPUE)1"*T"@4"@F[>CU_4,>/+_`)"^
M#<`K+/589T*X"@4"@UL6NKZ[NL;_`'4ZA?G;E];QI"+5JH4"@K_I/^M-IJ\O
M^&_G%CE2=)&S'K!2@4"@P7^D*?4,9_+_`(]^#<_KO#4E")K5"@4"@EF^C3_R
M1JV]]6(?<C(%9_IV(2>:S4H%`H-?!XO_`.9#JC]]44^;6%5MAZPC&Q704"@4
M&U&KSJ4"@4&*WQL?RQ]3']&O[@<4UUA[0(!=;(4"@4$D[T;/X[]2GDJB?PN,
MKC/2"$OBLE*#_]:?Q0*")EZ2Q_.^DGWJY>]U\?UI^?=)1AJT"@4"@GZ>"=^6
M/IG_`*R_W`Y6K'/VE65*N0H%`H-5S7H0H%`H+_/"R_,*TH>55O\`<USJ9>LC
M8E5@I0*!01L/23?B1TU>526_!(FM,-9240BM`H%`H)NWH]?U#'CR_P"0O@W`
M*RSU6&="N`H%`H-;%KJ^N[K&_P!U.H7YVY?6\:0BU:J%`H*_Z3_K3::O+_AO
MYQ8Y4G21LQZP4H%`H,%_I"GU#&?R_P"/?@W/Z[PU)0B:U0H%`H)9OHT_\D:M
MO?5B'W(R!6?Z=B$GFLU*!0*#7P>+_P#F0ZH_?5%/FUA5;8>L(QL5T%`H%!M1
MJ\ZE`H%!BM\;'\L?4Q_1K^X'%-=8>T"`76R%`H%!).]&S^._4IY*HG\+C*XS
MT@A+XK)2@__7G\4"@B9>DL?SOI)]ZN7O=?']:?GW248:M`H%`H)^G@G?ECZ9
M_P"LO]P.5JQS]I5E2KD*!0*#5<UZ$*!0*"_SPLOS"M*'E5;_`'-<ZF7K(V)5
M8*4"@4$;#TDWXD=-7E4EOP2)K3#64E$(K0*!0*";MZ/7]0QX\O\`D+X-P"LL
M]5AG0K@*!0*#6Q:ZOKNZQO\`=3J%^=N7UO&D(M6JA0*"O^D_ZTVFKR_X;^<6
M.5)TD;,>L%*!0*#!?Z0I]0QG\O\`CWX-S^N\-24(FM4*!0*"6;Z-/_)&K;WU
M8A]R,@5G^G8A)YK-2@4"@U\'B_\`YD.J/WU13YM856V'K",;%=!0*!0;4:O.
MI0*!08K?&Q_+'U,?T:_N!Q376'M`@%ULA0*!023O1L_COU*>2J)_"XRN,]((
M2^*R4H/_T)_%`H(F7I+'\[Z2?>KE[W7Q_6GY]TE&&K0*!0*"?IX)WY8^F?\`
MK+_<#E:L<_:594JY"@4"@U7->A"@4"@O\\++\PK2AY56_P!S7.IEZR-B56"E
M`H%!&P])-^)'35Y5);\$B:TPUE)1"*T"@4"@F[>CU_4,>/+_`)"^#<`K+/58
M9T*X"@4"@UL6NKZ[NL;_`'4ZA?G;E];QI"+5JH4"@K_I/^M-IJ\O^&_G%CE2
M=)&S'K!2@4"@P7^D*?4,9_+_`(]^#<_KO#4E")K5"@4"@EF^C3_R1JV]]6(?
M<C(%9_IV(2>:S4H%`H-?!XO_`.9#JC]]44^;6%5MAZPC&Q704"@4&U&KSJ4"
M@4&*WQL?RQ]3']&O[@<4UUA[0(!=;(4"@4$D[T;/X[]2GDJB?PN,KC/2"$OB
MLE*#_]&?Q0*")EZ2Q_.^DGWJY>]U\?UI^?=)1AJT"@4"@GZ>"=^6/IG_`*R_
MW`Y6K'/VE65*N0H%`H-5S7H0H%`H+_/"R_,*TH>55O\`<USJ9>LC8E5@I0*!
M01L/23?B1TU>526_!(FM,-9240BM`H%`H)NWH]?U#'CR_P"0O@W`*RSU6&="
MN`H%`H-;%KJ^N[K&_P!U.H7YVY?6\:0BU:J%`H*_Z3_K3::O+_AOYQ8Y4G21
MLQZP4H%`H,%_I"GU#&?R_P"/?@W/Z[PU)0B:U0H%`H)9OHT_\D:MO?5B'W(R
M!6?Z=B$GFLU*!0*#7P>+_P#F0ZH_?5%/FUA5;8>L(QL5T%`H%!M1J\ZE`H%!
MBM\;'\L?4Q_1K^X'%-=8>T"`76R%`H%!).]&S^._4IY*HG\+C*XST@A+XK)2
M@__2E^=7_$C^PUIH^_W*_P`$=3JZIC<ZO^)']AK31]_N5_@CIU*8W8F/$LT-
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MK_B1_8:TT??[E?X(ZSZK3&YU?\2/[#6FC[_<K_!'3J4QN=7_`!(_L-::/O\`
M<K_!'3J4QN=7_$C^PUIH^_W*_P`$=.I3&[&OXDVE/Q(_$+A&-8;YO&FC$/3R
M5.TFYCYWDKG_`#CFC0!J[%V/S685R_@;O$XG%/WO\.Y;]M=8Y3CV2F/)B$_3
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M5,A9,[N=?96\]W^_DN=Y3R3F_0YJYKRKFO`[3V5-Q^'O\(O>W+:1G,1$;4IC
MR4K_`$_?B1^P=-'RUROZ':?2>)3'D?I^_$C]@Z:/EKE?T.T^D\2F/(_3]^)'
M[!TT?+7*_H=I])XE,>3O^)_`T\2/%^4\:9+[NZ:'SIW/X;.>2]>96V<X[I2)
MN?\`E?,NB3AR_F'+^%Q^`?PM_>X8]F[=.<S$QM*8\DF3J_XD?V&M-'W^Y7^"
M.L^JTQN=7_$C^PUIH^_W*_P1TZE,;G5_Q(_L-::/O]RO\$=.I3&YU?\`$C^P
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ME?X(ZYZK3&YU?\2/[#6FC[_<K_!'3J4QN=7_`!(_L-::/O\`<K_!'3J4QN=7
M_$C^PUIH^_W*_P`$=.I3&Z/AK`\('Q(]5VI'*6H/N%IH@74IU:7/NCYQ<KE/
M)>5QIDCO`Y_T"CG,>/R?C;W8B-WB;FR^[O"[C.8BE$ICR6U_I^_$C]@Z:/EK
ME?T.U?I/$ICR/T_?B1^P=-'RUROZ':?2>)3'D?I^_$C]@Z:/EKE?T.T^D\2F
M/(_3]^)'[!TT?+7*_H=I])XE,>25'U?\2/[#6FC[_<K_``1UGU6F-SJ_XD?V
M&M-'W^Y7^".G4IC<ZO\`B1_8:TT??[E?X(Z=2F-SJ_XD?V&M-'W^Y7^".G4I
MC=:MK8@OB1ZQ-,>3-.7FH::,==1>YG\9>>O*Y=R?NCD&*3O^7O-"C',.8=V.
MR_\`SB.%Q^+Z_<X8[$S$UHE,>3`+^G[\2/V#IH^6N5_0[7?TGB4QY'Z?OQ(_
M8.FCY:Y7]#M/I/$ICR/T_?B1^P=-'RUROZ':?2>)3'D?I^_$C]@Z:/EKE?T.
MT^D\2F/)DG\-G0-XD?AZ3?)4RZ)Z:,O=0XJTQGEOG52N`<GY6[B=>W=L\VB:
M\PX^]P^%PB-W_%OW_94RRG+L4QY,OG5_Q(_L-::/O]RO\$=<=5IC<ZO^)']A
MK31]_N5_@CIU*8W?_].?Q0*!0=>E;TOCS`X.[7&WB7N28*<M!&V(;:4YNJM8
MK3HDY)2AX7-C6C3EFJ;&*%"@\LI.G`,P5[V#LN%O,$U90B=%1923')9'TSXX
M0F,O@I`4S$'PR=Y!2/RJ.0]Y*0.[@4X'#-8BR#%S<8L;S3'IJ-1FJTJA4I0E
MH\#U;0$IB72%2QR=`BCZ3/;Y-"7"S`!7$(EIORR?A[)<G<@H7QP3*DB5]3'K
MT928TTU6THU)@+=J++2'"BZBB%`H%`H%`H+<,Q:D6C"#PV%S"`ST^'.2>4)P
M9`:"(VH8P2B-8ZE64P14+:MD;?(CE#U%H4X%)5X4G++NUTZ$2BQYPK%%I5RQ
M.?XYWJB\(5L;\3)G[,;W@QU3)A,RM#$YNT84?]0*4;RLNZ)SE#)(L:,I2Q`<
MD(4';SBF+4DIA\8))'>85D5LG#YE*/H6QX;%V)L@$8Z?KNH6VQ+BYJ\=P#)B
M1S91MSDXW-9U,=R.@L&ZBR=2$\!H!DAW;7$%0*!0*!0*!0<8\N(VAJ7N138Y
MO1R-,:<G9V8I.<ZNJD-MB=N0!6JD*`"E8?<)83%*A.E*N+?/.**",P(6NQO5
MU%'I(>-UA<QBCI''=H9,D,ST..&'0%5(<V2#`$?5J'%K?%[-(F=XG\2=Q@5M
MR@\DEL:E9I]RE("T9I:.<E>I9#'H3E>:->,<B2L&&I7*([,69I%"42\INA,:
M:I?)Y2D7/4P;F$UK)874`D:82L#DL47L79,`-CC"11<BD4@6)4RLLM02!4G)
M4@*5ISD:HH!Y830EJ4BD!:A*H!86P99@0C`*UPBM:]KVHCZ*!0*!0*!047RA
MF4G%3K%"WB$2]TBC\_QJ//T\:+,%X]"54R>>[<;4/*1P?$,A<T9S\826N&V(
MUO*DIUEBOA)0C-"6CHR757"CF-J>38Y+"!O*K38>E:;%L0W-/%-5TX28]Q-,
MG$L;X02G;!RDU2C<TY8SER,YN4W+)4$V)/.%%06#,;,_YBFF%RVM6FD$+BK#
M+UJSFT87DB:Y`YNC4@"O:FM\6R&.J%QK48<CLX)$P5R6PC";WX8[6(K!0*!0
M*!0*"D^:,I'8>@3Y/"X++,@)HVV.<@>VJ)&QM(M01F/MY[O(GHU9+7Z-LU^7
MMB4=R4H5(E:Q0(`"B]SC&DATY#J4AKDJ5@1,TD4(KMV85C$JX#8C/D:W`KXT
MQC)[&D;W=S;%+<\,\E<SD!!*WLUSSFM>(7")*(-4EH^L6H6+FVP$0WLSXL<=
M1)!9L01B"A*+C]U>(YME]JM-E9:M2%F`[L\"7I$UR0J[G*R3>&$91!YA9'O@
M//#3GN*L<P8T+8B:Y'CK&N26XE'+&J0N:!MR8UN;NW,DG;D!1)[!(VE&WA[2
M7>QR48SMTA0=<HW<+,45[HA0*!0*!06TR74HW1#((L>R/'<Z:%3N)J3X^D"V
MT;NP3Y<OR-$\7+$Z/L3\M>X\4TR&;MRJXW-$E&N:+J%B`M6%(<`):.29]2,+
M>'=D9RF>6%FN\#SC-U"@IM1NH&A3ITR#%,896A:E"QN3H]N,O8IC*RTQ12!(
MK2K;IC>SGF"X81BBC\-UO1F:-\0<B8^R1I',8EF>8IE,PR7%VA*R),&R#&T9
ME\>E2E(2Z%1R;\TR43:S4IW#486]7VT288"P&"B]I$>:J1)%1R0Y`<I2ISS4
M*FY0E",TXH!AB0\1!AI`CDXQ7`*X!B!<5K[+WMZM$?50*!0*!0=1F\B>(PP*
M7./PM^R`^;W!:XK'E+&WK7)5<DX_=-=Y.ZLD>:$@"B!7&>K5%`WMTL%AG#++
M&%$,?:K(#DJ\(.8&>4ID,_6QJ/L@GI(V-CFGFLJT_(M3S;#'9F,=#%3>[%8A
M7@5GF"N),4KL)/<R][;]%H_*.ZN,5R4[%C<F/4-#]E>/-,M:V24.$<83X]'7
MZ6$PI@,DB\][.:;/TIDQ@F]F:FX]P7NZ\DX"8L9*=2H)%)=@PUGM!F$1'+VM
MI0<5+,C5:)+,FI[?6%3#)L9!5"61L1*9&M;@/;FD5FH#R^T%&$I#+&W),N`L
M0F*+@J(4"@__U)_%`H%!1?41S?HM/^1]8NW\I(^(#IYU@[#S-!S?N1U3_@KF
M'*>/QN/^]]DXW8/;#LM!:CC?H_S;'O-^J7;N<X<YSWK\WSN]W^Y#.NB???HG
M_!7/^[G+.5=UO:C@=W/_`+M^HZZNFM_F\]Q7WG_67E'&UW=4>\W2#F/2_P`Z
MU5YS'?WN][6]+>__`&[E/8/;ONUVS<_>N-092*KDH%`H%`H%!CJU,\CZLO\`
MU)\Y?IGT(E7/.[WFL]#^[?+W_O+R;O=__HOJ+S7E7%Y#ZSMO)M_]TX]%AV)5
MTPZB8A^-SJ-YYLCY[V7I1VWK)YH>0N%U>_\`YO<GS8^%R[NY[9\/E/$_S.TT
M%:<(]V^H6J[DG?\`YQU^:._??/N3R;O5YN^!>6].>Z?MCW,Z<=W]O.?;/F?:
M][_+W*$]EQ5$*!0*!0*#HV3N:=-Y]R/OSSGN;)N4],>YW4CF/)EG8^X/43^`
MN^7:-WEG.O:OMG#[5_D[]!CS@/2/D+'WPZ]\P[+A/O\`=2/-JYUW4\X-9T'Z
MM='_`.$>1]5N\>SEOMEP^=<]_P`_;17VY`Y?W/S/W0\[K@^>`X=0^GGF>]JY
MOW%C_P#[W6S^!O-^_P#T^]S/V_YCPNV?N':J%JV9)67C\F:>T\S[3RQ!VCG7
M+^<\?LI7%YMRCVJYGQ-O'[+^[\7>X?K-VB.3H%`H%`H%!9EGWM76_!_,/.![
MM;CWQ.YOFM]"MNZ+OAU(ZR?]3^>=/>8;_=7VV[L<UY;_`)G;Z+"B)G0KIU&^
MR]<M_O!X='+.#TG[^]..M\>\U#M_-?:CI;U5YAS??_B?;S;<]7@U%7:1[NGU
MV,[Q=Z>K7<K(?<[O5T\XO2;O_%>\/(NGG[WW6Y[R'L'>3VTX/_M_O'-:KE</
M0*!0*!0*"U+5_P`TZ<,'8>O?8N_C)SOH%YN7,^7=@>.S]_\`SG?^G_3?G'9>
MV\/]X[7V7B_N';*+"E++T:[0^]@ZI=I[FZLN[O'Z7;G>'O+%/.;[D_\`XG4O
MJEVGC<S]KN:\WX'M;MH=71RO-Z[3H?X'G2=\^-!>DO+.]79.:>:CE_NIU7Y'
M_P!`.9].>9=KY;ZG,^#VSVDYE47KUT5KT=]U^GV)^Y'5[N3YL6">X?5'H=S#
MIYR17W'Y]TO_`(I[V<IV\?F7M1O\?EG^=S&JDKT*(4"@4"@4&-U[Y5UIRYU`
M\Z3@]_\`"W=OO-YI/<KO9U(B71/HUW<_ZW=V>;<R[/WB]HN#WC[9[9\>HZ<R
MP=.^_F.^F_7+OKT!UN=W^[70S=[V]<,3></SWOC[5]?NNW+^Q;_\$]N[?VK]
MVV54==5](.N;MRSK%U4Z>ZENJO8_-Q[O[W)]%W4#J1WM_@[O3W!Z=<MY?[2\
ML[9S/]\XM"&0^,=I[M1[MG/.U\C:>U=Y^5=Y>T]@3\?O#R+VDYYQ=O:^Q_NO
M:-_A?Y>[1'.4"@4"@4%NFJSMO0^6=EZR]GXS'SGH/T:[_=W^=(>=[>O7_3;N
MGR_?Y[VOU_*.T;G_`*T6%%<=]+.H$2YAU2[\]2VSMG?+HSM\Y?S02^-S_IO[
M7]__`#7MO$Y'_!'`_P#B?YFY04@@'FX=.<<[O6OE/<#3YWP[V=*^<]P_.1D/
MF]]6^0^T'`ZE]X>R]V/WGEG;>V_YO9ZB]:RKOI;[O<"&=U>M?=[DV<.Q=2?-
G^X?;^L2;O!SGI]_'7;>]',N4=F]H>Q=H[?\`OO+*J2O=HA0*#__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>16
<FILENAME>g652797ifc_2.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g652797ifc_2.jpg
M_]C_X``02D9)1@`!`@$`8`!@``#_[0Y,4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``8`````$``0!@`````0`!.$))300-```````$````'CA"24T$&0``
M````!````!XX0DE-`_,```````D```````````$`.$))300*```````!```X
M0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!`&QF9@`&
M```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4`
M```!`"T````&```````!.$))30/X``````!P``#_____________________
M________`^@`````_____________________________P/H`````/______
M______________________\#Z`````#_____________________________
M`^@``#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0`
M````.$))300:``````!K````!@`````````````#HP```K4````%`&D`9@!C
M`%\`,@````$``````````````````````````0`````````````"M0```Z,`
M````````````````````````````````````````````.$))3001```````!
M`0`X0DE-!!0```````0````".$))300,``````NR`````0```%,```!P````
M_```;D````N6`!@``?_8_^``$$I&248``0(!`$@`2```_^X`#D%D;V)E`&2`
M`````?_;`(0`#`@("`D(#`D)#!$+"@L1%0\,#`\5&!,3%1,3&!$,#`P,#`P1
M#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`$-"PL-#@T0#@X0%`X.#A04
M#@X.#A01#`P,#`P1$0P,#`P,#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,_\``$0@`<`!3`P$B``(1`0,1`?_=``0`!O_$`3\```$%`0$!`0$!````
M``````,``0($!08'"`D*"P$``04!`0$!`0$``````````0`"`P0%!@<("0H+
M$``!!`$#`@0"!0<&"`4###,!``(1`P0A$C$%05%A$R)Q@3(&%)&AL4(C)!52
MP6(S-'*"T4,')9)3\.'Q8W,U%J*R@R9$DU1D1<*C=#87TE7B9?*SA,/3=>/S
M1B>4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]C='5V=WAY>GM\?7Y_<1``("
M`0($!`,$!08'!P8%-0$``A$#(3$2!$%187$B$P4R@9$4H;%"(\%2T?`S)&+A
M<H*20U,58W,T\24&%J*R@P<F-<+21)-4HQ=D154V=&7B\K.$P]-UX_-&E*2%
MM)7$U.3TI;7%U>7U5F9VAI:FML;6YO8G-T=79W>'EZ>WQ__:``P#`0`"$0,1
M`#\`]522224I)9?7NH78E-5=#@RV]Q;ZA_-:/I.U_K-6%7G=3QG^L,DV;#+J
MW6A^X2/;Z9<[Z7\E5,W.PQ3X#&4J^8C]&VUBY.>2'&)1C?R@_I.]U[KN/T7%
M;;8WU;K3MII!V[B!+G.?KLK9^>]<[A_7^X7@=0HK&.XPY])=N8/WRQ^[UFM_
M/V[%9^M^/F9.-A]8P@XLI8[>`-SFLM#'>MZ?NW,9MVV_YZYIN5?U%PQ,&LV7
M7>T5M+'"#H[Z-+/1K_?M=9[$^>27%H=-.'3YFADE*,B-JZ/J#7-<T.:0YKA(
M(U!!3K%SNHGH'2,7'96[,RFL;156T$;C6S])<[1[_28UF[VK"Q_KA]8*[]^5
MABZ@$^I5558QX`G=Z;W.L;N9_P`)_P"!J4Y(@T=UYF!H7MTE"FZN^FN^IV^J
MUH>QPX+7#<UW^:IIZY22222G_]#U5,YS6-+GD-:-23H`G6!]8-]F;3CV2:36
M7LK,[7/D[R?=7[ZF[/3_`*ZBSY?:@9`<1L`#^\R8<7N3$;X11)/]UM=6Q:NJ
MXH.);7992Z6PX.!D;75ES-VS<LIG1^LY#Q3D;JZG$;WO>'"!^ZUKG[G_`+BC
MA`T]0Q78[=CK'^F\-GWL(W.W_I+/H-]ZZB>Y,`*ICQ0YHG),2A($1F(2]&31
MMSRSY8"$")Q(XH&8]<-5F!E=;:ZA#6`-:/``0$F-967%K0W<9=M`$GQ*S.F?
M6;H_4C8*+=@K#27716#O?92P5[G?I/=7NWL_1[+J/](K[L[`&AR:@?-[>_'=
M7Q72M&@=]?/7Q<CZW=*R.I8=5N'+LG%<7-K!VN<QPVVL8?;^D^@]ON7)4X76
M<ZQN#5B/KM/M]1]=E08/SGVO=M8UO^D]GZ;_`(QZ]&KMJO8+*'MMK=,/80YI
M@P[W-69]8NK9/2\$.QF^IE7.].D%I<&Z;GW.:WZ6QG_34>3'$W(FN],<X`^J
M_-U,/&;B8E&*PRW'K94TGDAC0P?]2C+@L#ZU=>QLEMF?OR<4F+FNJ#7-;/OL
MK=4ROW5_2V6?]!=ZG0F)#32NZZ,A(:=%))))ZY__T?556SL+$S*2S+:"QON#
MB=I;'YP?^:K*ROK%O^PL@34;F"X'C89^GJSV^IZ?YZCSD1Q3,H\8`^4['S9,
M()R0`EP$GYAN$?3,?HM5[OL-K;;X(+BZ2&]]GT6[?ZBL7]8P,7/JP,ASF7W!
MIK]I+27O]&MFYL_2?_UMG^$7/[#7;2<=H%_JL%9;R#/_`!]W]OV?S:ZX<P/E
MX*#DLG%&4>",.`_H?)ZO^Z9N<Q\,HRXY3XA^G\WI_P"Y>/QF=)QZ[:797HVW
MWMMJQ[,4N+3ON].MU51L9>YUUS[OT=G_``B.'8EN5=B')JNRP[>R<,$O#6/O
M_1GU/2V;#^B]3T]_YF^NQ=4"D(``:(`X`5D0B!0#6D3(W+4_P<'`Z_T?!Q*Z
M;L@-<V7V`4&H,W_I]EK*6OIKL:VQF_8_^6K7UBZ/9U3`#,>STLJE_J4O)+0?
MS7UV.9[MCZW?]0M5<I]9NK=1.<_`P[GXM%#&FVVL-WNL?[VL][V6-J;7^=5_
MA$)D".HWTH+)D`:AI87U+ZQ9D-&=:VK%+@Z_9:][W@:[0-K6_I/H>H]R[E<U
M]5>JY]U]O3\VPY&RL6TY#@T.B0RVJSTG/:[8YU?IV?GKI4,0B!<;U[H@!5CK
MW4DDDI%[_]+U5,YK7M+'@.:X0YIU!![%.DDIJT=,P,=YLQZ&5V$1N:-1_5_=
M1F>TP>_"(F(!$'5",8Q%1`B.T1292E(W(F1[DVJ!]ZB9'P3[2.''YZI;23J>
M/)%#SG5/KMB8&:[$JH.2:3MO>'A@:X?28S<#ZCF?G_S:)?TSI_UDIJZO@WNQ
MKWMV>LUH)+6G6C)I?N:Y]-F_Z/\`Y[65U/H/6Z>H7.Q<?[91;8ZZFQKV,+=Y
MW&FQML?S;R[:_P!_L72?5_I^1T_IK:<EP=D/<ZRP-@M:7G^;:0UF[TV;6;_S
MU%'BE(B0]/E7_.8QQ$D2&BW1^A8_2P]X>Z_)M`;9D/#6DM;)96QE;6L96USG
M+3224@``H+P`-`I)))%+_]/U5))))3E?6/&;?A,]1]8HKM:^VNZ]V-78(<UM
M=N14VQW\XYC]FS](C8.%ETXU#7YCK75TM820'!S@'_I"]WZ2SZ=?NW>_T?\`
MA$#ZQ?91BU/OM?4ZNS=5Z<$N.RSU6;7EGM=C^MO_`$E=G^C>FQJNC?9,2AMQ
M-8K9]G:]Q:XM)+6?HSLV.^G4^O9_P?\`@TS](^7=;^D?XNCZ>1NGUAMD>TL'
M$ZB94?2RY/Z=L=O9_P!5[D"I^`_;35EF0"`!89@F&C7^4[TZ_P#S!%%5)&X9
M#R-'3ZFFFB=_+=*3T\F!%PF/=[!S_)U]J*!``F8[E5VUU0V+WNB==_/QA(TT
MN)B]X/@+..R2FRD@_9AI^DL$1^<=8$:_<C(I4DDDDI__U/54E4;EV=P#^"(,
MH'EOW%#B"+#0^L6111C4.MKWV.N`H>;OL[:W[+"ZQ^7_`(']"+:_^$]3TTV-
ME=+=@X]M>(X5.IK?4WTBYP80_8W@V>S;_P""?\(M%[Z;6%EC-[#RUP!!^2GZ
MC/%"M2;'V(K6VBW+P:G-->*]KG@:MI.DGZ+RT>WZ*L#[$'`>D&DZ`>F1Q#OW
M$?>WQ3[F^*->24#:L*^2*FNX)W,@^7TFA$./CD`&ID-T:-HT^"EO;XIO49XI
M:)9I(9O8/%0.4!PV?B4K"K3I*K]K=^Z/O20X@BP__]7T$[BTAKMA_>B4X%^V
M/4;/9VSM\-ZB"I@Z::>:@H'O]I"T2([?8"N&Y!_PK09D0SMX.ERE^L-U=:'`
MGM62=>/HN0@S*[9#>-?T0Y\?YQ2VY7;(:/\`K0/?^O\`NIW".Y_QI+N(^'^+
M'_O6?J7R8L`!X!I=I/'YRD/7=JVV($$.K@3K[PUQ#O\`I*(;DR/T[2(U_1#4
MZZ_3_JI;<J/Y\3K)-8[Q'Y_YJ7#XG[9?]\GC\!]D?^]9EN1WM;R"(9&D<&7.
M_.42W*_TK/\`ML_^E%`LRX'ZPV0>?2&H_P`]29Z@$6/%A\0T,_Z(+DC$=S_C
M21Q'P_Q8M#K&1GX^-3]GL_369+*P:V-,L+7O>US;G;&_S?TU1Z-U/*RL\X^3
ME^H]E+R_'])K"'-<P>HYS?H[6O\`YKW_`/#>E=^@KU<_"ISJV57B6,>+(]WT
MF_0,UOJ=[55P^CXF#D-R*`T6"LTDP_5GMVM_27VL:]NQGZ79ZCZF>DC8`I!+
M?E)1E)-6O__9.$))300A``````!5`````0$````/`$$`9`!O`&(`90`@`%``
M:`!O`'0`;P!S`&@`;P!P````$P!!`&0`;P!B`&4`(`!0`&@`;P!T`&\`<P!H
M`&\`<``@`#8`+@`P`````0`X0DE-!`8```````<`"``!``$!`/_N``Y!9&]B
M90!D0`````'_VP"$``$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$"`@("`@("`@("`@,#`P,#`P,#`P,!`0$!`0$!`0$!`0("
M`0("`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`__``!$(`Z,"M0,!$0`"$0$#$0'_W0`$`%?_Q`#W``$```8#`0$`
M`````````````@,$!@<(`04*"0L!`0`"`@,!`0`````````````!`@,%!`8'
M"`D0```&`@$#`@,$!@8&!@(!)0$"`P0%!@`'$2$2"#$3010)46$B%?!Q@9$R
M(Z&QP=%"%N'Q4C,7"F)RDD-3)(*BLAAC@Y,T1%0E)G/3M+76=S@9PM)DU#55
M=K8GEWB4=95FMU@Y&CH1``$#`P,"`P4$!@8&!@@!#0$``@,1!`4A$@8Q05$3
M!V%Q@2(4D:$R"+%"4G(C%<'18H*2,_"BLD,D%N'"4V.S-/'2<X-T-A<8DR4U
M)D1DI-15XM-4A#?_V@`,`P$``A$#$0`_`/?QA$PB81,(F$3")A$PB81,(F$3
M")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81
M,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A
M$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81?__0]_&$3")A$PB8
M1,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")
MA$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(
MF$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A%_
M_]'W\81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,
M(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$
MPB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$
M3")A$PB81,(F$7__TO?QA$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A
M$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(K9N%TJ.O:[)6Z]
MV>!I]7AT@6E+!995E#1#%,QRII_,/Y!9!LF=94X$3+W=RAS`4H"80`<%Q<V]
MI"^XNIV1P-ZN<0`/B5CFFBMXW33RM9$WJ20`/B5\8/(+ZWNFJ2O(P.AJ?*[<
MEVQC(IVN9,O5*)[Q5.PRC--=$UGF42``^K9D0_02*&*/.><Y;U,QUL7Q8JV=
M<2#]=WRL^'ZQ^QOO72LCSFQMRZ.PA,T@_6/RL_K/V"O8KY-[)^KMYM;`%XWC
M=@Q&MXITH82QU!JT,Q<()";N(DE/3+>:L21B!T$Z3I(QOC]F="O.?<EN]P;>
M-AC/:-H'^L07?80NHW/,LY<;@R=L33V:T?I-3]A6I\YY<^5%E,(SGD?O)^43
MF4!!3:=U3:D.8``129H3231$!#X%(`9HI<_G)O\`-S%T?_>OI]FZBU#\UF)/
MQ92X/_O'#]!5!%>4WDU!K>_#^1&\8Q7C@3L]KWI#N+Z]IP).@4Y1^P0$!RD>
M;S,1W1Y>Y:?9*\?]90W,99A^7)W`_P#>/_K6R.OOJF><6O3%(ANE_;V('*92
M.V#"P=O*MV\_A/*2+#_,211`>H)/4^?U\9N+3G')K0_+DG2-\)`'_>1N^QP6
MSM^69VW_`/US>WP>`[[Z;OO7T^T1]=6'>+L8?R+U8K#`JHV;K776:JD@Q0[O
MY:SV2J4RY"02;D/P<_RCQRH!.>Q$X\%'NV+]4&.+8\Q8EO0;X]1[RPFOV$^P
M+M%ASR)Y:S(VI;_:9J/>6G7["?<ON%J#>>H]]UDENU!?Z[>X3M0^:4AGI3/X
ME9RF*R+.>AG!4)B`D#)@(_+O$$%N`$>WC/3<?E,?E8?J,?=LEC[T.HKV<.K3
M["`5WJTOK2_B\ZSN&R1^P]/81U!]A`*ROG/7*3")A$PB81,(F$3")A$PB81,
M(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A%
M_]/W\81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,
M(F$3")A$PB81,(F$3")A$PB81,(F$6BOFOYZ:K\-JMQ+J)6W:DVR56IVM(YV
MF1^Y`>])*;LBY?<-`UE)<H@*QRBLZ,0Q&Y#B50R?5^2\JL>.P?Q")+]P^2,'
M7]YW[+?;U/0=Z:+-Y^TPL-9#ONG#Y6`ZGVGP;[>_:J\CODCY9[P\JK0-BVU;
MW<BQ:N%U:]3HXRD?3*LBM^#VH2!24%N1Q[(`11VM[KU<"A[JI^`X\"S&>R>=
MG\Z_N"YH/RL&C&_NMZ?$U)[E>09/,7^6E\R[F):#HT:-;[A_2:GVK6O]/VYI
MEJTPB81/LPA3_5A/8F$62]3[AV;HVX,;[J>YS=)M+`2%+(0SLR2;YJ5=%P>,
MF6"GN1\Y#.54""LS=I+-E>T.X@\!QS;'(7N,N&75A<NBG'=IZCK0CHX>(((/
M=<JSO;K'S-N+.=S)1X'K[".A'L.B]4'@#]4BG^30QNK=MA%4/>/RZ2,<<JI&
M55V2N0.P_P#EPSA0?RZR'X`YHLYC"MR)FQE``Z:?N/%.<6^:V6.0VQ9.FG9L
MG[O@[^SW_5KT'J_'^5097;:W=([^FG[+_P!WP/\`9^RNM/KKGH"[>F$3")A$
MPB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$
M3")A$PB81,(F$7__U/?QA$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A
M$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PBT<\\?-"K^&VI5;`?Y&
M9V?;"O(K6-.<*_\`WQE$DR`[GY9%(Y7!*S7"N$U'1B]HK*G2;E,0RP'+UCE/
M)(>.V!ET=?25$;/$]W'^RWOXF@[U&CSV;APMF931UR_1C?$^)_LCO\!U*\6V
MP]A7/:]SL.PM@V!_9[?:9!:3FIF14`Z[EPJ/X4TDR`1!FR:I`5)!NB4B#=$A
M4TRE(4I0^<;N[N+ZYFN[N4ON'FKB>Y_H`Z`#0#0+Q*ZNI[R>2YN92^9YJ2?]
M-!X`=!T5E_;^G^O.,N/UJGZ?IZ84IA$PB9*%<_Z_@.0E5QA$PBJ&CQW'NFK]
M@Y<L7S%P@\9O6:RC9VT=ME"+-G35RB8BS=PW6(4Y#D,!B&`!`0$,LUQ8YKFN
M(<#4$=01W4M<YI:YI(<#4$>([C^M>LSZ6?U"%/(^O!I3;LNF;=U/B2KQ$T\4
M326V=6&"8)KO^1[`<6Z$2*4S\@?S'2`_-%`W8Y%/WC@W+3F(OY9D)/\`\I1M
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M@`%2?@%221D4;Y9'!L;022>@`U)^`7A;\P?)FS^5V\K7M*;6>(PBKI:)H5?<
MJ@8E8I+%PM^2QA$D_P"01XLD<7#PY/\`>NUE#<B'''S#R#-3YW)SWTI(C)HQ
MI_58#\H]_<^))7A&:RDN7OY;IY/EUHP?LM'0>_N?:M7O7^K-(M2GZ?Z\*"F%
M/5,(F$[)A$PB81,)V3"*\M>7^UZKO%6V-1I9Q!VVFS3&>@I-N8P&1>L504*F
MLF`E*Y8NT^Y%R@?E-PW4.D<!(<P#R+2ZGL;F"[MI"V>-P<T^!']'8CN-#HL]
MM<S6D\5U;O+9F.!!]H_H/0CN-%[K/%S?]>\F]&T3<-?!)L-CC"I6"'36]XU>
MMD?PUL4$H<0`X@RD"&%$Q@**K<Z:G``<,^G\'EHLWC+7(1:%X^8?LO&CF_`]
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MD_O_`$^_")_I_JPB81/LPB81,E%]Z_H9;[6@ME;#\=IA\4L1>X0]\IZ#A80!
M.VU8$6\['QZ0GX,O,UAP+I7@.B<1S]O/J7ICE3%>W>(D?_#E;O9^^W\0'O;J
M?W%Z#P/(%EQ<XU[OD>W>W]X4#@/>-?[J].N>UKT],(F$3")A$PB81,(F$3")
MA$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB_]?W
M\81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(K3L
M%]HM2X"U72IUD1`1`+!8H>&$0#CD0"1>-A'CN#]^:#+<KXO@33.<DL+(_P#?
MW$4/_B/:MWC.-<CS8KAL!>W8_P"Y@EE_V&N5C&\BM!D4]L=T:O[^>.EYKAB_
M]LLB)/Z<ZR[U>]*FNV'U&PF[_P"-MZ?;YE%V(>E?J6YN\<`S&W_X2?\`1LJK
MK@MHZTM"Q6U:V'1K"X-_"WA+9`RJX]0#HBQ?KJ^I@#T]1S>XOG'"\W((<-R[
M%W<Q_5ANH)7?X6/<?N6ER7#N78>,RY?BV1M8A^M+;31M^U[`/O5]9VA=<3")
MA$PB81,(F$3"+R"?6:V4M=O,:2JJ;SYB+U93*S56R!3`*3>2DVIK3,#P'_?'
M5FDTSCZ_R0#X9\^^HMZ;GD4D`=5D$;6`>!(W'_:^Y>/\VN3/F?)W?)%&T?$_
M,?TC[%\FOT^S.AKIZW+\,_'.J[VLNR+-L^;F(#3.A];3FV=H.JVF@I9Y6'A$
MCJ-*O7!=D.S0EYU1!7M45_"":)P+P<Q!#L?',1;Y.>\FOI'-QUK"Z63;^(@=
M&M[5/]"W6%QL60EN9;I[FV-O$9)"W\1`Z-;72IH>O8'NLY2.E/%+R.T=N[8G
MBY7-FZMV%X[P#>^V6B[!M#"W1=XUQ[RY9N;BY)%%)Q%R];:,U'"R7(IFY(D4
MIQ5!1/:OQN!S.-R-U@H)H+RT;O<Q[MP?'75P/8MZD?#5<UUCB<E87]UBHI8K
MBU;O<Q[@X/9K4@]06@5/P'>HQ)9/IV>4M6>56)DZG7CV"]3E<@:/66-WK#RR
M6U6R1WYH26A89.0^</6H-H',K)K%18QXE/[JH`FH)-=+Q'-PNMXWP,\Z5S6L
M:'M+G;A6H%:[0/Q._"W6IT*XLO&\M"8F/A;YDC@UK0]I<[<*U`K^$?K.-`WN
M=#3H[QX*[ZH]3L-W,GKVZ5JL6NO425?ZTV54K^HE>+++HP+&GE85R0>2!+(V
MEG"2+AHHDFJD*I!X$I@$<=UQ;*VL$MQ2*2%CVL)CD8_YW&@;1I)W5ZBFE0L<
M^!R$$,MQ_"DB8]K"8WM?\[B&AM`:[JD`BE=5*O\`X.;TUS3[Y<)@VN)<FJ`@
MAVO6*AL^FVVZZS"R.TF,4-QK4+)NG<?[SU<J9O;%<4^#&-PF0YRQ=\7R=G;W
M5Q(87>1M\QK9&.<S<:#<T$D:Z>Q1<8*_M8+B9_E.\FGF-;(USXZ]-[0=/A7[
M`5=5E^G+Y-U-CL!:5B]?#,:TI[C85CI3':%+?WTU"9,49!_<XZGMY4\TZKS)
M%42"N9-/WEB&20!53M*;D2\.S4++HOCB\R&,O<P2,+]@`)<&@U(UZTU.@U66
M7C>4A;<[VQ>9%'O<P2-+]E-7AH-=H\32IT%2N+7XG/Y=OHIK4XZH:M>WCQUJ
M&V925V]O2@0,+=E)IT#-2PUQU/.8-K!!(J*E,G"**+/$$B'.81*`B%KKC[G_
M`,M;;QL@=):B0F6>,!]33<TN+:5_8U/=5DQ3WMQ_EM9$9+5DA,DK`'5_6;NI
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MTN^CU)-O8H8Z*PG6(ND*1B'2+R`CS,AQYF.X\S(2N:Z\-WY8<Q[7QEFPG0MJ
M*[A0ZU'@N3>8>.SPL5ZZ1C[AUUL#F/#XRS834%M17<*=CIT7SX_3KG45UX+9
M/P[V*YU1Y2Z$OC=V+%&'VA5&LLX[RI@%;GY)&N6E$QS<%*FYK<LZ3,(]``^;
MCC]XZPS>*N@Z@;.VO[KCM=]K20MIA+DVF6QT[30"5H/N<=KON)7O-SZF7OB8
M1,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")
MA$PB81,(F$3")A%__]#W\81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB
M81,(F$3")A%0R<I&PL>\EIB09147'MU'3^2DG2#%@R:HE[E7#MVY.DW;H)E#
MDQSF`H!ZCG%O;ZRQMI<7^1NXH+&%A<^21S6,8T=7.>XAK0.Y)`7)M+.[R%U!
M96%K)->2N#61QM+WO<>C6M:"YQ/8`$KYM[I^HW4*TJ]@]00X7640,=$UGE07
M955)0O<4YV#<ID929!,X=#?^61-ZD.H7@1^.?4?\X&`P[[C&>GV/&2O6G;]3
M+N9;`]RQHI+-0]_X;#U:YPH3]8<`_*IG,LRWR/.;[^7V;@#]/'1UR1V#W&L<
M51V_B.'1S6GI\UMA^4N]]FF6)8]AS2$8L'::#KRW^7(44@'N*DLRAP:_.E`?
MBY,L?[1SXWY;ZW>J'-3*S,\MN6V;M/)@/T\-/`LBV[Z>,A>?:OK+BWHYZ;\0
M$;L3Q>W==M_WTX\^6OB'R[MG]P,'L6`#'.H8YU#F.<PB8QSF$QC&,/(B8P_B
M$1'J/.>5.<YQ+G$EQ.M>J]-#6L`:UH#1T`Z!0_#X_8&0IT3]0_`?7X?UX0K,
M%!W_`+EUBJB:E[#LD6V14!0(E=\:4@CCQP(*P4J#V*-R7IS[/<'P$!`!ST#B
MOJIZA\*?&[C?+;R"!IKY1?YD!]\$N^(_X*^!71N3>FG`N7L>,_Q>TFE<*>8&
M>7,/=-'MD'NW4\0OHEIWZE)%%&L1NRN%1*<R:0W"I-SF32`1,!G$M7E%3J^V
M3H)CLSG-QSVH#Z9]<^GGYR`Y\./]2<0&M)`^KM6F@_M2VY)-!W,1)\(ST7RS
MSO\`*86LFOO3[*EQ`)^EN7"I]D<X`%?`2@#QD"^HU3N%6O<(TLE.GXNR0;T!
M^7DHEVD[;B<G'N(*BF(G;ND!'A1)0"JIFZ&*`],^W,#R'!\HQD&8X]E8+S&2
M?ADB<'-J.K335KF]',<`YIT<`5\=YO!9GC>1FQ.>QDUID8_Q1R-+74[$5T<T
M]6N;5KAJ"0KDS<K4IA$PB81,(O"WY]2BDOYH^2[M0XG,EMRUQ8";U!.$>C"I
M$_4FDP`H?<&?,'*G^9R/-./:X>/\)I_0O".1/+\YDS_WI'V:?T+4/-`M,MS/
M#/R.J>A['LJM;0@9JQZ:WOK6<U1LYE6#M4[1&Q4RDHFSLE=!\LW9KRD*==4"
MIJJ$**:YS`(G*0H]CXYF+?%S7L-]&Y^.NH712!OX@#T<WM4?TK=87)Q6$MU%
M=1N=8W$1CD#:;@#T<*]Q4_`GO19QDMU>*7C?H[>.N/%RR[-VOL3R(K3>B6&_
MWRJ,J;#4?79UU1G8"/BQ<'>RLW/LW:J"JP)`B3\*I%""D":FV=DL!AL=D;7"
M333W=VT,<][0T,CK\S0.Y(T/P/9<U]]B<;C\A:8F66:YN6;'/>T-#&=P!U)<
M"17IWKH`<H,O+2(OWU,M"[LT["OK<SCZ]2]<L:W:Y.`HKN2=+:_F*18(V,DK
M-,M*\PD'!IM<T6#AV@F\?&22Y*94,YD>>CNN9XO(X]A>P,9&&O(97^&6.`+B
M`#J=M2*FGBN9_-V7'*<??V3#(`UK`UQ:PD["T@%Q#0?F.VI%74'=9CN=,TUX
MV>)VXXFR:ZWS5ZM<?*?2<B]IN^V5;J=QV3`U&WHSURK6O8R!FG:,M#Q-3:.$
MC3A7@(O57!3%.F4A!'9W5KCL-@\@R>TN6P27L1+)@UKI`UU7-8`34!M?GK0U
M[+ES0V6,P]\R2VN&1/NXCMF#6ND#7!SVL`.H#01OKK6M0L<;/\Q_&8NIO+#6
M6M[`]"O[GKE?0U-2*KX\TC4]6U\E#V!&7&OVB:K[A&PW.?.V#VAD795T"`E^
M`X^Z?MX-]R'"BQSEG9RGRKEC?*8V!D364<#1[F_,]U/UC7IUU7'N\SB_H<Q:
M6LO\*=@\MK86QM90UVDC5Q]IT\.I5IV?S:TO+^8'D1NULK;S4C9OBS:=/5CW
M8(A98+9,4.LUUF1_'_F1B-(D)**6$ZP*'$I.#=@B/`<:7DN-?R'+9(.D^EFL
MG1-^77<8PT5%=!4%8ILW8OS63OVN?Y$MFZ-NFNXM:!45T%0=5WFN_*OPR=W7
MQ5N>X6EYE5O&OQ7UYKV$BB4QM-08;HK+AV(S<A&GG6!IN"K?>1RR#W4`6=@4
MQ@+[8<\FWS_&Y+K"W-^)7&TLVL:-E1YH/4BHW!O4:BIHK6F4PIFP\UZ'DVME
M&P#;4>:VNI%14-ZCQ.O94]*\R=,4+=^Y+>\W!L_:#;R9U_*P%ZV9;-)THTCK
M6W-)AL_IKV,UI.S]JK-MH\>W]Q%>,$$BI()HE13,*9<I;\CQ=KD<A.[(3SB\
MB+7R/A96-U06TC<7-<P="W2@I0)!FK.VO[V8WTLHNXB'R.B;5C@:L(82X.8-
M06^%*#1=J7S^U='[)J]4L%RV!M#3J^B=R:*N]RCM3ZKU,O`I;M6K;F8L&KM?
M4J&@E&L=%.:HS%9.3=+.%A,JHDF4X`1?*WEMC%>6\,EQ+-8?32PO>V*.+;YN
MTET<;`W0%H_$:]2*=Y.?M!<Q0RSRS61MY87N$<<=/-VU=&QH%`-HJ'$DZD"N
MAUFW/M;QQB_#R$\9=,6_8-]FX?R-_P"+$C;+934J?#RT2XH$]6SFAHW\\EW4
M>5LN]:I>TN!%5CE55$"E$I<T61O\-'QYF%QUQ++*V[\PN<S:"-A;H*FE*@:Z
MG4K6WUUC6X6+%V4\DDC;KS"YS-H(V.;H*D]P*'7J5\\LZ@NNJ8BLHW6270.9
M)9!0BR*I!X,FJD8#D.40]#$.`"'WY()!!!U1KMI#F]1JOT/JM(FF*Q7)8_/?
M*0,1(GYZCW/8]NY-R/Q'E7/KB!_F00R'JY@/VBJ^C8W;V,?X@'[5WV95=,(F
M$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB
M81,(F$3")A%__]'W\81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(
MF$3"+&^UMKTO35/?W6\20,8UI_):-$>Q64FI)0AS-HB&9F.F+Q^Y[!$`Y*1,
MA3**&(D0YR].YUSOCGIWQ^ZY'R6\\NS9HQ@H99I"#MBA94;WNH>X:UH+WN:Q
MKG#M?#.%Y_GN=ML!QZT\R[?JYQJ(XHP?FEE=0[6-K[2XD,8'/<UI^`/D+Y17
M_P`@)=0DHY4A*2T="K"4MBN;Y!`"#VHO)50I4S2\MV"(BJH'8D)C`D4@"//Y
M3^K7K9ROU6OWB^F-MQN-]8;-COD;30/E.GFRT_6=HVI#&M!-?TT]+_1WC'IE
M8M=9Q"XY"]E)KI[1O->K8QKY4=?U6FKJ`O+B--:>OZOUCTY^W/&EZTGK_7U_
M3TPB?KX_N#]O4<(GW<_H/[.G7"(/40Z!Z?IUPBX]1Z?#]/7CXX1.?]7/3X?N
MPBR]IW>&P='60EAH\LHW35.D$S`NS*+P,^U3$?\`R\HP`Y2*'`IC`DL02KH"
M81(<O(\]^]/?4OEGIGF&Y;C.0+&.(\V!U3#.T?JRLK0T!.UXH]E26N%37H_.
M_3SC'J)BG8OD5B'.:#Y4S:":%Q_6C?2HZ#<PU8^E'--!3T`>/OD/2_(*K#,5
M\_Y;8(TJ25GJ;M9,\C"N5.XI%B"7@'L2\,F86[DH`!@#M.4BA3$#]6O2?U<X
MYZL8/^88IWDY:$`7-J\@R0N/0BGXXGT.R0#7HX->"T?F5ZG>EN?],,S]!DV^
M;C)23;W+01'*T=0:_@D;4;V$Z=6ES2''/^>K+S-,(F$3"+PJ^><:>+\SO)EL
MH4Q#*[BNDB`&`0$23$JM+I&`/]E1-\!@'X@(9\P<I86<BS33_P#Y+S]IK_2O
M!^0MV9O)@C_?./VZK4G]/W9H%IO@GZ?#"E,(KYUK#T:?O5<A]E7!WK^BOWJB
M5CN+&`>VEW`LRM'*J;I"OQP@]DS*.TTTO;3$!`%.X>A1SE64=M+=0QWEP8K8
MGYGAI<6CQVC4K/;,MY)XF74QCMR?F<`74%/V1J?!?1[=WAUXN:TU%2ML2?F/
M<9\NU:/=;#I-@]TK:.+DYIZ2#<L.[=#*O%:DW=S3YHV]QZFB4A514`HE(;CN
M>3X[A[2PM;^;D<CV3QN="#"[YMHT'XCMJ2!J%V2_PV(M+."[.9>XS1O,0\IW
MS;::']G4@?-3K7LM$`\<M_#KT=LAI?9XZR"/_.!O84FPC6/R7CO&;_-_D/E/
MR0"=?G.[Y;MZ]_&=5_DN6^C_`)A_+9OHJ5W[#MIXUIT]O3VK0_R[(?3?6?12
M_2TKOV.VT\:TI3V]%;1-2;3.YH3(FNKJ=YM-$CC6K4M:EQ7OR"K@C1-:GI`T
M[["D=T<$P%J"H"<0#UZ9A&.ORZT:+.3=/_E_*?G[?+XZ^"P_271-NWZ9^Z45
M9\I^?M\OC\%<$=X\;XEV3V3C-.;+?QD:>W$DI)M2Y]6.CCT`_M7<C]\5A\JS
M-5%^$Y`%#E^55,4BG:<Q0',S#Y61CGLQ\Q8-]3M-!Y?XZG^SW\%E;CK]S7/;
M92E@W5.QU!L_'4TTVG1U>G=5,YXV^0-9HB>S[%I79\'KQ5I'OPN<K2;`QKQ(
M^6.@G%2*\DX8)MVT?)J.DBMUU!*DL94@$,83EYF7"9>"T%]-C9FV=`=Y:0*'
MH:]@:Z'H5,F-R$5O]5+8RMMJ`[BQP%#T-:4H>Q[U"PGFK7"7/K_7A%QA*J(A
M#'.5-,ICG.8"$(4!$QC&$`*4I0Y$3&$>`^_)Z^]`"=!U7Z'E08*153J\6K_O
M8VNPC!3IQ_,9QK9N?H/4/Q)CGUO;,,=O`P]6L:/L`7T;&W;'&WP:!]RN+,RN
MF$3")A$PB81,(M9=M>97BYHU5\SV;NZAP$Q'`/SM9:RP6&VMS<?A36JE:3E[
M"B<_P[VQ0^//'(YI,AR3!XPN;>Y.)LC>K0=SQ_=;5WW+6W>8Q=CN%U?1M>/U
M:U=_A%7?<M$+?];OQ!K[@6U>AMOWL`$0!]"5*'B8XP<&X$#6NS04F'4`]6H>
MO[,ZO<>I?'XCMABN)?:&M`_UG`_<M!-SC"QFD8FD]S0!_K%I^Y8[2^O!X_"M
MVKZ;W&FWYZJI'I*RW'V@@>R()B/W>YG#'JEBJZXZXI_<_P#67&'/<;76SGI_
M<_\`66:J-]9_PKMADDYZ4V+K=50Y$Q&X4==ZV*8X\=WS%&?7$`2*/J8Q2<>O
MIFRM?4?C<]!*Z:$_VV5'^H7KG6_-,'-3?))&3^TT_I;N7T&U=OW2>ZVZB^IM
MJT38`MT2.';.LV2,D96/14X`BDG#)K_FT8!A'@/F$$QYZ>N=ML<MC,D";"_B
ME(%2&N!(][>H^("[#:W]E>@FTNHY`.NUP)'O'4?%9=S8+EIA$PB81,(F$3")
MA$PB81,(F$3")A$PB81,(F$3")A$PB81,(O_TO?QA$PB81,(F$3")A$PB81,
M(F$3")A$PB81,(F$3")A$PB81=!:;1!4JN3-LLTBA%0,`P7DI1^X'@B#9N7N
M$"E#DZRZQ^"))$`5%53%(0!,8`'59W-XOC>'R.>S5VV#%6D3I)'NZ!K?`=2X
MFC6M%7.<0UH+B`MGAL/DN096PPF(M739*YE$<;!U+G>)Z!H%2YQH&M!<X@`E
M><'R+W[9-_WMU8I(R[&N1YUFE0K8J]R$-$]X""BP)B*:LM(`0%'2O7N/P0H^
MV0@!^/?J[ZJ9CU6Y1/E[TNBQ$1++2WKI#%7J>QE?0.E?W-&CY&M`_5KTL]-,
M3Z9<;AQ=H&R964!US/3662G05U$;*EL;>P^8_,YQ.`/]?/IP/V?9GE2],7'4
M/LZ#^W_5A%S]GZ?Z!PI"?I\.OW!]F$7'ITZ\=?U]/W!A0N?T'U_4`^@=,(N/
MWA]WZNF%*Y_7_K_=CW*![T]?]/3I^SH/&$60-8;,MFH[I$7FG/A9RT4J)5$E
M`$[&38+<%>14FW`0!RP?)?A.7D#$-VG()5"E.7M7"N9YW@/(L?R;CMUY>0@=
MJ#JR1AT?%(W]9CQH1U!HYI#FM(ZQS#B.%YQ@+[CN>MO,LIAH1H^-X_!)&[]5
M[#J#T(JUP+20?2;I[:U<W/0(2^5I0`;R2()2,<=0BCJ$F$"D"1B'O9Q_.:*F
M_";@`52,10`[3!G['>GG.\/ZC<4QO*<,^D4S:21D@NAF;3S(GT[M/0_K-+7C
M1P7Y.\[X7E>`\FR'&\LVLL3JLD`(;+$:[)65[.'4?JN#FG4%9/SNRZ>F$3"+
MQV_6(UPK1O-.U3I&BB$;LRKU2ZM%Q+PBX<DCPK4M[9N.T3%D(`QC!Z@)P$?7
M/GGU"LS:\DN)-M&3,:\>^FT_>U>-\TMO(S4DH;1LK&N^--I_0OECG1UU/V)A
M$_M^.$3">"^A/EEL>AW#Q7^G_4JO:X2>LNN]?[9CKU!1SXCB0JSZ9L=1=1;2
M;13$3LEGS=FJ=,!ZF*0PAZ9W'.WUI<8'BEO#.U\\,3P]HZM)+:`CVT6_S%Q!
M-BN.PPRM=+%%*'@'5I<YA%?"M#1?0I7>6E#^1;3S:'R.U\KI%OH!>IK>,2LW
M,%VDX>+:R=4TFGC:R3BSQ9X(;6X(\%X*YH\#I^\)O:#WP[8,KC?YK_S&<Q%_
M+/I-GTU3YE?+V>5Y=*4W:[JT]M-5V1U]8G*-S_\`,HOH1;[3!4^9_EEOE>72
MFW=K6NVHK[58VL+AH:WQWTU]K3'D5J2@MO&%JE6MET:U2TJVOZ4JE;6KB(/"
M5]O$.@>P;E8A#.I!99NT9LS"N90_8<A>+9W6*N&\/OWY:")ME\LC'$[Z[JBC
M:&H\75``UJN/:2V$K.+W;\G#&+4!KVN)WUW"E&T-0>[B0`-:K"GDMY&PCCQ*
M3U[K/;:9)6?\PO(NTVVNU&QK-9&6H,[9[,^K#^62CW""KVLS!7Q%T4U#&;KF
M%,XE$2D$-;F<S"<`RTLL@/-=?S.<UIU+"YQ:33JT]?#HN%E<E&[$.MK6\^9U
M].YS6NH2QSW%I-"*M-:BNAT/@L_[0VSIBZZHW/==D[MTY.VNP>.A:O1MDZ+O
M&Q-:[LV?9%HEFR@-;[E\?6LD\KKBMINT@1E5'I/E4D$RF(4A3"+?;WF1QUQC
M\C/>Y*!TS[0-9)"]\<LCJ?+'+#4MH#HZHI3I[-A>75C<6E]<7-_`Z9UMM8^)
M[XY7N(`#)802TM_:W:`=AV^".>4+H*?I]F0H3"E9]\5M?K[3\D]%T!)F=^C9
M-I4MK)MBD%0`@&TXS?V1RH0H"(H,J^T<K*?8FF(YM<':&^S.,M0VH?.P']W<
M"[[&@DK98>W-WE<?;AM0Z9M?<#5WW`KWQY]4KWY,(F$3")A$PBTN\M_.W1OA
M_"=UXEC6&_/VI7%>U?6EVCBV22:PJ)H2,D154J%<@#*)&Y>.Q*"@$.#<BZA1
M3SK>?Y3C./1_\3)ONR/EB;3<?:?V6^T_`$Z+2Y?/6&&CK</W3D:,;3<?:?`>
MT_"IT7F$\F_J=^3_`)(*R4.%J<:OUR\,LDG1-?NW$45TQ4#L^6L=D0%"=L0*
M)]%4CJ)LCCU!N7/$\US7-YDOC-P8+,_J1DBH_M._$[W$[?8O+LIRK*Y(O8V4
MPVQ_59II[7=3[M![%\[#")A$QC"8QC"8PB(B(F-U$1$>1$1'.HKK1\>ZXPB?
MWX1<C_5TPBKXJ6E8*19S$))2$/+1ZZ;IA*13QS'R+%RD8#).&CUHHBY;+IF#
MDIB&*8!]!R['OC>V2-Y:\&H(-"#["-0K,D?$]LD;RV0=""01[B%]@?%CZR.]
M-2NXZN[T^:W?K]/L;JR+H[5OLN';@(\KLIY3V$+.9,!Y%*3,*RG`!\TF&>@X
M/U#RF/<R')UN;3I4T\P>YWZWN=J?V@NYXKFM]:%L>0!GM_'0/'N/1WQU]J]-
M.C/('4OD?26U]U#;X^TPB@IHR#=(WR\U7Y`Z8*FB;'#+"5]#21"]0(J4"J$_
M&F8Z8E./M&+RV/S-L+K'W`?'W'1S3X.'4'W]>HJ%Z?8Y"TR4`N+.8/C[^(/@
M1U!]ZS-FR7,3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A%__]/W
M\81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$7Q[^I!O!5W*1NC
M()T<C2,^1L-W%)3M*Y?N$0=0,,OVF_F(LVJI7AR&_"*BB)N.2!Q^?'YPO4N2
MXOK/TQQDY%O!LGO*'\4CAN@A=3J&-(F(.FYT9ZL%/NK\J7IXR"SN_47)0@SS
M;X+2H_"QIVS2BO0N<#$"-=K9!T<5\IO3]G/3]?\`1GPPOL]/ZN!_J_?C]*=U
MS]_/VAR'V_Z<(G'W_I]PC]F/@E5QTZ<\_P!/Z!CW(@?K_5^SU`..G7G"(''P
M]?TX'[`PFB?'^CT_U=0PIJN?L^STXPH7`_V\`&`IZ(/P_;_9Z_KPH6]'@9O!
M76.UV]-EWOM4W9:[2%=%6-_(CK.(G3KDF3GGVOFG2WR2P\E()'!3G'A(HA]-
M_E<]3'\*YW#QZ_N-O'LRYL+Z_ACN-1;R#PW./DNZ"CPYW^6*?.GYD?3MG+^%
MRYZQ@KGL0UTK:=7V_6>,^.UH\UO4U86MU>:_?7/U37YHIA$PB^&_UP]"K7'2
M](WS#M15D=139X*SF3Y`PTR\.6+-N\5`"F]P(JUH,TR!R':604,/0,\Q]3<4
M;C'6N5C'SV[MKOW'D`'X.H/[Q71N=8\SV$-^P?/`ZA_==0?<ZGVE>6?]/VYX
M>O*/BG]>$_2GZ#A$R5'M3]/TXR%*81,(F$Z)A/!/T_7A1X)_5^GPPB84K[C?
M0\T0K;=WW/?4JR`\)J:NK5^N.5!.41O-W;K,55FO`=BX1E.3?I+E'^`9%$>.
M1#CTSTSQ9N,G<921O\*W9M:?[;]-/<S=7]X+OG!+#S;V?(/;\D3=K?WG=:>Y
MM0?W@O4UGN2]43")A$PB81?*?ZD'U%XKQ-@AUSK=6/G-^V6-^8:)+%0?1FN8
MAT4Q&]DL#4_>DZEG/4T='J`)5.WWUP]D"$<=$YCS!F!B^CLB'95X]XC!_6<.
MY/ZK3[SI0'JG)>1LP\?T]O1V0>-!U#!^T[V_LCOU.G7R,VVW6>^V69N-SGI2
MS6FQ/UY.;G9EVJ^DI)\Y-W*KN7"QC',//0I0X*0H`4H`4``/`IYYKJ:2XN)7
M/G>:N<34D^)*\>FGEN99)YY"Z9QJ2=22K=_3]/V9A6-,(GZ?;A$PGBF$3")^
MGV82JSEX]^1.T_&/8L;LK5-@6B)9MV-I:,6$R\#:H0RR:KNOV2,$P(R$8Z]L
M!#^%9NJ!5D3IK$(H79XG+WV%O&7MA*6R#J/U7#NUP[@_:#J""`5S\;DKO%7+
M;FTDH[N.SAX.'<?>.HH5[/O#[RYUWY@ZN0O=-5)&6"*,VCK[2'+E)67J$XJD
M8Y$UBE$%',-*`BHHP>`4".$R'+^%5)9,GT;Q[D%GR&R%S;G;,V@D83JQW]+3
M^J>_O!`]KP^7MLS:BX@-'C1S>[3_`%'L>_O!"VPS?+;)A$PB81,(F$3")A$P
MB81,(F$3")A$PB81,(F$3")A%__4]_&$3")A$PB81,(F$3")A$PB81,(F$3"
M)A$PB81,(F$3"+I[#.1]8@9NR2ZWR\57XB1FY)?U]EA%,UGSM3CXB1N@8>/C
MFORV3M,+BLEF;^3;8VEO)-(?!D3"]Y^#6E<[%XZZR^2Q^)LF;KRZG9%&/%\C
M@QH^)(7ECNULE+Y<+-<YI3W92SS<E-/3=`(160=*./82`."D0;$.":90X`I"
M@`=`S\/.29Z^Y1G\SR+)/W7U[<R3/]AD<7;1X-:#M:!H&@`=%^R?'\+9\;P6
M(P%@REG9V\<3/:&-#:GQ+B"7'J222K7Z#\./L'^G[,TBW"?9QT^'WA_:./>B
M#ZC^GJ/4/W83P7'/3CCI_HX_KQ1%S_=Z#SU_;A.R=>?AZ?LZ81/LY'X_I\,>
MY$_9^@_U_P!N0GQT7'']?]_V^N35$_M^[I_IPI3^SU]>?U84?I49#G3.51,Q
MB*$,4Z9R#VG*H4P&*8I@X$IB#U#[,EKG,<U[7$.!J".HIT(4.:'M<QS:L(H0
M>X]R]/.A-B!M'3M"O+A=%1_*U]J6<.0Q0(2=C@-'3?(<\)`:1:J'`H]0*8,_
M:OTIY;_SSZ>\5Y+)('7<]HT34_[>/^'-[JR-<0/`A?D#ZE\7_P"3>=<EX\QA
M;:P7+C%7_L7_`#Q>_P"1S03X@K(KJQ1;7D/?^8.'^%L`*A_[LY*E_P"MGH2Z
M*K=<V]<W(-&R:0?`ZQA4/^OM+VE#^G"+'.PH9CM"EVO7]S3-)56Z5^6K,_'$
M$&WS$5-,EF#PJ2J)2J(.2)+"9)4H]Z*I2G*(&*`AQ[JVAO;:XM+AM8)&%KA[
M"*'X^"Q7%O%=036TS:PR,+7#V$4/N]A[+Q%^06D;5X[[;M^J+:DH9Y7)%4(N
M5]A1!M8ZZY.=2#L;`%`#N:2S'M.(`(^TJ!TC#WIF`/EW,XJ?#9&YQ]P-6.T/
M9S3^%P]A'WZ+P+)6$V,O9[*<?.PZ'H'#LX>PC[].RPOFK7!3")^@81,(F$3"
M)A$PE.B?I^K")_7A%V]?@9FU3L+6*[&NIFP6*5CX.#B&2?NO).7EG:3".CVJ
M?(=[AX\7(F0.0Y,8.N9889;B:*W@873/<&M`ZDDT`"O'&^:2.&)I=*\AH`ZD
MDT`'O.@7N&\*='U?Q>\?J3J=LX:_YB;M?SN]RA.XJ$Q>)A-%6>=(.5``%&+5
M4A6K43=H_*MT^2@/(9].<<PS,%B;:Q%#,!N>?%Y_$?<.@]@"]YPV-9BL=;V8
M`W@5<1W<>I_H'L`6X13%,`&*(&*8.0,40$!`?00$.@@.;U;1<X1,(F$6IOFG
MY1U_Q(T19=GR0(/;*X_^)S75>6$1_P`P7B3;.3Q3=8A3IF_*HQ)NJ^?&`Q1!
MHV.4@BJ=,IM#R3.18#%S7K]9S\L;?VGD&GP&KG>P4&I"U.:RL6'L);M]#)T8
M/VG'H/<.I]@/=>'R\W>T[)N%DOMVF'4_;+;+O9R>F'I@,N]D7RHJK'X*!4T4
M2=P$22(!4D4BE(0I2E``^9KFYGO+B:ZN9"^>1Q<XGN3_`*=.W0+PNXN)KJ>6
MYG>73/))/M/^F@&@Z*U,P+#HGPYPB81,(F$[I^G]6$3]O]/Z?#"=TPGPU3[L
M(MG?$7R>N/B9NFN[2JZB[F+*HG$7JLD4`K>W4IVZ;J2\,H4YBI$>D!`KADL/
M^X>(IG'DG>0VZP&:N,#DH;Z`DLZ/;^VPG4>_NT]B`5M</E9L/?1W452SH]O[
M3>X]_<'L1X+W*T&\UC9M*J^P:9)H3-5N$*PGX.2;F*8CAA((%62[P*8WM.$1
M,*:J8_B25(8AN#%$,^G+2Z@O;:"[MG[H)&AS3[#_`$^/@5[M!/%<PQ7$+PZ)
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M]]A`Z1TD;7`.G>X$RD[07$D$FNNJ^4?5OB/\NYAP)]CRK.1,SV=\JX8V]F:Q
MK)'-);`QI`B`W$-`J`*"BQ;'Z_INW*5-^1>T;E%ZQBBWYG2I.`H]'2(R6!M5
M&9V(5J'CUP13DWBY"G7*<"(@F1=83"?@ANCVO$^/<^XUD?5[F_(8,-8C)LM)
M(+.S`8=MNW9]/"P[1(\@%X(#=HDD)+J-/<;KD^>X1R#'^E?#<#-F+TXUUU'-
M=W9+QNN'!_GRO%3&T$AA%7;C'&!2KA3PWB[&2NV]&:U_S@_2;;@UE';`<RP1
M+<RT(L^K$[8/RU!H+T"/4DSPY4O<,=,1!01XZ<#Q\;Z(V60YYZ:<._Y@E;#G
M\*R^=+Y3:PE]O-/Y;6[Z/`,0;N)::&M-%EO_`%CN[+A/J+RS^11NFP67?9-B
M\QU)0RXAA\PNV5:2)2[:`1\M*ZKN*/XGP=DUO7[R_L=Z?ELBUI06>Z^I"=\A
MZ(K`.G35FA=XV(DU+D*\J9L!N&,<L5$IP$Y@+^(=GQGT'QF9X?BN3766R<@O
M'7+2^QLQ>161@<YK!>1Q2&ZK+MK_``H'!@(+C35<#D7K7D<3RO)\=ML5CHS:
M-MR&7MV;.6\$S6N<;226,6M(PZG\6=I>1\H)T%>MJ76UA\9]2'JZ3Y39UUVR
M:D1DVI`1[,)BQOUF[!6$EY,\I\\TJ3$7!U6KGV#N#F(4%&Z7(B7F/X!P[+^C
M7`_Y(V0\SR.=-I',8&-\VX>6L,,LADWMMF;BZ.387D@!T3*DCC1\WY9C/5OF
M[<P^,<0Q^$^KDA$SW>5`P%XEBC$>QUR_:&R,WA@!<6ROH`8]B>%KJL5&[RM<
M?WR1G=;GCPG`M%!7K%6MS9P[(PD'VO)Y9ZX+)MHEP?O-\P5,5VX>XD)BB7N<
MM_+C-AL%R.\P]WE)<GB#'YWU-BZVM;IKGB-[[&<O<)&Q.-3O#=[/G944)CB_
MK]#E\WQZRRUOC8L;E@_R?I[QMQ<6SFM+V,O80P>6Z1N@V;MCSM?0UIDG5VB=
M4:ZVS;:!)VT;IL6KZGMCRS0$O3F:E._,WE8;RA`K$HY=NW"TI`E<I*"9=JD!
MB&,9,Y3D,GG;N&>F'!.(\YSW%KS/?S'EUE@KM]Q!+:,-IYCK7S`+>5SG.,D&
MYKJOC;45+7!S2U=2YCZC\UY3PK"<FM,)_+^*WF:MFV\T5TX77EMN'1_\1&UK
M6B.;:YM&2.H0`YI:X.7S%Y]/L#K^GIGQ:OKY<_OY^/4/MZ\AD(@^GP^`>OI^
MO]89*+ZZ_3[LSN0UK;JNNN=1O6[6F\9HB<PE0;V!@50Q"E$>``[N,6/T#U,.
M?I/^3#-RWO!^2X.1]6V.0:]H\&W$=:>[?$\^\E?GS^;G#Q6G,^/9F-E'7E@6
MN]KH)*5]^V1@]P"^@C6/>O1X;-E50YX[P+PF`_894W"8?OS['7R:KB;5%V?M
M,Z<)(!\2$`55`#[!'\*8#^H1PH7>H5:+2`/=*JX,'J*B@E*/_HI=G]8X1?/_
M`.HGX'0OEQJXCRGLXV)W906SMU0I54Y&+:?:*B5>1I$XZ'A+Y.6,D!F:ZWX6
M3W@W<1%5QW=.YAQ=G(;(/@`&3B!\LG0.'=CCX']4GH[P!<NN<DP3,S:UC`%]
M&/D/CXM/L/8]CKTJO&_9:U8*=8)FJ6J'D*_9*](NXB<A)9JJRDHJ38JF0=LG
MK58I%$5T%2"`@(?>'3KGSO-#+;RR03QEDS'$.:=""-""%XM+%+!(^&9A;*TT
M((U!'BNCS$L0Z)A3HF$T3"=TPB?T?I\.F$3":)A%R`#Z?'[.`']GW]<(*KTS
M?2W^G//ZX8,/)3;\,1E?9F*,;6M.EDCHR5-A9=L=)S9)9LND`LK/-QJXHH('
M[5&3-90%`!982H^W<"XD^Q:W-9**EVYO\-IZL:?UB.SB-`.P)KJ=/4^)<;=9
M[<I?1TN2W^&T]6`]7'P<1H!V!-=3I]EG,>]9"/S+95$.>`.)>4Q'["JE[B"/
M3[<]07?AW7#5\\9&[FSA1'KR)2CR0?\`KIF[DS?M#'N3WJZF-N,'!'Z'<'0/
M>0#@0^\R1A`!#]0_LPH5W-'[1\3O:KD5`/XB@/"A/^NF;@Y?VAP.$59A%X_/
MJ^>1[C='D_):]BGRJE(T05[2&+0.P&ZUT.NF>]RG!#&%14K]JC'_`(OX2Q_)
M0#O-W?/GJ!F'9+-OM&._X:UJP#^W^N?M`;_=7CO,LD;W*&U8[^!;_+3^W^L?
MT-^'M7RBSHBZBF$3">U/]>$3":)DJ*)D*?@F$3^S"'[TPH3"E>E/Z&WD@YF(
M.^^,-A=G66JZ*VR=?&5-W"G`O7[.-N$*0QSAPDQF7[1V@F4HB(O')AX`H9[)
MZ8Y@R1W>$E=^`>9'[B0'CX$@@>UR].X)DS)%<8N5U7,^=G[I-'#X$@CWE>@W
M/6EZ$F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(O__6]_&$3")A$PB8
M1,(F$3")A$PB81,(F$3")A$PB81,(F$3"+YW_4N=J(:*K38@F`K[9T*FKP(@
M!B(UNV+@4P!_$'N$*/`_$`'X9\C_`)S)W1^F.%A!.V3-0U]S;>Z=K\0#\%]2
M?E)@;)ZCY:5P%8\1*1[S/;#]!*^&?]/W#U^/'[?7/S)7Z*Z+CXAR'^G[>?AA
M$ZA_IPBR[K7;DCK2`VE`,(AC)H[2I;BF/W#MPNBI%-7(.0,]9D1`2+."_,CP
M4_!>F>@<,]0+SAF(YOB+;'QS1YO'NM'N<YP,37;OG:!H3\W0Z:+H_+>#VO+<
MGP[)W%])#)A\@VZ8UK01(YNWY75Z-^7J-=52EVD_+II337Y4S&,5V&CL(9H5
MUOGP>H0*T"$<#<`^7^6%)<5.[GO[@X],PMYU=-].9?3H6$?T;\JV^\ZIW[FP
MF+9M_#MH:UZU68\-MCSUG/?K9/K!BS9>50;-IF$V_=UW5%*=*>U9\J?F"O6E
MM73KG5%2G+UJNK)4F$N;R7GV[I:KH1SJ+;M%(MLX",(_*S=&(9T<BQQ(90"@
M03\E]2P7Y@WX:3A.3EX+87/)L'9"SANW2SM<;9L;HVL,37"/>&NVF0AQH7;0
MTNJ/-,UZ%1Y9G,<=%S2]M^.9F\-W+:MBA<T7!>V0N$CAYA9N:"(P6BH;4NVT
M-JZX\DF&O!K4NWU/57EVIYI<T)<&$K-U=P^3E3.#`G<XROJM&ER^1*Y$B1W0
M@<4P`IA'J(Z3A_K-;\2&(O8N#64G([`R^3=1RS6SGB0N(%W'`6MNMFXAIDH2
MWY7$ZUW7*_2:XY1_-K*3FM['QZ^\KSK5\<5PUACVZVLDP<ZUW[:N$>@=J`-`
M.J9>2,^AK]"G.JW#O)R&V0?:U/O!'+]G*5>WN)5O+.GB46W4_*)-)51-0A47
M"9D2%6'\(B0@APK7UDRD/%(N/SX:WDR=OESDK2\W/9);73I6RN>(VGRI`2'-
M#7M+0'="6M(YEQZ3XV3DTF=@RL\>.N,2,==6A:Q\=Q;-C=&UAD</,C(!:2YC
M@XEOX@'.K%L/?\5>F5E<,M24ZLW2ZOVDI:;NWD)R9?F>H.0?.G%8CYETY8T]
M>6>AWN5&G\Q0IC%YZ\A?EOJY:\EM<O);<&L++D61E9)<WC9)I7E[7![G6T<K
MG,M3(\5D,>K@2*ZJ.+^F-[QVXQ,5QS:^O./X^)T=O:.9#$P,<W8UMP^)K7W(
MC9I&)-&D`TTHL@_^UC*C89.^*:CIAME66H.*?;[J23GB+3;)>'3B/G&L+\R:
M(A7YR-T3*J))F.J5$$^XI!,`]G/YA7OREYR9W`<=_P`XWE@ZTNKSS)@9F.A\
MK>V+=Y4+R&L+G-!+@W;4-+@>L?\`T'8,7:<;;SB_'$[2^%U:VGEPD1/$IEVN
MEV^;*P%SPUKG`-+BZA<`1I;_`*A]`_M]<^<5[^G]?'P$>/U#T^S"+C^SU_7_
M`'81?5[Z7P-W#W<C1P@1<"MZ([2%0.\B9TE+8B80*;DG<<%@]0YZ9]X_DBN'
M"X]1[6GRN98O^+3=#_K+XG_.+`##P"ZK\S77C?\`$+8_]5?7X````````.@`
M`<``?<&??J^'ESA$PB81?,SSV^F]0O+V,5N%95CJ)O6,9%0C+:9`Y(:UMFY0
M!O"7A%FBJX713('8W?I$4=-`X#M62`$LZ7RKAUKR!AN8"V+*-&CNS_`/IK[G
M#4>T:+K.?XU;YEGFL(CO@-'=G>QWL\#U'M&B\ENY]%[6\>[F\H6W:9*T^PMA
M4.W*^3!6-F&9%/;+*5^8;BK&3D6J8.`7;*J$`W)3=IP,4/!,CC+[$W+K7(6[
MHYAX]"/%I&CA[17[5Y#?8^[QLYM[R`L?V\"/$'H1[OTK$F<!</LF$3KA$PB9
M*>Y/T_TY"*XZC3[5?;'$U"DUZ9M=IG7164/`0$>YE)61='`3>VU9M$U5U`(F
M43G-QVID*)C"!0$0S003W4T=O;0N?.\T#6BI/N`62"":YE9#!$Y\SM`!J3_I
M]W5>F_Z?/TF&.H)"$W/Y*M(FP[*8&:RM1UVDLC*U^AR*8@LWE)YPB92-L-J8
M*``H%2,LP9*@"I#++%252]IXGP)N/?'D<RUK[P4+(^K6'Q=V<X=J5:#KJ:$>
MI<=XBRR='>Y(-==C5K.K6'Q/9SAV[#J*FA'W.ST]=Z7`@`@("`"`]!`0Y`0^
MP0'UPBZ-Y78UWR8$OEE1_P"\;\$#G[12_P!V//Z@'"55HOJP_:]QT.':0<C_
M`"@X6`/O2'J;G_HB;"*WRG6;J`8AE$54S=!*)DU"&#IQTX,40R%9=/LW<HZL
MU3LK8<JDD[2H="MMN3[A*F+E:NP#^5;,S@(D*H9ZX:%2*`<&,8X!ZCG$R-V+
M&PO;T_[J)[OBUI('Q.BXE[<-L[.ZNW=(HW.]^T$T^-*+P92\J_G963FY5RH]
ME)F1>RLD\6,)UG3^0<J/'CE4P\B91=PL8YA^(CGR@][Y7OD>ZKW$DGQ)U)7S
MU)(Z21\CS5[B2?>=2MX=.^)>MY?0*/DOY`[HDM3ZQF]@.]9U4M4UY,[&G'MA
M8LE'SN0FT8]=HU@X9,C98B?<8ZRYT1`I0[DP4[1CN/6LN*;F,ID#!:/E\MNV
M,R.)`K4T(#1U[U-.BWEGBK1V._FF2OC#:.D,;=K"\EPU)-.@T-.YIIVKB?8W
MC-8H7=+G3VEIV/\`)M1S%,[%6IW2C9Q<0F(%\B"_NOXN"&6<0<G$B(IR#98Y
MODS\"<W:<IAU]YA)HLB<?C96WI+0YKH?GJ"*Z@5(([CLN)<XR1E\;*QD%U4`
MM,0W5!\0*T(_6!Z=^H5Q:?\`$2YWZU[TI-^3L6H[1I'06P-X/X&U5*0;3,B6
MD)1"Z$"M&2:T2ZCDII&5`Z;L2JE`I0,4AP,`YFQ_'[JZGR=M=;K>>VM7S%KF
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MH`=%JK:UN;Q_E6MN^26E:-!)IXD#H/;TU5RO?'[>\:_4BI'3.TV$FC79VWK1
MSV@VEJ^1JE7>A&V6R*M%XM-PG!5^0,"#UV8H(-5?P*&*;IF=V(RC'ECL=,'A
MCGT+'5VM-'.I3HTZ$]CU61V/OVN+'V,P?M+J%CJ[6Z.=2G1IZGH.B[S3FB++
MLJSZ]0FH/8T)K[8,]-UR,OE8UC:M@`^EX.%DY9[%UF&@6WOVR6:C'@#AJT4,
MLV1$ZR@`1,PYFQ^(N+V6T\R&9MK*XM#VQN?4@$D-`_$=-0#IU[+)8V,EU-;-
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M0EK2=*`U(%:=:+#=7TIN&[7&6UY4=6[!L=\@"O#SU.AZA//[+!$CUTFK\\U"
MMV!Y")(T=+)I*&<)I@150I!X,8H#K8<9D;BXDM(+&9]TS\3`QQ<VGB`*CXKA
M165Y/,^VAM)'7#:U:&DN%-#44J*'0U]RRIY">,TMX_5#0M@GI.0--;EHLI;I
M6K2U><U^4H[^)FOR9U7Y!%XY4=+NT5@-[@J(MSIF#M$G.<[+X63$V^,EED)D
MN(RXM+=I80:%IJ>OV+EY'%OQ\&.DD<=\\9<6D$%I!I0U_I`7=>!6U76FO+W0
M]R17]EBO?(FH3_><2H&KE[4&G32K@H"`*$8,IHSH@#R`+-R&]0#,G%KYV.Y!
MBKD&C?-#7?NO^1WV!U?>%FX]=FRS-A,#\ID#'>Y_RG[*U^"]TF?3R]V3")A$
MPB81,(F$3")A$PB81,(F$3")A$PB81,(F$7_U_?QA$PB81,(F$3")A$PB81,
M(F$3")A$PB81,(F$3")A$PBT(^HY#J27CTD^3`!"OWVMRB_01_D.6LQ!]!#^
M'E>73ZY\K_G`Q[[STFBNF#2TRMO*?W7,FA_VI6KZ5_*I?,M/5"2V<=;K&SQC
MWM=%-_LQ.7P9_9U_U\_LS\N5^DBYY_3C]V%*X_0/M^P/Z<*$_5\>/TZ<],*5
M](M2Z*K$]X\ZYOD5X^&W1<+#8K='6(W_`!'EZ5\C'14](LXUP4I9MC&',**!
M4?P)@/X>XW/(CGV1P7TOPF3])^'\GL?2G_F'/W=U<LN/^/EM-D<<KVL=_G,8
M=`&Z`=*E?)W-O4;+XWU1Y5QN\]3_`.08*UM;9\'_``,=WO?)"QSVG^$^0:DN
MU=WH%9VS?%%G+[JV72]0N(VKPE`J%?MDVSO4S(LFD05^DV"73;V"1:+IN8N*
M(M\RHZ65%($2J=JB@E`H]:YKZ%6V0]2.8<=X!-#98_%8^"ZF9>RR,9%O#/-#
M9Y&D.CB#O,=*]VS8';7N(`._XAZTSV/`.)9[G$4MYD,G?3VT3[2)CW2["[RB
MZ%C@6R2$>6V-K=VXMW,:"2,30WC@E+20,3;HU`U))W)"BU%PG-3,T:XS;D44
MT7$8QKL'+OH^#5=KE0!Z_3:HBI]W`CT;'>C3<A=BV_\`J+Q]C)L@+.U<)IIO
MJI30!T;((97QPEQV^;,V-F[V:KNM_P"J[[*T^I'`,X]T5@;NY:8HHOI8FU);
M(^>6)CY@T;_*A,CMOMJ%5M/%.VIQMIFK3=->T>'I.Q76M;-(6.7DB(LI=JT*
MX(\:_(Q#L9%B\.JFFD"7*_\`,]Q1--$BBA,T'H3GV6>;R&<Y%B<988[+NQ]P
M^XEDHR4,W![=D3_,8\EK6AM7U=N<UK&O<W!/ZT81UWAL?AL!E,C?9#%-O[=D
M$49+XG.VECM\K?+>T!SG;ODTVM<Y[F-=.7\2KW%VO8L%:+'2JK`:N80LG:-@
M2TD_&J_*V9,BM:)%BSC7$O(/9KW!*F@5J!P4*)!_&9,JEI?03E%AG.78S-9C
M'6.)PD,,MS?2R2&VVW`!MQ'LC=+(^6M&L$=:@M/S%H=2/UNXW>87BN2P^)R%
MYD\Q++';V4;&?4;K<D3F3=(V-C(J5<XR4H0X?*'EO'D7JFJZPJVB%8`L6ZDK
M919&8LE@A)>0EXBRO$I-))E+QJCY42MVCEDH4Q2$1;"`&X43*<!*$>KW!<'P
MO!>F#\4(7WM_C));B>&5\L5P\2@,EC+S1K7,((:&1D5H]@<"!/I7S3,\PS/J
M0S)^<RTLLBR*"&6)D4L#3&2^)X8/F<UX()+GUI5KBT@G5C[N?]0^GZASPY>R
MI\?U_#]!Z83XKC[?U_JX']GQPG5?7OZ7,<8L?N:7,7\"[RD1R)^/\35"SN7!
M0'T'H\2$<^_OR1V9;:^HF0+='26<8/[HN7.'^NU?#GYQ;L&YX%8@ZMCNY"/W
MC;M;_LN7UBS[P7Q2F$3")A$PBQ9M_2>K-]T]W0]N4J'NU9=C[@,Y-)0CI@Z`
M!*20AI5HHVE8223*(@5PT616`HB7N[1$!X5_C;'*6[K6_MFRPGL>H]H/5I]H
M(*XMY96M_"ZWO(&R1'L>WM!Z@^T$%?"OR`^A:BY<O9OQKV8A'I'^872HNSOF
ME4$A``.DSC+C$,W;KL,("0@.V1Q`1#O7XY-GEV6],*ETF&O0!^Q+7[`\`_>/
M>5T3(<#:XF3&76W^R_4?!PU^T'WKY/;,^G1YI:I4.-AT#=IID43]DI0&S?8S
M`Z11_P#>A7_)+B<>,$1`.?\`S2*!@^(!G0[WB/([`_QL5*YOBP>8/]3=3XT7
M4;KC.;M3_$Q[W-\6?./]6I'Q`6HLW5;/6G9H^QUR>@'Y3&(9E-P\A%.RG)_$
M4S9^W;K`8OQ#CIF@D@GB);+"YKAUJ"/TK3R030.V2PN8_P`""#]AHJ-E#3$D
ML1M'1,D_<*&`J:#)BZ=+G,/0"D2024.81^P`RK6/>0&,)/L"JV*5YVLC<3[`
M2MF-=^#OEUM1TW;4WQ[V>LDZ#N1E)^MNJ77SD]>\+'<_R""[>/\`[8Y'X<CF
MYL^-9^^<UMMB9R#W<TL;_B?M;]ZVEO@,S=D"+&RT\7#8/M=0+Z>Z*^ACL^=7
MCY;R!V)`42(-PJ\JE'-_FBVB4!ZM',RN@A68Q4_'^\0-)%`!].<[MB_3&^E+
M),M=LBC[M9\S_=7\(^&Y=IL.!W#RU^1N6L9^RS5WNJ=!\-R^]'COXDZ%\6X1
M6)T]16,(]>HIHS5K?F-+W&?!,>\`E;$][WAFWN_C*U1]EFF8>2)%'/4\1@,5
M@XRS'VH:\C5YU>[WN.M/8*#V+OV.Q-ABH_+LK<-)ZNZN/O<=?AT\`MD<W*V2
M81,(F$3"+K7\4QD2\.$0]SC\*Q/P*E^S\8?Q`'V#R&$7S'^JH5[4/!_=#AJY
M#B8&B0"2I3E26!*3V-4R/T#D$0$Y7$4FN0P$YY*(\@`9U#G<WD\6R=#0NV-^
MU[:_=5=;Y?(6<>O]O4[!\#(VOVBH7CISYP7B>B^OWA3?I>I:2!MHWS0U]I/9
MZENE%=G:<\F)*'CM+6&NN021C+-3%YNIS309QRS;H(/TFZQ'JA$#`<2$*W]S
MT+C5U)!C0,9R**WO/,/F0W!`A<W2CFU:14]#0UT]U>XX.X?#8[;#.1V]WO.^
M.<@1$=G,JTZTH"`:Z:Z46SYM^^(#K9_DO0Z2_P!'1%IV]HO4$%)7@DQ=M/:$
MNNV:?9+%+[>@HR\4Y2&L53K5U8/F'M/"+H,)1:/$CA18JH_,;[^;\?-[F+:V
M?;-N)[:(%X+XH7RL<3(T/;1S6NTH:@.+=2:Z[(W^&==96VMW6[9)[>(%U71P
MOD:YQE`>RCFM>"VA!VN(H:U^:U?_`&HO6*=TV?5K!?=%-SU'Z;.Z-,PE@U];
MK;8:[*V6>>P3NJ:KCMB['EGLOLF:ATT%_E%FYCHF*Y.FF8YB'`G'_G-C]3>P
MRW5L#'AYH@YCWN!<XM+8P]Y)D(UH1IK0+'_,;437<,MS;_)BY(@6.<6EQ+2V
M,/>27D:T(\2.H--2M[[YUN6N>!4@]8U'?T?K[QQ"%V)K*5MLJ6-1MJZDTS09
MVM>NR"4Q&3<0+]-V0HG(J8R12F_`8P#U_*Y:SV<8?(UEW'%9TDC+C3?5P&[:
M:APK7Q6HO[^U\CCKML=P(K:CV%QINU%';34$=?@L@>/>U==[*U5YO4ZLUQAX
MB(;(J.F"QEZK,=M&TZQI:=0LDDO-5^\W>)CK/8J<QV0@LHB0[H2M'/\`/2#O
M,5-!7FXB_LKVQY);VT(QXF9#1[1(Z-FUVK7O:'.9YGMT.H\`<^.N[:ZM,]"R
M(6;9614>T2.C:&N-0]X!+1)J-=#J->AW-/?]<TNS>+M8ON[8=>*V9].+:NFX
M7<=P";A*Z\E[;-,$*W8IE>QM6TY$U:02KRQ&CN110451*D)P*<_:'8'7=I;7
M&&@N\BW9-B)8A*^H:2YU&N.X;@T[="X`TI4!;SZBU@DQ,5Q?M\N7&21"5U0T
MEQ;M<=U"&G::%U*BG=8Y\?KOI#0T)X,:^GO(G2EFDM7>2NZ+-L6:J=P*YJU:
MCK'K*WM8UX:8EV<,+R(6=OD&Y'Y$ODUW2GMI**"'(X,5=XS&0<:M)<M;O?!>
M2EY:_P"5H,;J&II45(%>A.@)7$QD]ACFX"VDR<#W174SGEKOE:'1O`U(%14@
M;J4)-`L80VPJ+LO4OC$G2O)K76B5_&S>NQ;3M>LVFW2-4D+2VF]B-;7`['IC
M"+9.O^(LBC!-7#9)NB"JI3O!3,*:9SB/`;>VUY9XCZ7-16WTEU(Z5KGEI<'2
M;@]H`_B?*"*"IU\%QF7%O=V6($.4BMS:W#W2-<XM+JO#@]H`.\@`@`?M4T"S
MQ;-]^/>RY/R]UI`7'1[FR6CR;K^V(B=V5MZ\ZFUSLV@,];UJMMT8W:6M):*.
M^DZ=8VBSE*+>.A:J^\99%)1=+N1VMQE\3=OSMG#<6_GOO&RASY7Q,D9L#=)(
MR*EAJ=I-#4D`E<Z6^QUV_-6L<UOYC[L2`R2/C9(P1M;I)&14M<*AI-.X%148
M^L7D7K_>'_M:^J8[=>G=9;0V?5-%154W"UEK91]87]#4CQP:W5Q?85K5>6`J
MTE&.`8IO'AB)3)0,;@R0B)^#+F+3)'D5C'DH(;Z:.$,E!<R-_E5W-\QWS5(T
M!.CE@ER5O?\`\^M!?P17<S(@V2KF1O\`+/S#>ZIU'RU.CO:%J!]0*\5.ST7P
MYK4%N6L[ML6N-,2M1O-IK<RZF2EGF<ZW3*@[5DT6LSV>PW[6RKM%)1TW3*L`
M=I@'.O<MNH)[;CT,>09<S0VY:]S23\V[VT/NJ-1JM/R&>&6#"0QWS)Y8H"U[
MFFOS`CK77MI4:C5?-=NX6:+H.FZAT7#99-P@LF82J)+(G*HDH0Q1`2G3.4!`
M0]!#.E@D$$'4+K37%I#@:$&H7Z'%0F#6&I5>?-_%.5V$F#?P_P`4G&MGH_P@
M!?5?X=,^M[:3SK>"8_KL:?M`*^C(G^9'')^TT'[0KBS,KIA$PB81,(F$3")A
M$PB81,(F$3")A$PB81,(F$7_T/?QA$PB81,(F$3")A$PB81,(F$3")A$PB81
M,(F$3")A$PBP/Y.TE78>@]GUALD==\M6EY:-02*)EG$G6EV]DCVJ0!R(J/'4
M45$/M]SC/+?6SC4G+?2OFV%@8773K,RQ@:ETENYMPQH]KW1!G]Y>D^D'(6<7
M]2^'YB9X;;-NQ%(3H&QSAT#W'V-;(7?!>9O]!Y_4.?C&OUP/W+CC@?Z_Z_AR
M.$0/L_9]O[/U=,)HN?V?IU`?V84K<"N[BT?):.H.I-HUG9KUQ1YZT3B,A2G]
M;8MG"MBE'KPJ9S2JBBYBHMG)2C_+)_,`>!$,^A<5ZA^FE]Z9\4X%S7#YE\N,
MN;B826CX&-<9GN=0F2I(#7`=!KW*\)RO`_42U]1>2\WX=EL1'%D;:WA++ID[
MW-$$;&U_A@`5<TG\1TIT*NNV^6U<LCC9R#6H3D9#V/1C#3--(H^:24LV1CEU
M%TY6UR2ZR*CLRWO&*?V_>.`<<B81,([O/>O>'S$_,V08&Y@Q]WQIF)M`7MDE
M`C=N$MS(2"\G4&FXTZDDDK2X7T1RV)CXA+-G+>:_M>1/RET0QT<;B\`&.VC`
M(:!0$5VBO@``NHU#Y'TC7>OJ17%6>P:]8*G<WEHG7NOS5E@ALMDM()O&<-:Y
MMXJC.M6;)LG\J*2(*IJMQ$H@`F`4^#Z?>L'&>(\3XWB'VV5M,M89!]Q,^Q^G
M8,@QSPYD5S,XB9K6-'E[6;FN94'4@MYW.?2GD/*>3\ARK)\9=8N]L&V\+;WS
MWFP>&%KI;:)@,+G/<?,W.+2U]"-`0[HMN>0U:V'1MCU6+@YYBYNN]U=LLG+_
M`/+P;M(I6NKQ(Q;L&SQ=09$KE;NY(!DA('/=STS6>H'JYAN6\;Y;A++&W,<^
M0Y1_-&.?LVMB,#HO+=M<3OW.KI5M.]=%LN#^EV7XOR+BF9O,C;20X_C8QKVL
MW[G2"<2^8W<T#9M%-2'5/2FJR':/*O7%^D]LP5MJMT2UUM&N:Z:"I"JPA+A`
MV/7B"`,Y!LBZ>C$/&#QPGRHFHL!NP@``<F,&=NSGKKP_E5YSG%Y[!Y%O$LU9
MV#*PF'ZJ&XL0-CVASO*>QY&K7.K0#Q*ZMA_1?E?&K/A62PF9Q[N4X>[OG4E$
MOTTT%Z3N8XM;YK7M:="&TJ3X!8,WGM:E["@]3UNC05BA(C6-6D:P7_,CF/=/
M)$CB1*Z0?F7CS^T*[DA!47+V)D(J<2D`2``YY=ZF\YXWRS&<$PW&<9=VUAA;
M&2V'GN8Y[P9-S7DLTW.'S/%`&N):VK0"O1O3KA>?XQD>;9;D61M;B]R]XRX_
M@->UK"(RTLH\5VM/RL-7$M`+J.)"UW_;ST_;UZ?OSR->I+G[@_JY_9A%Q]W[
MOZL(OOO]/>C*5/0#.9=("B]O<])V01,(B8\<E[4/&&[>1`I5$8XRA?M!3G/U
M2_*;QE^"]*H,E/$6W&4NI+C7O&*11_`B,N'L=5?FC^9_D3<UZFSV$,NZ#&VT
M<'N>:RR?87AI]K5O-GTXOG1,(F$3")A$PB81,(NG?34*S<$9OWK9)<_`@DKR
M8"@;^$53=IDT"F#XG$H<9!IT*+M")I$#E,B9`$/4A2E`0]?\(!R&``.@13,E
M$PB81,(F$3")A$PB81?,#ZPK-PZ\$=D+(E[DXZS:V>.AY_@0/>(6/*;CX_\`
MFGR8?MSI'J$TNXO>$=&R1D_XP/TD+K',6D\?O*=G,_VVA>-[/GA>+=TPH3]/
MO_3G"E,E0OH'7?I<^;UKKL/:H'44<]@9^(BIZ+?#M#4S;WHN:9H/XUPJW=WA
M!RT%PU<$-[:Q"*%$>TQ0,`AG:X>$\EN(8KB&P:87M#@?-B&CA4'5]14'NNQQ
M\4STL;)8[*L;@"#OCZ$5'5ZUZC;3OWQ!VC<J]7[3.:OV+`*NZ=<VE?FHV1:N
M"I'17<PTH+!>6K5BCP5*0X%-\RAW@!BCR'.:H2Y;CU[<0QSN@NV_*\-<"#WH
M:$M</M"UC)LAA[N>.*5T-TPEKJ$'W@]6N'VA8[V+L[8.W+,O<=F6^=NUG<-6
MS`TQ8'RCURE'LP.#..:%-P@QC6GN&]IN@1-%/N-VE#D>>%>7MWD)OJ+VX=)-
M0"KC70=![`/!<>YN;B\F=/=3.DF(I5QK[@/`>P:!6+Z=<XJP)A$_U<?IZX4)
MA2F$3"+]!W4;8[/5&L6BHB*C77E+;*"//(G0K<:D<1YZ\B8N?66.:6X^Q:>H
MA8/]4+Z)M1MM;8'J(V_H"R'G,6=,(F$3")A$PB81,(F$3")A$PB81,(F$3")
MA$PB_]'W\81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(@@`AP/4!
MZ"`^@ACJG34+S0^36IU=.;FM]2(B9.$6?&G:LI^,4U*Y-&4=L$DSF*05#1HF
M.S4'CCW6YN.0X$?QD]:."2>G?J)R#`,CIC72>=;'L;>8[XP"0*F.IB<?VF'M
M0K];O2+FK.><"P6;=)7("/R;@:5$\5&O)&M!)I(W^R\=U@#[OW\_NSRSVKTM
M<\_N^P?[><(G/]/KQ]_[>,A%QQ_IX'[.G'[>,E$#K]@?V_O_`%81/V_#C]GV
M<!]N$7/Q_;Q]@??R`X1.OWCS]_\`5R/V#A%Q]W7CCT^W^KUPBY_3GGT^X>OH
M&$0/U^GIUX^'ZP],(KMH=+FMB7*M4BO(BM,6>79Q+,!*<R:'S"H>^^<^V4YR
M,H]L4ZZY^![$4S&]`S?<7X[D>7<BPW&<3'NR%[<,B9UH-QU>ZE2&1MJ]Y[,:
MX]EI.29_'\6P.6Y#E)-MC9P.D=TJ=HT8VNA<]U&,'=S@.Z]1]3K493:O7JE#
M)>S$UJ%C8..3_P`0-(MHDS0$X]1,H<B("81ZF,(B/4<_;K`X:RX[A,1@,<S;
M865M'#&/[,;`P5\20*D]S4K\=,WEKO/9C*9N_?NO;NXDF>?[4CBXT]@)H!V&
MBN#-LM8F$3")A$PBIG+QHS*4SMTW:E./:0SA=-$#F#U`HJ&*!A#[L(J@I@,`
M&*(&*8`,4Q1`0,`AR`@(=!`0PBZ]W+QC!0B+Q\W;JJ<"4BJ@%-VB/`','^`@
MC_B-P'WX18]M*T:$VA[]=4D#F*@/S!7#A+YXH@4Q2H)H<IN.T/P\CR(CT'IE
M>ZE54N61+.(_+VAM&I'^7%./6<*)"U+V$X24:IE,U4$P^@*&+W<\9/Q3MT79
MO+@+*:")4C%S$]Y-$%N_A545!*4JJ*'MB"B8B;IP;D?Z,5178+YD#D&8O&H.
MQ#D&HN$OF1#CNY!#O]WCMZ^GIDJ%581,(F$3")A$PB81:>?4!H!]E^&/D55T
M2"HY3US)VMFD4H&46>:_<-+ZT;I%$!$57*]:*F7CJ(GX#.N\LM#>\<R\`_$(
M2\>^,B3[]M%I\_;_`%6%R4--?*+A[V_,/O"\,7Z?H.?,:\'_`$I^S")A$PH7
MT\\6Q'_ZG?\`4GZ^G_M,'[/_`,Y<G^[.]8(__H?S'7_L/]LKL^+_`/EWDW_^
MO_XA5^Z*K4[3/"G7^T_'SQ_IN^=OW7?EBI&TW%AU6QW&_K]?CHY$]8I00D@P
MEBU6#LZ;A)=R_2(V,8ZQ"G6`3(]O*Q,,EOQRSO<7BX[F^ENRR4NC$I:T`;6[
M2#M#JUKH?;T7(L8Y8,%!>8W&LN+Y]PYCZQ^80`/E90@[6NT)=IU%3T6?-W^,
M>L#TSZEE0T'JJ*MEQI=S\8G]8KU.JJ5MMFO'MCE&<ELBL48T<Q?SS"(9+)/4
MW+=B()I-D5$C`":(E+M<GA+$VW,(<78MDN8Y("UK6ASXRXUD:RE7`=:@:4!'
M9;"_Q=KY/*(,=:!\T<EN6AK=SF5(+VLH"X`:U`Z`$=`L@O\`4.J]7VN^+VO0
MFLI9]KCZ4M+V9(TNP4F%3CUMIPUBG?S&6FV[=FW<EGGKJ/*VD79#IOED"F2,
MK]G)=CK&QFN73XJ%TD.$9(6N8*>:'&I-!7<2*./XB-*KE.LK.UN+GSL?$3%A
MVR%CF"GF`NJ3IU-*$]::56/_`!?DH;:>KZI8Y?0=/I=SW1O24CS;*BO%S7>[
MM*7=NBG&02&I;'7HQZ_O>E(%H`%,91!O'HB3WGB:X@98Q.-A)8[ZRMII,5''
M<7%R1Y@MXY87]!Y;@*OA'M`'<@]5QL4YEY:QROQ[(YY[@C>(&2Q/Z-\MS02^
M)H[Z-%*N!ZT^,&]Z>KK[=.U:0NC66ZU5O]JA%&M+=/7M3:'83#M$6=><2:BL
MB>):=OMHE<',N0A0*H(F`1SS?+6_TN3O[8A@V2N%&$EHH>C:ZT]ZZ5?0FWO;
MN"C1LD</E)+="=&UUH.U=?'58HS7+BIA/@KXUE2W.Q]D:_UZQ,)'M[NU5IS4
MY2B<Q'%FG6$*B<"%$!-V*/0'U#TSDV=NZ\N[2T9^*61K![W$#^E<BT@^IN[:
MV'621K?\1`7Z$#1JBR:MF;8GMMVC=%J@3D1[$6Z94DB<CU'M(0`SZT:T-:UK
M1\H%%]#@```=%49*E,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB__TO?Q
MA$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81:.^<OCZXW%KE.RU
M=@+N^4$CE^P;-TQ.\G:^<ON3$&@4OXUW:8$!TU3`#'.JF9(@=RV?,WYF_2B;
MU!XBS-82U\SE.*#GL:T5?/`=986]R\4\R,:ESFEC161?1'Y=?4Z+@G*G8C,7
M.SC>3+6/<XT;#,-(ICV#37RY":`-<'N-&+X"^G3C@?B''Q'@!`?B'7/RJHOT
MQ\%Q]GW]/TXPE5S]P<_I_IPB?K]/CT']_P!G0<?I1.O7]_7CCCX<_LPBX]/T
M_3C"E/3[?[L*%S]G7^GU_?Z81/7G^GC]_P!O/7'1"GZ>OW]?CA$_7T#]/M'"
M:+[&?3O\>EH9DOO2UL/:?3+)6.H#9P405;Q#CN3E+%[9B@*9Y0I?EVIN>1;>
MZ;J14HY^A7Y1_2:7'6TOJ=G;7;<W$9CL&NZMB=I)<4[&4?PXS_V>\_AD:5\(
M_FD]4(\A<1^G.%N:VT$@?>N'1TK=8X*]Q'^.0?\`:;!U80OJAGW(OC1,(F$3
M")A%:=C>V!LJV2AFAE$U"B*BY$/F!!3NX!,P=2I%`O7N,'`\^H<9!KV16W9!
MC%E(T9P[TDJ1HB#Q".!$Z293")QY%=0"%-W"/\`F^_X#D%2NP>I6#MC"5L_9
M$`S:BT'W&Y%!`2`("Y^;X5,(E$!X`!#CX<X->W1%U]C/!DD$`EFSQQ($;-OG
MU&2I$4#F]LO/:17J/[.SIQUY]!3JNQE$;(9XS_)G:;>.,BW!BC[R+<$R`F0.
MU=!?^:MVAZAP?\/3CGIDZ]D75V$:Z68$)%H_4<@5`7ZC50J3=0XIDY$J9Q]P
MP=G'/:).?@//7(*+MWY;=^:)J1AT31X^V+4@BT*D"`D*)BKE6X=<\>HAR/'\
M.3K7V)V72R:=:3LONKKR**Q'9%G1DTTQ:$<E,57_`'AA!P0O<`"/:4P!\!#(
MTJG996RRA,(F$3")A$PBZMU-13)X@P=OD6[MR4#(I*"8O<!C"0O*G;[1!.<.
M"@8P"8?3"*J?,FDDR>1S]ND[8R#5PR>M%R@=%RT=)'0<MUB#T.DLBH8I@^(#
ME7M:]KF/%6$4(\0>J@@.!!%05X'?)C3<EX_[XVCJ.235*6G6R491#A9,Z8R-
M:<+"^K,H3W.IB2,$Y;J]!$`,82\CP.?*V9QS\3E+W'R`_P`.0@>UO5I^+2"O
M`,K9.QV1N[1PT8\T]K3JT_$46"\UBUZ81,(NX96*P1L5+P4=.S+"#G_D_P`^
MAF4H^:1,W^7+"XC_`,WCD%R,Y+Y!P<3H^^0_M'$1+P/7,K9IF1R1,E<(GTW`
M$@&G2HZ&G:JN)9&L?&V1PC=3<`2`::BHZ&AZ5Z+NZ?L;86O5)!>@WNY4=:7:
M_)2JM0L\W6U))G^+_P`J_/#/69GC<.\W!%!,4.1X#J.9+>\N[3=]+=21[A0[
M7%M1X&A%0KP7-S;%QMKA\9<-=KBVH]M#JH*OL*_TB2D)FEW>WU&7EVKEE+2M
M8LLS`R4DS>J>X[:2+Z+>M73QNZ5#N4(H8Q3FZB`CD0W=U;/?);W,D<CA0EKB
M"0>M2#J#WJD5S<6[W/@G>QY%"6N()!\2#K_6H%=@7Q?Y@%KO;U@=U\M3=@K9
MII0'55(=10M9<`=Z/OUXBBIC`R-RV`3"/9U')-W=&M;F35FT_,=6_L]>GLZ)
M]3<&M;B3\.T_,[\/[/7\/]GI[%6U/:&RZ"TE&%%V'>*6QFTQ2F6=3MD_76DL
MF)/;$DDWB'[-%\44_P`/"H&_#T],F"]O+5KV6UW+&QW4-<YH/OH156ANKJV#
MVV]S)&UW4-<6U]]"*_%6.8YCF,<YC'.<PG,<XB8YSF'N,8YAY,)C"(B(CUYS
MC$DFIZKCJ'(3VI^GZ?NPH7U>^CIHY7:GEO%W=^S]^L:0A'MY?*K(&4:*69ZF
MK`TQB*G':D]3D'BTFASZC%F^S.]^GN,-_GX[ES:P6S2\^&[\+![ZG</W5W#A
M=B;K+BY<*Q0-+O9N.C1^EP_=7L"SZ#7L*81,(F$3")A$PB81,(F$3")A$PB8
M1,(F$3")A$PB_]/W\81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(
MF$3"+XY^;_B`XB'4ONC5T49:%=*+25[K$<AW'AEC\J/+-&-4^3GBEE!%1ZDF
M4?E3"98`!'O%+\\OS+?E^EQT^0]1N$V!=C7DR7MM&W6$G5]S&T:F)QJZ9K1_
M"),E!%N\O[O_`"\^N<5]#8\!YA>AN08!'9W#SI*!HVWD<=!(!1L3B?X@HPGS
M-N_Y7?9Z]?C]O.?#R^RESQ_5QQ^G'3")\?TZA^OX=/CA$Z]!_9^GV=,(N.?C
MZ>GZ!Z<82J#SZ\\_OZX3V+D/U<_VC]_W81/W_O\`AQ]W7_1A%Q]O7]7Q^_\`
MJPBWG\/_`!*D=US+:YW)FY8ZJAW?<J8_N-EKF^:J"!H>,4*)%2QJ:I.UZY((
M=H`**8^X)C)?37Y??0:\]2<E#R+D5N^+@MN_4FK3=O:=88SH?+!%)I!TUC8=
MY)9\Z^NGK;:^GV/FP&!G9)S.=FE*.%JQPTED&H\P@UBC/71[AL`#_O>U:MF+
M9NR9H(M6C1!)LU:MTR(MVS9!,J2"""28%(DBBD0"E*4``H``!GZGP00VT,-M
M;Q-CMXVAK6M`#6M:*-:T#0````#0!?FI--+<32W$\KGSO<7.<XDN<XFI))U)
M)-23J2I^95C3")A$PBMB9M#>(<%:_+J.5NTJBG:<$B)D/_#^(Q3B<XAUX`./
MOR":*:+J)YH]DG3%9*7;L&RZ*!T&CIV9FNFH<.X3^R7D5%?Q`'KR`]/OR#[T
M5-.2";5\U9+1*$FX;(-TQ=O$S"L\,)2_[LI/X@,;GU[P[A'I]I$GHUF[DVZK
MJ728F620[FBQ#J'9@!"_A*9,?:2`1_VQ('/7D<'KU139Q\[;239!.(;O`;D1
M!NX<LQ=+NN"E$126`.2B!_\`9Y'NZX/N2BDS\=&.91-9Y+@Q<+D0]]L=!1S\
MO^`H`4%B"":(?];@`]?3!Z]44V>?NFTDU2)$-7J:)$`;.7+072SK\)1_E+@`
MB!@-]G(\]?C@]4'O5/.Q;5S*H.5YDD>Y<D0.HW7[SJLQ`A.`(JF/MI``^G<8
M@`/4!'!]Z#HKX5AXQTJFX<LT'"Y`)_/4(`G4[``"F4XX*IZ?$!#)H%"JU';1
M)4B"KINFNIQ[:*BR9%5.1X#L3,8#FY'[`R451A$PB81,(F$5@7U*.(T9O'T2
MI(`1P"!ED7)FIVR1P$P@=0J:O<50P<%`P=O</J`CU@HH"S<^=Y%.XIB9]6WR
M;5("`D!G34>[V7'OJ%.90BB!BB/<;E(P?'X@K]B+XA_6S\3G-EKD#Y5TR-4<
MR=-:LZAM1LT3[U%:DLZ5_P`MVQ0@*E$P0$J]%DZ,0AU!;O$3F$J+8YB^4^I6
M!,T46=MF5?&`R6G[-?E?_=)VGO0CLU>?\XQ!FACRL#?GC&U_[O9W]TFA]AKT
M"\SN>,+R],(GW82JY'G"+C"?I3"'JF$3]G]N$^"83NF$JHTTU%E"))$.JJJ<
MJ:::9#'444.8"D3(0H"8YSF$```#D1')`J0!U4T)(`ZU7M5^FKXIJ>*_CG$Q
MEC8)M-F[#<(W;8?<0OS<>[<M")0E565*<_<2LQ@]IB@/:5XNY$/XN1^D.&8(
MX/#QLF92]F.^3Q&GRM_NC[RY>W<:Q/\`*<:R.1O_`!,GS/\`>>C?[HT]]?%?
M0C.VKL*81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB__U/?QA$PB81,(
MF$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(N!`!`0$`$!#@0'J`@/J`A
M\0'!`(((T0$@@@ZKY>^4'@3#6`LI?=,@PKT\H<SN2HZQTV4!,+J"85#P"YS%
M;P<@NH(<-S]C(QA$0,@`#S\5>LOY4[/.R7?)/31D5KEG$NDLB0R"4G4F!QHV
M!Y/ZCJ0DG0Q#K]?^DGYFKK"LM>/^H;Y+G%-`:R\`+YH@-`)F@%TS`/UQ64#M
M(>GQ_L%<GJI+.X&S1$C`S#$X$=1LHT5:.TNX.2*>TL4@G16)^),Y>XBA!`Q1
M$H@(_GWFL'F>.9*XQ&>QD]IDXC1T<K"QP\#0C4$:M<*M<*$$@@K[HQ&:Q/(,
M?!E<)D8;K'2BK9(G![#XBHK1P.CFFCFG1P!%%TWZ>@^@?V9J5LD]?N`/LXX'
M)1<?M#^SG[OLPB?'C]P_'U_KPI7/7_4'I^[[<*%61\=(2SUK&Q3![)23Y8C9
ME'L&J[U\\<*B`)H-6K9-5=PLH;H4A"B81],Y%I:75_=065C;23WDK@UD<;2]
M[W'0-:UH+G$]@`25Q[JZM;*WFO+VYCAM8VESWO<&,:T=7.<X@-`[DD!?43QS
M^GI)RIV5MWPFK$1@"DX9Z^:.0++2)#%$Y36209K<PZ`_A$6J!Q=&Y$%#(&*)
M3?;?H_\`E,O;U]MG_5%CH+$$.98-=_%D'4?4/8[^$WI_#83*=0\Q$4/Q[ZJ_
MFAL[-EQ@_39XGO#5KKUS?X;#T/D,>/XKNO\`$<!&-"T2`U'U_C8V/AH]E$Q+
M%K&QD:U091\>Q02:LV3-LF5)NU:MD2D20012(!2E*```!P&?H%9V=IC[2VL+
M"VCALH6!D<;&AK&,:*-:UH`#6@"@`%`%\,7=W=7]S<7M[</FO)7E[WO<7/>Y
MQJYSG&I))U))J2JW.2N.F$3")A%8UBBG,A)-@&59MD3%(5%NNX%-4A^>#G10
M#_?'.;C@>0'GI]F5/O4CW*EEY-5&409IQ3=ZLT!%--9XV%=TZ'M(('2,'`@`
MF]!#G\77[L$ZI30KF7CX9Q+B=W*G056%(%VP(F5!,W84OMBZ*(IH`(!\0'MY
MY],$`GJG95<DZL:4D#=@W.#9,4R-^UN55)4G:`=RK@Y#`0!'H/XB]H?OQ4^"
M:*EET:^I*B9XL[*L)B`\*@4#-RG*4H"!SF_FE_"`<]@#^P<$"J5/15<K_F4'
MY"QH*`S`$@:`@"0HB0"EY]\Q^0#J'^/IQZ9.M4%**DFB0)I$HOOG!=\(@]%G
MV^QW]A0_%WB"G\/KV=>/OR"`3J@*J98;`5TW_*/=_+_:0^4^6!,R8E["_P"^
M[P$0+]G?^'M_;DE-._54<VA"F>(&E%72+\Z#<7Y6:8*(`?VR\B)C@(E#IT[>
M[I\,C3N@KV57*O9QJJT+#)G4C?E4/EC(-OFP5*!"@`*G[%%"_AXXZEY#KZX)
M/;HBH9N/C'+INXD9'\L?.F[<[IJ"!W94S]A2#P<A@!$`$./Q<ATYP::$]45=
M,V-[#N6R"#=)=G\LD<CA85#"\*)`Y%-8@]@"'V\&ZCSZ#DDE/:KM(^;"5K[J
MJ395VDFHDW75337'W"@/8"9S`8QRB/`@`>N*J%T+^VL8Z2-'N$'(%3$@*N0`
MO83W"E.!@3$0.=,I3=1#K]@#BNJFBND!`0`0Z@(<@/V@.2H7.$7!BE.42F*!
MBF`0,4P`)1`?4!`>0$!PBHW3QA%MRJNED&38#%1()Q!-/O-R)4R%`/7@HCP`
M=``1]`QT14LM%0EJ@I.#F63&=KMBBGL3*QSM-)Y&R\/*M56;]BZ2-WHN6;YF
MN=,Y1Y*<AA#XYCEBCGBDAE8'1/:00=0010@^PA5>QDC'1R-!8X$$'H0>H*\9
M7U#O!6Q^'^RE9"#9OY/1MVD72NOK,<#N2P[E3WG:E$GW7<H=*;B6Q3"V55[?
MS%H054^XZ;DB7SGR[C$W'KTNC:78R4GRW>'?8X_M`="?Q#4="!XMR3`28>Y+
MXP382'Y#X'KL/M'8]Q[0:?.O.HKK7P3")A$_3]V$JG[OT^_")A/T)A.B81/T
M_3]6%"^^OTC_`*?3RUS<'Y5[D@SH5&!=)2>G:S*('(I9K`S7*HTOKQLJ!1_(
M()PEWQH&#_S;TH+APD@3W_5>`\3=<2Q9W(Q4MV&L33^LX='D?LM/X?$Z]!KZ
M'Q#CQE?'EKV.D336-I[D?KGV#]7Q.O85]->>TKTY,(F$3")A$PB81,(F$3")
MA$PB81,(F$3")A$PB81,(O_5]_&$3")A$PB81,(F$3")A$PB81,(F$3")A$P
MB81,(F$3")A$PBX$0`!$1```.1$>@``>HB/P`,(L83TN,BX]M(P_)H"()!_X
MAN.#+"'QYY_"`^@?K'"E6A,:>HVV&`L=@U>-L,0A[@-OG43$>H+G*)3'C)-L
M="2C3``_B.@JF)OX1Y`1#.J<LX/Q/G-A_+>5X*WO;85V[VT>PGO'*VDD9]K'
M-)[KLW&.9<GX9>G(<8S4]G<&F[8[Y'@=!)&ZL<@]CVN`ZBA6GVP/IF4V3.Z>
M:WO4M5U#`)V\/869;!&@I_X)9)%=A)-41'_$<KHP?8.?*/*_R7\>O'37'#N3
MSV3CJV&X9Y\=?`2-<R1H]I$I'M7TUQC\W.>M&Q0<LXY#>,&CI8'>3)3Q\LA\
M;C[`8Q[EJA8OIU^1,,L8L2WJ%L1]2+0]E18B(=>`.E9&T)V*=.O`F+U]1ZYX
M5E_RB^KN/D<VP@Q]_'V,-P&?:+AL-#\2/:O:<7^:;TMOV!U[+?64G<2P%_V&
M!TM1\`?8K*'P5\I@/V_\,0YX]2W*A"7G[S_YIXX_;G6C^6+UP#MO_)/_`.]V
M-/M^I781^8WT;+=W_-__`.ZWGZ/IU<L)]/;R4EETTI""K593./XW$U;(IPDD
M'XNIRUTT\X-QQ_A(;U_7QNL;^4WUDOI&,NL59V3#^M-=1.`]XMS.[[`5J,A^
M9_TFLHW/MLE=W;Q^K%;2-)]WGB$?:0MGJ'],1DB9!ULK9"KSM4*9>&IL:+9`
MY"CR)`G9<3KF`_H/#%,0#T'/:>+_`)*K>-T4_,N8F2AUBM(]H(\/.EJ=?_8M
M(\5Y!R3\WUP\20\2XF(]-);J3<0?'R8J#3VRN'L6Z=1\?Z/J;Y&,U96XVM_,
MIF))615P+NSOC`83&2<3#U5674;@3DP((&(AW#_"4`#CZOX1Z6\$].X#'Q3C
M\4%PX4=,ZLD[QW#IG[GT[[&D,'9H7S)S'U)YISV82<FSLL\`-6PBC(&>UL3*
M,K_:(+SW<5L:4!*4H"(F$``!,/J80#CD?O'/05T5<X16Q99AY%I-B,F_N*NC
MG+[QDS*$3[.S@@$+_$JKW].?@`]!^$$GLI`4)K(E'-6194BGYBLB11=NW3#N
M2`PB`&4*=0H)B8`_AYYY^&*^*45'-,9J3>-CL7/M,#II'1,5P*`$,(`8RBB9
M1*J<X<\AP!N`^SKD&M4"B=V5RUD`CD&GS/LG2;JJ'$P+.%!`H&%(I/PE$PCT
MYYY')JE-%2/XF-=3AO?EB@==4G<U]LQE"GX``0!<#"DF)N.``W`ASP`8[I71
M53A]8#2XMVZ!R()K]A"BW`43H`;CW5'!B"(%.0.1$#!QZ!UQK7JH4ERE7U)D
M?=.Z.H=QPJ4H%%H+CN[1*<P\+<"?H/`"7[^,C2JE3WB%C4E#"@HLFW!4!0$J
MI2M@1`P<"JF!P`X@'J!@$P_#&M4THI$@M`_FAQ<,UE%"J@5RH0XE1%4H@!A,
MCW<J`40_%Z<\>@_%4513Y..G7$C[S58X-^2"W,1P"1$"]I0$#)]Y3<@("(\%
M-R'[LDU3129=Q#ED`*Z8J.5TP3*Z634,@4Y@*4?]T`@"H@'KR)>G3D0R"?%%
M-EF,P[<H.(Y4XLQ11,W*BX^6!$.P!Y$ACI]3>O(<CQTR44F8-%IK-DY-NNZ?
M$;(`[6;&!(IQ`@<B(")>\1'D0XXX`?7(_2BF2A)98K)6%,N6.%LB""34_LBF
M/'X05)W%,8H%``Z\E#CK@U[=$5/,H1I@8FF3N$Y,S=('(LRIGY*'(=RH"/M`
M/(#U+S]P"'&--*]4KV4R5>R+)"._)"B>,!LF"2I6X.1,8@B4"K"HF8R0]H!Q
MT*(CS]G`-=*=$"HYJ.;OP8/Y!\G%/G:"1%FZR2B@?AZ=X$`>]```>H'Z`/J(
M#S@T[IXT44\]:,5HU%>,;RI4V:!BOW)OQ.B$#M$2J$`Q%`'M[A[NX.3>GVB@
M43YK8GCYK+P[E4S5TDW6014<E1(W(8A#"DNW.<I%4A]3=H&$>?U8-3T33NLA
M!SP'/K\>/3GX\990F$7161K'.H=V$F506J!!<]Z`=RZ2B13`51$!_")^#"'7
M\/`CSP'7(/M1=?3%(P8@&\:Z7<$;K'%4KHI4W")UA]P"&3()B%3$/X1*(E$>
M>O//`(J#9NLJ+N*C6'7&R*ZPM-.M#$["6B)!,3$.41`Z#MHN02.(^38."E6:
MND#)KMER%43.4Y0$.->V5KD;6:SO(0^W>*$'](\".H(U!U"P7-M!>026US&'
MPO%"#_IH1U!&H.H7DT\Y_I<;1\9'<O?M;MI79NBRG6>&F&387=HH34?=6%M=
M(QH055(IDB00_.$"?*<%Y<`V,8A3^"\GX1?81TEU9M=-B^NX"KF#P>!V'[8T
M\=II7R3/<4NL8Y]S:@RV'6H_$P?VAW`_:&GC1?*;]F=%744_3]/CA$PB81,*
M$Y^S_5A2JEFS>23QK'QS1R_D'SE%FQ8LD%73QX[<J%1;-6K9`AUG#APL<"D(
M0IC',(``"(Y9K7.<UC6DN)H`-22>P]JEK7/<&L!+R:`#4D^`\5Z"/`CZ/\K)
M/(7;GEK$&BX=LJUDZYI1UQ^93!B^VY;/-BBDH(1D8!NWF&ZN5QY([]DA3(+>
MK\5]/I)'1W^?CVQ"A;">KNX,G@/['4_K4Z'T7C_#7$QWF791HU;%X^U_L_L]
M_P!:G0^DALV;,FS=FS;H-&C1%)LU:MDDT&S9N@0J2*#=!(I$D444R@4I2@!2
ME```.,]D:UK6AK0`T#0#H%Z2````*`*?DJ4PB81,(F$3")A$PB81,(F$3")A
M$PB81,(F$3")A$PB_];W\81,(F$3")A$PB81,(F$3")A$PB81,(F$6.M@;<U
MIJQF#W8%U@:P0Z9E4&KYX4\J\(4>##'PS4'$M(=H^OL(*<?'.H<KY_PS@]O]
M3ROD=K9`BK6O?65X_P"[A;NED_N,<NU<9X/R[F4_T_&>/W-X0:%S&TC:?[<K
MML3/[[PM.+3]2;1\.JHWKD+=K>8H?@=MHUE"QJ@_`"J3#Y"3+^UF&?/.<_.-
MZ:X^1T6'QF2R!'1[8V0QGXRO$GVQ+WC#?E.]0[]C9<KD,?8@]6ND?+(/A$PQ
M_9*L2.?JD-05$&FEG!T`'\)G-\215$/M%-.I+%*/W=PYT&7\[L(>1!Z<.,7B
MZ^`/V"U('VE=VB_)U-L'G<_:)/[-F2/M-R#]RNB#^I]0G!B!8]8VV**(@!SP
MLM#S_8`^I@*]+7!,`?KS=XS\Z_%Y2T9GA-_`.YAEBG^YXMUJ,C^3_DL0<<5R
M^QF/82Q2PU_P>>MH*!YC^/.Q%T&,9?V4)*N`+[<5<$%ZPN90X@4B";Z2*G"N
MG)SCP5-%TH<P^@#GMG%?S#^DG+I8K6SY5':WSND5VUUL:GHT/DI"YQZ!K)7$
M]@5X]R;T']4>+1R7-YQF2XLFUK);$7`H.KBR.LK6]RYT;0.Y6SQ3%,4#%$#%
M,`&*8H@)3%$.0$!#H("&>U@AP#FFK2O(""TD$4(7.2H5GVB5]I/\N0-PHJ4!
M<F#_``)&Z@ES]JOQ_P"C^O"D>*M"+CU))V1N3DI/XUE`#D$TB_Q&_P"L/0"_
M:(_9A.BRT@BDV1301(!$DB@0A0^`!]H^HB(]1'U$<*%-PB81,(F$3"*PPC&C
MZW*NEY=)RLS%-="/3`X*(B@!0*F8_/M%!!7\1BE$3&'^(`Z\QWZJ5?F2H3"*
MS[`XL'SB#6+27*@8A3>^BF4P'4$P\E55,42(D)P'01*`\]>F5->RD>U4$FYB
M#RB!'C$[UVD""#M9-0R:(JAVAP"'7W^TQO0>T!].N#3NBJ'4(L[G?<5?M@)[
MA5DDP6'YM-!/M,5-)#@.SM[>A@'@/7UZ9-->J5T7*<R\7G"HI,T0*5<6YP,C
M_P":*B4XD44.KSW$["_BX]/AUR.Z47"+&$/,B8'QU51<G6*A[9O;%?O%3L^8
MX[5``_I]OIR/QGV)\%-2/85)<.\JZ:!7'XRB3AH#8#_B`IA#L4$4_00$3".1
MJFB@3/`GEBF(@X,HHY`2*"(?*BX,?\)RD[N_M%0?B''/PXQ45351J1TV>6]_
MW#@D#CN*L"Q?;*W!3D"`EW]W'M]!+QU']^-:]$T\%PY>1`2HF/'"<R:XD5<>
MX8`]TANT3_+!RFJ!3!ZCU'UXQ45HE-%%)0\FYD1724`4S&***HK=GRY0`.@%
MY`X=@]?P@/.-:I5<2CR.(_`B\<5VJA[95EQ4%(3#P4?]T4.Q4``?\73X>F"1
M7HG912\8_D%T'3,W>W.DD*)!4!+V/P@/(%,8H!W`//3K^[)*`J7+*L4!9MY!
MH+]XDW2!=<JQV_/3@>3E_$L(F`1Z\?KZCD&B**3;/GZ+!>)!0K,$"@1NFH5`
M43%$0`1+[A"B)0#M#@1XX^_%.E$4$H1DFUCRS2;E9^"1BB9L<GN=@&]%3F-[
M9^.0Z]1YY'GKUGP\41^H\!A'F@/?!B4IRF*@43KE4`W0%0`#J<<]W/'X>?7X
M9';1%(DVR#QC'N9QR>/?]ITP$$#*G53`XB`J-DP`Q!`!`1]``3<<=0#';4H"
MH91Y^61L4BR2;2#+M'AT[0!<ACE-SV`41`$3CR/0?Q``<!Z#CH/8G4JGE6+F
M<0C9A!9%H<Z14?EUW`MRIJ$4-VG:J"`!^,0$>.@\`''..NJ+O'MA)!_(LGY%
MG3@6J)G+E$"@43<>V=0H'$HJ"8Y!$?3^S)K10NJ>2=B2EVZS,BCR(>"V.W*B
MV!1)1NJ4@F`ZH)^X@KP(CR80`/U9!)4J[CR$8LNM&'<-UG`IG*JR$Q3'4*9,
M1.EV&_"H84Q'DG4>/4.,GV*%CJ&?H*-IIG6F!XF85*5PB55?YHJR;98.](@N
M2B1%8J2IP*42B')OXNG2*_:I5TPDVY)$_,V80CEDW9FA57B?R?S/X"'(?VC%
M)P8>3`(@`%X((_`>)!\5"NH!363`Q1(JDJ3D!`2G343.7H("')3D.4?U"&2B
M^7WDQ])GQD\@7DC9Z\Q<Z6O\DJ=R[L%$:-S0$D[4,JHJZF*0LJUAUEUU51.J
MJS.P76-U44,/7.D9K@6%RSGS0M-M='4N8/E)\2S0?X=I/<KJ^4XEB\BYTK&&
M&Y/5S.A/M;T/O%"?%?%#;OT8_+Z@O')Z&QJ>YH$@K*-WM7L$?7IL&Q#&[!?U
MZXNH8$W9TR@(HLW3\.1X`QL\UR'IUR&T<3:LCN8O%C@TT]K7D:^P%RZ/><)S
M$!/TVR>/V$-/Q#J?<2M$K3XI>3E*47):/'S<L,FW,8JKMSK>VFC1[1-R9*4;
MQ2T<NF/:(@9-4Q1`.0'C.KSX/-6U?/Q-RT#N8WT^VE"M#+ALM`2),;.*?V'$
M?:`0L<(:PV6Y7!JVUY>5W1C`0K9"ISZJYC&'@"@B2/,H)A'IQQSG#%G=N.T6
MLA=^Z[^I<865Z306DN[PVN_J67ZMX9^6%R=MFD'X\;<`7G:+=[-4F;JT.8IQ
MX*8T]:&L-")$'GU.X*''7TS96_&\_=.:(</<&O<L<T?XG`#[US(<%F;AP;'B
MYZGQ:6C[74'WKZ$Z$^BSO"^R2*NY[C5]0PQ?QK148LWO=R<E(`'.DBC%.D:H
MT*<!X]T9-P<G`F]@P!U[AC/3/*W!#LE<,MX_`?._[CM'^(^Y=DL."Y"9P=D)
MF0Q>`.]WW?*/?N/N7WM\9/`3QM\5"I2>OZ<$O>?EP0<[&N"A)VVF`R8)KEBU
MU4B,*V@XZ]Y(]!L*A1X4,H`!QZ?A>*8;!4DM;?==4_S'_,[X=F_W0*]ZKOV,
MP&,Q/S6T%9Z?C=J[X'M\`%NEG9%N4PB81,(F$3")A$PB81,(F$3")A$PB81,
M(F$3")A$PB81,(O_U_?QA$PB81,(F$3")A$PB81,(F$3")A%T5FL]?ID#)V>
MTR[*"@(=L9W(RD@L"+9LB7@H<B/)U5E5#`1-,@&454,4A"F,8`'5YK-XGCN+
MO<UG+^.UQ5NPNDDD-&M`^\DF@:UH+G.(:T%Q`.RQ&'R>?R5IA\-8R7.3G?MC
MC8*N<?T``5+G$AK6@N<0`2OCGO\`^H=:K*N_K>E2KU*O%,JV-;W22?\`FB71
MX%,ZL<W5(JG7FZO44SAW/0#M-W(FY*'YY^JWYML[FI;K#>FX?C\14M^K<!]3
M*.A,;2"+=IZM.LU*&L;JM'W=Z9_E=PV(CMLMZ@%M]E*!PM6D_3QGJ`\@@SN'
MZPTBK44D&I^;,E)R4R^<R<O(/I:2>+'7>2$B[7>O7:YQY,LY=N5%5EU##U$Q
MC"/VY\=7E[>9&YFO<A=R3WDCJODD<Y[W$]2YSB7$^TDE?6-I9VEA;0V=C:QP
MVD8HUC&AC&@=FM:``/8`J+C[O[?N#D/3.,N0N/O^//K^G.$3X^GKQ^G/7U`<
M)[5SZ?;T_H_5Z]><)\%L;I?RFV[I%TV1KL^M+5=-0/F:9/JK2$`HCW@94K!-
M0XN(5<_'^\:'3Y-_&!PZ#Z]Z<^M_/_32:%F(RSI\(#\UI.3)`16I#`3NA<?V
MHBW^T'#1>5<^]&^#^H<,LF5QC8,P1\MU"`R8&FF\@4E`_9D#M.A:=5]K=&>5
M^NMY0*R\4J,'<HYF#B7I$DN0T@B/<5(7,6Y*1).9B16.4!63*4Z0&+[J:8F*
M`_I7Z3>MW$_5BSV8]YM>1QLW36<A!>T="^)U`)HJ_K-`<VH\QC"0#^>OJ?Z.
M\H],;O=?L^IP$C]L5W&/D<>H;(VI,4E/U7$AU#L<\`TOA555TN=9014674$Q
MA#D1,8X^@`'PZ\`'V9[*O)EE&#C`C692G`/F5N%'!OL-Q^%(!Y'HD`\?>/(X
M4+N<(F$3")A$PB816Y#5II#KKN2JJ.7"W<4%%0`!33.;O,4H!SR<X@'<8>H\
M?#KD`4106*>/#@@F@B55=P!S`93N]I,B?:`B(%$#'.8QN@<AQQUP312JK\^9
MMTV82!P:NW*"*JC<"J'%`5"AT4[2B*8=P_XNN*I1=2\2L+B9`J)UT&::J8IG
M(?M;^R':)SJ`!@*L<>OX1Y'X<<9&M44"4A&+3A?:C"G446]L'@G-W"H')06*
MW$!3``$.>[H;CKZ],:511,X4"RYW"L@W7.BL=P*22G<[,8#"(>\3D/:X$0[@
MY'[/CBFJ*.,F)![)=ADTRMS>X*I`3X,B0A3=HG5X`W(&``Z^HCZ9-=4-$C6<
M,61[F[I1=4@G.W24(8J?<4!'D%.P/=%,`Y#T^WK@40UHN6`SAY$#.!<$2`YA
M7*J`E;`GUY*F`\)B/^R)>?M].<@5JFBB9GA!D2BB@L!Q4$45#C_(]T1'M$B?
M=W%Y'^'D.G3H&-*]$7"<?+C)%74.8`!?N,L"I>P40/R)2D`W=VF)T`O''P'%
M#5%$=Y%C)=_R/<<%NT7'>(![G?V^[['\!N#=>1Z_'CG'?HBX?1,BO('73-R4
MQP%);W0+[!>G:':(@<.S_H@.*&J**2>,"O`(LP*Z41[2JK&-V"(@`=.P`[5>
M`'_%T^&3WZ(N)6.>/UD7+7^:@=%,4RB<J8I`(=W/:<Q0#NYYZ=<@@E.B21VB
M!&;=^U%\Z303]Q4%3I"`?P\>Z4.]3D0'H/Z_4<'V]4'O7$BW<R#9BK&%,#4J
M8A\N0X)BF8![0$2]Q0,)>!#U'C]N#K2B=.JA>D;I1[).:(JL[`5/;%$X"N5,
M!`1`Z@F[#<%$O///7]HX["J>Y0NC+#%M#0'OD;$.H"Y$@,+HI_PB'?V]QS<"
M(]W'(=0^&.VB>\J4X1([B6RLZJJT<)JG3;JBF8RRB9@*/"B`%Y'GL]1X'H`\
M]>L]M4[KARX_*X5K^4G*Z;G6/[[A9,#]AQX,!3(G#A/N-]H=./M'G'9%2O$#
MV&+:OE5VS%5H=5N87!_9:*E-[?XR'$#>V;D@!QU#GD/AD4K[TZ)*@SCXN(;2
M;4LLKVJ>VNDN=$I$2B41*FX(7O4)VJ%`H<<"`<].`P:`)UZ*"26F%DHQ]7OF
M2QP-R))M6Q>X4%43&(*:Z!1-[I``H%Y'N*''W]6NA"*%_'1(34>[>27Y=(JB
MR>.6?LG53^8*8AA`')1]ML!U$^/Q"(=.?C@]>J($NB2QOH\8QNP=.SKL$)-!
M,0=%45#A!PJ''!RKG[3<AP/4.1'CG'=%0DB)0T=*-+6NL6-:@1VUD#+`[52=
M$,9(#(`!SKJHJIJ"`D,`>O3@1QVU4*H+84JW!P_Y=S-,!6<-UW9^]L=$Y3`L
M#8$C`<4E?;4,)0,(_A+]@\XJIZK(:#M!PS1?)GX;+-R.BG/^'A%1,%0,;G^'
M@@\C]F64*7'R3&4;@ZCW*;I`3"3O)W!VG+P(D.0X%.F<`,`\&`!X$!^.$5;A
M$PBZ:<C`DF9BE`/F4>5&YNG4W'XDA$>/PJ@''W#P.$6+D556RY%4Q%-9!0#%
MZ=2G(;T$/B'(<"'Q#IA2LNQ[U.0:).D^G>'!R_%-0O0Y!_4/I]H84*MPB81,
M(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$7_T/?QA$PB81,(F$3"
M)A$PB81,(F$3"+I+)8X2H0$O:+)((14%`Q[F3E9!P)O::LVJ8J*G[2%.JJH(
M!VD3(4RBAQ`I0$P@`ZS,YC&\?Q60S>8NVP8NUB=)+([HUC14F@J2>P:`7.)#
M6@D@+88G%9#.Y.QP^)M739*YE;'&QO5SG&@&M`!W+B0UHJ7$`$KSQ^3ODY9O
M(*SJ$(=U$:]B':@U:L"H!0$"@9$DW-%2_EN9ETD(CP(G(U(<4TQ'\1S_`))^
MM7K5FO5C-/`<^WXG;R'Z:VKX:>=+31TSQ[Q&"6,)^9SOU&](/2'$>F.(:XM9
M/RB=@^HN*>XF**NK8FGW&0C>X#Y6MU9^S]?P]?W_`+,\07L:YZ]/O]?ZNO[L
M)^A/N^/I^W^CIQA$^\/U<\?J'[,(%QQZ\?#[_7"+G]WKS_3^L>G.$7']OQ^'
MV_#TPB[2%FY>MR\?/0$B[B9B*<IO(^18K&1=-7"0\D434(//''(&*/)3E$2F
M`2B(#L<3ELE@LC9Y?#WLEMD[>0/CDC):YCAT((^PCH02#4$A<')XO'YK'W>+
MRMG'<8Z=A9)&\;FO:>Q!^T'J"`000"OO!X>;[C=[12R,T+5E?ZHU14FXM+A-
M&41$Y4$;)&HC_"T.J8`62#GY=P8H?P&3$?U=]!?6RU]5\(^UR.R'F5FP?41M
MT;*RH:+B(=FN-`]H_P`MY`_"YE?S'];O1^Z],<RVYL-\O$KMY\B0ZNC=J3!(
M>[FBI8[_`'C!7\37`;TY]`+PQ0&43()"G.0AE3"1,IC%**AP*8XD(`B`G,!"
MB/`=>`$<(H\(F$3"*6*R15"(F53*JH!C)I"<H*'*7^(Q""/<8"_$0#IA%,PB
MA,8I`Y,8I0Y`.3"`!R/0`Y'IR(X16=.S+E"2;,6K1%90@I*`99'WCG45'@I$
M`Z"01`.!,'7G]605(".FT(YGBF<.E#.3G1*HU`O<W%=,A"$2,MV?XNT`$H?'
MH(AZ9&E4[(V1FC2YW3LZR+5!14Z@BH/R_P`N4#]J:28&X.4Q>/AR'J/7&J*.
M,?,74BJ1O'E;*."K"F[*;N4*/:8PF%,0[4>X.?X1]>@X'5%#&17R*Z[TSE!R
M=FFN8$6RGN',<4S@(*].4Q$.0`.!'G]74G713XR2=OUUDG)4_E3HJBJ8I03!
M$H@(`(GYYX$.G4>?C\,`UKX)[5S&-(])955FY,Z=))*B@F<@I%Y$IB<\F`H*
M<\\<AT`!YR0!V1<QJLF=V)G(K?+@507'O%$B10[3"':!@`I1`W'0OP^[`]Z*
M8P"(^=#Y<BP*\F%$5>J7(%$1[`Y$P"!0'CN_KP*=E"E-VTK^8$44%8.%0,J<
MQ_Y1DN?Q%+U[3%$O0`#T^[(%5*F^]%#(`8&QQ.*W^^Y'V_=$W^\]ONZAW?'C
M[^,FH12WD?)*OC*I]P@*G**H*%*5,@#^'IW=Q>P/L#KD:U3V*;(+1P.@!=J*
MZJ?:"JA3=@"/`#P)`,`*\`/QX^S)JH4$HS=NU45FP"HW,D3VBE,!`3Y#GGM,
M)>WN#@><*:^*B?"U21:)2")W+HJ)>XR9Q*8"^@@<_<'?R(??UY'XX-.Z=U`_
M(LY9M#1A5`:%*8#(I"8%"F`0`.XH")CB40'XCUZ_?CW*%PLFD$:W"9!85@.<
M$.P0%R!!XZ&$P\"''KW#]G/7(/352H5C"G$D_)!6!,%Q^8$H"9P7DO(]W'(A
MUXY$OP^[G';1.^JD]OST28TRJ=`$5P^7<F((J'Y+QP*8%[E@'D0Z!R/'/P'`
MZ:IWT7`*)Q<,=6+5*\]UR`+K'3'A(#$XY.@/\'\)2\&_VOU9/M"*0/NV&*,"
MAD6JK%<I@4-_+;*%,F8!`WJ"1B@;U#D/3IUR.H10K(HQ4"DE((HRA578B@1-
M8P))=Y!'E-P4HG+P!##^$.HFX].1QVU12':CQ]%,E:\1PU1:'52<LFJIP6(H
M()F(8!(('<$#D1YZB/=R(>O#L*)WU4J69,7#6+<S[M6/DE4?:5$B)EC*II&'
M@ZJ29>$E"E.'(_:/'`\<`/M.J*9*3P1DPQ_\DT=,R-6WR[P4@4=G;JE`IUFS
MKKZ=0X#H;CJ/7%47#:`DFLS(F=*_,03Y)Z=\)U^XRJ*I%#I@9'GW@<I*"'!P
M#H`#P/7C)I]B+IV[J.:0,L%<(J]4!PDN\:RJ":XD9`(D%<C<O*:R1!X[AZB4
M!Y-QP&1VT13DTY>9=05BCC)MTU/:CGS`RQ44/9;K'*X*BDJ8"+M%D.[\``)R
MB'3D0Y!UU4+N:JC!1TM.QT8[<BO[Q?<9.2=I$BM#J)G%LIU]XA%%^WD>#<`'
MJ'7)'=%?N2B814[MVW8MU7;M4J#9`O>LJ?GM3)R`=QNT!'@!'"*P;/'E27)(
M-^T6[S@3&(("7WA#N[@,`B`E6)^(!#X@.%(4-7D?E78M%#<(.Q`"\CT(X#@$
MQ^[W0_#]X\819(PH3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$
MPB__T??QA$PB81,(F$3")A$PB81,(F$3"+XP_41WZM/61/1]<?"6$K"K60NB
MK9<?;D["=$CEE$+"F;VU6T&BJ510AN0!X;@P`=$./SF_-QZJR97,-]-,/<G^
M663FONRTZ27!`<R(T-"V$$%S3_O3J`Z,+[Z_*WZ:1XW$O]0\K;__`)1O&N9:
MAPUC@!VNE%=0Z8@AI'^Z&A+9"OF"/V>G'[.O]0Y\5+Z_7>5^K66VOQBZI79Z
MS2GM&7_+:]#R$U(`@F8I3KBSC6[IR"*9C@`G[>T!$.1ZYM,1A,UR"Z^AP6(N
M;V\VU\N")\KZ#J=L;7&@[FE%KLIF,1A+;ZS-92VL[2M-\\K(F5-:#=(YK:FF
M@K4JFEX29KL@XB+!$RD#+M!*5U%S,>[BY)J8Y`.0'#%ZB@Z0$Y#`8`,0.2B`
M_9F')8S)8>\EQ^6Q\UK?1GYHY6.C>VNOS,>`X:>(6:QR%AE;6*^QE]#<V3_P
MR1/;(QU#0[7L):==-#U76?IQ]_'W^F<%<M<@'V`///P#GGX<!@`D@#4E":"I
M.BN)]3;A%DE59.J6:-2@3,"SJC^`E61(4TH"8Q@2YG#1,L:,D"I?EP7[/>[@
M[.>0S<W7'.06++]][@KR%EKL\XOAD:(?-IY?FES1Y?F5&S=3=4;:U6IM\_@;
MQUDRSS=I*^YW^2&31N,OEU\SR]KCYGET._;7;0[J45N&*8H\&`2F`/0P<#]W
MW\"&:AS7,.U[2#[11;4%I'RD%/U_'X\_ISQE5*X^[U^\.H_OPBR#JW9%BU+?
M*]?JPM[<G!/"+';'.8C>48*?RI&)>@7GN:23,YTC]!,7N`Y>#E*(=KX1S#+\
M"Y/B>5862E[:RU+:D-D8=)(G^+)&$M/<5W"C@".L\QXIB^;<;RG&LQ'6TN8R
M`X?BC>-62L_M1NHX=C3:="0?3+3]@5V[T.%V+!N?>KTW"IS3=3H*R)!3-\RR
M7(41`KYBZ3.@J3U*L0Q?AG[1\6Y+C.8<=Q')L/+OQU[`V1GB*_B8[P>QP+'C
MLYI'9?D1R7C^1XIGLKQW+1[+^TF=&[P-/PN;XM>TA[3W:X'NNF>.%K`JE)1R
MYD9IG$)JM(A0Q2IL1DURHB^4>*BDW^8&/7`Y"<`8![1Z]`'?=?>M&JAG9',1
M\XA(@HXCH9%&-^:,!C.Y&8Y+[@$.LI^(G:50>O4I"E$1Y$`Q5%?;60:NO;(1
M4A7"C5%V9H90GS2**Q2&**R(&$Y..\`$?3G+(JW"*P%F!D)J5G`?-WSEBBLL
MWCT3"=PF(H"BD1PF4>Y-)`I_0O(F]>@CP-::U13(Z?>,HX[V;]U4SEQPP2!-
M--50@%`53%#A,"H%$0X$?V<X![E33LILNP<V'\J<-EDT6:R/=[:Y^TZ9S_B,
M?V@Y!4_9P'0?A\`'G)ZH-*J+\V=EFF\:V1(=%NHFS,90G<X.FF`%76%41[B@
M4H"8./4`Y'GG%=5"C:MH@TNX5;.3.7G>X711.4?8^8_$<W:MV<*=AA$0Z]/7
MKQCNIUHH8PLHBX</I([DC9))4RY5Q-PJ/`]I$DC#VB`#Z"`<?`!ZY`3W*?&J
M-'8/F[)F5BNHW4[%@.)Q[#"!.!'M`4N#&#H7D/W8'?Q1<L&*L2FZ?K&(H8B0
MID22/W`(F.3J<P!P``8`^W@.1P!35%.CW:D@5XW7(FDB9`YC*I%]L$^[\(@8
M1$2CT$1Y'_9')\4(I[URP:(-2N7+9P5ZNDDH"9"D$H%$0'@>WN,8W=V\=/OX
MPGP7$:Y=N%52N#^XW%,XK=X`!$P$!XX,'`!SZ<?9S]F0-?<H4U@C'%<&,V5.
MJL4#BB50!*'\(@/`B4O</`_NZ\9(]Z*4T-)&>%[S+]O?_-*IW@F!.?Q?A'\!
M1X_AXR!6J*>0L7\Z`E!3O]S\/_P/[O=TX`/Q?Q>G^']F-*J=5)<IR0O3"F*W
M^\_DB7N]H"<_AY$/P`''\7/[<&M5"GO/RT7/\\BAE?P@J*70G/`?Q]0$1`/]
MGKQ@TJI4N2*[,HD+;WA;^V3VOE^_M`>/B!.!#IQQS\,&O;HH7+LK44&OYE[G
MS/M@'*7'N=O/7O'^#_3SQ@T[]44#P5",VOY890K8._W#)"8%`'H(>X)?QAU[
MN?AS^S!Z:=$4(E(O&D&5.HF8JH@@J("*P@)>GX>!$X#U]?@'/.2/:BX,8K.+
M,>+4,H(K%]]42_S"`)1`QA((!V<"`!Z>@\_?CW(I*`FEHYPF_5]LK=1,Z;LP
M```;@X"!^I"G[0'CX#^(,CK6JGHN6Y21,8\<MEDGQCG3`_`?R4^O9^,G<8WH
M?KSQST^&.@-$ZD*F1.I/1[AD!$FRS<R2Q#)E%-!3GO#M.4.>P?7[>O`_#`U"
M="B#08F(>#*(D=(J*I"DU(?N`#\B7O!0`$J8F$0'D.H=OV],=!JBIC*F>0QB
M0"*[-5NY(H[;HJ'%<Q#IJ`!B*E$%%@$Q0Z!P(]OIT#F>VB>]27#8CN$;*V)=
M=DX1<J)-EU$5%'"B1RE-VJH]ON'Y[!ZCP/X0'GKUCMJI]RADY08=K")L$VS]
MB1(5$W+E'W!44(?\12"/`ME"\\^G<'/'P'!-*>"A<FB)%U-Q]@CU0*W??*.E
M046[%D41(E\P@8@_[Y,R/0.WGGGX=!Q0U]B*6T5AVLE.(P23AO-?+/D&J:P$
M%JJNB)E#IM$^1X-[B("!3\!P7ITY#&FJ:KI%$W]HB/=>N$(Y]!.Q3([=F^1;
M*E<@3E(YP*!4':*J)?0/\0`(`(\XZH5VZJL7'3Z!#)J!95XI--)^4Q?RUS)N
MFPHI'43Y`PBX5#CNX[1$>H?''?VHNG`T_.HLY%9PG&3-?E/DS&>&^00=%="B
M/8(\`07!3$[3I@'"B9OM$`%U17/,W4K4LBG%MA=/85VF$DV<%,GS'\BFNZ;&
M3,83$37.0HF$/P@;N$O;UR:J%<;V1B312:TDJ1*.E$T6_P#/`P%.$@GP1)02
M`/M]Y##R81`I?41#UR4400[<D.2'(90Z"+<$$%%S>XH7V^J!C'``Y]L0#X>@
M<818L4(HW6,F?E-5%02CU$#%.0W`\#ZAP/QPI668E\$@P1<?]YQ[:P?8J3@#
M_P#:Z#^H<*%V6$716*TUFH1BTU;;%!5>';ARO+6*7CX2,0#[5G\FX;-4P_ZQ
MPS%-/!;,,MQ,R.,=W$-'VF@5'R1Q-+Y7AK!W)`'VE:S3OGIX95Q;Y>2\E]0J
MJAW<A#7".L92B0>TQ3JUU242(;GT`1`1^&:67E7'(3M?F;>OL<'?[-5K'YW#
M1FCLI!7V/!_02J>%\_?"Z?7*V8>2VID53!R`S%H:UU$?Q%+Q\Q8`C&X&$3!P
M'=R/[!RL7*^-RG:S,P`^UVW[W4"AF?PKS1N4@K[7@?IHMEZK=J9>XXLQ2+=6
M+E$''@LI59^*L,<8>`'@KZ(=O&PCP8!Z&^.;JWNK:Z9YEK<,DC\6.#A]H)"V
M<4T4S0^&5KV>+2"/M"N?,ZR)A$PB81,(F$3")A$PB81,(F$3")A$PB81?__2
M]_&$3")A$PB81,(F$3")A$PB8161LJZM-<Z_N-[?$*JA5:[*3(-SG]L'CEFU
M4.R8`IP/8=^]]M$H_P"TH&=9YGR2WX?Q/D7*+EH='8VDDVTFF]S6DL97L7OV
ML'M<NQ<2X_/ROD^!XY;N(DO;J.+=2NUKG`/?3N&,W//L"\MDU,2-AEY6>F':
MKZ6F9%[*R3Q8YC+.G\@X4=NW"AAY$QU5U3&$?OS\0\C?WF5R%[E,A.Z6^N97
MRR/=J7/>XN<XGQ+B25^QEA8VN+L;/&V,(CLK>)L<;1H&L8T-:T#P``"ZW]G'
MW`.<-<M;ZPDY9]>>%$'9=5/)*!GK3M]_$;%LU:.LUGFK-HT?$KT2O*,A*^C6
M3DWRYB"4Z?*BP)@/*P@;ZIQ>2S?%/RWXW,<$N)K;*WN>?%?W-N2V=K6M=Y$3
MI&?/&QWR$$%H+G;:_P`0AWS5D,=A^3_F"R.)YG!%<XVSP;);&WG`="YSG,,\
M@C?\CWM^<$$.^5NZG\,$9_7UQ)[&KOBQ`^2,1(K;"?;/O-(F%I=P=I:)NE1L
M18Y%L=Y+LUBNG[=K)LV8(.2J'*NFH"@'."PG/ZI-Q"[Y?AO1#&>L-C,[EDF:
MN[.4RNVW,UHR.=[2^5IW/:U[8]D@<0X$.#G;R7>9Q\JM.*Y7UDR7I1>Q-XO'
MB+2[B$30ZWBNGRP,<&Q.&UA=&Z3?&6@L<"TM;L`;J72-+U>SZJV).A`S,C9X
MK>=(U[7"Q+TQ'RD7/3+:/>Q3%N]<(Q#B4<$<`1)1R(%(<Q1.8I>1SPGCGIOA
M,UPCEN2&+N9LS!R>TL;<1/(>8II0QT;&O<(W2.!`:Z30.(+B`O:^0\_S&(YG
MQ;'')P18>;CEW>S^:P%@DAB<]LCW,:9&QM+27-CU(!#030++-^TGJD-:;ND(
MJIP5/M>H'59!@UA-D2-YL2(/K$A"2<?L%-/YJJM9(?YA?:9.!507(8IB@!.3
M]\Y-Z:\%'$?4>[L<#;8_.\?DMMC8;]]Y.-\[8I&7P&ZV;)^(;8I-S'@@@!OS
M=*XWZ@\T_P";?3VUO<W<W^%SK+C>Z6Q9:0'9`98WV1.VX='^$[I6;7L(()+O
MERQY)Q$.,EY?6N83FY-M6);QG4<5IK:9R"@;"Q=H5--^PFV,8Z3:/3*M@,5!
M=5)55FH;W$NTX`.=[]8+''_6>O6=R++F>"RGX\76[;F:&"=CFVH>R9D;@UY+
M:ACW-<Z,_,RC@NE^E%[?_2>AV%L'V\,MY#G@+AUO#--`]KKDL?$^1I<RCJ%[
M&N:V4#8^K2J7=M.UWMWR$NVM'55.QV`\TFWE=?V!"?E!"3N,55&,U#PSN,.H
M2.2:A%-UTS'$IQ."?</!N,X_J7QWB//O5GD'#;C"&/E4O&VR6,[9I/XEU%;-
MFBB=&2(PWRFO:30U`J:%9?3[.\IX/Z88#EL.:$G&(^0.CO8'0Q_P[62X?%+*
MV2A>7>8YC@*BA-!4+1[R!H-6U<OKNCQT>NVO#2@0DYM!RX=NE^+396Z<LG$)
MM5E!;LRPT>JF4?;(05/<`3<CGS+ZL<4PG!Y.(\9L[5S>2QXN&;(N<]SO^)N&
MB41!I.UGE,+1\H%:@E?1'ICR7,\QCY3R*ZNFOXZ_)RQ8]H:T?\/`XQF4N`J[
MS7@GYB:;2!HM>/B'7I]WH'[,\C[+U)<\!Z_I]W'QXQ5%]:/I[;6DG50N.GO9
M"1>,'S>P5M%PB5RU;1<LO\M/E62,`E!HT?E25$3?@`[HQA^//Z%?DRYI+=XS
MD?`[J0DVA%U`#VCD<&3-'L$A8[WR.*^$?S;\0CM<C@.;6T8`N0;:<^,D;2^)
MQ]IC#V^Z,!?1X&<-85"*LU3,TY";<K.4G"G_`)F9(Q1!4A&A`'^4V`3&``,(
M`3NYZF``S[CT7QJKBA8][,,3K6EN*ISR`O&;-P04_E"$3%,I!2#M'VQ[C`!#
M\\AU'UP/:H]R[")KQ8V2DI15T9TX?J*]G).P$4%%?=%,?Q&[S?A*'(<``%Z!
MUQ1$6L1"3R,&DW,J)NCA?W`#VC&0%<H$3[1`X$)P)A$0XY^[%=45KMF9X=C*
M2,<^3DWRBI6HK-0]WY9)54#J*G*(G[U5!`.O4H#UY'KD*5/<.&Q8^,3L:+IT
M^`RJY2%$J:Z;913@/F![D^J@$#@O\73KP(8\*HNS>0;EY+(+$.FDP3(V%$"G
M[3HHHE)RDDD``)3"<!$!#H'/W<8IJBCCYI=]+&2!!(C8Y5@,8"?SB)I$,)#J
M*_>8H`(#T#G)!UZ(H(]FQ;B]7C70OGJ""OL$%,2]@B!B]Y`$.%QZ\<AR`_M#
M(]W5*]%,C%'94'JTJ9<[,4NTQ''>8QU#F`O"13\"`=>.G`<B'V=`[U0J<T*V
M<,GJ,6B=NN()]PJ'_&<@GY$H*=P\`)2F#CH'7)'3HH43)NM%-G2[DG/>!"%;
M]Q3`<1$0Y.("8@!^+[^G..@JIT4YJ<K]JZ:D12:#P0W*)0!,?Q=W!P#CU[.!
M^T,5K50N6C48])=UWIKG!/VRE2$3$#DQ>>XW`>@@'(?``R`*513&;E9X*R"_
M`D.D?DQ"@02<\%_5U`W3GKTR=2E%RS:((J'53<%<J)%.)"$X#J)1#D>#&$>>
M>.G3KD`)[%+:/'2KHI3B)B'$W<7M``*'`CR'3D.T<FJL0**:FT9@Z#M7$PE/
MW%2X'CN`>0+[G'!N!^'KC3Q45-%)7<O2NS%()OPJ"4B0!T,7G\/(<?B[@Q75
M3044]TV9F7[E%A3.;@3D`!,'/IR)@`0)R'VXT4`E2WZRZ!TTT3"FB5,O8)/0
MW'3^+KR!0XZ8Z(`.ZB<)(N$&ZKM7V%A)QSV\B8.>?]V`<_?T].<%12JA<&,R
M9H%9&Y3.8PF7``,/(\"`!SR`=X\_JXXP=.B:]E`4!D&)OFU"I"BI^!<0`"F_
M"`?B`>T!Y$>.G'7(ZA%P0H1D>LLV4*Z,H<@"<`Y3)_AY$H&'T[OB/J(9/9%*
M055EVKEHMVIG(!#D5*7M)R!A$"G*'0`$0^'V\\=,#7JB,VPQ;5ZZ5.DY*8A2
M>TB83I'X,)0[Q,7CJ)^!Z#P'/KD=-45,V6+)-'T>V;),ECI@J440[4U2E4)W
M%.(``AW="_$.!']6.H-%*EQ[):/:2`RJ?#`4R\H"8B@G4`_`&3`AQ`IA'@`'
MD!YX'X<X[:H352D%6YHQ^2!(X0>![2BI3&Y<G2*?J*)BF-W=I1$.`_%U^T0P
M/8GA52$4U).&<EFUUFZ;5<AV[U8AA4`P@8AR"00`ZX`)N./41-QSR&3U&J=*
M*6Y<)0T$T*P%O*MUW:@J+N4.Y(I^T#@G\N8W*9Q`H]##R'`_;D=`BIY&/D;`
M$;.1G":OLD1,B"P)"U5;K*?S4%#]H"3N'X?B#@.@_!UU3I55IE(!M:$@527)
M+`!""Y+T8G>N4>SDR8&]P#J@KQSQV\CUZ]<G2J+I$OS:=2F(2=5^7%F07Z;U
M=,J:3-9!3M[%3E`B9FJJ2AA`>1X*`F#D,CJF@H0N7"D5!-*N,HW2F5$SJG1E
M&:XBDW1;+E43*F8H`+PB!E0$"&[0#@>/LQH%"EO&DM+#8(R<7.E&H^Y,1DNN
MB(,T/;4$$"D6*!2&07:.#`).1.3@>`YZ"UU4H5RTCWK9DT*1:>DJL5JRL"*X
M&;/79DSD;D,DJ'M&,95H4@*F$3=W`&*`<CCNGO5)\DM($5E)\_RWS\*^2DX1
M7N:2+Q6$**K=[&-E0*45"@B4W4``OXN.2F$`)W6481ZTD(E@Z8J'4;';ID3,
MKQ[P>T7VC%6XZ>\0Q!`W'3GTZ98*%:5L8^TY2?$+P1R'MJ\!P`+$#H(__'$_
M_8CD*0L`[9\J-->+-96L^XK<C!LI!-Q^00+-(\G:K/),B%,=G78%N/S+L>%2
M$5<J"BR;&42^872*<HCJ<OG,;@[?ZC(7`:#^%HU>XCLUO4^\T`[D+79+*V.*
MA$U[.&UZ#JYU/V0-3[3T%14BJ\_'DK]9_?>SUG\%I!DCI"G'.JBE*(*-YK8<
MBV[^$UUYE9O^75]15,.128I&52$1`'1^.1\=S/J-EKXNBQK?I;?Q&LA_O4HW
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M;H\>YU-?B#[PO23XQ>8NB_+2N*S.J+0"LS'()*V2BSA$HRZUD5`3#OD8<5E@
M=1_NJ@F5\T4<LCJ?@!7O`Q`]DPG(L7GX3)83?Q0/F8[1[?>.X_M"K>U:Z+TO
M%YBPR\1DLY:O'XFG1S?>/#VBH]JVDS>+:)A$PB81,(F$3")A$PB81,(F$3")
MA%__T_?QA$PB81,(F$3")A$PB81,(F$6A7U&+2I!>/P0B)C`>YW*!A%@*;M'
MY)@1[9%C#QU,7YF%1*(?]//EG\WN<=B_2AN-C/S9'(P0G]R,/N#\-T+!\5]*
M?E6PS<EZG'(/`VV%A-*/WWED`^.V5Q^"^#'Z=/U?=GY;K])=%&!%#E.8I#F*
MF`&4.!1$I"B/`&.8`X(`CZ<B&7;%(YKGMC<6#J0"0/?X*"YK2UI<`X]!7K[O
M%92UCNS9>GUI`]"LBT6TE@(66B'+5G*P<F*11*FH\B)-!TR463*80*H!"J%+
MT[N.0SN_"_4KF7I])=.XOF'0P3T\V)S6RPR4Z%\4@<PN'0.H'4TK1=,Y?Z?<
M2YTRV;R3$MFF@_RY6N='-'74ADL9:\`]VU+:ZTJKJMGDWM^ZR-2GIZ?9K6:D
M3KB<J]G:0L7'S<6=P#</RM)=FV2;'A$CMN\K8Z1B&,8P'[BCP&]SWK5Z@<DN
M\#D\IDXG9G&7+I[:Y;#&R:,NV_PP6M#3""VHC+2-36H-%IL+Z0\%X_:YO&XW
M&2-Q&1MVPW%NZ61\4FW=_$(<XN$I#J&0.!``VT.JBL/E'O"SH*MY&YF0;*3\
M-:"-XF'@HA%K8H!X21C9AF6.CFYF[\D@D5910H@9<Y0%03```$Y?UO\`4O-,
M?#=\AVQ&ZAN0V**&(-G@<'QRLV,;M?O`<YPU>X#=6@5<7Z.^G>(>R6UP.Z46
MTMN722RRET$S3')$[>\[F%A+6M.C`2&TJ5367R5W!;(NSPTO8(XL5<TVX6IE
M&U>KQ*4ZY;.DWJ<E('C8ALNYEA=(D.9R8_O&[0#NXZ9BS/K/Z@YVSS..OLK"
M++(AOU+([:WB$SFN#Q)(8XFETNX`F0G<:4K319L3Z2<&PMYB,A98R7ZVP)^G
M?)<7$AA:YI88V!\C@V/:2!&!M%:TKJNEL^]]I7%O>6MALHR"&R3UD]R(,9$-
M_P`W/3RMBUT1,V8HF:?(%9I<`A[8*=OX^[D<UN:]4N<<@BY-!ELSYL>8-L;L
M>7$WS?I-@@_"P;-FQOX-NZGS5U6PQ'IOPW!2\<FQ>)\J3$BX%J?,D/E"ZW>?
M^)YW;][OQ[MM?EHLJT#R6=*7^E7?=KVWVY36+8BU)&K$K41**R:"S`I&MGDU
M6C5U*0KF/:F16[CJ+B4P@')3'Y[UQ7UFEDY5QSDOJ3<W]^_"L#K/Z8012.D:
MYE&W$A:UTD3F-+'5)<0:="ZO2^2^DD+.,\@X]Z>V]C8LR[R+OZ@SRQB,A_S6
M\8<YL<K7N#FT#6`BO4-IK]L2[2FR;S:KY-`!)&TS;Z770*H=4C,CA4?E6"!S
M@!S-HYH5-!+GC^6F'IGDW+N2WW,>39SE&1TO+ZY?*14D,#C\L8)UVQMVL;_9
M:%Z?Q;CUGQ/CF%XW8:VME;LB!H`7%H^9Y`TW/=5[O[3BK,_T?U?>'W9UU;Y<
M\?J]/LX^/PPBVG\+[<:G>0U-='<*I,Y9K8H)^BF<Q"/R/8"07CX]P!0,!D'$
MZU:<\@(%$H&XY#/H#\L.9=B/6;BS3*66]VV>W?3]820O=&T^(,S(C[P#V7AO
MYC<0W*^D?)'"(.GM70SL_L[)F![A[HGR?`E?=])ND\,1>*+\O86=?3%K#($!
M%K'B\,`*+IK+=I`<_+/A/VF'D#F`1$1S];/TK\N5VL5,/(MXUK[WA8K!BLZE
MY!9514Z`G1.]``/R("DA[I$N1Y[A'I\.9&FBA3YES)3B,:-=56%FNJL#ARD9
M1L8BB)R%("PF]M4B1/Q&Z!^(0#CGIS!J:412TG[&4D9ILDV1;'_+W2)YHX\*
M<)$*V.LH`]I4T1`?7N`1*4.?NFJE40IKPL0@$0Y^;4DG(^^\:$$Y2"B4"IMT
M@X,8#&,(]1`##P(<!D=`**>IU79KGC#NXI*7267E"HM4G(D[?9*HIVF(5R7N
M+[GXE.1`H"'`]>0Z8\*J%/",?DFEY1R?M:H'67*J"@&.9`A3B1%-,HB8`!/H
M8!``XY]<FFJ*..D`E#R#<6R#1-PV6,==$O:<H&X3$RQQX!0W"G//3TR*UJBX
M:MDXQF\>-'*3Q<"E1[TN!(B0RA>XP@`F[AXX'D>G3[.<#2M"GL4]DL9S'NQD
MU#F;"9,$U!`>\3<\B!!*7DW!P+QTX]?ASD]M5"C332_+E@BA5,<RA`7$>07$
M@`/0H!Q]OP^`CCMHI4QJ4S5BL+Y,YDE#D!-!3GN$W41'@P\DY$.?@(<<X[:J
M"IJ0)NF2R3-$$#]Q.\G=SWASR'*@\"/(`/KD=1T4^]1-45&"*ZRQ>>X"E!(#
M`;N'G@!-QR7J)OW<Y/0)H:`*-NH#E-9N5$C<3D$0%,.`$.0`>\``!YZ_NP#5
M/:N6K,S8QESB7^60_0@B(FZ=>1X#IQ^WG`"$U4;=X91<""F0`/SU*`@8.`$W
M(C_B],E0N$V/:L415*)2&`_`?Q]!`0Y#X<_;D41<*/5"KB4"!VE,)>.T>X0`
M1`1YYZ".2BB<,_<6[@5(7W!#DI_XN>@?A#_%D4"+APX.V%-%,"\$(3J<.X1`
M`X#XAQT#)1<.&_SJ2*_<5,P%$!`XB!>HB'(&Z\=0^SKD%2#1<'$T>T(F4I5C
M',/(F`1('/4>G3D`^'I]N.B=2I?XI-H)`*5)1)0H\=03-^$P<<?X>0-]_7'5
M"*%$$31S5RJL!5._LX2`>2CU$@=PB''!A/U]>@9'0:J%(04*^;.F:")&JIB=
MX>V':0X`<O(&X`!#N_A'UZ#CK5`I<<S79`[5>$[6WL'!1+N(I[O;UY["F$H\
M$`0Z\<]V2`1U4KAFLT6(\1CT#-'BB"OM&$W(FZ=`(<3?RQY$.GH'K\,CQHG2
MG@J6*0=@+U*1(N#$6R@K?,=X$`P"4>X@FZ\@0#"(E^SGUXP*BM>B+AD5B@C(
MJPZBJSX$#"0JQ.#E3`P"(ID[`!3@>OQ'D`#CKU::T**E8++S;-\Q?K"!$DR+
ME>F`H`@8AN>%1#L(8H@`CU$!``'K]@:UJBA*1.$A'*@&:2Y'3LB9B!PJS3_`
M/53U[C<%#GT'D2X[(J1ZW=6.*8.(QN5$6*RS=1BD<B293"5(Y54!,*9``H<=
M/4.[IZ8-2G0J8]"&:O(89WY@)9-!HJY62,!D`%(P@D9Z;D1/P=/@1)R(@7KT
MXQX5ZHH#NY5]/R5??=XQ\@F\31$$B\-6X)**-7B1P*7O+R4H#R(@)AX]0XQK
M6B+JS-V4%7%/FP8V1LI,D*BFV<B"#8PH")S>^0ISIK'*EP)0Z?B#UYQTZHJW
MB5E95,2`Y5JL[&'3,3_WWCTODS$,`AR9)LZ;NDP$#>A_0.?@U)]BA=4D_AJ\
MPA%42H6)FC+O`-)'0.W6C#C[!_;02/WG!3L$50`>"G$G(<=#`Z)U40QKIN=J
MYMDFJU_*K`W_`"B45[G@/T'0F76:J&*H)DFYBM0-WJ<%3`Q@$!#H#WJ56PDD
M]"003CF`1T5&/I./G8TA^46I5?<<MI/N5`IBE$4C`;CH7MX#H8,`^"+47SX\
MY]>^*6K4%D#L;9M2[-%CZWIQ%Q`@@D<4%;;9#)"5=A6(M?D@E_`N^<`+=$2\
M+K-^K\IY1;<=M!2C\A(#Y;/^L[P:/M<=!W(Z_G\]!A+;<:.O'@[&_P#6=_9'
MVGH.Y'CNVAM2_P"YKG*7[9=FDK5:)<_\]_(*B8C5J0QS-HR,:E$&\9$L04$J
M#9`I$DBCT#D1$?GB_P`A>9.ZDO+Z<R3N[GL.P`[`=@%XO=W=S?3ON;N8OF=W
M/AX#P`[`:!8^SA+C)A.B?MR4\-4R$JF$3">"O/7VP[OJJWPM]UW9I:H6^ON?
MFHJ=AG1VKQL<2BFJD82\IN6;M$QDET%2G172,8BA3$,)1Y-I=W-C<1W5I,Z.
MX8:AS30_^@]"#H1H5GMKFXLYV7%M*63-Z$?Z=#W'0]UZ^?IW_4+KGF#65JE;
M",*SO>J1P.K!7VXF3CK9#("W;*7"L`I_`E\RN4KUEW&49J'*)1,D<HE^@.(\
MNAY#";>X`9E(Q5S>SQI\[?\`K-[>Y>Q\<Y%%F8C%+1E^P?,WLX?M-]E>H['V
M$+Z:9W5=F3")A$PB81,(F$3")A$PB81,(F$7_]3W\81,(F$3")A$PB81,(F$
M3")A%\MOJ@.5@IVKF@"/RZEEF'!R_`5D8LB28_K`BY_WY\0?G7FD&`X1;@_P
M3>3./O$8`^YQ7V/^3^*,YWF,Y'\46D31[C(2?O`7QL^T!'C[Q^''Q'T'C/SR
M:`YS030$K[R[=%].MX[DOWCGM*FZ>TXW8Q=!J\!4#MZNVAF#E+8KF;025D5Y
MQP=HN]DEYQ=0[<QTS@H*O<8!$X\A]J>IGJ'RGTAYMQWT_P#3V"*#BUG:VI;;
M-A8X7[IF@R.F.USY#,XEA+3NW5(^9?(/IWP/C7JIPW/\ZYY+)-R6\N;D&X=*
M]IL6PDB,0C<&1MB`#P'"FV@-&K`NP-51SZ@;GVU,4Z2U?;H':5;@TM<(*I$A
M8!I9XAE+.D3-5H]%VF!S._>;IE,DFBDJ4@%$"ASY9RW@UI<\4]1N>Y#CTV%Y
M!:YNWA%@"!%`VYB;*X;2P.%2[<P`M#6N#:4"])XQS2ZM^3<!X18YV+,8.YPT
M\IOG`^;,ZWD?&T[@\M--NUY(<7.:75J5D8OC+J*.V/*523LL@NX1U/1[I5:?
M)W"L4V3O%FLY5CR,.RM,W'!$LTF!$RF31]DRY^_GN[2F'.Z'T4]/[+EEYA;O
M+S/E;@K.[MK26[M[22\N+BN^)ES,SRF!@`(;M+S7K0$KJI]7><77%;3-6F*B
M;$[-7=I<74=K<74=I!;TV2OMXG^8XO)(+MP8*=*D*^==:GUKKVY^0];L-&V"
MF1EXWVBVHQUS_P`H*R$3%@W9!-HP,HP;341)RZ3OM"-FFQRII@"I%$1.`YV;
MAO`^&\4Y+ZK8;*<8R@$?$;BZ;'>?2E\4=&><()&-FBDD#Z""[C(:VCVNC)77
M.4\VY;RC`>EV6QG(L83)RNWMB^U^I#))*O\`*,T;W12QQEM3/:R`N-6.;)M(
M6%X?36D8.$U&YV$XV(O*;[D'AZJ2MO(1-K1JVO820D'(31W4<N>Q2AOFT57"
M2)4"`7O`I>XI0/YKC_3STUQF+X#/RU^6=>\IE>;86[X0VRMS/Y,+YBZ,FXD^
M9KGM8&`#<`*@!W?[[GOJ'D<AS>+B\>+;9\:B8+GSV2EUY.(3+*R(->!!'\KV
ML<\O-=M30DM[)WX\ZIUG4[A9]KR5WFCTS>[O5`M*6>&9!.Q_Y(,JR?B,HBN,
M6N+8#.%.%%NI`0`"B85B\V?TDX+PS"9[,<ZN\E<G'\H=C-EH8F"9GD^8Q_\`
M$!\H[:O=J[4"(`;C(WB0^J'->79K!XCA5ICK<7_&VY'=="5WDO\`-\M[/X9'
MF#=1C?E;H3)4T#'7->/&#3<&^W[0H&:OZUZT[0W.T$9N4&%"MOH<C!C-I5HT
M>V1!\J[3C)-%(SSW$P.N)C@D4I?;-NN2^B?IYCKGU2XMBLCE'<HX_BW9%LTG
MD^0^+8R46^QHWEPCD8TR[FU>2X,`&TZGCOK!SS(6_IIR3)6&,;QS.Y)N/,4?
MF^>R7>^(S[W'8&F2-SA%1U&4:7DG<.V6\-:-%,6]1GK"\B;JZIB%@/?I"]ZU
MCJ7'V9W&?F+2L+4I[+)7I6*5.(-OS`$P,8Y@4*G[?/'.E_+MQ:QM8<!E,N^#
MDC\<)S?/O<?':LN'1^8VV-F^47AB)HSSPVI-'!FVM.%'Z]<DO;F7.8W%LGX^
MR_,(LF6=^^Z?`V3RW7`NVQFT$@'S^1NH`"PNW4K@S9NJ]/ZYU)K>PK2-Y?[%
MVAKF$L\1&)!$#68=\H_:&EWTH[,1N]49.&9E4&C9(JJA%2B=102]H9YGS+@W
MI[Q#@7$LO-=9.7EN:Q$5Q#&WROIXI"]OF/D<0UY8YNYD<;0XAP+G.I0+T7B'
M,^=<JYORO%QVN.BXKA\K+;RR'S?J)6!CA$R-M7,WAVU\DCBT%I#6MK5:F?LZ
M_?\`I]^>!KVSLLNZ"5>H;OU(>.)WO1V)44D$^PJ@&%Q.,4#E,0P"0Q3)J"`\
M]./7/2O1N1T?JQZ<.8=3FK0'W.G8UWW$KS_U78R3TQ]0&OI3^3W9'O;`\M_U
M@%Z+'+%O.$F!@%#$=.99LWE'+M4$D5D1*<3$9B')Q;B[*4W:(=Y@*'`<<!G[
M1+\AU/&01>DL#%^`-(IDDVC_`)XB`F?+.&C@B2`*FX$ZYUA1$W8(?A+ZB`<C
MC2A15"3!Z1W"?E2JY*^T01?"Y]P2%6`3G7=F<)@)3G67+^'M$O0#?`.<>"(@
MX:3C"<(W;M8<@K-5CNU#`0BP&7.H`.C\%[#"8G(`'(=QOWNH*=%RX4>PS:+C
MHM?W?F"F<BX1(10':JJ@<)H?Q@*92\>G4W(8Z:)HNX[8=6>(94RIY'^7WD#@
M6A72*1>`[N.[W"`0./\`#W!UZ],GNBIF#>1:/'<E(^X5))-;WNXY3?,B(<$3
M3*!A`Q.>./0H<`&1[2FBJ61T9-I(-6S5*/.8$S=Q!Y*<O?W`"A@*`@'!>/B`
M`(]/A@:@@(HD4E(5@JL!DUEG"B:1>P1.B3M!40,(_A[AZC^WC'1.JGIG_,HX
MXO5"H`DL'8L!>"B)2\`'9R`&X`XAP&.H3W+`$]Y2^/M-WM1?%)YM2"2\A=FU
MZ<N%4UL@A*OIY_6ZY'/Y63DGB\?'NXBN)_ET4Z6;$DG+59ZFU7%L57VC]KMU
M2AI4#1;#)&!5@(OS&[/<#VCC_O##QT$O01-\?AZ<Y/;5$6,@WC5EFZAB(I=R
MKI4W('(BF0QU3FX`!`I2AR/'PYR.VB=]0L%>-'E#H+RUUD.UO'S9<-M'7QI9
MY!*RT6A+QSJ/FHTQ!>14Q`V*/A[%!R!"+)+$2>-$#J(*IK$`R2A#FD(01U"S
M^D*:B*Q&I1(H(!_$/XC!S\#<C\.0^["A0LTE$14.IR1,"CW`(?Q<=>>WUZ`&
M$4Y`Z(J"!$?;,;D`-T'[1]/\/3[.F`0BE)-52JE,/0"F`PFY#KUY'X\CW?VY
M%#5%-,JB"O(I`(@;@5.G/(=.>..O`AD_!14*6NV545,8``P#QQR(!Q\..!'T
M#((-5*C7,F0$R*)>^<I"@)AZ?#@1YX$1$1#))HBEN4S.$TCHAR0`$.P.`X'[
M@Y`.G'&$7/`-V@%<E[^3CVI\^GQ`.[_#QU'I]N2BEF`KEH<C8@IB!@%1,!ZF
M#@>@#_BZ\#U]>,CW*5+:)F00<BZ*(-Q`/P'`>1'D0'@H\"`B(A]G7`]JDZTI
MU7#<6YDG)6)3I.12,)>\>3B'_0-W"`=1X]0Z\8]R@BFJIXTKGW%R.04^6%(X
M+`OW@3D>.?X_0W`CS]V0.ZA<LDV!%7!F*AU'0(J^P14!*'IT[.XI>[DP`'7K
MQC3LBI(QT\=.56;HQUD5DEBKE.'`I!VB`B'0!)R(]O'VCD]_8I43!DU8JO'3
M5X1ZJ@V7$B!``#=`[OQ"4YA.`F*!>0#CD<@`"NJ5/14S%^O-$>QK@$R"N@=1
M-5(@D[3%.GP"@`(]Q1$0Y'UX#CXX!JGM4#1@>$82CA^5%VW.5)/Y5,WN)JF!
M7L*8XF)P3@Z@=>!,`<CQR`9/BGN5$L89:#,C#-3-3M'95'3)`YN5"&34[3D/
M^$5N3``]H_BY+]P<P=1HG=27C9B>-BC655TV??S$R*)D,HY.T34Y*5R`E.(=
M@'#_`*8<^@CSC32J*I>S3YO/M8\H%4B'Q&;9%,I0$%6SLA$A<)+`'>)R&.(^
MO'!>/OQK7V(NN0BD*\QL:SA9G,LR%01-'I*_C]P')2HG>``&^561,ISTY$.H
MAQP&2GZ5`#F5>GKTC7D'",4F*<>[C$3B=NW.1SRY!P0>`4060.'\TP?AXY'@
M>,A%2K_E-?96`(D6\R9*39`]CI!L8R,>BBLLF!BE4`H.>QPH"?N%_A$0$?O=
M*T4*%W'"\3FYF5.X-6I6-;2R?LJ%4=M)`3MR($0;J&#A1(IU$^X0!,R9N!$/
M@_0BQ+O[=4#I?65[VA8%V[6OT*`87&*5)W-7=I<E(C"1%9%4B:GOR5AF)%)F
MB)R]B9S#[G:F!S%U^5R4&)Q]UD+@TBB;7]X]&M'M<2`/"M3HN)?WL6.L[B]G
M/\.-M:>)[-'M<:`>]>*K<FW+?O'8UEV7=GJCJ8L#Y59)K[RBK*$BP54&-K\0
MFH/#>*B6QP21(4`YX$YN3F,(_,>4R5SE[Z>_NWUE>?@!V:/``:!>#7]]<9&Z
MEN[EY,KC]@[-'@`-`L7YKUPTPBY_3G"+C]/UX1,(F$]ZYPBXPBOG6>R+EJ&^
MU?9>OYEQ`6^GRJ$O"R;8P@*:R0&36:N4@$"NHZ0:J*-W2!^4UVZITS@)3"&<
MJSO+C'W4%Y:2%EQ&ZK3_`%^((T([@D+D6EU/97$-W;/VS,-0?Z#X@]".X*]S
M'BAY'5?RITA4MO5HI6BTFB>+M4&!S'4K5QC$T"ST&H8Y2F.FBJL19N<0_FM%
MTE.G=P'TW@<Q#G<9;Y"$4+M'-_9>/Q-_I'B""O=\5DHLK8PWD6FX4</V7#J/
MZO$4*V/S<K8IA$PB81,(F$3")A$PB81,(F$7_]7W\81,(F$3")A$PB81,(F$
M3")A%\X_J80:SW3=2G44O<""O[1)V<`ZHLY:%F$/<,/J!!>((D_6<,^/OSG8
MN2Y]/>/Y...HM<JT./@V6&45]V]K![R%]6?E(R4=MSS.8Z1]#<XQQ:/%T<L1
MI[]I<?<"OA_^S[?U^G/7GXY^:2_0U;45GR[V/`0U:CI"OZ[NDK2&J;.D6^ZU
M%M/6ZJ-T/_>0D7,J+I+!\@!2^R)P,8O87D1X#/<\-^8#F&*Q^'L[O%8G(WV-
M8&V=U>6K9KJV#?P".4D'Y--A()%!J:+QK+^AW%,G?Y:[M<GE,?9Y!Y==VMI<
MNAMKEQ_$9(@"/GUW4H#4Z"JM6L^2%]@6M_8S+*J[`8;*E4K#9X^_P9+`S<6)
MNJ*K::10]]JFFY0/V@!!Y1`J92@0`*`9H\)ZQ<JQ</*K;(V]EE;7,3B>X9?0
MB=IN&FK9@VK:.!I0?AH&BE`MQE_2CC62FXS<X^>\Q=SB8#!;OLIO)>('"CHB
MZCB6D5J='5+CNJ5V[[RGV#.6&;G;/"T:TM;-6("J6&MS=<]^O2C&L+*.8=X+
M1)Z@X8RC1PJ8X+-E40`1Z%``#C877KERS)93(Y'-X[&7T%Y906T]O-;U@D9;
MDNB?M:YKF2M<20Z-S->@&E.#;>C7%\?B\?CL/?Y&SFM+R:XAGBGI/&^X`;*W
M<6%KXW-`!;(UU1U)J:PH>5&R6UU6N)65/4;JT`=6!3%ZZ56D(Z_'V/\`XF4H
M4SGW`8\MRB;E83'#DIA$@]N5@]<^90<DDY"VWQYB.+_EOTA@!LQ8Z?\`#B+=
M79\HK\Q)U!)::*9?1GB<O'V8(W%^)1D_YA]4)Z79O=?^(,NVF_YC2C:#0@!P
MJH:QY076LQ<3$C6-=3[>JS<E8*">R50DFOKV0E)$TLH6IJ`[1%DQ:OS`JW04
M]XB)R$$O\!>(PGK;R3"V5A8_R7$74-C<R3V)GMA(ZQDD>9#]*=PV,:_YF,=N
M:T@4Z!3F/1[C^6O+V]&7RMM)>6\<-X(+DQB]9&SRP;D;3O>YGRO>W:7`NKU-
M;%F]T7FQTR5I$X[:2;"<V*MM*5DG+<YIIY:W+!S'+KJ/"K%0!FJB[.(I%2#@
MW'`@`<9U?(^H_)\OQZ]XYD[ADUM<9@Y*21S29GW18Z,DNK380X_*&]:4(`HN
MR8_@''<5G[/D..@?%<6^*&/CC:X")MLU[7@!M*[@6CYB[IU!.JNN6\E=BS%L
MVA<G:5>_-]N4A37]K!*-<$9D@E(N.AS&BD1?G.T??*1:7\PQE0[^X>WKP&\O
MO67EV1SG->0W#+3Z_/8TV-S2,AHA,<<58QO^5^V-OS$N%:FBTMEZ2\6L<+P_
M`P/NOHL'D1>V]9&EQF$CY:2'9\S-TCOE`::4%=%5CY.WU6#;,G<)1']H95K_
M`">PV8_JS9UL1E7BM5&*;1">56,G\T@R5,BFZ,B9R0@CP?N$39R7>MG*9,9%
M;7&-QDV;CL_I69!]LUU^R#:6!HF)IN:PEK92PR`'1U=5@'H_QIF0EN(<CDHL
M/)=_5/L&7#FV3Y]P>7&$"NUSP'.C#A&2!5M-%C2[;,L=^B:'#3I(XK37-50I
M]>%BU4;K'B6Q_=3%^<[A8'#ON]3E!,!#_#G2^2\TS'*K#B^.R@A%OB+(6L&Q
MI:?*::C>23N=7N*>Y=MX]Q'%<9O>2W^.=*9\K>FYFWN!`D<*'8`!1OL-3[5C
MWH/`=?7]?V=?NSJ2[3[UL9XD0ZLUY&:K2(($3C+":RNU3%Y(DRJT<^L3HYN`
M'CN1C1*7_I&#C/9?R^8I^7]9.!VS1I'=F<^P6\;Y_P!,=![2%Y+ZZY)N*])>
M:W#O]Y:B$#Q,\C(?N#R?<%]_6L:RF&\*K&]L;'$DGKE9HNMW/7:J!RG`R`!R
M*Q_83$H``_R@$?7CK^P_5?E`$_,T)J)<+3QQ8MC2R9V(LT.5#F*FH"Q!#M-[
MP))*<&./H(_;P&*^*E=J"+]E,JO%"JI0,6Q,5$A5!%!5H5GV)(I)B;M4545X
M,;D/X@ZB'3'?V)[%3D11FX42L46L.1&1`RQ%%1*@MRF(%,982=PJ$!0.`$!#
MIT^&.J5U5<H^>13R.A6@%4(@5LF<QDP$SDRQ@%3M$>12)P8>!`>GQ],>Y%6(
MMHT)9ZNU<BXD"_,K)M3%X3!P8IN\`5[0*H)3F'H`_A_9T:54*GC5'94Y!>6^
M8,S%$2*$<`?DZQSE*4J1#\<#QR'3@`Y#[.@=Z]%/NZJJ2(B[C%THI$Z1_=3]
MY,YB]ZA>1$`]P3]HAP'IR'H(?'`]B*)(IXM@8CI$JIW*WX6YQ*8A0*4.3'X$
MQ1'H`]/CQDHJHZ8R3%(4BIM_94,'M_PI=`X$2B!?P]#?9]N1U"A?G$4SSQFM
M!?7*N'ESO!*46CZSY-;EI%_CS_.OWU3UU)FN&F3-F+,B;AZ\+K6JO45V[-(G
M>Y&,!$@`93D"ST%*=E[G[O\`4L^GY26$0M<_,KQUBU99JPDXULSVC5IZ0<QL
MJS3?1LBI$U^0E)-JP?LER*I+*I$3,0P"`\"&34+&&N[!8H\E_JL>&.EO$[9O
MD!1?(S2^TW43`2<;1:Y1-AU>V35MV7(Q+K_)].3@X.1D)=FL\DO;4>F6;E_+
MX\B[I8"I)&$'32J!KJBH7G0_Y46[VDNX?+768NG)Z-+:RI%[?(&[SM6EM@+6
MO`QCE(1Y3;N9&)LKLJ@!P9<K8G//M%X@%6?^$>]>VY,A$D5#HF$YAXY'C@0#
MGK^'U#@!$<D>Q8ERW.<_>!Q$Q.T>1-\.?AS\.0$<FGM4`UKX*)(B)3B)#"8P
M`/:!@$./U<@'/3%>R44"8K"H')Q'K^(H\\`'QZ>@<!D5UI1*'K53!30%3D>>
M>>H?X>[GX]/M_9BO:J4'52UO=]SH82A_A`!$`]`Z]/7G%:=D(/BHU2I"!!5$
M2G[0Y[0']O/00]?3)3WJ%<1*1/VA$$^!ZE$0ZCZ<B'`_;D4[!*T7':51O_Y@
MP\`8>PXA^/TZ<=!$WQQTZJ5+X*BU4,U,)AY#O./\0!\1XX#C@/[\E%+;&,X3
M627$3)=G(G,/\(\\_P`0_9QSU].,(N&R**`+JMU??5*D<"E$.WCCK_#ZFY,4
M.N0K$UIX*0S=+N%3(+"*B:Q%`-T`.P!*/4!*`<%$.GZQPH(HC./20=&5*Y(L
M9N"G:DF("IR8IB"!R@8>.`-Q^O`%.ZA2&<JJZ="W63(";@#D#VP$ITQ[3"')
MNO=T#C[O7`-5/90,8A9D]^9.HF*+<JH_@$1.H!DSE`!)Q^'H/(\CZATY]<@#
M5%)8R#=XL[:(LTF2[Q%<J+A/CN$PIG-_,$I"B`@'XN0Z<A@&NE$]JI8J.<QX
M2)I-$2Q_RB@+)]Y%"K&*8IBF(0AQ$3`0#<#T$!'[?0-*DHI2:J!XA^6O$<MW
M15$E%RB81=F0`P]4#D,81`H<]`'D`Y^(AR[:)[U1F12D8-!>>=K,U&[Q5%H[
M524656143(82F2`/<5`3%'\7K^#U]<=M5/<T4V1G%X)>':LR).8U-BW,18Q.
M]1T01,DH*2H#VD,!"@/!?B;KTXQ7[%"Y0@CQ$E-R2RB+J-%@_65:=PF<+HJ\
MK^PLB8O!0#L$.X1'G]H\*=5"Z-1T\?0[)6J-G+`8Y^K\['LE5%C^XX*0S=P(
M_A.Y1'M,40$!XYZAVAS@^Q257K$81DC8GK%P5:>/#JK.8A9$3M2J+>PZ?'`_
M0CGL`.\4N1'@1]0YXG2I4*C9MU9MQ'V54$$XY:'D(^8CB&%,5$&:#I)0C1#_
M`+U!0QB&*`"'MF+SSZ9'Z%*\YGUGO(H)^PZV\;ZD^=(U.GP[>^W&/4.0QEK?
M+GDV=?9/3E#N44AJ^HJY``$4S!*$'CN3Z>,^IN7,ES:86)W\.,"1_M<:AH^#
M:G^\O,.=Y%SI[?%QN^1@WO\`:XZ-!]PJ?[P\%\+L\I7GJ81,(GZ?IZ81/LPB
M?IQDHGZ#]^0B81/T^[)4)D*?@OM/]%#R%<4#R`F-&3#Y4M6W5$.5H9L<W+=G
ML&ILG$LQ<!WCVM@EZTW?-E!+P9==-J4>>TO'H_IMEC:9:3&2./D7+30=A(T5
M!^+=P]IVKO'!\B8+]]@]W\*<5'L>T5^]M?>0%ZN<]W7K"81,(F$3")A$PB81
M,(F$3")A%__6]_&$3")A$PB81,(F$3")A$PB818)\F=?*;.T7L:I-6YW4HO`
MJRL(@D'*R\W7U4IR+:H?8H^=1Y4/U*B&>7>M'$W\U],.7X&"(OOG6IEA:.KI
MH")HVCVO<P,]SBO2/2+D[.(>HW%<W-*&6;;D1RN/013`PR./L8UY?_=7F8X_
M3^L/V9^,2_7'W%<_U<#]O3]?W\83X+>_Q9EM>MJ!;XUA9-44O>KJPLU:_8MR
MQ#5]6U:D5LW(XBXN2DFSN,B9!P]$_N")3+*%X`"&#\2?U+Z'7O%8>*9^UM<M
M@\=ZF/O&F"XRT+7VYM0T;HHI)&NCBD<^NXD%Q%`&D:M^;O62RY/+R;!W5SBL
MUD/3AEJX308N5S)Q<[G%LDD<;FR2,:RFW4-::DN!^5UW73QOL^T-O+)3NOH?
M4[&&UFE<[0_U2D6\QFP`9KBT"7UY68=E$E)+65ZJ!"LA,`I%**JAC&,7W=_R
M/T<S7-^>N;D^)P8*UM\,+NY?C`+R*^VG9YMA;Q-B`DN'D`1$_*!O>22-^CX_
MZKXCA_!V/QO)Y\U<3Y<VMNS(GZ22RW#=Y5]<2ODK'`P$F4#YB=C0T`[+=)X3
M"]NM'BFUDLT#5-@56Y34:\O5-5J]JKTU3FWNO(2T5]R\.#5!83$4([2.<AT#
M"<A3`!3'U`_+5]1R+CME%F+VUP>4L+N:-U[:FWN8)K5M70W,)>0UIJ'"5CG`
ML)<T.`!=M'?F#\C`<AO)<39W.:QE[:Q/;9W0N+:>*Z=1LMO,UOS$:M,;@"'@
M-<020W&SWQ\IEGI<O9]*;`EMA.Z]=J-3)-C)58];!T-X43B8V8CTW#Q9\1HM
M9ETVI"+)`/883"?D.,Z;<^DO',UQV_S/IQRJ?+7%ID[.TD9);^1N^LI$R:,%
MY>&FY<V,-<WH=Q=71=MM_5#D&(S]CB/4#C$&+@NL?=W4;V7'G[?I`9'Q/+6A
MA<+<.D):[J*!M#59,FO'PD?2]F42CV6)M"D1OZB:O9O92F1;*8?6>9:Q3%V5
M&S@\>R4)$1DVZ4;*H)@HFM[(J#QSQG=,GZ3,M.-\RXMQG,07LD'*;+'-?):1
M,E?<2LC8^EQO=)%%',YS',;5K]I<:5HNHX_U/==9_B7).18B>S;/QF\R#F1W
M4CXF6\3I'MK;[&QRRR1-:]KS0MW!HZ56+=@:0U37UK54:AMU_/[3I<]'5MW6
M)JJ$@HNW3*\FG#2C&F2A)9Z<SF'D#F*<KLJ8*@F;VS"`E,/1^5^F?!,4_.8#
MC_/I;KF^-N8[=]O-;"&*ZE=((I&6D@E>2Z%Y((D:W=M.TG0GN7&?43FF39AL
MWG.#Q6W#<A;/G;<17/G26T0C,L;[J,QL`;*RA!B+BTN&X`U`R==?"1>M5>]J
MQ\U=WENUK5#6V>=2VNI&#UI8&L>W1=V&-I5S=.Q-)R$.U5.8G>@4'GLF]LI0
M[C)]VY'^6F7#X/D\EGD<E)GL/8_53.EL7PX^=K&AT\=I=N?61\322"Y@$NT[
M`!4MZAQ_\PD>6S''&75ACH\)EKWZ:%L5\R:_@<]Q;!)=6K6TC9*X`&CSY6X;
MB30.T%Y^'3K_`%<>G3[,^4E]+IZ?IS]GW<X3X+Z*_3PI*R]VN.SI!@=>OU*N
M.H(BIA`J*\Q9`*A\HD/4PJ@P(8I^G!".`$?AS]H_DSXF^]Y5R'F,\!-K8VOD
M1N_[Z<@NIXEL3'`^`D"^1?S;\G9:<9P/$X9@+F\N?.D;W\F$$-K['2O:1XF,
MKZ\I-D3&BY]O\LU;QT&N^;P@+&%S[B(.#"8@<`8[=58X&,J(<F^(=<_1M?`*
MY*LSFF,*M87!D'"CUR1JFW1$A'+<ZB1#=Y2E$$D_=*!>_IT`?O$'O15I%)!L
M[GGDRFY&**FJV*U/W>PN"JY$FJ;4@B!.T$QX[R^G/4><=*DIUT4*C`TU&QIH
ME`C1JDLX(LV45Z%5,)`!<QQ#E;@H#UX[N!X`,=0$Z>]=H65.A+M8M-!-4C<$
M61ESD'Y@P^T0#J%/S^$A/40Z\@`Y-=:(H&L>WCU)!ZW>)O%VJ2XIHD[1,D8P
M&Y,MVG,)A*'(#QQ\?CT!T3V443%P=\Q??F:QA:@*7:L(`!BJ"83=J8%)^+@0
M+TX^/WY`U!JBG'3*G&?_``K.JH4ZW#E0H&!;@"B':)0`IBEYX]/@/V"..@T1
M32F(E')$DB*J',H8R"8B/O`0```'D1`2@`#Z#\!#ICH-5"^:NV_K!_3>TWM*
MUZ,V-Y,0E/V+KN1&(N%?=T?:;]E$3'RS=TK&J66&H\G5WC]D5<"KIHO5#(K=
MR9^%"F*4?N5@TFAIHO!Y]7_:GB)N_P`VMA;;\.YF?L%,OZ#*Q7V;DH&1KL!,
M;1=F7"T3%-CIYK'6,L1+%(BX<G>M&QE9)1RHD4R)B',645`U5K?37TYJC=VU
M+W4]J5)"UM(^@#8X9!>0EV!&CEG8H:,=GYBGS$5162F2=%!,`=O(!ZY\Y?F3
MYEROA'%<#EN*Y=UI-)D/)D(9&\N#H9'M'\1KJ4,9Z4]J^D/RT\-XGSCE6>Q/
M*\0V[ACQ_G1@OD8&ELT;''^&]M:B0=:]-%OEY!?2HUO.UZ4FM!N)"G7%DW<.
MV-4E91Q*U>PK$`JA8PKV355DH%RN4IBHK"LJW!02@H0I1%0G@_I_^:KDECD+
M6RY]''>8=[FM=.Q@9/$.A?M8`R4#0N;M:\BI:2:-/O?J%^5'C5]CKJ]X#))9
MYEC2YL$CR^"4]=@<\E\3CJ&NW.96@<`*N'V#_P"5[-XX5+3V\*@SV!$H>7EM
MOP*;,U98$TH&WPU+H"<G&U5&NLGXIO+1$-'$I(N9)=G[@,';HJ+DB0@B97]`
M+>>"Z@@N;>5LEO(P/8YIJUS7"K7`]""""".H7Y[WEO<6L\UK<1.CN(GECVN!
M#FN::.:X'4$$$$=CHO5FLX;1+-R_?NFS-JW3%5PY=+IMVK9$G\2JZZQB)))E
M`>1$P@`!\<RO>UC2YQ`:.Y_I*X?X023HJ5_8(6*134F9B)B$7(B5LO(R#1@D
MN;M[Q*B=TLD14P%'G@HCTS&Z6*-M99&M:>Y('Z5)<UM"YP"H6%LJ3UVBU8VJ
MMOGBXF!LT93<8Y<N!`IC""*"+DZJA@*41X*`]`'[,JRXMW.#6W#"X]`'`D_>
MH#V$T#Q7WJX2+&$P`(!P(\=/AF8'56742<W7X9TS:S$]#1+F24$D>UDI-DQ<
MOS@HFF*;)%TNDHZ."JQ"\$`P]QP#U$,QR2PQN:V29K2[H"0"?=7JH+VM(#G`
M$KN#K&*80``X#^G[<R$T*E=1)SL!&NV#*4G(>+?RAB)1S&1DF3-W(*'5(B5-
MBV<+)K.U#+*E(`)E,(F,`>HYC?+$QS&OE:U[N@)`)]WBH+FM(#G`$KL%G;=J
M9%J9PW376_W22BJ9%5.3"`>VD)@.?DW3ISZ9<N:TAI(J5-1XZJ:)3.$O@!BF
M]>O`\!^WCD!RVA35=6[EXB$BW$S(RT6RC$Q3*K)/'[9K&I&47*V3!5ZNJFW(
M*CA0$PY,')Q`H=1XRCI(XV&1TC0SQ)`'VJ"YK1N<X!JI$[/`.&S(QIR%(C,E
M*$0Y+)L@0E#*&(4@1ZGO]CX3F4*`>T)N[G($\5&'S6T=TU&ON\?@HW-T.X4/
M3VKM$4#-/=<KF(5-%)0QA`W3M*7N,81'@`*!2\]<R=->RLNK;62&56,E\]%H
MF5`W"B;UJ!N[M$?QCWAR/'Q^W*>;%_VC?M"$C]H*0R4:%>I"62CA`IQ`!3?-
M3F5[@$I2%(543B)Q'CCC(#V$Z/'VA14>*[%N]9&?<%:E2.J82$7Z=QC&'_$7
M@.SW!Z=!$<N#J=%*H6;&01DP.8I^T#G,LL(_@43-SSR//XQ./P]0'K\,E2IS
M-6)%^J5FD=-T8%0;J*!_($_:;N]HO</8`@`\<@'3D`^S`I5%UL5^8'>.VT@+
M@[4Z"Y7H.#']M,!+_&!S#VE$?@(?X>H=`Y`$_2N6I6+%E*N89R=T[(B''N$$
MID4`.`G.1,Q">X!"\FYX$.2AT^V/&G5.JI6R3NT1:S=RMVN&3DAT'1R!VJ@=
M,X&15`@`'X0ZB8.O4.@_%U1<R3LU::PS$S5M("G[JYE7!.0*<J@&$K43`(I'
M**G0W40``Z8.B>*B;PCY2R)S20E-&/DS.%3'.4#&1=-1#Y55`3=QP[C%XZ=H
M``#ZAQDTUJGZ5,L$,O&0R@5E)PV5%^DZ=%9'6%RHB!%"=J8E,98R::ABCV%Y
MX#D?MP1IH@76)HLTI:/E'+A1.T'A#N1BC('*1T]^070(*IP(!4EEB%'E+D#"
M(?#T%^E0J*.;R5L+!3"8MFB\)*G;.B$(9NBJT[FKI11!,H'#O$AA3,3H!N>H
M@'.1U1>'KRKOI=G>2&Z[NB7VV4UL6S!%)=YSE0A(R05B81!,5!,8J:<4P1`"
M^A0#C/EK/7IR&9R5V>CYG4_=!HW[@%X#F;GZO*W]QV=*ZGN&@^X!:_\`3-0M
M;HF$3]/W81,)[T_3].F$3")A$PE4_3G[NN%"84K(.IK_`"&JMH:\V7%&5!_0
MKI6K:@5!4R*B_P"0R[214:"<O4$WB+<R)P'D#$.("`@(AG+L;I]C>VEY'7?%
M(UX_ND&GQI1<FRN39W=M=-.L<C7?8:T^/1?H*,'S:38LI)FH"K20:-GS54OH
MJV=HD704#[CI*`/[<^L6.:]C7M-6D`CW%?0P(<`X="%5Y92F$3")A$PB81,(
MF$3")A$PB__7]_&$3")A$PB81,(F$3")A$PB81,(O.WYFZ17T[N"77CV1D*7
M=EW-DJRR:8$:-C.E/=F(-/L$Q4QB)!803)T'Y91(>.N?D9^8KTUE]//4"_?:
M6Q;QS).=<6Q`HQNXUEA'8>4\D-'_`&9C/=?J5Z">H4?/."V4=U<!W(,>UL%P
M":N=M%(ICW/FL`+C_P!H'CLM1PX#@?T^'7/!%[?U6PNN=\H52C/M8W;7==VC
M0UYPMFCH>:?2$,_@I[Y<S15]%347W.VY7#8PE.3M'GN-P(`<P#ZUP_U2AP/&
M+KA?)>)6F;XN^Y^H9%,^2)\,VW:7QRQ_,`YNA%.YUH2#Y=RKTVDS7(K;EW'N
M4W6&Y(VW^G?+$QDK)H:[@R2*3Y3M=0@U[#2H!%\*^7UC/96ZR-(K#;7#?7KC
M5I=6(N)(D-_DQV*2J[8)HJQ9=.6^9;D.1X40.3MX`O4>>TR?F#S#LS%(SC5D
MSB#<4[&C&ATGE?2.H2WSJ^:)=S0X2@U%*`=:]=9Z&8IN)E8_D-V_E;LH,@<B
M6Q^;]4VH#O*IY1CVD@Q'0UZ]*='#>2;:JW6'M%-U;5JS&PE3LE7;P:$A)/GC
M\UG:':OI:=L[T%)>9?(%.'L`IVII$#M*``(\ZW'^LT6"Y%8YGCW";*SLK>PN
M+9L(DD>]_P!2TM?+-</K+*]M?D!HUHT`HMC?^DTV9X_?8?/<QO+N[N+V"X=*
M61L8SZ=P<R*&W92*)A_7+:N<=22K:\?=_3OC]8)J;B(.,LK>=B&\:[B9E5=-
MF#EA)LY6*EB>P4QOG(QRU,*0B'!14$0$!`!S1^E/JMD_2G+9/)6&,@O(KJ!K
M'13$A@>R1LL4HI7YXW-^7PJ2*$!;?U.],\=ZG8O'X^]R,UI+;3ND;)$`7;7Q
MNCDC-?U9&N&[QV@&HJI-=W_;*U1YJJ,44#2TOM""VN6W*KJJ2;.S0"Z+QL<K
M8Y#MG)5GJ`*G%3D1,(@("'/-,1ZKY_#<;R.#M8F_73YJ')BZ+B9&7$!#F_*?
ME<"X;B2KY7TRPF6Y#C\U<R.%E!AYL:;8`"-T$P+7#</F;1AV@#M[5=EW\DVU
MF96QQ`:JJ%)NU^D8R4M]ZC'DG(RKE]'/4I11Q76LD91"JJR<FD"KD[<QSJ]Q
M@$?Q<AON2>LT69ML[-BN#8_&\DRDL<MW>QNDDD<]CQ(70-DJVW,D@W2%A)=5
MP)UJM+Q[TEEQ%QA(LGS2^R''\9%)':V<C8XXVL>PQAL[HZ&X$<9VL#P`V@TT
MHH+[Y'L;\PLCU]J6FM=A7",:QEBOGS4I(=XI)MT7DI!U=^=6%@)R10;`0[M'
ME4G<8Q.TP]P4Y3ZQ6W*+3,7%SP/'LY9D(&QW%[OD?6@:'RPVSR8H)I`VCI&U
M(J2VA-5;C7I1<\:NL3;VW-K]_%["9TD%GMC9U+BV.:X8!+-"PNJ(W4::`.J!
M1:O_`!^/QYZ#_?GB2]@_0JEDR=R3QI'Q[9=Z_?NF[-DS:HG<.7;MTJ5!LU;(
M)%,JLNNL<I"$*`F,80``S-;V]Q=W$%I:PODNI7AC&-!<YSW$!K6M&I<XD``:
MDF@U6*XN(+6">ZN9FQVT;'.>YQ`:UK07.<XG0``$DG0`57HZT?JQGH/1$'4)
M%HWD)E4A92U%*8OLN[+,*)KNT??(7E1O$D*1LD<`Y.FV*;H(]/V4]&?3YOII
MZ?X;CLH:<H09KIPIK<2T<\5'41C;$T]VL![K\EO5KG+O4+G.6S\9<,:"(K9I
MKI!'HPT[&0UD<.SGD=EE!RC\DZ=V5NJU[D8AB+2)*8!79?-(-FA`<(%`O8V0
M*H)@`..[[L]2]J\U50B#*64KCJ7<@A(F3$R3,B0E3=$3<*&:F,(%$C<BW:`@
M'H?G@,=:(I;=P[%G,*V0CLS-51%-)NH!TSBY]TYP*S`_8"9$^T!'@>W@/CQC
MMJGA3JI[F.5DD(@T,D9./*D(%`ZA2"V6%8WNJJ@)^XR@"'4Q>X1$.GJ'*G2B
M+MDI%LM-J-2,R`O_`#6OS_X??]Q%,X&-QV_P_P`L2AUYX^[ID]U"IV3%:#2>
MOUCI+'33]A--(PF`PG63#O4'@HEX-QT]>.?3(Z5*GJIR*IY:.7*X.BV]A9,Y
M5>`32Y$#?A.'=P'0WV_$,GJBFJ=T8Q1(T5*I\PH8QW)`*)>A0_"0>3E^'3]0
MX.@3JIX@F[9MEGJWM*`*@$/V\BH41XY]L`Y'D`#J']N1U&JA>-7ZO7T!_(K9
MOD+L?RF\275=V9#[=FGETN>LIZR1%.MU:M+QN5>>>P$O9G494YVNR;I`[H"+
M/V;QLJN*1$ETP]PHK*UPI0]5H;]$GP[\?-_ZB\[MV;!U1%^3.[?'W5:LWH[Q
MLEI*5*PMLVO4[G,LY!Y6J^]93MG/+V."8Q+9-,3D246.0"&<+MQ)-%+C2BUL
M^EPVF'GE7N>6EJRVIKQOKZRI2]680[FO,*S*2-]JBO\`E]K!O#'=0Z$>+)9)
M-LJ(J(E1[3"(@(Y\G_F]G8W@/';<G^*_,,<![&VUR"?@7M'Q7UI^3Z&1WJ!R
M&Y`_A,P[VD^UUQ;D#XAKOL68O&W=F_?([R<\EH^U[%L.HJ5IG2F^MFHK>TP;
MT34SW428/:J39D9(1_;8(:SS;1"MOTU3HOE7,P51F=-=-$F=HXKZ`^E<_",5
M:SX>.\GNK.-[KP/=YKW21AWF1/#B&-J:L:`6TH'!VM>K<L_,#ZK0<XRMU!F9
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MV5)>14AU=3M!T``*ZG?6ES=.LKB*Q?+BH[=NT;P';=NM3J0ZO6@-:``^&MU4
MUO9-T)UG9'AGXM6JA3.MKRR?KVY/>+.[$_/H@(^;B&R<9;HVIKLG<:Z!!P1=
M(ZB9P,)#%$>!)IH;27)B"\X[@Y(I890=WG!_S"A&C@VA!H00M?#;37@CN</B
MWL=&^N[S=VHH0*.#=1H:A?:3ZAY_+C?%J\7_`!JTFDYIUENU,=[7V3)5BSS,
M7#0$G&M"1:Z<]=8--,Z%+AW;MT1$XI&&1=KMP(D98$2#Z-RX<@RDV%P^-!CE
MEC\V0M<0&D:?,\=&"I_>-*"M`NV9PY2\EQ^.LR62O:7O(<0!335PUV@U[:FF
ME:+YD^;E3\[:SN;Q9KOD5<-=3UQ2DVC31LY5$XX8*.D`L]19G3G/:J\,_6%C
M+(QBBIG31P4Z?/890?<+G3.30\HAR&#AR\\#IPX>264V@[FCYOE!-#MK4'3I
M75=>S$6:9>8QE_/&Z;=_#+>@.YO7Y0>NVM0?BOL9J_7WU=F6R*(_VMN70<MK
M1K;J^XOT3"LFI9N0IZ$JV4L+**.GJR/[7[N+*J1(0=("!C!_,(/4/0["SY^V
M[M77^1M'6?F-+P`-Q97Y@/X8U(J.OQ7:K>'D[;B%US=VYMPX;@!J6UUI\G6G
MM"^57DU6F%R^H_M*F[T\Q;)JJK:T>N]B:MV!8&\M/_Y$F)V2JEQ@Z%2XXD^B
M:"+"#,]S=P@LB`!%%."9!$"DZ)F86W',+ZWRG(GP00.,D3W5=L+BUX8P;OEI
M70@C\%:!==R,39L_/#>94Q1Q_.QQUVDEK@UNNE*U!]BN7R])K/7VS_'/837S
MLVQ=-L0VFXP:]?*5JUGM.3>Q"SNU(M;HA,RNU(-BR<S[:2>(J-RKO7"(MQ4,
M8G)0+R,Z+.VR&(NH^43R7[;8;7LB\TD?-1]3(`"X%U1\Q%*FBOE1;07%A/\`
MSJ5UTV$;7-8'DC7YJEX`K4CJ3HLC>+/DK*72Q[:B]C>4OE#MZBQ?CKNRPV2H
M6+4M;UZ9Y"PU26<2CZNV)#:]C%K;F<:*PQY%42(BX$!,LF!>X>;@\O+-=7\=
M]F[Z>V%I,XM?"(_E#=2UWFN^8"M-!KW7(QU^9G78FR5S-"VWD+FF,-T`UH[>
M?FIT'CW6MWD90-/U/P\\<7NB?)#:,WH6_P"VYZL["A9]9XS;-'SUQ%6&4>6B
MD12Z+`)>D%@FYT&GRRY55!^:15."J9S:7-6N.@X_A3B\S.[%RW#FR!U=":.)
M>P&E64!`H?$'4+77T-K#B;#Z*_E-C)*0X'[35HTJVF@H?$=54;4H'B+3M8:-
ML49YI^1FU6->MUX+JZSZ[H;>47UBM56NO'CZ#"N7+8--FJ&+-XI'/XY1K[)#
M"*B@$Z)J9-]:8&VL<7,SDEY/$V5_ENCC!\LM#"1M?(QS*&CFT]IIT*M<08N.
MVLY&Y>>4,<[86MJ64V$BA<"VGRD=%?NXMH!8_ID7N6I_D=O+=C.Q^1U0J]ED
M-RM9"(M$0R2K2TN--.4]ONC-Y`.7$:UD0!N^.D94P@<@'`P9R\G?B;A5R^WS
M-S<M?>,:XS`AP&TNV?B>"*@.T/7JLUU<>9QRX=%?S3!T[03)4$"E=OXG"G0Z
M&BTJKE;T8\K\!0$/'B=L_DD\LT!'H5IGLBVHPMEI$EKTEL3NC,&K`JC20D5S
MIK_+%/[9&BW<!0XZ=:CAQQAAM/Y4]^9+VC:)'T>PQ[MXH.IT-*]"M5%%8.:R
M!N.+L@7`4WNH6EN[<--">M/!61MUCH:8I%=E-#T&8AY2(UY5+EM:>D;U+S;:
MMVJ6LJM6>TV*8/&:::B7S+EJZ245."_M&$>X0*;G!D68F2TADQ-J6O;"Q\KB
M\G:YSMNP`CQH?&BXURVR="QUE`6O$;7/)<31Q=M+0/B#XT7L0\19$9WQF\;9
MN8DGLK/2VB]32<B_D%E'#F0E'E#@G+I\Z=*@91P\=+J"H<YC"8RAA$>1'/H7
M`O?+A,/+,XF9UK$23U)+&U)]OBO5L8]TF-Q[W.)<8(R3W-6C59T3=R`2A4S&
M4'N<=AT!Y%,$A-P)BE]`*4G4!#[,VM35<[2BJ&[".3E.Y-V!E4C',1KP`=I^
MO)04]#^WR/X0ZAQU]!Q054*@92;UW(*,77XD70.$3I`0"BW`$U.>T0#NZ=O`
M\\^N`2205--*KL(B"-&.EG!G`*@9,R*92E$H]ACD/W*<CP!@[`Z!R&2!10KA
M*0A`X(4I`Y$>"E`H<CZCP``'(Y**G=L6CXA4WC=)P0AN\I52]W:;TY#XAR'K
M\!^.$52`````````````<``!T```.@``816+)6,92/EVT$9V209=AP$A.%5F
MR;E--=5H)#'/P4/7D"G[1Z!SZ16JE2XZ`4F/R&?DE%V\BT*D*Z9B`!G8-'"A
MVJBO=VBD<P<";H/<'V>N*5H5"N*Q/?R6N6"40*5,\;#2TD7L(4/YK1BNY`_:
M`<&,)D^?OS'._P`J":0=6M)^P557':USO`+PD^)4?'V7RP\<XRPQ[";BYW>^
MKF<U%RS-M(1DJRDKS#(R#*18.TUFKUF]16,15)0ADU"&$I@$!$,^8N-L9/R#
M$1S,#XW7#*@@$&IU!!T(]Z\"Q0$F6QK9&AS77,8((J""]M01X%=MY)4C\R\Q
M=PZZH\-',%)3?EHIM2@(UNTB8ILXDKHXAH6+9-T"(,8YF5==-(A2E*FF3T``
M#)S-KYG(K^SM8V@NNG,:T4`%74`'0`?H5\G!NS5[;0,`+KES6@:"I?0`=@MH
M;;X&:I1=[WU=KG?4];?(7QNUU-;(V#6I?7)8#7E@CZ<E'JWN&I-J"POI4TK7
M?S),B9GC)-)ZJ)2D[2BHHAO+CBE@TY.QM,HY^7LX3)(TQTC<&TWACMQ-6U[@
M5^TC:2X&TW9"UML@Y^1M8R][2RC"&TWAKJDU%:"HH3\2+=F?#?0NNF-/H^Z?
M)5[K??%ZU2VVI'QJ^OCR6I:J2;CW4G4Z?<[HVF_SMO-3J#7@[AK'+-VAC\&*
M<?:!?%)QS%6;+>VR68,.4E@\T`LK$VHJUCW[MP+O$-('M[T?A;"W$%O>Y0Q9
M"2$2`;*QMJ"6M<^M:FG4"@^RMV>,OT_:3Y!0.M44[ONXMHV6PLKE>U5?0$X]
MT;K!]#-'[B/AKOLNT2=79SDA+'8"D48,':!7)RHBISP<W(PW$;;*PVG_`!5Q
MY\P=\S8288R*T#Y'%M2:?J5%=*K)BN/P9)EJ!-<>;*''<V$F*,@$@/D<6@DT
MI\E172O=8_\`(BBP%4\(?#I\W@:^UMCR_P#DU"V>R1D2R;2U@"M7&$CX\DI+
M)M49&4;1Y>\K8K@YP1(<0*!>1#.-FK2*VXQQ\B)@N/.G:YP`!=M<`*FE2!VJ
ML.1@CBP.$<&-\TR3AQ`U-'@"IZFG:O1;+?3ZW*TM>O-^T^T:/\<K$W\?O$[9
M6S*7.3NFJM+VF4M-1,T7B5[A.R*;AS/MS&?'!4H^T<Y0*`&#C-OQ+(MN;3*P
M3XVS>+2Q?(PF%A<7-Z;B15WM6RX]?F2VR$$EE;.;;6<DC28P7%S:4W$]1KKT
M6M\70:EY$U#8_F/Y#S4)HW5T#::MJ:+KGC_JF(*ZM=_5@T9#\MKU2/.P=>A4
MH^O%!^_=N'(`X,8P$#OZ#I8[6WS$%YR'+R-MK%CVQ!L$3:O>16@;5K11NKB3
MK[UK6V\62ANLWDI&P6K7MC`AC%7/H#1K:@"C=22=5V5P\`X^L/-T.V>TSV"G
M4OQ?@?*;5UD:5<62M_IUFF`B(J-G(QW*"K67Z3A%P5;L.ZX%(!`H=_:7)<<3
M9`<B]M]OMH[)MS$X-IO:XT`()^4]:]>BO+QYL;KXB[W01V@N(W;:;VDT`(K\
MIT->J[K47T\8G:;/QI6-MA6O+>06HMY[*<+2%=0&*J+O4,C%1[./<O"RPJNH
MJ8&3%1RZ]LAVB9!$J2OIF2PXA%>QX=YORPW4$TAJT488N@K7H>YIIX%6L^.,
MN_Y5_P`7M-S!-)J-&F(M`%:]#NJ3V\"NUUAX*:*VW#;'N>L=S[5W)5=>R%1K
MRE>U3J:*>;9DWLNT%:Q71/7MHN4!+%U_$.%$D6IFQ'KYZ?W0!,OL&YO9<7Q5
M^R[N++(SW$,1:W;%$#*2?Q/V.>T[&FE*5)]E%>TP-A>QW4]K?330Q%K:1QCS
M"3U=L<X'8.U*N.NFB^?&YJ'&:OVC=*##3\A:8NLS"D>QG)BG6;7TP];B@BX3
M_-Z7<&,?8JY)H`O[:[9PG^%0@B0QTQ*<W4LE:,L;ZXM(Y7/8QU`XL<PGWL<`
MYI\0?A4+KU[`RUNI[>.0O8UU`2US"?>UP#FGQ!_0O=7XY2RT[X^Z/F7`\N)+
M4NO'BX\B(F66J<290PB/41,<1'/I[#2&7$8N0]76\9_U`O>[!Q?8V3SU,3#_
M`*H69\V2Y:81,(F$3")A$PB81,(F$3"+_]#W\81,(F$3")A$PB81,(F$3")A
M$PBP?Y!:1@=]:[DJ;*BDSE$A&1JTX9/O4@Y]%(Y&KD0+_,.R<%.*+E,/XT3C
MQP<"&#S/U8]-,7ZI\1O./7Q;'?-_B6TU*F&<`AKO$L=79(T=6$T^8-(]$],?
M4/)>FO*;7/60,EF[^'<0UH)H207-\`]M-T;NS@*_*7`^<"\T>T:XM,O3;C%+
MP\_"N3-W;58!$IR\]R#MHN'\IW'NT1!1!9,1(HF8#`.?CUR;C.:X?F\AQWD-
MB^WRML_:]CNA\'-/1['BCF/;5KFD$&B_5KCO(L/RO#6.>P5XV?&7#-S7#J/%
MKAU:]I^5[30M<""%:73^SU_L#-$MVN/Z?C]O/(X3I5<_;]G[AQX(N.O4/W_T
M!^_G">"<_NY].G''']`X1<\^G]'Q_9U^_(\47'^O]P?#[LE/!/T^W].N$]Z^
MJ_@_XY#`-V7D/L:-4]A(`-K>`<(E]]PLY,*);>X2<=I4TR(]XQX&#DP#\R7T
M1,;[U_*SZ'SQS6?JARRS+6AM<?"]NI)T^K<T]!2OT]1K7SA0"-Q^)/S*^LD,
MD5WZ<<8NMSBZE]*QV@`U^E:1U-:>?0Z4\HZ^8!]-)07$0K,R<LU)(LY5\U18
M-%E0,D=%(%'":IRE[_:]E$@$`HAR)A'D./7[W\5\1*I>)*0KBP3:3EJZ6<>T
MW3:\^Z=H5XHB?AZCZ$]LB8%(7J!@X]`Z8Z5**L(BT>R$7)N7!0EAC4G1(DJ8
M@"JR"2BJ)BGYX1`1_$!!ZB`=.G.-"05"I&SD7\0\-85G`("]1^44!,"K`X[5
M?=31*)>T2D+R`@/0H<_'%?%3[E6N$'IG402(^8"-*@@9LJ3W`1*`F$RRCD?P
MAWB4>3`;@1YX`.O&/=T1=@BO&KR+Y-BB9.043<E2="/\HRX$,!SIAW#V")N1
M[N/Q``_;UG1-5(CVR\6U?+OT1%-0I$@;&,0_O'$XAW&X$Y0`.[U^SG(&G5#[
M%4]OYI&@1D@1N9!QR=`I@`A^2F_$!A[0$WXN>OV?JR1TZ)W4\3FBV:#=1,BR
MJIE%#$.'<D0`$O3_`*0]0_;SD=!10IZJ)I%%NX()$N"F()#B(%#@XEY((`/0
M1+]GID]:%2"H)%(1CU(KH)73-=LH<0_PN"'2,!0YZ#^,?U8/@E=:K\?:O6N[
MZTL2LM3;79Z-:(TSR.&:J4]*UJ9;%$PH/6R<I#.V+Y-%42=IR@<"F`.!`<A9
MUZ(/IF:,MFOM<VO:^Q49$MVW1(1\N3\],NM8"UF/*]7CW\JX>J*/OG+&]E5W
M:@*C[AD@1.?\0]/S@_-!Z@V/+.56''L/="7&XELC7O::L?<2%OF4IHX1!C6;
MA4;MX&G7])?RM^GM]Q/BE_R+,6QBR66=&YC'-H]EO&'>76NK3*7N?M-/E#"=
M>F[DEH?3<S:U[Q)ZVJ3VTO'4<^D)9:*0,>4?PZI5XF0EVP`5C+R$4N0#MEW*
M2JR!R@9,Q1`!SQ.S]1.<X_"/XW8\KOHL&YKF^2V5P:&NKN8W6K6.J:M:0TU-
M0:E>WWOIUP3(YQG);[B=C+G6N#O.=$TO+VTVO=I1SVT&US@7"@H10+=;Z&K)
M2S>4/U-]J&2$6C"SZ`TW#.@'DONTJN7AU:&_(=!.D]>,^0Z\9^DWY?\`%_RG
MTDXA&11\\3YS_P"^D?(T_%A:OS._,+EOYMZN<OD!JR"9D`_]S&R,_P"L'+Z:
M_5B.8WT_]]<]>/\`AIU_5MRA&_LSN_.R?^5,K_[O_P`5B^=^2_\`YDOO[O\`
MMM7PMC-2Z1VK9/&[6#G7TW)W&Z^(+:\778[>X3;$E3>4S5MREJ^E'0"*"D&L
M48ZE,BJ`XY!11WU]0#/,6V&-R$^$L7VCC/)CM[Y-[AM+(GEM&_AZ,'7K5=09
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MFI[;29PGY,W:3\DD]5!E`.`X441#O$H<\&$0\\Y5RC%9G(X*[L_,\NW?5^YH
M!IN8=-371I\%U/-9JTO[S%W%N'^7"XEU0!^LTZ:G]DKZYT7ZR?B?L2[T_7]<
MK^ZU+!=[1`U&$(XIE<(W&5L<HUB(\7)F]W<N$VP.G914,1-0Q2`(@4>.,[Y:
M^H>#O+FWM(8+HRR/:T?(VE7&@_7)IKKHNT0\IQ=Q-%!&)?,>X-'RCJ30=_:O
ME_OFCU+8OEO]5.5M<%'6!77WCW.V"J+R#<CA:O6J%_X6(QLS%+"'>RD&B*2Z
M('(("**JB8\D.8!Z3D[6"\S_`#J2XC:\Q6I<VH_"X>71P\"*$>XD+K][#%<9
M3DAEC#O+MR6U[.`90CP/_2K&\)V,C)^8WA'&P\F>$EI'Q<V(QC)I-,BZD-(N
MZ=Y$(LI4B"A136.P=G(J!#!VF$O`YQ^-,<[D?'(XG[7NL7T=^R2R>A^!6#$A
MSLIAFAVUQMG4/AI+0K<[Z3AMQ[CN6[)7>?D1MJ]K:K=2.N+?I+85EG;;3)9K
M;6TG&FE95C8)YTR$[%Y`2#4S<[%1/M'@3!R)<[#P0Y'(W.3?E,O/*8"8W0O<
MYS#OJ*D.<1H6N%-JVW&?JKJ6\=>7\KS&2QT;B2W7OJ?81T7RVH4?%SU6U]!M
M6"+G6]G^HE#,*_"O$2.XIS#*,85FZ8"S7*HW=-EH:99HJD$IBG((%,`\YTJU
MCCD@M6-8#:/S`#6G4%M`"*>%"`?9U77(&M?%!&&_\,[("@ZBE`*?80LC4BY;
MSU[XF^<,-I^DQ*^K9G;$_6]LW9";CX21UU7W4G6X&"CH"&&48KRC.W-Y%W&N
M4VS5R"+4W7VRB!AY<5UE+3`\FBL+0"P=<.;*^H!C:7-:UK6U%0ZI8:`T'@L]
MO+>6^+S+;2,&`RN#W5`+1H!05UW`D:#HKYO;.\QOT@JDQLNLZ_0JRMNZCS=&
MG8:592#_`&4PF(6YJ2=QL2+>5D7,=*"_)\J"*Z;8Y4$$P*GV%+G)NV7#/3ZU
M;-9-BB-RQS'`@F0%KZO=0D@UTH::`:46:43MXJP26[61^:TM(-2\&M7'4T-=
M.W16_K?R4U?KWSG\;]V2$&*>M=8ZITYIS85X08/'K%G;7.BSTR4LJJD<DZ*9
MY7SN5DC(D*HY79Q*XI)F.`<8K3-V5MR;#91T)%E!!%#(^A(#C#L+M.[:G3J0
MTT%52&^MH,U87;F_P(XHXW.UH'>7MK\.GN:5J^ILS6#[3?F-7*Y!A7I'8.W=
M=WN@MEE"*'0UM$6^ZE4KB"JA4%2JQ"EHCC&*4/\`S!`$PE+['.:3ZNP?C.10
MPQ[));B-\?\`[,.?\OPW-_3V6O\`JH'6N89&S:9)6N;^X'.T^%1[_@O73X9Q
MW=XH^+2@KI\$\?\`32G8`_S1[-?5X0#M^`"8OKGT!QWYL#A'?_LD/_AM7IV*
M%,7C1_\`L\?^P%L<,LJ5_P"T*1/9][V..!!4/Q]G=W<^O/7CC^_-Q5;!2DX5
M8DB5<%2>R1;Y@![A]T0`_>!!+Q\1Z"//''[LFFH17$"213F5!-,%#!P90"%`
MY@^PQP#N$.F2BF81,(F$3"+&YB1K!Q9%H!=4\TFV7_\`+"F/MMR`X2%Z9KW)
M]JID3!R`<CP(```(9705HI5QU.0>24*@Y?<F6]Q5(%1+VBNFF;@BH@```B/4
M!$.@B&2%"[668$E8N2BU1[4Y*/>,%#"7N`I'C=1N<1+R'=P53TYZY61@DC?&
M>C@1]H4$5!!Z%>`+7-QE-&;HI=\1BV\I,ZEV1!V=.'?JJMVLA)4FQMI$(YVN
MW`ZJ"+AS'>V<Q.3%*(B&?*EA=OQ62MKP1ATD$H=0Z`EIZ%?/4$KK&]AG#:OA
ME:ZA[EC@:'WTHMM=K^;]%V2>TV2*\2=2T';-BFT[4TV]`6&W.K9!6].<;3_^
M9F#=^N>+4D3/FXB/>GV!WB(!T#-]?<GM;PSS1X"WBOWNW"5I=N:^H.X5-*K<
M7F=M[KS9&8>&.[<[=Y@<[<'5W;A72M577'Z@SJ>:;;L-9T1KVA;KWQ1W.O=K
M[BAIFS/'DY79E)HA:P@JA(.#P56D;6DP2!VX1,J;N*!R@!P`P7N.7.F;?S0X
MN*+)747ERR@N)+33=M:=&EU-2%,W(3(V\DBQT4=_<1EDDH+CN::;J-/RM+J"
MI%?'JJ=IY^J+1]4L%LT#K&\;UH>M%-5U'==C<S+Q9E7T8]W$PLE+Z^5%:HV*
MSP#!^J1L]<%Z";DR8\9#>6$L@EGQ<,F4BA\IDSJFC:$`EGX2YH.A*@<@^6&2
M;'129".+RVRNJ:"A`)9^%S@":$_8KCH?U'G=.5\?+%(Z)J-IV'XXU#_(E)MC
MZZW*.B#5XS21CE%UZ)&K)5TEF6CI19(\B(*&,)^X4NXJ0IYK7F3K<XN9V,8^
M[M(]C'%[PW;K^H/EW4)%?^BF2WY(Z`XV1^/8^YM6;&.+W`;:$?@'R[J$C=KU
MZ=*:O[4\CYC:6H]6ZC>UB,B(S5MLVK:HZ7:OG;E]*+;4GVT^^9/$5DR())1*
MC8J:)R?B4*(B8`'-+D<W)D+"RL'0-:R&21X())/F&I!]W9:NZR3[JRM+)T0:
MV%\C@:ZGS';B#[NWBI'C]Y$S'C^VW2VB*Y&6$NZ=*7+2LF>2>.V@PD9<BM2N
M9Q@#4AP<OV7RH=B:G"9N1Y'*8C,28AN2;'"U_P!3;NB-210.[BG<*+#(OQXO
M0R,.\^W?$:GH'TU%.XHK@TEY.):SUS=M+W_6%=W1IV\3T1<7-+GIN;J[R"N\
M(B#)I::U9J^87\2]<Q8?*NR@F<'#<I2<E+W`?+C,T+*SN<==V3;C'RO#]CB6
M[7MT#FD="1H?$++8Y3Z6VGL;BT;/9/<'%A):0\:;FN;J#30^(T]^:F/U#[*K
MM.[7&U:BH=EUQ<]'-?'4VE4GTS"5J"U7%N4GL'#PDVV.YEV[Z-=@LI\T8#'.
M=RH8`3,"9D]FWE\KKVYGN,?$^RDMO(\FI#6Q@U`!&M0>_M]RYK>1R_5W$\UG
M&^VDM_)\JI#1&.@!U-1KK[3TTIVJ/U'IJ,E-4N*UI*BU>"T_K#<>J:K6(J<L
M:D>6O;>_*2.%W+N04>R"TE!I1)1!4ZAQ>+*G44[1'MRYYC(TV38<;$R&"&6-
MK074VRBG?6H\>YZJXY*]DEFZ*PC9'!#+&UH+J;9-O4FIJ-OCJ225KCH_?M0U
M77Y&NVW1U3V3[EGC+=`7!K/SFM]H5:4CT"M5(^,V13REL2E6?)IE.K&'-[`+
M@*Q!(H/=FGQF7@L89(+C&LE!>'M<"62-(TH'M^;:>[>G<:K66-_!:1F.;'LE
M^8.:ZICD:1V$C?FVGNWI77JK4\C-\6KR5W!;-QW%E%Q<S:%(\GY7#)K%CXR/
MB8YK$Q;%%5RHL\=G;L61`.NL<RBJG)AXY``XV8RDV9R$^0N&-;(^F@Z````:
MZG0=3U6+)7\V3O)KV<`/?30=``*`?8.O=>Y_1\":K:7U)6U"&35@=:4:(63/
MSW$6CZS&-5BFYX'N*JF/.?3N+B\C&X^$C5D#!]C0%[S9L,5I:QGJV-H^QH"R
MCG.7)3")A$PB81,(F$3")A$PB81?_]'W\81,(F$3")A$PB81,(F$3")A$PB8
M1:V^17C-2O(2`!"4`L)<(U$Y:[<6K8BSQEU,<&$BEW)#)PRRAA$R)CE,0PB=
M,Q3<\^.>KWHQQOU9Q0CO:6W(86GZ>[:T%[.IV2#3S(2>K"06D[F$&M?6/2SU
M<Y!Z7Y,R69-Q@IG?Q[5SB&O[;V'7RY0.C@""!M<"*4^">WM%;)TA.&A[Y`K-
M&RJZB<78&8*.ZY.)E[S%5C)0J94C*&2+WF04!-RD7_>)ES\M.?\`IES'TUR;
ML=RC%.CB+B(IVU=;S#QCEI0DC4L=MD:/QL:OTHX-ZC<3]0\<V_XWDFOE#09(
M'4;/"?"2.M0*F@>W=&X_A>5B'[/@/[./O]/3TSS]=Y7`?LY]>?7]N$3G[?TZ
M>HXHB!Z_K^SIA-/!`^[]W'[/[<)V5='1LA,/FD9$L'LG)/ER-F,='-EGSUXX
M4'M3;M&K8BJ[A90W0"D*)A^S.1:6EW?W,%E8VLD]Y*X-9'&USWO<>C6M:"YQ
M/8`$E8+J[M;&WFO+VYCAM(VESWO<&L:T=2YSB`T#Q)`7U`\:?!9V:8B+1N9B
MFHFDNX*:@]I77R!QC1<LG5L<IF49@?N5(8C$@J!W@!7`@('0S[R]$?RKR036
M?*O5"U82VCXL>:.%>SKL@ENG40"O;S2*.C/Q1ZQ?F7CFAN^,^F]P[YOEDOQ5
MI`[MM00'5/3SS2FOE`U;(/J[.%AH2"CF#IF=TP278LV[<INTW\@.X#F$O:`@
M5)(W)>@'Y[>@#R'WE1K6AH'RCH%\2DEQ+B:D]5T"_NP!GB\LT1D_S.P@JV1.
MH"H))MQ4,#@H=IP(N*:Q2$(/'`!P/3IA%&Z16KWYY)`LSD%7\@5L5(?_`#!$
M`446=B+U,>WM5`"]H%^`]<=*HNS%NFI)%GOF4OGBQ`/RP_("X!8(\2`00[^_
MVN!Y].[G%-:J%2I.`FH@RLV[^6*@_#Y9T5'D5!,F/>B"29>5`)W>H!T^/ICJ
M-5*[`Z[UM*QK!B906)$FA4BE#N37;F`OO+',`<'`""(]W^'CG'=/TJH02C2.
M9)6,4.K($1<&12$HB1,X@('%L/8`*#WCP'4>GIR'7)]R:Z5Z*%@93Y!\,L+@
MS83)=GN^X*HJ]QA-[7?^+GN[?NY]>G.0.AJH4U8A%(U((LBHH^\;WR@`BL)N
M`X]P"\B8`Y#TZ>F3VT15(BDBR:IR"9U5>3BF3D04(GW!QW&Y`2AQQT]?A\,C
MMJBC>)'<)MC-4S&;]G!2%#^`W/'XBASP(<<"/W>N2I!`56<Z:*3=)PG[JI2`
M(]>I?_2^/I^H>,?I4+P4P/C3XYZ2W]YJ06R=>0DE/>//E#=1K\Y+0,I8Y/\`
MR!<WS:T:H69UADE)C*22T8_3!H1!FX<&7X!'N,!1SXJ_,AE_4:SY=B./<9SU
MQ#ALK8D>4R1D#"^-SQ-NF<6;&>66&0ND:P-_%057W!^6S$>G%[P_,<CY-Q^W
MFS.*O@?-?&^9X9(UAAVPM#_,?Y@>V,-C<\N'RBM%GD?)&7=@JXKOC;Y(S\4C
M^(),],K-2%PD`"(*-(2^72K6=4#%#D"F8D./0`#D<^8QZ<6D19'D?4CC=O=.
M_4%Q-<;3X.DM;:>`>VDI'M7U`?4J[F#Y,=Z:\EN+4?KFVA@J/%L=U<P3'W&(
M'V+MZEY.:VLR-F3E&MTUU-TVL2ESL=7VA2YRDSC"L0J?N2TTW_,FXQ4S'Q_)
M?=58.G14^\@F$`.43</+^F7),8_&.M9;+(V-Y=,MH9[*XCN8GS2&D<;MA\R-
M[_U6RL830T!H:<O$^I_&LFS)MNHKW&WUG:ON9H+VVEMI6P1BLD@WCRY&,TW&
M)[P*BNA%?MU]"334MK7P+@-GVY@1M>O*Z^W3R6L1C)&([5CMA2!?\F%<J*!W
M*)JU&/:.TO4I2/.GKGZU87%V^#PV*PUJT"VM+:*%G[L3&L;]S5^16>RMQG,U
MELU=&MS=W,LS_P!Z5[GN^]RW%^H`UT79O&BTZVW]O_7WC94-F2]7K[#86P[%
M5Z]&#.05@CKXWAHT;9/UJ.DY1^RJ2_"!7(*E0*HJ!3`F(97-XIN:Q=SC'S&-
MLNWY@*TVN#NE1UI3JNMY&R&3LI[,O+0^FH%:4<'=-.M*+X\P]2\1Z7"Q-8UO
M]?&N4*H0T8U:,ZS&>3FOFT,Q<%2[Y-6,8Q>ZH-A&1[Z0.JN1L5$?9]SM%10?
MQ#U)G![VWCC@L>6WL5NUH`:":#QH`]H`)UI31::/C5U"QL<&:N61`=!6@\:#
M<*`G6G;Q6[$;]-_?[MDU?Q?U0?)QW'2#=!ZR=Q\O:%F;QHZ2(NV=M7"&UCHK
MH.$#E,10HB4Q1`0$0RPX9E]*<UOOM=__`'4_D%\*_P#Z07/VG_UE]0Z'KMM4
MJ)2JA8)=_L>7J=6A*Z]O-V*E+VFTN8IBBU<SLV_>?-.%Y&5<)F75$RAQ[U!_
M$(]1[O;VK8;>W@E>97L8&E[]7.H*5)/<]2NP00>5!#$]YD>QH!<[5SJ#J3XG
MJM/?*7Z?E-\E]J:4VF%K1U\_T_))/EX^(I47(_YR1;6"$GV;&5?_`)G$JMT&
MAXI5)/DC@"@[.8`#J!NN9SB=MFK['7OG^2^W-:!@.^C@X`FH\"._4K69'"Q9
M"YL[DR;'1&M`T'=J"`34>'MZK*?EAY4>-'@IJ]#=WD#*-J33E;5#TR+?PU0?
M3\P_LT\WD732-CHZOQKI\90(N*>.53CV)D0;*<F$PE(;M(BB:06QM!]P6Z;&
M":M:*K3]U]/>H[U#R"W=0/(J>9P'F]3JC,QLQ"5'M1CJ'-RU6O3<C)56Q1KV
M8B[;`1Z35=%PFUY;.C`<@\"F/2KKA;;FXSMRW*/8Z^`!HW\(#FN(_%\P<&[3
MTT)77I^/B27)R"[<U]R`#0?A`()'74$"A]A5";Z24-"6#1EPUMY%;$US;]+T
MME3?\Q0T.A^86-NA*3S^0<I+L)^&=0!)AK9GC)P@15RF=HH!!$?Q]_'_`.08
MHIL9<V67FAN+>,,W`:N%7$]"-M0XM(U%%A_Y::V2QE@OI&2PL#:@:NU)/<4K
M4@]=%GVC^!D9K3<?D[N*G[4GHQSY,5V[1<G6O\OLC1=4GK>\_-$;3'+HR;9Q
M(O823<.E4DC@D!P='+WE_BS:V_%H[/(YK(VU\]IO(W@MVBC7/-=XU%2TU('M
M.JYL&';;761NHKEP-P#44%&DZUZZT-?M6$Z=]*2I56B:!I3;;LLX_P"!>]7F
M\U)0:6P;+722<O:FX0@WK<+$L$4V:M*DD@"Y5'!A!03=@<=HZVVX+;P6V*MQ
MD''Z6Y,U=@&\G;0'YM`-@%=>O9<2+C<44%C`+D_P9_,KM'S&HT.NF@HNJ=_2
M<3'4FS-3Q/DC=:]$;8VPOLV[K1U28E:33$J)SQU/>Q!+,F1Y'1TH"3T%E5S"
M==!,03+QR,2<%#\?>V$>7D8R>X,KZ-%".S"-PJ`:&I/4#14_Y9:+6XM6W[PR
M67>Z@&H_9(KTKJLU[2^G_6MG^(6M?$)#8LQ78;7+VM/FUU/7V<Q*2RM=9SB*
M@.(G\SBVS4L@XG#J?A6/[0$`GXOXLV&0XE#>\?LN/B]<R*$M(?M!)VAW45`U
MW5ZZ=%R[C"Q7&+@Q8G<UC*?-2I-*]J]ZK,E`\+O'NFZLK^I9'3NJ;-!Q\?5/
M\S.)'6]3(C=K55((D(E>)R-,R=IK61Z4[A07"AUET_FE2^Z8#F$VSM>/8FWL
M(L>_'P/B#6;JQM^=S6TWD4_$===3J=5RX,3CX;9EL;2)S0&UJQOS.:*;B*=>
MNNIUZK%/DU]/?Q_\A-=L]?P%.H6G9>,7@F<+?JAK.KJ6"&KL,\>._P#*\89N
M$(NRAWSA^H8Z9'`)@8YC"0PF'-?F^)8O+63;.*&*W>W;M>R-M0T5^4?AH#7Q
M^"P9#!6-];^2V%D3Q0!S6-W``UH.E`ML]8:U;:JH6O=:0CAZ^A==5"JTJ*D9
M`R0O7D75(9C!LW3TR)4TA>.&K`IE`(4"]XCP`!G8;.U996EI9QDF.&-K`3U(
M:T`5]NBVEO"RVMK>V826QL:T5ZT:`-?L5_'=,"OP`S?E4J@$%?IP"O(%`>SG
M@>#=.[U`<Y517HLJZX6<@$N"H$5X%SW^^'/M^P)^1*)^>T`]KIV^OPPITH%V
MY9EH9Z++\8'[Q2!00#VS*@/;V`(&$W4W0!XX$<5U447;9*)A$PBL2T2DNPDX
MY-D)RH*%3$B9"`8':XK&*=`XB41'\':``'7\7.5)(*D=U41L9%(6:0<H2(*O
M1(JH>/[.!0,X.4ZQO=[NU4"B/':`<D[NOPR1U4*\P``#@`X`/@'IDHF$7AQ^
MH5J)?2WE_NFK`T,UB9:TN;S6^>T4UH*["-A;"B(#P*;5T\6;#]AT#!\,^9.6
M8\XWD&2M]M(W2%[?W7_,/LJ1\%X7R2S-EF;V*E&.=O;[G:_IJ/@M+<ZXM&F$
M3")^GI]F$3UPB83]*?I_9A$PG>J81/U_H.$6?O%C4KG>?D5IS52#;YMO;KW"
M-YI(>0`E7CG'YS;7(_:#2L1SM7CX]G'QS:X2P=E,OC[`"HDE:#^Z-7GX-!*V
M.(M#?Y.QM`VH=(*_NC5W^J"O?`0A4R%(0H$(0I2$*4``I2E``*4H!T```.`S
MZI`H*#HO?U%A$PB81,(F$3")A$PB81,(F$7_TO?QA$PB81,(F$3")A$PB81,
M(F$3")A$PBZ6PUR`MD0\@+/#1D_"OT_;>1<NR0?L7!?A[C=R11,3D'J4W'<4
MW4!`>N:W+X?$Y_'W&*S>.AN\;**/BE8U['>]K@14=0>H.H(*V&+RN3PE]!DL
M/?S6N0B-6R1/<Q[?<YI!H>XZ$:'1?/7:/TW-<V59U):VL4A07RONJDAWB)K!
M7#+&$QBI(^\Y0E8Y$QAXY!5P!`_A(/IGR7S;\G7$,Q)/><-R\V*N75(A>#/;
MU[`5<V6,?WI*=F]E]0<._-?RK$LAM.6XJ+)VXH#*TB&>GB:-,;S_`'65[N[K
M2BT?3U\CH)=4D1#UNY-B]4W,!98YGW$^`"WLQX!8IP^(`!@^P1SYNS7Y3/6#
M%RO;88ZSR,(Z.@N8VU_NW!@=7V4/O*^@L/\`F@]*LC&QU[?W=A*>K9K=[J?W
MH!,*>VH]P6,''A_Y*ME3(JZCLIC%'M[FZD2[2$0Z?A7:R2R)@'[0-QG2I?R_
M^LD+S&_@%Z7`_J^4X?XFR%I^!7<(O7/TEE8'MYO:!I_:$C3]CHP?N5>W\,O)
M)4R/S&MUXU-8!,"DI8:JR[2@/:(G;JSGS@`'V`F(_=FUL/RS^M60VEO#'1,/
M>6XM8Z>]KIM_^K5:R^_,/Z/V.X.Y>V5X[1P7+Z^YPAV?:X+9/5?TXI^><BKL
M>]1T&S22364BZFW5EY%03G`HMU9*218,61P*`\F(D[+SZ?;GM/$_R79NY='/
MS7E,%M#2IBM6F:3W&201QL/M:V4?I7D/*/S=X>!LD/#^-3W$U:"6Z(BC'M$<
M9>]X]CG1%?0_4&A]9:-?D&JU=%FO(?/Q86.42&2L3A8C\B#5N,NX**K=%^W2
M45,F@5%$P``]H@`9]A<"](^`^F\8/&<$QE^6EKKF3^)<.!Z@RNU:#W;&&-.G
MRZ+Y1YMZI\W]0)#_`,Q9E[K$.JVWC_AP-(Z$1M_$1V<\O=[=5E!P\+&R3Z8C
M@=&C&+Z6&P$,L0@.)'Y1LW:)$()N3HBX4*!!X'M-W"/3CGTONO/%(<*_+/5)
M.6:C(,)J6AU(E(ZH?R"`W$X.O:`3"4Z"2@$%,0#W!YYZ=1CWJ5PD52O&1)*M
MV\FK(V(ZZ)C']X6X)G(F+M,1*;AT<RH&`H\#TZ\#Z.BA%4E:TVDW*WR<H:0E
M2(%24'WT2^T*SH5'*8@':Y$>`[>>0'KSA2%W!FOM2KFQ@X1,9.,^?+'"I_YL
MAC,"I`18GJ1``'^+[>G&.AJGL5,4PV")25=K-8X[5Z=(BA@!%LJ"I2&$I2B<
M.%"\_://`^G/(.H3HNS_`#%RRE640B4#M42-&W4G*BI#I$`RW>'(@"8#STZ?
MA'G%=:)[4;L6\:I(O&KM-VLW16]M`O:)D>X>IE>#F$_M\<#Z?'X^D^)3K0*-
MHL>4CW19!<$R(J)&(Y$I0[1'N_")2]H&X]./7\6`:J%,5$6#%N5BN*A%E3F4
M<E``Y,`%X+P/=V"(`/0>O3!T4JI.5)TT:+O%A15_&4INWD5"]PASV`'/H`#S
MZ=?OR.HU4*-TH=N#9%N<Q4/;Y*<HA_,$1Y$>X.@_;^W)*L.ZJEBHJ$0.X4%-
M02!R`!U-S\1*`"(=<*J\56GYAS==^?4"V1,`)+39O-W=<))-5U#*+Q4319DU
M>JT(J<Q2J^S$1*8(I@(!P0.@9^=WYN;ZYFYY@K"0$6L.,:YG@3)+)O(]OR-!
M]R_1W\H-C;0<"SU]$X&ZFR1:_P`0(XH]@/\`C<1[RL3Z]\U*37ZE^3>34V35
MFYJVO*L;C59.L6)D1^LSE'J+*2IA&;"20L\3),4TC(*,%G0JB/(!P8HFZ-R#
MT6S>1RYO?3*Q.5X9<M8ZWG9-"XM#F-+F7&Y[#!(QQ<'"5K*=.QIWOCWK9@\=
MB!9>IUZ,5S2V<]MQ`^&9H>6O<&OM]K7B:-[=I:8G/W=>A%;O\>YW9&\-"W%_
MO^OEBFMZ?WV-B(J1A?\`+SQ75DLV.QC/S:*6X4;F59+KE*=4`450`B@]P&`Y
MM/Z@6'&^$<]PT'`,AYTMC':ODD9)YS1?,<'/\N0:$!P:2&Z-=5HI2@W'I[?\
MDYQP',S^H&/\F*_DNF1QOC\IQL9&[6>9&=6U:7`%VKFT<:U!/HH^AQ>IS8/T
ML_$^2LAEU7D#4[#1&;E<QSG<P5"N]EJ5;,F)^3`@A`1+=!,/0")``=`S]8AJ
M!HOR1D`#CKHOH1N7Q^T=Y$UR-J&^=2:]W%5H>:2L<57]D52&M\1'SZ+%]&(S
M#./FVCQLWDDH^3<(E6*4#@DL<O/!AR3J=55I+>B\=WT9O%'QFW#]2CZG.N-J
MZ$U+L2@ZWN.Q&6OZ;<J'7;!6J8T8;\L\$R;5F'DV#AC"HLX5LFT2*@0@$;D*
M0."@`9'O69YH-/%?6WZ=/GUY#[V^IUY[>(-\?T\-(>,[G9D/J6!K].C(*0AH
MRD;EBZ!7&CV79<+R"3.L*BD)3@`&,`&]0PJN`V@]U@7P$^J=Y<>0F@OK`;`V
M38J8[LWAMK.T6?1ZT72(F);QDM%4OR&FFJT^S0$R=A1)(:YBQ,18.T2D.4>B
M@X4EH!;0=UKA%_4U^K/N7Z<US^H?1KSH/5M$\?'-<I-GJ+G736VVS>EC;3]2
MK]VNYG4@FG#46(;.[DW%O%M$B'.1NX`%^X$A.U3:VNWNKG^H[YW>0.W_`*1W
MB7YH,:]X\2-$VC+LJIO'2.U-/16UH";V:A+SC>`M531MY7K2$B820UY)K%2.
M*KCLD4B>Z?VCB<C6@%P68O,3ZGOE5X^P'T8&NKY6A0K/S#UKK&3W&P4H$*NQ
M<*3#?0B#MO4V8%3;U-@BA?'Y$$&I031(9,I0`$RABNB!H)?7Q6Q'U!OJ$^2G
MCM]4GP`\5-9S=78Z@\AI?5+/94;*U.-EYIZA;-T/*5,A%3KGAY$F5@42D(*?
M^[4_&'7%=5``+2::K[4[RVQ7=#:6VUN^W(NG-8U!K>Z[+GVK'V_GWD32*Y(V
M1ZR8`J)4C/WJ$<*2`&$"BJ<H#TR5CI4@+X!_3E\E/JO_`%)&JGE7&;>T'X_>
M-3'<Z->8::)JA*[6&YTVM2L2[N\2G<WZY9B(=#$.CL&\IW`95][BA6J*:90-
M7W+(0QNA"Z:L>?7U!OJ+>8OE3HSP"V!I;0>GO%`)*&<;$V)1S;&?[1M3:QRM
M7A2*B\;.$J_!6V4KDDJV4;-#':1S7W5!755*D$BJ;6M%7*N\//K`[K\AOI__
M`%!+M<X*I4WR\\&]8W66?R$1'D7J=@DV]4N[NJV4U5?*N46[EG8Z,^;2#,BJ
MK0XIIG)V%6]HBI4%C0X4Z+3F7^J!]62Y?3L2^I74=@>/^O\`6^LK%3=:6;6:
MNN?\SV7:TN2=K^O[=LM_+2!$X^L,I6_3R16\''%;?+LO>,#L3))^_%5;:VM*
M:JM\B/JB_5,U%XN>-OU*G-E\=H;2>^=DQ%7BO%^+H;Z7?LH5S$6Z<82%@V+*
M*?G2RUI9:^D3G!FLW-'@Y;\%4'W"D%`&5V]UZO\`7-\_XC4JA[`CT5F;&^5&
MK7%E'J*E7%LQM,*PFVS8ZB8`FJ=%N^`HG*``(AR'3)KX*A%`05?"C:/%^`F<
M<*F4`XH?X14YY`!/QP43&_PB/(Y%!555"H^?%EO:`Q^SYGV@0X_`*7>!>[MX
M]1)^+N^'ZL5U4]BIQ8^._-N_YL!7*J*X->@<*\]_`*<]>PP<]H=0X^S)H*A%
M11LK(+RXMUA$4CBN!T1(`?+^V4P@(#V@8.TP`4>1Z\_;D`IV5XY90F$5EV>?
M>1#MDFV13.F8GOJBH3N%;^8)!13-_@,!2]1#K^(/VP3T4HS@TDK0O)`_0,82
MK.OD2G#YQ,SHHD-[R7(B"!?=$0'XCQ^U350KTR43"+X*?6\\8W-LHU1\FJK&
MF<RNNB$INQ0:H%,N>CRSY1>OSC@P&!0S>MV1X=N<"E.8"2O>/:FB80\K]3,*
MZ>VM\U`RKX?DDI^P3\KO[KC3^]X!="YSBS/;19.)M7Q?*_\`<)T/]UW^T3V7
MF*_3]!^&>*KRQ,)X)A$R5&J9"E,(F$[IQ^GZ_P!6$3")_3^G.$7H?^ASXSNU
M92Z^4]FCP(P:-'FNM9"Z;D,+E^Z.W7NEC9&.8%408-$THQ)8I1*K\T\3[@%,
MP#ZWZ985QDN<Y,SY`#''7N3^-P]PHVO>KAV7H_!<8:SY65NE-C/^L1]P'O<%
MZ0<]C7I*81,(F$3")A$PB81,(F$3")A%_]/W\81,(F$3")A$PB81,(F$3")A
M$PB81,(F$3")A$PBL"X#_P"99A\`;G']ZG^C"D*93@_FOA_]MHA_ZQQPA4BR
M+G=/U&Q2GX2*I&,A%?VB(SCN.,\9/O4."HH',3O_`,`CSD%`ND<B0B;R0,U*
MJRB1E6$TU.X.'YK)J!'M?FAX#N`JSDY3B8`'L`G(=1#(**O$"Q3L'K]JD^;3
M,[&*QB9E![F"8-Q%-<""0P@LV35(F4G0!`GV<9/P1<-TQKGY>VE&R$BN_GU5
MD#B?W`:=IT4/FDA$IA%PHH<#]O0>G7@WI'1%"9NI663T\@W;2@/Y4A4D5#@=
M+^25947"O)#=JR@#QV^OV].F.B+N#,5VTH\L9Q*HR^0.Z(@8P^ZH"C0"%;*$
M[1`J9./7J'`!T]>'M3M14P(GL,4U,R0;,A9NUDCMR?RFYO>*F8%$^"C^(.X.
M0]1Y']6.H3QJNV"1(SE6<:9LDJ9!)JR%X)0^8[E$4P`2F$.03$3AR'/VXK0@
M(I;..7ASOGRQB*D114(F0AA$RWN&*)15#C\`>G/K]OPZNE2A-5.2.>9CUD4T
MD6RB"J:A2I\D1.`@?H(<#VCZC^OC`U4*=W*1#)%`Q4UE5U#J&Y`3)$`H$Y`/
M3N'T_;SDG0*>JJ%43R:+9REV)B`&(9,PB!0X.)1$H@`].2_NR.M"H[J<HL9F
M5!L4I5!*0#&,8!$/4>A0Y#CKS^S))I313[5,60,Z!)8@@'<0O)3B(`'/4.!`
M!^(X4+R,?4/\7?(#P.\I]P^5NJ-4V[>GB1Y)3Y]B[AB->1@S%TTKL]PFX7LU
MF5@VI3.%JO87`K/3OCE(P(944'3AJ=-J9SX5ZV>C%OZIV%E<65ZRUY+9M<(G
MO!,<C'$$Q2[07`5&YCVAQ82[Y7!QI[YZ'^M4_I5?WMM>V;[KC5X6F6-A`D8]
MH($L6XAI=0[7,<6AX#?F:6A:G0?U"/#NQ,4Y$=M1T8HDF"IV-AK=ICI%J<0[
MC)E(M!'1<K%'H(ME%BB/H(],^(;W\OGK#CYW0?\`*4DK2:!T4T#V.'CI+4#]
M\-/L7W-9?F']',C`+@\MCB>!4MEAG8]I\-8B"?W"X>U6J\VMMCSW=N_&OZ?5
M`M^QYFZ@-;O>\GD#-U75FIZO*$42F9.<L\Q&MS1;A6)*N"9E2).3@/;'I/'I
MD4<]J]'_`,M&=LL_8<F]08HH+:TD;)':![)7R2,^9AE=&YT;8VN`<6ASR\C:
MX-:37Q'UD_,W@;W`9#C7I[-+/<W<;HY+LL?$R.-PVO$39&MD=(]M6[BU@8#N
M:7.I3VG^*7CY6_%;QPTSX[5-VK(PNHJ+"U(DNN@1JO/231$5YZPN&J9CIM7%
MAGG+EZ=,IC`F9<2@(@'(_=0*^"W?,:K87"+RK?1-TSN#7OU//JEVV^ZIV72:
MG;KGL=6HVFXT6U5NO6I!SY!VF2:KUV=G(IE'3R;J-4(Y(=LJJ"B!@4`1*(#D
M#JLKR*:'NL0Z1D=O_3@^LC]0/;6V/%3RAV30O(T-JR>GYW16G[!LME;GMRV9
M$;+J46TD(DI8HBLHV14C5Q%Q[D?(]A7*::(G53="A`<T`%6M],OQ@\G-1^,_
MUYZAN716PZ'L/8WC]*?Y;K*];EI%*U6"QZ>\F9/_`"]0I:/:.8J_/V3NUM&A
MRQ"KP0=+$2_C,4HQXJ215E#W79>.>CMV1G_+7>4VJ)/3>UH[:4KL&P+16M7V
MN[>SOTJ@OLW4#Y)S&4YQ$)V%^V.S:K*@HDW.04T5#<\$,(3V4=)![E:/D9H'
M>LQ_RW_B1JN+TIMV3VC!;PCI*8UM':WN;V^Q3`EEWJ<[Z4IS6%5L+)B5"3;G
M%59L5,`72-S^,G,=@I%-SO<KG^I]XS^1JOC+]$CR`I.C]E;&8>*FI]5,]R46
MH5*;E-A51^G5M`V)HA*5%NQ5GH]$R^OY)@[66;D3CGA4DW(IBJ7'9`1N?KW5
M5Y5O-\>;GU5?IO>7-!\3O)2G>-M!W3HC6[:X;*U3/56PNGL#M-GL*W6R;J/;
M(2]7H$2WG2MDIE^5"/<*M''8J()CQ/=!\K2*BJ^PUSW1O+SLGOJ9?3VF/%._
MZ7JD+I'9.N]3^1MQ&=3H.RI^UP;ZI0+LBCJHQL:DTE7LHG*LORY]*":,:+"K
MV*`4HO8J4#=KJKYQ_1=\E-A^"FI'/@?Y2>(?ES4]F1&\I1O3[!5]&6JYT.<9
M["FXJ/7<NK?$)?D+2(@)H5G*TLFX<12T6<%TG!^T2B"LYM=05BWQ29;7^C+Y
M[>>'_%3QD\DMIZ"\ASR=NTQL716K9?:+.:4AK=;;52*S)NX0_P"70LU(Q-P=
M1SM-TLDNUD$$E%$@9K`Y+%4/S@4*Z'P,\$_);7GTYOJ\;TV]J.YTK8WF)I_8
M0ZUT^\@Y0^R%XZ.K&UICN<4I-H-A9O[+8+\#9@R7;)R"I67?[($62$\H2-S0
M"K:J6B=Y-O\`EE=G:A5TOMA+:TAN%A(MM9*ZYN*>PW#,GDUKV4,\;4H\,6R+
M,RQ#-1T*A6PD!NF=7GL*(A6O9--_P4OSZT%O2S?0"^G/KFNZ8VM/;%J^T->.
MK-KZ&UW;Y2\UUJRUOY!,G3N=J;&'7G8AL@[D6R9SN$$RE.X2`1`3E`;'H@_&
MY>L#QD+(0?CMX]04K'N(^1A](ZFAY)B^:N&4BQ?L*)`,WK5VS=)HNFCIJY2,
M11%0A5"'*)3`!@$`*I%2X^U9L5BU5'ON@H0$S*>Z(]P^X4.[N$`+QZ\^@\\9
M%-510*2XDD/8]@@D!;Y<3]?=_C`@F`?3@!^'Q#)KJIHI'Y*O^:@X]TGLE<?-
M=W<(JB`*>X"8DX]1-T$?3C[^F1350C&:*YE#(`T33*L*A"K%#A<?:*8Y?>'C
M\0"4GI\!P#4J2%=&64)A%)6;-W`IBN@BL*)P42%5,B@I'#C@Z8F`>PW3U#"*
MSVU??(VI66,H3Y,1<+`8#\G4%=(R0-S$]0!(3<\^G!0XZ^D4U]B*]LE$PBZ.
MS5N#N-<GJE9XUM,URSP\E`3T0])[C23AY=FLPD6#@@"`BBZ:+G(;@0'@>@@.
M8IX8KF&6WG8'0O:6N!Z$$4(^(5)(V31OBE:'1N!!!Z$'0C[%XE?.KPVMOAWM
MUY6G*+R4UO95'<MK*XF1.+:6AO>_F0K]P!?93LE>]PJ3M'GN,04URA[:Q,^:
M^3\=N./9!T#@76;ZF-_8M\#_`&F]"/<>A"\/S^%FPMX8Z$VKZECO$>!]K>_P
M/=:2YUI:)/T_KPB?LPGP3")A$_3^_"'[DPB?Z,(5M#XB^+%Z\N-P0VM*BDLQ
MB$S)2E[MYFYEHZFU1%8I7DFX'\*:TBZ'^0P;=P&<NCE`1*F551/=X#!W6?R$
M=E;BD?5[Z:,;W)]O9H[GV5(VV'Q$^8O&6T51&-7N[-;X^\]`.Y]@)'N'UKKJ
MIZDH54UM1HM*'JE-AFD)#,4@#DK=J3\;AP<``5WKUP8Z[A4?Q*K*&./4PY],
MV5G;X^T@LK5FV"-H:![N_O/4GN5[G;6\5I!%;0,VQ,:`![OZ?'VJ^,Y2SIA$
MPB81,(F$3")A$PB81,(F$7__U/?QA$PB81,(F$3")A$PB81,(F$3")A$PB81
M,(F$3"+']P_]ZF8_:W.'[E!_OPI"G4X?YCX/CV(#^SE0,(5Q:6Z`.TS<M@5D
M63N.5]TH@+,CA!1,TR8X!T!H4I4S"/H4_KD%0K;<&1*1Q(&29JH0I)..68F.
M/_P[,HFP2"0[0Y%4AA5*HJ8/0"E$/7D(4Z*M[THMR,@\;MWZ$S.1;AFB)^5(
MP%&OOE5.F)!%-R@FN4I"#QW%*`]`XPH4;9,M=*S0ED$I%1U8%E&RH*=X,P(9
M)([LH]IN5C*"!Q3'@0XZ_B#'@I7`MC5]D^-.-"22;N63%LB*Q>#G*5=0[P3A
MW&2$Z73@0[A]#``8Z(NU!HY3EGLVL7W896..L/XB?SVIV9>QG['?S^$?@(`7
MISSUQ[4_2J91(9B*:A#,_83;NU@<LRJE'A50J8IK^XJ)/<#M$>H]0[OL#'4"
MB>]=T#E@A*LVSIN*DB1%L@H\YY+\P=$@%Y+S^,QNX`[AZAS^YI750J:.:.V2
M\BO(D-\K["P.!,('!R8QP$O8'=^,3!SU^'/`\<X'>O12IQ?9=Q:Z<6@=(2+$
M,NCSW**D$#"'!NXPGZAR`>OX>/UM$4Y,$VT:BG(I',8ZQQ02Y$JB90`!$>1,
M`D#J/3[\'IJAZJ>[(9PBT.T3.9N!1`$R`(B0W/'XBAR/(<"'/7J'KUP>U.B#
MJJDXHIIMB.R&47`@"/:/XBEY]#F[@Y^SX]0P:)XTZ*)T0Z@HG2*8Z/8'8!`$
M0+^P`Y#IQDGIHH5284RD2!<#&4`H<]H_B#]8\ASC]*@^U8+L_BUXRW*76L5J
M\<M$VJ<>\'=3EBU!K^<F')P.HH!G,E)UYT]6,!U3&Y,<?Q&$?41R'!6#CV<5
MEVO5FLT^':P58KT)685H':TAJ[$L(2,:EX`.UO'QJ#5H@`%``X*0/3';5*U*
MN$O;VAV_P_9_?EE5184IA$PB81,(F$3")A$PBE^G?W?P_?DGM[E`KJH""00,
M"8=IN!XY]?W\CTYR@IK12I293@J`\"!0`W>(@(!Z=.>?7KDCNH[H0S;W@[2B
M!QY[3#_!S\>T.>@C^K(TJI5""3GYL![3\^YR)^![>SGJ/=T#M$OP_9DHHS*L
M/G``4Q%4#]HJ<?RP5Y]1#NZB!OCQZ_OPIH:>Q4"[9X:1[RD4'^<!B*@!NPJ?
M=TY/_"`%)ZASSD&M5'BIZCB+"2*!D3"N"@$][C^6"_/`").[U`W3NXZ#^_)T
MJIU77@SD?SH%0(H!0<BH9?J"8MN_D2=_I^)+\/;SR&10U153%W$*2JA&[82.
M3BJ!5Q_@4,7N,I[9>X?;[R@(\\!R'Z\`BJ*Y<LH3")A$PB81,(F$6%=_Z!UK
MY*ZUFM7;1A$I:#DRBX8/4RIDF*U.)H+(L+)77QTU#1\Q'_,'[#@`D43.=)4I
MT5%"&UN6Q-EFK*2QOHMT1U![M=V<T]B/O%0:@D+A9#'VV3MGVMW'NC/V@]B#
MV(_Z#HO'EYD^`FYO#ZPN5YR.<V[5+QX9*L[4A6*QH9=-50"M8ZS(IBN:JV$2
MG*7V'!O9<&`PME5@*?M^>N1<5R/'IB96&2Q)^65H^4^`=^R[V'0_JDZKQO-\
M>O</(7/:7V9/RR`:>YW[)]^A[$K1;]/T_7G6%H$PB<82B83I5,(GZ<X3]*V\
M\3/"K=/E];48B@0B\73&3LB=MV=--'"50K+<OM'<(@ZX3"<L(HK%%",:F,X4
M$Y3J>R@"BZ?8,#QO)<@N!':14MP?GD(^1OQ[N\&C7QH*D;G#X.]S,H;`PMMP
M?FD(^4?UG^R/C0:KV*>+OBWK#Q-UJTUWK:/$3K&2?6JU/DD?\P7*<*C[1Y69
M<)EZ$3`3%;-BC[+1(1*0.1.8WT+@\'8X&S;:6;-3JYY_$]WB?Z!T`^*]EQ>+
MM<3:MMK5OM<X]7'Q/]`Z#LMD,W*V281,(F$3")A$PB81,(F$3")A$PB__]7W
M\81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PBL.XE_G,3?:DL7]I3$'^W
M"D*&GF_\R\+]J!#?L*H(?_780JDE5CN9)WR*Q2K^]$\%`BI"0_NLT9PY0`!.
M51,IB+%'CH7O^S(/N1=494HI%>F%%4L0Q?(0K=RU-[<W&JP38WO*$'@%?90'
MW%`Z\A^'IQD*%/,X1C.Z;72:ORS#^"=C'F'N6B5%&:CKW#)B`^TN4!$$!Z<D
M_=CIJBN:!KORQ'99(6[X22ZCUF8#F4%%0O'\T_/'8L<>!,4>0Y#KSD@*5(BJ
MXX,,NC-D!=LX?%<MOYW(J*%,J(NB"F?O2%1,X%$!X,/4!#C`'4%*J)9F]1GG
MCEP4_P"1_(*@M^+^1\F1EV"W*D!N0,14O(``<\=?CD?H3LNO.8JL0C_EY-ZF
MDF]/\VF43"[]P2%%$YQ1,8QD^`^`\`/'V8[:)KW5UHQ"2JK.0=E/\^F@W%8`
M,'MF<)IE#O.``/)R&#X#QT#)IW1=/?KW0-<UI[9MF76I4"I-Q(@^LEVLD/5(
M%J=QR5%->9G7C&/055$![`,H`F$.@#@D#J4`)Z"I6.].[]\=]PFD&ND]Z:DV
MXY8D^9DD=<[)IEX=,FQ%`1!9VWK$Q)*-FY55.WO.`%[QXYYZ9#2WLX%2YCV_
MB:1\%F631:J)$,Y5]GL/_+.`"8>3!^(H$`!$P"`<]/LR3T551.5#-&[1-HH/
ML&*<?=+P(G,(\\";_#U$1X_NR.E**12NJJ#D3<)-EW"I4%3$[>H!^,.>ANWD
M..G7GT#G)IHGB`K3O&QZ)K5K'.KU>:A18U^J+2/?6^RPE::2#M-(53MFCF:>
M,D7+@B)>\Q"&,8"]1#C()H.J`%W0$JQ!\FO&E<I#F\B-&$4[0`X?\6:"/7KZ
MA_F$!`<;F]2X54F-Y_4/V*[ZCN/4E_?KPNO-IZYO,HQ9&D7D;3KO6+/(M6!%
MT&QWSEE"R;YP@S(Y<IIBJ8@$`ZA2\\F`!%P/0J"US>K2`LD"'N$*8P@40YZC
MZ?UAZ\8ZBI4*,H`0I0`>0$>.0RP"A3,*4PB81,(F$3"+`]^\IO&/5,^%4VCY
M&Z'UM:1%$`K5^V]KZG3XBX(51N`0]BL,=(B*Z9@,3^7^(!`0Y#(+FCJX*XC>
MX5#"1[EF&!L$#:H>/L58FXBQU^7;)O8F=@9)G,0\FS5#E)W'R<>LX9/6R@?P
MJ)G,4?@.3UZ*A!&A&J[?"*4`^X4Q3>G3K_3_`$<8/4A0#50D(!`,<#`80*/I
MZ?;UZCZ\94"BE8>F?(;1%:F7]?L^[M15^9C%SM)6&G-D4R(E8QV4`,9L_CW\
MRW>,W!0$.2*$*8.0Z8#AW(4['GHPD>Y=07R6\9BG*H/D7HL2E'DH?\6J`'7U
M`1'_`##D5;6NX*WEOZ;#]BR=7;="VZ/86"JST-9J[*=YHZ9KTFQFH:013<*-
ME5&,G&K.6;LJ2Z)R&,F<P`<@E'J`AEJ]**I!!H1JNZ%FV%YW"X+W"I[GL<E[
MA-SW=O/=SP(_#CGC%$J:*C5?.PD/;*8>T%_;!+@.TQ.[MZ].>3%Z\Y%=5'BH
MS,H\9,#&=![PJ^]\MTZJ\]_'?Z=3=>WUR>ZGLN+1;:I1X9S8[I9J]4*\S.W2
M=SUHFHVOPS51VNFU:IN926<M&*!W+E4J:8&.`G.8"AR(@&"0.I0`DT`J5;-)
ML.O[D0MBHMO@+E$JJ.TV<I69B/G8519NH=N\3:RT4NZ8.E6JH&3.4BAA3$!`
MP<AT@4[(01H10K(^64)A$PB81,(F$3")A%U<W!PMEB)*OV*)C9Z"F&:\?+0T
MPQ;245)L')!3<,W[!XDLU=M5TS"4Z:A#%,'J&8Y8HIXWPS1M?$X4((!!![$'
M0A5>QDC7,D:',(H014$>!"^&_E9]&O4-PDW%BT'8#:@FWJ*SH]1?M7$YK]V[
M%;H5H)7`3=61.`CS[/SR!```(W+\/-\UZ;6%V7S8F;Z>8_J&KHS[OUF_#</`
M+I&4X19W1=+CI?(D_9(JP_TM^%1[%\?=C?3`\S]>K/SM]4.=C1#$0XG-72+2
MW).P,/`"VKR8LKN'_N6*3YZ\<@`YYW?\&Y)8EW_`&:,=XCOK_=_'_JKIEUQ+
M.VCG?\'YC!W80ZON&C_]4+5>7T'O6O*&1G]+;9A%2&$IDI?7-QC5"F`!$0$C
MR&1,`@'VAF@DQ>3A-)<=.T^V-X_2%IWX[(1FDEA,T^UCA^D*3%:+W=.JE0A-
M.[4F5S"!2(Q6O;;(*F,8>TI03:1"QQ$P]`Z=1R(\9DI32+'SN/LC<?T!&X[(
M/-&6,SC[&./]"VLU7]+_`,V=K+M1:Z8EZ+%+J@FM.;1<MJ&W8E$`_GN(67.%
MP71Z^K:,7$?LS>V/">2WY;MQKHHS^M+2,#X'Y_L:5M[3BF<NR#]&8V'O(=M/
M@?F^QJ^O_CA]$#7M/>Q]D\C+N.S9%L8%AHM22?0=*!8ATS)DD9MP9O8Y]M^$
M>XA$8TIN>#`8O(#Z!A_3.T@<R;,W/G.'ZC*M9\7:.=]C5W#&\&M8'-ER4_G/
M'ZHJ&?$]3]R^WU2I]5H5>C*G2:["U2LPS<K6*@:_&M8F*8(%Z]C9DR2103[C
M")C#QW',(B81$1'/3;>WM[2%EO:PMC@:*!K0`!\`N\Q1101MBAC:R)HH`!0#
MX!7'F99$PB81,(F$3")A$PB81,(F$3")A$PB_];W\81,(F$3")A$PB81,(F$
M3")A$PB81,(F$3")A%+55203.LLHFBBD43J*JG*FFF0H<F.<YQ`I"E#U$1X#
M*22,B8Z25X;&T5))H`/$DZ`*S&/D>V.-A<\F@`%23X`#JL$7O<.H60-"/-IZ
MY:N$E5B*(+W:LI+D[@+T,B>3*J7@2<#R&=,N_4KTZL'%E[SW#12#J'7MLT_8
M9*_<NW6OI]SV]:'VG"<O+&>[+.X</M$=/O754O=>GG$F=-#:VN%CK-CD*F2\
M5D3F."B1@`J?YGWF'@!^&4MO4_TVO';+7U`PCW^`OK8G[/-J5DN/3GU!M6E]
MSP7,LC'=UE<@?;Y=%?PK-I:13/#N6SQ*1DD?DWB2W>W.U:KJ24@NDY;"HBY;
M/DP60Z"(&*4H#T'.XV]Q;WD++FTG9+;N%6O8X.:X>(<TD$>XKJ,\$]K*^WN8
M7QW#31S7`M<#X$&A!]X5T24.FSCV;F/*H*];8/C1R)@][WQ_+E4")*AT,H(F
M`ING\0AQ\<SK$K9<B=@S4MRS5!Y^;I02BL>LD/M-E4DTQ.N4QA-Q^-(OM#QR
M43_'T&.FJA717(U:/7FC'=).$W<@+E(J:@G42!0#*B#@H@'M+F(J7D.OISSQ
MQDCNBNC)16:[))#9#%6^8-"KLU"K\B?Y(K?Y-0JWN"'\M-7W^OP-P(?#*]_8
MI[+J_>1:0QE*^NY$OSX?.JG+PX3+V&]D#`!>"HF$`#GX^@^HAD=M$]ZO()%)
MG##+2RJ;)!I''?R+A?\`E)-D&[<SARX6[O\`=II)$$YN?X0#+=M5%*F@7YZ=
M29>0/_,8?4;MD%9]FR^M=$4N/M5VA8PQ%IV*U'I^*E8VOP$96:HH_C(J2V'<
M7<@P+(/3G2%191PY-W(MDFH\85E?[%LCMMHQI5WZ2MH_)O\`Y=;RP\4K3J[<
M?TU-K77<-KAIU9604-:*%J'8>N))BBDXB;)$6J2MM5@)R'DE`5;.&Q11<HF,
MF44W2*RID9,3A3851ERQP(E%/OJO4*MY<N/'+P.IGD?]0PK'2=_J=,K[+;E>
M8.H6S.97:"B7Y4:"I+2F2L]%SDK=)%J+QDT9.EDFC=<QG"J*+=PJEF)HVKNJ
MXNS?(6Q:A?'6K_\`-3>(;JV-8.>\?M_UNAN9%)JG>W!*-,OF:"RXD4D96FQ]
MC*=%HS(8%%BLI"0<^V!O;24.!2&QB8=*+.;1]*APJO2KK[8%+W70:7M?6%FB
M+C0KS`L;#5K+"N17BYF&D4_>:O&J@D(H01`1*HDJ1-9!0IDU"$4(8H9OQ"H7
M%(+26N&J^>_U3?IH0/U+]9:MUG8-N2^I$M:W5]=D9>'I[.X*RRSV!=0(QRC5
M[8*\5FDF5R*@*`HH(B4`[0]<H]F\`5I19(I?*).VM5X1?*[Z<4)XV_4KH7@,
MQVO*VZ&NEZ\?ZBILQU46</)1Z&[']7:.GJ=72L$@U<JUPEA,)""](#D4NHI]
MW3C.;1^VJY[)-\7F4UU^Y>RCZ9WT5:5]+7<FPM]-_)*3V<TLVGYO7TI%V2@1
M-$BX",5M%0NCNS.9Y.YSJ0I1Y*:*9R*(I)E36,H90H$X-R&Q["75[+A2W'FM
M:S90U6N^Z/\`FC/#"A;#E:=K;4^Y-UUJOR:\:_V/`C6:Q6I=-LH9%>4I[.?D
M!FYF*,H7A%5ZA%^^'XBAV"4QJNE;6E-%=MH\BI<`5]=_$?ZCGC5YI^/5L\@]
M'S4S)Q.OHR3>;#H$ZQ91.QZ-(QL,\G0A+!"DDGL85>38L5#,7;9ZXCG8D.";
M@3)+%3NUX(J%@?$]CFM<.O18T^FU]5K2/U.B;B4TWK_:M%#2QJ"6Q!LUE4&@
MR8[#"Y&BOR7_`"K;+0"@,PI+CYCW_8X]U/L[^3=LL>'UH.BM+"Z+:20:JS_&
M;ZQV@/*3S4V5X.TK6VX8+8^L9+;$9,6NT,:2E1I!74-F-5YU6*<Q%SEIY1&3
M>$]QF*K%(3)#RH"9OPY#9`YVT!2^!S&;RX46HZ__`#,'@W%RF\(6R:^WQ6Y7
M2Z4RV182,3KM1ULJR1-YCJ.-7H:#/8;A1=^H=ZM)J*O@9MT(IBX4.?W@205K
MYS==%?Z5^GS!?6KP3\Q:CYX^-M0\E:-4K)2*Y<)6UQ3.NVQ:+<3;12J6*0KK
ME5RK#N73`4W:\>91/M.(@0P<]<R-<'"H6&2,QNVDU6X.66-?$'Z]OGM=O!GP
MR3'44JXK^Y]\VO\`X7TJTLE2)2-'AB13N:NUUBA-RH6881+=)@R6)P=F]DTG
M11[D``<<KMK=.I7(MXQ(_P"8?*%\$?I__P#+K+^:OC57O*GR(\D+M3+3O-L]
MN=,B8*!96V3_`"21=K?E]NOL[9I,KR;E+0<AWGRR(HG*W53.=T910Q$\38MP
MW$]5R)+D1NV-;6BW4^D3X&?58^G)YJ36N+'6%[CX(6F8N\!:K<ALC71ZNY1C
MXJ7=Z]V_6-:N;\YNM:G)>88L6CYL1@+@&;Y4BX+>PBJ2T;7L=2GRJDTD,K*@
M_/\`%?3KZAGUQO$SZ?5X0U!/1=SW/ND62#^8H&LPA/EZ6@^227BD;Q9)F1:M
M8B3F&ZH*MV35%^\*B)5%DD4U4#*W=(&FG=8HK=\@W5HU4/T^?KG>)GU`=@'T
MI"P]VTGNIPP=R%?HVS/R$65Y+&H*NYAA2+)#2;E"5FHAB@=PLP=MV#M1J115
M!-9-%P*,-D#]*4*B2W=$*]6K[1IE,3N,8.``H].0Z\=?[,N-.JP+R9?4P_Y?
MVF[+LGF3YU*^3UFAI5S7-K;\4UP35D4^C@=5*E2%D2K)+*:\M')6SL8($1="
MS$Q`4[@3'MX'$^+\3ZKF0W.K(MG@*U7P<^CS])FO?5'7\@6\[NR9TV;2B.L%
M6AXFCL;H%@_X@'OQ'`."/+/7!8?E0TM/M[!5]WYD>>WL#NQLCWUU7(FE\K:=
MM05ZKK]YE^/O_+]^./B5XJ[0B]P;Z;R%?VDWJ]WH-7I,0Y71K5NCIZ5//0UB
MV`P)&G45V0BDW*W<.P.5N<QQ3$2E'-41``ZKB!AN7O>W1;S>;_U"]6>"/CI0
M?*79M,V);*1L.WTJKQ4+16U9<VAF^O%1L=WC5Y!"P62!C"-FD=65DEQ3=*&!
M<Y`(4Y>XQ9<X-`<1HJLC,CBP'4#_`*%@?<OUKO'K2GAOX]^<-BU7N*4UKY&6
M`U;J=:A6%'4OL(Y(TMSL5[$@^NC&!1;>W3W``#9^Y-RJGTZF[8,H`#J:(('&
M1T=14+0/87_-#>&%9FJK_DW4.]-ALY:%KMDLSU!&G5TM4>SD:VF'M3(21GW`
MSUCK"SCY-^9(48\'*9P;NER`!QKYK>P*R"T?K5P6V'U!O*?PE\P?H\3OD;>E
M=T3WB_?9;6*\Q&:H)3(O<T'8F.TH"-3K3YG:Y!S56$K7[<W(A)D^963,@0QV
MRJI#I*'L\M='76BB)CXY]NFZBPKX6>9GAQX%?2.IOD]K.I^1=B\<H7:EKJD-
M5[>&MG^Z33MKV#-QKYW)$B[!"4S\H2E06,E[;OW@0[>2B<!#*AP8P&FBE\;Y
M)BPD;J57U.U+]1?4VX/`6S?4+@*9L2.U55J!MC8CVG2[6M$V"XB=0J6-.>9M
M6K*QO*X,A(C65OE`/(D3-WD]PZ?XN,@>"W=318G0ELHBKJ51?3G^I-J+ZEFO
M=@;&U!2=D4B(UW<FM)EF6R6M8:2+V1=0C2=(ZCB5>RV9L9D5L\*01543/W@/
M!1#KACP^M`HEB,6VIK5?1++K$F$3")A$PB81,(L<6T_=)IE^!&B0#]PF46-_
M4(84A=G3B<)/E/\`:40*'_H%5$?_`&>$*O3"A,(F$3")A$PB81,(F$3")A$P
MB81,(F$3")A$PB81?__7]_&$3")A$PB81,(F$3")A$PB81,(F$3")A%;ELM]
M8HL"^L]PG(ZO0,:F*CR3DW!4$"=!$B*0#RJY=KB7M212*=94_!2%,80#-/GN
M087B^+NLUR#)PVF+A%7R2.VM'@!W<YW1K&@O<=&M)("VN$P>7Y'DK;$8+'2W
M62E-&QQMJ3XD]FM'5SW$-:-7$#5?*'<WU)Y%PL\A=)0!&#0ICHEN=H;D7?..
MTQB&7BZ]W&;-4C``&3.[.H<0'\2"8\AGPGZB_G&O9I+C'>FN+$5N"1]7<M#G
MN[;HH-6L!ZM,I<X@_-&TZ+[3X%^4ZTBC@O\`U!R9EG.OTMNZC&]Z23_B<>SA
M&&@'I(X:KYRW;;&RMD.!<7F\66S#R)B-I*4<J1[?N'DP-(PBB<<T*/KPDD0,
M^0>2\ZYES"4S<FY->7IKHV25QC;^['41L'L:T+ZJX]PKB7%(O*X[QVTM!35T
M<;0]W[TE"]Q_><5CW[^.>O3]0?U9U-=G[+GIU]/U?;]OV"(X17=4;]>*$_+)
MTJVV"KOBAP*T)*NV'NIB(&,DX205(@Y1,(=2*%,0WQ#.P8#EG)N*W(N^-Y^[
ML;CQAE?'7V.#2`X>(<"#W"T6<XQQSDML;7D&$M;R#PEC:^GM:7"K3X%I!'9;
M[:<^HG=:Y(BWVY'&N42Z;H-5)N'3:L)]B+9,Y4G9H[_RT1*F$3<*%`69C<B;
MO,(=H_5_IY^<+D>*D@L?4''C(X[0&>$-CN6BG4L^6*;VC^$>^X]#\Q\[_*E@
M,G'->\%OS87_`%$$Q<^W<:]`_P":6+V'^*.@VCJ/J11-KP&Q]7)7&I3$9:2%
M`B3P`+[BS51-Z4ADIF,."3I@\(U`%!(L0@\<*!R40$?O?B7,^,\YP\6;XMEX
MKNP=H2W1S'?L2QNH^-X_9>T$C45:03\1<HXER+AF4DPW)<7):WS=0'4+7M_;
MC>*LD8?VFD@'0T((%UE.YKI).R&*#IM,G8N$67N'341.[Y64^8,*9R$]GW1(
M40[N>G/'IG9^FJZZJAJX>QCV9G'@N%89TW;NFP@H4YE!=*-P:)$1.H'MG135
M$AN>```^SC'B>R*\6KEO)LDW"7XV[M(?PF#@>TP"11,X`(@!BCR4>OJ&3U4*
MR4E&\1%OEH-Z+PXO4$W"IT@#Y5(/=`@]AR@!P,;\('X[3<]/3*]`:*>M%V$R
MQ9W2ERU<EEP9IV^O3%?<]AR)K^Q+,746X6:D.8!,?VEQ.3CGU#)Z@A`:$$=E
M^?S]&OR"J_TIOJ*;VTGYG'<ZI962LS^C+1:Y-D]4BJ5=(*SQDW5YZ9^4:NG1
MJ19V;-4K>21(HU]N0:.SG*R%1PGQ8R&.(=[ELIV>;$"S4]?>J3ZZTAXEV7>U
MJ\C=!>=C?=6T-OR](36TWJ1D$YKZ@U:IZ[@J:^G9;;L/<EH5:2EG5:141C&[
M$77>Z4%8$R)%462;200ZI46X>&[71T`_TZ*V/,S_`(ES7T*OI2S:*LO(:ZCM
MI^43>]NU57#IL6[R&S;J76ZLFNHH<QES04?8TVQCA^$/<*`_B*`P:[&>&JLS
M;YTP_6HW]"^M/G5N#P4E_P#EW=94>@W'3S^T?\-?&MKJFBQ<[47>QX';$38:
M$?9JJ\$T<J3L;;F,82Q_YA<F2*HJ5=R"IS?,%[\CBWRJ"E5@C;)]220:5/V+
MZ#_\N?%7QE]+76!K0A)DBGNRMN2%#1>D<%_^(U>U&(59DDJ4#?ESFUHRRJ9B
MAV'$YC%'@W(VBKLU5+@CS3[@OO,?VP0;@\`XJ]O^'^,`_P"D(B`#TXYYZ\YE
M_2N,>]%X,?JFB0?^8TT;[7\'_&OP+`O;ST_^'.L^`^T!XSC/_P`W[%L(O_+?
M`_TKUF_5CC=@3'TUO,N/UH1XI<7.AKH!$&!5#R#NKI-DUK^R:))`*Z[E[K].
M32(F0!44,<"E`3&`!SOKY;J=5PX=OG1[NE5Y_?\`EM=N^&=!\,_)Z(W)=],T
MVXN]B2#[:K?:D]4H8]@U$:DQ;6$(X;6=R@,Y4&ZXS"*R!2*HD77.4Y>Y8H'P
MQ%M'5HN3=!Y>S:#3V>*U#_Y<^$M<QM?ZD,CKV.G%-,N_&&YPB+<B3L&"]NE[
M(X6U-&N0,'L*3H55O.E1(;E8I#J\=#&YB/J_PHKW%*15Z[A_TK('_*W>16A-
M(.?-J+W-N766IG=GC=#3M=_XE76O4=K-Q=/-N)&SN8U_9I",8.AA#61B+A,J
M@JD(X*?M$H&$LPD`NW$!5NFN<UFUI.I_H6/_`*']VKFS/KM>0VQZ<\-(U&_C
MY=W:JR!T%&IWU;M6R4)R#>&:J@55L9U%OTS^V8`,3NX$.0R(_P#,JKSBD!!Z
MZ*T/H<:`U'OWZO\`Y'(;AHU?V#%:O@=_;1J]?M<6QGJ\E=F&\*;4XN6D(63;
MNHZ24AF-Q=K-053,"+PJ2Y.%$B&!&`YYJEPXMA&TT-5Z\/*GS_\`!SZ:!->T
M_=LPGJ%GLU&WSM+@Z'JRPRD5(&K[R&"T/%6E"KSIA'.SO;&V,8RX)G<&4$W)
MNTPAG<YK-"N$R.26I!K3Q6\M`O%=V;1*5LFH.U7]2V#4JW>*N^7:.6"[VNVR
M&93T([68O$T7;)5Q&/TCF25(51,1[3`!@$,L#4`CHL;@6N+3U!7FY_YI'Q[N
M&S?#G56Z:G%.9AIX\[/>N[RDS(JJM$4?9$2V@7-E423*;O91EIB(ENN;C^4F
M\]T1!,BA@Q3"H!\%RK1P#G-)ZC]"QAX6?4$\&_)CZ/B/AEM[RMI7B=LNL:&-
MH2UO;X]:Q4JQ90[48V$N]#:R4K`-[V61A6:1Q9L'OSR+KO243)RD96K7-,>T
MFA5GQR,G\P,J%Y]?``]-KOUCO&*G:=W9=MW:DA_(ZLQ57V/9H:6I*][CV:*I
M5IO_`";(3DP[BHMV_(H+1-TH#@[8$SJI(J&,D3&W5[:>*Y,E3"^K:':5OUXE
MS]'UO_S)V^9?RNEJY6'`;R\HU*18=BO&$/7HVQ3IK$[U2^"3L2B,;'!)4-TF
MC"***$$Z[EHF@(JG1`;#24U\2L3ZFV&SP"B^H)/:[V?_`,PQXPO_`!#DH"V6
M4-J>+'^>Y_6+B.F8=]L."OS>3N4H\DZT=RS?F@J`W;?GRXG,"*31<'`A[2O!
MW^:*)'46[M_@?L7O'2,)NX#"(E[1Y$1]/V_#ISG(!K[EKEJOYP$0#PI\Q!(8
M3&#Q8\@^`$/0/^$MN`>.0#GIAY^5WN*M"!YL=/VA^E>6W_E(Q.$EYW`3G@6W
MC7WA\.WW-\=1^S\7I]^88/UER[OI'\5UO_-KM!"Q>"KQ)%86GY3Y'-C.>PPM
M@=`^TBL9N"G':"GM#W`7XAR(=`Q-U;X*;/H]=W]>;RV\;MO_`$P?%"B:OW=K
M38MSF]BZ;N"=3I=R@K'/0]:K>D[[&34A8H6-?NI.L%C)>QLF2B+])!P5VJ*0
MD[TE@(D<"QH!U2!CFRO):1H?TK4KZ@2)"_\`+T?2L7`!]Q7:+T#CR(@/MQ&\
MREZ?#I^_*G_*8KQ_^8F]P_H7T"\D=3ZQBO\`E<*+,QVOZ>RF6FIO&V^MIAO7
M8I.6;W6U[JUXULEI2DRM0>DG9ME8'K=RY`_NJMG2B1A%,PERQ`\D&BHUQ-T1
M4TU_0M':@8QO^5?VF!C&$">3D<4@&$1`I1W;K@_:4!Z%*)SB/`?$1^W*C_)/
MO5__`-:'[JZ]]#R3G_E=HF3;H+'91WD2+AZJD`&*B@KO>68$5<%`W<FA\X^1
M)R(=5%2`'//0?\KXH/\`S1]W]2V^\3O+WQDH?_+?;9UG:=X:UBMG.=/^4&KV
MNL5K="!L=W=-ES5UCJ=%LZ+\[_F=XE*!:F;D7"34[=%B*C@YRHHJG)9KFB(@
MG55>QQN6N#3MTU6;O^4]_P#I6?*'_P"C_#__`-.H+)@Z.5;S_=_'^A>K/,ZX
M281,(F$3")A$PBQ98U?=EW7V)^VD'_H$+S_2(X4J[*FGV19C<?[UTJ8/U%*F
MF'[A(.%"N?")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3"+_T/?QA$PB
M81,(F$3")A$PB81,(F$3")A$PBQWM/:%1T]2Y6\W-]\I%1J?:@V2]L\C,2*A
M3BSAHALHHD#J2?'(($+W%(0H&44,1,ASEZCSCF^`]/>.7W)N1W7EV,(HUHH9
M)I"#LAB:2-TCR-!4``%[RUC7.':>&\.SG.L_9<=P%MOO)3JXU#(HQ3=+*X`[
M8V`ZFA)-&M#GN:T^>'??D->=_68\O8W1V,`S74&N5%JY5/$P:!N2%/V""97L
MHLF``LZ.4#G$1`H$)VD#\D?5/U9Y/ZJYI^0S,YBQ4;C]/:M<3%"WI7MOD(_'
M(15W0!K:-'ZC^FOI=QWTSQ#;'%0B3)/://N7-`DF=X=]D8/X(P:#J2YU7'`G
MQZ^O]WKUSRWW+TKP3^GTPH7(_9TY_5^[[<(GZ^/7X]?3[L)UZ!<>OV?Z/V=/
MCA%S]GK_`*^`PBRAJ7<%ZTO:$;51Y8[)P)00DXUQW+P\XQ'GO82S#O*D[1$1
MY(;HHB<`,0Q3!SG=^`^H7)O3;/0Y[C5Z62C22(U,4[.\<K*C<WN#HYI^9I!U
M73><<$X[Z@X67"<ALP^/4QR-H)87]GQ/H=I'<:M</E<"#1>@#4>^:GO'4_\`
MG**;HJR#--LRM=576(9U"30*)D.FM[?XSL%C![[5<"E]U$/0BA3D)^MOI=ZG
M8+U4XQ#GL0?+NFT9<6[G`R02]VFGXF.H7124&]O4-<',;^77J3Z<YKTTY%-A
M,J/,MG5=!.&D,GC[.%>CV])&5.QW0N:6N=D0J*KM=S++)*!67L&515`BA!^7
M*U;)]K=%'N#A=!P@)B&``+U]?4,](_0O/5$B^7;_`.70@@<GB5#&06243`YS
M+'<B#E-T)2F*10"G[B\"!?40Y#'2G@I]ZGI(M8)M-N(YVD_5(9%$S8Q`$&I!
M6[!]XH''WNSW!#GH'(=?B&.E4ZJ)5JZL"$=()&0;J%[FJB9CF(0IDU#"11#@
M#"/(<CV^H"'3G'4:)TT6A_G'])?PN^H"[:V7=U!?1FRV#%*-:;9UW)IU2^JQ
MS9$Z3*-FGOR3^+LT>P[_`.0G(M'1FX!VHF3*)@&'1M=J>JRQSOCT!^7P6D.E
M_P#ES?IY:J@]@L;17-C;,D+;3YVHEM=]M4:YE*BTG4!:.I:ALX:!BH.*LR;0
MYBH2*[5TX;B;^4)!$W-!$T5J%<W4A((H%]#:1X`>+=3\+6_@NC1'=^\>(Y"8
M:+U78S[_`#!,KISUPE[V9\,VR1C73>4BK/+'<L';7V'+(R1#)G`Y.\;!K=NV
MFBQF1YD\RM'+Y@5#_EFOIQP-T1NTVYWE8ZVVDDGC36\_?6`5=<$E2+%8OWT-
M6(JW/XPPE$AB?F!%#I\@90>HC7RF]2319#=2$4TKXKT`URMUO7]0J],H$+%5
M>F5>(8U^N0$`P;1<-!0L0U18Q4/%QK1)%K'1[!FB5))%,A2D(0"@``&9.@`'
M18/Q$EQU5S"`.FR"RZ@(J<"'<8`X.'/J!>0]0#GIDJ%\P-X?2+\0]Y^6U7\U
MKTALI7=59L>LK7%+P]U3CJD$MJ->%<5(RT!^3.!6;>Y!H"Z(+C^<'=P)>>E#
M&TG=W65L[VL\L4VKZC'(5XW`RG8`"!B'`X`*9RF_"8!`W("4P?#+A8"*KX#[
MR_Y;GZ=.WMC.]B1;+:.GPG)165G:7JFSPD51G#ERI[SDL-"SM8L!JNV6.(B#
M=@HDT1`>$D4R@!0QNB:=0N2VZD:-IH5]9/$_P\\?/"W53;4/CI06-(JY'82<
MPZ,JK)62VS@MTVRD];K"[[Y&<E5&Z12%.H8$T4R@FB1-,`(%FM`&@HL3Y'2&
MKROE#</^6S^F];-OO-JJQ.UH&%DY]Y8I74-:N[2,UNX<OG9GBL:P3"`4M4)`
M"NH8`:-)-($DA]M$R1`*`4,3>JS"ZD#::5\5MUXR_2%\,O$OR5L?E/H^NW&K
M;`L36YQYJ^%D:&UW"1=X?HOY.(K=2;0K-.'BX\S=-)B@182-4"`0.0#+-8T&
MHZJCIY'MV.I1=WXF?2A\3_"[?FQ/)'2S;8J6R=H0-LKEI4M-S">@SQUSN,%>
MIK\OB@B67R:YIVNMA2/[AO;1[B<#W<A+6-::CJH?,^1H:ZE%\U/^8.\3)/R_
M5\9M7:G\>]Y[9\E9IQ:8G6FQ:K[<?X^Z:J;NRZ_<[#FMYV-5LNA%KR\<R11B
M2K';IF*1PJ0ZBR239Q25NZ@`U66V>&!Q<X!OW_!>@K2FO?\`A)IK4NJ?GBR?
M_#+65#U[^9$*8A9#_)=5BJW\\4ABE,4KO\M]P`$`$.[TS*!0`+CN.YSG>)5[
M6"OP5L@9JKVB&B[%6K'%2$%8*_.,&LI#3D++-%6,I$RT8]279R$;(LESHKH*
MD.FJF<2F`0$0R>NBJ"0:@ZKX"[3_`.6@^F]L6ZN+?`M]Q:G92$FK)2%+U[>(
MTE1[5U#*JLHAG::S99&"9]QN")(.?;2)^%,I0``#$8657)%U(!J`5LW0/HC>
M`.HMD>.VU]::_L]+N/C4NW?TUY#6L_;:IIO)N)4T_LM9['/)&XS"R[HR8JG7
M1*FW*1%(B:1"$!Y;`00%7ZB4M<TD$%77YW?2"\,_J%RK&Z[@JT]5MIQL<2'2
MVEK.6:UNV2$8W*4&4=9"O(R7A;.UCBAPV,\:*.&Y!%-)4A![<ES&OUIJHCF?
M'H-6^"H_!'Z.?A?]/BP.]@ZFJ]AM^UW,<K$H[/V?+,[+9X..>)*-Y)I5$645
M#PE8"506%)RLU:E=K("*)EA2,<AC6!FM-4DG?)H31O@OJ8FI[P*)\`7DH\"`
M?;TZA^W,BP`UJK&V1KF!VGKG86L;<+PU5V-1K;0;*6*<@SDC0-Q@)"NS(,7A
MD5BM'OY;)*^TH)#@13@W:/'`U(W5!5FG86D=05I'X$_30\9/IVO-F'\=6U]1
M-MU*HHVW_.UN+:.2T?\`S*I"#'`6*C?DQYM3OWOX^_DG';V]8:QK*T6225\@
M`=317_YL^`7CU]0#63/4_D%%2CV,@)K_`#-4;%594(.YT^?^27CE'\/)&;O6
MWL.V3D4W+5RW<-'(`03I^XDD=,Y@<""HCD=&:M7R^IW_`"WOTX8*CR]!E8K;
MELD+#.Q$DYO\M>(]O=XYK#!)`E!0;F-K32&B(9Z>0!5\5-F+AT=LCW+`0G8.
M,1-Z+*;N2M12BW:VK]('Q"W'XG:.\,;BELX=,^/DVK/Z^)%W9%C:BR"R-E;G
M_.YT81<DDC[=K=\%!!+KV=?P];F-I:&ZT"H)WA[GBFXK-%U^GUX_7[PCC_I_
MSQ+J.@(RJ42F-B,K*FVNGY-KNRP-KKH*608Q5,[H)6N-O?4^6#W4NXO!>[D+
M;!MV=E42N$GF:;E@V.^D]X>M/":Q_3XB_P#B6KHJ<N`7]X@I<TQN*M@:V&(M
M"8-K.,&1(K'\W@T.4P;B(I=P`;@>0KL;MVCHK&9^\2:;J45ZZ>^G!XV:_P#$
M&R>")ZG8;1XW6)E9&\M7;S-*RDPL[LMB_P`U'?-IINSBUFDK"V`"/8]RB0BS
M)R@BH4W>0HY(:*%O9097F025^9:+:R_Y:OZ<&O)FWRTFQVULA.QUVS5N&C+Y
M<8=['TA.T0[^$6G:^A%5:**YM,(VD!5C'C\'8,7::;@B8KIIJ%J(6CN5E-W)
MI0`+Z2>#'T]_'SZ>5)NM`\>279.OWVU-[A/!=[*G9GHS#:);0J8LG*<9&`V:
M_)-"<D[3<GY'GKQEVL#*T6&25TM-U-%O%EEC3")A$PB81,(F$6&7BPN';E81
MY]U=4X?J$QA+^P`PI64(-'V(IF00X$R0*&#[U1%3K^PV%!7;81,(F$3")A$P
MB81,(F$3")A$PB81,(F$3")A$PB81?_1]_&$3")A$PB81,(F$3")A$PB81,(
MF$7`B!0$QA`I2@(F,(@```!R(B(]```R"0`230!2`20`*DKSP>8GD*YWCLAV
MTAWJIM=T]TYC*HW(<WRTFLD;V']F.E^$#*2RA!^7$P=Y&H$*(`83AGY(?F$]
M69O4SF-Q!C[EQXECWNCM6@G;(0=K[DCN92/DJ*MBVC0ER_4CT)]+X?3OB<$]
M];@<IOF-DN7$?-&#JRW![",'YZ&ADW'4!JU#^'V?;Z<_T=0SP%>X:>"?O]/W
M#U]><(N/ZON^'^C[\(N?T_?_`'X1/Z?@'V#TR$7'[NOQ`/W_`-62B!Z_V?=^
MX>F$ZZ+G[^G/KS^W]WQPFBSQXZ[MDM%;&C;00%GU:?@$1=8%,0,G,UUT?M<@
M5%0Q45'\>(_,-NX2@*I.PQ@(<_/J7H_ZF7_I;S*QST.]^)>1'=P@_P";`X_-
M0$@&2,_Q(B2/F;M)#7.KYKZK>G=EZE<2O<),&,R;`9+64C_+F`TJ=3LD'R24
M!^4[@"YK5Z2XMU"3<`P?1"S5[7I:*;NXYPS,!F;N)?M2K-EVYD^AD%VJH&*(
M>H#G[(V-]9Y.QL\EC[ALMA<1-DC>TU:]CVAS7-/<.:00OR9O;.ZQUY=6%]`Z
M*]@D='(QPHYKV$M<TCL00058P28L8Q@K6Q<F9I/EP?)N4R'7%53VQ;IK`F!B
ME163`0*)1#D>/0W3.3731<==R1DWBGDX^1<(NC`S654BS<"H0'!B+'!R7D>4
M4_U?PCUX^*E-45(<CBP1S1:/;IHG8+*H*,T3$12`5/;4*LAWB0A>`#J`CS]G
M..M$]ZN@9A!JZ;QKGW#.!30(JN`![/O*%*`<\B!^#&'UXX#G]?$U[*%U3`)$
M[UXVD??.U.DN#@RHG]DH?X5$3F_`4./3M^'ZND"NM5*G-Q;M&+U:,<&<K`*0
M',=,2F33`_'<"9B@)@X,(\\<?NP*=D4U`ZDJQ/\`,*E3.V5`2KGX(F;DO'"G
M'!0]?4/NR>J&BJ!.,<R2*04W'O*&$5/XT0X`!X+P/XOX>GZAQT"A33E4D6Z*
MR8`0Z8G**8B(%'^'D2CQT]`XYQU"D:*:80:-TDE2%6,83#P/\!>!`1X$0$>G
M=CIHH49N7"*1T2]H$$0%/H'`\`'3T`0`/Z\'HBFAPD@`+%YY-T)T'CISZ\\!
M@:=4*B`P*)#[0"'`_B+\>/[<$:44`J),!*0_N`/;TZ"']GWCD#H:]%*Y()!`
MP)@(&X'U]?NZ\C\<"E-$7"7?SU`0#CJ(\A_7\><`E*>U3"J$$>T!'GKQSSP/
M[<FHJE%P)C]W:`?'IT^'/KSZ9-1X&JKJASD`>#"/W@'/'7[>,C=16I50+"?D
M.WGMX^'7K_JR#5*+DW;[9?=`1'X<?Q?V?#UQI37JBX-U2#V^>.>O'K]_/V]<
M=M$4!!X34%4H^WTX`0'D?U!T'J/'&2!0(H2"F9-4J`"53L^/\0@//H/(XK6O
MBH%/!26B:H*B8Q3%)VB!NX!#N$1Z!P/`CQ]N0`I5:5!(G<*9"D,8!#N`/3G[
M.O0.?LRR+IVK)RDY!54.PB8F,93N`>\.!Y```1,/=SUY`.F0K$BBY;2*"KWM
M*U*051$H+!Q[@^H\G`"^AA#KUZ9`.O157>Y9%P8H&*8H\\&`2CQT'@0XZ#\!
MPBMF)BV[=ZHL5ZBZ.B!RD32$HF(!_P`(G5`#FX'MY#CTY'URH%#U4JY\LH3"
M)A$PB81,(F$3"*W+3<:C1HE6?NUIKE/@D#`1::M,W&5^)1.8IC%(K(RSIHS3
M,)2"(`)P$0`<PSW-O:QF6YG9'%XN<&C[20%CEEBA89)I6LC'=Q`'VG1:5WOZ
MFO@W2A?1[[R#J\I()HJ$3+3XNUWAJ=4Q!*3VY6GU^;B#]IAY$0<=,ZY<<UXQ
M;.+'Y9CG?V`]X^UK2W[UI9^3X&W)#\DPG^R"_P"]H(6N[/ZJ?@^Y<`BKMB38
M$$P%^9=ZWV4*'`CP)N&=3=+@4/7J0!X^&<1O/^+N-#?.'M,;Z?<TE<9O,N/$
MT^M<!_[.3_U5NGKCS>\1-G@U:TCR$UD]=K&3;,XJ8L*%1FW2G!2D2:P5P+`S
M#DYN0``(@81'-O:<GX_?4%MEH2X]`YVPGW-?M)^Q;.VS>(NZ"#(Q%Q[;@#_A
M=0_<MJRF`P`8H@8I@`Q3%$!`P"'("`AT$!#-ZMHN<(F$3")A$PB81,(F$3")
MA$PB81,(F$3")A$PB81?_]+W\81,(F$3")A$PB81,(F$3")A$PB81:B>;NTE
M=8:%L01ZXH3UX5)1X=0AC%50+,-W*DR[(8@E.F9"";."D.`AV+J)CZ\9X!^9
M;G#^%>EN6%K+MR>3<+*(CJT2M<9GBFHVPMD`=V>YB]Q_+SPUG+_4G%_4QAV-
MQS3=R@]"8G-$3370UF<PD=V-<O.]T_;GY(+]22OH?J?QVJ%FT-0-AIZ>N>U[
M-99>XL9M*O;&C*6VBFT'8'L=&KF2E4%$E_F6Z`$$$QY`Q!,/\6?7_!O2+CF6
M]+^)\K;Z?9#.YF]FN6S""_CM&Q-BF<QAI*"#N`I1NM14]5\L\U]4\[B/4GDW
M%W<ZL,+B+2"U?$9K&2[=(Z6%CWBL9!&UQK\VE"`.BPFR\:K5L"0M$M1D:[6X
M""NL_7++`62V'<26J&D*UDY!:1O<N$4FR-`(MHE9,LBU,X(JL4"`4#CVYYA;
M^C>;Y9=YJ_XQ'9V>*M<E/;W$$]R728QD39'F2]E\H,,`;$\">,O#GC:!N("]
M"N/5O#<9M<19<BDNKO)7./AGMYH+8-CR+I71L#+.+S"\3%TC7&"0,+6G=7:*
MKM''C0VDM3:FM5,MD59KSLJWR59;5]J\?IM)$Y'C1LT0B"OZ['&;/(8C@RLJ
M9ZNDB@D43$,;M,`<V7T8AO."<$S?'<];WG)\QD)+9L#7O#9"',:UL6^"/:^(
M.+K@RO:QC15I=0KAQ>KDMKS;FN%S^$GM..8FQCG=,YK"Z,;7.<Z4LG?N;*6A
MMN(F.<]Q`<!4+KD/$J]R<Y4(BM6S75K:6^QR]/;V.!G)AQ`P]HA81_8'4--*
MN*\UDD3N(R,64;+(-EVZX$Y*?M$!SA1>@O)[W)8&PPV?Q%_!?WDMH+B":5T,
M5S%"^=T4Q=`V0%T<;W1N9&]CP*M=35<J3UNXY:8[.7V6PF5LIK&TBNC!-%$V
M:6WEE9"V6(-G=&0V21K7M?(Q[*T+:Z*!'Q+V#)NJ$WK%EUW;B7VR2]1;/JY8
MW+R.@;%`Q;F;F8Z>=K1#8H?(Q+)=?O9@\*L5(?:%3N2]R(O07EE]-Q>+#9C$
MY!N4O);5K[>X<YD$\$;IIF3N,31\D;'OK%YH<&_P]^YFZTGK;QBTAY)+E\3E
M;%V-M(KES)X&M?-!-(V*)\+1([\<CV,I+Y1:7#?MH_;##^/ZK.T.(E>6HVP6
MZE%V#8BI0ENGZR[A7E.BW+AR,Y%RU/2MD8_9'2]YNU=QK=O(DX`K@I!$Y;XK
MTG,&=?CI\AC,O"[&7T](;J>W=$^UB<YWG1RVHNHWL(W,CEMV,G&C90"7";_U
M.9/AX[Z*QR.+E&2LH"9;:&X;*VZD:UOE21W)MI&/!VODCG>^`ZF(D!IMN0\<
M[O'*3YU92K+1L%K"$VP2<;/I52(FZ]95F3.O1T$L,(1R\L$Q(/BMD&ZB2*9E
MRF**@<`(Z2Z]'N36KLF77MBZRML+#D_/:^4Q307!8V".$^2'.GE>\1L86M:7
M@@O%*G;6WJKQZZ9C0RSO&W=SF)<<87,C$D4T`>Z9\P\TM;#$QAD>\.<0P@AA
MU`JKOXTW>BUJP3S^<I4J_I@0IK[4X&:=/[-223ZK=JR/-(J1C:+<@D_=I-G`
ML7;SY=90`/\`A`QBYN2>C7).,X?*Y2YR>-GNL<(3?6L$SGW%F)R&L\X&-L3J
M/<V.3R99?+>X!U!4C#Q[U;X]R/+8S&6V.R$%M?F46=S-$UD%V807/\HB1TC:
ML:Y[/.CBWM;5NM`==^/TX^\.?AS\<\B7J2^Z/TZMIFMNI7]!DW7NRNN9(&S$
M%U_<65K<T=P\C"%`_P"/VV+PCA`H<B!$BIE#@``,_3G\H?.'9_@=WQ6\FW7V
M'FVLJ:DV\VY\?76C'B1@[!H8!04"_.?\U'#FX/FUMR6UAVV>5BW/H*`3Q4:_
MII5[2QY[EVXGNMOC.T6+.6"L?,I+MI0@OB*D(J8K9,5DP.U3X.(M2K``#R'<
M4H]>`SZS]R^7_>NT:,RFED)DSA$BSJ/%XO$"8/FSJ*LQ*HF1(P]QT3&_$'(<
MAQQQ]A.RH2*GFHI1*+9E9J,G9%UFC<_!5TU2*`10@CV"90@D_A'X!T^`9'7H
M$^*[1<L>DI$FF16)(>RD98Q1*9,?;-PF+LW(B(\AP(EY'H//3KD^&FJ=:J<D
M\?GFEX]SWG;.#.$_:[0`I6XIG%-5,P!R`"3CD>>O/VY/>B=E,8MT8TK]RB[2
M?&21,4$DQ+^$O<`B98"F-Z"7KQTX`<CI75%$@L>79+MBD3051,FH4$P$B2@"
M)N@@'/:/3]_&3U"A3DTQCV!@?)@M[BP>VCW<@4>T1Y$_4"B/:(],CH-0BF',
M#QD06:8D*DH(*(%_BYXYY#C^/J//VCD]E(T.JFD[4V1`?`<!]P02#_O0#@.`
MZCT]!Z#\,(>NBFG,'RA!:=X$[_Q]O/>'("(]W'7U^S^K"A1I&$[<1<"8H`;\
M!S<B8>GPYY$P<X/35%-`2D0,9`W<//XC<=0^WH/`AP&*J.@-$0.90JA5!Y*`
M`/</3C]8_LR2$!*F)@0H',0X'$`'T_?Z<B/40R*4]ZE<)J&,;M-U`>?AQQT^
M[(!*+DJ10/\`Q@/`\]O3GD/MZ_#%-47`K&`XAQT`>...O'I^_!)JBY.F43<B
M<"\_`?7]G7XX(UZHBBAB"!2]```]>O/P_LP20B&`#D*<Q@(/IR/0!Z_>(?9D
M]:(H5#"BD'MB!NX?X_4.OQ#U#X8%`H-:*`AA62."I@`"B'!QX#C]?H'3^W&A
M]RGWJ`@%21651."Q^WU`/X?_`$>1]`Z_LP!1%`Q6644.!S"<G9SR/P-R''`\
M?$!'IBJ+L\E$PBHD8]J@J*R9!`_7MY,(@3N]>P!].F10(JI0Y4R'4./!$R&.
M8?L*4!,8?V`&2BZ)M+EE#N62:9FYSMUO95$_</4.P#&`H!V&`3`/01]/7(!J
MIIW4F$AG#!=9PX.GR9(42$3,8W("<IS',(E*`!^`.`Z^O7C`%$*N;)4)A$PB
M81,(F$736&Q0%2@Y2S6F:BJY78-DM(S,[-OVL7$Q;!N7O7>/Y!ZJBU:-DB]3
M'.8I0S'--%;Q23SRM9"T5+G$``>))T"I))'$Q\LKPV-HJ230`#N25YX/+OZV
M#@7$K1O$J*3(V2%9FXW#:H_O4<F`QTCK4NI/$P!)N)0`R3R3+[AN1#Y,G!3F
M\CS_`*DN)?;8!E&]/-<.O[C#]Q=K_9"\ZS'.:%T&'97_`+QP_P!EO]+O\*^#
M.R=N;/W#.J67:5^M=]FS\@5]9YI]*F;)\B(-V"+E4[:.:$Y_"B@1-(H>A0SR
MV\O[W(2F:^NI)9?%SB?LKT'L&B\^NKV[OG^9=W+Y'_VB33W#H/@L=YQ%Q4PB
M81;A^/'GAY-^,[M@G0-C2S^IM%N];7MM<.;'27*1^P%TD8EZX$\,=4I`Y58*
M-5>0#\0^F=@Q/)\UAG-^DO'&`?[MQ+F'X'I[VT*W>-Y#E<66B"Y+H1^H[YF_
M`'I\*+TT>%?U/]-^6"S*CSB)-5[G41#VJ;,R"2T+;%2!_.&BSZH-@DW90_&:
M.731?@03"D5PFDJJ7VCC?-L?G2VUE'D9']@GY7_N.TJ?[)H[PW`$KU'!\ILL
MP1`X>5>T_"3H[]P]_<:'V$`E?3?.ZKLZ81,(F$3")A$PB81,(F$3")A$PB81
M,(F$3"+_T_?QA$PB81,(F$3")A$PB81,(F$3")A%\=/J?6E9>RZQI2:P?+,(
M66LSE`HAR+J2>DC6JB@<CU(A&*]O3T./'QS\\_SK9R23-<+XXR7^##;2W#F_
MVI7B-I/N;&ZGO*^[OR@8:./$<OY`Z/\`C2W$<#3_`&8V&1P'O,C:^X+Y7?$.
MO3CGIQZA_;GPZOLM;0P&]]?_`/"2D:IO^GWMU;463M$I%R[+9+^HF56M$JO)
M."JLF-9D1[42*%3#N6.`]G<`%YX#W+'>J7$I.!<9X-RS@$N1BQ<MQ)'+'?OM
MB3<2%[JL;;OZ`ANKSTKI6B\=R7IOR?\`YWY#S3C/.8\?+D8;>.2)]@RY`%O&
M&-H]]PSJ07:,%*TUI55]'\D*OK9A.P=1T]'DKUUFI'_/T=8+4M.NK'174<^C
M6=$:2JD`S=0Z#`K\SGYT/?65=E*<2`0!3'/QGUBP7#K3)8S`<!B_E.1N9/KH
MY[@S.GLG,?&RR;)Y+71!@>7^=\[G2@.+0WY#Q^1>E&8Y9<X[(YSG4IRF/MX_
MHWPVXA;!>->R1]XZ,3.;*7[`SROD:V(EH<7?.I-1\EV]*JVOH2&HZ@RVJMAS
M%UI4T\M!ED0CK`\(:7K\_&(P+8LFHYB0.U^;26:]HG]TJ11#M''@?6:#CF#X
MIC<=QEQOL'EY;RSF?<U'ESO'FP3QB%OF%T0,?F-?'0G>&5%%;-^D<O(,SR?(
MW_(A]%F<7%:7<3;>AWPM_A30R&9WEALE)/+<V2M-A>0:B^R^99X^XT2QQ];O
MLO'U&RR5K>Q%YW-8;<9^^?UN:KK>-C%'D.G%PT;$)SBQTU3,7+Q0/PBJ4!-S
MVD?F*^FY!QC,6F'RL]I87LET^*]RT]UO>^WE@;'$71"**.,3/+7&&25W0O`)
MKUP^@K;G!<CQ5UEL;!<WUI';,DM,7!;;&,GBG=)(&RF2620PM#FB:.)O4,)`
MIBBG;];5BIU*IO:.6=:5C:DKLQ1;_-4I!+OADJXX@"1C1Q#-6\E#/HY18KI!
M\FX/VK)E`R!B\@/1..^JT&#P>#P=SQKZJ"TSDN0)^IDA+_,@,/EM=$ULD3XR
M?,9,UYH]HK&6U![KGO3.;,9K-YJVY";:>\PT=@!]/',&^7.)C(YLKG,E8\`Q
MOA<P5:XD2`T(R5->7Y7SJ%!"G3<NA!TO8U2).7B[)6.]2/\`Q#BC1IE)&T(U
M6-]^,KX&[F[0S<QU>/Q+%$><[ID?S!LN+C&&+CUS<16V.O[;SKR[$][)]=$8
MZR7(MH]T<%:LC+"7=W@ZKJ6/]#'6\60,N=MX)+C(6-SY-I:&"S9]%)YE&6YN
M'TDFZ/D#P&]HR-%CU]Y*3KG2%;U$A!-VTI`OXH%K[^8"O(R59KLY)6:N5=2.
M-'D*BUA9Q\FJDI\PH'#<A?;#D1#I]QZRY.7TSP_`(L8UE]:RQAU[OK));032
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M3;)V>J2R1#+KBW;D?PJC6;;.%%``>Q1)FT<D(;U`5?4.N?5?Y/\`./QWJG/B
M:GR<CCIHZ=M\1;.UWO#8Y&_WBOF?\UF&9D/36')T_C6&0B?7OLE#H'-^+GQG
MWM"^X"ZR#5[--HLBR=C49-UC+%`IV[LX%0=/!9I#W#[ZJ(F,`"7\1@Z=?7]0
M?=U7YOKANV5D74%,NWB+!\90$UF[@?85=@S7$H&:ICVB)G"8]IB\`'7I]F.I
MJBY([+()S,=&,?RY_P"X*W"*@D,Z(V<=JJ9_]W[*H`<?P!^$>1#'L`13E4$%
M(Z.4L"SEJ\`RJ29NT3KJ-RJ`;^>42'-^`#=!'KU]!QX53W+LEIATWF4&I2D.
MQ5%LFCP7DRB2Y4P!5-4.1/P<WZAXX^_%=?8G5<L8L8YXY7^9150016$R*9NY
MP8ABB8"+)<<!T#GU'D0#`&I2NBX:.4W[9ZT9MB,G!R`H4$S_`(52$.3N()^T
M@E$0'MX_A_%]G.!JBFLTC(L'021%2MRG3%(H_P"\`_(@84P_P]QA+Q\!Z_#G
M)\:]$/L4XJB98\YHP50$%2BMW!_/*40'K^'I\`ZATXY^_([:*%,1$7;(PO#B
M0J:@"FN8.H\AP(#_`+?4>/OP#IJI&BG%,5HS[VRGO`90`,IP'!>0_P!G_"(=
M`X'[<GH$ZE1IF,\;G!0P%%,P&*IZ%]!_BXX#CC'50IB8"U044[R*"(E_A'D@
M<#QZ_$?Q8Z#1%RDL+DJB0@4H]O(&+SV]!#U]?C@511HHF1$QSB'`%'H4>>>.
MO/P^S)50*+E)<#G[?;`G=S^(O'/0!'KT#GTPI!U0B2@'#D```$![N?4`^P/4
M.<K3O53JN#."`IQV`(%'@3].[IT$0Z?#+45:KE5-43\E`!`?B(^GW"'K^[(H
M#JIU[(JJ"?802`H(%#D3?JXZ=!ZCQDH31<*D,N1,Z8=.!_"(@''7CIZ!\,(1
M6BX,?Y5``.`'$PC^$?X0^(\].O']>1JI`HI8"+QN8A`!,Q#!P`="#T'[N0#K
M^_'P10ID,R167.(&,(%`"@(B7J;@!,/`<]383JN&#T[@ZA#D(4"E[P,4!*'J
M`"!@Y$.1YP%)%%V)%$U.>PY#\=![#%-P/V#P(\9*A1X12ES'*BL9(O<H5)0R
M9>.>XX$$2%X^/)L(K;B%'SEPN5T*RC8R*A5BK=W9W&$"@0@#P!3"`CR`?#]F
M5%3[E*[EG&-&)SG0*;O.':)CF[A*7GGM+T#@!$`^\>,FE%"[#)1,(F$3")A$
MPBZBP3\+5(*9L]DE&4)7J]%OYJ<F)%<C9A%Q,8V5>2$@]<*"!$6S1JB90YAZ
M`4HYCFEB@BDGF>&PL:7.)Z``5)/L`5))&1,?+(X-C:"23T`&I)]R\<_U"_J&
M6WRYMCJHU)U)5O0-<DA&NUL3':.K@\9F,1*W6Y),_P#-64$1,R9&$4V29@$0
M%83&SYYY;RVXY!<&"!SF8IA^5O3>1^N_V^`Z-]Z\9Y)R2;,2N@@);CFG0="\
MC]9W]`[>]?,S.F+JJ81,(F$3")A%4-';I@Z;/F+EPR>LG"+MF\:+*-G31TW4
M*LW<MG")B+(.$%2`8ARB!BF`!`0$,LUSFN#FDAP-01U!4M<YC@YKB'`U!'4%
M>J/Z6OU('.]TFWC]O*6(?;T6P56I-O>*II&V5$1S<%'49(B<Q14N\4U3.N8Q
M>?S!H1100*HBH*ON'!^8NR8;B<G)_P`>T?(\_P"\`Z@_VP-?[0J>H-?6N*<F
M.1`Q]\__`(UH^5W[8'_6'7VC7L5]M\]+7>$PB81,(F$3")A$PB81,(F$3")A
M$PB81,(O_]3W\81,(F$3")A$PB81,(F$3")A$PB81?"'ZD*C@V_V)%>002U_
M7P:^O'::0G#*B'PZ*B.?EW^<)TI]5[=K_P#+&*@V^[?,3]]5^D'Y46Q#TRN'
M,_S#DY]WOV14^Y:!<AZ?=_KZ@&?*B^F5D+4M&0V7LJET)U-(5]M:YYG$+2[@
MA3@T37$PC[*2BB1%GKCL]INF)B@HX.0HB'.=OX%QF+F7,N.<6GR#;2*^NF1&
M4T.P./8$@%[OPL:2`YY:*ZKJW-^12\2XEG^2PV#KJ6RMG2"(:;B/$@$AC?Q/
M-#M8'&FBV&VEX_TR))&PU)C-RU383Z[QE*B*=N"OLF3:\C+.`8MI:IVV'8MJ
MLB5-XHF*B;ET!!2,)R*"!?Q^N<X])^.X]EGCN-6G(+'EDN2CM(K3*P-8V\\Q
MVQLMM=11MMFT>6[FR24VN+FOHW7R[AOJ=G[UUU?\AN\#>\7CQ\EW+=8R9SW6
MGEMWNCN;:5[K@U:';71QUW``MJ=,(QVC-GRKF<9L:ZDLXK=_BM7S!!F8-+Y6
M[S<JK"1D0!E9(B;@KB20,G\PF)VI`#N,H!>N>:6?I?S:^FR5O:X@.EL\K%C9
M1YT(VWDTABCBJ9`'!TC2/,;6,4J7@:KT*Z]1N'V4..GN<J6Q7>,DR$1\J8[K
M2*,2R2T$9+:1D.V.I(>@:3HN]F/&K<4(FS,[KC!<SJVQ5&<H1=JJDPY@[5.O
M2Q\-$6=O%33M6LK2+LY2$.^!!,#&*!S%,8`':9#T7]0\:RU?<8>)SI+Z.S<V
M.YMI70W,SMD45RV.5QMS(Z@:9MC=0"02`=?8^K?!,@ZX;!E96AEC)=M=);W,
M39K>%F^62W=)$T3AC021%O<0"6@@$CL7'C-LVOOHU2W0S5I")7:O4ZVJP=HJ
ML_*U-S/2Z$:U+.Q\++2SN$.]!01;*.DBI'.9,/4Y"FY<WHMS3$W%G)G\?&S&
MC)06ET8;FVGEM732B-OG,BDD=#OK_#=(T-)+?VF@\2+U=XCD[>Z;@[][\@['
MSW5L)K>XACN6PQ&1WDOECC;,&4_B"-Q<`'']5Q%S;#\<UH9Y*PE"@[S998F]
M)_4T`\7=59>+ETHR-5?(-09,U6L^C/D*D*[ARHW1BTVQ3&$Y1*/&[Y9Z/28^
M>_QW%\=DKR_')IL9`XNMC'*(XRYK=C2V834&]\CF-MVQ@G<""M1Q?U5COX++
M(<DR..M+$\<AR4S6MN!)$9)`PNWN#H3"2=C(VO=<.D(&T@A62;QJW":<K-?8
M5Z-FW=P4FV]>>5ZV5.>@Y!_6XYS*SL5^?Q4TZAVTM&LF:ASMEEB+&[>"%,(A
MSUF3T8]01E,-B;;%0W-QD#,V!T%S;3PO?;QNDFB\^.5T398V,<3&YX>:4:#H
MNPCU:X*,=E\G<9.6W@L!$Z=L]M<PRL9.]L<,GDR1-E='(]S0)&L+16KB`L8W
M.EV"@3BM<LZ#1I,H-VSATT:2D9+@T%TF"@-7+J)=O6B3YO\`PK(B?W$5`$IP
M`P"&=)Y'QO*\5R;\/FHHV9!C&N<UDD<NW<*[7.B<]H>WH]E=S'5:X`BB[A@>
M08ODN.9E<1(]]@Y[FM<Z.2+=M--S6R-8XL=U8^FUPH6DA6G]X\#U_?\`#G]V
M:);E;4^%30LAY*:^9'.9--RA<R**AU]HI:)95"*F`3$`Q$U$RF$.0Y`.,]]_
M+`Y[?6_AFWH1=@^[Z&Y7A_YC@UWHWRW=V-J1[_K+=>@2%AVHQ[%\BY;O))LR
M<-6TDW.8R/4%4D0,4>._Y9,P$_$7N``$./L_7`=%^6ZMP[1[(L"'G71HMY'/
M?E4'CTADRN2+]IS%`P`0%#HF3$2J%Y*(>H_X@CWHKE0D6*5F79?EY$G*R92%
M?E,'>X$4".!$Y``"`54I>A@$1$0#GUZ3I50NYEHE&61(FH<R2B1A,DJ4`,)>
M[@#E$HB'<4P`'Q#J`8(JBZ*1D%X):/:IHIK-46Q`!18O*J@E$2*`10/]V8I0
M#T`0#GKCHIZJI1B':4Q\\FH7Y5511<QA,(*=JP")D3IB'41$W'//'`<^O3%-
M4[*!@Z8*JO$H]N=J\616*W.<WX3B4HF`I0[A!$>0[N/3@/7IQD"G;JBB8`Z5
M2>(R7S!6I4P,91QW@=-0IP,'890!$>@"/3D.@?;U#P*A3VQD&C%TLP6%RIRF
M)Q,02B0H&X`?:$`-P!3&'GT_=D]M%*C;JJ2C59-8Q2F1%-0JO`%+U`W10`X`
M.``>H>G/.1U"A3T2_(LUE1,DX[S%``(;N2]>WJ;CKZ]>GW9(4]2$16^=0503
M3(B<G:<"D_"F8.[J'`!^$<=11"**:W3.V26.X+^`0*'M\E-W=>.>`$2]1$`Q
MJ!JH42"J:I%4T$_94$@B'7D!XZ?Q>H>O].$1J14ACBH42)@4>_N]#<?8'(\_
MKR`*:HHT%6QE>"%,4P\]HF]/3J`?B'CD/3)10)@X!8.2G#\7XC=>P0^/7^$0
M'(UK1%&<[7WA`P&[N[@P_P"#N^//7GU]<FO9*=U"O[_NCVE.(=.P2\\<?L]!
M`?7(-?@BB<'1+V`OW"KVAW>V(`(>G//(@''/[<E%+<^X=-(6Y3&2$.@$`1'G
M_I`'XL4^Q%R82D:E!V!C&,81(7G\8<>G41#M[0']V*T"*`W"S02M"B':</<)
MS^,?PCSSU'NY'@?V?LQU&BE0(=S5LN=T0?;.)0(B/`B;U`>0YX#GG]?`8&@U
M3PHH$5$W;=R@V2!NJ)0'@#<@<.X.@GX`>H!QP/VX&JA11C)PW4457X)W$["I
M@8#"/X@'N'M$2AQV].OQP`47<Y*)A$PB81,(F$3")A$PB81>=7ZV7ET]:#$>
M)-(DE6Z;QI'6_;[MFOV"Y;*JBYJ=(6,FIW>R8R!91ZF8H=P?)<"(>X4?(?4G
M/N!CP%L^@(#Y2._=C/\`K'^[[5YQSG,.8&8>!U"X!TA'A^JWX_B/]WVKSCYY
M`O,UO/X<^,^C?)R?@=<6C?UCUKM^W6>8AZK3F&I7=PAY&(BZV6P%F'5L"T0;
M".77!F_3%L<@B7Y8ANX?=*`=KXYA<5FGQVEQE)(L@]Y#6"/<"`*U+MPI744]
MBW^%Q=AE9([67).BO7O(:P1EP(#=U=U0!T=H?#VJ38O#W_/-Q5J'AO*[)\G5
M:ZG)I;%?CJ=YKMA2Y)J^%G',5Y&7GY&(<C+@W<F1$SE$ZGRY@3(?@1"+CCHN
M;@V_'7S7A942'R]@80:`5J0:T/?LDF$^HG\C"2279:#O/EF,--:`5<:&NM->
MVE5KA(Z1V_#N]@L)?6UQB7VJ&C.0V0RDX)\P=4MA(.DF4>^GV[M)%5BS?N7"
M94%3!V+`H4Q!$IBB.D?B\A$Z[9)9R-=``9`10L!(`)KV)(HM8['WK#<M?:O#
MH15X((V@]"?8>Q[]EV,-X][NL2E<1@]87"56M],EMB59%E$K++6"D01S)RUE
MB$B_S'\:Q4*)3F3`QA,'``(],R,P^4D,(98R$R1F1M!^)@ZN'L"M'C,A-Y7E
M6CW;XR]M!^)HZN'B![%D.P^,%UI6M;7,76G[+@=G5S:M,UW_`)1&KLW<&3_.
ME3"S1;&2DVTHM+MKJ_3<("UC",U#*)''N,14HIYS)L'/;6,\ES!,V_9.QFW;
M\OSM+@">N\Z4;[URI,/<P6DTD\,K;IDS6;=H(^9H<`2#7<:BC0#]NBZVY^'7
ME#KQ"J.;GH^^P2-WGXFJ5H[B**O\]:9TZ:<+6G!&2[D\18)114"H,GH-W*H\
M]I![3<8[CCN;M1`;C&R-$CPQNGZSNC33HX]@:%4GP>7MA"Z?'R-$C@UNE:N/
M0:$T)[`T*G^5GBQ?O$K9">O+R<DD#V&C9N$LK./>Q\1/-GC)JN]",*^_GJC#
M/G!F;@?0%TC`'3&>P=U@+QMI<FNYH<'`$`UZTKX'0^U,OB+C#77TTYW`@$.`
MH#H*TKX'0^U8`K-EGJ;8H.VU:5>0=DK4JPG(*8CU10>QDM&.4WC%ZU5+_`LW
M<)%,'J`\<"`ATS4PS2V\L4\#RV9C@YI'4$&H(]Q6NAED@ECGA>6RL<"".H(Z
M+W,>%?DK&^5WCY3MK($0:V`Y5:Y>XIN/\J)N\(DW+,H(EY$2-'Q'"+UL4>H-
MG28#U`<^FN-YEF=Q-O?``3?A>/![>OP.CA["%[UA<FS+8Z"\;H\Z.'@X=1_2
M/80MKLWRVJ81,(F$3")A$PB81,(F$3")A$PB81,(O__5]_&$3")A$PB81,(F
M$3")A$PB81,(F$7QA^IW6U6U\UQ:R(G!O+U:0@U''`BF+J%E#.RIB;T`XH3(
M#Q\0`<_.?\ZF'?!RKB&=$9\FXL7PEW;=#(74]^V8+[Z_*#E63<;Y7A3(/-@O
M&3`=]LL>VONW1+Y@A^P1_NZ?#/BE?7ZO;7%AKM5N]?GK;56UUK3%Z89JM.EU
MFI9%@N@LV6!%P@HD=%ZT]T%VXB(%]Y(O=^'D,[+P[+XC!<EQ.5SV#9D<-%)_
M&MW$M\QCFEIVN!!#V5WL-:;VMKI5=>Y7B\KFN/9/&X3,OQ^6DC_A3M`<6/!#
MA5I!JQU-C]*['.IK1;A'\IJ'5*K'U>EFW)>VJ&QZ#=D";AF(%<E3C*-8VEB)
M#U%6+=RZY'4H+,&JJQ_93!$XB"?/(&^A7>N'%L!@[7"\=?R#*0-S%E>`922$
MBUCLYVS^5:F-TKMTFWRW/.QNPDAE:@^%-]&^2YK,W.8S[<#C9G8F\M"<9%,#
M<R7<#H/-N1(V,;8]_F-:-SMX`+J4(N.M;\TNYN2L5565\BS[+\E=9;3F)J\'
MJK"%@BL;L24EV2BC"67,TC6!7AS)N%3J=Y1'W/:!/N/N<+ZJ>G4_(W6&#@R<
M+LSS''9*6:\-NR*';=^9*PEDCML;-Y(D<XU'X@S;5VJR_IGSZ'`,O<S/C9FX
MCB5_CHHK07#Y9M]H8XG@/C&Y[]H!8T-H?P[RZC9!-OZCKFR[;7*:6S+/MF^2
M="E[C8[+)U\U*@X2G;;0LRC^M2K%XJM)LW[\@K`Z=IMRI,C]3'$HG/BA]0.!
M8?F><PW'A>.N\UR^SENY[B2#Z2&&UR0G+[>5CB9&O>-WF2A@;":5=3<Z[^#<
MWRO$<)EL\;-MMB.)WD5K!!'-]5-+=8TVX9/&]H$;F,.WRXR\NE&@;7:WJ;]N
MK4=*N.[4*8SN<[-;"V]#25FDG3RN/*FVA:7L@+@Y=4UY'/#N)M2P/F/+87!&
MZ:#=8"@HH)/<4U_*O4?@7&^0^I,7'X,A<Y/+9^)]R]SX'VS(;2_^J<^T>QVZ
M8SO8#'O#`QCZ;W;=SN?QKT_YQR#!>GTF>GL+;'XO!RQV[&MG;<NENK'Z9K;I
MKV[8A"Q])-A>Y[VD[&[MK9K?S'K,/9F=FB*K/NE4/(>Y[849R7Y6U34J=RIT
MG4'$:5=N_>BE8FK>5.J0!3,V[BEY4$.0S+#^8?"X[,QYFPPEU(\<LN\D62>6
MT&UN[5]JZ,.#WTG:V1SAH8Z@5<14+'+Z#Y>^Q$^)OLU;,8[BUKC@YGF.(N;6
MZCN6R$.8RL#C&&G4/H31H-"H*_Y6T:IW76TDP/M"PU>HSEPL,JVEX;6U><B^
MG:9.5.(2AH&I)L(XR[,DQRZ>.'Q3+%#\*)>TI<QXKUTXQ@>1<0N[1V9N\)87
M%W/*)8;"!V^>TFMHA%!:AC*L\W^)*^6KP-&"@"OD_1?D6:X_RRTN6X>US%];
MVT$;HI;Z=NR&ZAN9#+-<E[Z/,7\.)D)#2=7FI*^?PB(B)A'DPB)C&$>3&,(\
MB?D>HB(CGRDYQ>YSG$DD]_Z5],@```"@"?V?J#^CKQURJE;J>!-;EIC?C*9B
M@1`M/KLU,NS.%"(HG2D`;U@&@G4X(8[G\]'\'("8A3<?B``'Z>_*/AYLCZNV
M^08W^%C["XF<?WVBW`]Y,]?<#X+YQ_-+EHK#TLGL'G^+?7L$31^XXW!/N`AH
M?:0ON[5T8UB,M'1[Q5<6T@I[K=<@D.UZ`D!""/19,12$.\..>/3[?U/'=?FH
MND>1S\YIMO..E2Q!##(,9$_*X-U16[4DDDP'O$#(K&(9,`#J`=OJ`C!'6O13
M7P4T92/C'$``((OT/DB(I3(`(+``"9N?L)U$/E^?Q$,/>4#<>OJJ!10NPAAE
MHI22_.5%3,$""J5TLH*X"8%.@HCW&4$JI!$1+QR`\!P`],D:54GV*XVSAA*H
M$71]ITD!^G>F`BFH7[2*%[B'#]7IU#ID]5'15W(`(!R'(^@<]1X]>/MPBZY.
M*9HNS/44Q(N/>(!W#[13G*)3&`@>G=W#]W7ID41=%'JR+APNQD`6,DJFJ583
MD[?9$`$2G(?M[0*(^GJ`]!R!7NI*J6"2+)-ZY;NDWITT3`":8<`!2CW=QP[C
M"(<AZATX`<E$:.32C=RS]M)!02@J0R11(F;M4((@<H"(@(FXZ_8/[W71"JAH
M@=BW=*.R@9$0+_**('[AY$O/3\(<B(`'^C(&G7HH1LJDX0<)LTA;N.T#<=XF
M$Q`.'(%4'@0Z#Q\/7)K53[U&Q(L0C@'13E;@01,"H"'X@ZB)0'KZ?9\>,*33
MMU4UJ=L(+?*^Y[_MF[`5XY'CK^'C\(AW<>O7'N4$>*X9J.#JB13W#)B!@4!0
M#<%Z#QQS_"(CTXR`3T**8@FS!</;5$Y@$>PH_P`//W&[0`W'PR:A0I1'+D7(
M$$1ZJ`!D^`Z%$>!^'(``?'%?M135$6HKB!EQ`3&Y,G_AY$>1#NX[2\C\,:(I
M;ERNFN)2CV%`0`A>.APZ=>O/=R/3IDHICDB!O;.NI[*AB%[B@`G_`'@'(EX$
M>.<(I;M8S=-$J!A!$2]#EZ]P\B/`G`./O_;D'M12!5#F(JT24>',B?DP$,`?
MC,'P'MX'GD`#GICKU3OHH%.$F0"P,H<IE/YBA>14#H///X0$O4`^`?TXZ)WU
M4"2G_DE32`J"D)R@EW\^Z8?7\'=^(1Y#IST]?AD=M5'?HH">VHR<A&%5!;DG
MN@?CWA)R/`%$#"7@0`?0?M^..VB=%,AD'215C.`,0A^WL3/T'D.>XW:/4O0>
M.O4<D(N\R43")A$PB81,(F$3")A%T]AGHNK0$Y9YMR#.%KD/)STN[,')6L7$
M,EY!^Y,`>H(-&YS#^K,<TK+>&6>4TB8TN)\`!4_<%5[VQL?(\T8T$D^P:E>`
M;=FT9G=FW-B[8GQ$)._6V9L:B`F,8C%L_>*'CHM'N,<0;14<"39(.1X32`.<
M^4\C>R9*_N[^;_,ED+O=4Z#W`4`]@7SUD+M]_>W5Y)^*1Y/N'8?`4"Q=G"7#
M6Y'T^[[3M7^8^C;[L"P,*K3JY-V1S.6"4.H1A&H.Z':XULHY,DFJH!5G[U)(
MO!1$3J!G9.)7=O8Y_'W5W*&6[2:N/0?*5N^.7$-KG,?<7$@9"USJD]!6-X%?
MB0%L9KFU:XW)XQ[>\9V>[-?Z+O[ORH<[Q8V;9<Q+U2A[,H:E>=5\M?=VV)BI
M4$'\#)D2D4&CM/L7-[0H%,<%#H[JTN;/(X?)8=F3BM;HWYF#GDM9(RA%-P!H
M0=0#UTIK5;.VEMK[%7F*;?Q6]Q]7YNZ0EK)&;=M"X`Z@T<`1K04[D;(V7>6A
M]T7GR)U`QWC3892U^'&G](06[MB*RE=HE_V1JBR%G9V4D)QTQ6D6C293=@W;
MNW*'<N5H8Q`5_D@KM9\EB\E<Y7'LRD;2_'Q0B:2K6/DC<'$DTJ*]`2.VE5MI
M,ACKVXREBV_C;OLHXA*\EK'OC))))UH=P`--:$BNE9]9WUI+5%H\=VT!ORG3
M2NJ?!+=VM%;Q6G$PR9-MI/7#M:NL(PLE',)ILZ>R0E.P47;H'5(!%1*3G@,L
M.6Q=G=88,RD;A!C98R]NX`2&NT"H!%3T-!XZ)#?V%D[',BR4;G0XZ5FYIT\R
MH(`J`:D_AJ!7JM--);OK4/XRKQ-HVP6N;*'SBTEM).8F&$C>+!%5JJUU9!_L
M%:!4<I.K2RK4A[9U&GS)%G79[11Y-R'6\=E(6X8,GO\`;>_S&&2I!>X-:#5]
M/U@W32M3T6DQU_%'B7,FO=EU_,(I*FKW!K6BK]M:N`(U%=:46SGF/L/1,]X\
M;<74OFB%MOWZ^TZPU@_BG?\`8A(?<)T9X[RP6G>^H)A-6O4N4CH4QG34'+Q\
M\)*JB5-8`((K[SD%]BY<1>DW=L;^65KF_3/DI+\U2Z:(U#"!J*DG=T]NTSES
M828V^/U%M]9)(TM^GD?276KG31?A:0-15SCN[^.H/U(KCK[9WD*.U=9[&JU_
MK%XI-(,BE`FFR2E:=UVJPU=>QEG8S$/%_E\BNZ8'5332,N`HB`G$A^2!UOF-
MS:7N5;>V5XR6&2)GX=U6EK0TAP(%#I72NBTO*)K:ZR7UEK=,DAD8W\)-6[6@
M$.!`H=.FOM6@&=377%]SOH:;L<5G=M_T9(ORDA-G5-2T0+14QC"-UI!BJJHL
MB\]J9Y&HOGRK@0#DY8Y+G^$,]-],LD8,G=8Q[_X4\>YH_ML\/>PN)_="[]P*
M^,=[<X]SODD9N'[S>M/>TDG]U>I3/<%ZJF$3")A$PB81,(F$3")A$PB81,(F
M$3"+_];W\81,(F$3")A$PB81,(F$3")A$PB81:0>?VM'%\T.^FXY`Z\MKF21
MMQ$T@**BD*1%5C8B?BXX2:Q[GYP_7GM:?$>F?-'YJ^&2\I]+KG)6<1=?X>87
M0`ZF&A9<#W-8[S7>R)?0WY9N6Q<;]2+?'W4@;996$VQ)Z"4D/@/O<]OE#VR+
MX`_L_9^W/RH7Z9K,>AM4)[KV;":\5L(55.69S;L\V>.+*$9DAH9]+F]QF9_&
M%.14K'L$PK$`@&[NO'&>A^EG`V>I/,[#B3\L+%D\4SS,8_,#1#$^4U87QZ';
M2N\4ZZTHNA^I/-'>G_$;_E+,7]8^"2)HAW^67>;*R+1VR2A&^M-IK2FE:JY9
MCQXGJS6=W2UHD1BYO2\[4(9Q"DCC.&]B2MTP,<SE64H=VW,WCCLS)NVY_EU?
MF$5"_P`'/.;J_P#2/*X;#>I5]F;LP9'CMU:PF$1[FW`NI-C)62%[=K"RDL9V
M.\QKA^%:FQ]4L;E\OZ>66'M?.Q^?M[F5LI>&N@-M%O=&Z,-=N>'5C>-[=CFG
M\2M%UHG<,<-:-+:WN$2E;))E$PB\A`R#8CJ0?_B:,Q(=$%&[QPB`J)HJ@150
MA1,4H@`CF@G]+?4*T=A_K^(9""._F9%"Y\+QN>_5K:4JUQ;5P:X!SF@EH("W
MD/J/P6Z&5%ERNQG?91/DE#)F':QFCG:&CFM-`YS:M!(!(*[?9_CWLS5U@L$1
M*5Z4DXZ!E(R)-9XV+D!A'[B9_#$BS65;E4[9)<IT4.X`%11,Q0Y$.,YW-?2;
MF?",KE<?>XF>>SM9XXOJ(XW^2]TVD6TD`_Q'`M94#<X$#5<+B'JAQ'F&,QE]
M9Y2&&[N89)/IY)&>:QL6LFX`T_AMHY]"=K2"58\AK'8<4I849&E61DM4WD-'
M61)Q$/4U89_83)$@V4@0R0&0=2YER?+D$.Y4#AV@(#G6[KA7+K)^69><;O8W
MV$D4=P'1/!A?.0(6/%*ATI(\MO5U12J[!;<OXM>,Q;[7D%I(R]CE?`6RM(E9
M!4S/8:ZMCH=[NC:&I%%W$]I/;M74@$K%KBWPZEID6D-`%?PCU`TG,R`@5E#H
M=R0=LNY$?P-3]K@>H]G`#FPROIIS_!NQ3,MQ"_MW7TS(H`^)P\R63\$0TTE=
M72-U'_V5P<;ZA<'S#<F_%\JL9V6<3I9MDK#Y<3/QRG76)O>059VKT5ULO'RZ
M(5+85FM\;.4M:F5N-L45$3$"NDXM*+VX,J@X30%PY:+LTFCMWWE5]I8JHEX*
M'`@;-_;>D?)8^.\LSN?L[G'28ZSCGBBE@(=<A]TRU<&DN:6!KG5#MKP^E`*&
MJTMQZH8"3.<7Q&"N[:_CO[N2"26*8%MN6VS[EI=1K@XN:VA;N:6UJ3446(;)
M5[%3I52#M,-(0$RBBW<+Q4LV49R#=)VB1PW%TS6`CAL99`Y3E*<I3=A@'C@0
MSSS,83+\?OG8W.8Z6TR+6M<Z*1I9(T.&YNYI^9M6D$!P!H0:4(7><3F,5GK-
MF1PU_%=6#G.:V2-P<QQ:=KMKA\KJ$$$@D5!'4+HN/3[@'IU]>O.:M;)?7?Z>
M^JWB-(LU\>D!%G>7JD`U64*!%48NME6>%DFY5?;%TBO.$.D<J8B(@V,`\>H?
MH_\`DWX6[&\5S?-;N.DV2F$,-?\`L("0YP]CIBYO_NU^?WYL^7-R')<-P^VD
MK%CXO-E'_?3@%K3[6Q!KO_>+Z)-WK=HJ0T48SJ<D8-,&\F7DS*2<-A`7"8MU
M`*H1Z8C02\GX$5!`#``CU^S?=U7R1[U>T:L,["$-(M3(&=)+(.VYB'3$#D.=
M(YDRG_&0#"7N+ZB4?B(ASD^]0K))(L6,(B>+1+)MVLJ)W191N4RS3W>10$H)
MB)$05]O@JG4.[H(<CP$>Y3\5W+9E(.I,[L3J+P4RV,X6*JL7^6BNV$Z:8HF.
M)RJH*&*4AB`(`7XAUX?H14S-ZVCHE^M`K*.E"N4CKE=I<'0;CW$!4J9.T%"]
M``3<].>1`..,=.BGJ=5,<IO)YLPEFHD27((MCIBM[0`L14>U5L<X@'XAZ\<]
MP=`#GC'751T5^)@<$R`H(&4`A0.8H<%$X`'<(`/4`$V64+DY0.0Q#=2G*8I@
M].0,`@/7]0X16^RASQSE1S[WNID25`B1"B"B@"'/:<.>WX=./4>/3(`HI5.Q
M?I//F&B3=)FLY24]M1$.`$P$,/:IP`"'`<]0_=D`^Q%.CFCEH#L7I.UI[)^\
M@F*<I^W@1,4I3"/0@#]@]<D!/<HF2K0Y7)6!54W1D3>V"PE$3`'7A,0,)>0'
MCU_J`<@4[=5"BCSO%#+).P5%N*1_<,OW%[!^XY^.!X$?U>OPP*]#T1369695
M%#MEQ76*0_MIG`2<]!].2E[^?3D,D>]36JA9O7"SCV5?QE.!P.42]HDX*(CZ
M<<=>G7%:IIV4:#1N5T':[*H)#<@D''?R7KP)N[KV_'@,:5ZZI73HH"R*XN@(
M)"]HJ^WV=OXP`3=O\7KW!BJF@HIJS0AG(A\RF4%#=PIB(>[R8>1`H<]>>>G]
MN137JH^"@=R"J*XID(0"I\?QE$1-T`>0'D.`$!Z9-5(&BB>-R+F26,N1N*A"
M<IJF`/ASTY$.H<\#@J`:*%VY48D001X$OM\^X8`-WCS_`(>O```]?CZACHHT
MZE%@(\:(+N%2MCAW@43!^$X"(!^$HF`WX@*`]/ZL=JHI:Z@L&28M%`4!50PG
M<`!1*`]O```<F`HCQ]_'`Y'0:(H2JE=1QCR*@I$*J'LK`7@QQ`O02D`!]S^(
M0Z!U#]7..HU4JMBB,RHG,T4,KW&`%3GZ'[BAT`2B`"4``>GZ\D44+M,E$PB8
M1,(F$3")A$PB81,(M,/J(W%>B^$OD?.MA$JSG73VJ%,`]IB%OK^/HJARCW%$
M#$2L9A#KSR'Q],ZYR^X-KQK,2MZF'9_^(0S_`*RTW(IC!@\G(.OE%O\`B^7^
ME>&S/F5>"K;BJ>%FX;EXMW/RUAS5PVO*5*O&#N!6=R_^=I:/BW\!'3=EA8M"
M%7B7-=@EY[EVLJ^1.D1FY-V"!"]_8;?C60N<)<9Z,L^EC)^6IWD`@%P%*4%=
M=>Q6YAP=[/B9\RS;]-&ZE-=Q`(!<!2FT5U-13:[PUQ".DM@AI%/R$_+6IM9J
M[,-J0D@5^@:3&YDK)K<+7\G`?G?D/R4HF^9X]KW/P<]V<`8J\.,&7#!]&9O*
MK77=3=TZTIW7"-A<"P&2VCZ4R^7[=VW=T\*=USN;2.P="W(:'L:-:,+$$#"6
M448U^A+-0B;!'(RL<L+QF)D.\S-P0RA>>4Q'@W`Y7(XR[Q=Q]+=L`EV-=H:B
MCA4:CV*U_C[G&S_3W30)-H=H:BA%>OZ5C9&&EW+D[)O%22[Q-N#M1HBQ=*N4
MVADR*E='0(D94C<R2I3`<0[1*8!YX$,X8BD)+1&XN]Q7$$4CG%C8W%]*TH:T
M\:>"IFC-V_<)M&#5P]=K"8$FK1!5RX5$A1.<$T42G4.)2%$1X`>`#G(#'N=M
M:TEWA355:USW!K&DN/8:E91UGI+8&VX[9LI2XYH\::CH$ULNZB\?H1ZC.K0"
MB*4DLS2<"4\@_24<%`K9/E4W/0.F<ZRQ=YD&7K[9@+;>(R/J:4:.M*]3[%S+
M2PN;UMV^!HI!&7NJ:?*WK3Q/L74W+7R=0@->SJ=XHEK4O]?4GCP=2F'4G.TE
M5-V#0L!>62\<R)#V!43=Y$$E'!13Z]_/3*W5C]-%9R"ZBD,S-VUA)<S^R\4%
M#[!58Y[;R8K63SXW^:VM&FKF=MKQ31WLU5C.6#YDZ,R>,G;1X4"B9HY;+(.B
M@<O>03(*D(J`')U#IU#KG#<Q[3M<PAW@0L#F/:[8YI#_``(U^Q0JLGB"#9TN
MT<HMGGN_*.%4%4T'7L'!-?Y98Y037]E0>T_:(]H]!P6/:`YS2`?8A:X!KBTA
MIZ'QIUHMOOI\7`U&\U?&Z<!3VP=;-AZJH;N$O\F^)N:.L4>T!$0,E8A#CT'G
MKF^XG<?2\CP\M>L[6_X_D_ZRW7&IO(SN,?7K)M_Q@M_I7N;SZ<7NZ81,(F$3
M")A$PB81,(F$3")A$PB81,(O_]?W\81,(F$3")A$PB81,(F$3")A$PB814SQ
MFTD6;J/?MT7C%\V79O&CE,JS=TT<I&1<-UTC@)%45T3B4Q1`0,41`<PW%O!=
MV\]I=0MDM96.8]C@"US7`AS7`Z$.!((.A!HLL$\UK/#<VTKH[B-X<US20YKF
MFK7-(U!!`((U!7FQ\FM&R.A]H2]:%)PK5Y%567I<FJ4YB/H%PJ)DVJBXD(12
M0AS&^7<\`')R`?@"J$S\</6?TSO/2[FU_A2Q[L),3+9RFM'P..C2Z@!DB)\N
M2G<!U*.:OUD](_46T]2>'V.7#VC,1`1748I5DS1JX-J2&2_CC]A+:DM*IO&?
M85;UCMN(M]L7<MX5G"6Y@NJT:*OEP<3%5EXED!6Z/*AR&>/"`8?\)1$1],Q^
MC'+,-PGG=IG\](]N.9:7<9+&E[MTUO)&SY1K0N<*GL-5E]7.+Y;F'"+W!X2-
MC\@^XMG@.<&#;%<1R/U.E=K30=SHL]0/E/55-"#7;;%*RFUX2=U6BB\7:G59
MWNGZWNL99(AA8)'A0I'L;&D<LC*+%,99'L'DQA$`]4QGKC@I/2]V*S]DZ?G-
MO=8X!SFDLO;6PNV3Q,G?K1\<>^(EP)<S;J36GFF2]&LTWU)&4PEX(>%W%MD2
M6AP#K.ZOK22"5\+-/DD>62@-(#7;M`**9N7R`U]/P=_/3II%Z?:-LKMB?UU#
M69:Y,1B$1-(V$PVRU.IU^A+S+%9/Y9NI'IB10@F$YRD'LS)ZB>K?%,MC>3GC
M^2;(<S?V]P^`8_R)HVQ3-G/U-RZ=[9)6$>6PPM(<TDN<T':J\"],.48S(\:&
M=L'1MP]E/`R<W_GQ2.EB,/\`PUNV%CHHG@[WB8U::!K21N5U,?(;2C'>6T;1
M)3-CL6M=FIT^^@P+7%X]_"[#H5DAK'789RU7<NTWC4YHE1%PZ2[2'3<>V'!0
M$^;FU]7?3BU]2^;9J\OKR\X=F6VM[L^G+'PW]E<17$$+FN<X/:3&YDDC:`MD
MVB@JY:>Y]+O4&X].^'X>TL+2UY;B#<V>_P`\/9+8WD$L$\K7!K2UP\QKF1NJ
M0YF[K1JZ&;\LZLO&Z:GDVDM+71&^4>];R270(B2>>:WC&U<@P9.E#$1>+O&*
M0OB=XB1)V1,QA`0X#69+UZP<MGZ>9-D%Q/R)N4L[W,!P`$SL?&V"$,<2`]SV
M#SANJ&RAI.HH-CC_`$3S,5WSW'.G@AX^[&W=GB"'$F%M](Z>7>T5+`UY$1H*
MNB+@*UJ94?NO4-&6D2P]TM5^)?\`?VO-J3#B7K3N)&CP-6MI+-(>^+I\]4G;
M8[3.+90S0H(*(D$?<Y[2#CL_4K@'&7W;,?R*_P`JW*<IL<E*Z6W=']'!;70N
M'UW/>9KIP/EN,0V.:"=W1IO=>GW..11VKK_`66-=C.,WN.B;%.V3ZN:XMC`R
MFUC1#;-(\P"0[VN(&WJX=-5?*",J6P_)'8::G^9I"Z2B#W6K*TQKR4C'"3+8
MJ$[')OFQUB&B`C()$BC3\1?EG""7:')`#.#@_6ZQP/*_6'E8>;VZR-PU^.9<
MQNDC(9?B:,/:7#RO+A`=%J/+D8RFK0N?F?1Z\S?%O2?B[F?1VUA"67[[>1D<
MC2^Q,,A8X`^;YDQ+9.OF,<^IHXE:Z[SEJ+9-DSULUY(33R"MRI;*X96%-U^<
MP<U+\NYN&=/')E/S))K(J'%%<JB@&1,4HF,8HF-X]ZGY#C&:YCE,]Q.[N),9
M?N^H<R<.\V&:7YIHG.=7S`V0NV/#G580"202?5/3FRY'B>)XW"\HM;>/(V(\
MAKH"WRIHHOEBE:UM/++F`;V%K:.!(`!`'2:LUQ.[7O$'2:^B<SF4<`+QV5(Q
MTHR+2,47L@OQVE`$2&`J93&+[S@Z:0#WJ%`>)Z><&ROJ-R[$\4Q((DG?622A
M+886ZRS/]C&]`:;WEK!\SFUY7.^9XO@/%\GR;*NK%`RC(ZT=-*[2.)GM>[J:
M'8P.>1M:2O1!7:>G5JM"UYHX)!056B&S>`2#O.NW_(6R'R\B@S+_`#ERR$<J
M*CP`X/\`,"8YR\\AG[08'!X[C6%Q>`Q,/EXVS@9%&WP:P4!/BX_B<>[B2>J_
M(K-YF_Y#E\EG,I-YF0NIG22._M.-:`=FCHT=F@`=%</YA'1ICA#Q?SA(V2))
MJ$5*"YBQSY`@?/0QRCW(H@82<@8#=HF#GXB7;K5JYXEX^B&S_P#S&[`S1NY0
M*SD%#>ZHLFZY$"JD3`ZZ8D$2]#E#M[AZB4.<D:=5"GN(E-DSE']>3)\X_225
M(0.U9NH0J@*J`W1-RD(K)&-VAU`1$..,>Y/>N@(A(R"T/-F70BWY5`9K-W9S
MM`7!!7U;)'+W*%62.)3I].OID>VJE5;92+9R,PWB$G"<K[+E)%!<"&:*J)_S
M5$VI"B)N?Y?)0/T$`Z=,>/BBEHD>V6.,D<B;=U&N.``4S(H+%5*/>0Q"E$$U
MDQ+\`XZ^@<XZA.BO6.1<MV3=%VH"KA,G:HH43&`?Q#VAW&`#&$I.`$1#J(98
M*%6X1,(K19R352051!DFT67,JBFX)Q[A5!$P!WD$H`4QC!UX^/KR'7*@BO13
M138UE(MW*A70#\J8B@+B94%$U@$H@!BAW"81$?B(`/'/.2*U4**//&?,*_)>
M\#D4U`;@X[?;,/:(_P`OM'GX?XN!XP**5S'N'ZS@[9T54Z2A%"K`HF)?:_`;
MX@4O;W#T^P><C6M"BG,&S(CSN1>@L=/O[4NWM'J42B/>(\*@4HC_``A]^`!7
MJH7?\!U'@.1]1#H(_M]<LBZ5**42<D4]XHI$4`X=#>X/:/<!1_P^H<"//[,K
M35%)&3$'PE^62[05%'N[>%^ANSGNZ]?NX^[%=>B*)S'G.Z,(.$2@J?O[3G$%
M0[O7M)_BX^'4,FFJ:KA[(`BZ!/Y9)7V>T!.J'*@CP`\D-Q^'U]>O7()UZ(HG
MS0SDZ3@BR20*IDX(N84Q#ISP7H/(\&ZA]N".Z*!\Z%@1NT]M)82)%,)UR=Y1
MZB'!"<AP("'V]`R>FB*:LW/*MFSA,2HG`IP]LX#V"`CQW%$`$P=2=.G4!QU"
M+L637Y1N"(F]P>1,<>.`$QN.0`/]D.,D(I;]B5^D5,5!2$AP.4P!W!Z"40$O
M)>0$!^W"=%RQ8IL4A3(8QS'-W*'-P'</'`<`'\(`'PZX15V$3")A$PB81,(F
M$3")A$PB^>?U6&BSWP$\@$D`$3IL]?NS`'//LLMKT5VX'I\"H(F$?N#.H\[:
M7<4RH'6D9^R5BZ[RMI=Q_(@?LM/V/:5XMHZ/>2\@PBHY`7,A)O6L<P;`=-,7
M#UZNFV:H`HL=-(@K+JE+R8Q2ASU$`SYSC8Z1[(V_B<0!\5X@QCI'-8P5>X@`
M>).@"]*$1M?Q&U)M_37B5+;.NKZ'K6DWOBU<H2OUVIO].625WT2$?WBQS-_/
M;6L@S=.+%^7F7<IQJJ30&QRB82F4,7V1F0X_87^/P+KV0Q,MC;/#6L,3C-0O
M<9-X(^;;4AI`I[UZBR[P]E>6.%DNI"UD'T[F@`QN,VTN)=6M2::TTU\2M;#3
MF]M>?3YVCJ_6VWU?\^^-GE[8PFR06R*[&3$9H2N:^.\8RL,V<S31S*5*1N2Z
M3YHW8E<'<.S&,DF<R:G;JQ+D+3B=Y8VF0_XJTOS6DC01"UM01\VK2[4`5J>G
M0K5E^3MN.WEK:7A^IM+QVZCP"(6QD@@$BK2ZA`%23T!H5N!>MFV9CY%;:VK*
M72K6O6SOZ;6T)C2IIFUU.UU24N<5#:D?W*/3KX2CTP.)J?:L_FFKI!/\S`@@
MF"H$4[=Y/>S-RM_?2W,;[(XAYBJ]CFEX;&7#;4ZEP%01\WMU6[N;J9F2N[QT
MK7VIQ<ABJ6N:7#RR\4J>IVU!'S=JT*U?\6=@[:N.CWN\9+;MSM=RL_D9$'V5
M$ZZN^H]'SD)$U^L1\9&6S>&SIN%DK`OJPD:U*F6*0:(QX)I&-W^Z<XAIL'>7
MUQC#DI,@]]P^['F"-\4+FAK0`Z:1P+O*I^KMV^W5:K#W%[<V#L@^[DDF==#S
M`QT<1`:V@=*\BICH/P@`?&JR+>5Y5:]_4`A_$&=J,#Y13F[-:2L.YA;'3JO:
MK!I->IQ+^QI:NL$O(1C`%AN1CNYKY9R3W6XAW]RAT0-RKESS<\I9@)HV9IUS
M&00YC7.AVU=Y;B0*[M74.HZZKDW`D\_D4>%<QN8=.PBA:UQBVM)V$D#\52^A
MZ==2%U>EMB[S)N/S$UJ\W5JV3W19/$EV]A?^$=I@*G7)3?S5E"1D<J>:>NX>
MN2>W(AB9-O)22"_L@)!Y4`$E!*Q]YD?K\_9OR5N<BZQJWRG!C3-H!J2&F0='
M.!HL5C<9'Z[-VAOHG7[[,D>6YK09J`#71ID`H'.K33KH5%KFSTEK(>&24W9*
M0VVXU\%MX0FHIBU3$`I#UWR4=S284Y:;DGZZL+&2RI`?$:JO#%(==4A4Q%4Z
M7-[>>U$G'A+/%]>,;,(RYS:-N*C;4G0'K2O>G>BBSDA;_(A))&+[^7RB(N(H
M)R1MJ3H#^*E?=U(5QZSF;-`V'P9C?+ZUUQ]Y4Q?DW>I)%].VZG66Z0&@W&KY
M]+Y>[6.ORDHT:1C^[G04CTGCD#'3#^4'":H%FSEEBDXVWD%S&<V+UYJ7M<YL
M/EG\;@2`"_\`#4^[NL]HZ>*7C[,U*TYD73SJYKGB$QO_`!%I.A?2E3[NA6I&
MQ=TS^Z/"OS&C=FV^-M+W7?DM07&H(MZ,,BO589[9)6$D&U*8M4FZC:"0@SBB
M";<HHI)*G].\PCU^[R4F1XYR".]N&O=%=L\H&GRM)(.P?LTTTT6GNKV6^P6=
M%W*'F*[9Y8-/E!?M^6G;;4>XGQ6@'B"R<R'E?XSM6:1UES;\U$L!"!R8$FM]
M@73A3]2+=$QQ^XN=2P#7/SN&:T5/U47_`(C5US"-+LQBPT:_41G['`G[E[V,
M^IE[^F$3")A$PB81,(F$3")A$PB81,(F$3"+_]#W\81,(F$3")A$PB81,(F$
M3")A$PB81,(L(;]T75]^T5U4Y_AE)-A5>UBQ))%5=P$S[1B).2E$2"X8+]".
MF_<4%DO02G*0Y?,_57TPPGJIQB?`Y7^'>,J^VN`*N@FI0.IIN8[I)'4;V]"U
MP:YOH?IIZC9CTTY'#FL9_$M'T9<0$T;-%6I;77:\=8WT.UW4%I<T^=;:.K+I
MIZVOZ;>(I2.DF9C';.2=ZL9,L1,/L2L.]$A"/6#D.H&``.F;DBA2*%.0OY%\
MVX/R/T^SUUQ[DU@8;V,U:X:QRL_5DA?0!['=CH6FK7AKPYH_4WAW,N/\ZPEM
MGN.WHEM'CYFF@DB?WCE94ECV]QJ"*.:7,(<<==?C\?OZAQSG4=%VE<_VC]X>
MO]>0BX$!].>GP_3ISZY/Z47/3[`#[_OQJGM3]73]`_?Z83LGPZ_=_=Z>@^F$
M7?U>K6&ZSL=6:M$NYN=E%RH,V#,GN**&$>3JJJ&$B+9JW3`3K+*F(BBF43G,
M4I1$-UQ[CN:Y5F++`\>QTEUE;A^UD;!J?$DG1K&BKGO<0QC07.(:"5J<[GL1
MQK%7F;SM_';8N!NY[WF@'@`!5SGN.C&-!>]Q#6M+B`O0#XS>-<-I'7H_(NFL
MCL.P()+V2S(I!VIJIF$WY#$'63!9O%L!$2E.8H"NL'O')VB"1?UE]$O1G&>D
MN`+'O9<<INF@W5P!IIJ(8J@.$+#XT,CAO<!\K6_E_P"L7JUD?5#.![6O@XU;
M.(MH"=?`RR@$M,KQX5#&G8TG5SLNJ(,&2XGDI!P_?-U2'^49]YC&<-!)PB"K
MSM!8QFJ3AMV&`?F$R%*(@<"]WMJ\<4]HX<JF(TA8\6C;L4C@>MB*+NFK:5<*
M/(F20=F`''Y8=0/YI!Z)`00Z#QP4J--D15PBK-/D#KS+-VW?1S=0JQ)-Q&\)
M-'#)RB(M$WAA33,!3"!O<Y``_$)0*%5L;,5FUARQS9PXAB#\@]%P45)!HX%4
M/;`YD1]KM$B@"F';P<`$H"`AT5Z*5=<]"(SK<B7O>RX;',9)4`!0"&.4O>FH
M0#%'M4*!1]0$.`'[ADBJA3T(5HFNT>K%]Z1;()I'>?B(*YRH@@*JB8&$ICB7
MG@1Y$/MZ8H$7<9*)A$PB814WR;7W_F?ETOF.1'W0('?R(<";G_:$!XY]<(K=
M:L9AO*=XG,HV.J8RJIE0$BB0\]#)"<3@?@>`#CH/W=<J`:^Q344]J,SPI)+A
M`7!5@4.1+O$ORHJ#R3M3'JH'//!>[H/P^&!2J+EF]E1D`0<IJ&(<YBJD%+M(
MF7KR<AP*`=A?@/(@8/O'`K5%6MH0K9T5<K@QDTS"8B?;P;J`@`'.!N#`'/V!
MSDT2J[W)4)A%;"LHD20,`LDA%-84A5[?YX]INSO*/'K]@>H_;D*::=5$\C'"
MKT3E<)`"Q^XO><2JE#@.0*3@1-V\=.!_=D$:J$?R+=%W[9V::YD>PIE5>`.8
M>`-T_"/0.?4>>N2I`7,BQ5>*HN$UDB$633`I%SBF8O(`/!0X-W>O(@'7G!'M
M4+N2,TA001<$(X%$A2@90@&Z@``(AW<B`#QZ?9DHJH`````````````X``#H
M```=```PBYPB81=!/.G[=)$&1%.%!."JJ9!4.3M[>PH`!3=O?R/7CX9!KV4A
M5T49X=BD9\`@N/=_&7M4[.?P"H7@.TXAZAZY*A=CA$PB81,(F$3")A$PB818
M'\H]>K;6\<=Y:[:-!>R5LU;=8N$:@7N,K830+U:N]A?B<DXBW,7[P#-5G+0W
MV&R=HUM7R0/#1_:VDM_UJ+@Y.W-WCKZV:*N?$\#WEII]]%X%C%,0QB'*)3%$
M2F*8!`Q3`/!BF*/`@("'4,^6%\]$4T/5<<!Z?#[,(MK-!>&.[/):&5F=5(4:
M0*E8'E:2BIS8=0K-B>2C&,82[D(ZOS4HTEG[4K&1(8%DDCIB)5`YY3-QO<7Q
M[)YF,R6/E'YBVCI&-<2`#HUQ!(H>H'CX+<8[!7V5C,MH(R`XMH7M::@`Z`ZD
M4/Z547_PLW%K-[(Q]MD=3LWD92;G?G*+7<&O7YC15#6B6\[&MOE)U7YJU'5F
M4@:11.Y^\[5?92-[1^+7/&\E:.D9,^`.;&YY`FC.C*;AH[\6NC>IUH-%:YP%
M[:.+9W0@B-[_`/,;T92HZ_B^84;U.M.BU+X_3^G-!7VK2K*=[TS?-;5'5EXM
M<<S9UW<=>D;30W+>29/5I"'BWY(QXN[:ME5%XQ4CM0"@FL!#F#J`<9S[K'7E
ME!974[0(KAA<P@@D@&AJ!TU\5R[BQGM8+.XE:!%.TN9K6H!H:^"Q9P'IP'&<
M!<17ZEJZ^+ZS=[C2KC@^M&5S0UZ[M0.8X&B-R=1`SR$&9F+P)0RZL0`K`H"`
MH=H<=_=^'.4+*Z-D<@(C]&)/+W5%-Y&ZE*UZ:]*+DBSN3:.OA%_P@?L+JC\5
M*TI6O37I3VJPN/N]?Z<XM3XKC43@/W81?2'Z3>NW>P/.+5"Z;07,70$+/L.<
M4[`.5FUA(%ZPAW1NX!`/_BMEXU,!]0,<!#J&=OX):.N^36!#:LBW2.]@:T@'
M_&6KL_#[9UQGK5P%61!SS\!0?ZQ"]H.?1J]L3")A$PB81,(F$3")A$PB81,(
MF$3")A%__]'W\81,(F$3")A$PB81,(F$3")A$PB81,(F$6,=JZ?H.YZVI6+[
M"IR33DRK!^B)6TQ#.S$$@/8B0`AU&C@H#U`0.DH'10AR],Z5SKT^XKZC8=^%
MY3C1-!U8\?++"ZE-\4E"6N\10M<-'-<-%V_AG.N2\!RS<OQK(&*?H]A^:*5O
M79*RH#AX'1S>K7-.J^-.ZOI_;7U\H\EZ`0VSJJF8ZB:<6B"5P9-^`-VO(`!,
M,F8@F[0,P,NHIQW"BF'0/SM]1_RI<[XDZXO^*M.:P8)($0I=L;_;@_WE.@,!
M>7?B,;!H/O7@'YF^%\H9!8\F(Q&9-`3(:VKS_9F_W?C28,`Z![SJ=$Y"-D8A
MXXCI9@]C)!H<4G3"0:K,GC94/5-PU<D2714#GT,4!SYAN[2[L+B6TOK62&[8
M:.9(US'M/@YK@"#["%]&VMU:WUO%=65S'-:O%6O8X/8X>+7-):1[0:*C_?T'
M[OL^WTSBKD+CCG^[]7PXR44YNW7=KI-6J"SERNH1)!NW3,LNNJ<0*FDDDF4R
MBBASB``4`$1'+Q12SR,AAC<^5QHUK0222=``-23V`U5))(X8WS3/:R)H))<0
M``.I).@`\2MS=-^"VZ-H+MGT_%JZUJACE,M+6MFNWF'"/>4%`BJN<4)1=42#
MW$,Y^4;G+U*H/H/T3Z=_EC]1^;R0W.3L78;!$C=+=,<V5S:Z^5;';(XTU!D\
MJ,C4//1>"<\_,9P#AT<UMC;P9;-`:1VS@Z)IIIYEP*Q@5T(C\QX.A8.J^KFO
M_'.@Z$C"MJ8P6<.7Z22,O9944G,[)+)\&%-PY3213;LC'+WD01*1(HAU`Q@[
MA_17TV])>'^EN.=9\=LRZ^D:!-<RT=/+WH7``-9741L`:-"03JO@GU!]4.5^
MI5^VZS]V!9QN)BMXZMABKI4-))<^FA>\EQZ`@:+,=<E?D7/RZY^&KD0`1$>"
MHJCT(H/V%-Z&^SU^&>FKSLKO+"S624"18LV"BANWYA=R4!%(Z/8H@X-WK$(9
M-)1NF8>T!4'V@*7J8#$@J%;!D99WV-WDLVC4C'(B1-)TB99!QRY<1YFZ30>W
MYQ!Z@HW.'X"N2!^'^9T"-?%2J#N@R)+&(5S*.%B,9INDUY:(_-)'$)=:)6$I
METS)@`G5043*)03^[\)%V@NY5V+[\H;IQZ;WLG(Z4;(_+(.T4B_S6<DL8#H$
M<D*<0,)A`ON$X'\)N[)UU15S!'Y&<:/UWZ+5U+L3.'L0!A.#EP=,0#Y1<ICM
M5!5<E[BE[^X.H%Y`<CNH4Y>W+NF/SD,T$YVC@I9)JY3,=9)`X&[%2%14`12,
M<H@8WJ00ZAQUR:^"*\V3D'C1L[!,Z0.$4U?;4#@Y.\H")1^W@?C\0ZY**JPB
M81,(F$5H.8R1+,E<MW*?:LJ"H=ZW:<B9>.\AD1'N43`.0`"\AQZ\9&M5-=%+
M57A$ID?<1<)K$<`)E`$H-@7`P&]PQ.[O`H'ZB(=.>O'&1I5-:*\\LH3")A$P
MBM-U+)I21BF8)'%%3VQ4,3_S!N!`.\@^G/`\E#@>0^(96NO13\5$_BU5GXG*
M\;D]XQ3$*JJ)5R>@`!$^.3<"'X>!#]F3KXJ%Q)22"#P$E&*;@S<"`99;H<P]
MH&Z?A$..O3GD.<@G5%S*,3NUT7!7+=$BZ2?8DZ5%(Y>@#VD+P;N]>H!\<$5U
M11/I96*]AD0A5CI()>XLMW?S`X[?P`!@'_#ZB(X)IHIZJX6RPN&Z*XD%,54R
M*=ANHE[@`>.>`Y#[!X#D,LH4_")A%;-@7EDS-TX]-<4S@(J*-TA4/[G/`$,)
M2F$A0#K\.>?NR#7LI7"T\$4W:(R!#K/SHE.N1,4P]L!$0+[AN>WW!*'H'/(@
M/ITY5^U0K@;+D=-T'*8&!-=(BI`.'!@*H4#`!@`1#D`'X"(9**?A$PB81,(F
M$3")A$PB81>)3ZDWCJY\<_*J^P[./^4I5]>.=D4)1%)4C$D+9GSIP]AVRAR`
MGW5V:*X:>V!C&(B1(P]#E$?FOF&(.'SMW$UE+:4^9'X;7$Z#]TU'N`\5X=RC
M&G&Y>X:UM()3O;X4<=1\#4>ZBT(SJRZZM\/IB@`^>?CB/`"(6>R=>.H?_F]N
M'QSM?"2?^9L6*Z;C_LE;_BO_`,Q8K]]W_AO67_%N"A)G:7U+!F(:*EAB?%;R
MYF8L9..:/QC)AE:8WY.5CQ=(J_)233W#>TNGVJI]P]I@Y'-KAXXY<ES3S8VN
MVV5R14`T(<*$5Z$>(7+PT;'W/*-S`:6ER145H0[0CVCQ6WLK6-H1".FJ+XY:
M5TQ=/$"P>+"-IO%VV-3V!M82<XK6YUWL>S[(W-',3V&K7*`DF0`W22?(.6RQ
M2%!+L[Q3WCX;Z-F/M<1C;:3`/L@Y[Y&#RR=I+W/E'S->TC34$&FBWSHKIAL;
M;&6,#\(ZTW/<]H\LFCM[GR@%S7"@H*@@]NM,C:YKNO[7XV^)%9@D8=UY;2_B
M-MP/&4M[AXN=UT,E'69N[LS-NPEUD$%-E3,"+@D(N\358LB(KKK$,)2I*\ZV
MAM9\1A(8@PYUUC+]/O`='4.JX`']<C1A.@U)\#GM(K>7%X6*,`YDV4GD;P"R
MH(W"AI\Y'X2:@`$D:4-H^-=9BZGH/QI=T'5.QME35YO5]CO):(I'C_JO;;J9
MNL?:&L;(:XW'9MD6^I/=10R,`X$&R@E0:HE4.Z56()0!3!A+>*#$XDV]E++-
M)(X7`9#')5X=0LE<\@QM`I3H!JZJPXR,08_%&VLY97R2/$X9#'(2\.`+)72/
M88A2M#T'4D:5QH]L5BFO`CR/JVD*JD[H=+\R)VO*59]#:[F7U-T7(4Z3?S"M
MHL]?4L4,T8Q4D_,A_FA&37,U:E`47X($Y#7ODF?QK+6^+MPZVCR);M+6$MA+
M227.%10$T\S<:#HZBPF623CN3BL(?^'CO7-VD,.V$MJ=SFEP`%3_`!`XT'1U
M`K_\MJM)771?D:Y)K><T/!ZVJNMIL=;[7T=KM;746JE(0[!LGXT>1VLI5HVD
MY.8.Y*50CH)+\P*L9'A,ISBCS<_`ZXQ.6/TAMF11QGRY(F&,:@?P)XSJ37VU
MU^&7,1ON+#*4MG6\<3&'9+"S8*$?Y$T9`)/>NZM::5-///GCZ\W7J,^B#XY.
M*7J^Z>1%B8J-YC:CE.KTP'"*J2R5$KKH5I&21$_:!V]EL@`4.@@)(M,Y1$#Y
M[;Z:8<V]E<Y>9M))SL9^XTZG^\[_`&?:O5^"XTV]G-D96TDF-&_N-[_WG?[(
M7W6SU!=\3")A$PB81,(F$3")A$PB81,(F$3")A%__]+W\81,(F$3")A$PB81
M,(F$3")A$PB81,(F$3")A%:-IH-(N[<S2X5&N69`Q.SMFX=C(F*7[$E7*"BJ
M(A]I#`(9H,YQ3C/)H3!R'`6=[$13^-$R0CW%P)'P(6\PW)N1<=E$V"SEU:2`
MU_A2O8/B&D`_$%:_S'A'XRS*@*J:U;1Y^O(0\U8(Q,PC]J+:4*B''P`"@`9Y
M1D/RU>B^0?O=PYD3O^ZFGC'^%LNW[`O3;'\POJ[8-+&\M?*/^]B@D/VNCK]I
M4B+\&_&2+6!<NN2OS`'`$E+!8WR//(&[A14E03,/(?$!#CX9BL?RR^B]C()1
MQ'S3X2SW#V_89:+)>?F)]7;R/RSRHQ#QCA@8?M$=5GBH:MUQ0$RITNCU>M"4
M!#WHF&9-79NX.#>X]*C\XIR'KW''G/4>/\'X=Q5H;QSC-C9D?K10L:_XOIO/
MQ<5YOG.9<KY,XNS_`"*\NZ]I)7N;\&5VCX!7[G:EUI4[ILD\;JMEB]R:I>T>
M.@@/J4Q1Z\&(8`$/O#"+$C]BM'N5&RP=2B`D.'\*B8_P*%'[!#]P],*5>$%(
MI234T0__`!G]L2IB81`5DBAR``;D#`NCQR40Z\``AU#G"*WG\0V9++('@Y%V
M3M5)[J3@ZR*B!TCF$Q4T4"J=R9B)J`4![O<1`"F%0P`I7X(N2+RB)Q<-*XDW
M,W<'D1!8AA[C)MRM99$KQ0WLMW*H&!9%8H%373'J43@)1?!0BJ$FEVC)R[%,
MC!=&,=`LL!6\A$RA>_VI!LU!0S%V5(Q@[E"%*/("!N"]POBBJHF%@GIG409Z
MZ<.(=^JJU*<H-7;5`3E#A%4IE"N6JBA0,!P`O`F`>"]P<R/>BR`DR:(++N46
MR*2[GM%=5-,I3JB7G@3B`!W#R/[1R453A$PB81,(F$5JS%?7?O"/&KDB1^TA
M3E5$Y>P4_P"$Z1TRF$!X^'3K\<BB*CF'<<UDD2.XXSE0B:1U7/N"D*O0.#`B
M`>VMV]O^(0Z],=U*O0ARJ$(<H\E.4IRCZ<E,`"`_N')4*+")A$PBE&11,<JI
MDDS*%_A4,0HG+^HPAR'&$5IRD8DI(B<TDU0%<2&,FNIPJ3H!0["\@!@'C\/(
MEZY4C7JI!TZ+B5E1:OB("Q06]@$P!1P3N66`2A^),P"`%`1Z`/!NO[L$I154
MC"+R3@CLBX)%532[TE@-W)<%#H4"\@(ASU`>.OQP150J*2E%&#A!@5HBX*V3
M13*H[2%15?\``4.Y(0$.WN$..0Y'G"GVJ\DS"=,AC$%,3$*82#ZD$2@(D'[R
MB/&64*/")A%:4ZA/+NTBQXG!KVDX,BN5'M4Y'O,L(G*<>WIQP`AQZ=<@U[(N
MKF))BW=-6CR-"4?-DFZ;E<3G1]Q02%-VID*4?>[C&Y`#!QR/'&033WJ1[U?Y
M>.TO!>T.T."\`':''0O`=`XRRA181,(F$3")A$PB81,(F$7S<^I9XJL?*_3/
MY'7T&9=NT%5U9==R"YT&Y72ZC<"2U,>O5NTB#.V-D"%(8YTTD'J+950P)%.`
M]3YAQUO(,861`?S"*KHSX^+"?!P_U@TG2JZ]R7"_SG'ED0'UD?S1^T]VU\'#
M3K0&A.@*\9\K%2<')R$+,L'D5+Q+US'2D9(-U6C^/?LECMW;)XU7*19NY;+I
MF(<AP`Q3`("'.?.,D<D4CXI6%LC20010@CJ"%X>]CXWNCD:6O::$'0@CJ"/%
M26;UY'.4GL>[<L7B`F,@[9KJMG*)C$,F8R2Z)R*IB9,XE$0$.0$0^.0U[F.#
MF.(<.XT*AKG-(<UQ#AW"FH2<DU.\4;2#YNI(H.&L@H@[71.^;.S`9TW>'34*
M9R@Y,'*A#]Q3CZ@.2))&EQ#R"X4.IU!ZU\5(>]NZCB*]=>OO54E8;`A$+U]"
M=F48%TK[[F$1E'R<.Y7`2F!9>,(N5DLJ!B@/<8@FY`.O3+B>81F$3.$)ZMJ:
M?9T4B20,,8D=Y9[5-/LZ*46:F"&CSEEI(IX@!+%&*_=`:,*)N\0CS`J`L@$_
M4?;[>O7*^;+\A\QU6]-3I[O#X*/,?\OSGY>FO3W>"JVEIL[`)0K&QSS(LV!P
MFBM)B1;%F`4[N\)0J+D@2`'[S<@MW\\C]N7;<7#!(&3O`=^*A.OO\?BK":5N
M_;*X;NM"=??X_%4+.6E(]N]:,)*08M9-$&TDV9O'+9O(-P`X`W?(H*$3=H@"
MAOP*`8OXAZ=<HV61C7-9(X-=U`)U]_BJM>]H<&O(!%#0TJ/`^*JWEFLDC&-(
M60L,X^AF`E,QB'DM(.HMD8A1(0S2/7<':-A(0P@`D(7@!XRSKB=\;8GS/,0Z
M`DD#W#HK.EE<P1NE<8QT!)('N'0+:_P>\0[7YA;HBJ3'HOH^@P2C6;VC<$4^
M$*]6"+_B9-G*A3(&L=B.F9K'H\'/WB=<Q!0;KF+O.-8"XY#D8[9@(M6T,C_V
M6^'[SNC1\:4!6XP&&ES-\R$`BV;K([P;X#^T[H/B>@*]O57K,%2ZW!5&L1K:
M'KM9B6$'"1;0@)MF$9&-DVC-LD4/\*2"0!R/4P]1Y$1SZ6@@BMH8K>!@;"QH
M:T#H`!0!>Z1QLAC9%$T"-H``'8#0+OLRJZ81,(F$3")A$PB81,(F$3")A$PB
M81,(O__3]_&$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81
M=--11)1MVE[2N4N3(*#Z<_XDSCZ]AP_</7]9%B[^<U6_QHKH*?>4Z:A#?T"`
MAD*5?:"K:RL@*K_*DFI>X!35%`PFZ<'(<"J""1S%#G\)NPW7CTY*%:#MFFU-
MVN_SPBJ93$[%$D7*)S^RDC[/N_,%25:ND>6YP,(%4*=+N,`E$X1W4J0F>!2.
M`BTDW;8J+ANLJY4`2#%*B!6:CI)-(RSAI'.OP*&`2+M%"%*(&$`#&G5%?%92
M:JI$44B%(V4C$PC%??[U5!1*4/;%)V8I0=('(4.TW7@`X`1#@1D>Y0KMR43"
M)A$PB81,(F$4A9LW<=OOH)+=@\E]U,I^T?N[@'C"*?A$PB81,(F$5MOZXB^=
MF=?,J)>X)15(!`/W=H`7\!A,'9R4/B!@YR"*HJ*4?2[9\1!HR]Q!(J0-SBV,
MX%7\(<B*H`(E$#=!`!*(<<X4BBN\@F$A!.7L.)2B8H#W=IA`.XO(=!X'XY*A
M<B4HB`B4!$/01`!$/U#ZAA%SA$PBM>2M+..=BS%!=<Z8E!8R?8`$$P`8"D`P
M\J'X$.G0/OR":*:*YP'D`'J'(<\#T']H?`<E0K&<2C]6Q)MD(A`Y4'!43.%F
MISK^P!P`[@'/)2HI@7DQ1X$/3UYXRNM>BE7UEE"81,(F$3")A$PB81,(NCFY
MA.,0[2"!W:H""*?0>P/3WE`^!"_`/\0]/M$"+&/\YTMT[UEUU/O,=10YOZ1$
MPX4KYP>?WTNH;R1BW6T-4*1U;W\R:%/(-W*A&5;V6V:(F!*,E5@+[<59TDBE
M3:29@]I7M!%UPF)'#?H'+^%Q9L.O\?1F4`U!T;(!V/@[P=T/1VFHZ=R/BT65
M#KNTHS(`:]FOIV/@[P=\#IJ/*K>]?W;6%HE*5L.K3=-M<,L*$E!6"/7CG[<P
M&,!%2I+D*#AHX`O<BNF)T5B"!TS&*("/A-U:W-E.^VNX'1SM.K7"A'_1X'H>
MR\CN;:XM)GP7,+F3-Z@BA_Z1X$:'LK0SCK`F$3")A$PBW/\`$'P9W/Y@VI!E
M3XM>NZ]9.P3MFTYMBY+5X1%(2F<LXTW\G_,ED%,P`E'MC]P&.0RYVZ(BL7L?
M'^,Y'D,X9;QEEH#\\KA\K?8/VG>#1\:#5;W"X"^S,H$3=EJ#\TA'RCV#]IWL
M'Q("]C7CEXXZR\7=:1FL=7Q1FD8U/\[,2[T4UIRT3BJ2:;N=G7B::0.'C@$B
ME*4I2I()%*FF4I2@&?0N'P]EA+)EE9,HP:DG\3G=W./C]P&@7L^-QMKBK5EK
M:,HP=3W<>Y)\?T=`L\YM5STPB81,(F$3")A$PB81,(F$3")A$PB81,(O_]3W
M\81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PBM>P0GSI
M!>-2_P#G$RAWD+ZN$R_`/_;I0]/M#I]F%*Q^W<+LUR+H&%-9(W3^HQ3!TY*;
MT$!^&$5]E,VL;054#G;2228E.5%<Z`CR42"!C%`1.@<#"`#QW%YXY`>N12OO
M4*U71W3<YTW,E-H\G.10AFP_C(X<$^:326:KG`S@I#@JF<A?PK$$I2&*H1+"
ME5$1+(,I!)=Q.K+IN5#M)`56HE9*'`.V)D!/[YBL3R"`%$%"@=!7@PB)1]"+
M)^2H3")A$PB81,(F$3")A$PB81,(F$5M2=F:QCOY11NNJ8I2&5.3L*!2G#N#
ML`XA[@\?J#[\@FBFBZ^53GEWR*L>Z*1JN5(S8/F2-^P#%*(BJB<0.J/(\CP4
M_3IQ\,:U045YD`P$(!Q`3@4H'$H<`)N`[A`/@`CDJ%%A%9\E:_D9(8]./5<"
M0Y$SCWB14YC]H@#=($S^YR!OP\B'</[\BOL4T772K#YN=+WSK9OWG2]M`5C%
M=M^A>$DB!_*(H8?X>3`(B/H/Q@C7JBF.G,DI8DR(PB)R(KII?-+,SF,=`#!W
MN!=B`)D`"<B40]!#CJ/3'?HG97[EE"E%<('4.B19(ZR8<J)%4(90@<\<G3`1
M,4.1^(812GCUM'ME';Q4J*"0`)SF`1ZB(`4I2E`3',81X```1'"+KH^PQ<BT
M5>IN`0;HK>PHH\$C8I5.T#`'>H?VQ[BCTZY%475S\W+-U&3:`COS`[T@*@\]
MI5=D4AC=I"@HB=-$!,'XA.90"E*(>O/("3V1<H6]DK)*1GM*"+1)8\C(%$I8
M]J9LF85S"<YN_P!@%2]@'$`Y,(<<\\XJB[J*F&$TBJO'JG6116,@8YD54@%0
MI2G'M]TA!,':<,E%VF$3")A%U,M+(Q:'<;@[@X"""'/4P\#^,X`/)4BB'4?C
MZ!A%BU===XN==8PJ*JFY'I\1Z%*0H<\%#T``PK#Q60*_"?(D!VZ+_P";4+^`
M@A_[SD,'I]RI@]?L#I]N%571A%KYY`>+>CO)VN!7=PT>/L/RY#EB+`WYC;77
MU#\_S82PM0(_:!W#R9$QE&R@_P"\3.&:G+8/&9N'R<A;!].CAH]ON<-1[NGB
M%K\AB['*1>5>VX>.QZ.'N/4?H\5\*]V?0DMS-VZD?'O;D)-QAA762J^TT7<)
M,-2%$3(M&UGKD;*1LNN<OX0,LPCB`(?B-P(B'E^2]+[EKG/Q-^U[/V9:M</9
MN:"#\0U="O\`@,@)=C;P%O[,FA_Q-!K_`(0OG+<OID^<U(.?\Q\?K/,(`<Y4
MW--DJU=B+E*!C`H1M5IJ5D4B'*7H"J*9N1`!`!$`SJ%SPSDUK^/$R.']@M?_
M`+!)^T+K4W%<_!7=CW.'BTM=]P)/W+&C+P>\Q7[@K9#QAWD10W/!GNM;5&MP
MX_VG<C&M6I/VG#.&WC7(7':,)=5]L3Q]Y`"XK<!FWF@Q<]?:PC[S0+9S7/T?
M/-Z]ND2S-&K6L(Q4A5/S>_W.$*F!1$O<3\IJ"UML*;CM'D"JM$BB/03!FZL_
M3_DUTX>9:L@8>\CV_H9N=]K0MK;<+SLY_B0LB;XO</T-W'[0%]9?';Z).EJ`
MXC[#O:V26XYYL9!S_EB/;GJ^OT5R<F.@]1(NYL%C2*<`[3'<,4CEY!1N8!X#
MOF(]-<=:EDV4N#<2C7:/EC^/ZSOM:/$+M^-X-86Q;)?RF>0=OPL^SJ?B0/8O
MM'`5Z!JD-'UZL0T77H&);)LXR&AF+:-C&#5(.$T&C)FFBW03*'P*4.O7/1X8
M8K>-D,$;61-%````![`%W5D;(F-CC8&Q@4``H![@NXS(KIA$PB81,(F$3")A
M$PB81,(F$3")A$PB81,(O__5]_&$3")A$PB81,(F$3")A$PB81,(F$3")A$P
MB81,(F$3")A$PB81,(F$5HS\!\SW/61/_,!R99`H?[X`#J=,/_%``ZA_B_7Z
ME*L5LY79+E70.*:J8\_NZ&*<H^I1#H(#A/%7RBLTL*'<0PM)5(I1'VU3(&.)
M#%.40.4#=Z7>0!Y$IQ3'X>@C"*W'23QL*K==R^3+VD17XC47A2MEW)E53$60
M!10QDE"^ZF4R?"@`9,0-R00@HL@1JKHT<BL[6:O%13,<'$?W&1=I=3(K)$$`
M[3K)<")0$2@8>@\990NJ2M\(JJT3!=4A79C(D751,FBB[(;M,Q="?@[9U\0`
MY0*(=0-D5"FBN?)4)A$PB81,(F$3")A$PB81,(J=5JU7,0Z[=!8Z?\!E$B',
M3_JB8HB&$5@6)O#GEP,ZF%6JI@2!5$K91?V0`I>WM5((%1[B\#QP;@1Y^.5-
M*J?@NTD9*Q(/TV\='_,,P*B"2PI'6*X*)2\G5<E,5-'D>G7MX]<G7L$T5Y!S
MP'/0>`Y`.H`/QX'XY*A6:Y&TGFR^PV;E8D7*!%C%;&(+7N_$8YS"+CO$HCR!
M>!Y]`^.1K5%V)JO%GD1DC_,&6,O\R*0JE]CW@,!P-V@F"G'>'/'=Q]W'3%!6
MJ+KVT58_SGYQW*$^2(L<WM(JJB51$1,)$0;"F5(@>@"(B(A\!$>N*&O5%=+Q
M9%!HX6<+"W0314,JL4>#)$[1`3D$`,/>'/X>`$1'C@!R45A4MM#G>/G3%=^Y
M<(E!,5':)$$P3<'$W<3VU%>\YQ1ZB82CQ_AR`I5^/&35^@9L\1(N@82F,F?G
MCN*/)1`2B!@$!^P<E0NADJE%R2;)`17:-60J"1JS,FFBI[O:)C'`R9Q%3\/\
M7KP(Y%$7S"\K/J3Z"\9[`ZKD?/N=L7J`[T&FO=?/D`BH%^P()$H^[V]0Z\7#
M&!VD*;E%LG)2*8@(*MTP$!SI>=YQB,*Y]NQQN+P?J,(HT^#W]![0-SAW`76<
MMRK&XLNB#O.NQ^JTZ`^#G=![0*N'@OB'MKZN?E]LO\X904_6M5P$HX$Y8VC5
MYG^9)-P.)TDU[%.%E))5R'3O61^6[C``@4N>89#U#Y!>.<+>1EO%70,&M/:Y
MU3\11=!N^9YJYW"&1D,9Z;!J/[SJFOM%/<%IE,^3?D785/=F-Z;:>FY$0*:_
MV=%$HFZB)6[>210)R(_`H9UF;-YBX=OFREPX_P#M'?UK229?*RFLF1G)_?=_
M6JFN>4WDI4G1'M=WUMV,73-W%%+8%G52Y_Z;=Q)+-U`$/4#$$,0YO,6[@Z'*
M7#3_`.T=_6D>8RL)K'D9@?WW']*W@T[]8SS`UJX9-[=,5W<=?15+\VQN\2DT
MG%6OX0.FSL]>",=H.A*'X%72+TI1'DR9L[-CO4/D-D6BXE9<15U#QK3V.;0U
M]IW>XK>V?-,Q;%HG<R>/P<*'X.;3[P5]Q_&?ZK/CIY%_(5ERNZU5M1^+9JSI
M5V=M"1<W).`(3Y:JV]+V(N94,Y4*DBV7(QD71Q`$FQ_Q"7U'`\XQ&:<V![C;
MWQ_4>11Q\&/Z'V`[7'L"N^8KE>+R;F0E_DW3M`U_0GP:[H==`-''L%NNY<+O
M%SK+F%190W`]/OZ$*7_"4/0`#.YKLZOB`@/E^Q\])RX$`,@B8.B`#U`YP'_O
MOL#_``_K]"%7?A0F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A
M$PB81,(F$7__UO?QA$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB8
M1,(F$3")A$PBM6<KQ7G>[9`4CKU42Z%(XX^ST`BP\>H]!^/VX4JP"F7:K@8H
MJ(+HG^\BB9RB("`^@@(817FTE6<RF1I(@5!\7@&[LO*?*@#R44U"&*=%3D`Y
M#N`!'T$!XXCWI17DB04TDR&'N,4A0,;\/XC`'XC#VE(7DP]1X`,E0K&L#15J
M[.89`K*.EE$Q6<K,$ETF+]N!`:>\L"9BF;.3CVB5<`(7D1!0!X*,'WHKS9`\
M!JB$@+<SP"<+F:]_L'.`B`'3!0I3E[R\"(?`1X#D,E%581,(F$3")A$PB81,
M(F$3")A%U;J%BWJX.73)%98.`[S=P=P%_A`Y2F`J@!_T@'"+HY&MOWDJ1ZE+
MJMVX"F)4B@<#MP3`H=B`%."0@80YY$`XYZ@.01[47*LK8PFRLT8<!C@7*F9P
M<JG!T!,`&<@Z!0J!!`G)NSM$WPX$<:^"*M1M,.O(A%HKJ'<&4,B4Y43^P94G
M/<F"G'(\"4>O';]^*HN]75*W167.!S%1245,5,HG4,5,@G$"$#J<X@'0`]1R
M45G-+668;R@(HK123=FJ=.5="4S=)4>$TP4```"K=Q^0*`GYX_4`Q6J*FJ+=
M-V22.O-?GA5@*@X;&*Z,W(!Q,8#G*]33,<R@`(`(%`H!SZ_`/>I5[-6;5DE[
M+1NBV2YY[$4RIE$?M$"@'(_>.2H73O;1#,'Z48LX,9VHH1,Y$DS'*W]S@0,X
M4Z$3*!1Y-U$2EZB`!UR"0.J+S+?46^J9:[K.VC27CG:U8?7S)>0@K5L.!4]A
M_<P(8S5S&U:42/\`,,JUV]Y%GB8E5D#=$3$;!RY\5YCSI]RZ7%X68MM14/D'
M5_8AA[,\3U=VTZ^7<EY9),^2PQ<FV`5#I!U=XAI[-\3U=VH/Q?"HQA,(F,(F
M,81$3&$1$PB/(B(CU$1'/+%T'O7NN,*$_0,)[$_T81,(G(@(#SP(#R`AT$!#
MJ`A]X9(TZ*/>OO!]-;ZG"E-G8+27DS.*2-0>_*0U!VC+JG7>4Y\8Q6[&'N;U
M8YCNZPX#M20D5.Y6-/Q[YC-3"JT]3X=SE]N^+%9J4FV.C)3U8>P>>[>P=^KW
M^75OH7&.5NA<S'926L)H&//5OL<>[?!QU;W^75OI^*8IRE.0Q3D.4#%,40,4
MQ3!R4Q3!R`E$!Y`0SVKKJ.B]/46$3")A$PB81,(F$3")A$PB81,(F$3")A$P
MB81,(F$3")A$PB81,(F$3"+_U_?QA$PB81,(F$3")A$PB81,(F$3")A$PB81
M,(F$3")A$PB81,(F$3")A$PB81='+P;>3()R\(NRAP18`Z'X]"+`'4Q?L'U#
M[_3"+&SQFX8K"@Y3%,X=0^)3A_M$-Z&`?]?&%*N")LJS3M0>]SAN'`%4YY72
M#[.1'^84/L$>0^WX82BOU!=N\1!1$Y%T3@("(=0'X"4Y3!R4?M`0YPH51A$P
MB81,(F$3")A$PB81,(F$3")A$PB814:<>P1<'=),VR;E3D3KD13*J83<]PB<
M"@;DW/7[<(JS"*BD$F*S15*2!`69^T%@<'*FD/!RG)W',8@%$#E`0'D!YPBM
MQW),:VBU;PT*X?`]`54@C$A,W.')2@=1T0JW><W/3H;H'40#CF.G9%T,I(?F
ML]'QQ9Q_'#V)?-QC!N<RC1R4`57(Z?(K`B(I@/!C@"A$^!$0XYR._5%\5/JY
M^9<MKNNGT%KZ>B6]LV6P=FO4E!$*>0A-;J^ZR3B/S3V45TY"Z'*=)0Y#F`L>
M@N02@#A,Q?-/43D1L;5N'M'TNIVUD(_5CZ4][^G[H/B%T7FF;=9P-QEK)2XE
M%7D=0SI3V%Y_U0?$$>9C/#EY2GPPB?Z,(F$*81/TYPH/M3]/CA3XIA%ZJ?HY
M>9;G;E`>^.5_DE7=_P!4PZ3^F2+M0RB]BUH@JTC2LE%C\F5D:8]<HH")C=RK
M)RAV@/LJFSW/T[Y&;^U=AKM];J!M6$_K1Z"GO82![6D>!7K/#<T;VV=CKAU;
MF%M6G]IF@^UIT]Q'@5]M\]+7=TPB81,(F$3")A$PB81,(F$3")A$PB81,(F$
M3")A$PB81,(F$3")A$PB_]#W\81,(F$3")A$PB81,(F$3")A$PB81,(F$3")
MA$PB81,(F$3")A$PB81,(F$3"*E>,FSY(47*8*$]2CZ'(;_:3-ZE-^@X18[E
M:ZZ8=RJ("Y:AR/>4/YJ1?_;I`^`?[0<AQZ\84_I74LWSI@K[K54R9O\`$'44
MS@'^$Y!Z&#"*_(ZSM'7:F[X:+CP'<(\MSB/3H?U3Y_Z70/MPH5S@("`"`@("
M`"`@/("`]0$!#H("&$7.$3")A$PB81,(F$3")A$PB81,(F$5%(OT8QFL]7(N
M=)$`$Q&Z1EE3=Q@*`%(7CXCU$1`H!U$0#"*SY&V'5A@?,3$A55'0()GGD%2"
MLD"8G449HM"O#KB4QB@)A*)`Y'GKQD51=%,'=2,?`D>ILIQ5R91=)Z$DG"M!
M!4Y4R(D;+*-5W)^"_P`7840YX`!$1R.JE5+EJFK,-FQFUC:1D.W(*Y6HBUA6
MWRR?NK*H.%"$</$^X!Y$H>Z?U+D]T73N;(WBXVS6F8GD&L:@U<A[\Q%*1T&=
MJ":B[AP;V2N7[M-HQ0.8P=@=H<=YN!'BCWMC8^1[J,:*D^`'50YP8TN<:-`J
M3[EX;_(?;;_>>ZMC[4?")4[;9Y!Y$M/Q`2-KC=7Y.MQ:1#`44TX^#;()<<%Y
M,41X`1'/EK-9%^6RE[?O_P!Y(=H\&]&CX"@7S]E+YV1R%U>N)H]Y(]C>C1\&
MT6&/Z<U2X"81/]>$JF$3]/TZ9*CP3K\,A3^A,(F$6P'BQNM_X\>0>JMO,UUT
M6M2MD<I8DFY144?4^2,,3<(XJ/(`JH]K3YT1/GGM6$A@ZE#-M@\D_$9:QR#2
M=L<@W>UAT>/BTD!;+$7SL=DK2\#OE:\;O:TZ.'^$GXT7O8:.VS]HU?,UDW+-
MZW1=M'"1NY)PV<)E6063,'0R:J1P,4?B`Y]3M<U[6O::M(J#["O?00X`@Z%5
M&2I3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$7_]'W
M\81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3
M")A$PBMN3K31[W*M^&K@>O)0_DG'_IIAQVB(_$O[APE58;Z,>QYN'*(E*(\%
M5+^)$_V=IPZ<C]@\#]H9"E3&$N_CQ#V%N4OBBJ`G2']1>>2C_P!40R45Z,K2
MQ7X(Z`S-7@.1-R=$1^XY0[B_^D``'VX4*Y2*)JE`Z9R*$-U*<A@.4P?:!BB(
M#A%'A$PB81,(F$3")A$PB81,(F$5J7%P*,0)"F<E,NL1,#-I1C$&```QA*=V
M^'M!,W'4I"F,/W!SD%%9[M)T#"!CFP2PBX`SI04V;&R!W+GZ`$V[6:,2<%+S
MPF':`#R/PYCV*55I-C2=G%0B,>[)%I`0JRT;)>ZLHQ*!$TEW:J*,8W7.MU`R
M13E*`<E*;)[J%&E79ELG)/`8I&E)(Y$4EF<TX*[9MU5!5<G6?OTU2``B0I>$
M4A.("/`A\(HI6M7G,^_X=>%N_I]21D&J[;5]EABE;2"JB:DQ=D4Z8R<F=K-A
M=G%!U/$$A2^V7N#T#J.:'E-S]'QW+SCKY#FCWO\`D'WN6GS\WD87)R5I_!</
MBX;1]Y7EVIWCKXR3GCP]WQ.[WVQ$$K<_3:)<*]'Z0@)7Y"_VVLRU@)'PD@MM
MJ/&7KK0\&Y2^>41:K&`"&^7#N$"^'08?!28A^5DR5R`Q[6.:(F'YW-)T_B"K
M?E.IH>FB\D@QN,DQQR$N1E;M<UC@(@:/<TNH#Y@JT4(KI[EC3_VB7R:(6!.Z
MURWCD;)6CW2-<RMZUS$LTZ4C7VMG7N<N]D[:U:5ZH-HE\D*DI(':LB.3?+"J
M#D#(AKQQK-'RC]'1KV;P2^,?)M#MYJ\;6T/XG4;7Y:[M%Q_Y%E1Y9=:@;F;M
M7L`V@;MQ)=1K0#^)U!72M=%;T_XH;_K9E?S&@BX23FM;0*;R#L]-L\>^>[@;
MOG.LG$5(5NQ2S&7A;HG'+%92351:/.J3VC+%4$I!QS<?R\%3)::;HVZ.8X$R
MU,="UQ!#J&CA\O:JQ/Q60C)W6]1NC%0YK@?-KY9!:X@A]#1PJVNE:KM#^&_D
M<E&6F54UZB1&H/;Y'RC(;KK\)U^XU<9<NQ#U*M_YJ_S!?&=-.U5!^Y@VT@W0
M,D<!/R0P!;_ES,[)Y/I-(R\$;V5/E_CVMW;GAM#4L#@*'717.&R8;*\VPHPO
M!&YE3Y?X]K=VYX;W+`X#Q5H[ZU$TTO/4.%1L)Y\+II[5NTS+N(].+,Q6V/56
M5D4A$TBOGP.DX@SSV2N.X@K@'<*9.>W,65QG\NEMHV2.>)+:*4FE*>8W=3OT
M\5Q\A:ML9+>,RAWF0QR=*?C:'4ZFM*TKW\%?AO"7R;26KS=QK9-DI9X)2V1A
MG]VUXP11IZ,`VLR]TFW+RV(-ZS2T(EV3OEY([2.*Y$6HK?-`9$,XXUFB8@;*
MF]NX5>P?+MW;S5WRLH?QNHVORUW:+E'!Y0&(&VIO;N%7,_"`';S\WRMH?Q.H
M*Z5KHK@9>%VR$Z-MB4L#1_&[$H5MT!6*M0XU.%LC'81-_/;`TK<K`W"$GG<$
M^C5RQ")F;ED=ZU>?,=%2=@B/(9QJ\^DR$DS7-O8GP-8P;7"3SRX-(<"01IH0
M2#7JKC"77D7;I`1<1OA:U@H[?YQ(:6N!I304(J#7J%WNNOI];UN6RJAK^PA3
MJ8RMZ>Q",[DEL+6%U@6\KK.&-)66M'6JE]>-U;4P>+M6[B+]\LBU274=J(?+
M-7*B>2TXEE)[R"UF$<;9!)1WF1O;6,5<VK7D;@2`6UJ`:D4!(R6W'K^>Z@MI
M/+C:\O&[?&\`L%7-^5_X@:`MKN`)<11KJ8F3\2=_+5*;N[>DLGE=@6MOD5UV
M-YUZ_D):$H+M=E<K/48)G:EYZ]4^ON&R@+S$*V?Q?8F8Y7!B%,8.!_R_ES!+
M<"V!B;N.CXR2&&CG-:';GM;W<P.;H==%PQB<@8'W`MP8FAQT<PDAAHYS0'5>
MUO=[06]ZT61(+PCV>36&T=G[#1)1(RD::B]MP$6>4J$U89QO/6*KQ5?C[%56
M-J&W4-M.Q$^J^:.)*/2%P1J8I"&_$)>9#QF]%E?7MZWRF1VPE:*L+G5<T`.:
M';F`AQ(+FBM-%R8\'=?2W=U<`1LC@$@%6EQJ6AH<T.W,J"2"YNM.B];W@K:W
M=U\//'&P/ESNGJNJ*M%NW*@]RKAS7&05Q994W)A,JJI$B8P_$PB/3TSWKB\[
MKGCN'E>:N\AH)_=&W^A>PX.9T^'QLKC5QA:#[P*?T+:_-\MJF$3")A$PB81,
M(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(O__2]_&$3")A$PB81,(F
M$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$4)R$4*)
M%"E.0P<&*<H&*(?8(#R`X16L_JK5?E1D<6JOK[8\G0-]P!_&G^SD/NPI"LY[
M#R##D5VYO;#_`+Y+^8D/'3D3%_@[OAW``X14K9XZ:&[VRZB(_'M,(%-_UB_P
MF_:&$5RM+<Y)P5V@FN7IR=(124`/M$/QD./_`&<)17&VLD4XX`5S-SB(!V."
M"3]ON%[T@#]9@PH7=)JI+%[TE$U2_P"TF<IR_O*(AA%,PB81,(F$3")A$PB8
M1=!-P))LS3W71VZ;4YS]J;5BN<XF[?X5'C9P*7\/7M#@?B'3((JBG_D$0+M%
M^=B@J\;E2*DX4+W&3]DI2IF(3HBF8@%#@2E#@?3)HB[115)$O>JHFD7_`&E#
ME(7]YA`,(NE<V2*;\@58SDX=.QN03?M]P_8D(<_88<*:+YV?5"GGLOX,;]9,
M&@%(,;2EE>X146%JTV=27+HX`'80@)MDCF-_%P`#G5>;MW<6RX'[##]DC"NN
M\L#O^7LCMZT9]GF,K]R\HL/N9.)\<KOH0:^==2X;7I6S`M`2A4R,"5"MV:`-
M#C$?(',Y,_&Q>Z"_S)`3]KM[#=W(>`QY(,PUSB?)J9)V2;J]-K7"E*=]W6O;
MHO'F7H9C9[#R]7S-DW5Z;6EM*4[UZU6PS/S)J+S="^T;;J-278G\<JSHF(:I
M3\"[GZ5-5FH5RLL]FU)]9J58*\C.%-!+'1;N8Q8J!'ZG"@G*!C;=G)+<Y`7D
M^/W-%FV`#<"6N:UK?,;N86UTZ%IH"=:ZK8C,P.OW7<]I5IMA$-6[F$-:T/:7
M,<W=H:`MTW'XY+B/J0)0^V7NQ3ZD<V"$6TCJK7#6I6J^$E5"[`TA9(JVZQVK
M*S3&HPR$K(04]%`NHT(Q:D6%=4H'3(;LSFLYGLOG7?T!=']/'&&N?4[XG!T<
MA(:*D$:B@!J1T*Y,?)`R\?=&SW1FWC9M<^OSPN#HY"0T5+2*TVCJ>G16E3?/
MZ6@M15VF34'=G%^H,)?X.FV^K7V(K,)*$V`\F9)>0OL2XH<W9Y-]"24^Z4#\
MLFXLDDDI[#D.WN,;!;<NDBQS+66*4W,;9`US7AK3O)-7C87$M+C^%S:C0K%#
MR"2.SAA>Q_U,37!CFO#0=Y)J\;"XD$G\+V[NA6(KYYB[)G/E&5#>/-?P3K2>
MKM-V^'(>&GBVEKK>D'I1I11U(0!'$8G+-'+@X(("!T`6$ONG$H'#7W?)+V7:
MVU)AB-M'$X:.W>6S96I;I4$Z#IXE<.?,73Z-MW&.,P1Q.&AW!C-M=1I770=*
M]5E2$\\U8K=TWLX]"D"UZW^/%5\=K-!Q]K9(V1G!UVO5","SU.QR54EHB.F2
MS5.0?)(/(I\T$BBB"A3]WNEYL/*W1Y)UY]*?)?:,@<T.&ZC`T;FN+2`:M!H6
MD=C7JN6S/%M_+=_3GRY+9L+@'#<&AK1N:2T@&K00"TCJ#XKL5_/2&<N;4RF=
M52UZJ4S;/&J280NPKXTG72U1\>[!:9U>KV%=E2XF'>)W4]K<%$C1@S81Q1[2
MM5R<E-E=RUCW7#9+%TMN^2W($CP3MA<XEKJ,`._=V`#?`J?Y]'NF#[0R0N=!
M0/>#\L+G.VFC0#OW'0-`;6E"%>1_J,UQC9-*R,3J:TOH74&QMN7#Y*Q7^L$>
MS,'MVC.*/(5R-"HZNJT'5TJVT>&48^TR<$,)`!0!$XF#,[F$'GXY[+!YB@EE
M=1SVU+96;"T;8VANT=-#[5R/^9(V2V#H[1Y9!+(_YGMJ1(PL+1MC:&[:U&A]
MOBK-#SOAV6K6U`@*3L2#?4NE7?5VLGS#9T"VBDZ%:']D5A#[$:M]9ISUDLU;
MC+,LW<*1DE#,)<"A[S9,@G(;"WED<=C]'#;3-,<;XXSYC:;'%U/,`C!<YH<0
M2US`[NWQX_\`/F"S%O'#*UT;'1QD/;38XNIO_A[G.:'4.US6N[@+K;CYJ46V
MP&VY0VG9YGN#>6DZMI^_VXNR&ZE*0/4W=(40L5:HYJ6609'FT:2@+INO++$0
M/P")@**G?BN.36L\-^[^7O%_<VK8GN\SY/E+*.:S945VZ@N/L439NWE9=R?1
M.%[<0-C>[?\`+\NSYFMV5UV"H+C3LO31]-%JLT\&/'9-?GO4J#]T4!^"+RT3
M[I#]@HJE']N>S<+:6\8Q`/\`V9/VN<5ZEQH$8+&@]?+_`$DE;TYVA;Q,(F$3
M")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81?_]/W\81,(F$3
M")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81
M,(F$3"+IGD!&/!$QD/94'J*C<?:-S]HEX%,?VEPBMAU47).3-'":Q?4"*@*2
MGZ@$.Y,P\?$1+A%;[B+D&G(KM%B``<B<"=Z?_NQ/O)_3A3[E1D442-RF<Z9O
MM(82C^\H@./<GL7:(3TLAP!7BAP`..%@*J'''VG`QL)HNT2MS\O`*H-E0^XJ
MB9OW@<Q0_=A**N3N)?\`O6!@].J:X#^O\)DB_P!>$I[54EM[$?XFSL/U`B;^
MM4N%"F?YNC/_``7O_NI'_P"Z,(G^;HW_`,%[_P"ZD?\`[HPE%+&X,/\`"V=C
M^L$2_P!2IL(J92XE_P"Z8B/V"HN`?JY`J1OZ\*?BJ%6W2!^B2+9(/O*HH</V
MB<I?_5PE!IJNL6GI9<1[G:A`'IPB!4@_5R0`-_3A*!=4=110>5%#J#]IS&,/
MW\B81'"*L;Q<@[X]AHL<!Z]XE[$^/N44[2#^_"A8_P!\Z3D-JZ*V_KP!;FD+
MGK6Y0,.W$0/Q//X%\E`*'.<2(D^7FO84Y[A`!)ZAZAK<O:&_Q61LPVKY(7M'
M[Q:=OWT7#R=M];C[ZT'XI(G-'O(-#\#0KPB+HJMUEFZZ9T%T%3HK)*%$BB2J
M1Q3434(;@2F(<H@(#U`0SY4((-"-0OGL@M)!T<%*R$7U`\5O$W3VXM10MI<P
M6RMR7F7M5GBKY4M/[*UG6+MIBJ1"+0L+:F>L[FQ<3^U'$Z9RHX*FS510!-$4
M0'W>1'O&"P..R&/BG=#+<7+GN#VQ2,:^)HI1PC<"Z6O6@H*"G5=IQ.(L[VS;
M*62SW!>X/;$^-KHFCH[8\5DKUTT[=5A2+\$MRV"GO+I#GAFB;EAL.PTND6=*
MQ0>R+I4=:KR:=CFVL,C`2=9@'C=*&>"2.E9AD_<JLUR-DEQ(43ZUG%[^6W?<
MQN:&D2.8Q]6R/9'7<ZFTM%-IT<X$T-`5P68&^EA,[-NH>6M=N#W-834TVEH.
MA^5SP200`>\V8\$-H0L+*/UK[IAY8(K2H^02FOHZX33F]N=6IUN'M+F:0BQJ
MB4>B\;1<L8PLW#M!PH#-PHF4Z()*K2_BM\QCC]5`9Q;>?Y8<2\Q[0ZH&VE:'
MH2#\I(J*$S)@;J..1YN8"]L'G%@>=_E[0XFFVG0]"0=#2HH3<9O!'9'^4X:"
M91<1-;=G]UZSUNFA%WDP,*X786FIG;!JY:*_(4IBBSE:]#L0=2TF2;.WCR(*
M(`V<<BX3S_\`*MW].V(,:[(.GB9H_1OF1F3:YI9U:!5SM]&T(H>HO_(;KRHX
MVM:Z]=<,CH':#?$9=K@6BA:!5SMQ`H10]18L/X7WBU69M#4;96E[_7@J-LNT
M]L&GVR<E*Q3X&DR4?#V%6S0RE3:[(;.RRLPR08HMH!T>6,\3,Q^8(58R/%9Q
MF[FF;';7EO+#Y;GND:XEK0P@.W#:'@U<``&'=7Y:ZK`S"SSRAEO=021['/+V
MN<6M#"`=PVB3J0&@,.ZHVU%:76P^GKNMQ*W!K*3VOJ]7ZA'Z[EC7B2<7M_5Y
MJ)VLWEG5'FF2=9H-@M$)!/T8-W\V^G(V):19D#$>J('#MS.SA^3+KC?+"R",
M,.\EY:1("6D;6%P!`-2]K0WHX@K,./7QDF8Z2-K&",[CO+2)*["-K'.`.TU+
MVM#:?,0M))J*7@IB6A'+B->.8>2?1;AW#R;&:B'2\>Z5:*N(N9BUW49+1RQT
MA,@Y;JJ(+I"4Z9C%,`CUB6,PRR1.(+FN(-""---"*@CP(ZK1O:6/>PD$M)%0
M00:::$5!'@14$:@T5$W;KNW"#1JBJX=.5DF[9NB0RBRZZQRI(HI)D`3J*JJ&
M`I2@`B(CP&4`+B&@5)4`.<0UHJXF@]Z]^OCMKE746AM/:Q<<"]HVMZ?6Y(P=
M04EHV#9HRZH<<!PK)@J;]N?5>'LSC\5CK)WXXH6-/O#17[ZKZ#Q]M]'8V=KW
MCC:T^\``_>LRYLES$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81
M,(F$3")A%__4]_&$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$
MPB81,(F$3")A$PB81,(F$3")A$PB81,(F$5$O&L'7^_:(*#_`+0D`I_^V7M-
M_3A%U"M5BU.1(#A$1_\`#5`0`?U*$4PIJNM4IQ>OM/S!]A5$`-_ZQ52\?NPH
M5">H2`?P.&APY_Q&6(/'ZO9,'].$5*:KRY?1-$__`%%R!_[/LPI4O_+4S_\`
M`@?J!PV_^39"(%:F1]6H!^MPV_L5R44PE7EC?Q)HD_ZRY!_]AWX4*J)4'XC^
M-PT('_1,L<?W>T0/Z<(JY.G%#@57YA^T$VX%_P#6,J;^K"+LDJK%IB`G^87$
M/7W%>`']B14QX_;A*KMT(U@VZH-$$Q_V@3`3=/\`IFY-_3A%6X1,(O%_]4CQ
MJ>>/7E):Y!BQ!"A;?>2>QJ6NBBFBS16E'HKVNOHD3.8J9H&<=F[2`!0*U<(#
MQ^+/G'F^&=B,Y.YK:6MP3(SPU/S-_NN/V$+Q7EF,=C\K*]K?^'G)>WWG\0^!
M/V$+YOYT]=9^*V_U-Y;K:SKU"B)72VJ-AS6H;`\M6I;E8D+7$66I3CR12F!+
M*.JA98!.XPK:8;).$6C\IA3,02`I[1A)G8L?R`V4%I')CH9I+=Y=$]VX.:2:
MZ[7-WBNH#OT:+<6F7-K';L=8PRR0NW1N<'!S2377:YNX5U`/VT5U2_GWMBU5
M20AKO"5ZV6=0-AI0UW<RMZAG4,CL^;E[#8Q7JU;MT12K`\C9B>=KPZKY@L,<
M=7@2K%*F4G(?RW(30/CN8F23'S*/J\4\PDN^5K@QU"XEI(.VO?2F23/W<T+H
M[B-KY?GH^KP1O)<[Y6N#"022TD';[58S7R^V"SWI1M])UZFJS](H=<UN6M.V
M$F[J%DJ4%KL=8.HRR1R\L9V]2L-7.H5X4BZ9#*J"9,I``I0X@Y#=C)VF4$,?
MFQ0MBVD$M<QK/+(<*U.YI(.O?18AF;@9"#(>6SS(XPS;0EI:&>60X5J06]=>
MJNF-\]-T1%@F+7'LJ>2PS/DB/DPY>N(V2<H!93U"T45S309'F`0-0W=6MKIF
M=N/_`)P$0(4CDG'.<B/E>2BEEF:R/S7W8G)H>NUS=E*_@+7$4ZT[K*WD%\R5
MT[`P2F[,]:'\18YFVE?P;7$4Z^U0USS2DJ)/%7USIK5M!ICRE6^A6:F5TUT;
M.+5"WJ8A9Z<<2E]"UA?D):.DZ\S/#+-Y!(D21$")IF*=8%8AY(^UEW6>.@B@
M,;F.8W>-P>0XDOW;Z@M&TAWRTH.IK$>;=;R5MK&&.`QN8YHW#<'D$U?NWU!:
M-I#AMIH.M9M9\VK!6]B/]AHZQIRC\JM-6JX-K/M*-FJN%#.Y4AV'^<FE[+:K
M)"S2KHZDXRDW+I"46X.`("`9>+E,\=RZY^BC+JLVT=("W9T&\/W.!ZO#B0X^
M"B'-/BNG70M6;JMV_-("W9T&[?N<#7YPXD..NBU3V#=YC9=[N6Q+"E'(SUYM
M$[;9E&'9!'12,G89-S*ODXUB517Y1B1RZ,"28G.8I``!,8>1'K]Y=27MU<WD
MH`EE>7$`4%7&IH.P6KN)WW,\US)3S)'EQH*"KB2:#PKT6_7TK/&MYY`>5%5F
M'[-4]"TPYC]F6YX*9A;+R,0](M2J\*HIJ(&<3-D036.B<0]V/9.^!Y*&=IX-
MAG9;.V\CV_\`"VQ$CS[0?D;_`'G4T[M#EV'B6,.0RL4CF_\`#P4>X^T?A'Q=
MK[@5[-L^C%[2F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB
M81,(F$7_U??QA$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F
M$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB
M81:<><7B/7O,/2<E0':[:'NL(LI8]:VA<AA3A;4W:JHIM9$Z2:C@U>GD#BU?
M%(4XD*8BY2'503+G7>3X"+D.-?:DAMTWYHW>#J=#WVNZ.^!H2`M-G,1'F;%]
MLXALPU8[P=[?8>A^WJ`O$SL+7UQU5=+%KW8$"]K5OJLDO%3D,_*4%FKI`W\:
M2J1SMW;-RF)5$'"1CHN$3E43,8A@,/S7=VEQ8W,UI=1%EQ&ZC@>Q_I'<$:$:
MC1>'W-M/9W$EM<QELS#0@_Z:CP(T(5F?'..L"81,(G^G">*Y_0<(N,(KUUUK
MNY[8N]:USKV!>V:XVV31B8.&CR`95PY5Y.HJLJ<2H,V#)N0Z[IRJ8B#5NF=5
M4Y4R&,')M+2YO[F&TM(B^XD=1K1W/]`'4DZ`5)H`L]K;3WD\5M;1ET[S0`?Z
M:`=2>@&I7ML\(_$ZO>(&D8C7;%5K*V^443L.Q[.@D!0G+8Y:HI.$F:ATTW(P
M4,FF#9B13@?;*942E454#/I3C.!AX]C([1I#KAWS2._:?3MWVMZ-^WJ2O<<)
MB8L/8LMF$&4ZO=XN/]`Z#V+;_.PK<)A$PB81,(F$3")A$PB81,(F$3")A$PB
M81,(F$3")A$PB81,(F$3")A%_];W\81,(F$3")A$PB81,(F$3")A$PB81,(F
M$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB
M81,(F$3")A$PB81,(F$3"+03S?\`I_ZQ\RZZD[>+EI.VH%FHA5-B,&:;DQTN
M14)!6Q@4R)YROJ'Y[.%$W+,YN](XE%1%7JG)N)V7(H@YQ\K(-'RR`?ZKQ^LW
M[QU'<'09SC]KFH@7'9=M'RO`^YP[C[QV[@^2WR,\2M[>+%C-!;=I;N+8.':[
M:"N4;WRE)LY4A4$BT'8$DR(&5612%7Y1R5L_23$!503],\%S&!RF#F\K(6Q:
MTFC7C5COW7??0T<!U`7D63P^0Q,FR\AHPG1PU8[W'^@T/L6MGPXS3+5^Y,(F
M%"84K9;QP\1]\>5%C)!:CI;R1CD723><NLH"D51JR0YT055FK"LD9`5T$5P5
M^3:E<R"J8"*3=3@<W.(P&4SDPBQ]L7-!^9YT8WWNZ>V@JXCH"MIC,-D,M(&6
MD!+`=7G1C?>?Z!4^Q>M3PC\`M7>&E=4=1RA;GMB=8D:VS9$@R(V7,@8R:JL'
M6&`J.!@J\5=,IC$]Q1PZ.0#K'$`333][XSQ2QX[$7-/FW[A1TA%/[K1^JW[S
MU)Z`>O8/C]IA8R6?/=N'S/(U]P'9OWGN5OMG:EODPB81,(F$3")A$PB81,(F
M$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81?__7]_&$3")A$PB81,(F$3")
MA$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(
MF$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81=)8ZU7;A#/J[:X*(LL!)HF;
MR,+.QS25BWJ)P$#)N6+Y)=LL7@>G<4>!ZAF*:"&YC=#<1-?$X:AP!!^!5)(X
MY6.CE8'1GJ"*@_`KY<[=^C;X@;)</I.KL;=J"7==RB846916KJ;@W/XSUNQ,
MY=%-OW#R*319F7IP42AG1\AZ=<?O"Y]NV2WD/[!JW_"X'3V`A=6O.&X:Z+GQ
ML?"\_L'3_"01]E%I=,?0*-[PF@/)\H-Q,/",QJ03+)DX_"`N66Q"D7-SZC[2
M8?=G7)/2HU_A9OY?;%_2)/Z%I'^GXK_"RE![8_ZGA10_T"A!8#6#R?[FY3?B
M1A]2=BRA..H`Z>[$.1$W/Q]E0/NQ'Z5&O\7-_+[(OZ3)_0C/3\5K)E*CV1T^
M\O/Z%NEJ#Z-_B!K5PRD[1'6O;\PU`#G_`,^2Z*==.X#C^8G6J\TB&ZB`"'1)
MVJ\+]HFSLF/].^/V1:^=LEQ(/VS\M?W6@?825O+/AN&M2UTD;YGC]LZ?X0`/
MMJOJ)7JW7ZE#L:]5H.)KD%&HE;Q\-!QS2*C&2)``"IM6+))!LB4`#_"4.<[O
M###;QMA@B:R)O0-``'N`7:(XXXF-CB8&L'0`4`^`7=9E5TPB81,(F$3")A$P
MB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(O__0]_&$3")A$PB8
M1,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")
MA$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(
MF$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A%_
M_]'W\81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")Z81:=[*
M^H#X;ZDE5X.[;]I;>8:G%-W&5W\XO+MDL!NP[=^G1XNQ?(.4S!^))84U"?$`
MSKM[RSCEA(8KG*Q^8.H;N>1[]@=0^PK3W6?PUF\QSY",/'4"KB/>&@T^*Z6C
M?4A\(=B2J$)7?(6H-Y%T?VT$[6RLM#;*J"')4R25X@Z[&"HH(\$+[W<<WX2@
M(],QVO,N,W<@CBRT8>?VPZ,?:]K1]ZI;\DP=R\1Q9%F_^U5GWN`"W8;N$':"
M+IJNBY;.4DUV[ANH19!=!4@*)+(K)F,FJDJ0P&*8HB!@'D,[*"'`.:06GNMV
M""`1T4[)1,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB8
M1,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")
MA$PB81,(F$3")A$PB81?_]+W\81,(F$3")A$PB81,(F$3")A$PB81,(F$3")
MA$PB81,(F$4ARY;LF[AX\<(M&C1!5RZ=.52(-VS=!,RJ[APNJ8J2***11,<Y
MA`I2@(B/&0YS6M+G$!H%23V"@D`$DT`7DA^H;]3>[>0EEG]7Z:GY*J:%BW:T
M8+R+4<1DUM$S97VU9B8<%]E\TK#E4@BSC@%/W4>U1T45#`BAX%RWFMSEYI;+
M'2F/%--*C0RT[N/4-\&^&KM=!Y%R/E,]_)):6,I98`TJ-#)[3W#?`=QJ?`?(
M3].OKGGZZ:J@S1T1LF].V7(S75.BBZ,BH#959,!,=%-<2@FHH0H<B4!Y`,ML
M>&AY8=GC33[>B4-`>Q7T1\&?J)[1\2;3$PDS(2UWT4^>)HV;7[ER#E>$;.#@
M1:>HJ[TW_P`*I>/Y%468'392!0,DK[9S)N4>V\8Y=?8"=D;WNEQ9/S1D]!^T
MRO0CK31KNAIHX=EP/);O$2LBD<9+`G5OA[6>!'AT/30ZCV25"VUR^U:O7:GR
MS6>JUKAH^?K\RR,8S62B91LF\9.DN\I%2>Z@J`B0Y2J)FY*8I3`(!]$V]Q#=
MP0W-O('P2-#FD=""*@KV>*6.>*.:%X=$]H(([@Z@JX\S+(F$3")A$PB81,(F
M$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB
M81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81?_T_?Q
MA$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81?,/ZNNXI#4WAG;&
M$*]6836V)^%U8V=-C`5=*+F4W\S:2=>OL2-7@';%00Z@5WTX'@0Z3Z@9%]AQ
MV=D;B)+AXBJ/`U<[[6M+3[UUCE]ZZSPLXC=225PC'N-2[[6@CXKR#4FBW/95
MFC:9K^K3MSMDP+@(RNUJ,=R\N^^4:K/79F[%DDLN=-HS;J+*F[>U-(AC&$"@
M(Y\_VUK<WDS+>T@?).ZM&M!)--3H/`:KQN"":YE9!;Q.?,[H&@DF@J=![!7W
M*]K=X^;PH%LJ5%O&JKS4;??7K.-I<!8Z](0[^SOY"1;Q#1I"D?(HD?K*R;M)
M'M3$PE.H4#<=P<\N7#Y2WN+>UN+"6.>4@-#FD%U3333759KBPOK66&"XM7LG
MD(#`10N)-`&UZDD@?8O3[YL>-MCIGTUZMXS:<H$[LF?AW&L:Z1K5:^M,RAGT
M1)!:;9<C-VB*BK$LM*1KD5E@[0`S_P!H1X4X'VKDF'FMN'0X;'VCYI6^6VC&
M[C4'<Y]!TJ0:GVT[KU/.8R6'C,6*LK=TLC?+;\HJ=#N<[V5(-?WJ+RG7>A7;
M6EC>T_8=2L5)M,<")WM?M$0^A)9NDY("K9<[&11;KBV=)"!TE``4U"#R41#K
MGA5S:75E,Z"[MWQ3CJUP+3]A7D]Q;SVTKH+B)S)1U:X$'V:'L?\`T+U`?0ZV
MW)W'Q[ONK91<7)=0W-J>$,=0QU&U>OR,C+HL>#"/:BC.Q4BH3CIPL(?#/;/3
M*_?<8F[L7FOT\@V^QLE33_$''XKU/@MXZ?&S6KS7R7Z?NNJ:?:'+ZT[=V[K[
M15`F]H;2GAK5'KIXM.8FBQ<Q,BT/,RS&#C@_+H%A)RB_S$G(HI_RT#]G?W&X
M*`B'?<AD+3%6DM]?2[+5E*FA-*D-&C03U(Z!=NN[NWL;>2ZNI-D#:5-":5(`
MT`)ZD=EYFI+Z@I)7QHOT"7R"OL?N3:7EL>P>ZB]V`B]USHM:4(^!6#G$(I5F
MTAVZ3,J7Y6Q6!R*:_`(#P8@^*OY9OPMW#_-IADI[_=UDK'#6ORN`H!I3:TUU
MZ+S5W(VOQL[/YE(V\EO*_KU9%N!T--`!V!KKT7VH\B?-JU:[H6K;MX\^.^Q_
M)V*V_59"S5N<IT/;DH>"8$0A581W9FC.G3$VV_.49@54FRR3-8Y6RA>X@\F+
MZ3F.33V=K8W.(Q$U['<1ES7,#Z-&FTN`87:UK0[3H5W3(YJ6VM[6?'8Z6Z;,
MTN:6AU`-*%WRDBM:@4!T/1:N?1OW7MC=\5Y,6+;-TL=LE27ZKNFC:<D7SIG7
MC3#:T/9&-@HYVLJE"1I7!2E*V1`A"%3*7C@H9H_3K)7^29FI;^Y?(_S6$;B2
M&[MY(:#^$>P>"U7#;^\OX\G+>3.>_P`T:$FC:@D@#L/8OM0<X)D.<0,8"%,<
M2D`3'$"@(B!2AU,8>.@?$<]*)H"5W16O1K:TOE0KMR815A@V=EBFLLVB+9#.
M:]98Y)V3O(UFX-[_`.:BY!(.BB*GXB#ZYQ[6X;=V\-RR-[6O:"`\;7"O9S3J
M#[%BAE$\4<S6N:'"M'`M<*^(.H/L5U9R%E6"]Q>0M#TN[K,#,M;5;K[=SO24
MC6.NJZYMM_M1(LJ2DL\CXA!1LS81,2@L"CE](.63%$O0RW=P4=7D<Q:8UT$4
MC9)+N6NR*-I?(ZG4@:``=2YQ`'BN%=W\%FZ*-X<^=]=K&#<]U.M!V`[DD`>*
MZ;6/DW2=C7-WK.2K6Q-3[/;Q:T^UU[MRL)5>?G:\V520<SU7>1TG/5BT1S1=
M4"+_`"$@X6;CU53(7KF*QS=M>7+K)\$UO>ANX1RMVN<WNYI!<UP'?:XD=PJ6
MV2AN)C;.CDBNJ5V2"A(\6D$M<!WH33O1;&YN5L%A2>WS3H&P[5JHQMOFK#J"
M@0.Q[+$5NNN)N1D8.R#8PB6=88LU3.YV=<'J[DH-2$*83"0`$>[IK)<M;137
M]OLD=-;PMD<&MJ2UVZ@:!JYWRG3W+B/O8F/NH]KW20QAY`!)(=NIM`U)^4Z#
MV+,C5P5TV;NB$62*Y01<%2<)F173*LF50"+HG_$DL0#<&*/4IN0S9-.YK7`&
MA"Y0-0"I^2I3"+#6X][4/2+&`/:S3LO8;C)JPE$H5,@WEIOMZFF[<7CJ.K%<
MCP]YS\DT#W7+E<[=BT3$#+KI@8O.MR.5M<6R(S[W32.VLC8TND>>I#6CK0:D
MFC1W(7#N[Z"R;'YNXR/-&M:"YSCUHT#P[DT`[D*R:!Y44NXWR.U=9J9M+3.Q
M+`QD).H53<-3;UU>[L(=N#N:5J$W"3-FJLTZAFQ@4=,R/P?(I"*@H^V4Q@XU
MIG;:YNF6,]M/;7CP2QLS-N\#4["TN:2!J1NW`:THL,&3AEG9:RPRPW+@2ULC
M:;@.NT@N:2.I%:@:THMF\W:V281,(F$5EW2[LJ02KG?0UHF0M5TKM(:EJT`\
MGS1CVR.%&[:9GRLP$8>KQYDA,]?J_P`EJ00$_KG&N;IMJ("Z*1WF2M8-K2ZA
M=T<ZG1H_6=T"Q2S"'RZL<=SPW0$TKW-.@'<]`KTSDK*F$3"*P(/9-;L.PK]K
M./%^-FUO%TF7L@+M028`TOZ-@7@/D'?NF%TJ)*TY]XO83VQ[.IN[IQ(KV&:\
MN[)E?/A:PNTTI)NVT/?\)KX+`RXCDGGMFU\V,-)\*.K3_9*PUNOROJNAE["I
M<=8[UDJY5HA&;G+W4M9O9ZB,8Y1N5RNLK92/FS0OR!#=KCD`!(X"`CFMR>?M
M\4Z7ZFRNC"QNXO9&71@?O5`T[^"XE[DXK$2.FMYC$QM2YK"6@=]?9W5X:EWL
MRVZ\>-6.K]UT9!K%(2Z$MLW73ZFP\JW<*I)I(Q#]TZ<)OG9B+`I[90`?:`3<
M\!G(Q^59D7.:RQN8@&UK+&6`U\"3J>_N6:UO!=$@6TS`!6KVEH/N6=,VJYB8
M1,(F$6F'DQY?Q?CK:-:5N7I]M53O-_J]:+.A5I*:A)N+F6LO^9,*>XKKIV[7
MNT?(H,42,WJ#<BP/`,E[I2G,GUK-\B9AY[*%]M(1+,UN[:2T@@U#"TD[P=HH
MX"M=*ZTU&1RT>/EMHY(GTDD:T':2#6NC=M3N!IH0.NG>FV=:F5K#`1$XX@IR
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MBNF<ZA=)AXY&](YFD^XAS?TD+XZ?1]_^GPUA_P#B[LO_`/(&?SSWT]_^:++]
MR3_8<NE<._\`F"T_=?\`[!7I.V.W;N/._P`:?F$$5_8T?Y!N4062(K[+A*=U
M,*3A+O*;VUDA$>TP<&#GH.>QWC6NY1AMS0:6TY'VQKTVY`.?QE1TMYO]J);L
M9V5;M>5/ZZB*)/)K6JQ$DRJKZ7C?>4*4I5%?;N%M*G[A@`#'["CP'/H&>%^I
MX'\ZLS37Z<?[3EY/ST#^:6IIKY`_VG+9_P"@?7WS>H^2=J43.6-E[%K:`9J"
M4034>5Z-N$A(E*;G@QDD;,VY#CIW!]N;OTKB<V#,SD?(Y\;1[VAY/^T%MO3^
M-PM\E*1\CGL`][0XG_:"^M'F3<MO:\T!=[QIN*U[+3%3B9NQVI/8ZTLE%,Z+
M`U>P3$[(PQ(@Q%7=H:.&+86:*H^P<1-W\=!#OG)+C(VF)NKG',A=)&USG^96
M@8UKBXMIU<"!0'3Q7<,O/=VUA/<6;(R]C2X[R0-H!)(IWTT'1>='6M9\HBPG
MTV]00-.T@Z3DK5</(?2Q)21L8/+.Y@7#J_JK;;<HI"2/8-VJZA&:4>43*)E`
MJA@,`#GC]G!G/*X=CXK>V.Z1]Q#4NJ[:?,_BGL`.@;VZZKSJUCRHBXO91PP4
M+G31U+M:5?\`Q--.NE*KU@PQ7Y8>*+*H,6LH$<R_,VT7W_EK>0^62^=1CQ4_
MF"R2<]P)=WXNP`YZY[U%O\N/S`!)M%0.E::T]E>B]5;NVMW`;J:TZ5]B^$OT
M,/\`[Q>57_T1*?\`_*=MSRWTP_RL[_[5GZ'KHG!?\O+?^V'_`%E]XWIC%9NS
M%$2F*V7,4P#P)3`D<0$!#J`@.>IN_"[W+OJ^,>G5KMN9_P"`5,M6T=DHUF\>
M(-_MFS6L/=+!$2>P7,3+:Z3:IS%@CWS><;.3O9`IE7K9PB^,W!5N"Q4G"H&\
MWQQN<D_B=M<7TP@EQ\CI`'N!DH64JX'<-3J00ZE16A*Z?9.GO#@(I;J3RWV3
MW/HX@O(,=*D&O4]00:5%:$K<3Q)-)UG8GE9ITECLT_2=4[.J2&OT+=/R5JF*
M]#W#7L)9W\`G8IQP]G9"*92KE06H.W"ZJ1#B7O-G8N/[X+S/8X3/?:V\[/+W
MN+BT/C#BW<ZKB`>E22/%;;%;H[G*V?F.=#%*W;N)<0',#B*FI(!Z5)5'23,F
MOU#=Z)VH#%L4IX^:A5U(H[$P$5HT?/6Q/9C:&%0P)F,2X+1:CLJ8";CVS&Z<
M96UVMY?E!/\`YSK2+RJ_L!SO,I_?VU^"B':,_?>;_F&WC\O]T.=OI_>+:_!2
M_+,Z*^]O!*/K9VW_`!.#R`EY-F5,4_S1+5#+6=P)MM0WHH2&5CUF2:O(@0[@
MR(!R8`#(Y`0<KQ9D!'UWU9(\?*$;_-^%*5]M%&4H;[!-C(^I^H)'CL$;_,^%
M*?&BU`1IMAG?"O=?DE-;=W(OMK7;SR$M&LIQCLFT1<?24];7VY*0D(C6V<B6
MN6.-?FA03>C+M'RJK97V$S))II`3KK+:67C61S4N0N3D(3.Z-PD<`SRWOH-H
M.UP--=X<2#0$`!:IT4KL-?Y%]W-]7'YSF$/<`W8]^T;0=KAIKN!J--!2EZ;I
ML\]&6/Z@MQAI1]!V1KX):AGH^7AW2\=(1DJ$;N=ZB]CGC51-PS<-G`]R9R&`
MQ!`!`><Y.1GE9<<NN(WELPQ<+@0:$&DIJ"-0L]]+)&_D4T;RV46$9!&A!I,:
MA91AZ2^WAY2;?IEZOVQS:TJ^C_'*<+0*Y>K14(Z3M%F;[$(:==RU6E8BPMQ:
MDBC&.W;ND4'JYTU')51;H@7GQVKLIG<A;75W-]%':V[O+:]S`7.$GS$M(=I3
MH"`XT+JT"Y+(G7F4O89KB3Z9D,)V!SFC<[?K5I![=`:'J:T"UR':VXEM>Z7T
M<R-MG9<;,^3'D[J>==4^ZU^L;;N&O=$/+4K5::IL:TS=809/)5BS2/)OTWK6
M3=1T6NFBJ"JHB.F^OR)L\;BVFXG8Z]N8G%CVME?'`7;6>8XMH2!\SJAQ:T@&
MI6N-U=^39V0\Z5INIXSM<T2.9$7[6[W.;J0!N-0XM::&I6U?B>;:E8W%L2AR
M]#V3K[4;VCPEPJE/W!MVB;0MU1M"<Z[BI=M774+LB_7,U(L;%PFL0TFH=%N]
M9*$25#W.P=]@/KX,C>6DEK-#CC$'L9+*R5[';B"&D2/?L<-?FT!::'5;3&?5
M1W=Q"Z"6.T+`YK9)&/<UU2#2DCW;2*'YC0$&G5=Y,':M?J04PUM,S*E*>*=I
M9Z@%Z4.#V9GL*,>;&;0YE0$@SHU@6:JOM<*_EY#\_@[LS2%K>96WU!%'6#A%
M7]H2`R4_M;:$TUVU5GT'(H#+36T<(Z^(>"^GMV[?;13_`#F/'*LO&6.9E!78
MSORWT<XURDU*<\J16-LA7EY>I%0_GEA6>O"2?YD<W_ERMS\*#^(N3RG86X1C
M?_.'(0^73KHZKS^Z&;MW:G53F]I;C&M_\P;N+9XZ.J_X>7NK[%KC%NM@Q=*\
MV/)Q_LB^V&P>/FR?+IGI:C*3[\M&K@P,?/`C(3T`10Z-O,R&2[6J#WO9Q[5H
MF#=$BG<H.FC-VRVY+FW7LKYK2>[$+-QV-VAVKF_KTKH':-`%`.JUS77#(,UD
MW7#W26\EQY;:G:-H-*C];V5T``H`=56[3U<.HM6>/>T:EO+;SF\7;=?C'&7Z
M?E-H668C=S,[SL.I+SC-6NR$HXKT(W6(JH[0)"-V(%CTE6Q_=;**E&U]8?R^
MQQ%_;Y2X-U+<VPD<97$3![VDC:3M'B-@;\H+34$J]U;&SML?<PWTQF?/`'$O
M<1('2-J*$[17K\H&E1T)5N;X6<713RGNM70\E=O3NMG-UCJ[?*IL9MHS4?C_
M`#="K2;I]`1+,VT(!_L"2JLJV,\E7H5Z8([5_P#+E#@.T<&5K<G.W,`O;B6$
MO#9&R""*`QMJ6@>:TR%IU>[RWUZ+'?N,W\TFB%S+)'N`<U_EQQ%K>@&]I<6G
M5QV/KT]BOJHIV;R$V_X_UZ_[!OR-1LW@52-JWJL5*V35+:7:XO[-7T#NY5_6
M'<7,1Z!EIA194(YPS57,FDD=06X'14Y=N)LQD,3#=W<WT[\2R5[6/<P/>7-U
M):01U).T@F@!--#GB\V_O+".>X?Y+K%KW-:XMW.)&I(((Z]B*Z`FFAQZE<;S
M4(*$U]&WRZN877WU3=9:=@'LK9Y>2L*^KI!S$RAZ3/3[IT>4L4*E^;J(=KU1
M8ZK<I"*F/V@.<07-U;Q16;+N4Q0YV.%I+B7>4:'8YU:N;K36M1UJN.)IXHVP
M-G?LCR;(P223L):=I)U(UIK73K596VEJ.)V[OE?5NH+[N:$DHJP-;UY%;"BM
MX;;_`"/7T-*/1F6&L:=7DK>2KM;WL#N,5-`J`M*]!E47]GW3LDS<Z^QT>0RI
ML<==W+7M?ON)!/+MC!-1$QN_;OD\*4C94TJ6A<NZMFW=Z;6TGF:X.#I7B62C
M`34,:-VW<_PI1C*FE2T+&5FG=E;JWCY%PTIJ?R.V+`:CNC#6^NTM+;PJ&I8V
M@"UJT+-#;'328V?1Y>S72;=R8.DG,DUD8PC8J:1"'_G`/"GDO<GE,Q')87DT
M5O((X_)F9$(Z-!WD&1A<]U:@N#FTH*=5QI)+B\O<BQ]I<R,B>&,\J1D8;\H.
M[61A+B36K@YM*`=UWFLI+:OD);/'O2GD#9K5!Q\7H"_;+O,?2=@Q42^VW:ZI
MM*'UM`+62[:BL*Y%&4?!+?F+]E#RB)!E'0`O^%($\RV+[_,3XC&Y>:1C&VCY
M'AD@!E<V41MW/B=T#?F<&.'S'7I16MG7=]-C[*_D>T"W>]P:\`R.:\,&YT9Z
M`?,0UU-QUT%%FKQ9I:.O?*GS*J3.X6&WQ<97?&88<UJF'%BGJW%NH?:SMK57
ML^_,M+S"45[PF;K/5G#SY59(BBJ@E[LV>"MA9YWD=NVX?)&UEM3<2YS01*0T
MN.IIV+B30BI*YF,B\C*YB(3.>T-AIN-2T$2?+4ZFG8DDT.I*R3Y^_P#TEODO
M_P#0EM/_`,J!G-Y9_P#+>9_]@Y<C._\`YERG_L'_`.R5:_E)>KA3M`:>A:7/
M2%.>[9V9H73,O?8CV2RM#K&P96/C;!98I=TU=LV<I\@D9DV<*DX;KO"*%$%"
MDSCYRZN+;$XV*VE,;KB>"$R#K&V0@.<*@@&F@)Z$UZT6/*3S0V-JR&0L=++%
M&7#JUKW`$BM16F@)Z$@JV']()XR^07C/%:SN^P7M9W;8+OKW8.O+Q?[5L1M,
M?D>MK%>&.R8=6Y2TS(P,]"2=;21D#M%$V;AL^`@HD-VF'`^U&$R^%CLKJ8P7
M3WQR1OD=)7;&YXD&\DM<TM`=0T(=T"QNA_EU_C6V\\ABG<YCV.>Y]:,<\/&X
MD@@MH:&A#NE5B5UL>YMOI0FV$O=K$A=1IZ(A<E)V0)8QD'.W4X1`0G#.0D/F
MEDE2M2_S.X2F`@=!XS7NO+EO`?K#<O%SY?X]QW5,U!\U:U[?<N-]3,.,_4&9
MWG;/Q5UKOH-?N63X*H3^TO+WR._S3M2^Q6OM*S>C+55J+#6>1@ZTK:G5'1FS
M2=H,U=-UWU:CE8@%#1)%4&#Q1RN=X5;A+LYT5M+?\@S!N+^5MI;.@>U@<6MW
M;-U7:ZM%/PU#75)=71<B..2YR^0$MR\6\+HG-:'$#<6UJZG4"GX=`:G<#I36
MBCI775;W5MWWBXWW`6=?:581F?*N@;:;[K\>-Q15KLB<9'P]GH@6])/7M(O`
MR#9@S5;UE'\J<*('(Y#XZ6U%S8NL;K)F[9.9V[KJ.7SK>8.=0!S-_P##8^H:
MTB,;210K6P^=:FUFOC.V3S6UG9)YD,@<Z@#F;OD:^H`I&-II1R^M-SU'K;8C
MI9[=Z?$69TXJ%AH1U91-9<2U.UKQKFPQ*!06*1L63<0[4YUDP(X**!.Q0O&>
M@7./LKQQ==6S7N,;H]?V'4+A[*T&HUTT*[3-:V]P2Z:$.)86Z_LNI4?&@]NB
MR`W02:H(-D"]B#=%-!$@F.<2)(D*FF43J&,<_:0H!R(B(_$<Y8`:`T=`%R`*
M``=%.R43")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3
M")A%_]7W\81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$6)=[:>
MK._]0W_3MO`Q8.^5]S$*.TTP5<1,@4R;V$GFB1CID4>P$VU;O42F$"&50*!N
M2B(9K\ICH<MC[O'7'^5*RE?`]6N'M:X`CW+B7UG%D+.XLYO\N1I'N\"/:#0C
MVA>,RN2N[OIL>5QI"3JL&IL76QYR/1C[(WDG=4LT%989_#(SL:O&OHEX\B9.
M-??,-%DUDS$4*!%2@<BJ(?.T$N2X;G=\ENTW<.X4=7:YK@1N!!!((-0?MU!"
M\5C-_P`9R^Y\3?J8JTJ"6N:X$5%"-"#4:]=#T(64=Q_5-\G]I[&H^T(-W4]2
MVN@URR5B(>4.#!X#F,MKV(>S:<BC>7%O;K_,'@6I2]B:?8"8^O<.<[(\YS-]
M>6U]#Y<$\3'-&P5T<037?N\`N5>\KRMW<P74;F0RQM<T%@K4.()KOW?LCLMB
MVGUU/*-!JV1<ZWT8]<(MTDEWAX.\H'=K$3*51R=%"_%02,N<!,)2`!"B/```
M9N&^J&9#6AUC;%U.M'Z_ZRV3>>98-&ZVMR?W7C_KK0W=6Z]\_4%WU7)"1KC"
M:V#86\51:32*)&NVL:T9H.';I)HS3E)*2<ID%=XN[>NW;KVDB"=0YDD$^"=5
MR>3R?+,K"YT(==O`8QC`:=]!4GVDDF@U)H`M!>7N1Y%D(G.C#KEP#&M8"``*
MG2I)[DDD^W0#3U^^&?C;'>*7C[2M1H.D9.<9).)RZS3<HE1E[E.'*[FUVPF(
MFH:/8F[&;03E*<6C9,3@!Q-GT!QS#,P6)MK`.!E'S//B]VII[!T'L`[KV3#8
MUN)QT%F'5>!5Q\7'4GW=A[`%G;8%$K>SZ1:M=W%HO(52Z0<A7+$P;/GL8L]A
MY5N=K(-"OXY=L^;`Y;*&(8R2A#=IA#G-K=VL-];3V=PTF"1I:X`D5!T(J*$?
M!<^>"*YAEMYFUB>TM<*D5!%"*BA6+H7Q>TM7[3INY1-6<-I_05%<:XU8Y&>G
MED*Y4W4.I`N&)V2\BHTE7*T4J9(7+LBSCKSW\]<X$6#QL,^.N8X");2+RXOF
M=\K"-M*5H33N:GVKBLQEE'+9S,AI);Q[(]3\K2*4I6ATTJ:GVK8'-NN>M>M!
M>+6E/&-O;FNFJNZK*-YDF4O92NK#/S_SS^/(\3:K)FG9&0,T!,C]7DJ0D*;N
MZ@/`<:C$X+&807#<=`6"4@NJYSJD5I^(FG4]%P+#%V6-$PLH=@D-7:N-3\2:
M?!;!*)E53.D<.2*$,F<.1#DIRB4P<AP(<@.;<BH(/1<]83I?CMJ;7[[6<E5J
M\Y8.]0:_EM84)12;FGH1%,FW,,[DHQ8CQ^N23577@6H@X<@JN3L$"G`#&YU=
MMAL?:/L7P0D.MXC''\SC1CJ$C4Z_A&IJ5PX;"TMS;&&*AAC+&:DT::$C4Z_A
M&IJ=.JO.L:UI].M.P;G7XU5G8=H2L/-71X=^^=$DY&!A&U>C%DFKEPJUCRH1
M30B8D;D3(<0[C`)A$<Y,%E;VT]W<PLI-.X.>:DU+6AHT.@T':BS1V\,4L\T;
M:22D%QJ=2!0>[0=E:FWM!:RW>E!*7B)D"3U3<.7E/NE7GIFH7>HO'B9$G:]>
MM5=>Q\LR([33*5=`QSMEP*`*)GX#C!D<39901&ZC/FQFK'M<6/83UVN:017N
M.A[@K#=V-M>^69V'S&&K7`EKFD^#FD$>T=#W"Z;57C/J_4=ADKK#I6FT[!EX
M_P#)W^P]CV^?OMS/#`L5P$,SEK"]=%AXD5R%.=NR3;)JF*4R@'$H"&*PPECC
MYGW,?F27;A0R2/=(^G@"XZ#V-`KW5;;'6UK(Z=@<ZX(H7O<Y[J>%7$T'L%`N
M\0T'J]MJ6T:/1@7!=;W)M=FE@A!F9@R[Q#8<A*REK(26,]&5:C(/9IR8HI+$
M%$#@"?:!2@&5N)L6X^?%B(_12!X<VIU\PDNUK45)/?3LK_0VOTLMEY?_``SP
MX.%3KO)+M:UU)/0Z=E1S_CIJ6SALD)FNN7(;:UQ"ZGO7;.3;?\UHU?;SC6*B
MD?8?I_EJS=&Q.P%RW]IP?W`$QQ$I>*RX;'S_`%OF0D_40MB?\QU8W=0==/Q'
M44*B2PM91<B2*HFC#'ZG5HW4'73\1U%#JKPKVKZ75[E9;_"QBK6TVZNTZJSS
M\\@_<)NX2A%F25=J1FX<J,VQV!;`Z[E$R%46]P/<,;M+QR8;&V@N9[N)E)Y&
M,:XU.K8]VT4Z"FX].O=966\,<TMPQE)7M:":G4-KMTZ:;C[^ZQ[*^+NEYBER
M5#=UEXG"O]B3^VD';&QV*.L<%L>R3#^>DK=6+.PE&\]793\SDUS)_*.$DB)*
MF1[!1,9,>')@L;);/M'0'RS,Z4$.<'-D<2XO:X'<TU)Z'H:=-%@?C;-\+H'1
M'89#)H7`AY))<'`U!J3T(ZTZ:+O-3Z&U_IQ>PR=8)8Y:SVW\N+:;I=[7/W:X
MSR,.5T2(9O9VQ/GSE*.BRO5?8:H`BW3%0Q@)W&$PY<?B;3&F5\&]T\E-SWN<
M][J5H"YQ.@J:`4'L5[:R@M#(Z(.,CZ;G.<7.-.E2XDT%30#1=AMO2>N-W0L=
M"["@U9#\CDBS=9FXN5E:Y::G.IHG02FJO9X%Y'3<)(D34$HF16*14OX5"G)R
M7+Y#&664B9'>15VNW-<"6N8[Q:YI!!]QU[U4W5E;WK&LN(Z[34$$AS3XM<""
M#[BK%UIXK:JUG;D]AHGNM[V&UCW41%WG:EYL>PK%`Q#XI2/8VNK3[UPRKZ#T
MA>U<S-!%9<G)5#F*/&<2QP-A8W`NP99KP`@/E>Z1S0>H;N-&U[T`)[E8;?&6
MMO,+@;WW`%`Y[G/(!Z@;B:5[T`KW5\-=5P-0I^T(77\%"B^V++7^ZR,;;UY2
M7K$W>KT@LK)J6!`ZKIT2N2L@)"NFK8`(5L)RI$#GC.4VPBM[:^BM(F[YG2/(
M?4M<]_7=U.TGJ!VK0+,+:.&*Y9!&VLA<XAU2"YW6O70GJ!VZ!?,R#\4+1:);
M3M:3\9[1IUO0]CT"ZV.U6[?Z6SM8TF)U]:8JY/*]X^TO_/MGE6(W=_!I,4UW
M43#'C8Q91,P]HF0/TF+`3SR8Z$822V$4T;W.?/YD3!&X/+8&>8XC>1MJ6LVM
M)'L77&8N25UE$,:Z$1R,<7.EWL:&.#J0MWN(W$!M2UE&D^Y;N3_A9HBRV&Z3
M<I&W3\LV-)OYV^4-ALJ]Q6N+;8I0@$D9^;I<9/M(=W(/NT#+E[`;KG*!U$CF
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MKL4O;)\E>WWN2":R5AG7)G4I*KM(N[-6PNG2QNINWH4I2AP4H`'";Q?%L?,^
M-]RPR/+W;9YF@N<:DT#P*E8!A[)KI',\UI>XN-)915QZF@?357/>_$_4U^L)
M[8[/?JS8WT1&UZRS%!V5=Z.\N\#$(&:Q\7=3UZ:9!8@;-CF3(Y6#YXA#F*5<
M"CQF>[P&/NYO/<9HYBT-<8Y'L+VC0!^TC=II4_-[5DFQEK/(9CO;(6@$M>]N
MX#H';2*^\Z^U55K\5-*6FL:^JZ=<D*>CJ9JHRUC-Z^L<_2K51F;ALDS>M(2Q
MP4@UDQ9R;9$I7:+D[A%V8`.L4Z@`<+7&!QEQ!:0"%T8MQ2)T;G,<P'0AKFFM
M#W!J#U.J28NRDCMXO*+!"*,+26N:.E`6D&A[@U![KO-1>.^K-'25PFM?Q$JU
MG=@EKYKO.SEGL=IF;2\K7YU^6RLQ(V.3DG+F5$;`Z]U?N`RH&*4?P)IE+EQV
M'L,6^YEM(W"6;;O<YSG%Q;NH27$FOS&I_H`62UQ]K9.F?;QD224W$N<XNI6A
M)<34ZG7^H*^]BZ_JVU:-:=<7=@I*5&YPSN!L,<B]>1RKR+?$]MR@1]'KMGK4
MQR_XTE"'#X#G+O+2"_M9[.Y;NMY&EKA4BH/M&H^"S3P17,$MO.VL+VEI&HJ#
MH=1K]BDW#6E&V!0Y#65SKK.Q4>4BVL._@9`[D4EF3$6YV(D=(KHOVSQBNT26
M0<I*IN$%TR*IG*H4#!%Q96MW:/L;F$/M7-`+37H*4UZ@B@((-014&JB:V@N(
M'6T\8=`X4(/W>W3L>H.H6+M:>+6J=76TE]C"W2U71I$.JY"6;9-_MVPY2L5Q
MXHBHZ@JPI:I:11@V3D6Y`5.@0KE<A0*JJ<O3.!8X*PL;CZMGFR7(:6M=)(^0
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MDBS$;)Q=`<SRD$F6-E2%<-FITU&+=4I3)HD[2\:B/C&)BDC<ULOD,>'-B,CS
M$UP-01&74T.H'X1V"X#,-8,+*,?Y37!S6;WE@(-00S=MT.H%*#L%MQG85M4P
MB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$7
M_];W\81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3"+6/R;\1-
M)>6=52K>V*ZHL_CBJC7+E!+)QEQJZRHE,H>)E3(.4E6RPE_F-72+EHI_$*?>
M!3ETF;X_C,_`(;^'YQ^%[='M]QUT\001[*ZK69/$6.7B$5Y%4CHX:.;[C_0:
MCV+X-;+^A%N2,D55-2;AUY;X4PB=)*]-)^DS:)3&_"@(0T?<XQZ9,H]515;`
M<0Y]LOIGEM[Z79)CS]!D(9(O[8<QWW!X/OJ/<N@W7`;MKB;*]C<S^V"T_<'`
M_=[ETM#^A/Y!RLH@78VUM4TV"$P_,N:R-GN\X4H=?_+Q+R&I\:IW^G)I`@E]
M>T?0<=KZ7Y>1X^LOK>.+N6[GN^`+6#_66.WX#?N</J;V)D?]G<X_80T?>ON-
MXE^!>B/$"..O18IS8;\_9@TG=EVGV'=E?)'`IEV46FBDFQKL.HJ'/R[4@'.7
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M?DV4/$1S<H@`KOI*06;LVB(&$`[E#E#D<QS30V\;YIY6LB:-7.(`'O)T"I))
M'$QTDKPV,=230#WDKY@[,^LEX7:_?J1L+-7K:KA$YTUU]=5,IXM%4A^TQ`E+
MG*4YH])\2JM!<I&#T,.=(O?47CEHXLBDEG/_`';-/M>65]XJ%U>ZYEA+9Q:R
M5\I_L-J/M<6@_`E=+0OK5>&EODTHV?\`^*6LTU1$I9>Z4UF]ARF$0`A5%*+/
MW*12[Q'^(S4$R^IC`'7,=KZD<=N'ADPGA'B]@(_U'//W*EOS;"3N#7F6+VO;
MI_J%WZ%]0:+L&C;.KC&WZ[MM>NM8DB`=G-UJ59R\>H(E*8R)UV:JH(.D>X`4
M14[54C?A.4I@$,[M:WEK?0LN+.X9+`[HYI!'W=_$'4=UVB"X@N8VS6\S7Q'H
M6D$?<KPSDK,F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB8
M1,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")
MA$PB81,(F$3")A$PB81,(O_1]_&$3")A$PB81,(F$3")A$PB81,(F$3")A$P
MB81,(F$3")A%TUCL,)4:_.6JRR;6%KM;B9&=G9=\I[3.,B(EHJ^D7[I3@1(@
MT:('.80`1X+T`<QS316\,L\[PV%C2YQ/0`"I)]P5))&1,?+(X-C:"23T`&I/
MP7BX\[O//8'F#?9!LW>R==TG!R2A*'0"K`D1=!L8R2%GM)$."2-CDRA[O8<R
MB3`IP11$1*=97YPY1RB[Y#=.#7.9CFN^2/\`ZSJ=7'XAO0>)\4Y!R&XS$[VM
M<6V#3\K?&GZSO$GK3]7H/$Y(T!](KROWC`,;?*,JWI^KR:"#R+6V4[DVECE6
M+@O>D[95.(BY249IF*/(!)?EQSD$#$`Q1`1YN+]/\]DHFSO:RWA<*CS"0XCQ
M#6@D?WMJY&.X?E[^,3/:V&$C3?4.(\0T`D?WMOLJ%-VG])7?]+3LO_#FY:GW
MU*T[N-::-K6T]^S8%(B)7"JKZD2S9FX,8$E""1N@X6?+>X4$D#]P9-[P++6X
MF^DN+>ZDC_$R-_\`$;[V$`_`$D]@IN^(9"`2_2S0W#V?B:QWSCWM/Z`23V!6
MM'BIY:[?\--FI6&J+OU(8)(K+8>L)A9TRA[0R:JG;/XZ1:*I'4AK"Q#O!J]*
ME[[1P4`.11+W4%-+@\]D>.7PE@)\O=22,Z!P'4$=G#LZE0?$5!UF(S%YA;D2
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M147L.HR$E(OG*A46S-BQ:3"SEVZ<*F`I$TRF.<P@``(YCCRN+E>R.+)6[I'&
M@`D822>@`!J2J-OK)[FL9>1%Y.@#VDGW"J["\[AU)K`[-+96T==Z]5D0[H]*
M[W6MU15\4#^V)V:<[),#N2%/T$2`8`^.7NLCC[$M%[?0PD]-[VMK[MQ"M/=V
MEK3ZFZCCKTW.#:_:0KO@;!`VF)9SU8FXBQP<BG[T?,P,DSEXE\D!A(*K.1CU
MG#-RF!BB'<0Y@Y#.1%-%/&V6"5KXCT+2"#[B-"LK)&2M#XWAS#T(-0?B%949
MNG3LU<'&O8;;&M9:_-5'*+FD1EZJ[ZW-UF95#O$5JVUE%9A-5H1(PJE%$#)@
M41,`9QF9+'2W!M(LA`Z['5@>TOTZ_*#73OHL+;RT?,;=EU&;@?JAS2[3K\M:
M_<N]N]_I>MH0MCOEFB*I"'DHV'1D9EV1H@XEIAT1C%1;4#<J.I"0=J`1%%,I
ME#F]`Z#F6ZN[:RB\Z[G;'%4"I--2:`#Q)/0+)-/#;L\R>5K&5`J334F@'O)Z
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MQ42@JWS:GD-M2)2L5$\4-7RNWC5=P5(S:SW5N*C>C0JXN`,AW*2*"J[<#E.0
M7R"`'*9,3E'S#AMI;&ZOLO>L#[6QA,FT]'/_`%!]NOOI71>?<;@MS<7>1NV;
M[>SA,NW]IWZ@\.H)'M`[+[Q07U0M?5'QV\;=R;$B[#;([:)I.`VM:J.P;.8[
M5=\B&!UY*&EH,5$WJ8/9L_MQK8QB*JQ1!=$.X$A2K>HQ\VL[?$XC(W3'R1S$
MMD<P`^4\"M"/:=&C3Y=:GOW^/E5O#C<7>W3'/$U6R.8-(W@:@CKJ?PCJ6ZZ]
M_.+NKS1VYM'R<E/)^MR9]874B\<UJYZ<JJV-#P,$@#&(8/E7/NA/J+LB!\]\
MVF=N[,<Q!1*AVHE\?R7);^^S3LU"[R9P1MV]FMT`/[51^*NAZ4IHO-+W-7EW
ME9,K&_RKC0-V]@-`/;[:Z'PIHL\^>3>N;IUKX^^<=8K[&LRV\F=CIFZ8:+(#
M>,1V_KY=..=3;)KR8R9+8Q;KN`Y,8XHMTSJ&,LHH<VTY4V+(V6)Y-#"&27(<
MR8#IYK--W]X5/CXZK8Y\17UKCL]%&&/N`YLH&@\QFA(']K4^X`]22OJ=]"79
M,I/Z:W%K%^Y,NQUU=8&<A$S_`/OFRO["7,Z:)#P'\G\TJRR_'(\'7,/3GKW;
MTNO))<?D;)SJLAD:YOL$@-1]K"?B5VW@=R^2PN[5Q^6*0$>P/!T^T$_%?8;<
M]]LNL=;V&\U/7,_MB9@1BER4.KK`E89F/<S,>RF5H@ORCXSM[$1#E=Z1L5,3
M.1;^T42B<#!Z#E;R?'V,UW;6+[F5E/X;/Q.!<`ZFAJ6@EU*:TIWJNR9W(W6)
MQ=UD+/%RWL\>T^3&?G>"YH=LT-7-:2\-_6V[:BM5@C47GIXV[<?%KB=Q5UQ?
MB#[3[7&W&)]?VUB[`W:+$$Y=0L-)/1'J"3-XY5[>HE+P(!I\;S#!Y)PA^I,%
MYWCF'EO!\-?E)]@<3[%US!^H_%,Y+](V_-KDQ^*"Y:8)6G]FC_E<?8QSBJ'R
M/\!_''RHMT7L#;T79'\W#5Q"NLG4-;'T&R)#-GCZ33]Q!J`HG."\BJ85!'J4
M0^`9?,<4P^=N&7E^UYE:P-!:[:*`D_TE=@R6!QF6E9/>Q.<]K:`AQ&E2>Q]J
M^0_@]X@Z4W'YD6C<NE8^=KWC7XTVV):TB1?34C,2FU=EPJQWK68(^D.TS*M,
MG"17PI$(4YVPLTSE[G"_M>?<8X_CLCR*?(XUKV8:RD`8223+(-0:GHT?BIUI
MM'<TZAA,/87F:EOK%A9C+5X#34DR2#6M3T:.M.XV^)IW_AEIO7GU"_)+S`WE
MY(Q"]_CJY:F52HM0>S,TRBH.'E'UG0C2D4AI",=?_$]7J\V;-2E4!,5%UES%
M%;L.&;CF.M.79GD&3S,9E8QX:QA<X!H)=3\)!^5K0![R>NJR8:SMN0Y/,WV2
M9YC6/VL:2:`5=3H1T``'MJ>JN?P`<7G3V[_/_P`,->S,C(QM*A;Y:-,A+NO=
M<0<_%2!Z["G(<_#,BLL6S11G9NTI#K,P4`I>XX#FXH;K'Y+EG'+.0ED;)'0U
M[.:=K?9KN;7VBJS<>,UED.082!Y,<8<Z.I_":T'V[FU]U>Y6LM(<:IE]->!.
MO]-Q3<GFK6_*:)E-CLF5>D6NRH9!E8;(M<Y"^2"\>5^2OHD_+%%OFEO9(W14
M'@")+@726QL),;Q6TQK!_P`R,O@9`&D2"CG;B\TKM_`34T`!\"M9;FT?9\?M
M[-H_G;;MI>`#Y@H7;R_2M.E:]O<5];IJP07D=Y8N)^RS<3%>-O@_+B=W)S\@
MTC:O</)B20,U17</9$[5B+;3\>J/8<RO\N7<EX[@,/'?Y9HLSGW2SRM;AL8[
M4N(#7W)TZF@_A#V_C/M7;7O9D<L7R/`QUB>IT:Z<^TZ?PQ[?Q%?1JO6:MVZ,
M1FZI8(2SPS@QR(2]>EF$U&+G3'A0J+^-<.6BADQ'@0*<1#XYW&&>&X8);>9K
MXCW:0X?:*A=BCDCE:'Q2-<P]P01]H5I[=VI4-(ZUN.UKV[7:56DPZLM)BT1*
MX?NS>XDUCXJ+;'41(ZEIJ3<HM&B1CD*HY7(43%`1,&#(7]OC+*YO[IQ$$3:F
MG4]@![7$@#VD+%=W4-E;374YI$QM3X^P#Q).@'<E:L.MJ>=3&HK;27\?=,J0
M#>)-8E]+MMG6Q7=*<0FB+Q6.3G"THU#<W!)D`C^7D+[)U@]HC@QQ`!T#K_E3
M+<WYQ%MY(;N\GS'^=3K3=L\LOI^KXZ`U6L-UFQ";DX^';2OE^8[S*>%=FW=[
M.E=-RV9B]V:R>TZLW>6ML+2HNT4MM?VC._2<=3IF/K2J<9\X^F8N==LW$82&
M=3#9L^,H'MMG*Q$SF`QR]V\CR=BZV@NI+AL3)(O,`D(80W2I(<13:2`[L"0.
MZV3;RW,,<SY0QCF;_F.TANFI!I2E0#X$T4VR;OTM3OR/_-^WM7U7_,S)M)5O
M_,E^JD%_F".>D(=F_A/S26:_FK)T10HIJH>X0X&#M$>0R9LIC;;ROJ,C!'O`
M+=TC6[@>A;4BH/8A);VSAV>==Q,W"HW.:*CV5.OP7=6O9>N*'"-++>=@4FF5
MR0,B5A/VNU05=A'QG"0+MRLY67?LV+DRZ(]Y`(H83%ZAR&9+B]L[6)L]U=Q1
MPGHYSFM:?<20"KRW-O`P2SSL9&>[G`#[2:*2;:FL"TW_`(C&V/0RZ][0/_GL
MUOKP4WL%7V`/_F@9'\D[17'LY]_COZ>N1]?8_3?6?61?2?M[V[/\5=OWJ/JK
M;R?J/J&?3_M;AM_Q5I]ZK:9L&A;'C#S>O+O4+Y#)+BV5EJ99(:SQB;D"@<6Z
MCZ$>OFI%P(8!$@F`P`/IE[:\M+UAEL[J.6.M*L<'#[6DA3#<07#=]O.R1GBT
MAP^T$K7#<N[MQ5_>FO\`1>G*7K:Q3=RUQ<=BNY795NL]6BV#*I3M?A%638]8
MJ5M=.'3H\^0Y>Y$A."&Y,'3G2Y+)Y&'*6F+QUM"^62%\A,CW-`#'-%/E:\_K
M>"U]Y>WD=]!8V<$;GOB<\E[BT`-+13Y6NU^956K]X[7=;L?:#W?K>G5.UKZU
M<;4J=FUM>92[5*?K\99(VK3K!ZG/U*GSL#,1TE--3)@H@JBY3.<2G**?!K6.
M4OW9-V)REG''<&'S6NC>7L<T.#7`[FL<T@D=10Z^"FVOKHWKK"]MF,E\K>TL
M<7-(#@T@U:T@@D=B#XZ+-#7=6G'UO/KUEMG6;R_).%6:E(:WNK.+>F[0[O>:
MGK24J>9*Y1[![R"CW%X'D`S9-R>-=<?2-R$!NZTV"1N^OAMK6OP7,%Y:.F^G
M;=1FX_9W-W?96OW*INNW=4:V<1[38NSM>4%U+`(Q;:ZW2MU9Q)`!_;$6",Y)
M,5'@`I^$?;`W`],M<Y''V18V\OH8G.Z![VMK[MQ%5,UW:VQ:+BYCC)Z;G!M?
M=4BJL^\;B_RSL/QXJ$.RC9Z(WG9;A"FGT)'O2CF%<UA:-A,I.+%J1=K)IR2D
M`1'GO*3VEA.41$``>-=9'R+S#V\;6OCNGO&ZO0-B=("*:&NVGN-5BGN_*N,?
M"UH<V=SA6O0!CGU'C6E/C5=I?=I,H:'F1I4YKB<M%;M=#K]DAK!?(>`;U]*V
M6F&B7"4TY]Y=6+GE8=^LK%LER)J23PJ2"?54!S)=W[8HY?II87SLDC:YKI&M
M#=[P/F/9U"2T'5QH!U5YK@-8_P`E\9D:]H(+@*;G`:]:&A^4'\1H.ZK;-O'2
MM+6<-KCN#5U3<-)08-VWLM_J<$NUF@:M7PQ#A*4EFJB,F#%\BL+<P`J"*Q#]
MO:8HC:?*8RV);<Y&"-P=M.Z1C:.H#34C6A!IUH05,M[9P5\Z[B9K3YG-&O6F
MIZT(-/:K@LVQM>TNNM[?<;W3:G4W8-1:6>RV>$@J\Z!ZB+AE\M-2CYK&K_.(
M`)TNU0?<(')>0S-/>6=M"+BYNHX[<THYSFM::]/F)`U[:J\MQ;PQB::=C(OV
MG.`&O34FBIHO:6L9R(DK!"[&HDQ`PT6TG)>;B[?7Y"(BH60([483$E)-)!9F
MQBWR;!<R+A4Y4E2HJ"4P@0W%8[^QEC?+%>1.B:T.)#VD!IK0D@T`-#0G0T/@
MH;<VSV.D9<,,8%20X$`'N36E-#K[%+H^U]6[-*^/K;9-!V"6+%,LF:D7&NVL
ML<983@D#X8&1?@T%44S=ON=O=VCQZ8M;^QOM_P!%>Q3;>NQ[7T]^TFB075K<
M[C;7,<E.NUP=3WT)6!O*KR=:>/S?6T'$O-9&O>T;[&U&+;[-OZ%'KE:A'$58
M)62O=D719R<N-=CCP(,^]-`B8O':1!5*;@A]5GLXW$"RBC=!]7/*&`22;&M:
M0XE[M"=HVTZ4J1KV/!RF2;8"V8TQ>?+(&C>_8`*$EQT)H*4Z=2-5G9MM&@$6
MA8>4V#KU"SRTJ%71AFUPA3KO[DA&L9.1K4,V<.T)"0E&S2017^6!$'0-EDU#
MIE*<!':-OK0&*.2[A$[G;:![=7T!+0*U)`(-*5H0::KG"X@!8QT[/,)I3<-7
M4J0.Y--:=::JE:;ITX_MZFOF&V=:/;ZBX5:*TAI>ZLYMR3I`3`LV4K:,J>9(
MX1$H]Y!1`Q>.H!D-R>.?<&T9D(#=@TV![2^OAMK7[E47EHZ8V[;J,W'[.YN[
M[*U^Y<VK=&G:*JNA=]L:UIR[5^C%.4;5>JO7E6\HX9H2+>-73EI1H=)^O'ND
MER(F`%#(J%.`=I@$4^2QUJ2+J_@C(-#N>UM#2M-2-:$&G@:J9;RT@_S[J-FM
M/F<!K2M-3UH:^Y<H;FT^ZM3.B-MK:V<7>000<L*<A>:PM:GS=TW*\;+LZ^G*
M&EG*+AH8%4S$1,!TQ`P<EZX&2QSIVVK;^$W1&C-[=QJ*BC:U-1KTZ(+RT,H@
M%U'YYZ-W#<>_2M>B['9NQ:MJ/7UQV;=7IF%5H]?D;%-.$B$5<F:1R!E?E&*!
MU$@=23]8"H-4>XHK.%"$`>3!E[Z\@Q]G<WURZD$3"X^-!V'B3T`[D@*;FXBM
M+>:YF=2)C2X^X>'M\!W*U,:[5\Y).J)[3CO'[3R-:<18V%EIR3V7:D-V/(0R
M/SC9FI+HTU:A1]Q>,>!+&G$Z*:Q@2.Z`X"&=?;?\HD@%^S$VWD%NX0F1_G%O
M4"NSRP\C]7L=":K5BZS3H?J6X^+92HC+SYE/"NW8'4_5Z5T+EL9J+>NM]TU&
MD6NGS[,JE\JRMMBJK*.V+.XM8Y@]3B)XC^O?-*/4SUN>/\@^43!1NB[`">X/
M<03;G'Y6RR5O;3V\HK*S>&$@/`!HZK:U^5WRN[`]UL+2]M[R&":%_P#F-W`'
M1U`:&HZ_*=#V!5\NKM3&);*=[;:PT)3$VZMP,ZGHIN6J).VH/FJME,J[($$F
MY9#[R9G7M`=+\8<EZYRG75LWS]UQ&/*_'5P^2HJ-VORU&NM-%G,T3?,+I6@,
M_%J/E[Z^&FNJZ*N[>U/;Z]-6VI[/UY9ZI6T7#BQ6:O76MS5?@$&C=1V[7FIF
M-DG,=%(M6B)U5#+J)E(F43"(%`1S%#D<?<0RW%O?0O@8/F<U[7-;05.X@D"@
MUU/18X[JUFC?+%<QNB;U(<"!3K4@T'Q4A]NC3L8TL+^2VQK6/8U%Q'-+6]?7
MJKM&=9=2Z2ZT4UL#E>431AG,FBV4.W3<&3.L5,PD`0`<AV3QS&S.?D(`V,@.
M)>T!I/0.-=*T-*]4=>6C!(YUU&&L(#JN;\M>E==*]JKNJSL.@72O+VVG7FGV
MRJ-?FOF;-6K-"SM?;?)(@X>@O,Q;UU'(BT0,!U>Y0/;(/)N`S)!>6ES";BVN
MHY(!6KFN:YHIJ=02-.ZM'<031F6&=CXOV@01I[0:*AI.V-6[*/(I:YV50+^I
M$&*663I5QKMI/&&.82$+($@Y%\9D)S%$`]SMY$.F5MK^QO2\6=[%*6]=CVNI
M[]I-/BHANK6YW?3W,<E.NUP=3WT)HNLC-Y:4FK6:APVX-72UX*NLU-38S8%3
M?VHKEOWBX;#7FLLK+@X0!,W>3V>XG`\@&49E,9+<?2QY&!UU6FP2,+J^&T&O
MW*C;VS?+Y#+N(S_LAS2[[*U4R6W9IJ!M:%#G=MZRA;PY5;MV]-EK[58ZU+KN
MQ(#1!&O/)5&756="<OME*B)C\AV@.),GC8IQ:RY"!MT?U#(T.UZ?*377MHI?
M>V<<H@DNXFSG]4N:':^RM5<UU6NB%7EUM=L*Q*70B"0P+"Y2LI"5ERY%R@"Q
M):5A8B>E&:)68J&*9%FN85`*`@!1$P9[DW(@D-FQCKFGRAY+6]>Y:'$:5Z`Z
MK),9A$\V[6F;L'$AOQ(!(^PK1"&W]YFS>Z+MHQKJOQF3M=$I=1O4M(K[:VB6
MON8FYO9EA&-X]TGJ%215D$%H-45RJ-4DRE,3M.<1$"]5CRW))<E<XMMA9?41
M1M>3YLNVCR0*'RJUT-=![UI&7^8?>3V0M+;S8V-<3YCZ4<7`4_A5K\IKHMP[
M!N/6NNTX&.VULW5FO+3+1[-88BPWZ`@2.WQTRIO"P1;*[AI"3CROBG(BK[!#
MG*`=Q2FY*'8I<C968A9D+V"&=S1HZ1K:GOMW$$BO0T6VDO+:WV-NKF*.0CH7
M`5]U:$BOL5\GLM<3>04>I/PA']H2=KUEB>58E>6)!@T(_?+038RX+2Z3)BJ5
M94S<J@)I&`YN"B`YRC/"'1,,S=\E=HJ*NH*G:.]!J:=!JL_F,JQN\5=TUZ]]
M/'X*BD+Q2HE2:2E;?5XQ6M_D8V).0L$2S4@`LS@6=;&:(Y=IFBO\P.P%)C[_
M`+?S:@=J7>;IE7W5M&91)<1M+-NZK@-N[1NZITW'1M>O90Z:%N_=*T;:5J1I
M7I7PKV\>RM62WCI2'B)*?E]P:NBX*&GUJI+S4C?ZFRB8JT-VZ3M>MR,BYEDF
M;*?1:KD4.S4.5P5,Y3"3@0',#\IC(XWS29&!L37[2XR,`#NNTDF@=36AU]BQ
M.O;-C'2/NXA&UVTDN:`'?LDUH#[.JO.LVNKW6':V*FV2`MM?>]_R4[69B.GH
M=W[9NQ3Y63BG+MDX]LX<&[#CP/0<Y,$\%S&V:VF9)$>CFD.!]Q%0LL<L4S!)
M#(U\9Z$$$?:-%W^95D3")A$PB81,(F$3")A$PB81,(O_T_?QA$PB81,(F$3"
M)A$PB81,(F$3")A$PB81,(F$3")A$PB81?'OZVM#D[5X@QMGCB&41UMM6K62
M:*4!'VX>7CIVF"OP!3?[N9LC(O7@`*<1^'&>>^I=J^?`1SLZ0SM<[W$.9_M.
M:NG\WMW3842M_P!U*UQ]QJW]+@OBQ].9%EL>+\L/%\'[6/MGD+HEZUUJ5XL5
MJA+["UZY<VB#KYG1_P`"!9$BBJIS&X*"#54?XN"CYWPXLNXL[@RZD]W;'R_:
M]GS!OQ_0"NC<;`N6Y?%;@)KFW(972KV5<T5]NI/L!6C]7V'MG2$Q982"EI:H
M/U%7$#<ZA-Q;*0B'Z\>Y%)Q$W"D6AA)0$JHP=H"`HOF:HHJ%'@"B&=7M[N^Q
M<LT3'N8ZNU['`$&G9S'`@T]H6BBN;RQ=*R*1S'FH<T@$&G9S'`M-".A!HO4G
M4_"'Z>?FMH*M776M%B:BG.Q[,PVW6"A*O;:O96R#<\W`S<8=%Y`GD&3I0R+E
MN[8+)BF8%&XE*9%;/<(.-<3Y)BH;FSMFL#Q^./Y7-=W!&HJ#U!'NTH5ZI#@>
M-YS'Q7%I;B,.`^:/Y7-<.K2-14=""T^([%?)WZB]!KWBGHO0WA;&6]"]3<!?
M=F[FG)8J*;%Y'0]A?+Q%$;2,<19P#5_(0[ER98`-V"HV$Y`]LY!SH?,+:+!X
MS%\=CG$CVRR2D]PUQHP$>)%2?=I4+J7)+:+$6&/PC9_,D;(^4GI0$T945.I%
M?LKT*WD^@Q2I2-UQO^_NFRZ47;;=2JW$KJ$,1)TI3(NPO9,[<P@`*D2/<$B&
M$!$`,40]0'.R>EEL]EIEKMS3LDD8T>W8'$_[878.`P/;:7]P1\CWM`_N@U_V
ME]I-T;"G-6ZWL%VK.O++M:P1AXAK#T&I%'\[L#^:FHZ$;I)+`U>_)LF9Y#YA
MVX%%0K=HBHH)1`HYZ-E;V;'V,UW!9/N)F[0V-GXG%S@WP-`*U)H:`$KM&=R5
MQB,7=7]IBYKVY9M#88OQO<Y[6``T-`-VYSJ':T%U-%\O-B>)OE-YU.H^2\B8
MO4/C=2F;DCN/KE7KT/L?<JJ*?9[328O:ATVT<B=,!X%F]3+U[5F9N.,\_O>.
M<AY:]DF:CMK&U!J&M:V2;V;G]O@X>UB\ARO"N8>HSHI.516.)QX((CC8VXNZ
M#]5TYHUO]QU.SF'HL_\`G#8A\5?IYWJ%IDI*+.:]KFJZ9JLM+.R*3JJ$\K#T
M!65</FB+,AIQM773EV"J2:8?,)`8"E#TWW))!@.'W$%K(XED+(6$GYJ&D=21
M3YMM34#JO3,DQG'N*?1VLCW-@MV0L<XU>0`V,$D`5=MUJ`->P7=?3"UPSUMX
M1Z1;($+\[<8)UL:6<`0"&=.[M(.9ED93H'<9K!+,VX#\2HAF;A%FVSXSC6C\
M4C3(?:7DD?8V@^"Y7&+9MK@[!HZO9O/O?\WZ"!\%\Q_%?<U(^FMY,>6NFO)$
M\U3ZK>+*UN>N;P%=FIEA.1$9(65Q$>VWKS"4<K#/05D0$#I$,BU>-%FZQB*=
M`Z5@LE;<,S6>QV8W1P2O#XW[200"[;HT$_,UPZ:`@@ZKK&+O;?C64S%EDRYD
M,C]\;MI((J:?A!Z@CV`@@ZK,_P!+F$G]P>2GEQYKJU^5KE$V?,2U:UX69;*(
MN9B.E;4G//5450'Y9<(-C7XY!R=(5$A=+'3(<?:.&;'@\4V0S6?Y(87,M9W%
ML=>X<_<?9\H:T&FE33L5S>+,DO,EF,X8RVWE<6LKU(K4_8`T>%:CLOH-Y=[-
M;Z*UX\F-:U6#D/(C;TNQU9IMFTC(Q*=L&P+8?Y-G(O'AFAE%HFJ-3*2CL[HP
M->QL5-4Y`5*;.V\AO6XJS=)90,.8N'"*$`#<Z1^@)-.C1\QKIH`2*KL66NOH
M;=S[:)IR$I#(Q05+W="?8W\1KI0:T7SE\IM'U;Q\A/IVZGOSM&1\<(O;\D[\
MC+),@LE7;;LN40@WT=:-@+*J'($3-S"\PHH+Q0R*;7N*H;M)SG3LYC(,1%Q"
MPNW`X=MP3<./X72':0Y_L)W]=`WKT77,K8PX^/CMI<&N,$Q\YQZ.>0"'/]A=
MN)KIXK-GTVT:\EO7SR-J`K$/'(=G4I/6IZZ('HJD^C&6(MR&DJMQ-&K1P+"V
M[S-3"@*7R_M\I]F;/A@B&4Y5_+PW^3^>SR]OX-U';]G:G3II3;31<WC@C%]G
M_HZ?R[S6[*?@W4._;VI6G33HMM?.^B6[87C%>HJBP1[99H*5H-^95!(!.K;6
MVNK_`%F[RM<01*4QW+N4BH)<C=$I3'7<=B90$3!F_P"56MQ=X2Z9:Q>9.QS'
MAG[8C>UY;[20TT'<T"V^<@FN,9.V!F^5KF/#?VMCVO+?>0T@>U8NVYO[16S:
M!`[*JGF';M9M8V,?G)2-2S-!/L>VS<F+(K*H/]<VFI6RY*7=F^;"T0C46K=P
M19=0%2B4`.3@Y#+8N]M(KV#D4D#0T_)$8_,>XTHPQN:Y^\$4#0`:DU\5QKK(
M6%S;QW,>7?&`#\L99O<33Y2QS7.W`Z!H`-2:A:V:C9*>0>ROI[3F[BGO4J^\
M6MSW&S-;.T;+M+#8XZW:S29GLL,#9",D`C9!5-VF@JW]I-ZT15`@'2*(::P;
M_-[WB,F3'FR&QF>X.`(<X.CIN%*&AH:$4J`:5"UEF#D+GC\E[\[S9R.<'#JX
M.B_$*4-#K2G4`]0LL:RDM#TG='F@R\E%]=UVUO;PU<PO_%8:ZP8RGCNC3(QI
M3&5)+81(V?52,%%\@[:L"F*D['M6)WF3YY]B_%6N2Y(W-&%DYE!;YNT`V^P!
M@9NT+1\P(;T/45HN9;.L8;W,C)&-LQ>*;Z`&':-NVO5HUJ!WZK7*A5R%2H_B
M?-SFT([2EC@I;R1=>-([VH06O4TYIB>LR7^5:?<"SLY5AKMM+24V#B&.22;/
MOR\JA2%6+_+#36D,8ML#++?"VF:ZX-MY[-\3H7.^5C]SF[7;*%GS`[>E>BU\
M$<?D8J1]T()&NF\GS6;F&(N^5KJEM';-I;\P-*]=5V24OK:^T"2A;,^UQHA]
MK[S-@)>&W3K6+?;(\5+YMI>GO9`LS/0MI?Q\/!U253<J1KYN610:LYT4!3>>
M^;DUA)9W5H^*=T-J^')-+9HP9+5\NPFKFN(#6'\+AN`#Z4=56#[>>W>R1T<!
MCO01(P%\#Y-M:D&@#37:1N`#Z4=5;;>(ET0?;NWS4%8#2DY8D:YKFQV7=/CJ
MZEB:[N)C*6.*A*_9JV[E)R*JVPHED11=1-H^>&<M%BF5.'MI@/8>/7(=D\K;
M&&V=-LC<Z:W)\M_X@UKFDN#9`*F@<:@Z]`MKBIFNO;^'9"Z0-87215VN_$`'
M-J0UX&M`34$5[+'GE@UU\[\V=$H[+V_*:2KH>/>VSIW&)V:TU.Z6DBW6A@VA
M1M#QRU242>I&44%IW\JBB!@#^6.<//MM'\FQ0O<BZUA^DE^<2"(UWLHW<?'P
M[T]BX^4^G_G=C]3>&"/Z:3Y@_P`O7?'I73WT]GL6,H-)K7_(2X0OB%N*;\BI
M'8'C/MK_`(@VR9NT-MI]K&U5Z,(;2987:C<AE8@UEMDBLB:".]41,*8.Q1*)
M`4+P8FMAR]Q%Q[(OO'S64OF/+Q*8W-'\';*.FYY(V5I^M3N.-'1F0F9B+PW#
MI+:3>XN$FQP`\JC^VYQ/R5IINH.JM:P2_CF\^GC1:7KHU5'R,+!:YC*/4XLT
M0EOJ.\HF4O!&>NGD;P6X,;1'WE!RYE7*Y"$^2*L8YOESASAEDPSN(6EM9^7_
M`#C;&&-%//%R"VI(_&'!]2XG]6O989'8YW'H(+;9_,=K`QHIYHG!'4?BW!^K
MB>U2=%L#K:7U54O([R^-Y4R6NX>[RTE3GE2D=JKUYE&2VCF]&8((-J8ZM!B,
M'4$QL7YB$HW:")BNC@+@O)D\VUE)86^9Y"<\^%MTXL+#+M`,(8!\F[0M#MVX
M#OU[+86[[2+)9?\`F;HVS$MVE]`#%L'X=VE`[=N`[]>RUOJE;V+.53P_@M2V
M536,?9/)SRO#Q]L]IK[N<<4[1,OKK:YZA)QE;D'K)PLX;4M5PK!(O%"HIF.U
M,L4R("0VF@AO)8./18^;R&/O;KZ=SFEQ9`8Y=A#21J&5V`FGX:Z+711W#XL/
M'9R>4UUU/Y3G"NV(LDVD-)'ZOX`>FE1317>,I#17A]/:>E*^UJN[-0^2/C;!
M[R9`L]>O[C;7_D7K-TVW`:8E5%I6PQFU&:?YDW=KJ',0QE&_X01`H<C?%'QV
M;'/B$>3M[RW;.-27O-Q&1+4ZN$H^8$^T=EF#F-Q#[1\8;>PW,`EZU<XSQ_Q*
MG4B0?,"?=V6Q/CEKJB6KR%^H%)V>HUZQO7>X:W6%EIV*9RPA`+:EJ;AS%)%?
M(KD;M'JSLPN"I@7W^TGN=WMD[=SA[.TN,ORU\]NQ[C<-;\P!^7RFU&O8UU\=
M*]%S\=!!+D.0.EB:XF9K=173RV::^/?Q[]%J]X]2U,AFOT^;#O=U#MM3M?&K
M9D#09R\J-R4.$W02VUE&+1DY&5_^$45/N-91KYM#J/E$^\B:Z3816'MS18B2
MVC;Q*;*N:+`64C8W/_`V;>VE2?E#O+!#-U.X;JM9CW0L''Y+X@6HMGAA=^`2
M5;2I.@=L#@VOM`U5/)(>/%UD?J,EA;`O1].34YXENEMAT>L-K)5&%DCYV==J
MWE&&436K]BUHG=XXIII9,/RQRT(\4%0""=8*O&'N9.8^5*8L<YUH?,8T.8'!
MSCOI^%T>\?.1\I&XU[HX8^=W(MDGEV;G0'>UM6AP).ZE*%FX?.?PD;JFE2MD
M=!7!!MY4156?&\<]NV"<TM:#M-W^.";NNNH2JP5CJBZ=?VM1F%EMU79I620>
M)JQ+Y.0.K[K55))(B9U!#=8FX#<]'`_Z.XF=;.I-;U:6M:YORRL#GM&XD;2'
M5J"`*$K8V,P&3;$?II9'0._BP_*0`YORO;5P%2:M.[L0!19,\R:Y7IF_>%9Y
MB!A94[GRIA8EP>2BV+XR\4KJG;3M6,6,Z05%6/4=H$5,B;E,5"%,(<@`YS>2
M0PR77&O,B:XF_:-0#IY<IIKVKK3HN3EXHWW&%WQM/_%4U`.GE2Z>Y8LU;JEE
M*2?U"]C52!9R&Z6VX=H5#6$P[0;.GE6E&.DM>R-=)5#O`,E7GCZQS1#.%V_L
MG<>R@"AA*BF!>#8V#)'\OO((0[)"XE9$3J6D0QENVOX27.U(I6@KT"XMK;!S
M^07$3`;T3/:PG]4^4PC;7I4G6G72O0+72?E_'%W]/.@4O77^5A\C"PVNXR@U
M.,_*B;YC/*1E)PQGKM]&D`MNCK/'W5!TXEG+@B:?R0*F4,*!R@;32R89W$+2
MVL]G\XVQAC13SQ<@BI(_&'!]2XG]6O8K72/QQX_!!;;?YCM8&-T\T3@CJ/Q!
MP?4N)[5KHML-;:[I]HWWYZ2=RJM>L<T='5]:=.I>,:28)QCO2D:O*1[,':2I
M&C61="!EP2`GO^VEW]WM)]N^L[.WGRW*WW,#'RTB:20#H814"O0$]:=:#P"W
M%M;P2Y#-NFB:YQ+&FHKIY;:C7Q[^.G@%KC4J)3(OP)\#;#'5>#96!/='B!8"
MSK>.;)S(S,WM:M,9>14E"I@^5</V,BL@H)CB`HG[..TI0#3P6MLSBG%9F0-$
MWU-H[<`*U=*T$UZZ@D>[1:N""%N`P4C8VB02VQK36ID:":]=02/=HM^O.+7-
MHVKXK;=IU*8?G%I4B82RPT"!#JFL;JB6R`O0UE)$@"9=Q8T:X9DDGZ'57*`B
M`".=LY19SW^!R%M;,W3[6N#?VMCVOV_WMM![2M]FK>6ZQEW%`W=+0.`_:+'!
MVW^]MI\5"P\W?&5SK$FSG>UJG%-4XP',A3G\NQ0V/&S9$P*XI2]!463M)[D@
M_P"6A8\K45U5P#L`Q3%,)G)\(ZQ%\Z_C:-NK"1Y@=W9Y?XM]=-M*D]-%#<UC
M#;?4F[8&TU:2-X/[.S\6ZNFVE:]%HS2]?V70>B/&KR=ML.K49J@;FNUVV=`2
M)'#-U4-$>4=PD6-IA91FD4QR&H*D_!3SE!4I?E!BE^X"&*8,ZM;6D^)Q6%S<
M\?ERQ7+WR--0607+R'`C^QN8\@]-IZ+2PP26-CCLG,S8^.9[G@_JQ3N.X']R
MK'GPV%='LFO6=[X[ZFW))N8:KPN^/+R&\@-PO[W5Y.TTRK4.T14\WT\CM"`8
MSU7=R-$J9(^IIO"N'S1FV<@1=P'M$4*.*\AG=AK#)/+61W>0$\I>TN8UC@[R
M?-:'-)C92*M7``T)TJJ7,<AL+2[<YK(Y[L2R;VES6L<"(]X!:=K:1UJ0`=3H
M"NOV#&M77_M6]D8[FTOL"9#P*W/&W.*\>M4R56I*S)5DJO39&[VM+:>P*ZI<
MXXR+].,9@1-^>.<.#F'V2$YK=,!_Y@F;DK::7^53!XMXBUE*?(7N\V1N\?-M
M'XMI/:BK<-:X9>5M[#(_Z"4.$49:WI\I<[S'C</FVC0T)[+..U=1:3I>G_$U
MNUM-;T-+M+G5K/6+]9:'%7374[L-;6]@%=/=83,C"-9%>TMI9\#21>R+=X22
M4+\NN14Q<V=_C\9;8[`-;.RTD$C7-D=&'QND\MW^=N(!W`FCBX'=T(*YMU:6
M4-IBZ3-@>)&N:YS0YA?L=_F5(!W`FA+@=U*&JURV!9YVPZQ\J:E!5_2QUH2\
M>-EEW5N+Q_;6FT:@ONO7MN01N#>Q4)C/`Z8S53J40#FT1L7**G?P:BI5G*?X
M3#IKN:6:QSMO%#;5;+;NFFMPYT+XR_YMT8=HYK165K7?,RM7#JM?<2OEMLK$
MR.'Y9(#))%N=&]A<-^Y@.A:P5D:'&K#J5EAH^C6&ZJ/L%CN316SY:DZ;W1-2
MU*\3=0R]>E+9JYM1UG'^7[C;X+<MTC:Y'*6=",4@!7;%<J2B8)M!+W+&+SVN
M:S)6UVW(VL[X[:8EEK$6E\09^%[VS/#1NV^745W:-[KEM<P7L%RV\@E?'#(2
MV",@N9MZ.<)7@#=M+:BI<*-[K`%FMU(/KOPLFH2Y>+E-JS+R(\;;5&ZKU9&O
M+/>*#7E;O$_FTCL#<DY=%9)DRAFLD+:9=OH./!>06*@JY,8_:KJI[BV^DXW+
M'<V,=N+RW<(H@7/C;O%3),Y]0`#1Y<QM7&A=KKKYIH#;85\<UJR,7$#@Q@W.
M:-XKND+M``:.)8*DT)UUO_9JNO:7#>54M`7OQ]V-5G.R+]:=G^.?D?7EZ1N5
M>S()M7DG":ZV)$V(MN=&L*C-(U254A70'561(V<@``).7>_1VT>=DBNK2:W,
MTCI;>X:63;NI$<@=O.Z@\H[#U%"N1=&W@9EGQSV\L7F/<^&4;9-W<,>#NUI_
M#^0]11R^T]2DS355K,R:,>PAI:OPTF:&DC'/(Q!G\:V=#&2!U/YAWK`5?:5$
MWXA4(//7/2K=_FV\$FPMW,::'J*@&A]HZ%=QB=OCC?M+:M!H>HJ.A]H6E^OO
M_P#(GY'?_JZZ&_\`RDV%G6[/_P"<,S_\'!_M/6GM_P#Y@R7_`,-#_M2+&FOY
MW0M4W3YF)^3;[7T+L"4V"238NMO+039":\=?\EP"%'0J"EG,#22K#"01EDGK
M=CWF(_,8'!>XZ.<*TEQ,&2Y&,VZ%MVZ:H,NWYK?8W9LW:%H.X$-_6Z]EQ;>2
MQAO<Q_,G1MN#)4>905AVMV[=W5H.ZH'ZU:]0L!Z+E#Z]1\`;7L:0-3-;H7_R
MYB*%,WAP,(RA*!;(26<::AI>1FQ:A$GEZU&B6.2>'(HHD1-,O)A*7-1BWFT'
M$KB\=Y=D)KL,<\[0V-[3Y()/3<T?+7M2BX5B_P"G9@I+AVRV\R<,+M*,<"8P
M2>E6C2OL"Z;R-N-8V;$?4GE:/9"2D(LP\&()G:Z\X,=DN[9[&D&;N0K<RA_Y
M:12CWQCID=MCJ(_,('`IQ$@\8\S<P7T?-9+6;=%2Q:'-Z5$A!+3T-#W&E0L>
M0EBNF\A,,E6$6PW#]\ZM/>GB.X6S_D1JK36O;IXV,:C<:#X[62H(;+-K=2]Z
MXB['HJUJR,'7(ZRP5T5=3%40:7YY',6R\<^&41DUTD'0%^8_&0-YF+#&VESA
M66]Q%9S1B3R]\8=`^K6AS7U+:2$`%KMP<0'=5M,A:V=O-CA%-';R,W[-S`Z)
MU0T.#M6_/0`M.X.(#NNJR-X.6]A8(_>,&QIFMH-:L;=<_GESTE+3$KIG9ECF
MZU!/I2QTL)8ZI(9\T331;2L>U46;-W9.X%3G4..<SB]PR9F4B;;0M++@[GPE
MQAD<YK27,K^$C0.:*@'N25GPLS9&WS&PQMVS&KHR3&\EH)<VO0]G`5`/<K>O
M.U+=IA$PB81,(F$3")A$PB81,(F$7__4]_&$3")A$PB81,(F$3")A$PB81,(
MF$3")A$PB81,(F$3")A%96R-?5?:]"M^MKHP"2JMW@)*N3C0#`14[&3;';G6
M:K"4PMGS0Q@5;J@'<BN0AR]2AG&O;2"_M+BRN6;H)6%KA[#X>!'4'L=5AN((
MKJ":VF;6)[2TCV%>(_R.\=-S^#.\$XJ07F(IS`SB=@U9M*%3<L&5A91[LKN'
MGH5\F8Y&<RR$I`>,Q4,HT<`)![TQ(HI\U9?$9+B^3#'%S7,=NBD&@<`='`]B
M.X['V4)\.RF,O<#?!I+AM=6.0:5IJ"/`CN.Q]FIV*E_+7Q-\ET6DEYEZ'N\5
MMA%JV;2V\O&J6KT-/70[5(&J#BUT6V';54'ORR9!5=$.X4.H7A(B"7"9=T[/
MX#-4?R/%O;>TUFMR`7]OF8[Y:^)!->P`T6PDR^(R;6NS6/D%X!K+`6@NII\S
M'4;[SJ?"@T6R=%^J'X^>)&D#:>\-]2;-GGZTC-S2MRW[(5EB(S\SV]LQ)1=%
M?O@L!6*""#9-JD:')[#<@F4,H)SGW$'-L1Q_&_R_CEC*]Q).^8@?,>Y#:[J:
M`#Y=!]NSMN58[$6!LL+93.=4G=,6]3W(83NIH*#;H.M:E?,&J5+R"\[-_*-F
M9I/8>T]A2H/K!89'A"*AF!`31<3,XZ;-P85ZKP+!,I")I)E(1-,C=LD=0R2)
MND0P9;E&5(;6:^F=5SCH&CQ<>C6M']``)H%U>&#(Y_(%HW274AJYQZ`>)(T:
MT#L/<!6@7M2\;-#5;QHTM1]-U(YG3"IQHED9=5+V7-AL+]4[ZP6!RE[BWL*2
MLJNHH5+O.5ND)$BB)2%SZ/PV*@PN-ML=`:MC;J?VG'5SOB>W84'9>W8VPBQE
ME!90ZM8.OB3J2?>=?9T6=,VBYR81=7,0<)8F1HVP0\7.1QU$U3L)B/:2;(RJ
M0]R2IFKU%=`RB1NI3"7DH^F8Y(HIF[)HVO9X$`C["JO8R0;7M!;X$556R9,X
MUHVCXYHV8,&2"35FQ9()-6C1L@0$T6[9L@1-%!!%,H%*0A0*4H<`'&6:UK&M
M8QH#`*`#0`>P*0`T!K0`T*V;7KZA7LC5.[TFHW%-B83LB6FMP]@(S.82B8S4
MLLS=@W,82AR)..>,PSVEI=;?JK6.2G3<T.I[J@K%+;P3T$\+'@=-P!_2KCCX
MZ/B63:-BF+.,CF214&;"/;(,F31`G0B+9JV(F@@D0/0I"@`9F8QD;6LC8&L'
M0`4`]P"RM:UH#6@!H[!=-)TVIS5@KEKF*W"2EFJ'YF-5GW\8T=RU<&9:@REC
M0C]=([F,-),R@DN*)B"JF':;D.F8GVUO+-#<20M=/'7:X@$MJ*':>U1H:=51
MT43WQR/C:9&5VD@5%=#0]JCK15T[7X&TQ;J#LT)$6*%?%*5[$3L:SEHMV4AR
MJ$*Y8/T7#5<"*%`P=Q!X,`"'7+RPQ3QNBGB:^(]0X`@^\'12]C)&EDC`YAZ@
MBH^PJ&`KE>JD6W@ZO!0U;A6@&!K$0,8RAXQMWCR;Y=A'H-VJ/</4>T@<CB*&
M&!@B@B:R,=`T``?`:(R..)H9$P-8.P``^P+N<R*ZLM'6^O&]C-<4*'3$+<<Y
MU3VE&KPB=C.HIS[BAILC$LF913N'N,*O(\]<XPLK,3?4BTB%Q^UM;N_Q4K]Z
MPBWMQ)YP@9YW[6T5^VE5WS:`@F:S)PTA8EJXC6KEC'+MHYF@M'LGBJ:[MFR5
M21*=JU=+(D.HFF)2',0!,`B`9E;#$TM+8F@M!`H!H#U`\`>ZR!C`00P`@4&G
M1=?/TJFVM9DXM%2K-D7C3">.7GX&*F%H\YC%.8S)21:.3M3"8H"(IB4>0#*2
MVUM<%IGMV/+>FYH-/=4&BJ^&&4M,L37$=*@&GNJJN<K5<L\=^466OPEAB>]-
M3\LG(IA+1WN)`()*?)/T'#;O2`P@4>WDO/3+2P0SL\N>%KX_!P!'V'12^..1
MNR1@<WP(!'WJ26HU0D`:J$K%>+5S)"@:MEA8TL`9`3@J*)H<&P1PI"J'=V^W
MQW=?7(^GM_*^G\AGD?L[1M^RE%'E1;/*\MOE>%!3[.BFU^L5JILAC:M7H.M1
MQE3+&85^)80S(5C``&5%K'-VR`JF`H`)NWD0#)A@@MV[((6,9X-``^P44QQQ
MQ-VQ1M:WP``'W*GG:93[0HW6LU4K=B6:$.DU5G8*+EU&R:A@.HFW/(-7!D2*
M&*`F`H@`B'7*RVUM.09[=CR.FYH-/M"A\44A!DB:XCQ`/Z54PE:KE905:UN`
MA*^V6."JS>$BF,4@JH`"`**HL$&Z:AP`>.1`1RT4$,`+886L:>S0!^A2R..,
M$1L#1[`!^A42-(I;>P*6UO4*NA:EO<]ZS(P$2E8%?=3%)7W)DC0LB?W$A$IN
M5!Y*/`],J+6V;,;@6[!.?UMHW?;2OWJ!#")#*(F^;XT%?MZJ.P4RGVTS,UJJ
M=:LQH\YE&!K!!1<R9BH82B91F,BU<BV.82`(B3M$1`/LQ-;6UQM\^W8^G3<T
M&GNJ#1)(8I:>;$UU.E0#3[5VZD7&K+1SA:.8JKQ!U%(E=1HW.M%G6:J,E3QR
MADQ.R.JR5.B84A*)DC"0?PB(9E+&$L)8*MZ:=-*:>&FFG97VM):2T5'3V>Y4
M+JL5I\[<OWM>@W;YX6/*\>.HE@X=NBQ+HCV+*Y<*MSK+EC7J95FX&$?95*!R
M<&`!RCH('.<]T+"\TJ2!4T-14^PZCP/15,<9))8"33MX:C[#T5<UBXUBN_=,
MHYBS<RK@KJ3<-6C=NO(NB(D;D<OUD4R*/'!&Z92`=03&`A0+SP`!EFQL87N8
MP!SC4D"E3XGQ5@UH+B&@$]?;[U@C;6G[;:T*DGK.YU.D1]:)*-)+7]PUE&[#
MU/<(V1^5402F:BWFJ?(Q\I!O&@*L'C&10!+W5B*I+%4#LU60QUQ<-MQ8W,<3
M&5!C?$)(G@TZLW,(+2*M+7"E34&JX-U:2RB+Z>9K&MK5KF!['`TZMJT@@C0A
MP[U!5-H_0CC6:VR;!=+/&7VY[7?0IK0O%4]K3*3&UVL0RD#5Z75J8$I81CJ[
M"QKA<O#E\[6<'7.8YNO:$8O$NLC>S7,[9;FX+=U&!C`UHVM8UE74:!7JXDU-
M5%E8FV-S)-*))I2*T;M:`T4:UK:F@`\22:G59HKE+IU/*Z)4JG6:L1\<AWI:
MY`Q<(5X=/N[#NBQC5J#@Y.\>!/R(<C]N;*&VMK?=]/;LCKUVM#:^^@"YD<,4
M5?*B:VO6@`_0NY=QL<_49*OF#)ZK&NROXY1VU0<J,'Q45FY7K(ZQ#F:NRH.%
M"`HGVG`AS!SP80'*YC'EI>P$M-145H?$>!]JN6M-*@&AJ/8N6D>P8&>'8L6;
M,\B\/(2!VC9%N9\_411;J/GAD2$%R\.@V3(*I^XXD3*`CP4``UC&;MK0*FIH
M.I\3XGVH&M%:`"IJ?>ND0I%,;6!6V-JC6&]J7!0%[*A`125@6!4@IJ@K,IM"
MR*@*)CVFY4'D.@YB%K;-F-P+=@G/ZVT;OMI7[U00PB0RB)OF^-!7[>J[E&,C
M6Z[]TA'L4'4J9(\HY1:()KR1T$`;(&?K$3*H\,BV*"9!4$PE(':'3IF01L!>
MX,`<[J:=>VOCIXJX:T$D`5/7VJF+7X$L>PB2PD06*BU62\9&%C681\<O&K$<
M1RS!D"/RS15@NF4Z)DRE%(Y0$O`@`Y'DQ;&1^4WRVTH*"@ITH.@IV\%&QFT-
MV#:.@IH*=/L7;YD5E9"NL]<+6,MP6U_25;:54%RVA2JP2EB*N4P'*N$T9@,D
M"Q3``@;W>X!#USBFRLC-]0;2+ZBM=VQN[_%2OWK#]/;F3SC`SS?VMHK]M*J[
M7S%E)LW,?),VL@P>HJ-GC%\W2=LW;=8HD5;N6RY%$5T52"(&(<HE,`\"&<AS
M&O:YCV@L(H0=01[0LI`<"UP!:>RA5CV"[!2+78LUHQ5J9BK'*MD5&"C(R7L&
M9J,SD%N=J9#\`IB42"3IQQ@L86&,L!92E*:4\*>"%K2TM(&VE*=ET<52*7`Q
M3Z"@ZA5X:#E"KEDX:*@(F.BI$KE(4')7T<S:(M'97"`B0X*$-WD'@>0S%':V
MT4;XHK>-L3NH#0`:]:@"A5&0PQM<QD30P]0``#[PNSDH&#F8M2#F(:*E819)
M-!6'DHYF^BU44>T445(]TBJT.DD)`[2B00+P''IEWQ121F*2-KHO`@$?8=%9
MS&/:6/8"SP(J/L4F%K-;K<:,-7:_"0$.)E3#%0L4PBXT3+%`JQA8L6Z#43*E
M``,/;^(`ZY$4$,+/*AA:R/P:`!]@T4,CCC;LC8&L\``!]@5+7J73JD+PU4J=
M:K)I`Y5'XUZ"BX47RA!,)%'@QK5L+DY1./`G[A#D?MRL-M;6^[Z>W8RO7:T-
MK[Z`541PPQ5\J)K:]:`"OV+JT]8:T1;RK1+7E&2:3JB*TVU3J4`1O,K-G)'K
M=651+'@G(*(/$RJD,L!Q*J4#!P8`'*"QL@)&BSBVO_$-C==:ZZ:ZZZ]U7Z:W
M`>!`RCNORC7OKIKJJZ0H=&EIIM9)6F523L3,419S\A78=Y--1;&[FXMI5RS4
M?("@;J3M4#M'TXRS[2UDE;-);1NF'1Q:"X4\#2JET,+GB1T33(.Y`K]O577G
M(654*<7&)2#F72CF*4J\;H-'<FFT;DD'31J90[5JY>E3!RNW;'6.*9#&$I!,
M(@`<CE!&P/,@8/,(H334@=!7JHVM#BX-&X]^ZZ>?I5-M:K)Q::E6;*O&F$\<
MM/P,5,*L#F,!A,R4D6CD[4PF*`B*8E'D,QRVUM<%KI[=CRWIN:#3W5&BI)##
M+0RQ-<1TJ`:?:JR;K==LT::&LD#"V"'.9(YHJ;BV,K&F.AU0.9B_0<-1,B/\
M(]O)?AEI889V>7-$U\?@X`C[#HI?''(W9(P.9X$`C["J9.GU%)FO'I5:N)L'
M+>-:.6*<)&$9N&L,H*T.V7;%:@BJWBE3"9L0Q1*@8>2`4<@6UN&E@@9L(`(V
MBE!TTIV[>'90(H@-HC;MT[#MT^SMX*JGJY7K3'FB;/`PUCBSJ$6/&ST6QEX\
MRR7/MJF9R"#AN91/N'M,)>0YZ9,L,,[/+GB:^/P<`1]A4OCCE;MD8'-\"`1]
MZGQ$-#U]@A%0,5&PD6U`P-HV(8M8U@W`QA,8$&;-)%NB!C"(CVE#D<M'''"P
M1Q1M;&.@``'V!2UC&-#6-`:.P%`NRRZLF$3")A$PB81,(F$3")A$PB81?__5
M]_&$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PBQCMK3.KMZU
M%U1=MTJ&O%7=*%6&/EDE2JM'1`$$WT7),U6LI#R"8"(%<-5D5@*(AW<"(#P<
MAC;'*6[K7(6S98#V/8^((H0?:""N-=V=K?0F"[@;)$>Q_2#U!]HU7Q@V3]!W
M6$U*N'NJ]Y6VAQJQ@43@[75(^_D:B;@3HM91G.4IV#8O^`%B+JE#H90X]1\Y
MO/2VRDD<ZQRDD3#^J]@DI\0YAI[ZGVE=*NN`V<CBZTOGQM\'-#_L-6G[:^]=
M+2/H)TMC*MG.Q?(FR66'35`[F)J%!CJ<^<I!U]LLW+V:Z)(=P_Q"#(P\>G`]
M<QVWI9;M>TW>7>^/N&1AA_Q%S_\`96.#@%NUP-SD7O9X-8&?>2[]"^R6AO&K
M2OC16#533='CJJS<@@:7D@.O(6&P.6Y.PCN>GGZCB2D5>1,8I#'!!$3""2:9
M1[<]$Q6%QN%@\C'6P8T]3U<[VN<=3^@=@%W2PQMEC(O)LH`QIZ]R?:2=3_I1
M9US:+G)A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A
M$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F
M$3")A$PB81,(F$3"+__6]_&$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,
M(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$
MPB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$
M3")A$PB81,(F$3")A$PB81,(F$3")A%__]?W\81,(F$3")A$PB81,(F$3")A
M$PB81,(F$3")A$PB81,(F$3"+53RD\RM'^(M90G-ISRZLU)E-_ENAUM-M)W2
MQF*;M.LRC%G;-NSC4!`?<>/%F[4HAV`<RHD3-HLYR/&<?A$E]*3*[\,;:%[O
M<*B@]I(';KHM5E<S88>(27<GSG\+1JYWN&FGM)`]M5\%MD_76WS,R"A=5ZKU
MO188#F!+_-*DW>IU0@#^`YWC5[4XI`3E#D2`S4[1$0[Q]<\KO/4_*R//T-E#
M%%_:W/=]M6C_`%?BN@W7/;YSC])9QL9_:J\_<6@?85TM$^N=Y*PLDD>_Z\U3
M>83GEPSBF<_3)DQ>G1M,$E[!'H?^G'+9CM?4[-1O!NK6"6+N`',/P-7#_5*Q
MP<\R3'`W-K"]G@-S3]M7#[E]R/$3Z@6B?,%H>.J#YW4=CL6@.I?6=L59HSP)
M)I@9T_KKINL9I:89N<!`RR`$<)$X,NW0[R@/IO'^68OD+=ENXQW@%3&ZF[VE
MIZ.`\1J.X"[WB.06&9:6P.++@#5CJ;O>.SA[1\0%O-G:%O$PB81,(F$3")A$
MPB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$
M3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A%__0
M]_&$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A%A_?VYJUX]Z<V
M!N2V`9:'HL`O*?()JE07F)191)A`P+58Q%"HNIZ<>-VB9Q*)4S+`8P=H#FNR
MV2AQ&.N\C/K'$RM/$]&M'M<X@>RJXE_>18^SN+R;_+C;7WGL![2:`>]>/:EP
M4[YZ[KO>TO(/="%`9.W\:BYETZW,7>QR\U/.565*U7J+6L"J$S8W_LMS$1:M
M1,+1HB997W#F_F?/MK!+RK)7-]ELB(FDBIVE[BXZ,CBC&KCX`=`*FIZ^,Q-D
MY!?7%UD;X1-J-=I>27&C(XV#5Q]@Z`5-:KT":I^E=XI477FME+;KV.V+LRM,
M+*[:N=@O75*0O\]..'TK"1-\KT1+W"*`(%NHBS(5$D@"":1E116'^4'K%APC
M!VMG9?46@EO&!U/,.S>YU2`\-+Q\N@TW4I6AZ+T*TXEB(+>V,UL);IH=^,EH
M>34@/:"X:=/UJ#6A7P7^H7J.\:NO[$+[XTZ[T.[F%GAX"9TI)R[W5-TA$`(/
MM)-94RB;>SPYU2%7411B#*IF[E&`=R:P^6<NL+FQNF_58>&V<XG:Z$GRWM]Q
MK\P[TV^UO0KH/([.>TN6_48N.W<ZM#$28W#V`]'#OHVO4MZ%:*4NZ6K7-K@;
MQ1YV0K5LJ\DWEH*=BUO9>QS]J?N263$0,FHF8.2*)*%.DLF8Q#E,0QBCU:VN
M9[2>*YMI2RX806D=01_IKX]"M#;SS6LT=Q;R%LS#4$=C_I\".J]Q7A7Y+,O*
M_P`>Z9M@K9"-L2Y'%?O,.V$/8B[E!B1M+E:D%591*.D@,F]:%.8QR-7*93")
MBFSZ9XWFFY[$V]_0";\+P.SV]:>P_B'L(7NV%R;<MCH+P"CSHX>#AH?@>H]A
M"V*N%PJ^OZO.W6ZSD=6JI68US+ST[*KE;,(V/:$[UEUU!Y$1'H4A"@9150Q2
M$*8YBE'<7%Q!:02W-S*&0,:2YQZ`#_3WGH-5L9IHH(I)IGAL314D]``OF5"?
M65\+)BW-ZRM*[&@XQW(&CT+W.4GY:F&$#^V1VHLUEGMC:L5#&+RHK&I^T4P&
M5!,H"(=*C]1>-R7`@+YFL)IO+/D]^A+@/>WWT76&<SP;YA$99&L)IO+2&_UT
M]X]]%N!Y%>7FBO%ZD1%[VA;`*PLXE"GQ%:13GY^X@**#DZ]=9-W"3=S'H-'*
M:JCQ5=%F0JB8"J!E4BG[!F.0XO!VL=U>S_*_\`;\SG]ZM%:$4-:D@=-:D5W&
M1R]ABX&W%W-1KOP@:EWN`Z^_I[=0L:^,WU#/''RJLS^C4&4LM<O;)HK(HTS8
M4(WKD[+Q[8GN/'<)\I)S$9)"Q2$%%D".?FB(\J^U[13G+P\+R[#YV=UK:O>R
MZ`KLD`:X@=2VA(-.I%:TUI0%<;&<AQN5E=!;O<VX`KM>-I(\1J0?MKWI1=+Y
M&_4I\9O&6\#K:X2%OMEX:MTW4W7M=5]K8'-:27;INVQ9US(2\''MG*[-4%O8
M366732$#*$(!B";%F.9X7"W7T=PZ22Y`^9L;0[;W^8DM%::T!)\:*F1Y)C,9
M/]-,][[CNU@W%O?74`::TK6G9;#^/?DEJ/R@HI-@Z@L@3D0FZ&.EH]XW/'6"
MN2I2%5-&3\0L(K,7(I&`Z9P%1!<@]R2BA>N;C$9G'YNU^KQ\VZ.M"#HYI\'#
MM^@]B5L<?DK/*0"XLY=S.A[$'P([?H/99,O%XJ6MJE/WN]S\?5ZA5HY>6GIZ
M45%%E'L4.`,H?M*=59950Q4T44BG676.5-,AU#%*/-NKJWLK>6ZNI0RW8*N<
M>@'^F@`U)T&JY,TT5M%)//(&PL%23T`_T^U?."E_6#\-;G=8RG'E[]46TS(&
MC(N[7.I(0]'<N15!!`ZTHWFI"1C&;A8Y2^^\9MT4`.!ES(D`QB]-MO4/CMQ<
MLMR^:-KC0/>P!GVAQ('M(`'>BZW!S#"SSLA\Q[`XT#G-HT_&NGO(`'>BVU\E
M?+32?BA4H^V;=L:S,)QPHUK-=@V@3%ILZZ!4E'?Y-%E6;I&:L45R&7<KK(-4
MN\A3*@=1,A]_FL_C,#;LGR$Q&X_*UHJYWC0::#N20.FM2%M\GEK'$PMFO):!
MQHT`5<[W#V=SH!XZA8Q\9?J%>./E799"D4"5LE>O3!HK()4S8,*A79V6CVQ0
M.\=PH-)*8C)+Y),0.LB1S\T1+E04O;*8Y>%A.78?.S/MK1[V70%=D@#7$=RV
MA<#3N*UIK2BXN,Y#C<K(^"W>YLX%=KQM)'B-2#]M>]*+H/(KZEWC%XU7=36]
MMDK=;KLR1*O.P&N(%I8EZR51$CA)*>=OYB$CFSL[8X*"W36672)P*A"`8O.+
M,<TPF%NC9W#Y)+D?B;&T.V_O$EHK36@)([T6/(\EQ>,G^FF>]\XZA@W;??J`
M/=6JV.\?O([4?D[14]@Z@LI9Z'*Y&/E6+E`\?/5V5*F18\5/Q"XBNQ=@D<#$
M,`G06)^))10OXLW&)S./S=J+O'S;HZT(.CFGP<.Q^X]B5LL?D;/*0"XLY=T=
M:'L0?`CL?T]JK.>;1<Y,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(
MF$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$P
MB__1]_&$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A%\8OKCV>3
MAO%"G0+%8R+.W[FKL?-`40`'4?%5FVSR#10!*/*8RT>V6]0'N0+]^><>ITTD
M>"MHF&C9+EH=[0&O-/M`/P73.<RNCP\4;>CYV@^X!SOT@+SP^)6^XKQHV!9=
MOC`(6.]UW7ED8Z?:2*1U86-V18W417T;#,ID'N.S@:E(2S@$@[1<K$30`Z0J
M`J3R7`96/#7<V0,6^Y9"X1`]!(ZC0X^P-+C[30:=5YOB,@S&7$M[Y0?<MB<(
MJ]`]Q`W'V!I<:=]!45J-[+!>MF>2WTP-@[+NEUL5KV%I+ROB;E*V%\^<*RI8
M2U5R/JB*#7Y<44XI@S?VXATDFQ$T$$TC`4A0].T2W=]F>%7=[<7+WW=M?!Y=
M4UVN:&_``N!%-!1;Z6>YRG%;BZN)W/N;>\#B2=:.:&CW#Y^@H`M:]0>5%@N[
M2E:O\D[LSO&L->6UI?*HUV#1;)NBS*2Y(:9JB5)K<''6&K+V)&8/9DW8-IF8
M0C6YHTI@!8W:R<ZG&9R6[%M89FY$ME%('MWL,KJT+=C14;J[JT<X`;>_X3JK
M7+2S,M[;)W`DM8GA[=['2NKM+=@`<W<#NK1SPT;>Y^4_3#ZCVJ_`W46HWZ$)
MIV#JVU+FY>1(2](DAC[-K79<92:[?(&*G:`$T[@&M:LL=+-VDJ5H<4V!)`BZ
M)'"H@H3N/+[#BV/L'"/'L9>R5&YA(='(&->T&.I&UP(#J:-W`T)Z=IY-:8"S
MLW>79-9>/-*L-',D#0\!S*EH:X$!U.@=45.JN7Z!T^^<5/R4JZBAS1T38=:3
MS-,3")$WD_'7-A(&*7T*95&MMN>/7M^[,GI7*XP9J`_@:^-P][@\'_9"S\`D
M<8,E$3\K7L(]Y#@?]D+ZQ^9OC=*>6&C)?2T=L`-<(SL[7I.5G!KI[.5U'0#[
M\U+$FC"3M>_"XDV[97W!7$"^QQV#R`E[YR/#29[&/QK+OR0Y[27;=U0TUI3<
MWO0]>W1=MS.-=EK"2Q%QY8<02:;M`:TI4=P.Z^2_U`I;QXIOC?1OI_Z:K<;M
M;?S4U#K\#'4&N-92<J\K77<6XG[!-.(T';AI:KDDT<IK,B*K.A*]55<]B92F
M/T'EDF(ML/:\3QT+9\L-C6AC07-+2-SC2IWOH06U)^8D]J]3Y$_'PXR'CUE$
M)<A\@:U@J6EI!+C2M"ZA!'74DZ:K'4;K*8#ZA_T_/&W<Q&5C;::\>JBF]AES
MA(PX6BNT&\W)1(@J_P`J0;,;#`,T@,8!(NDQ(`E$GX<X<=E+_P`W<4PV2H\6
M]HRK>HW-8]_QHYH'@0WP7&;;/_YCX[C;VCA!:MJ.HW!CC\:.:/?0+-WU!8]A
MK3ZBW@!L6F,F\'9K?<J]6[*\BT$VBLU$EOU;K"Z#WY<"?,*.ZY;7;(QC`)C-
MS%((]I0`-GRUC++E_%;RV8&S22-:XC2H\QK=?>UQ;[M%SN0M%MR3CES"`V5\
M@:XCN-S6Z_W7$>Y0?2%C8S9FW?-W<USC&<Y?)38K%@$I)M4G*T>PLLS>9B<9
M,R+@H#9&0<-&Q%"AZ)M4R!P4!`7I]&R]R')<C<L#[ITH%2.@<7EP'A6@K[@$
MX@&W-YG;V9H-P9J5/8$N)`]AT^P*H^GD@WUQ]2+SNT[4DB15`$D[96M?8\)Q
M4<[A+[$HQ+=HV`O8W3C6=W>-TBEX`B0`7@0*'$\0`L^8\HQUN-MI\S@T=!MD
M`%/<'D#V)QX"VY)R"RB%+?\`%0=`0X4IX4WD+*7UP;7+P/B168&.7,@RNVY:
MO"SY2CQ\W%QE=MMG09GZ#RF,U!M%O@/<@'WYS_4V>2+`01,-&R7+0[V@->ZG
M^(`_!<KG,SX\-'&T_+),UI]P#G?I:%*^HMI+6]:^F&1A$5>$:#J2$TTYIKUN
MQ;D>,'3JQU&JRCI)X4OS!UIF,G7/S)C',*ZBG>?N.`&"O+\990<):V.!H^G;
M"6&FH)<QA->NH<:^)U*GDMC;1\8<QD30(6Q[=.GS-:?M!-?%:(ZEF'?D/YR_
M3FK>U.+/"UOQEITXC'S)/FV\A-U[7-YM:$J]35$2/'+R>KC)PJ)P,586Y0.!
MB\@/5\?([+\GXA#??/$RS8:'4$MC>\$^)+F@GQIJM#:R.R.>XU'=C<QMHUU#
MK5P8YU3\0#\%LU]0".8ZP^HYX![&I3-K`V2YW&NUFS.HM!-FI,1AK]7ZL[(_
M]D"E7.]K=O=,CF$.XR'!1'@H<;OE<;++F'%;RV:&322-:XC2H\QK37WM<6^Y
M;+D`%KR3CMS"W;+(\-<1W&]K=?@XA0_1^CHO9NSO-;=%SBV4Y?)O8L>S-*RK
M9%V[8,;)*7::G&+8JR8D;(23E)N54I0`!(T3('!2\#'IZQE[>\DR5RP/NG2@
M5(J0'%Y<!X5-*^X!.'M;<W6=O9F@W#I:5/4`EQ(^.GV!5?TZD$-=?44\]-/5
M-`L50"N)NPLJ^T`$XR-<P5^:M8ANS0`!*W18,;DZ02*7@`2*!1Y[0XMQ`"SY
M?RG'6XVVGS.#1T&V0`4]P>0/8IXX!;\CY!9Q"EO7<!V!#M*?XBI7G9Y_1\@^
MU'5:33O)RB2&OO*NE.KC*JTQ]58>\U>K.;''3U5K<G'V3FW*6-7VU&;!0I$7
MR1.XW':`97E/+&/=CX+6WO8GPWS"\["P/:W<'-:0[Y]QH0TT!`4YWD#=UI#!
M#=,='>,W'86A[6D@M::_-N[#NOJWXZ^2]8\DXNS2U9H>VJ(C5Y!A'.FVV*6%
M,>R"D@V7<IKP[?\`-),7S5$J`E5/R3L.(!P/.=\P^:@S3)WP6MQ$(R`?-9L)
MKKIJ:CQ7:L=DHLDR1\4$T8:0/XC=I-?#4U6OGDUMB4C?(;7&G[;O*5\8M/6#
M7<W:C;)B$ZQ#OKY?FTXC%M->-]@W>$GZO321<289)0ID2.GO<5(IP`P<ZC-W
M\C,O9XZXRCK''/A+O,&T&23=01B1X<UE!\W2IZ+@9*Z<W(6UI+?&VM'1EV\;
M1N?6@9O<"UM!KTJ>@*GJ2V\=9:3\KYY#=+3<="K6F;E>M!;@5=4V2O<3/15(
MM4C(0-G&L0S.K60D!),6+IB_^5**Y5%$UDQ`"@$F3*6.,S\HR0N;1EL]\$U6
M%X<&.):[:`UVTAI:ZFNH(4EU]:V65D%Z)H&PN=%)\I<"&N)#J`--"`0::Z@J
MWH7R4O>[X'6F@]#6^(<;ID-1:YM^^=QNB0TE'Z6C;!7H=>5>M:\4A65FVG//
M'"I6,85$K&/5/[ST2$(5$^&+-764AL<5BKAIR3K>-\\QH1"'-%2&]'2N)-&T
MVM.KJ=%1N1GO6P6%A,/K3$QTLFA$8(%=.CI#V;2@ZNTH#FFO6^[Q7F,CIAU<
M9B>I$5XHQUO.VF4(4[Z4N:.RTJXM:Y%]'1,>H,F^C`$JJ2((LP$PB1`G3C9P
MW%S'R,8UURY]LVP#_FI4O\S;N)`&I'A0>`"YC)IFY<69E+H1:AVM*EV_;N)`
M&I'84'L4O9>T[15?,#1-%"S#$ZVL&G-Z6^Y12R,<#!T]IBM,4BI9V^7:G?M2
M1#:0<FX2633$IQ$X&X#B+Z_GM^18JU\_;9/MYGO&E"6;:$FE12I[I<7,L>7L
M+<24MW0RN<-*5:64->HI4]Z>*FTKS4UO=I>@H(TC<==J.UI4L+K':5KH0Q.N
M+O(NT'+J#0C)8DJ[EXT+2V:G/%FDV#`'H<`3\1@`9MN2V5S):`6MRRWG=MCE
M?'2-Y/X:&I(W4^7<UM4@S%O.ZWI#,V&4T8]S:,=744-:C</P[@*K8C9&QZ=J
M2D6#8E^F$X.J5EH1W)OSHKNE1%=PBR8L6+)HFL\D924D'*39JV0(=9PY5(F0
MHF,`9N+V\ML?:S7EW)M@8*D]>]``!J220`!J20`MA<7$-I#)<3OVQ-&I_10=
M22=`!J3H%@JI>7-.L=B:5":UQNO6MKGJQ-6NB5[95")79'93*OQYY26C*1\M
M,RC1]:&<>4%3Q+I5G(E3-WBB!"J&)J[?D-M-,VWELKF&X=&7L;)'M,@:*D,^
M8U<!KL-'>SJN%%E89)&POMYHY7-+FA[:%X`J0W4C<!KM-'=Z4JL6>&&VKUNJ
MW[^M]P=[H8LXG:%XIU8IUSJ=7K6O*S6ZY:7D1#14.>/CAL3O8<6VC3%GBNWZ
MZ:2RX%*4>"F#@<;R%UD[G+7%PZY#6SO8UCV-;&UK7$`"@W&0`?/5Q`)7%P]U
M/>RW\TQF`;*YK6N:T-`:X@`4%2X4^:I.I75[2DMJ7KS)?Z=@O(BY:2I$-X\0
M>Q"(U**ULZ4DK*\O\K7G!G+F]5&QG]L\<0GX$C$X%(!`/XN<=^^_NN1OQT68
MDM;5MFV3Y1&:N,A;^NUW;P\%6Y==3Y@V<>0DA@%N'_*&:N+R-=['=O!4.L-^
M3^G]F^1>O-R;M3W)K+3.LJIM8^VWD#7F%BIXS;Z:CWVNK2C0HQG#3L\Z)').
MHPB#5)\L!Q2]M0QR`6MCEI<=?9BTR63^IL;:!LOFEK0YFXD&-VP!KG&@+:`.
M/2GA6VOI+2YR-O>7OG6T,39/,(:'-J758[8`"=*MH`3TIT6P=`\J:K=;]7=;
MS&NMQZJLMT@9FQ45/:]*;5IG=&->29NIM"$<L)R;%*6BV#Y-RLR>E9NB(")A
M3Y`0S;VF>@N;N&RDL[F">5A<SS6!H>&T+@VCG:@&I!H0.RY\&3CFGCMWV\T4
MCVDMWMH'`4K2A.H!!H:&G;JK04\Z-1IJJ2W^6=LJ:J2M:=,6WZG1%#Z63EU)
M4L`5V-G_`#()4]9">,#,9DD<:)!80Y<]@]^<8\IQX)D\BX^@$FSS]G\&M=M=
MU:[=VF_;MKW6(YJT!W^7+]+OV^;M_AUK3K6M*Z;J;:]Z+K('R-;4>Y^7LGMF
MWJA2M9;*H=:HD0FP;.9512PZQJ\PA4*E%QC0DQ:+%9+#(*?*-"_,.5EE>TG!
M`'MI#F1:W7(GY"X_X:":-K!0$_-&T[&`"KG.<=!J2?8H;D!!+E774O\`!BD:
MUHIKK&T[6@:N)<=!J230+)-N\H*Y4W]-K1-<;?M6QKE4CWM/5=0J<9+7FLU%
M-RDQ/.7-):QL:W7&WYFN5H4BLD*RKKN33(8R:@$YMQG(;=]M`+.XDO)(]_E,
M8"]K*TW/^8-:*Z:NJ3H.A6>;)1Q.AC^GE?</9NV-:"X-Z5=J&C4T_%4GI6A7
M7_\`M8>H?^$L;MKV[L"$O=7.L8S7O^4)$=K/MILI![%O=:-Z2`BY4MS-Y&N/
M>3!7Y9))$ZIU@2*)PK_S%COY>S(4EHZ7RA'L/FF4$@Q[/VP0:BM`!6M%7^;6
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M&NK4%PU9N:W=VJ52++VTLD+?+E;%*:,>YM&//8`]1N&K=P;N[5-%0W3S)H<*
M]V)%PE0V]:8;6SJ3KU[VI3M?KSFMJ)9(]N<99G+S'SB<E('J9S$/+'CF$@C'
M$Y%P8H$/VTN>1VL3KR.*WN'QP$M?*R/=&QPZ@FM3L_6VM<&]U$N7MV/G:V*5
MT<9(>]K:L:1U!/4[?UMH-._=75XGVVW;3\4=,7&VV-X]NEVU9"R<S:DVL8B_
M/,RD<;W)A)HBQ3B".DEC@H4GR_L]Q0`2"'(#R,#<7%]@<=<7$Q-S+`"74%:D
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M^75*JD*I#%$;Q\AQ\EM#=#S`'W#8"TMH]DKB`&O::4H2*]=#455F96T?`R<;
MJ&9L1!%'->XAH:X'I0D5]FHJ%D*X[LIE&N(4:;+,#-CJR][@`63%)=E_E+7;
MR!8V`OS!W:)OS45[&W^71[.U4O>(G+V]>7<Y.VM+CZ:4.\SR'S:#39&6AW?K
M\PH._BL\MY##-Y#Z[_*=)TTVL+0?C\PH%@5GY[:7DJT:X1D!MF1K3US2(.H3
M+37KY2/V5>KZ8Z<1K?6[PSLC:VW-BJD<C\B!_D&ADE.YU_+/VZIO+,:^'ZAD
M-P826-81&:2/DZ1QFM'O'ZU/E%#\VBX3<Y9NB\YK)3$2T-.PT>Y_1C/VG#O3
M0=SH5F/4N_JUMF;ME2)5M@Z\O-*0AW\]1]G5M*N6$D+8`=A#6".%C)34+,PC
MY>/<(^\T>+>TLB8BI4S"3NV./R\&0EN+<030W40!<R5NUVUU:.%"X%IH14$T
M(UIHN7:WT=T^6+RI(YF4):\4-#6A%"00:'H3J-5G7-JN:F$3")A$PB81,(F$
M3")A$PB81,(F$3")A$PB81,(F$7_TO?QA$PB81,(F$3")A$PB81,(F$3")A$
MPB81,(F$3")A$PB81?,KZMVFI';WAK;W4&Q6D9W54W#[49-&Q`,NM&P23^*M
M)BAQR9-A59QZ],4.I@:\!R/`#TKG^.?D..SNB:3+;O$H`\&U#OL:XN^"ZSRZ
MR=>X6?RVUDB(D`_=T=_JDGX+RH^-'CK=_*?;<'IZ@/J]%SDPTDY-64M$@JPB
M(Z*AFPNY%TI\JU?2#U<J0`5)NV055.<P";L2*HJ3PS"X>YSE_'C[5[&RN!-7
M&@``J>E2?<`5Y+C,=/E;R.RMG-$C@35QH`!U\2?8`/L%2/5/XG?39A?'G3F[
M],7;91]J5??,0A&69FWJ1*FG"F&'E89VXAG"L_8EE79D)$AT5SE3,BLU34`O
M/0/=,#PZ/$8[(XZXO//ANFT=\NVFA&FKM==">X!HO5\1QEF.L[^RN+GSH;AM
M'#;MIH0:?,[L>NE*`JS_`!\^CYH'0FUH#:XVZZ['D:B?\RJ\%<T*^$)'69$Q
M#QEB<I1$:Q5D',,H7W6J9A*1-P!%>IDR<<;$^GV*Q=]%?&>29\>K0ZFT.[.-
M.M.P\=5AQW#,=C[N.[\^25S-6A^V@=V=HT5([>W7L%\'_J2^-.Z=";K<VO<5
M[KNQG&[9>UW2)L\"#J,.Y7:NXQ&5;/ZH\.NI6?D$G[1!LBDX>-OE4R$(N84C
M%)Y=S+#9+%Y$SY"[9,;ESGAS:CN*U:?PTJ`*$BF@.BZ#R;%WN/OC->SME,Y<
MX.&G2E:M-=M*@#4BE-=-/M!]#_4$I2?'>[;1EFYVH[BN+<\(FHDHFHO6Z*C(
M0[1_R<I>]%S-R4B5,0Y*)4^X!X-GHOIGCWVV)NKZ04^HD&W]UE17_$7?8N[\
M&LW08V:Z>*&9^G[K:@'XFJW)^H39_(B!\=I2+\8*I;+'L^Z3L;50D::S!W,T
M^M.FS]_/V-MR4PMW*K>/+'HK%X4;J/@63,51,@YV+ET^7BQ#X\);R/O97AM6
M"KF-H2YP\#IM![;JC4!;OD$F29C9&XJ)SKMY#:MZM!K5VONH/`FO9?(;Q$=^
M3OB/`JF@OID7J[;/ES.U;7MVQ69^%IG#.W*RQFK,JE.D/R"+*10"F006,9P8
M.]=14X@(>?<?=F^/Q$Q<*EDO75W2N<=QKV'R':/8#KU)*ZCA_P":XB+^'Q=[
M[IWXI"\;G?ZIH/97WU*V+\G=8>4,S??%GZB6K='O3;8I-=19[=T(1ZN\M;%@
M"LR@+!D4S!N]F`>0,Z_CW(MFQGK85D%4VRQ`4%/;YNRSDEU@^7V.,/U\;*2P
M:EP&N@TJ:M<YIH*BH(!UIL<I:Y1]QB>16EC_`,9&RDD5?FH:Z#371S@:"HT(
M!U764JD>2?GOYE:8\@MP:"L7CIIGQX^3EH:`NCA^6P3MGB9`;!'$8DEX*MR4
MD9Y:&[-5=7\N09H,60I^Z=<Q0-2VMLSROD6-RV0Q3[/&VE"&OKN<X'<*;FM)
MJX`D[0`T4K7K2&#)Y[-6.0O<>ZVLK;4-<?F+JU%*@'\5"=`*#J2NCC*WY0?3
M8\C=^SNKO&^U>1^A]]3)++7VM$5DOGZU*EDI:3C(^1&&KMOD8P\$-B=L#@LS
M(B^0!!8BP'(=(,;(<WPS,966QPTEYB[IVYH96K34D`[6O(V[BW5M'"A!THJ,
MBRG&\ED9+3&/N;"X=N`8=6FI--`XBE2-10BAKU"RCX9Z'\EM:0'F+YF[#HJ$
M?Y(;GK]TL.M=6.&Z[Q=J]33G+:PAYB$9O47J:=@LY8UJV8"Z2>IM6G"IB**_
M@YO'<7FK*'D7)+NUIF+ACW1Q4KK\SP"T&OS.V@-J'4&M"5RL+89.V9F<S<P`
M9.<.+&=:4JX`BO<T%*UH-:$KJ)"'W7]4+Z?%Y;W:!IM>WG2]QS/^4H:(:2-=
M@C3VNR-F#R%<J3$W/';24E&SLHQ!8[D&I71DA4]LA3*!1\>2YOQ*Y%Q%&W*1
M7!V``M&Z.@+34NH2'.%2:5I6G54?'>\HX[<-N(V,OV3&@%0W<PTIJ3J07"M:
M56`=E7#Z@/EGHVF^$SOQ$M^OY=HK28+96XK>I*QU/F(VC+,C-I07#RN1\)&(
MKR,8W?N3LI"64<@@8C1$_N%*&IO+GE>>QEMQEW'Y(I!L;)*^H80RE#4M#1J`
MX[7.K3Y0:K7W4O(LO8181V'=$_Y0^1Q(:0VFO0`:@$T+NE`#59T\F_#_`&_X
M\7WQ,\E/%>F.=L27C;0JYK&Z4MF(ELUHKE;B7<)^;,H]%-RX?*6&$FI%H[!H
MFX=LU545DT%B`I[>TS7'LAA[K`YG!VYN'V<38WL'XG-:"VH&M=S7.!I4BH(!
MUISLIA[S'W&(R>)@\U]K&(W,_6<T`BH\:@D&E2"00#JNKHM$\DO//S-T[Y$;
MDT'8?'?37CXFTDX*O7-=^2P3MEB9!6?BB,DY:#KLG)&=6=-HNY5_+T&:+)F*
M0*'6,'=CM;7,\JY'CLOD<4^SQUI0AKZ[G.!W"FYK2:NH2=H`:*5JJP6^3SV:
MLLC>X]UM96VH:X_,7=1U`/XJ$Z4H*5J5;\-7O*3Z:_D-O^6UGXU6CR.T3OB=
M"S5I&AN90[^M2"<I,R,0PDU(>M6V2C5(=.Q.6*Y%V1$7B145DW'<0Z>8HXLW
MPS+Y62SPTEYB[IVYNRI+35Q`.UKR*;BTU%':$'LL;(LKQO(Y%]KC'7-A<.W-
MV$U::D@&@<12I&HH10UZA;-?37\;-QU"W;[\IO(F`)4=I>0L\H_8TX5"E>UJ
MOO9F0L4F629$4<?EIY&1<M4V[1107+9NQ+[P%.H)2[OAF&R-O<97.Y>+R[Z[
M=4,[M:27&H[5-``=0&Z]5L^-XV]AFR&5R,89=W+J[?V6U)H?"I(H*U`&NJW/
M\F_&]#R08:@8KV]6H!J?>%'W0FJE!DG!G%:6G*D)7CD/+1/Y<G(_FG(N@%<4
MNS_='YZ=CS>&&99CV&X\OZ>Z9-^'=NV5^7J*5KUUIX+=9+'#(MLVF79Y,[)>
ME:[*_+U%*UZZ^Y;-YNULEIGO*XW^C["6-=M,3.^O&>S5!BW&+H=#B=@6ZA[`
MCI%P#M>?IKI<):RU6RQ#M,4W#)%T>/<-3%43*14#YUO*7-W:WA-UC77>$?&-
M(XQ(]D@)KN9U<UP.A`.TC4:U6HO9IX9_XUD9\<Y@T:T.<UX/=IU<UPZ$`T(U
M&M5J%%:?EYUGY?VK1>AK[I#46P_$K8=$C=862$/3)+9N[I6.GS1=HK>J2OG9
MZRFTAEAC?=628*/UGI>Q$P%,<.O1XZ25G(9\5BI;7'S8^1@B<W89)B'4<V*I
MVT;\M2&[B=!W6I;9O>,O)8V+X+22T>T,(V[Y2#1P97Y=-*G;4GII59#-XJ3&
MK-#^/>U/':D-:EY#:(H5>DY2E)@>,-MV)F86+?;>U1=%U2NU74W9'I5UX]VY
M*LHRF44NP4RF$Y.9_(I+'%8B_P`1:B/,6L326=/-!:#+$_K5SC4M)K1X%*=1
MG.*=:65A<XZ`-R%NP?+T\P$#S(W'6I=U!-:/`[55ZWB<O5*WQKCRU8Z5VG;J
M%<O'Y;5M_I]:@2/]LZPF%+:PNL,_DJ"+E)_/,RKBO'OB1YUSMSD]\ON)=ON<
MFZENK;*V?(&XV>2UDM/*D8UM98CO#P3'U<.K7;:TZZBE<\[YX;^VRK;.5\#[
M?8YK161AW!P);74=0=I-#KJ%)@$[SY$^1\3O-EJ"Z477VIM);(H]88[LA3T6
M6V?>=DO(4ZK$:PX)*S,/2(R,KX$</G;8JBJKD`205(4XA6(768S,>4;CI8K2
MWMI&-$S=AE?)33::D,`&KB-2=`=5$8GO\DR^%H^.WA@>UOF#:7N>6_JZD-`;
MJ2*U.@*P-KZ%V)7K%J*OZ%U-Y7:-GH[8%*-M/4UX.G:_%2N4HLDC_P`3T:U;
MKB^E&ZK9K'&74@5:VZ2756!("-$@,8J6JLXKR&;'PXJPO[683,\V)_S6K65_
MB[7O)Z"NPQFI-*-';@V[+B-]G'86EU`\2-WQN^:`-K\]'.)TI79Y9&M/E`K3
M>GS"US<MC:B9EH$6E8[7K_96KMMQE-7?(1B-Y+K*[1%K?4[\P=`+-HZFX]@J
M1J9?A#YP$@4,0@F.7M7(K*YO,>WZ1F^XAFBE#*TW^6\.+*G0$@&E=*TK3JMW
MEK>:XM!Y#=TL<L<@;6F[8\.+:G05`TKI6E=%A>9G+CY2;?\`'12#TUN'5=3T
MAL60VQ>KCMNK$H;DSMG2K)5(?7]28*OI!W:7$](6<QY%RW$(U%DT-PNJ=1,@
MZR66YSN0PYBQMS!;VLQE>^5OEFH8YHC8*DNW%WS$?*`.IJ%PWOFR5YCBRSFB
MB@D,CG/&W]1S0QHJ2ZI=J1\M!U)(6;/%6I66H06Z6]FA7\&O.^4/D);(=*00
M,@>1K=EV')R<#--0-_O&$JP5*JB<.AR&`<V>!MYK>+)">(M+KZX<*Z5:Z0EK
MA["-0N9C(9(8[P2L+2ZYE</:'/)!^(6$[_XQUC<OF[*V?;6J&EWUDS\:H&&A
M)BP1ZKB!0NR&QI5VY8-7!%4@"53A'@G,3U]H_.:R[PD&2Y/)/D+`2V0LFAKG
M#Y=_F$D#V[3]BX=QC(KS-.FN[4/MA;``GINWDD>^BR#M[4`:5\:]F0?B)JVO
M5NUO_P`F?$AJ=6*ZYEY!N-BAT[3+1D=/A^56*XQ50,^7B$9`RJ9WZ:1`*;GL
M-S,CCOY;A;V+C]BQDYVFC&M)/S#<0':.>&;BP.K\P'N6>ZM/HL=<LQ%JUDIH
M:-:VIU&X@'0N#:EN[2M`M0&U?LEL\@_&V\PFM_,=:L,T]O4"W;(W<VF5IZ$D
M]D4`\%!/VU#/(HMZE7(E\@JK(2Z<9&,A5.BF0ZP%*"?7!#-<9?"W45GDC`/.
MC?).';FF2/:TAE?D:#JY^UK>FIIIJVLDER&-G9;7?ECS&N?)6H+FT'R5^4::
MNV@5I2O;(NHKINC4VAZ)XKL/&:]SNX:3'P^N$K!8:PBZ\<)*+83:3%QLF4V$
MA+MV[FMJ5[ODC1Y2%FE'7#;Y8#B)PYN/N<E88JUP3,)*[(Q`1[G-K;D!U/,,
ME0"W;\VW\9.E.ZS64MY9V%OBQC9'748#*D#RB`:;R^OX:?-3\5=*=U;5T\2]
MAV[</DKO*K#9(+;5"VEKS8WCD67=KH:WMLA6=7UQC8XUS`J*I,'C>])MW$`Y
MD%%!7CP*F=$Z8$6!?!<X"\N,EF\I!O;?Q3QR6]3_``WEL;0X;>AWT+"ZM6Z4
M(UK2?%7$UWD;Z(N%VR5CX:GY'%L;0X$=/GU87'5NA'0UN6^W_<-GVC2[1<=8
M^4]2U)9],5X\?5]&UAH%W:;7<S\F%NJ.U;+&BVM\#&PS0K8(Q5%TQAW!55')
ME^[H7-=W>1GOK:>YL;^/'R6S:-@:-XEW'>R5PH]H`IM(+6'\55EGGO)+J&2:
MVNFVCH6T;&!N\PD[FR.'S"@IMH0TU))6&=:4?:E#AJ5=`TGL-K)Z1\UMU7Y[
MJ>PR*,A<+;KK<%5N$4C)Z\L]AFW++:UMI<192.UNR15._5;.2E<G5#N/KK*V
MOK6.UN1C)@^UR4SS$XU>^.5KQ6-SG4E>P.J?F.X@_-5<*VM[J!D$WT4@=!>R
MOV$U<YDC7"K'$T>YH=4_-K1VM>MZVPUJ\G_)':=9:4:R:E+?/IY;BUS4/^)3
M)"OW5R[LE_JC!&PV"NL7,J_KM7-)R0H,B.A*]6%H]4]@A/;$_*N#/G,S?PMM
M7V_FX>:-GF#:\ETC1N<T$EK:F@KJ:.-.BS3>;D\A<Q"%T0DQ\C&[]'5<YHJ0
M*T;4Z5U-':#2O2TO7$Q;CZ<US-:B\TU;95K=K22OC/:.T9UAH:C'U_(QDT^L
M]?MI7,O`WU"(E(9,\$PC414>B*8*_*)@H8F&VLY;@XZREL,G]1')&9!+(1`S
MRR"7-?JV2A'R-:*G2NT558;=TWT=O)9WGFM>PN#Y#Y3=A!W!U2'T(^0-&NE=
MHK3*NNYK8WCK3-J>/;[Q]VWL6QRM]W%-ZVM]4K+&6UML"%V9/S5D@'USN9Y8
MC*E/F:LT+692DB%4330[VX.N\A!Y]G)>8>UO\._$W$TSI9C&]K08Y&R$N:7O
MK1A%:/#O#3=6BY5M)<X^.ZL76$LDAED+'-`+'A[BX;G5^4BM';O"HJMI?#.J
MV.C^*N@ZA;X9]7K/7=9UJ*G(.21%N_BY)JS`CED[0-R9)9$_00'TS?<;@FM<
M#B;>XC+)V0M#FG0@@="MCAX9(,5CX9F%LK8F@@]B!J%9^U*1;9?S0\3+U&5^
M3?5"G47R,CK386[<RD7!/K/$45&OM9%P'X6ZLNK'KE1`?XQ2,'PSCW]M<2<D
MP%TR%QMXXK@.=31I<UFT$^VAHL=S!,_,8J=L9,+(Y@X]@7;*5]]#]BM"^IV_
M1OE?9=^J:RO^TM;[-TU4=>.W6K:__G.Y4.UT:S3TJV;OJD@Y;S#FIVF.L0G^
M;8E<B@]:]JZ9"'(KG&NQ<8O/398V4T]E/;-C/E-WO8YCB=6=2QP=U;6A&H`U
M6&<3665EOOIGRV\L+6'8-SF.8YQ_#U+7!W45H1J*&JU[M&IMP6>L;2\AO^%-
MMB9"R>6?CKO:&TB1&(/LEUK/1;^K,)&17B4)<\8EL.TQC1V^&*%U[P)-D41.
M9<WMAIY\?D9X;[,?02->_(6\XAH/,,<!:":5IYCA5VVM=`.IHN!):W<D5U?_
M`$CP]UW#*(]-^R(LJ:5IO<`3MKV`ZK(%E>;%WGNN0O\`#:2VK4**V\.?(C7<
M1([!K@UF>FKS9YO73UG#A5E7#F3BDGC>.$K$[OV57RB3GL2!-$BJW,G?>93)
M2746+N([48ZXC!D;M<Y[C&0-NI%:?+6A<0:"@J<\GU%[??4,LY&0"SF8"\4)
M<YT9`V]14#2M*T.E`";EF=:N(WPB\?:1:/'V;VDC3H34!KO0*[,/*GLNCA#0
M1"RUTUZ$8XC)-WL.FS!RJILFSY@Y<$.X`BPGX25SR619QC$6T^(?.(VQ;XVD
MLD91NKXZ4)D8>C06DZZ]CDDMBS#6$$F/,H8V/<P':]M!JYE"#O:=:`@G6AKH
M:WQ/';:FV;JJC_[4&;QR#7T.C!!Y1Q#*-V0TV@E8'(.F-4</$&]WD*,E5NT5
MCRX'X>B7V%#A[@Y;`?S`W]R1]9_)_)&WZH`2"7=J&U^<LV]=WZW0G56Q?U?U
M4_\`YC^7>6*><`'A]34-_6+=O7=WZ'JOH5G;UODPB81,(F$3")A$PB81,(F$
M3")A$PB81,(F$3")A$PB_]/W\81,(F$3")A$PB81,(F$3")A$PB81,(F$3")
MA$PB81,(F$4I=!!T@LU<HI.&SE)1!PW73(J@N@L04U45DE`,15)5,PE,4P"!
M@'@<@@.!:X5:1JA`(H1HO*7YY_39V?XSWB0WIXRM;0^U4,D:<;H4UU*'N^H'
MRYC'<(%-%=DNM4VRBA@:/T3'5:-Q!)V/X`<+^%<HX=?82Z?E,*'FQK4;*[XB
M>HTU+/!W8:.\3Y-R#C%UCIW7^+#C:UK1M=\9]E-=O@1J!H?$Z@07U+?.FMHI
M-6'D9<5T4"@F4D[%U"S+<%#MX5=66MRSU4P!\3*"/.:"+FG)XFAK<L\T_:#7
M?[0*TL?)L_$`&Y22GM#'?>YI/WKL)3ZH/GE+IBBY\A[`W3,7M-^5U?7D,IQ]
MI7,54&;I,W/Q(<HY9_-^4/!#LJ[X-8/T-"L_E'()-#DW@>QL8^\,!^PK-7BC
MX1^1WG_L5AL_><_?DM4).D%K)LNZOI)U8;5'HF%4:YKD)P%_FCNS![1GI"#&
MQQ3&4X65(5LKLL%QO,\LO&7N3EE^@!^:1Y-7#]F.O6O2M-K>NI^4[#$8')9^
MY%WD))/I*ZO>27.'[+*_I_"/:=%ZWJI5:]1ZS`4VI1+2"K%7B&$%`0S!,4V<
M9$QC9-HQ9H%$3&$B*"10Y,)C&'J81$1'/?(((;6"*VMXPV!C0UH'0`"@"]=B
MBC@BCAB8&Q-```Z`#0!7!F59$PB81,(F$5OVRNM[?5K)4W<A,1+6SP,O7W,I
M7I!2)GXUO,Q[B.6?0DJD4ZL;+-$W`J-W!0$R*Q2G`.0S#<0BX@GMW/<UKV%I
M+31PJ*5:>Q%=#V*QRQB6*2(N(#FD5!H144J#V/@5;6J=44'2=%A-<:TK[>MU
M*`35*RCTEG+M95PZ6.Y?2,C(/5G#Z2DY!TH95=PNH=50YA$1XX`,-A86F,M8
MK.RB#+=G0:GKU))U))U)*QVMK;V4#+:VC#86]!^DDG4D]R=5D7.8N0F$3")A
M$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A%C3:6HZ-N.#CH*\1[YP2#
MG65IK4M#3,O6['5K3&(ND(ZQURP03QA*14JS1>K$`Y%.Q1-4Z:A3IF,0>%?8
M^UR,3(KIA(:X.:02US7"M'-<T@@BI_0:A<>YM8+MC63-)VN#@02"UPZ$$$$'
M7Q]AT72ZTT10]6S5BM<.-DL%WMC6/C['>[U:)JY6^3BH@[A2*A?S:;=./R^%
MCU'2ATVC0C=`5#BH8IE![LQ6.*M;"2:>,O?=2`!TDCB]Y`Z"IZ`5Z"@[G54M
M[*"V?)*S<Z9X`+G.+G$#H*DZ`5.@H._59ES9+EIA$PB81,(F$3")A$PB81,(
MF$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(O_]3W\81,(F$3")A$PB81
M,(F$3")A$PB81,(F$3")A$PB81,(F$3"((`("`AR`]!`?00^P<(M3]C>"_B+
MMB37F[UH.A2<P[-WNY6.9.ZO(NU/457;RJ/81PZ5,/J90QC#\1S07G%^/W[S
M+=8J(R'J0"TGWEA;5:JYP>(O'%]QCXW/\:4/Q+:+IJ3]/CPOUY*-YFL>/5$3
MDVB@*M74XG+6\6ZI?X544K?*3J":A1Z@8"@(#Z9CMN)<;M'B2#$1;QT+JO\`
M]LN5(./X6V>'PXZ,/'<@N_VB5N(@@BV12;MD4F[=!,B*"""9$D44DR@1-)))
M,"D33(4``"@```!TSL0`:`UHHT+<`4%!T4W)1,(F$3")A$PB81,(F$3")A$P
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MA64XYRHBB7\)3+JK+"`<G.8W(CY%><NY%?.<Z7*RM:>S#L`]GRT^\DKSBYY+
MG+ISBZ_>UI[,^4#[*'[2?>NDHOGMYC:Z=(N:UY#;)4!%0JGR5DFQN<8J("`B
M1>.MZ<XS4(<.@\DYX]!#,5KRGD-FX.AR\VG9SMX^Q^X*D'(LW;$&/(R$#LX[
MA]CJK[U^"7U=H+>$[$:D\AH^#H>R9A=./JUSAQ.PHMO?J=Q6\3(MY!XY5J]C
M>F["-_YRS-\N82$%NH9%!3U/B_J!%DY8[#+L;%>.-&O&C'GP().UQ[:T<=-#
M0'O^`Y?'D)&6>0:V.[.C7#1CCX:_A=X:D$]*&@7VYSTQ=W3")A$PB81,(F$3
M")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81
M,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$7__7
M]_&$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A%JKYK^01O&+QI
MV7MMD1!:R1<8A#4MJX`BB*]RLKM&%@5ED#B4KIK$N78OW"/("JV:*%`0$0'-
M%R7+'"86]OV4\\`-8#^VXT;[P*[B.X!6JS60_E>,NKP"LC6T:/[1T'P!-3[`
M5X<DG:MWNB;VZVPS):UV--S:;O/)RLT9H>9D04F;+*HQC>0F90S?YA1PJ1!)
M5PL("!"B80#/F4.-S<AUS/0O?\SW5-*G5QI4GQ--2O"=QGFW3S4+W?,XU/4Z
MN-*D]:Z"I7W=B?HKZPVU48R[^/OF'&6Z`?L&QT'SFE1\_&O'PMDS.2*2<!<&
M+B#/[XCW-%V:KIIS[:O<<HB/J4?IQ8W]NRYQ6?$D9`H=@(K[2'5'N(J.A7?6
M<(M;R%D^.S0?$1UV!P)[ZM>*>X@D="K<U[]"G<!MD0[;:VS]>HZI26,YGI2@
M/Y]W=7S1`2&+%1498:DPBHU[)"(D^:56=)-"\J>TN8`2/AL_2^_^LC%_>Q?0
M@U<6%V\CP`<T`$^))IUH>AQV_`[TW+!=W<0M*ZEA)>1X`%H`)\:FG@>BP/\`
M5*KGA9K6RZ^U9XO0$9%WZA!*--G2M5DWLE#)D]B,+#Q$U+.WS\)>ZL7**RCE
M5(_N->\R3@QE1!-'5\YBXY9S6=CA8FMNHJB0M)(II0$U-7@UJ:Z=#4]-?RJ+
M"6LMO:XF,-N8Z^86DD=J`DDU<._AT.O3[O\`TO\`R9E?);Q@@W]NDOS38FN9
M!;7]S?*";YN5&.01<5V?>=PF%1Y+0#A$'*O/\YXBL?@O=VAZ?PC-29G"1NN'
M[KR%WEO/<TU:X^TMI4]R"5Z!Q?*.RF*B?,ZMS&=CO$TZ$^TBE?;5;1^2&_J;
MXQZ=MVY;RD]>0]80:)MXB,!(92=FI5ZA&PT,P]\Y$2*O7SDGN*&$2H(%45$!
M`@@.\S.6M\)CKC(W()C8!0#JYQ-`![SU/85/9;3)9"'&6<U[/4QL'0=22:`#
MWD_#JODZ/U2/*:B0M6W7NSPR<5KQGO#Z,)"VF`GW"]GCHJ:[EXV2<#('^6?F
M>,2BHS*[8P:$@/:":Y`4(.="_P">,[:QP9+)<=V864C:YI.X`]#KH:C45:P.
M[$575#RG*6\<5]?80LQCR*.#JN`/0D'Q[5#0>QU7VYK%DAKC6Z_;JZ])(U^T
MPD58H.03*8J;Z(FF*$E&NR%.!3E*X9N2'`#``ASP(<YZ9!-'<P0W$+JPR-#F
MGQ#A4'["N[1R,EC9+&ZL;@"#X@BH7S>\K_/B[:SW7!^+OC5IW_C?OR5B2S<I
M'OI$\?7ZPS6CQF&B#Q-%5D=ZZ5AB"[7.J]CV[5`Z(BHH97L)TW/<KN;+)18/
M"X_ZG*N;4@FC6BE0#TJ::FKF@"FIKIUO*Y^:UOH\7C;+ZC(.;4BM`T4J*_#4
MZ@`4UUHNX\/?/.8W?L*]Z`WMK`^C?('74>M+RM;6D#+0LY$-3-1?O(LS[APS
M78H2#=?VO>>HN62H.D7!TNX"9./<JDR=W=8G*V7TN6A%2VORN`I4BNH(J#2K
M@6_,#19,/GGWUQ<8^^M#!D8A4MK4$::CW5'C4&H)'3627^J'Y"[,F]C6#Q'\
M5AVOI+4;QRC:[U-23U&3G6C)!PZ</8&,8N61V@K-6IUT6R*4N]^5%-55!(RH
M)%TDG-\O>RWDV`P?GXRW/S/<35P&M6@$4T%0`'FE"0*T6L=RC(73[F3$8@S6
M4)HYY-":?LC]`&XTH2!6BVTK'U'M,S_AY,^7;EA*1\963D@;%K])TS>V)GL!
M5=BQ:5!HZX:H/$I%W)(*H/3)HE%@<7"B28D43+V"#F..EX])R`L<&,^5T=07
M"30!@.E:D@AU!\NI`H0MK%R.RDPS\P01&W1S>K@_0;?;4D4.FAJ::K3)O]5+
MR8I$=2]R;T\/U*IXQ[%D6"%>N->FW;RQL(N6*HY822OSRORLJHXCDS+M4W+*
M$3D2%Y15`!`<ZV.=9JV9;9')\?V829PVO:3N`.H.NATU`+6;NQ6F'*LE`R"]
MO\*68N0BC@ZK@#T-.^G2H;7LON+"3459(6(L4$_;RD)/1C"9AY-H<%6LC%RC
M5)['OFR@=%&[MHN10@_$I@ST^*6.:..:)X=$]H((Z$$5!'O"[PQ[9&-D8ZK'
M`$'Q!Z%?-/RJ\^[MKG=D/XO>,NG2[RWS(17YS+LGLF9A7JNV.Q_-6[5V1!9F
M9Z[-$E%RX,L^CV[1(Z/*BAU>PG2\[RNYL\E'@\)C_JLJ6U()HUNE:&E*FFIJ
MYH`IJ2=.M97/S6UZS%XRR^HR!%2*T:T==?AJ=0!IKJN]\.O/:1WM?;]H;=^M
M#:/W_K5DXDYJLKR0N86:BV*K9&4>Q2CP".&2\:+Y!4R`K/$EF:I7*+A1,#^W
MDX[RM^4NKK%9.S^FRL()+:_*0*5(KJ"*@TJ00=P)"R8?/.O[BXQ][:&#(Q"I
M;6H(TJ0?94>.AJ"=::OROU1?(C94OL:S>)_BI_Q2T=J-Z[1M5YF91\E)SC%B
MBNZ6?PD<R78'9G69-S.$VR*,P[(V$BBJ28J`F&DDYQF+V2\GP."\_%VY.Y[B
M:N`UJ`*4TUH`\TH2!6BU;N49"Z?<R8C$&:QA)W/)H33NT?>`-QI0D"M%MM7_
M`*C^FIKPZF/+Q5A)LXZNF+`SFO2/&;FQ-MB++LV32G-GG:@BY1?NY!%9%\**
M8?EQC.3(E$ATB]@AYCCI..R<@+"&L^5T=07"30!E?`U!#J?AUIH0MM'R2R?A
MGYD@AC="S];?H-OQ)%#X:Z+39K]5#R5H[.D;?WUXA'IWC+LF3CV]=ND#-/7E
MAC8J7*=VPDW!79U$9<ZT6F9PV2790H2*9!,@IP(9UQO.LU;-MLAE>/\`EX69
MPVO:3N`.H.NATU`+6;NQ6F'*LE`VWO,AAC'BY2*.#JD`]"1WTU%0VO9?<2&F
M(RPQ$5/PCUO)PTY&L9>)D6AP4:R$9)-DGC!ZV4#HH@Z:K$4(;XE,`YZ='(R:
M..6)P=&YH((Z$$5!'O"[PQ[9&M>QU6$5!\0>A5II[2U^MLIQIY*TQI]F-:H6
M\.*<`K_FJ53-((199PP>S\O\F,@Y(E_O._N,'3CKG'%]:&]=CA./K1'O+-:[
M*TW>%*FG58OJ8#<&T\T?4AF[;WVUI7W5T5]JJI(IG564(DD0.XZBIRIID+_M
M'.80*4/O$<Y1(`J3HLZH/SF'_P#PK&__`+<U_P#DN4\V+_M&_:%&YOB%V!#D
M4(51,Q3D.4IR'(8#$.0P`)3%,`B!BF`>0$.@AF0&NHZ*5PFJFL0JJ*A%4SAR
M11,Y3D,`"(")3E$2F#D/AD`@BH.B*/)1,(H3G(F0ZBARIIIE,<YSF`I"$*`F
M,<YC"!2E*4.1$>@!@D`5/1%UT9-0\VDHO#2T9+H)*"BJM&/VK]))4O/<DHHT
M55(10..I1$!RD<L<H)BD:X#P(/Z%5KFO%6N!'L79Y=64OW4O=%'W$_>`@*"E
MWE]T$Q-V@H*?/<!!,''/''.145I75%RHJFD4#*J$3*)B$`RARD*)U#`1,@"8
M0`3'.8``/41'@,$@=2BCR43")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F
M$3")A$PB81,(F$3")A$PB81,(F$3")A%_]#W\81,(F$3")A$PB81,(F$3")A
M$PB81,(F$3")A$PB81,(F$7Q-^NLX?I^+VM$&YEBL7.\X;\P`@#[1S(T6^'9
ME6,`<``*=QB@(]3!]V>:^J!<,)8@?A-T*_X'T72>>%PQ-N!^$W#:_P"%Z\[W
MC5X]%\D[B]U\PVSK/65N68I*4YCLU].1$==I8ZX$/!1LS&0LNS9R!&X"<B:W
M\YP<2IH)J")Q3\DPN(&9N76C;^&"X(^02;@'GP!`(!]^I[57FV,QW\SF=;-N
MXHIJ?*)"0'GP!`-#]YZ`'M][/I\?3?\`(+Q=V=.;/V[N%I0Z;7FQSK537ML,
M\K]_202!PY>7=:;BF<8RJL:@01_&W(_,<!,51J4G<KZIQ/A^6P=Y+>7^1$5L
MS]1CJM?[7U``:/=7VA>@<=XSD<5=R7=Y>B.%H_"QU0_QWU`&T>[=[6TU^MD1
MN?7FZM+WN_:EMK6TUMK';#@49^),X12_.*PWDX]\9HJHF@L9(KE`%6S@@>VN
M@=-9(QDSD,/?&Y&TR.-N[JQG#X0V1NX>+00:?T'XKN,5[;7UI+<6<P?%\XJ/
M%M0?^@]"*$:$%>!KO.IRHH<RBBGXSJ',)SG.?\1SG,81,8QC#R(CU$<^6'&K
MG$]:KY\%:`]UZ0_H%+O30_E`W.*@QR<GJ-=N`@/M%>KM=C)NQ(;C@5#(-T.\
M/@`%^W/8/2HNV9MOZE8OM_B5_H7IGI\7>5E`?P[HZ?8^O]"^U>_V'CO+TMG$
M>2[K5Z-">3K11BWVQ-P,)77EC:M'RK(C96POX]FYE$67S!R)E,90$RG,`<%$
M0](RS,/);-CS3H/I2\4\US6M+@#2FX@$TK]Z[O?MQ[X`S)&+Z<N'^80&D]1U
M(%>J^0/U8:[Y.LZ&_>+_`.2'O@A69W5XO*;K^30K^SSQ""%>BD4I68F:Q.1;
M*+);UA3CCL2/2(E5;*+MU"D,!?/N>0YMMJYQ\L\68Z+Y(R&R4HT:DM<`-^C:
M;@*M)::+J'+8\H+9Y/EG`M<RK6';)30:DM(`W=*5[5"^P_CC:Z'=]"Z@L^KV
M+N*U[):]JY:A$2'9^80T(PBV\:SA7XIKN4S/H<K/Y98Q55"F42,(&,`\CZ%A
MI[6YQ6.FL6%MH86[`>H`%`T]=12A]R[CCY8)[&TEMFD6[HV[0>H%-`?:.B^2
M/BF!W7UC_,Y:P`0\LVU_.%A3/.KA)@G-:C:L!9>[^,`_R_[90[/^Y$>/P\YT
M#`5=ZB<C,W^8(G4KX;H@*?W:?!=2Q=3S/-F3\?E:>[^'_1184\N%9-E]4^YK
MU$5232GB)MQ5T9B)P7-))>,FU31IE11_&"Q56S`4^>O<5/CKQFMY`7MYQ=&W
MKYO\OEK3Q^FEI^AM/@N%E2]O+)##^/Z.3IX^5)3[Z?<MR_HI(L"^%ZAT2-O?
M7VM>1DQ(!!445*T@$TOF_B(@R!,``W^#CX9V3TV#/^7"0!N,[Z_8WK\%M^$T
M_D8I2OFOK]W]"\]SE:61\+MQLXLSDM/'S'UV4A42C\F80UMN$2%5$I>PI?;;
MLQ`.@=Q2?8&>2$R#CF0:ROT_\PC]W^7-_P!'W+SUY>,'?M9_D?7,]WX)/_Z5
MZ,/J5MH-/Z8MM39D;!'M*WHL*\!`(":9"7?7Z#/Y,`X``",.<H=O_=B/PSU_
MF0B'"9@T#:&0;?\`''2GPJO1^3B,<8N`*;0V.G^-E/N6T7@6H]4\,?&8S\5!
M7_X/4PA!4Y[ODTXM).._BZ]GY>5+M_Z/&;WBI<>.87?U^G9]E-/NHMI@2XX7
M%[NOD,^R@I]R^:WB`'S'U@O-E:9*F>4;TZTEBA<<"LFQ+;-8(-C->_\`$',1
M[0<E_P"[$?@(YTOCVOJ%R0R?C$;Z>[?%_11=:P^O,<Z7_CV&GNJS^BBPIY=J
M2#'ZHVQ%Z;[B<VIX?;B7>BQ[@5&62\8=I'C3+"D'(+`NVCQ)SQ^,$_CQFMY#
MN;S>]-O_`)G\OFK3Q^EEI_U?N7#RQ>WE<Y@_S/HI.GCY+Z??1;K_`$5D(X/"
MP#(D0%9QM.]C*B!4^Y18$(-),''3D_#`J0!W?X?NSLWIN&?\MF@%3.^OV-Z_
M!;CA(;_(VTZ^:^OW?T47GG75E4?"C:S2.,L6J#YCT("%;B?Y050UAMD4RG]O
ME$$_91;"'7@3%)]@9Y$2\<;OFL_R/YA'[O\`*E_Z%YZXO&"O6L_R?KF]/W)/
M^C[EZ,OJ<MH8GTSK8FV(U!FTA]'A7P)V`FF4MVHK=M\D`=`XBE%`#M_[H3?#
MG/8.:B,<+F#0-H;!M_QLZ?"OP7H_*0S_`)9N0*;:1T_QLZ?!9I\93;;7^GIH
M_P#X6*51/:XZ(HI*6KL'\T&HE<)QL>G'&G_R@BLH+'\D*''L@)N[M^'.;+"?
MS`\1QGT!C^O^E9L\RNSH*;J:TV^'L7-Q?U9X]8?3%GU?T[-N^NVNT4W4UI3P
M7S)CV_U%O_JATZFW>^*@>0G_`+3$B9\NJ38O_"\=9_YZB`(FV`K3_,'^;_SP
M4A'N)\K\MW=>_C.E,'+O^;Y@'6/\W^BU_P`SRO+WMZ:;M^ZGLHNM-')/^89*
M&S_F'TFO^9Y>S>/[V[=\*+[F0E/GKWIV,IGD3%4RR6*?K+:.V=$U@LH-'DY(
M_:>00ARR/R\K^4&6(44_=[5.`ZYZ?%;2W6.9;9B.-\SV4D#:[">]*T-/>N\,
MBDFM&PY!K'2.91X;7:3WI76GO7S<A/$'QI<>=M\URMI^JJ4:-\9Z5;6-9,20
M&,:V5_L*?BWDPDE\]W`]<Q[9-(QN[@2$`.,Z9%Q["GE-W9''1_2MLF/#=:!Q
MD<">O4C1==9B,:<Y/;FS9Y(MFN#>U2]P)^P!;*T[<FU)'=MQ\==0ZFI$?KS0
M5AU?7+)<K'99:-816MY6I0$DG"U2$81TD]G+P6/,\3:)JJ-8YHDT1,X6,9P4
MH;JVR-^_)W&'QV/B%G:/B:Y[G$`1EC3M:T`ESZ5IT:*#<=5LHKRY=>S8^UM&
M""!S`YQ<0`PM!HT`&KNM!H``*G6BPW1/)2[P.OO#&A:*TQ2_GO(*"W!^50,[
M=+,RJ]`#7RR,D:1?3SAG9)]]#%3D'#A=,4UG2ZA2-T1(*H'3UMIFKJ*TXW:8
MK&Q;[MDU&N>X-C\LUJ74<XC4D]2=`*5J.)#DIF08>"RLF;K@/H"XAK-FM2:$
MD=>U:T`ZU&3)7RUV?J6/W;7]X:K@W^S=4:B6W96&^HYJ:E*CM"EIR1X%THR/
M/0R<_5'E<GSH)2I5D'H(M5OF4A5*42#SG\@OL>S)PY2P8;Z"W\YOE.)9*RNT
MTW#<PM=0.J#0'<*]%R'Y6YM6WS+VU!N(H3(W826R-Z:5%6D&@=H:`U%>BNWQ
M^WON'8UHBFEGCM!WBA6:M2$XRV)X[;,=W"/I4JS&-695F]Q5B:1DB89YF^5^
M4?L@$`<,SIK-DO<*8O(Q.5R-Y/&V=EI+:/87"2WD+PPBE&R!U#\P)HYO<4(%
M5FL;V[N)&B1L#[=S2=\3]P:=*-<"`=0='#PU`JGG%1]B7G7VOVU.JLYL6H0>
MW:E8MTZMJ\\VK]BV1JB.;2P3-;C%GDA$-)?VY59D[5BU'C4LBFV%+W`$>TSE
M%K>75I:-MH'36[;ACIHFN#721"NYHJ0#K0EM1NI2JKFH;B:WMQ#$Z2)LS3(Q
MIVN?&`:@5(!UH2VHW`4JM?=&&\51\A->.].Q=V\2]D(QUOB[1HFZZNL.K4MV
M5Y:$'V61HV6.A4Y2;I<L@C*-W<4N\?>TBL4Y3(',<FHQ9P/\WLW8Z.7'W@#P
MZ!\3HO.;MZ4/RES#1P+274!J*:C@V1Q7\PMS:-?:7-'!T3F&/S!3P/RDM-'`
MM)-`>RR&3RD\B;52+3Y"ZVT]KF8\>:J>V/X^-G[O88S<>Q:92'<BUG;G56;2
MM/*A#`[)%.%8R-?+G6>IIAWK(&4(&<P9W,7%M/E[+'PNP\>\@.>X32,82'/:
M`TL;6A+6N-3XA<C^9Y"2"6_M[.-U@S<0"\B1[6UJYHVEHK0EK2=>Y%5:+_R"
MHU?\A+YY("Z?/];M?I]5#;#$B!"IOY2%>WJ:G8IJU:KJE02EY5)=%NF4YBE!
M90"F,``(YQGY>UBS%UF=Q-F,0R4>)!D+@*>)J![UB=?P1WL^1W$VHQ[9-.XW
M.<*>TA6SY$7ORGD=;:KD-LZOUK7*A>_(#QC6:(Z_NMDG;AK59;<U&G&,=L$L
MQ7(>$FVSMNU-'N'<6L0J$DJBF""R"IETL.7NLZ^SL'Y"Q@9;2W=M3RWN+X_X
MK'`25:&FM-I+3HZ@H0:C%D)\F;:U==6L;8GW$'X'$N9_%8:/JT`@]"6G1U!0
M@DCZS9W]=I3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(
MF$3")A$PB81,(F$3")A%_]'W\81,(F$3")A$PB81,(F$3")A$PB81,(F$3")
MA$PB81,(F$6DGU#O'V1\D_%'8]"KK0KVZQ2+*\T9MV=ZSNR5)8S_`/*F@=.'
MUAA3/(U`1$I05>%$P@4!SK/+L2_,X*\M86UN6T>P>+F:T'M<W<T>TK2<AQSL
MGB;JVC%9@-S?WFZT^(JWXKP_G(NU7.FH15NY;*F*<ARG17071.(&*8I@*=)5
M)0O`@/`E,'VY\T:M/<."\+(()!ZA?9E?S,D=O?2OV=J>[WYP?:^N;EKZOH+2
M4X5O8K_KR9M#=S'HFY60>V,\.U:.6KTH@LH9HU257$XF.<?1SR.3(<'O;*YN
MC]?#(QNKJ.>PNT]KJ`$'KH`2NZ'-.O.)W=G/<'ZR)[!J=7L+A3VNH*@]=`"?
M%6M].7SFIGC9JGR4USM-])C7+#55K/0(V+:*2$E(W9\@G4I&!C4CK(,D#RC)
M\T=G.NJBDFC'K'$_=VE-Q^(<GML/C\S97SSY3XRZ,`5)>1M+1V%00=:"C3WT
M6+C.?AQ=KDK>[)\IS=S`-27GY2!VU!!U('RE?(D.@``_``#I]W&=`.IJNG#0
M`+V'?2%\>I32/BTULMHCG,7;MT2_^?'C!X04G3&LD;%CZ8W<(&(4Z"CN+*=_
MV&Y,4KX"F`I@$H?0?I]B),;@Q/.PMN+EV\@]0VE&?:/F_O+V?B&.?88ELDK:
M33'>1X#HW[M?BMIO,OQ5K7F#I22U3.RRE;DT)5C9Z=:DF82(UZT1:3MLV=KQ
MXN&GS\>\CY!RU<(@JF84EQ,0P'(00WG(\%#R'&OL9)-D@<',=2NUPJ*D:5!!
M((KWKU"VN9Q469L7V<C]KJAS74KM<.AIW%"0?85\Q['X)_4KW11JYX][O\E]
M2_\``J&7B4)21K[.3F+C.15?7;JP))!)6CUAU/N(LS1(R9'<FW*=4A55U%U"
M%-G29N+\SR-K#B<GFK?^5M(J6@EY#?PU^1I=32E7#I4DD+K$N"Y+?6\>.O\`
M*0_0`BI:"7N`Z5^5M::?K#Q-5?7EM3ME:$NW@3JOQTV[*52FQUCI&JSZ>AK1
M-EO5^B&UCBW$S<)2%BHX(U_7(J#9.#3,BY5;(I'<CP7M,(%Y7(+:]Q5SQ:QP
M^0=';A[(O*:]V]XW`EY:!0M`!WN)`%>E%R<M%=6$_'[7&W99`'MC\L$[GM!%
M7$`4+0T'<30:K*?E+X/[NF/(V%\O?$'9-5H&Y`B4("YP][1<&K-FCFT8E")N
MBJM8.Q$447A6Z+5PU<-.PP()+I+HK)@)N?G.,9.3,1\@X]>,BR.W:\/_``N`
M&VOX7?JT!!'8$$$+DY3!WS\E'F,/=,CO=NUP?7:X4IV![4%".P(((7:>(G@S
MLJB[@V)Y/^6-^KVU=\W^*7K:"5;05/4ZW7WC9JQ?$1,\AH'YAVXB&"$>BBBR
M;MF;(JI`%<5A,G?C_%[VVR%YF\]=,GRDK=OR_A:T@`]0W4@!H```;4:UTOA\
M'=6]Y<Y3+7#9<A(-OR_A:WV5`[`#H*"O6JUL:_3Y\Y?'E[M*A>&V_M>P&C-I
MOW3TL=?!D&UPJ`/TQ9K%CGC:DV@J4DTBC`T"1:+H*N$TR*B@BN1,Y=,WB7)\
M0Z^M>.Y:)F,G)-'U#VUTT.QVH&FYI!/6@-*:QO'\[CC=6^$R$3;"4UH^NYE=
M-"&NUII6HK0:`ZK9:J_3"UO#>%%@\39&R.'$W;GR5RG-FM8Q('"&RVAVBT5-
M,(A9<!/!12;%-C\H=<BKA@98/>256]PFZ@X39Q<:EP+YJRR'>9`.D@I0@?LB
MFVE:EM=034;.+B]JS!R8=TA+GG<7TUWZ4('@*`4KJ*ZU-5J@Y^GCY_[8J&O?
M'7?/D;K4?&N@O8HABTY.2>7>7@JZE\M`,%"O*1!?F#B-8E!%L+]^=%J82K*$
M=G13*.@/$.67]O:8?*9B'^30D?@J7EK=&C5C:T&@W.H.IW$!:EW'N07<-OC<
MADHOY9&1^&N]P;T!JT=!TJ33J=Q"R_YPQ^VM9[:\(:5X^[6<4FIGLM&U<31M
M3LD\UL]FKD9.QH.I]6O1[)5@O2*M5(P6\B_>.$BHE4`#`8HF$-CR9E_8Y#C-
MKB;\Q6^]D7D,<X.<T.'S;0*;&M%'.)%%S<V+RVO,'#C[ORX=[6>4TFKF@BIH
M!^%K0=Q)%%>GD]X-;M?>1L5Y=>'6R*GKW;ZT82$NT'>D'`U>S,R,4XHSTJK6
M#L2:JKR,021=-7#3M.9!-PDNBN0.[DYOC&2=F(^0<=O(X<@11[7_`(7"E*_A
M=U%`01V!!!"S9/!WSLDS,8:Y9'>[=K@^NUPZ=@>U`13L"""%V_A]X*;#U[MG
M8_DSY5WNO;5WSL6-=U_LKJ"IZG78&13;MY,B)GD/!?,/'D<R08I)(LFS9FR*
MHF7WO>$Q,G'N+7=I?WF:SUTR?*3-+?E_"UIH#U#=2`&@``!M1K72^'P5S;7=
MSE,K<-ER$HI\OX6M\!4#L`.@H/&JUJ:?3W\Z/'QSM37OAYO[7<#HK:<B\>%C
M[T:2;7"HIR*8LEBL'C:DV@$)-M$&!I^8LW"*K@B1%?906(F8NE;Q+E&)-]:<
M>RT+<7.2:/J'MKIH=CJ$#3<T@FE:`TIK&\?SN.-W;X7(1-L)231]=S*^!#7:
MTTK45ZT!U6S%<^F#K>(\)I_Q->61=Q.VE^E=9?9J$6D"Z.S6AFJD7-LHA5<1
M&"C461&`M#+E67CSK![R2JON$W</";./C4N!=,3*\[S)3_>"E"!^R*;:5J6U
MU!-1LX^,6S,')AS(2YYW%]-=^E#3P%*4KJVHK4U6JKCZ>7GYMRK:Y\>_(/R+
MUNKXUZ^D(GW$Z862=WB;@ZZE\I!L%#/J/"?/.V,<'L-COWRB30Q@743=J(IE
M'0GB/*[^"SQ.6S$/\FA(_!4O+6Z-&K&U(&@W$@=2'$!:EW'>07D5MCLCDXOY
M9&1^$'>X-Z`U:.@T%2:=2'$+[I5JNPU0KD!4ZZR2C:_6(6+KT''(\^RPB(9B
MA'1K-+GD?;;,VQ"!SUX#/4((8[:&&WA;MAC:&M'@&B@'P`7>HXV11LBC;2-H
M``\`!0*WT]8T!'8SC;J55BB;+=5<M*<7($C_`)RK5"OT9,L$=;W/;%B$@W(K
MV]O/>4.N818V@O'9`0-^M+-A?WVUKM]U=53Z>`7!NO*'U.S;N[[:UI[JZJ^\
MY:S+6Z*TY9&/EE;=]*R$(:IS^C:OK%I%IKOQL*4Y"7*7L3IZY;&CBQI8I1G(
M$(F<KHZPJ@("F!>##I8\;,S/W&5+V_3OM6Q`:[MS7EQ/2E*'QK7LM>VTD&4E
MOBX>4Z!K*:UJ'%U?"FOBJW56I;#1=O>2&P)5]#.8C<5IHDY7&L>N]4DH]K5Z
M)'59\E-I.8]JV0<+/F9CH@@LX**0@)A*;DN6L,?-:Y',W<CFF.YD8YH%:@-8
M&G=4`=1I0G13;6KX;O(3N<"R9S2*5J-K`TU^([57SRG=4[CTY?OIM:SI\WK]
M?:-%KOE,4331I]QK^QHC"5V2D(5W(-6#.Q1B$A$OC$2?)LECLWA2*BV<)D,D
MIU"6PR.-N^&65O+";^)EU^+=Y;M&DM)`#A4'1VTT-#0C0Z"2UN[.?CEM"^/Z
MEC9NM=KM`2*]14'K0T.M"-#M&WT5Y&7"R[3W'<+U0]8[BF]8-M4Z>8Z\2=7^
MI:]@$+&A<Y-U:7]VJ\$M<WUOGV+=N]*2-9IM8U,Q4!%<Y54]Z,5F+F:^R-S=
M109%T'E0B/\`B,C;N#R7%[1O+W``_**-Z:ZC9MLLA++<WDTT<5V8MD895[6"
MNXEQ<UNXN(%?E%&C375=#KOQJVDMO_76ZKK1O';3:^OXFVM;$KH.1MLA+;B>
MV6"5@T6-J1DZ?0XN*J<4Y<C*(HN"S3T'R"(%63+WG-BL\+?G+6>3N;6SMC"U
MX=Y!>3,7-VT=5C`&BNX`[SN`U[K';XZY-_;WLT%O"8PZOE%Q,FX4HZK6`-'X
M@#O-0-1K78?R`UKLRZMZ':M-7>.IVRM7VE>SP3*TDEW6O;LRD8*3KTW3;ZQA
M7"+_`/*))C)>XB\1(NNP=(D523,;J&XRUE>W(M+C'738[V"0N:'5,;P6EKF/
M#=:$'0BI:14!;"_M[F8026<X9<1NW`.KL=4$%KP-:$'0BI!`-"L,/=1>1.\=
MC:9L>^([3>O:;H^[H;/BXG5]GMU\MMOO,="RD+%(.;!8J?1655IR/YRHY<MD
MV\@X>F132,<A?Y@:U^.S&4O,;-E66T-M:RB4")SWO>\`@`N<Q@:S6I%'$T`]
MJX;K3(7MQ9R7S88X8)-X#'.>YSJ%HU<UFUNM2*$G05"LMGX]>5=&UC:_&?6M
METN?3$X:TP%0V5:W-Q_XGZYUU=GDFM+P1J/%P/\`EFZV.NM)M=*)?'FHQ`XI
MIF<H#U+G%;B,]:V-QA+*:V_EKMS62/W^9'&\FK=@;M>YH<0T[VCI4+"+#*06
MTV-MI(?HW;@U[MV]C'$U&P#:XMJ=IWM[5"[R9\&HV6=VJFDEVC#44OX:UWQ9
MA.%WKVYQ+VMR[QU&69=L=FVBW:3!N9LN4?FP.LZ2$IDRICW9EDXNR1\]OY@&
M/=C6VK>I>"UQ(<10`TT/74]J+(_"L?YL`?2T-F(!^T*$T/AH*=^JZ6Z:9\UM
MLUC6M`OL_H"&@]=[)U-=K#:*O*WQY,[:::UO5=GR-7<!(U%LPU^9RQBSOU$T
M7DN"\JW;H%4;M3JJACN<;R:_@LK2[EM&Q0S1/<YI>3*(WM=0M+`(]!N-"ZK@
M!HTDK'/9YF[BMH)Y+=K(Y8W%S2XF38]KM6EH#*@5T+OF`%0*E?1[.Y+L*81,
M(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$
MPB81,(O_TO?QA$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(O
MA']0GZ2Q]NSL[NWQI+%15_EU5Y.Y:S?.&T/"6^1,F)UYFK2"A4V$+99%<O<Y
M;NC),GBIS+"L@IW^]Y=RW@1OY9<GA=K;IQJ^,T`>>Y8>@<>X-&DZU!Z]#Y%Q
M'ZU\E]C*-N7:N8=`X^(/9Q[UT/6H/7SE;!TGM_5,D[B=DZRO-)>LESH+%L59
MEHYL8Q!$.]J_7:@P?-C@')%D%5$E"\&*80$!SQ^[QU_8/='>6<L3A^TTC[R*
M'WC3P7FUSC[VT<YEU:2,</%II\#T(]HT744_6>Q]A/48VAT"YW20<'*FBRJM
M8FI]R<YA```$HID[,`!SU$>@!ZYCM[.[NW!EK:R2O/9C2X_<"J0VEW<N#;>V
MD>XG]5I/Z`OO5X'?1YGFT_![:\M8YDRCXE=O*U[2H.&LHYDWZ"HJM7.QG+4[
MB,1BFYB$5")047,Z$P$=F2(15LMZGQ;T]F$L5_GV`,:06P]23V,E-*?V16OZ
MU!4'T#`<->R2.\R[11IJV+0U/B_M3^R*U[]P?1X0A4RE(0I2$(4"$(0`*4A2
M@`%*4H``%*4`X``Z`&>Q=-!T7I"BPB81=0M7X%Q-,[(O"1"]BCV3B.83ZT:R
M4FF,>[."CI@SE3HF?-F3E0H&42(H4AQ#D0',9AA,K9S$TS`4#J#<`>H!Z@'P
M52QA>)"P>8!0&FM/"J[?,BLF$3")A$PBZA6OP"\VTLJ\)$+6-@R7C6,^K&LE
M)MG'.3^ZYCVDJ=$7S=DX4#N.D10$SFZB`CF,PQ&5LYB:9@*!U!N`\`>M/8J%
MC"\2%@\P"E::T\*]:+M\R*Z81,(F$3")A$PB81,(F$5"O&1KEZQDW,>Q<2,6
M5T6-D%VB"KV.*^3(D]*Q=J)F7:%>))E*J"9B^X4H`;D`#*EC'.8]S`7MK0TU
M%>M#VKW4%K20XM&X=/8J[+*4PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3"
M)A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(O__3]_&$3")A
M$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB814;^/82C51E)L6<BS
M6#A9H_;(NVJH!Z`HW<$42.`?>`Y5[&2-+)&!S3V(J/O4$!PHX5"DQ<-$0;;Y
M.%BHV(:`;N!K%L6L>V`P^IO8:)))=P_;QD1Q1Q-VQ1M:WP``'W(UK6BC6@#V
M+LLNI3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")
MA$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(
MF$3")A$PB81,(F$3"+__U/?QA$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$
M3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB8
M1,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")
MA$PB81,(F$3")A$PB81,(F$3")A$PB81?__5]E3.Q3S(P"UF9-'MZ@0CUQ[7
M3X&2,H*1@^X0$,\XBO+J(_P[EX_O&GV=%UUDTK?PR.'Q5WLME6UL`=[Y%X7@
M/PNVB!N/M_&@5!4?VF'.='F\@PT,H</:!_10K(V^N6D@OJ/:%<K3;LD3_P![
MHABX#[6JR[0?UC[OSH"/[LYT7(9_][;M/N)'Z=RSMR3Q^.,'W:?UJY&NVH50
M`!W'2+8X^OL_+N4P_P#3,LW./_8SGLSUL162%X/LH?Z1^A9FY*(_B8X'X'^I
M7$UV#5'(!_\`#(6YQ_[MRV<IB'ZS@D='_P!;.4S+V#Z?QJ'V@C^BGWK.V]MW
M?[RA]H*N!O-PSH`%M*QRW/H";UN8W7X"0%.XH_<(<YRV7-O)39.P_$+,)8G?
MAD:?BNS`P&`!*(&`?00$!`?U"'3,X(.H*R+G")A$PB81,(F$3")A$PB81,(F
M$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB
M81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3"
M)A$PB81,(F$3")A$PB81,(F$4I5=!`.Y=9)$OVJJ$3#]YQ`,JY[6:N<`/:H)
M`ZE=;_F""]T$?SF*]T0$>SY]KST$`X'^;P!NOIZCF'ZRTW;?J8]W[P_K5/.A
MK3S6U]X7_];V(!ZYY<.JZP.JJDQ_"'W#_IRRJ[1U5/RXZHH@Z<?<.91T13P]
M<J.JD=5,#^K,HZ$*R[%!\\;\"W>.D./3V5U4N/U=AR\99LLK/P2.'N)"NU[V
M]'$?%=ZWMUE:@!4IEX8`]/?,5U^SET18>,YD>0O&"@N'?'7]-5G%Q.WI(?T_
MI7?-]D6-(`!06+GCU%=J)1']?RRK<O/Z@#.8S,7@&I:[WC^JBSB\F`UH?A_4
MN\;[0=``?-1+=4?B*#I1N'["J).1_IS.S./'^9;@^XT_H*NV^=3YHQ]O_I7=
M(;+BC@'S#!^B8?7VOEURA_Z1E4#"'_HYRF9J`_CB>#[*'^D+,V\8>K2%V[>^
M5M?^)TLV'[%VJ_4?UHE6*'[1SDMREF[K(1[P?Z*JXNX#U<1\%VZ%C@G/^ZEF
M//V*+D0,/ZBKBF8?W9G;>6K_`,,[?MI^E9!-$[I(%V2;MJM_N7+=7GT]M9,_
M_L3#F82,=^%X/Q60.:>C@JC+J4PB81,(F$3")A$PB81,(F$3")A$PB81,(F$
M3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB8
M1,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81<"(`'(B``'J(]`PBI%9!
M@A_OGS-'CU]URBG_`.S.&8S-$W\4K1\0JE[!U>/M75+VNN-Q$JDNT$0_\$QW
M(?L%N14!S`Z^M&=9V_#7]%5C,\(_W@_3^A=.OL.NHB($,]<\>@HM>T!_5\PH
M@/[P#.,_+V;:T+G>X?UT6,W<(\2NF<[09$_]Y8ITL'_VPX2;?T)D=9QW9R*O
M\.!Q]Y`_K6-U\T4VQD_=_6NC<[1E##_Y6.8(!_[?,X<F#_TB*-0_HSC/S<]?
MDA8/?4_U+$Z^D_58`NC<["LZ_P#`[1:A\0;-$.O_`*2Y5SA^P0SB29>^=TD#
M1[`/Z:K"Z\G/ZU/<%;[JR3[KD5YB1-ST[2NE4D^O_MM(Q$^?V9PW7EW(?GN'
MGXD?<%QW3S.ZRN^U=$JLJL/<LJHJ;_:4.8X_O,(CG'>YSC5SB2L9).I-53\]
M?Z?ZLQ+'[5__U_8AGERZN.Q50D/J'W<Y9']`54!E@H"BS*THIQ?0/U?U8/4H
MIH9=I5U.*/(!^[]/V8/5%-#+-*OV489D'57'13BCTR#U0=2IH9<'HKCP49>A
MOUA_3EU4]5.#)[U4M\%,(82F`0$0'GU`>!Z]/4,NI79)2,@CQ[3YXG_\;<KD
M_P#8G#+B:5OX97#XE7:]X.CC]J[1*SSZ(`!)1T;C_P`4Q5Q_:*Y5!'.2V]NF
MC2=WQU_2LHFE'ZY7;HW6>3`.]9!?[U6R8"(?^X01S.S)70T+@?>/ZJ*XN91W
M!^"[1.]R0<>ZU8J!_P!`JZ8C^T5E`_HS*W*S?K1M^_\`K5A=O[M"[)*^`8`]
MR,X^T2.^?_5,W#^O,PRO[4'W_P#0KB\\8_O_`.A5Z=VC3`'N-GI!^/:5`X`/
MZQ6(/]&9ADX>['?=_6KBZ8?U2JQ.W0R@@`J+I<_%1`P@'_NH5!S(,C;'J2/A
M_557%S&?%5I;##']'Z8?]8BQ/_9IEXS*+RV=TE'W_P!2MYT7[:JDY6,5_@?M
M1_6L0O\`[(0S(V>%W25OVJPD8?UPJHKAN?\`@71/_P!54AOZC#EP]AZ.'VJV
MYIZ$*=Z^G7+*4PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$
M3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A%P(@'41``^T>F$4DS
MIL3^-P@3_K*IE_K,&5+V#J\?:HW-'ZP5(>8BTQX._:@/V`L0P_\`JB.8S<P-
MZS-^U5,L8_7"I#V6#)ZOR#_U$G!__8)&S&;VU'^]'V'^I5\^+]M42EQAB<]H
MNE?^H@`<_J]PZ>8CD;8?M'X?UJANHAXJA6O4>0/Y3-XH/P!3V$@_:)551#]V
M8CE(?U8W'[!_6J&[9V:5URM_.`#[464!^`G=B;K\.2E;D_KS$[+&M&P??_T*
MIO/"/[_^A=6K?I<0'VV\>F'PY37.;]XN`*/[LP'*W!Z,8![C_6J&[D[`+JUK
MK85?X7::`?8BV0_K5(J8/V#F%^2NR-)`/<!_354-S*?UJ+JE['.+_P"\E7H!
M\026,@'[00]L!SCNO+I_6=WP-/T+$9I7=9"NG5>O%N?>=N5>?_$75/\`^R..
M8722'\3R?B50N<>KBJ,?7,2QGJI(CR(C^P,@J6J`<Q$Z(>JE''X8:J]U)'([
ME0[LH!],QN*H>BE''T#]N0U54D?3*N/50>B@^(?J'^S*JJ__T/8>&>7+JPZ*
M:0>!#]W]F6[*QU:JL,D*@469&GHI4T@^H?MR[D4X,!6'132#ZA^W+N\5*G!D
M!6"C#,O@5<*:0<DH>H*G!@*XZJ+GC@?LS*$=T4X,E5&A4>6&H5U4`/(`/Z<X
M11AEAX*ZG$'IQ]F2BJ2#R''V?H&7Z'V%%.(/`\?;DHIP98=%(ZJ+)5E4`//7
M[<D'5%$&7!H:J1J**,@_#]V6/BJJI*NL3^%54O'^RH</ZA#+->ZFCBI#B.A5
M45^^+_"]=E_ZKA8/ZCYE;+*-/,=]I63>[LX_:JY.9DP#H]7'_K&[^OZS@8<R
M"XG'^]*MYL@_7*J"3\J7_P!^N0^PR*`_T^USEVW4_P"W]P5A/(#^+15);))!
MZB@;_K)>O_9,7+B\F]GV*_GO]BGELS_XI-3?^XU0'^A;C+B\E_9;_I\5<3.\
M`IY+.X'^-LB/_5,<O3]HGRXO']V!//(ZMT50%F'XLP']3CC^M$<L+RO^[^__
M`*%;S_[*FELB8_Q-#A^I4IOZR%RWU@[Q_>I$P/ZJFA8VOQ0<!^KVQ_K.&2+M
MG=I5O-'@II;`R-_W;D/UD3_L5'+?51^!_P!/BGFM\"I@3C(?_&#]:8?V'')^
MIC]J>:WVJ,)EB/\`C4#]:9O[.<GZB+Q*G>U3`EF`_P#?\?K26_\`D?&6\^+]
MK]*G>WQ7(2C`?_?@O[2*A_63'G1_M)O;XJ,)%D/HX)^X_P#]CD^;'^TFYOBH
M@?-!]%T_WC_=CS8_V@F]OBN?G6G_`(Z?[\GS(_V@F]O[2Y^<:_\`CI_]H,>8
MS]L)O;^T%R#ML/HNE_VP_OQYD?[83>W]I<_--O\`QTO^V']^/,9^V/M3>W]H
M)\TW_P#'3_[8?WX\QG[83>W]H)\TW_\`'3_[8?WX\QG[83>W]H+CYML'JNE_
MVR_WX\QG[83>W]H+CYMK_P#!"7_;+_?CS&?MA-[?VD^<:_\`CI_]H,>8S]L)
MO;^T%Q\\T_\`@A/_`+6/-C_;";V^*@&19!ZN$_Z?[`R/-C_;";F^*X_,F/\`
M\$D_<<?ZBX\Z/]I-S?%0_FC`/_?@/^PJ/]1,CSHA^NFYOBH1EX\/^_Y_4DM_
M\CXR/J(OVON*C>T=U+&:8!Z'4']29O[>,@W,0[E1YC5+&>8!_P"./ZDP_M.&
M1]3'2NJ>8WVJ6-A8A_W;D?U$2_M6#*_5Q^#O]/BGFM\"H!L;4/1!P/Z_;#^H
MXX^K9V:5!F:.Q4DUE3#T:'']:P!_4F;*&\`Z1_>JF<?LJ0:TB'0K(/VN.?ZD
M0RIO?^[^_P#Z%'GU_54@]I<_X&R`?]8RAOZA)E3>O[,"@SD=@I!K0_'T2:%_
M]QJB/]*W&4^ME_9;]_\`6J_4/\`I!K+)CZ&0+_U4@'C_`+1C90WLW8C[%3ZB
M3V*D4L$L/_OV("/^RD@7C]R7.4-W<'_>?</ZE7SI?VE2*3,H?U?.`_ZA_;_]
MAVYC=<SG3S2JF62GXRJ0S]\?^)XZ-_UG"P_UG',3II3IYCOM*Q[W_MG[51J+
MJJ#^)50P?](YC<_?U$<KN=2I<5%2>ZDCF/VJ3X*68>`_7TS'U4*3A%".0?!4
MZJG,/(B/[OU95%)./P_3[LKXE%3''X?9ZY5%+'*GJAZ*4<>G'VY"HI(Y!\$4
MLP\`(Y"HI7PRIZ*XT"@',1ZT5?$J28>1RW0*`I0Y0]%4ZE0#F,JI4@P\C^KI
MDC0*JECF,J"I?/XN/N_I]?ZL=E5?_]'V'!GEW8+JK>JC+DA9`JPH\@`_:'].
M2.JQ]"0IF9&J5&4>!#[^GZ?MS(=0BGAD!2%,*/`@.9.H5E/#URHZJ1U489E'
M174P!],N-0K%3@RHT*#4*8&9!X*_53"#R'ZNF75%,#)'56'132#ZA^T/[<E2
MIP9/0JP\%,*/`A^[+*54%'@<L-11%/RP13P'D`')!H44S+*X-5,(/P_=A%-#
M+C4)T7/WY=IJ*(?%3@'D.<CH5"C#+^U2#V4PH\#]P^N65E.R440#ENNJL#V4
M0#QD@JP-%'EE=3BFYR?:%7IH5'E@:JW1185P:KD!XP#V/1%-*?GU]<GITZ(H
M\MU3HH@'%2%8&JYRP(*E<Y**,%!#[_Z!PBF`J'^OI_HR:J-H48'`?]'7%5&U
M1<A]N%%#X+GN_P"E_3C110^"=W_2_IQHE"G=SZC_`$XT2A\%QW!]N%-"H1.`
M?Z1XQ53M4L5?L_H_OR%-`I8G$?N_K_?A2H,(F02BA$<KUZJ"?!<9!-%52S'^
M`?O_`+LCVE%*R":HN!'"@FBAR":>]44LQLJHZ^Y2\*R@'KE%0ZJ$1P=%0FJA
M$>`Y'**%($>1$<$T12QRG15)J5`8>`^\<J-2H4K#CV5AH*KC*./90I!AY'[@
M],JB@'"@]%*./`?K_0<HJJ2.045.8?4?UCE3X(J<1Y'G(10#E%4]5)./(_JZ
M?WX4*6.5ZE0Y2C_`/VC_`&84#4J6.8RK'HI8CP&4&I5#X*2(Y)\$Z!091RHI
M8CZCF/J554XY9W@H4`YB5"I'/7G[^?Z<O[/8H7__TO8:&>7#HNJ=U&'K@+(.
MJJ4QZ<?8/Z?TY95>*&JJ,L$7(9F;X(IX#Z#E>A13`S(TJZGE'D`'(.A13`R[
M2KJ,,R#JKCHIQ1Y#(*#J0IH98'H58>"B*/!ON'I_=F0*'*<&2@.JC`>!`<LK
M*H`?CA.BCRPZ*ZG%'D/O#URP15!1Y#+#0^Q%.(/`\?;_`%Y**<`Y<:A2#JHL
M*RGE'D.?WY(-$489?IJI'@5$4>!^X?TYRQU%0JJ=@'LBB`<L-/<K@U]ZFD-\
M!_9_=ED4S)!HBC`<LK@U40#D@JP*B`>,LIZJ<4W.3[0HZ:%1Y8&JMT7(#A6!
MJN<`T4J84_'KU_KR>O3JBF`(#DU\447.2E2%SSDU(5JA<Y-0I3)1<X1<]QOM
M_M_KPBY[S?</Z?=QA$[Q^[^G^_")WF^W^C"+CN,/Q'^K^K"*'")A$RN[P1<<
MY&I45\%#CHJU)4(F`/TZY%2>B*68PC^K[,C0>]%!D(N!'"@GP4.033WJBEF-
M\`RJCK[E+^_"LH!'G*DJA-5"(Y'M52>RARO554HQN?U!_3D(I0CE>J@GLH1R
MA-=%521'D><G\(4@5*A'*=$)JH#CP'WCE$4G"*$<@^"H=2J<P\C_`%95%*./
MPRM>I14QQ^'V^N512AR#X)T4LP\`(Y544C!Z(H1RJH=2I//(B/VY!5FJ`<Q$
MZ(>JE''X8:J]2I(Y'4J'>"@',9*J>BE''IQ]O]F0U44D<AQ0]%+,/`?KZ94=
M512<M75%_]/V&AGEHZKJ:B#)5QT4],>H??TRW96=JVJJ@],D*HZ+G,K3T13B
M#TX^S+.130P"K#HII!^'VY=WBI4X,@*P\%&&9?`JPZJ84>!RQU"D^*G!E1X*
MWM4>9058A30'D`'].<LJ*8&2/!74T@]./LR44T,D:%6'@IA1X'[A]<LI504>
M!RPU'M13\L#5%/*/(<_OR0:(I@996!JHBCP/W#A2I^6![(N?7+@TT[*3J*]U
M,*//3X_#]6".ZJIF6!JG11@.6![*_53BFYZ#Z_UY**/+`_8BBR5<&JB`<D%6
M!40#QEE932F_3^[)_2J]/<H\D'Q4J+G)HK`^*YR%9<@(AEJ^**8!_M_?D^XH
MHP$!],5\0BYR="G1<\X4[ESSDU*FH3G%2E1XKGG&[V*=/%.<;O8FGBG.-WL3
M3Q7'.*E14>*<Y&OBFX+CG%%&XKC%0%"A$P!^G7(J3T"*`3_9_IR-.YU108)1
M<95%P(Y*J350B.03X*O12S&^`?I_IRJCKUZ*7A64`CSE2:JA-5P(Y"J33WJ#
M*DU55+.;X!^W^[(12A'*DU]R$T]ZARI/944HQN>@?MP!W10#E2:E6Z"G=0B/
M&4)4*0(\CSD(H1''355)[*4<>`X^W^K**%)$>,@^'=%(,/J(Y4^"*G$>1$<A
M%`.4]J@GLI)QY'C[/Z\*JE#E3U4'HI9QZ<?;^@X5>JECE#X*_0*6.8SJ50F@
M4D1YRW0(-%+'*'0*O4J`<Q%4*D&'D1^[IEN@4*6.8RH*DG'KQ]G]N2-!554&
M5KJB_]3V%$'D/U?VYY8>Q75%,#+J6J84<!9!X*L*//`_;DCJL?0T4>7:I491
MX$/W#F7J$6%-F>0FN]5O`BIMT_DYSL(HI"0+9%V]:I*D!1%5ZHZ=,F34%2B`
ME*97W1*(&`@@(#GD//O6SA'IW=#'96>:XR]`3!;M:][`15ID+WL8RHU`+]]"
M#MH05[3Z<>@W/_4RT.4P]M!;82I`N+E[F1O(-'",,9)(_::@D,V`@C=4$*U:
M5Y:ZLM\NVA5AFZN\>*D0:+6)JS1CEW"IRD2;_/,)!\1LHJ8W`"N5)/X=W(@`
M]>XI^93T[Y-D8,3-]7C[F5P:QURQ@B<XD!K?,CDD#22="\,;_:Z+M?+_`,K7
MJ9Q3%W&8A^CR5I"TN>VU?(Z5K0"7.\N2*,O``U$9>_OMH#3:8!]!^']F?0'0
MKYO&A4P,R-5E&`Y<>"OU"G`/(9!T*#P4P,N#]BN.BC*/`\?`?Z\NJD:J:&3[
M4'@K2N=_J&NX]K+W*;0@HYX])'-G+A!XN15Z=!=R5N!639RH!C(-5#<B4"_A
M]>>,ZWRGF7&N%6,&2Y1E66EE+*(VO<U[@7EKG!M(VO/X6N-2*:=:T7:^)\*Y
M1SB^N,9Q3$OO+Z*$RO8US&D1AS6%U9',%-SVB@-=>E*J[V3QM(,VD@R5!=F^
M;(/&BY0,4JS9RD19!4I3E*<H*)'`0`0`0YZAF_M;J"^M;:]M9-]K-&U[':C<
MUX#FFAH=00=0#XKKUU:W%C=W-E=1EEU#(YCVZ':YA+7"HJ-""-"1X*LSD@Z+
M$IQ!Y#[PR4500>0X^S+]#[$4TH\#]WQR45++2\9`1CZ9FGS:,BHQLH[?OWBI
M46S5LB7N4554,(`4`#T#U$>`#D1`,XF0R5AB+"[R>4NXX,?`PODD>0UK&C4D
MD_\`I)T&M%S<;CK_`"]_:8O%VDEQD)WAD<;`7.>X]``/_0!J=%IS*^>6GF$@
MJT8Q%WFVJ*IDQE&,7%-VC@A3=H+-$I*:8O3)G#J'NI(F^T`SYIR'YMO3>TO)
M+:TQN5NK=KJ>:R*)K'"OXF"69CR#VWM8?8OI['_E%]2KNSCN;O)8JUN'-KY3
MY97/::?A>8H'L!'?8]X]I6R&K=PT3;T2K*4R5,Y.T$A9&*>H_)S$6=3N]LCY
MF)U``J@$'M42.HB;@0`XB`@'M/`_4CB?J-CY+_C-^7NCIYD3QLFB)K3>RIT-
M-'-+F'H'$@A>*<]]->6^F^1CQ_)\>&-DJ8I6'?#*!2I8^@U%=6N#7CJ6@$$Y
M2#._`U"Z%T47IU#+@UT*$=QT6"Z7Y%42].]@LH9G9$EM:LWSZP"_CV"*:R,>
MJ_27"+%&5<F<J&-'*=H*`B`@(<B'(\>1<9]:.)\JN>86V,M;YLF$BDDN/,CC
M:'-C+P[RMLKMQK&ZF[9VU';UOD_HORSB=OPZYR=S8NCSDL<=OY<DCBTR",M\
MW=$W:*2-KMW]]#WN346XZKNF#D;!4FTVU8QDH:(<$G&C1FY,Z*U;/!,DFT?R
M!#(^TZ*'(F*/<`]/B.]].O4K`>I^*O<QQZ"ZCM8+CR7"=C&.WAC7U`9)("VC
MAJ2#6NBTOJ+Z:\@]+\M98?D4]K)=3VXF:8'O>W87N90E\<9#JM.@!%*:]EEH
M!^(9Z&#]JZ`IQ3<_KR448#E@440#DJX-5AO<6]:;HYC"2%Q:SSI"?=NV;((%
MDS>J$59(I+JBX*\D8XI""18.T2B81'GH&>:>I/JMQOTLM<5=\CM[N2*\D>QG
MD,8\@L#7'=ODCH*.%*$_!>F>FWI9R3U1NLI:<<N+2.2TC8]_GO>P$/):-NR.
M2IJTUJ`LMQK]&4CF$HV!0K>19-7[<%2E*J5%V@FX2!0I3'*50"*!W``B`#\1
MST2QNXK^RL[^`$0S1,D;70[7M#A4`D5H=:$Z]UT"]M)+"\N[&8@S0RNC=345
M8XM-"0#2HTT&G9=@!_MSE+B4IT4T!R0:*:U]ZPG/[\I=<VQ`Z;?M+">UV)%D
MLP<MF+)2$(1^#P4?F7BDFD[3,`,3]W:W/QR''//3S'+^K?&,-Z@8GTVN[:\.
M?O6L,;FL88`)-^W<\RAX_`:TC/;JO3L3Z4<FS'`<KZC6ES9C`V;GA[7/>)B8
M]F[:P1%A_&*5D'?HLW<YZ@O-`0N<*5SSDU11`<?]>-$40'#X_P!^3KV**+N#
M[?[/Z\5/@BYY`<5\0BM>[V^+H-2G[G-)O%8FN1RTH_3CTDEWIVZ''>5LBNNU
M145'GH!E"!]^:'E')+#B7'\MR7)LE=C[*$RR",!SRUO7:'.:"?>X#VK><9X]
M?<KS^*XYC7QMO[R81L,A+6!SNFXM:X@>T-/N6GW_`-4)T;_^"-C?_P`!@O\`
MYZ,^=?\`[P/2W_\`EV9__`@__BE]"_\`VD>IW_\`,,/_`/CS_P#\,K\UGYBZ
MKVO=8BAUJ.NB$U-ED3-%9>)BFL>4(R+>RSCWUVT\]6()FK$X$[4C<G$`'@!$
M0[7PC\Q_`N?<FQW%,+99-F2NA)L,L438QY43Y7;G-G>X?+&ZE&FIH#0:CJO-
M?R[\ZX'QO(<IS-YC7XVV,>\12RND/F2LB;M:Z!C3\SQ6KAI4BIT6UO(!\0SW
MVO@%X0N.\/MQ\W@BA$_V!^_^['O**`3"/Q_=T_TY&@[(H<BI1,A%8&SMCP.I
MZ9*7FRHR;B&B58])TE$-V[I^8TE(-HUO[*#EVR1.!7#LHFY4+P7D0Y'H/4N<
M\SQ/I_QJ^Y5G(IWXVW=&'"%K72$R2-C;1KGL:?F>*U<-*]3HNU<)X?E>?<DL
M>+822!F1N&R%IF<YL=(XW2.J6L>X?*TTHTZTZ=5V-&N45L&HP-T@TWJ,38F)
M9!BG(HI(/B(&442`'**#ATBFIW)CT*H<./CG.XKR7'\OX[B>38MDK<?>1>9&
M)`&O#:D?,&N<`:CLX^]<'E/'+_B/(<KQO*/B=D+.7RWF,ES"Z@/RES6DC7NT
M>Y5-KMM<I$"_LUKEFL)!QB8*O)!V8WMI@8P$33332*HNX<+*&`J:293J*&$`
M*41'C,W(.0X;B^)N\YR#(1VN*@;5\CZT%30```N<YQH&M:"YQT:"5QL#@<QR
M?*VF#P&/DNLK.ZC(V4J:"I))(:UK1JYSB&M&I("TO<_4'TXD_,V1K^P73(JG
MMC))14&FFH'=Q[R39Q8D7(HB'7\92'X_P\],^:)OS@>F\=V88L-F)+8.IY@B
M@`/]H-=<!U.^H:ZGZM=%])0_E$]1Y+432YC$,NBVOEF6<D>PN;;EM?<7-]O=
M;9:^V-4-H5QO::7+)RL4N<4%?P'0=L7A"$.LPD&BH%5:NT`4+W%$.!`0,43%
M$##]"</YIQSG>%ASW&<@+BP<=IT+7L>`"8Y&'5KVU%0="""TEI!/S]R_AW(>
M"YF;!<EL#!?M&X:AS'L)($D;QHYCJ&AZ@@AP#@0+U$><[15=5)JN!'(52?!0
M94FJJH#&XZ!^T?T^.0BDB.5)[!*T4.0314ZJ68W'0/7*@5U**7AQKHK#35<9
M0FBA2CF^'[\JBEX0Z*`1]1RI*HI`CR(CD(I)Q^&5]J+X=^17USM*>/OD=M3Q
MC4\;O*/:EYU&[BFUF?ZIJ%2LT0HG+04+.MGK5,UQ:S"3(J4XDB8[AJB'O`)0
MY#@1YT..EFC;*U[0#[_ZER66SGM#@X4*Q5__`+"&L/\`^Q+S]_\`T05[_P"?
M/,AQ,Y_WK/O_`*E?Z-_[06QGB=]8O4/ES(^2<%4=#^1%*L_C'H:W;]N%4OU:
MK$?9I^$J2+=92JUB#C+5*2"UOF`=I@R0=)MD51.7E0.X.8_E$_\`VC/O_J5/
MHI/VQ]Z[_:'U7*+JKP\TWYESOC=Y.O:?N*RW*NIT&.H\/_Q'H2=*/.A)6"_Q
M;RQ-8N$K[E*!451<`[4`4E"&,!0$>'\HG_[1GW_U)]%)^T/O6H>D_P#F*/'#
M?NRZ?K#7WC5Y6RDS;K16:T+YI5:)+1M=)9Y^.KR$_8S0E]DG<?`1[N2(=RO[
M1@(F`\`(\`-?Y/<?]JS[_P"I5-E(?UF_?_4OJ_YO^6U(\$U_'I'95<M5L-Y'
M;FA=)5(:,G$."PEAFS-RMY2Q?G\I!"E"I"Y#O,V^97Z#PF./Y/<?]HS[_P"I
M2+*0:[F_?_4M#/*7ZU>G?%WR?VCXI/O'?R8VSL'4WY&I8WVHJG5K/#*MIZO0
M-A;O6B2UM8S:;-!&PH(**+M$2@XY*'("41J<+<&O\5GW_P!2DV4FGS#[_P"I
M85'_`)@768AT\%//O_\`1!`?_/EE1A+C_M6??_4J_0RG]8??_4MKO!KZK>J?
M.O;6P-,5'3>\]3W+7-)0O,\UW#`UNOG&-<R\3$(-4F,99IB52>K&F4EB@L@D
MF9'DP&Z@`\:\Q\MHQCWO:0332O\`4L,]NZ%H+G`U*^I0YK'%<52S#P`C^G.4
M&I5%(R7'LB@$?CF/JJ*G'+'I1%QF.NJ+_]7V#D'@?U],\LZ@KJBG!EAT11AA
M9`JE,>G'V=0_5_KRRAXU!4_+#Q4*F?O"1[!Z_.0RA&31R[.0G\9RMD3K&(7U
M_$8"<!]^8KV[;8V-Y>O:7,AB?(0.I#&EQ`]IHN786CLA?V5@QP:^>9D8)Z`O
M<&@GV"J^?7B=7&.Q;E?]D7%NUG9=L[;J-R2")'2",G/+OGCI^1NL!T@.W2;`
MDATX2*8>WC@O'Q)^6_!6G..4\SYURB".\R4<C2T2-#VB6X=(]\@:ZK:M#-L>
MGR`G;2@I]\?FCY!>^G_$>"^GO$KB6RQ4D3FN,3BQSH;9L<;(BYM'4<7[Y-:O
M(&ZM2#E?R[U_67.LG5P;Q;%A.UN0BC)/F;5NV7=LY)^WBEV+HZ293+HE,\(J
M3NY$AD_PB`&,`^C_`)F.%8"?@,_)X,=##E[&>&DD;&L<]DLC8G1O(`W-!>'M
MKJTMTH"X'S'\JG/.10>HMMQ2?)33X7(035CD>Y[8Y(HG3-D8'$AKB(W,=31P
M=J"6M(Q[-;XOU8\>M06:"?H(S$BZDZ[)NG[1&3,[;UU1[&MES&=E.(N%DV!#
MJ'_B,<1Y$<Z/EO5_F6`]%?3+/XB]:S)SR36TKY&-E+VVQ?$QQW@_,X1M+G=2
MXFI*]`P_HIP?D7KQZK<<S5B]^*MXX;J%D;W0ACKH1RO:!&1\K3(YK6]`T"@"
MKMC[`\HJ3#Q>TG\E58ZK2;IAV4QFR;2"D0A)(G<L6LZJ[B6[Y511,@)KJ-WO
M)5AX*!`'@.3SCF?Y@N*8S'>H5Y?X^#CUQ)'2R8QLAA;*TOC9<%\+9"2!M>Z.
M>H>:-#`:#C<`X/\`ENYAE<EZ;6./R5QR2VBDK?R2/B$[HG!DC[8,F=&`"=\;
M98*%@JXO(J<H;-\C)"O437#VJ13):[;1C(I]%,9!03L(8C]NS%=18QCM2NCE
M>O"H(]YTD^0%0_X2B0WH7/\`UQO<)P_@MWQW'1.Y7R"WBDBCD-8X!(UFXG5@
M>1(\1Q[G-;U>_1NUWG?ISZ"6.=YIS^SY+DIF\0XW<S1S21BDDYC=)M#='E@,
M<9DDVM>ZE(V?,X/;C2=VKOK2RT%8[S<:/LBLRTBBQE8B#_+2O(TZB:CE1-JN
MPBXA9)46R"GM*G]Y#O+P<@<E$>@9CU#]8O2R;$9OEO*,1G<#<SB.6&W\K?$2
M"XAKHX87-.UKMCSYD>X4<W4$^BX7TU]%?5J',X'AW%,S@.0VT#I(9KCS?+E`
M(8"]LDT[7#>YN]@\N3::M=H0-V7.PZ-'HQR\G;:]%%EHYK+1Y)278QZKJ.>I
M@HV=I).ETE#(JE]#`''("'PSZJGYOQ&RBL9;_DEE;MN8&31"6:.,OBD%6/`>
MX':1T/O7R1;<%YE>S7\6/XQ?7+K6X?!*889)&LEC-'L+F-(#FGJ.O18]VWN5
ME4-63U[I+N%M3AD[91+59J]3D8MI(/W""`*OCL%A[BM4UP/[?>03F$A1$`-S
MG3?4?U2M.-^GN7Y?Q.YM,C/%(R%KF/$D3))'-;60QN_4#MVW<"XEH)`-5WST
MS]*+OE'J-A>&\OMKO&P3123/:^,Q3/CC:YU(Q(W3>6EN_:X-`<0"11:W5R\^
M1T]68F]5#:-(OTF]505?:O2BZ\U?,DESB4S10`1BWYE68B7W2@LB;MY$BBG'
MXO"<'RWUPR^"QW+N-^H.*S-_*YIDQ0BMF2,#CJPC;%)5FF\![#2I:]]*N]]S
MO#_0?#<@R7#N4>G67PN/A:X1Y8RW+XY"T:/'S31T?KL)C>*T#HV5HWJ_,4^Q
MI*ETV>G_`,MAJM(/8(QJ:8A5YZ%N"D#,*R(.9)%#Y=TP03]U(O:J/</:;M#X
M:_\`,R_G%]QCC&7S/D6O'II8#]$0'7$%Z;>8R[I0W:^-HWM%'FIH=H[;+\K3
M>"6/*N58;"?47?(X(K@?7`EMO/9"X@$6V)SMS)''8\U8*"HW'OE\=F7O1^BT
M;-?']>M,M(I5^.UXPC&R[)LBB\@TUFK>:$K5FJM\@W;*+*B0PBJ!.P%"B<#!
MZ2>=<P])_22'/<PO;+(9&=MM%C8XFN8UK7P!S&ST9&3Y;6N>^AJ[;L#VEP</
M,QP'AOJ[ZP3<?X997V.QL#KF7)R2N:][G,N"U[H*O>&^8YS6,W"C-V\L<&EI
MLEW/^8412`W$ZLE2<0Y(TED=44\0Q*LVKZB177O+%)%-W(`@T-[RB99'Y@B0
M#^(3@),ZI<9C\R^.XK_]39\YCGXL0"Y=8&&/<VW(#ZD"%KOE8=[FBY\T-'XB
MZK5V^VP_Y8,ERW_Z76^"R3,H9S:LR`FD+7W()9M:3,YOS/&QKC;>47G\(80Y
M75L#R3GUO'NL[7HP-X.;DK4TKTNS=MD)1%DX2:3(R+9('*8D42569)*HG$`/
M[1R@/`B(9V#F?KEF9O1C`^H?$]EIE9\BRVF8]K96L<&3F1HWBA!<QCV.INV$
M`T-0M!PGT(PT/K9G_3GEV^\Q,&.?<PO8YT+GM+X/*<=AJ"&R/8]M2W>TD5%"
MK=D;9Y>/-?MMT1\W4HNO-H-O81I;>-9.9%[7D6Q5UYEZ9Y$K`=1VS*+M1)%X
M@8J!A]LI#@">:*]Y#^9"ZX;!ZGVF6QUOA66C;CZ)L<;I'V[6ASIW[X34O8#,
MYK)F$1D[&M=1BW]CQS\M%KS2?TLO,3DKC-27;K;ZYTLC8F7+G%K8&;)A0,>1
M"U[X)`9`-[G-J];7Z*VF7<&NHJWJLT8^3%9S%S;%N<YVR$JP,4JYFHJ&,J5J
MZ14363*<3&3*IV"8PE[A^A/27GX]2>%X_D<ENV&_W.BG8TDM;+&1N+*U(8\%
MKV@DEH=M+G$;C\[^KOIZ?3/F^0XU'<NFL-K98)'`!SH9`=H?2@+V.#F.(`#B
MW<&M!VC6[SXLTC'T.GUIHNJ@RL<^[<2@)F,4'2$&V05;-%N.AT/G'Q%NT>G>
MB0?AGB'YO,W>V7$^-X2WE<VVO;M[I0--[8&M+6.\6[Y`^G[3&GLO=/R=X.RO
M>7<FSEQ$UUU8V;&Q$Z['3N<'/;X.V1EE?V7N'=;/:OU/2:508"MM*]#.BC#L
MQEWCN-9NG$T_<-DU7[M^JLDH9P#AP<PE(81(F3@A0`I0#/=>!^G?%>,<0P^%
MM\-:R?\`#,\Y[XF/=-(YH,CY"X$NW.)H"2&MHUM&@!>$<]]1N5<IYCF,W<YJ
MZC/U3_)8R5[&P1M<1&R,-(#=K0*D`%SJN=5Q)6CD%'--,^;B%:J0*,:S:#)M
MEX=`X@W2:V.!-(`R!,O!0:1\\0BR)1#^6D0I?0.1^4\596_IE^:6+!\>#HL%
M?D,="T_*&7,'F;*=-D=P`]@_5:T-[5/UGEKZY]3_`,JTN<Y$6RYVP!>V9P^8
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M,IZ4^I-U#>7S(WEDS&,86O9&V9M#&R)KXI(27#=&)`2VM-6C0^K'IEZ;3^EV
M+]5_36UGL["21@?"][WAS'O="ZHD?*YDL<P#3MD,9`=2NCCB[Q??N(JX>5$F
MT]OYJ.BYY\V]Y(BR7OM)2S.$?=14`R:J?N)AW%,`@8.@YT'T'NYK#D7K[?6^
MWZB&VN)&U`<-S);ES:@Z$5`J#H1H5W[UYM(;_CGH!8W&[Z>:YMXW4):=KXK9
MKJ.&H-#H1J#J%=%'\@=C./&':>ROF81M::S:X6.BEV5>BV;)-L]D*HU<>_'M
MT"-7*ID918`.<HF#D/L#-YQ7U?YI+Z%<]YL+BU9G['(0QQ.9;Q,8&ODM&NW1
MM:&.);*\5()%1X!:/E7H_P`*A]=^`\(\BZ?@+['SR2M?<2O>7,CNW-VR.<7M
M`=$PT!`-#XE4:6R/+R[:B+M^NS]2KM;KT5*/WJ"3".6L-F1@5G))N8^5D(%_
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M?)#;T(>VM`'.\P>7&2--["_=1Q.)WFS_`"OC*6GN=?8&LG,4+)K.K:R3;Q)W
MJ,(\]HR8G;IL4Y0#HHK`LJD$G\RFD`\F$P"GGG=SSG\P-CQAGJ9+S#!OQYB;
M.<8&PEX@?2E6B,2U`<'N:+GS6MK5Q<"Q>B6W!OR_W_)W^F<7#\XS("5T`R9=
M,&&=E0:.,ABH7-+&N-MY3G$4`:0];X:?V4PVWKVO7M@V,P_-D%DWT<9051CI
M1BX592+0%A(F*R*;E`PI'$I1.D8IA`!'@/K+TXYO:>H7#L/RNT@,7U#2)(R:
M^7*QQ9(RM!4!S26NH-S"TD`F@^4/4;A-WZ><QS'%+J?S?IW@QR`4\R)[0^-]
M*G:2UP#FU.UX<`2!5:7?46'_`.)C67_[^L'_`,SV&?,OYS?_`,R<%_\`BKC_
M`,.-?37Y-37-\X_^$M__`!)%OY3!_P#B0JG_`.+<'_\`,MKGUQQD_P#Z.<?_
M`/@8/_"8ODSDAIR//_\`QL__`(KEK7Y+;^L.MY2GZ[UZTBW%_O2R1&S^;43"
M+@F3EZ2-:N5B*JHH"N[=F/VJ+&!!!-$QSE.`@&>)^MWJ[F>%W_'.&\.M[=_+
MLJX!LDQ'E0,<\1L<02UNY[ZT<\[&-8YS@X$!>V^B?I-A^:6/(N8\ON)V<2Q3
M271P@^;.]K#(]H(#G;6,I5K!O>Y[6M+2"5@^2WAOO0%AJSS:]SH^UJ/97ORD
MJ>K!%A)0)B%(9T+0T=%0:H+HD5%5(JR2R+DB)D^43"!P\KO?5+U:](LQ@;GU
M`Y-BN0<6OI-LIM?*\R"E-^PQQ0'<`=[`]KV2!CF`QN.X>HV7I?Z3^K6(SUOP
M'C64P'*+*/=$+KS?+GK4-WB26<;21M>6.8^,O:^DC06G)-[W%:XSRSUWKR,4
MA#U.?CX!RY,K!QCF34!^G,'.=M,JH&?H$,5L02]AP``YX]1SNG+/4;D%C^8/
MAW#[&2U/'[N*W<XF")TA$@E)+9BTR-!VBE'"G;J5TWBGIW@;W\O_`##F%\RY
M&?M);AK:3RMC'EF(`.A#MCB-QK4&NE>BL&T;_P!I7?>MNU77-EU#24'57LM&
MLI:>BXYZYGWD2Z19&2,YFF[EJ#AZH)UD2$%L4&Y?50W'/4<[ZN\]Y1ZJ\AX%
MAN;X[B^+L)98V2SQ1O=.^%X90NF:YNYYW/8UIB'ECJ]U*]MP?I-P7C/I9Q_G
MF8X5D>392_BBD?%!+(QL#)6%]0V%S7;6#:QY/F'S#T8VM,YZFN7D"A'[!C=K
M1D3)MJ[!2\E4-G0@Q(1=B6CB*E*4[)@J5)8KHHD<(G!JUX(F<JA1,(<>J>G_
M`"7U>CL^8V7/K&WGALK2:2TR<'E>5<.C!`!9&:.WC;(P^5%1K7->TDBGE_/>
M.>DDEYQ"\X%?7$$UY=PQW>-F\WS;<2$$D/D%6EIK&\>;)5SFN8X`%2/#O<%X
MW%3;7,WI\S?/XJS)QC)1G'-8TA&AHIFZ$ADVI"$4/[RQA[AZ\=,Q_EO]1>4^
MI'&\_DN57<<UW;WPB861LC`9Y3'4(8`":DZE9OS%>GW&/3KD>!QO%[62*UN+
M(R/#Y'2$O\U[:@O)(%`-!HL7Z?\`(C9]PB/)IY.2D<NOK&JS4K4C(P[!L5H\
M9-;<JW.Z*DF4'Q2GB$.2J<@/://J.=#].O6/G?(\?ZX7&4OX7RX/'SRVE(8V
M['L;=EI=0?.`8F:.J#0^)7>O4/TAX/QW(>B=OC+&9D6;OX8KJLTCM['NM0X-
M)/R&DK]6T(J/`*R=7[H\N-ZP22%&_P`OL"P,L(VBZNVD*R![[RB"S2`CF;IH
M[:D,BQ`QU3$;'4$3AW*IAV@?K'!?4O\`,-ZJ8ID/%3:1"TN/^)O7L@9OW%I9
M!&QS',%&5+BV,N-15[!M#NR\X]-_R_\`I=E'R\H^KE-W;_\`#6;'S/V4#@^>
M1[7M<07T#0Z0-%#1CS4MORX;YVSLW;-HU9I>PT_7\/2%73:=N]H,Q54>O8]X
M#!ZDS"0:238$A?`9)%-)L=0X)&4,J0H@4.U\C]6?4+G'J!G>!^F>9QV(QV+<
M]L][=&,E[XW^6\,\QDK:;ZM8UD1<X-<\R-::#JW'O2K@/">`X/G/J3B,CELC
MDVM=!96P>`QDC/,87^6^-U=E'/<Z0-:7-8&.<*FX-%;]V$.V)'0^XG=?G[$5
MHNZK=RK(M09S!FC$TJJBN#))JR72=11#JI*$0;*)&0,FHF8Q@$FY]*?5WF/_
M`#_>>E'J1<6=YF1&YUM>6VW9,6,,I:[8&,<'1!SV.:R-S2PL>PEU6ZCU2])^
M(C@5GZJ>G=O=VF',C6W%G<[M\6]XB#F[RY[2V4AKFN?(UP>U['@-H[>%XS:2
M#5=B_:MGS)TF*3EF\02<M7"1OXDUVZQ3I*IC\0,`AGU)<V]O>02VMY;QRVSQ
M1S'M#FN'@YK@01["%\Q6]S<6<\5S:7#XKEAJU['%KFGQ:YI!!]H*^6OU#*W7
M8!CJDT#`0L(9T[N8.AB(MC&BY!%&L"B#@6:"(K`D*ANWNY[>X>/4<^#_`,X>
M%PV(MO3\XG$6MJ9'WN[R8F1[MHM:;MC6UI4TK6E33JON;\HN:S&6N>>C*Y:Y
MN0R.SV^;*^3;4W-=N]QI6@K3K05Z+Z`QU9J]=J2-BA*O6HV;CJF=ZTDF<#%M
MWB3@(,XF.#E%J1;^:!A*?\7XRF$!Y`1SZZLL)@L-QV/,XO`V,&4AQQ>R5D$3
M7AWD'7<&@ZZAVNH)!T)7R9>9K.9CD$F'R><O9L9-D`Q\;YY7,+?/&FTN(TT(
MTT(!&H7STU?OGRYWC$2\#0AKQ)6,>$=R]V=QT-'MXI@Y03)&P[5!PU<,3/'B
M[=R<YA;.%.P`[?:`HF-\?<%]6?S$>J6/R.)XFZS^O@D#YKU\<,;8HW-`CA:U
MS',+WN;(XDQR.I2FP-)/UUSCTK_+]Z8Y#'Y7E0N_H9XRR*R9)-(Z5[23),YS
M7->&,:Z-H`DC;6M=Y(`V0O\`.^4D[=HVD49LPUY5&48R_/MK34=%R:#V2)&)
MN9-1FB[!RU3:F>&%NBF5J4YU0$PJ)D'@OLW+LMZ\9;D]EQ?BT,6'P$4#//RL
MT<4C7R"(.E+`\.:&[_X;&B(.<X%Q>QO3QSB>*]#,7QF\Y/R>:7+YZ6=_D8N&
M26-S(S*6QAY;M<7;/XCW&0M:TAH8YW7'VJMX[8B/(4FA[_<*SLIA)H/R-+;!
M,HUBYCW3>O.K`W-S&-F[)0Q4V1T'#=5-0Z:IP,"H@42GZCP'U2]0,=ZP-]*.
M7<DLLW:3MD#+N!D3'1N;;NN&G^$QK#0,+)(WM<6N((>0W:[MG//3#@.0](W>
MJ?$^.WN%NH'L+[6=\CVR-=<-@</XCG/&KP]DC'-#F@@L!<'-O+QTWA?[#L[:
M^J=L2$<YFJ7\RZC'S5@RB4!8PDHI&2ZJ@-R)$61<D>LW"1QX[4Q,/H/3LGHS
MZH\OS'.>?\!]0+R%^3QFY\;VQLB&R"4Q3$[0`0X/AD:3T;N/0Z=<]8O3+B6(
MX1P/GG`;29F-R6ULC'2/E=OFB$L(&XD@M+)8W`=7;1UZVOJGR=MU@:[XVM:W
M34VJ=?@NE5(1O'M&C]\\D9)7\B8FE2-S+J.1:IMVYS*<D]U\4XAP7IHO3_UR
MY%EX/5CG_(+AAX#B`1:P-C8Q[WR2'R(_-#=Q=M$<9+M-TX<10:;OGOHEQ_$S
M^E7`L!;O'/,OM-U,Z1[V,9'&//?Y1=M#=QDD`;KMA+0:G6PX[:7E=?JJ]V[!
MW_653A&Z<A)1&NEBPYY&6C8LZXKH@60C)!^9=T5N*:7N/$#K&ZE!$!*(]4L^
M>>O_`"W`77J'B^7X/'XM@DDBQQ\GS)8XB[<*2122$N#2UNZ9CGG5OEU:5VF\
MX-Z"\4SUKZ?93B>;R&3>Z..7(#SA'%)*&[36.6.,-;N#G;87M8-'>80X*NV1
MNTF\O#"YV)TT;1UBBYJJPUD8,Q5^3)()6>`73>,06,HJFS?MU0.0ACG,F;N(
M)C=O</+YKZH-]5/RT\ES$]LR',6]U:PW,;*[/,%S`X/9N)(9(TAP:2XM-6ES
MJ5/$X9Z9N]+OS)<;P\%P^;$3VUU-;/?3>8S;3M+'[0`7QN!:7`-#A1P:*T&V
M'B^;CQ_U8'_\LI?_`"V[SZ"]"O\`_D7`_P#X$?[;U\_^N53ZM\[\/KC_`+#%
MJ%Y[RTK.6O4>L$'AF<7,N323D!Y%!61D9-"!CW*Y>0[_`,L1%<2AR'^_-S\.
M/G7\VV1O\IR#T]X+#<&.QN7>:[]DR22B"-SAW\H>90?]X?93Z'_*=C[#%X#U
M!YQ+;B2^MF>6W]H1QQ.GD:T]O-/EU_<'MKO5$ZCUM"U%"CMJ=`*UY*.)&K-'
M46S<'?)@C[*KE^X41%=T^<=3G7,;W1./=W`/&?5F.].N$XSCL7%H>-6;L.V$
M1N8^)CC(-NTND<1N=([JYY.[<:U!7RKD?43FF2Y#+RB;D=VW,.F,@>V5[0P[
MMP:QH.UK&]&L`V[12E%B36&DZQXR,=AVME:Y]_6%XAS.2T0_19F18-Z\D^D0
M=-#)`FHJZ08'52_$(>Z''=U`.//."^E^$]#;7F/(+?D-W-@G6SIY89&LI&VW
M#Y-S"*$O;&7,UINTKT%._P#.O4_-^N%UP_`7/'[2'.-N6P131N?61UP61[7@
MU`:Z0-=I7;K3J:X!I^P/++R'1G;IK:?J.MZ=&23J/A8Q^R9/EY5RW*FX!JN\
M>P4XNNJ@W73*LOVM6XJ&X(GT/V>1<<Y?^83UDCRO)N$Y?'87C<$[HX8I&,>Z
M5S0';"]]O.YQ:US0^2D49<:-9H[;ZUR3B7Y??1R3%<9YMB<CFN23P-DFEC>]
MC8FN);O:QD\#6ASFN+&5ED#15S]6[LA:<\C[9=:IMNOW*/90NU-605A>+BU;
M]K1\>);/VYW"K$YW"*+R+EVA4W!"G%%7W""0H`)BAW'TW]:N0\GX_P"H>(Y+
M:16W/L#:7#R6MHQYA;(TN,9+FA\4S`V0`[';FEH`J!TWU)]%N/\`&>0>GF8X
MU>2W/`<]=V[`'.J]@E=&X-$@#7%DL+RZ,D;V[7!Q)H3AO7>UO+K=M!G)6F3%
M0APK$@]^=L+N/8H2<ZX38-GJ=<AF1X:3B43M$#`H=54B0G.Y3+[I2@(!YMPW
MG_YBO4_B.6R'&LECK=MA,_?</C8V6=PC:\6T+##+$"QM'%SFM+G2,'F!H('I
M',N`_EV]+^78K'\EQN1N77\+-ENR1[HH&F1S#<S/$T4I#W?*UK'.#6QO/EEQ
M!7.L-Q>5._:L]CJ+)4NO2-0!+\_N,BU12>V!=Z58\9'-(\T1+Q3-R*;54RYR
MMTTQY)P9+J4]^#>I'K]ZNX&YLN*7N,L[W'4^HO)&M:^X<^IBC9'Y,T3'48XO
M<(VM/RT='T=CYWZ;^@/I#GK:]Y999.\LLC7Z>SC<XLMVLH)9'R"6&5[:O:&-
M,CG#YJB3JV_='^15_N^I]W.K.+$;OJFM2DFSF4639`CQ88*PN6/S\<B0(\SE
MC)0!^\4RD25(<H=@=HB;MOI9ZS<OY1Z>^J4^<,7_`#3@+&65DP8UH>[R+AS/
M,C`\LNCDMSNV@,>T@;!0EW4/57T8XAQ;U"]+(,$)?^5N07T43X2]SBQOGV[7
M^7(X^8&R1W`IN)>QP)W&H#;*UCL#R[WO3W4M4[-3:LUA7[IF>=?13,CZQRA$
MTG/Y6V;FAIABT8L6RZ0&4]E,PJ'_`-X<.XJ?6."<M_,9ZM<<N,AQ[.XVPM[6
M9S#/)$P/N90`[RFM\F9C6,:YE7;&DN=J]PJUG9^><1_+EZ2\DM\=R+!9._N+
MJ%KQ!'*\LMHB2WS7.\Z%[WO<UU&[W`-;^!IHY^5?'KR&MUZC=@UBZP1'NRM<
MLWSS\OBDTV*UG*Q^8:*,/8#W&;263ED"(&.3M0/\P02D*!3<^@^CGK-R/E=A
MS'!<GQ(EYQA8I'^7$!&ZZ$>YACVBK&2B9HC+FT8?,:6M`::^>^LGHQQOB=]P
M[/<7RQBX/FI8V>9*3(VU\S:\2;M'OA,+C(&NK(/+>'..YM+%=S/EQ)URSWVQ
M7RIZ<3A4Y%U&4B0A()11^A'-!>CR\DVTJNF1U_N4C'65,HH4W\L@<";J=SD_
MS$WN%SO+<SRW'\:9:MD?%8R00$R-C9O_`!RME<`[\#"7O+G`_(P4KVNWQOY=
M+'-X'B.&XED.2R73HV2WT<\X$;I'[/P1/B:2W\;P&,#6D?.\UI/KGDM?;)XO
M[`V28(MA>*9-1\*E(-F!#L'B;F2K!?G58YR==`CA1I,*IG*'\ON*!R@7GM#+
MA?6_EV;]".8<V/D1<JQEU%")&Q@QO#I;4;S&XN:'%DSFN`^6H#F@=!AS7H;Q
M#!^O7#N#CZB;BN4M99S&Z0B1A;%='8)&AKBT/A:YI/S4):XFE39S;8?EO>M3
M!M:O3E2KD!78J4?O4B,6*M@M"4$+E66E4VKZ!D(M!NB5`Y4D"*-Q.")OXS"4
M3==@YG^8KEGIZ/4'#9;'66'LK>61X$<9N+H0;C-*&26\D36M#7!L8=&2&'\1
M+2>Q3\+_`"Y<2]1#Z>YK$Y&]S%[<11QDR2"WM3<;1#"7QW$<KG.+FETCFR!N
M\?A`<!VLEY$;;F_&Z/VW6EHR.GJ[;E*W=03BFCM@[8*)MTVLLBV>E7,T4*[D
M&9#D3-V]RYQZ%``+L+WUG]1<IZ)67J)@YH(,O99$VU[2)CXWQD-#)@UX<6'?
M)"TAII5[CH``-;9>BWIQB_7&]].,[%//B+W&BYL:S/9(R0%Q?"7,+0\;(YG!
MSA6D;1J22[(FV/(Q[!>/52V/5E6R-ENIH-E'BL@@Z18/_;5=V$QVBH'253:A
M&KM@`?X3JD-\,[KZ@^M5UB/1KCO-L!(QF=RI@9'5K7B.2A?<$L-00WRGQZ]"
M]I[+H_IWZ(VN8]:>1\&Y!'([`XH3ODHYS#)'4,M@'BA!=YL<FG5K'#NMC->*
MVA6C5AS=7*3NU/(AJ]FCHMD6:2;QZ3YH6I&[=---,&2:I4AZ<B)!$?7/;.%/
MS\O%,#-RFX;)GY;9DDY#6L`>\;]@:T`#8"&'34M)7AO-V<?BY;GX.*P.CX]%
M<OC@#G.>2QAV;RYQ).\@O&N@<!V5V&'@.1_UYV<FJZJO+SI^_P!LU3]4?_F!
M=I4.4"#O.MO!2VW^F31F,=)EB+93M5T:Q5V4&,EVC^)D0CYB.15]AT@LW5[.
MQ1,Y!,4>T6'_`)2'W'])6T@_RF?Z=U\D_%_Z_7U8]C>3'CIKVX^4;:7J%]WQ
MJ"EVJ)#1GCK'C)UJU;#KL%.QP/XS4S.28B^BWZJ7O-UDETN[N3.4X`8.6LQZ
M+[#T:^6K5GU?/^8#V=19,(6[ZX\$;Q?*=,F91\F$1:JAK76=@KTF,;+M'T5(
M`PEXY%7V'*"S=7L[%"'((E$@[^]7/X!_5YMOU$O`#S.\<MKQUYN_E'KWP:\H
M;Q>=FC6J%`U>\-I*'L]>K$)6*SK]M%"G+MH^R,&_82*;@L=`X\G4,!CE.FB\
MG7A7O'SJ\'=S1#_Q]LDIXTV_>KRNZ6>7G9NL*^XJIHVPVJ$63))K[1H=HC8V
M,C)1!N\=N6C87239$X]2\E,1>Q;1'C1O'R.V[2E_J]?4#\+O+*@ZIEXF^^.=
M0T;M"BT*SUOR!96:NG@[`_"@ZUTXZLT6K"MG34(]RZ?HJN%D^&PC^,I0L0TZ
MYV37'UM_KE;#ILB$1;Z']/2TW.JRHLV,@$99*MKW1<Y!R(L)-L]C7P,I-BDI
M[+A%5!7M[5"&((E$I/9?$/0G_,"_5KNV]-+TVS>4[:1K=MVSKFL6".#17CDS
M%_"3UPAHJ59`[8:D;/FHNF#M0GN(JIJD[NXABF`!`H7H2T?_`/\`0]]2S_\`
M5XU)_P#,?2F:3.&EO%^__05P;_\`RX_?_6ON>.=5*U)\%)./7C[,D>*JI0Y0
ME0>BE''IQ]N&JJE95QZHH<Q]U*__UO8(`YY6TKJ8Z*H`>0`<L-"I489*L.BF
MD-P(#^_+#4*_5M%5ADA8QX(8I5"&(<H'(<HD.0P`)3%,`@8I@'H("`\#EBUK
MVN8]H+"*$'H0>H/L5VO=&]LC'$/:001U!'0CW+YNQB]J\2MBV)1Q7'\_KBQG
M%-J\;',4#,DESN(Q4KL4S-DY>,2<'1616!,%N1$H@42FSX.L9.1_EJYQG'SX
M.:]X-?&C)&DBL8<71$/H6-GB#BQ['AH?J6D#:Y?HGD(N,?FH]/\`C\=OR""Q
M]0<>*OC>`2)'-#9FF.H>Z"9S1)'(PN,=&AP+@YJJ-E[EL7D<U8ZVUE3)E-B]
MDFCJ5>/Q0%14&P]Z"3PS85V,7&MEQ!914ZYC&%,H``<"!LO/?5+.>N<%GP3@
M7%KIMK+.Q\SY"TEVW5H>6[HXHF.^=SW/)):VE*$.Q>G/I%@/R^W%]ZA>HW+[
M1UY%;O9#'&'`-WZ.,8?MDFF>VL;6-C``<ZI-06]KY,T8*-IK4E-8%.]_(9%T
M@Z<-D%.UR^6CU74D\*F`&,FF[D7"JA0$1$`,`"(CFR]?.(CB'I;Z9\6LP9?H
MYWM>YK31TCHR^5X&I`?(Y[@#T!I5:[\NG-#S7U<]4^6WI$/UMNQS&O<*LC;*
M&0QDZ`ED36-)'4@F@6;_`"L256T,HFBFHJ?\PJWX$R&.;@%B<CVE`1X#/5?S
M$QR2>CKF1QN<_P`ZTT`)/4=@O'ORRRQQ^MK'R2-:SR+S4D`=#W*U^VKKR8DM
M5:!OS6!=62+JU/@&-J@$`<IN#Q7M,7PG.9J(/$&RX$50643#O1[RFZ``B'C'
MJ'PK)W_IWZ-\QM\1)?8_'XRWCN[=NX.,5&25.SYVL=\\;W-&YFYKM.H]W]-.
M=XK'^IGK?PFYS4>/R62RMS)9W+MA:)JR1T&_^&Y[:LDC8\[9-KFT)(!ZA:0\
M=K&XB(35FB+%;K/)NTD5XV3G[-#M8](X"4YUWC:P28=R2H@!CF!-`A`,8R@<
M<#K);ST1SDV,Q7I[Z0WV2Y!<2!KHI;FZA9&#U+GLN9>CJ5)#8VMJYSQ2BV\5
MEZ\8&#*9?U)]9[#%\=MXBYLL-M:3OE(Z!K'VT.A;6@!=(YU&M8:U&[-F\<]8
MW9.NFL40]]RMUR-K4:A'S<FBW:1D:0P-VI#G5,X<@B)Q*"BHBH8H!W"(Y]5<
M@]#N!<I;A#FL;*'V-C%:QMCGE#611#Y6`DESMM2`YY+B*;C5?(O'?7KU$XB_
M/-P64AV7]_+=RNEMXG/?+*1N>0`&LW4!+&`,!KM%%TEHI#'3&H[$PUI1&US8
M+2`24Y5+`J[F4W\>NBFVD%DD#BHJX.U(W14]H`-^`AC`'=QFJY!Q.T]+?3;-
MV?`^(QY2R?-YMQ:7)?.)(W-#9'-;J7%FUCMM#\H<0*@+=\;YC=^K/J=@[WU`
MYE)B;YD'E6]Y;!D!CD:XOB:YPH&AY<]N^H^9S03M)6B-X=:&G:LP?ZYK]OJN
MW%%(PHUB)"67C6\E[R`2H=SQ5XK[!">Y\J+4Z:HG]OO3*'<`?(7++CT?RW'K
M.[X1ALGC_4ASHO\`A8?.=$V7<WS=7E[MH&[RO*<U^[9N8!N`^S.'VWK/A^1W
MMGSO-XO)>F+6R_\`%S>2V9T6UWDZ1B-NXG;YWG-<S;OVO)VDY_\`("O7]WXP
M:R+9&<G)V6$E8A[:#F(H[?LFYH>=:MUI4Q155.X;D=-T7"IA,/O"(F'D1'/9
M/63"\RN/0+@(SMM//G;6XA?=&A?(QIAN&M,O5Q<T.C9(XU/F$EQJ25XIZ)YS
MA-M^8;U".`NK>WP%W;3,M!4,CD<)[=[FPC1H:XLD?$P4'E@!HH`%#>%C^1GC
MQ&_Y$AYT)O5[R`+(Q#]HW(O*G9UTS&42A?8>+F>`B1R"R?<5-54J0D*GWF`,
MCE<KO6[T4L/^4<9=_P`UX_);B6&1C0Z8LMO+E$&U[M^T.WMJ&O<&EH9N<`LG
M$8F>A7KC?_\`..4L_P"4\BBN3%-&]Q;"'W0DB,^YC0S<6['4+F-+PXOVM)7,
MWY6PD[IYWKYO5K.?9$O4E*4ZAR1I?DTGCN.&%>OD3E64>G3]DYE4D/8%7W!*
MF;@.5,IE?S#8K+>F5QPR'`7YYQ<XTV+X1$-@>^+R'R-.XO(VDN8SR]VXAAH`
M7J^)_+AE\/ZHVW-IN18\<$M<F+]DQE/F%C)?/CC<-HC!W`,?)YFS:"\5-&*S
MMDT":USX@56&L2`M)J0V2UGGS`Q@,I'C(Q<\5LS6$O0'!&3=,RI?\"AC%Z\<
MCUGG/#LIPG\MG'L7FHO*RDV=9<21GK'YD-P&L=_:#&M+A^JXEO9=KX'S3%<Z
M_,WR/*X.;S<5!@7V\<@Z2>5-;ESV_P!DO<X,/ZS0':55XN?*"*C=$M=<R%3L
M[>^O]<LZG'M%(\A(E\TDX!*+C[`V>@L*J[1U$N".B)D1$3*#[0#V_P`P.R3^
MO>.LO2.WX3=\>OV<OEPC+.-AC`AD9+;B*.Y:_=N<Q\+FRAH827'8#M^<=9M_
MR_9&^]8+CG%ER.P?PV'./O)'B0F:-\5P99;9[-M&O9,UT1<YX`:/,(W?(=C?
M$BAS>O\`4;)K8FB\=*S\L^L*L<Y#L<,&SM-LU8I.$O5%=5JS*J8AOQ$]P"F`
M#`(![7^7/A^4X?Z<6T.9MGP9*\N9+DQ.T<QKPUD8</U7%C`\M.K=U'`.!`\1
M_,CS+%<R]2KJ?"7+)\;9VT=L)6ZMD<PO?(6G]9H>\L#AH[;N:2T@F/RLU!*;
M9UXD2N)@XL]5?FF8EB)B$&5040,WDHM-10Q2)N5D1*JER(`=1$I!X[^X)_,'
MZ;W_`*B\,B;A&;\]CYC-%'H/-:6[98@30!Q%',J:%S`S3=4/R[^I>/\`3CFL
MKLX_9@,A"()I*$^2X.W12D"I+6NJU]!4->7BNVAU_I?FR>DU=C4MCT*RJ7&N
M,$(@54#(,@E!8I@V;*RC>3]AW&NSHIE!8Q".`44`QRE*!@('C7%_S1OXM@+3
MCO->(WKN264+8=S2V/S?+&UIE;+M?$\@`/($@<ZK@!7:/:>4_E69RKD%WR/@
M_,+%O&;Z9TU'!TGE>8=SA$Z+<R5@))8'.C+6T822-QK/'ZF7S;.[7_D7>X=6
M`B41=*UUBY143!XN>-/`QK9DFN5%=2/AHLPF,Z$A06<E*8H#R?MY/H]QCEOJ
M)ZI7GK3RS&NL\<TN-NQP(WN,1MXFL#J.,<,6IE+1OD#2`:NVX/6/E'$?3KTK
ML_1/B63;>9%P8+F1I!V-$HN)7/+:M$D\N@B#CLC)!(HW=7^,J#A'R>\B%E$%
MDTU)*X>VHHD<B:@&OQC!V',4"FY+U#@?3.5Z%PS1^NWK+(^)P8Z>\H2"`?\`
M\H=CW7%]=IX9/0;T7CCF:Y[8;.H!!(__`"?34=E''MW'_P!4#EG/L+?+C$``
M+^T?V>?^&4>7CW>.SGNZ>OKEK.&8?G"R$WE.\GZ?\5#3_P#-<8Z].J7DT)_)
MSCH1*WSOJ/PU%?\`\Z2=NJLKQS:N4Y_RR%1LNF"U?LX)"=%0@*B+VT<`F)BA
MWB/(>G/KG5?1>"=F6_,(7PO`=975*@BOSW/335=J]:;B!^(_+P&3,);>VM:$
M&GR6O7P5CT%F\+X4[N0,U<E64O%<,1$R"I53E"7HHB)4Q*!C``%$>0`?0<ZQ
MQ&VN!^6#U3B-N\2G*VU!M-3_`!K'H*57:N7W-N?S0^E<HG88ABKD$[A0?P;[
MJ:T"VVU>@J3P>=H&14*M_P`+MI%%$4S%5[SK6\0+[8@!^XW<'`<<CSGT+P*.
M1OY5[F)T;A)_(<J-M#6I=>=NNJ^>.>RQN_-5;2MD:8OY]BM:BE`VS[]-%K#3
M=66+8_AM)1L"P=NK!7-H/;4QB"IBFZE$VL2VCGK9!-7L%1<K&4563*'XE#)`
M0H"8P`/A7&N!9GFOY:[ZSQ-I))E[+//NF0@4=*&PMC>UH-*N#)7/:!JXLVM!
M<X!>\<FY]A>%?F5L;S+7<<>(O<"RU?,35L1=,Z1CG$5HTOB:QQZ-#]SB&@E6
MM%6+Q<;4N-CG^C+9,;>0CVD:]KX2MM9,I*P)%(W<O/?0L1W35L[4**WLD9BH
M0QO:`O`=^:''YKT&@XQ965WZ59"Y]1F0LB?;^;=L9+<`!KG[FW)>UKS5^QL.
MX$^6&T^=;^_PWKS/R>]O;3U5Q]MZ<OF?(RX\JT>^.W)+FLVNMPQSF`AF]TVT
M@>875^5?471-91J>M("/)3$->JO`=2[JI(3$G.A$+R*YE017D9=11V9X=N"9
MED^0*DJ)B!SV\C]W^E&"CX_P?$6C>,LP\DNZ9UHV:6?R72.)HZ28EY>6[2]O
M1CB6CI4_"/JMGG\AYQE[MW)GYB.+;"V[=#%!YS8V@5;'"`P,#MP8[J]H#C2M
M!J5]0]LX<UG6@-T%EQ+.SXF!%(ZHE`8]@`"8"%,(`(Y\\?G'AFFPG!Q%$YQ%
MU<5H"?\`=Q^"^A_R<S0PYOFYFE:P&UM^I`_WDGBJ&#\\V,3"Q$4?4EH7/&1<
M?'F6++(D*J9FT2;BH4@Q!A*504N0#D>`'.+B_P`VEICL9CL>[T\OG.@@CC)$
MS178P-K3R=*TK1<S)_E.N\AD\C?M]0K%K9YY)`#"XD;WEU"?.UI6E597D;$N
MMC#I_P`D#T26F:*\BV36\5-)TN9^PC8^>=*^PX=,"M7;9*49N%DP<D`I452E
M[Q#N+SUCUGQ\_,SZ=>M3N)W%SQ26W8R^M`]QDCCCN'G:Y\88]HE8Y[1(T`,<
M!N(JVO9_1G(0<-'J+Z+-Y7;VW*HIWNL;LL;Y<DDD#!N:V0O8XQ/:QQC<27M)
MV@T-.@1/XTWF?KU6TIX[SUSF99V5.35L%HN5?C8-J;M`7+IPQL$T/M-P$QUC
MG]LA"$X**AC``:F-WHERK+8?`>F'HW=Y+)W$E)3<75Y;QP-_:<Z.XFT;JY[C
MM:UK?E+R0!MWM]:^*XG,9[U.]8K3&XVWCK$+>VLYY)W?LM:^WAU=HUC1N<YS
MOF#`"3D_9$8=IYR:C2:-%BL&,/5&B9R$74112;-Y]$A!7/WB/80`#DQA,/Q$
M1SO'-K$V_P":?T[CM[=PM(K>T8"`X@!K9P!N->@`ZDGQ*Z3PN^;<_E<]09)[
MAINY;B[<02T$ESH"3M%.IKT%/!4.UK1JEWM6WU[R4T^G7&R9W255V156\\B_
MG&B3DQ8Y_(+1RZ9)$[B-$@@(INO95**9R@7^'B\_SO`;CGW(\/ZV^G(LH07"
MUR-HV=LD[`\^7)(8W`2%T6W4MEV.!8YH'3E<"P7/;?@7'LOZ*^HAO9B&FZQU
MTZ!T<#RT>9'&)&DQALF[0.BWM(>UU>O6^(\!8']ZVLVHB]L3T>_K5@B8=6U^
MXFB[?/U4$8%0J*94F1I5%`RYE%$2!VH")5.#'*&<#\O6&R][RGG\'$YL@WTN
MFL;B&$W50'OD+6P':*,,H&\N<QHHRH?0N`7._,%F,19\6X%-RJ&P/J?%>V\L
MPM:$L9&'.G&XU>(G'8&M>XU?0LJ&DJU_%O><?H!G>=<W2G7-S;'UA3=1$-#Q
M2;E\ZE4F81JL0X07<MG#=0Z[9/VU"$6*8IC#Q^$H'T?H1ZJ6GI%;\JX;R7C>
M2?R"6\#HH88@Y[I0SRC"YKG-<TES6[7-:\$$FF@#M[ZY^EUWZM7'%^8\:Y'C
M68"*S+99II2UC8B_S!,US6N:X!KG;FN<P@@"NIVQ^-[283JGF8$O&.8Z27U[
M/`Y9'3,(I/QC;[\TT2.`"5<4'!A)R41`?AZX]%X,BS`_F3_F%B^&]?AKC<P@
MZ2>7?;F`]Z.J-*U4>LMQCGY[\N!Q]ZR:R;F(-KP1K'YECM>1^KN;KK2G=;1^
M`S91MI!Z59N=NJ>]3IC`JD9)0Q0CH0"F,!RE,8``.`'/>ORDP.A]+KH21%DA
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M155!)N43F$B@IDSUCT5Q_`^0^H)S?`?2B6QX[CV/+,C/=7>\O?&Z/8R!TLD3
MB\/=4%SMD8+G%KRQJ\K]9LASKCW`1A>>>J<5[R'(/8'XZ"VM=@8R1LF]\[8X
MY6AA8W4-;OD(:T.8'.7T@YS[3HOC7=[%\SOJ-MG+EAJ,&[==?L=W;O!!)17M
M[D:MVB;L*;MYX'CG/B#\Y\$TUKZ>>3"Y])+VM`332U\%]K?DXGABNO4'SI6L
MK'94J0*ZW7BM_'`#_P`.ER]H]W^2E2]O`\\_D1@XXXYYYSZWG:?^2IA37^5G
M_P`!?)\+Q_SE$:_+_,Q_XZT@^G8U7:TO8OS#95N<]HB^/>1.D8Y2Q)N..\I1
M,4HF']7.?+WY-H)(>-<S\V%S'&^BZ@@D"(^*^G/S@W$<O).'>3,U[18R]""`
M?-'@L/;4FH@OE!:6GDLO=C:R13<A3HN.6ETX-9$/D/R<WR\4JBNK'+-17%P9
MJ/OB\[04'M`P9YOSW)8T>NN>M_6Z3*'@[0[Z.*,RB!S?D\D[8BUQC<S>9#$?
M,,VT/--P7HG!,=D7>AV"N/16+&#FSBWZN601&9KOG\X;I0YHD#M@C$OR"'<6
M#=M*ZS5I*K_[630I&ATN6I5"60D25YM*LI!HH^:GI%@9%F#?F*CAR!)>1`_M
M"HH8Q@$O/4>`X/`QQ_\`^Y+B5YQ/C5QC.).;)].V5DC2]ILKA@F_B%SJ325V
M[G$G3N:#F\Z=GO\`[<>5V?*N26^3Y6UT9N'1/C<&.%[`\PCRPUM8HZ;MK0`:
M]A4W'YC1%@U=N1MLFGH+$#8](LE?D_EFZXI_.+PBU7E55!;"'+@(Z4:N41-Z
M.40.(&[1S=?F1QV6X+ZDP\UXY$X-S6+N;>7:UU-[H'6LQ.W];RY8I&5_WK`[
M6BTWY<\AB><^G$W#.12-)PV3MYX]SFUV-F%S$!N_5\R*6-]/]V\MJ*K-E1T'
M(._"QY0(](6]KNT(WNQTER)MU7$V:0C;-$Q2XJ&2!$ZS.+;,Q%00!(QA$WH(
M9ZAQWTDO+G\LUSQ&SCV9_*6K;TAP#2Z;S(KF*)U:4+F11PU<?D))-*%>8<A]
M6;.W_,K;\LO'[\!C+IUD"TEP;#Y<EM+*VE=P#Y9)J-'S``#J%I]2Y+QJJE1/
M7MOZ5N+C;4*9^R<,TGME8)S[LJZPQ_N`2QL219Q[BHJ]C4Q0`G>0%!'MSYQX
MU>^B6`XZ_#^HWIEDG^H5J9&.8)+F,3OW'RZTN8Q$>C'TB(`&]H>3M7T5R6R]
M:L]R%N8]._4O&L]/[D1O:\LMI#`S:/,I6V>91H7LK*"2=CBP#<LX6NHMXKPV
MO<M':L_X7+6V;J,B6LIS=@L+YRR;62$38R3P)M11TQ6<)F.)42E(()`4Q@Y'
M@/4\_P`>AL/RV<KR-GP/^0R9"ZM)!;">XN'N8VYA#)'^>2YA<"XA@`^6A=J=
M/+\!R&:__,?Q7'W?._Y['C[6[C^I,-O;L:]UO,7QL\@!KPTAH+R3\U0W0:[D
M^,A#I:$U>FJ0Z:A:TD!DSE,0Y1^;==#%,`&`?UY]*^AK71^DG!&2-(>+$5!%
M#^-_9?-OK@]C_5CG+V.!8;TT(U'X&=UACS0TI8]CU^O72CMW#VUT15T)XQF;
MM?2$,[,@Y45C@`.]:2B'C0JJ211*91-17M[E`(0WF7YFO3#-<TQ&'Y/Q:!\N
M?Q3G5B9_F20O+7$Q]W20O8'-8""YKG[:O#6N])_+3ZGX;AN7S'&>43,BP&5:
MVDK_`,$<S`YH$G81RL>6N<00US6;J,+G#&,?]0$C"M$C;#K></L=HU(R5;)+
M(M85[*II`D+I=-<"R\<5=P'>9L5!8Q>>T%!]0Z-9_F]%IA&V68X5='F<<886
MAP9"^4"FYP</-CW.U,88\C\(?W7=[S\HKKO-NO</S2U'#))"\.+2Z9D1-=K2
MW^%)M;H)"]@/XBSL>V\?-4[5N%`V]8=DS,^U?;6K$[7:Q$3S^2,BQ2G6SQ9Q
M.JQ3E1;\O;K/G")6Y"E*<J"2GX>TY.=AZ/\`I_S[D?$/47,<UR5W'=Y^PGM[
M6*>23:P3M>YTYB<7>6TO<P1@`.#&OTVN;76>L'J!P+CG+O3O#\*QMI):X"_@
MN+J6!D>YY@<P-@$K0/,<&->9"26E[F:[FNI8>A]_1OC95YW56W*G;8F>AY^2
MD8W\OCF[I.23>IH%.U*9=VS3$0=-Q,BX3.H@LFJ'XB]OXNI^D_J[9>B>"RW`
M?4/CV0M\M;7<DD?EQM<)`\-!;\SV#\3:LD:71O:X:C;\W;/5CTBO?6S.XGGW
MIYR''W&)N;2..3S)'-,987$.^5CS^%U'QN#9&.:=#N^7L=%4^W3+;R0WM885
MS76FP*I?$H&*<)J%6=IS0OIUZNB14J;@S-F9N@@DJ)`!P8QQ+T+UYWI1QOD.
M3M_6OU8S.,?9V^7Q]^+>)P(+Q/OG>YH-';&%K&,<6_Q"7$?AUX'JOR3CV,N/
M17THPV39>7&(R%@;B5I!:PP;(&-<15N]X<][V@_PP&@_BTR'X(H+M]'W!-=%
M5!0;[/F`BJ9TCB4:K50`P%.`")1$!#G[L[E^5&*6+TJY*R6-S7'+7!H00?\`
MREIXKIGYL)HI?53C3XI6N;_*;?4$$?\`F[KP5M?3V;N&U;V6#A!9`33L")06
M2.D)@!@_Y$H'*41`,TOY.XI8,)SCSHG-)N[>E017^')XK<?G'FAFS?!S#*UX
M%I<5H0:?Q(_!8M\>&[AO1_,\5VZZ(*TV3]L5DCI@<`B-E<B43E`#``&#T^W.
MA>C4$T7%?S,F6)S0<7+2H(K_``<ETKU7??6::&7E7Y9!%*UQ&4BK0@T_C8WK
M3HIGC'Y&0.G-7.XJ[UNTC%.;#*R%=GX6.1>Q\FX,U8DD(995=VS3:R#-9(AR
MB)A`Z:X<@3M`3Y?0OUJQ/IIP.ZQ_*,)?_0/O99+:XAC:^.5Q9&)(7%SV!LC"
M&D:D%KQ7;M!?C]=O13+^I?/;;(<6S=A]>RRBCN;>:1S)(FA\ACF:&L>71O!<
M#H"'1FF[<0RMT=7]FRD?Y%;WAHE["RUMK=H0I+8J*@/'DA*/SSCIS$)F*55=
M6+(T23;*`3M7<GX+SVF#.1Z5X?G-_9>LWJSC,?+:Y#(6-TVR;0[WR2R>>]T(
MH"XQ!C6QNI1\AHVNUP7%]5LQP6PO?1?TERF1BNL=CKZU=>N)&QD<4?D,;,:D
M-$I>YTC:U9$*NIN!6*M<R&EY*D3J%]KUYO\`O9V:;:Q,8["R2AAD%DE4H91$
MJ3Q-F1-%P<AW1GA5%2F`P@4P<%'S[AEYZ97W%\M#RW#97+^J\AG;#&[ZF7^(
MX$0EH#PP!KB#*9@YP(<0TB@/H'-;/U/L.58F;B.9Q.'])8Q`Z:5OTT7\-I!G
M!)87DN:"(A"6M(+07`U([K6R*X>&^^&`MW!7@6RO./EC(*@L**\C3")*%3$@
M&,4QFJ@=`_P#FUX3'+_]M7JW:&)_U(R-L[;M-:.ELP#2E=2QWV%:KG$D7_W-
M>D5V)F?3?RZY;NW"FYL5Z2":T!`>W[0MM=4HK$\,7"!DE"K?\-=C%]DR9BJB
M8Q;-VE]L0[NXW(<!QUYSZ*]/XI&?EBN(G1N$O\CR0I36I%UVZU7SCZAS1N_-
M#;R-D:8OY[C#4$4H#:]^FBLKQ+J+6W>-EUILV@=%K8K-:(U7WT!]QO\`-0-?
M(W?)I*]@BLS<`55,>G"B8#STSK'Y=N-P<E]$>4\:RD1;;WM]=1'<W5NZWMPU
MX!IJQU'M_M-"[+^8_DUQQGURXKR?%2AUQ96%K*-KM';+BX+F$BNCVU8[^RXK
M4W3M:LE\V90],61(ZD!K"T6J<EFO!SIHMVKIDO*-G::G<F=H\E8M)L4>WD/G
M#?[6?//II@\WR[G/$?3'-QEV(P60NYY6=0UK7,=,QX.A8^6)D0-/]\?%?1?J
M=GL'P_@?,/5'!R!N8S^/M((7Z`N<YCVPO81J'LBF?*==?);X+[-&'G]7P#[,
M_3WH*+\M%(,;D?N_3KD(O';?O)BJ>(/U7/JIO=X^-7D3NS3_`)1ZB9:#?M=-
M5ER+EU!VK7]!:V95.?=NX=!N@O#%<MB+LW!ET7!@$.T2\AVBP_\`*0^X_I*V
MMO\`Y3-/]*K7B@;(^BQK.]TG9%2^E?\`4M9VO7MOK5YK#QS9K`^;M;%4IIE8
M(1RX9.=@J-GB"$G'I&.DH42*%`2F`0$<Y?Q6;3P/V?\`2MV/`K<-?\G?/3ZR
MWE5>-`[UK^A]O>"=_?3.NK#77=<V)8JC$URDP5MIL$^:N"1O^;;#$P3Q./\`
MEGO>4ZR9NX@@(EE`*?:K$^FU:=(_3P\D7/F3KG7-G8^,_FB:.\<]:>/:=K&S
M>2?C:9&\5#\[V'Y+0]D73:537(R%9>OB2(2SPP,G;<1(0HB!(19N\IYE'ZGO
MF;]3WQQW/;B[I\??"CQ7O/D)XBUW7CBO,&T#MM'65,*E)IV[7;!M8MAMEY66
M<IC'R+^0;"J;VRI@)2@$J%I?X*>,7TV-3^-7@?N[?_CUN_:_ESLSR)/6)"`U
M?L";8SVK)BO;3<EHEXV9K$]GB%ZY3F[5I'G.JHR[')!`P@;W`[GQ4CXK/^_?
M)BO>&WUI_J:W#<GCCY";IU'Y$:"BO']VTTW5W"KMRPN%"T\I.N$YQZZB&B34
M8B&=MO=:N#+I.#E$``2B(0I\%IW3[W]%"BVVK7>N?2N^I>VL%.L<):H)RO:+
M"[1;S->DVLO%KK-5]@G0<I)/69#&3.`D.`<"`@.%&G@?]/BOI9]-7>SORW^K
M]YQ>5<9J';&IZ/M#Q_H[6#BMJUA6"F$75:=ZOK;MLNX;G=1"RZZT$JNF1%PH
M;V1`3``@(!I,[_Y>']_^@K@Y#2-GO_K7I-$>.1SJO4K3*2.6/@BECZYB*J>J
MD&'D1'+=`H4.8W(H>>O]&4KJHKJO_]?V!!GE074@IQ!^&7.H!5E.#)ZA!H5&
M&2%D"JDS<@'W=/V9/=5<*&JG98%%`JBDX3,BNDFLD<.#I*D*HF</L,0X"4P?
MK#+/CBGC=%-&U\1&H<`0?>#H5DBFE@D;-!*YDK>CFD@CW$:A<M&;)D02,FC5
MF0P]QB-6Z3<@F^T2I$*`CF&WL[2R:8[2UCB83T8T-'V-`66YO;R]>)+R[EFD
M'0O<YQ'Q<2JP2D.`=Q2F#X=P`;C]X9RMK7TW-!'M%5C:]S=6.(]QHIP`4Y>T
MQ0,`<=!`!#[N@].F2]K7"CF@A&N<TU:X@^Q3B@```````!QP`<``?8`>G&2V
M@``&@4U)U)U4ALQ9-#J':LVK8ZO54[=NBB=0>>?YADR%$_7[><QP6=G;.?);
M6L<;W=2UK6D^\@"OQ7+FOKRY:R.YNY9&-Z!SG.`]P)-/@J\H\#G*.HJN.?%3
M0'('@IKW5,2.CR+B[38LR.C<B9R1JB5P81]1%8"`H(C^O,,=C9,F-RRSB%SW
M>&-#O\5*_>N:^^OI(!:OO93;=F%[BW_#6GW+L`X,40,`#TX,`AT$!^T/00$,
MYA`(((J"N$"6D$&A")))(E$J22:11'D2ID*0!'[1`H``CE8HXH06Q1M:T^``
M_0LKY9)B#+(YSAXDG]*@(Q8D="\!DT!V;H9T#9$'(\AQU7[/='I]_IF,65F)
MS="TB%R?U]K=W^*E?O6<WMX;<6INY3:C]3<[9_AK3[EASR#U1)[CHS2J1,HP
MB'3>Q,)HSJ13<*(&1:,I-J=$"MB'4]PYGY1`>.."CGEOK/Z=Y#U-XG;<>QM_
M#;7#+Z.<NE#BTM9'*PM^4$U)D!';0KU;T2]2,?Z6\ON>1Y/'S7-O)8R0;(BT
M.#GR1/#OG(%`(R#WU"R-3:JE7:E3(%^1B_D*M6H*#&0*W*8#+Q,8U8JKM#K$
M]]%-51N)B^@\#UZYW;B_'H\)QOB^'O60S7N/L+>#S`T'YH8F1ES"X;@"6U'0
MTZKI?*>1R9SDO*<S9/FAL<C?W%QY9<1\LTKY`UX:=KB`ZAZBO17N4W(??\<[
M3T75E/(;GH/KD]-1T14CB*BW:Q'#N,CW:Z?'8LY9MEUB`'IV*JIG.7CX<#G%
MGQV/NI&S7-A#),.CG,:XCW$@E<R#)9&UB=#;7\T<)ZM:]S6GW@$`KMBB'`<=
M`^`>G''P_9G-&FG9<.IK6NJY*0@")BD(4QOXC`4`$>1Y'D0#D>1P&,:2YK0"
M>]%D\Q[FAKGD@=JJ(I2%/W]A>X?4W:'?Z<?Q<<^G3&QF[?M&_P`::_:IWOV[
M-QV>%=/L4XI$PY$I"!W?Q"!2AW<^O=P'7):QC:T8!7KHA>]U*O)ITUZ+D$T@
M*)/;3`AN!$H$+VB(<<"(<<#QQEA'&`6AC=I[4%%;S9"02]VX=ZFJC*4I2]H%
M*!.!#L[0[>!YY#M].!YS(&L+=@:-OAV5"7[MQ<=WCW4T@$*'!"E('J)2@!0Y
M^W@``,JUHCT:T`>Q'.<\U<XD^U4X1\>#KYX&+/YWCCYSY9'YKCCMX^8[/=XX
MZ>OIF(65D9_J_I(OJOV]K=_^*E?O7(^MO?(^E^KE^E_8W.V?X:T^Y5P#G*!\
M5@!JN1`AN`4(50`].XH&X^WCD!PYC'@;V@CVBJLU[V5V.(]QHH@0;B'((I?^
MZR?W97R(?^Q;]@5_.F_[5WVE30*4"]@%+V<"';P';P/J';QQP.9`&ANS:-GA
MV5-SMV_<=WCW5.T8,&/?\DQ9L_='N5^4;(M_<,'/`J>R0G>(<_'G,-O96=IO
M^DM8HMW78UK:^^@%?BN1/?7=WL^KNI)-O3>YSJ>ZI-/@JH2$$P'$A!.'H<2@
M)@_4;CD,SEC"X/+!O\::_:L8>\-+0\[?"NBDNF;)\0$GS-J]2*;N*FZ;I."`
M;_:`BQ#E`W'QXS'<6UK=L$=W;1RL'9[0X?800LUO=W5H\OM;B2-Y[L<6G[00
MIZ*2*"9$4$DT$DP`J:21"IID*'H4A"`!2@'V`&98HXH6-BAC:R,=```![@-%
M1\KYGNDED+I"=2223[R=2I(L&)G17QF307I"]I'@MT1=%+P)>TK@2>\4O:/'
M`#Z9B-I:&X%T;6,W0&C]HWC^]2OWK,+NZ$!M1<R?2DU+-QVG^[6GW*I`I"]W
M":8=_/?P0H=P#SR!N`#NYY^.9@Q@W48->NG7W^*P%SSMJ]VG37I[E&3L('!"
M%('//!0``Y^W@`#KTRS6M:*-:`/8H<7N-7/)/M4MRW:/4A0>-F[M`P@)D7*"
M:Z0B`\@(IJE.01`?3IF*>WM[J,Q7,#)(C^JYH</L((62"XN;:02VTSHY1W:X
MM/V@@J8BD@V2(@W21013#M311(1)(A?L(F0"D*'Z@R\44<$;8H(VLB'0-``'
MN`T"K+-+,]TLSW/D/4N))/O)U*G<YDJ?%8ZA0'(FIQWD*?CGCO*4W'/KQR`\
M<\95S&OIO:#[P"K-D<RNUQ'N47(<<?#CCCIQQ]GZLMKT[*-W?NH"@FF`@0A"
M`/J!`*7G]A0#G*M:UE=@`'LT4N>]_P"(DGVJE=,F#[V_G631Y[)N]+YILBX]
MHW3\2?O$-V&Z>H<#F"XL[2ZV&ZM8Y"TU&YK74/B*@T^"SP7=Y:[_`*:YDCW"
MAVN<VH\#0BOQ4\2IB(&]LG<4``IA*7DH!Z``\<@`?#,VR.H=L&X=Z+#NDH1Y
MAH>HJN#E*IQWD(;CGCN*!N.?L[@'C#F,?3>P'WBJ-+F5V.(]QHGI]P!D]%"H
MUH^.7<)NUV+-=TCQ[+E5J@HX2[1Y+[:QR"H3@?3@<XTMG933,N);2)]PWHXM
M:7#W.(J/@5R([Z[AA?;Q7<C8'=6AS@T^\`T/Q"J3`4X"4Q2F*/J!@`0'CKU`
M>GKF=P#QM<T%OM7&#W--6D@^Q<`!2@`%`"E#T````#]0!TR````T4"J7$DEQ
MJ4YR>G55KX+K%(B)6=%?*Q<<J]*(&*\49-CNBF+_``B5P9(5@$O'3KTS@R8[
M'2W`NY+"!UT.CRQI?I_:(K]ZY;,CD8X#:QW\S;4]6![@T_W0:?<NP$P!Z_NS
MEKA+KG;!@^,F=ZQ9NS(CRB9RV17,D///*9E2'$@\A\.,XUQ9V=RYC[JTBD<W
MH7-:XCW5!I\%R8+V\M6O;;7<L;7=0USF@^^A%?BJ@>..W@......G'''''IQ
MQF8T(I3Y5QMQ!J#\R@*0A`$"%*4!'D0*4"@(^G(@``'/`94!C!M8T`>Q0Y[W
MFKW$GVJ6`)I\@0A"\^H%*!0^[G@`YRK(VMKM:`/8*(Y[WTWN)]YJK2N]=4M-
M*N589JMV;JS5:P0"#I8AO807F(EY'(KKE2**ADD5'(&,``(\`/'7-!RO#.SO
M%N38"T>R*XOL?<6[7$?*UTT+XVN=34@%U336E:+L/%,TS`\IXSG[ICY;>PR%
MO<.:#\SFPS,D<UM=`7!M!72M*K%6@--NM2ZZ4I%C=Q%C5/89":!9NU4.R`CQ
M!BDD047R0&]Y(6HCSQQUZ9Y_Z0>FD_IYPM_%\Y<6U[(;R2:K6DLH]L8`I(*[
MAL.M.Z[]ZP^IL'J)S1G*<);W-E&+*.#:YX#ZL<\DUC--IWC2O99[`")$*0A2
MD(4`*0A0`I2E`.`*4H``%*`9ZV`&@-:`&@:`=`O('.<YQ<YQ+B=2>I5`1@Q2
M<J/$F31)VMR"KE-LBFX4`>H@HL4@*'`>/B(YQV6=I%,^XCM8VW#NK@UH<?>X
M"I^U<A]Y=RPLMI+J1UNWHTN<6CW-)H/@%.]M("B4$TP*;CN*!"@`\>G(<<#Q
MF81Q@$>6W:?8%@=+)4$R.W#VG10B!"E[0*4"\"`$``[>!]0[?3CKUR-K:;0T
M;?#LL9<XNW%QW>/=8RVA6[I9*J>+UY:TZ38?S!HZ),BW]Y/Y5(%0<M3)$25Z
M.`.7KVCQVYTCGV#Y1F^/.L.%\@;BLSYS'B;;4;!7<P@`_BJ-:'HN\>G^=XK@
M^1-R'-N.NRV%\A[##NH=YIM>"2/PT.E1U6*]"^/HZB>6:R3]C&W72U'['\O\
MNJ@DW:F<"]<HIBNLLX=+R#_A5=4_;W"F0"E+VF$_0O2#T;/IO<YS.YC-_P`Q
MY1D#1\VTM#6%V]X!<YSGNDDH^1[J5VL`:*$N[_ZQ^M`]2K7!8'#8/^6\5QPK
M'#N#BYX;L82&M:UC8XZLC8VM-SR7&H#=CSF^`?M_NSW%>#J4.03V1?!'SHOW
MUB=:77R`V#XZ?4"\)J'HR@UV7N=(T'92Z[F-^I1=7HR$[*5)M7)G1=CE)BYV
M>98NABF:LLJ+DSQNF"B93`!.TX__`,G#[C^DK:6_^4Q8-^C?]6'Z@.V+!YC7
M;SPD[A;]5>.OB?==\1\(EI*BZSE'LC0WK.6EFD))1=0I*4G+O:XV=(H-G3L&
MWN'`Q^P`[R\Q9E>$5]8CR7L)K5Y%5Z^P\QXZ^9,19-/>$^H8N&UA);<\1=RB
M9G48?<_E<@RK;@L3IV'M;!Y(N'*LM9$QCUTQ,S-Q[184^_HN?"R0TTSO7U+Y
M'RRJ=_W3Y>,O#C;[WS2\F]/3463QMW[J-M!1*RM4T`XC"4N%8W)I0R1T>==.
M)BB$D&+D3*<@*IR::+&_T4O&&LP=I\Q/-/P?O>M-1:;W=XN;!I?C=K;:^R4[
M/O#2ETK<M$-FEVWO"K1%H@(VC-[U5G$A\U\]*D&/60`[<0,9(LJ/T+$GFE'>
M:?T[-2ZK\_M4;:JVU?J)^5%TM^J_*#>>AH"O[GU'==<UQL@_IK"LTZ0UJA3J
MRYBFU,AF[QTQAF2IW310@G/[B@GCNI[+Z1:/^J9Y)UWZ7?CCM+>M4VCL#RS\
MJ;WMC1E*ME9U9586/UWL)>>MD#K&];*IZ$3!Q<51J^NE'JNU$8IV==!(QC(+
MB80/*45MO];?\RGJ5B]VKL_S1\1KGK36;1SL'8=/I=`@%;C:Z-3$3V.VUJII
M'\588BEFG8"-<-6!1>-`%TJ0!62_C*4=UM1X>[_\N/,6Y7/RQL$FE3?!'8T2
MM!:`\?+Y5(BN;^U_?ZA(Q=>MDU>CQ=1`'$'./(>6<,>;+)@*#M`112$.U/0Y
M[_R\'[_]!7`R-/+C'M_H7T"./P^SUSK(\5J%*$<H2H/12C#P'Z_T'(`U55*P
MXHH1S$4*E\]>/CQSE%7M5?_0]@.>4KJ*F`/H(9<*ZJ`R1UHBB#)5@:A3B&X'
MGX#T'+=0K$;A[55!DA4"BS(TJ5,(/7C[?Z\N=15%.`<@*05,`>!YS)U"LIP#
M\<KT4@T4S,C3V5E&`Y<>"OU"FE'G((H@TT4P!RP/=6![*/G@>0S($([J:`_$
M,E5&BCR05=32&YZ#\/3]/NR44T!R>BL#V48"(#R&64J>4WQ#)!^Q%/*;D,L-
M/<BF%-P/W?'^_)13@'XAD@^/1%'EE8&JB*;C]6%*G`/.2#1%$`Y;VA2#V/1<
M^G4,N"#H5!'?LNO//0J31Z_6EXM)C&N%6D@]4D&A&;!TW4*BNV>N3*@BU<(K
M&`AR*&*8IA`!#D<U[\IC(K>ZO'Y*W;:0/+)'F1@9&]I#7->XG:US7$`M<003
M0BJYS,5E)+FULX\;<.NYV!\;!&\OD8X;FN8T#<]KF@D.:""!4&B2$_!1`)C+
M343&`LBHX1&0DF;(%6Z)D2*KIBY62[T4CN$P,8.2E$Y0$?Q!S%YF<3C@PY'*
M6T&YI</,D8RK00"X;G"H!<T$C0%P\0K6>'RV1+QC\7<SEK@T^7&]]'&I#3M:
M:.(:X@'4AIIT*K#R4>D];QJKYFG(NTE5VK`[E`CUR@AQ[ZS=J8X+K)(]P=YB
ME$"\]>,Y3KVTCNH;)]W$V]D:7,C+FA[FM_$YK*[G!O<@$#NL++2\DM9KUEI*
M;*-P:^0-<6-<[\+7/IM:7=@2">RE-YR&<O#1[67C'$@F+HIV*#]JJ\(9BHFB
M]*=LFJ98HLUEB%5`2_RS&`#<"(9CARN,N+EUE!D8'W@+P8VR,+P8R`^K0=WR
M$@/T^4D`T)"SRXO)P6S;V?'3LLR&$2.C>&'S`2RCB-IW@$LU^8`D5`*F?G\(
M5F]D#S$61A&KKM9%\,@T!FP=-E`2<MGKD5?9:+MU3`4Y%#%,4P\"`#@Y;%MM
MKJ\=DK<6D#W-D?YC-D;FFCFO=7:QS2:.#B"#H5(Q64=<VMFW&W!O)V-?&SRW
M[Y&N%6N8VFY[7#5I:""-1HNIO-PC*%4+#<)4Z0M(&'D90&YW;=HI)*L62[Q&
M-9JN3%2,]?BA[:)>HF.8.`'-;RKDECQ+CF8Y'?N;]/:6TDNTO:PR%C'/$3"X
M@;Y-NU@U))T!6QXKQN^Y;R+#\<L&N%Q=W,<6X,<\1A[VL,CPT5V1[MSSH`!J
M0JJ!ML!86,,\CI>+7-.,1>L6S>39.5UBHIHG?)HE06.+@T<=<I%^P!]LP@!N
M.<Y&)Y'A\S:XVYL\C;O==1;V-;*QSCM`,@`:X[C&7`/I^$]:+#E>/9C#762M
MKS'7#&VLNQ[G1/:T;B0PNW`;1(&DLK^(:BJ[(\Y#)G734EHQ,[5XUCW1#OVI
M#MG[X4P8L5RF5`R+QX*Q/:2-P=3O#M`>0SG.RF,8Z9C\C`'QR,C<#(P%LDE-
MC'"NCW[AL::.=44!J%Q&8W)O;"YF.G+9(WR-(C>0Z..N][=-6,H=[A5K:&I%
M"NJ0N%?EF$RYK$W7[&YAFSE1=M'ST:JDDY11541;OW2"RZ<<191(2BHH`%('
M(CT`<UT?),1D+3*3X+*6=[/;1N+FQSQD!P:2&R/:YPC!(H7.T&I[%;*7CF7L
M+O&09S%WEE!<R-#7202`EI<`71L<&F0@&H:W4Z#N%45R?"8BH)9\,8QG)2OQ
MTX[A&,RSF2M"O$$1<"S?->PDI&H.U12(\3("*W`"7^(`S-A,N,EC\5+=F"+*
MSV<<[X&3,FV![6[MCV4$L37G8V9HV/T(ZT6+,XIV-O\`*Q6GGRXJ"\D@9,^%
M\.\L<[;O8^IBD<P;W0N.]FH/0KNFSYH\]_Y1TV=?*N56;KY9=)?Y9XAV^^U7
M]HY_9<H]P=Z9N#%Y#D,VD%U;W/G?3W#)/+>6.VN#MKV_B8ZA-'"HJTT(KJ%K
M9K>YMO*^IMWQ^8P/;N:6[F._"]M0*M-#1PT/8KJ)>W56ON&K2>LD#".GH\,V
MTM+Q\<NZZ]H?+I.W"*BP=W3DH#UZ>N:[(\BP&'F@M\OF[2UGE_`V6:.-SOW0
M]P)\-!U6RQV`SV8AGN,5A+NY@B_&Z*&21K>_S%C2!IKKVU53,6.OUYH1_/SD
M1",5#%(F\EI%G'-E#F#N*1-=VLBD<YB]0`!$1#,V2S6'PUNV[R^5MK6U<:!\
MTC(VDGH`YY`)]@*Q8W#Y;,7#K3$XNXNKH"I9%&^1P`ZDM8"0/:0H_P`^@_D6
MDG^<Q/Y:_.FFQD/S%G\B]46`XHIM'?O>PX.J!#=H$,(FX'CTRW\WQ0M;>^.3
MM_H9B!')YC-CRZNT,?NVN)H:`$UH:*HQ.4-U<6(QMQ];$"7Q^6_>P"E2]E-S
M0*BI(%*BJZ4-A4(8]>6"[5(8MLZ*Q<2(6*(%B@\/W"1HJ[!Y[";DX$$0()@,
M(`(@&:S_`)QXD;.7(#E&.^@9)L=)]1#L:\UHPOW[0XT-&DU(%5L_^4.6"[BL
M#QC(?7/CWMC^GFWN8.KPW9N+145<!055TM735\V0>,G*#QHY2(LV=-5DW#9P
MBH4#)JH+I&.DJD<H\@8HB`AZ9OH+B"ZABN;69DEN]H<US2'-<#T+7`D$'L0:
M%:*>">UFEM[F%\=PQQ:YK@6N:1H0YIH01W!%0I^9EB3"+CD,BH45"XYQ5*IR
M.1514KC(4+CG"BH7'.*@*NY<<Y%5"X$0#URJ*6)_L_?A%+$<@GP10B.1[U4G
MP4.5)\%"@,;X!^_^[`'BBE_KP7=@IIW*X$<IT0FJA,;C^P,H35%)$1$>1PBA
M$<*":>]0"/'4<J3554D1Y'D<A%*.;CH'^K*]=3T12#&X_7\/[\@ZHI.031%`
M(Y15)JO'/_S#^CO'OQKV!HSS:T-.MVWE];/(2,M&PA4NC*UDA)/6M:@I>BOU
M]=/%7C6"30>5QBH)5V_M.@#@P&*<0'M6/_\`*0^X_I*VUM_D,5GQOU`?JW;I
MTUXSV+=OE'H_8/C!YO[#4T)MO6VOZ-KM+;E,T_9K,MKK:TILI.)U5&#K""?U
M)P_^6F494QFQ54UP.D8.2\U9O:OI+XX47Z/_`(G[0^HSI?3VK?(*/;P?B+LJ
MJ[1OLQLJ#G=?[]US)UV)E+%KKQVL;R[]UAV=)DD@:,TTTVR@.TE"`<O;R)2.
MRNWP,^I%]-.S^+7D/X&:STMY,Z=U)I?QFW9:;%1]VRE'B+[=:I;DY8]MU_0G
MY]DR4[)[)LX7%<(ELH5OR*A.U0O!>2=5YR]F^5GC/I"'N]/^D/H'R]TAL_:U
M#N&H/)YCONN5K91I_1=TBFZ2]?B(<\U?Y.J2;B3.D<7Y&[)<J1B@FN`CP)-%
M]\?^7MLWEOH[Q*N-QW%LC6]C\4-6Z/W1>Z'XN5%E&I^4=5MU6O+JRS\A9*V]
MIU?F/D[(S:2A(PCN=7154D68=A"F*9(H6\>EOKHZI\RJEYB4_1&J=^:<W%X]
M^).W]_-'VZJG0XYBR=U""22@REB8^XVMRYD$YJ99.2H/&96JS<A^XP@(%.1?
M"*#^J9]<:M^.?C7YPVO==(V1X];CW(_H[R@ZVT;1)C;9(JB3LBG=@EHIMJ*-
MA8AI*QU==H,G*$R<XJKI=WLB(B0B]`_B7]9#1?U%=CW+2^N-.[_U9<=9U1._
MSZ6YJ[3Z\DI%.9.,@T6C9O!76R2A)!1::25*"S=),R')@.(\`.BSPK!!^_\`
MT%:_(C^'&?;_`$+Z`CG6#X+4J6(\YB*J3523#R/]66Z!0H,QN/9%`8>/U!US
M&5!U-%3=P]W/QYY_T862G0>Q?__1]@`#S^_C/*5U!1ADA6'@IQ!^'V9<]BK*
M:&3U%5(.JC#)"R!51#<A]X=!R>BHX4/L4[+`HN0S,T]D4X!Y#G].<@BB*:`Y
M8%7ZJ:0?A^[)<.Z*:`X!5@>RC`<R]=58&A48#QENH5BIP#E>A0:J8`YD![*X
M-5$4>!X^`^GW#_IRRJ1130')0&BCRPU5E.*/(??\<(I@#D@T]RN#7WJ(H\#]
MWQRR*>4WQ#)!['HBGE$!#+#30HIA3<>OI_5DHIP#E@>Q11Y*L#5<@(@.%*G`
M8!],D&B*+G+=4K1:4WBOHNMDV#2;E)<E?W3;:E?Q22,<$`BX..D938"?>4?Y
M)GTO38\#!R`F/)\AT`<^7.58>.?F^8]+9XWC#\HR-ID*"NWRH(Y)<@*]C)-9
MVX(T)-S4=%]3<4S$D/",/ZIP/8<QQ?'7>/J:;O-GDCBQYIW#(;VX([`6U#J5
MSK2$4W7'6AO;R*>Y5]7$T2X77;<J(VM05PO$J0JY>"O6[N,C3IF)QP(#U'+<
M&Q+_`%2LL_#R%I#[#`C!.<YNHNSN^NF`=^NU\5L6D=ZZJ.=99GI;>X";CCAL
MO\^<\UK7:&T&WZ&$[?U',EN6N![4T5EQ=Q>.C0F^K*#A%33CN@:ZLP"FL4B1
MWT;,UO9QC)B'>H9">M;!<1`#=HL0#KR(AU2PY+=3NQ7JWF][7<:DL,=<Z&@W
MQ36V3)'4EL]U!)WIY%.]1VJ_XU:V[<IZ1X,L<SDT>0R5KJVI#)8;G&`'H`Z"
MTGCZBHG)]AOA]%GU/1=0[FG6R@3%<EI>:V3VF,+A1ON))P:=*N8O=[YXJTOH
M[M`>0`J(]OW]LN[!WI[Q/TY]3,K`[^965Q--DJ$[BW,-<9]W7<8KI]O3M1AI
M[>J6F0;ZA<L]1_3+%3M_EM[;PPXVH&T.PQ:(-M:;1+:QW%3XO%?99]>JS^)=
MP.CYDBJQMM2&M=GV(BIE5FQR1C1_9-HH'.81[4WD]5&+42CP)_S$!XX`0SK6
M&P%[CKC$>E>3:YQY%-C,I<`DN:1$R2YRC2>P?/:01$&E?J*]`5V?,\@L\C;9
M?U4QCFM;QV')XNW(H'`ROCML6X#N607<\M=:?3TKJ%LQM^;JMLUCO&N-%V$W
M+T^CV,TO&&;"Y6AI5Q591_#JB1=`2$>"1/W$3IB)B"'("`Y[GZCY3C_(>">J
MF&MI8;K)8W%7)FB+=QAE=:RR0FCFT#Z#<QS:D$:$%>'>G&,Y!Q[G7I7FKB*:
MUQV2REOY,H=M;-$VZBCF%6NJ65.U[74!K0@A8J;3]&B;YXV6&/DJU%TX]'V+
M#A,LEXYE7BV!Q&U5=9BL]0%*/;R+A5FN)BG,4YU"&#J8!SSV#+<4Q_+/1+,6
M=]8P<;=BLC#YS'1LMQ<.CM7.8Y[:1MD<6/J'$%S@X:NJO0IL3RK(<3];,/>6
M-]/R1N5QTWDO;(^X-NV2Z:U[6.K(Z-H>RA:"`US3HU6#-O8*\CN)5HL63KL]
MY%:)CP<H'4(A)1ZKJGQCE5HY2,0ZC5R4I_:63-P<@@<AA`0'.H92ZQ/*O_J1
M);2"?#7?,\''N:2&R1EUI$XL<*$L=\VU[31PHYIH05V_%VV5XK_]-X[F,P9F
MTX;G)-K@"Z.0-NY6A[34!S3MW,<*M-6N%00LN7>%AJYMA5O7XB,@T)'QUVB5
M^A$,&L<@[+'2E;^0^819I(IJBS!P<$Q$.2%.(!T'C/0^58S&X7U!EAP^.@M8
M9N%Y02-AC9&U_ER6_E[@P`'9N(:2*@$@:%>><6R>3S7I_'-F,C/=30\SQ9C=
M-(^1S/,BN?,VEY)&_:TNH=2`3JK:U=8H*J3VD9"S3$;7X^3\3ZPPCW\P\0CF
M3I\P=P3]VS1=NSI-S.D6:@*BGW=PD'D`S3<#S6(X_E_2Z\SN1AL[2?T^MHXY
M)GMC8]\;X)'L#WD-W-8=VVM::@+><[P^6S^)]4;3!XV:\NX/4"YDDCA8Z1[(
MY&3QL>6,!=M<\%NZE*Z$J_=,WVILX/8%C>3"+.%LN_;7'P3YRDX3)).IQ:+2
MADVY!1%4/S/D#(B8I0$I@$>.<[;Z9\MX];8KF&:N<DV/&7W+KN.![@X"5TYB
M$(:-M?XNA82`*$$T74_4OBG(+C*\0PMMC729.RXC:23L:6DQ,@$IF+C6G\+4
M/`)H00*JTXE[K!A=?(#_`(TFK:<PK/BLV_SF1FHJYUJ$$T)"I5L'Q3+KL0/\
MP!TF7*GS(]2]XESKV/N>"VG*/5__`.IQLADG7=6_6!A+L;Y#1"+;S*N<ROF!
MS8:N\TZC=1=AR%OSF[XQZ1?_`$R;>G'-M*.^C+P&Y+SW&8W/EG:U]/+(=-1O
ME]#MJNM@E:`SV10G%S8J0U!7TO&H:D:[.%N=.->!)*JSK-^K+N7[-M9QA?D^
MSW5A6^4`2`/J7.#B7\1M^;<2FY-:NMN(NXQ$,2W)[2(W^83.R0RND8VY\GR:
M;G[_`"AM!ZA<[*LY;<\+Y9#QFZ;<\M9R:1V6=C-P,C/+`@?&(FQO=;>=YU=K
M`SS:.(Z%6&K'P\VV=-8EHDYU)-^66ND:DS*F4*^^9N$?9MJ<(V*4K<:V]F!5
M*4B90;J<J`7DHCG49+/&Y2&>#'6[7^GEUZA8YMHRG_#R,<TMNQ"W1OTSYMP`
M:/+=5P;H5VV.[R.+G@GR%PYGJ%:^GV1==OK_`,0Q[7;K0S.U=]2R':27'S&T
M874<%G**HM+-Y)6]N:J5XS1+5%5=IL31#`T>1XYGIQBN](P%`697JC)L1$5@
M)[GM<DY[3"`^K8_BG&#ZV\C@/'[,V[>/VKQ'Y,?EA[IYF.>(]NP/+&AF_;NV
M5;6A(/E=_P`JY,/17CDPS]X+AV?NF&3SI/,+&P0O:PR;MY8'N+]F[;OHZE0"
M+L\9B@GIV`0(':BTEKBT;)!_`@U;7"=1;MTB^A$4$B`4A0Z%*``&=A]#0&^F
M^)B;I%'<7C&CLUK;R<-:/`-```Z`:!=?]<"7>H^6E=K+);V;W'NYSK.`N<?$
MN)))ZDZE9\SUQ>2+C")SA*CQ3G"C<%QSBH\5&[V+CG(K[%%3XKC(J47`B`>H
MY"*`3_8'[1_NPBEB//KD$T1<".14E03X*'G()`5>JA$0#URNI12Q,(^G0/T]
M<F@'5.JA],J37W*V@]ZXR":*.J@,;C]?V93JBE"(CZX10B.%!-%`(\=1RI-5
M521$1'(12S&X_7^G7*]?<BD&-QU'_7D$U121$1'D<A%`(Y3JH)[*68W'0/7^
MK"JO&?\`4O\`"'1U;\V-_;?\J;!6[DGYK/H_47A]"ZGV@DUL^F/(N1I-0JM-
MO/E/!2J->3J^GX^61*X?*L%IUT++\96:@_@SM>/_`/)P^X_I*V]M_DL7T#^B
M_P#0_P!S>+<SY/R'D7L/0.S=)>4'C/;/']5?Q_V5;;0_>,;9,-&5E%*6DM?5
M6/9H?DB3Q`CELY761==H>WT$0YBS+*C+Z1=^D;7?/'"(W#IQ_P"-OB3%SFW?
MIKZK9['5>;@TSY/.!B[+6;AY#F0URK,S=`)?G[IPNV<NI=,S5=$A6Y@$"`4U
M\0ODOMF\>"WCMY3FMWU5](>7>YOJ0TC:]1L^P]Q^,J=7C_'*\WBNJ5ZQZP)K
MR,F[-JI633CJFTAVK]N$(S%9\@X`"J`/NG)[@OLM7*3)[OV!J7ZJ?T[[+&>*
M^P/+G9+*E^44'YIS$37[%=]-46RUZLR%-UU10A]FPD3=94]"(HU%H];+JI'3
M-[Z8J&*4H6O'FI]1?P3^F[YR^;VRJWH_R[8^;^R]6'U<MN%*#I$]X_O;4]U[
M3IZ@OH1A9]BQWN,(22A88TCVQBJ@_*N"@@J4W!X4KY=>(GUC_`6L$W;O+S1U
MCY7;+\T_*[5-WT?Y+W[543JR*UG9-;V(\?#13.GUM;9=+1KDPUIM<C$%G24<
M@8'*2AP[^\3FE0MV/&7ZA<+M735*\(?H;6U3PX?Z85M^U+E9OJ%.=:$J5BHE
M@GRI/ZW6+(U=;M?/+B>[W!!VF@>/9D".06_GB)`3.1;0?3EL5+?^;/DE#;SF
ME=I?4W9ZVBG?DGOC5DO7'_BI>-<JR-*#7D7JY")_RZ\3L<)7U(5M)G/7H](7
M;5T`**CP=31YW2WA\-_]!7`R/^7'^]_0ONJ(YU0E:<J48>`X^W(`55*PXHH1
MS$2G12%#?#[>HY52P=U3\]<BNJM75?_2]?A1Z_KSRKJ/<NH*;D*5,`>!`<N/
M!750&2/!%$&2K@U4XAN!#[!Z#ENJDC</:JH,D*@467:5*C*/`_</KF0ZA%.`
M<@*05,`>,R#7164X!YZAE>A13`'+@_8K]5&`Y<:*P/93"C\,DCNG0U4T!P#V
M5@::J/US(#]JMU"F%-ST'U_KRRIT4P!QT5@>RB`1`>0RRE3P'GJ&$48#D@]E
M<&JC*;C]6613P'CJ&6![%%.`0$,FM-"BF%-Q^K)13@'XAD@_8BB`<LK`U40"
M(>F%*FE-S]P_IZ812C-&BCE%X=LW.\;D43;NCHIF<H)K<>ZFBN)153(KVAW`
M`@!N.N8S!;23QW+X&&Y8"&O+07-!ZAKJ5`/<`Z]UF;<W#(9+9D[Q;/(+F!Q#
M7$="6UH2.Q(T[*)!LV;>Z#9N@W]]=1RO["2:7O.5A`5G"OME+[BZHAR8X\F,
M/J.7A@AM_,\B%C`]Y<[:`-SG?B<:#5Q[DZGNDMQ-<>7]1,]Y8P-;N).UK>C1
M7HT=@-!V4@T7&G;N6AXY@=H]6.X>-3LVYFSM=10JJB[E`R8IKK**%`QC&`3"
M8`'GG,;K#'R0SVS[*$V\KBY["QNU[B:ESFTHXD@$D@DD`E91?W\<T%RR]F%Q
M$T-8\/=N8T"@:UU:M:`2``0`#0*J<-FCYN=H]:MW354"E5;.D4W#90"F*<H*
M(JE.F8"G*`AR`\"`#F2XM;>ZA?;W,#)+=W5KFAS30U%6D$&A`/3JL,%S<6LS
M+BVG?'<-Z.:XM<*BAHX$$5!(Z]"HQ:-#.$GAFS<SM%(Z"+H44Q<)(*"4RB*2
MXE]PB2@E`1*`@`B`<X,%N9H[EUNPW#&EK7[1N#3U`=2H!H*@&AH@N+AL+[9L
M[Q;N<'%FX[2X="6UH2*FA(J%PFQ9)*.UDF;5-5^)1?*IMT2*/!(04R"[.4@&
M<"1,1*'>(\%'CTPRTM&/N)8[:-LDU/,(:`7T%!O-*NH-!NKIHK.O+M[+>)]S
M(Z.&OE@N)#*FIV"M&U.IVTJ=50K5VO.6!8IQ`PR\617WR1JT6Q58%6$PF%8K
M,Z!FY51,81[NWGD1SBR87#S6;<?-B+5]@';A$Z)AC#O$,+=M=3K2JYL6<S$-
MV;^'+73+\MVF02O$A;X%X=NIH-*T542)B4R>VG&1R:8JM5A(1DV*05F()@R5
M$I4@#W68)$!(WJGVAV\<!F=F/QS&[&6$+6;F.H&-`W,IL-*=64&T]6T%*4"Q
M.R60D=O??S.?M>VI>XFCZ[Q6O1]3O'1U36M2JM1LU65]]9JV66^75:>\J@D=
M7Y5<2F7;`H8@G^76$A1.3GM,(!R'3,[[:VED\V2WC=+L+-Q:"=KJ;FU(KM=0
M5;T-!4+"RYN8H_*CN'MBWA^T.(&YM=KJ`TW"IH>HJ:%4;N"@)%LT9R$'$/FC
M#L^1:O(UDZ;,O:*4B?RJ"Z)TV_MD*`%[`#@```SBW.'Q-Y!;VUYB[:6VAIL8
M^)CFLH*#8US2&T``%`*`+E6V8RUG-<7-GE+B*XEKO>R1[7/J:G>YK@75))-2
M:DJJ&+BC)^T,='F2^;*_]L6;<2?/D$!(][!3[?FRB4.%..\.`ZYF./L"SRS9
M0EGF"2FQM/,'1]*?C%!1WXO:L(R%^'^8+V8/\ORZ[W5\L]65K^`_L]/8I4A`
MP<LLV<RD-%23AF/<T7D(YF\6:FY[NYLJX14.@/<'/)1#KF*\Q.*R$L$U_C+>
M>:(_(Z2-CW,[_*7`ENOA19;/+97'Q30V&3N((9!1[8Y'L:_]X-(#OC539*)B
MIEO\I+QD?*M`.50&LDR;/F_N%Y`I_9=)JI]Y>>@\<AF6]Q]ADH?ILC8PW%O6
MNV1C9&U'0[7`BOMHL=ED+_&S?48Z^FM[BE-T;W,=0]1N:0:>RJF!'1Y4&K4&
M#(&S%1%5DW!J@"#-5O\`^\ZC5$">VW40Y_`)``2_#C+BSLQ%;VXM(O(B(+&[
M&[6%OX2P4HTM[$`$=E0WMX9;B<W<OGR@A[MSMSP[\0>:U<'=P:@]U.!LV*X.
M\*W0*[42(@HZ!),'!T$S&.FB=<"^Z9(ASB(%$>`$1$/7,HAA$SKD0L%P6AI=
M0;BT&H:7=2`22!6@)6,SSF%ML9G_`$X<7!M3M#B*$AO0$@`$TJ0$;MF[-($&
MC=!J@4QS%1;I)H)%,H<RBA@32*4@&44,)C#QU$1$>N(88;:,16\#(X@2=K0&
MBI-3H*#4DD^)-4FGGN)#+<3/DE(`JXEQH!0:FIT``'@-%/S+N*Q+C%2B9%3X
MHF0BX[BA\?[?ZL(H!/\`8'[\(H1.(_'C]7Z<X10\Y%?!%#SD:E1N\%QSD5`5
M:DKCG*U)Z(H!/]G[\D-\44'4>HX)`Z*:>*XYRO7JIKV"XRI/@H4LQ^.@?ORJ
M*5A%P(X4$^"@$W'K_KRI-5521$1'(12S&XRO7W(I)C?$<@G[$4@1$1R$4`CE
M2:^Y033WJ`QN`^_[,A54G!-$7C\^H/.?1)?>;_D!"^1/C9]0K9/D3'35>4VA
M,:->TUS0W;Q2EUC\K=0+%SLJ)E6K$D$HS14%=FARY*?@!`0,/:L?7Z.#W'])
M6VM_\EGN_I6[?BU]=WZ>/AWHRD>.^E_$'ZCS+6^OTYE.NMK#J[7L_,)EG9Z3
ML<A\W*K[E25=":3EEA+R4.T@@7X9S5GU65O`?R=\/_,WRR\_MN^"&L_(_3GG
MWL;QFL+Z3L?DZTJ,9JUG/(H5:N:Z5"KU^V;$>1Q6-P90CIX52.5(=BFL/8H)
M@2,0?<NC^H%<(>K^*GA[1/J97F"VA]0:*WW*):9M'C?8J@PUGKKR0?*2B^BK
MMN>%EF]"?L]35\KF&/-<03E0R22PE;..0]PI\%J-Y`^$?UOO.5UJQ_L_S.^F
MGL%;QIN[7>--/3[TFQ)4YZ!59KDL=@+5M"D(O!M#LDA5*]Y:=/Q>N$6G/U.(
M#ZB^TIGPLU[]0WR;\/\`?VJ[OY24VH0\%XN6"&<6V'>V=RP@[!(3:\/K:E+L
MHYS6WJR""IEE^UR8H@GR'<!*+;?9OTIOI$$O_G;XX:\TQYAPFZO$3Q?V)O(N
MPK?=$?\`@O.OX.B15@@F=;F$)=W+SSQM(V=D+ALXCFB9B-W)?<_"7O*%\4/$
M%3Z/C;Q[K+KR[\9?J#["W,W<6AQ;[OHH*REJIS%HSDB>$&)7E=@P*Q#QL`5%
M-Z8[=(I7":G40#N$B^I_T'Y7QFF?J.^7,EX@5K9U0\?7'CS7_P#(U?W"ZBWN
MPF)D[5KY*?\`SUS"S=BC5??L1'2C?VW:O#8Z8#VF`2AHL]_Y:']_^@K7Y"GE
M1_O?T+UWB/QSJ?5:8J0(\CSECH$4.8B>R*`P\?J#*%0=30*D,///VC@K(=!1
M09557__3]?(#GE#2NH`U4\H\A_7DE%&`_#)!5@>RG$'X?NRY\5930R>H0&A4
M8#DA9`54IFY#CXA_5DJKA0U4[+`]T4696E%-*/(<?9@A%-`<D%6!4PH\#]P_
MISESJ*J5.`>,J"I!HH\R@]E91@.6![*_532CSD$(--%,`<L#]JL#3W*+[P]<
MN"I(JII1Y#[_`(Y9448#@&GN5@:^]1E'@?N^.64J<`_$,)T48#E@>Q5^JC*8
M0_5]F2BGE-\0R0>QZ(IQ3`.6K3JBC`PA^K[,E%.`P#Z9(-$48#ENO12#XKG"
MLHP/QZ]?Z_\`3A%-`><D%%SSEM"E2%SE@XCJIT/3JN0$0R="H((48'#X],4/
M90H^<BI"+G+5"+GG"G<5SSDU*FH7/.3N]BG1`'CT$0Q4(HN\WV_U9-1XHN>\
MWZ_T^[")WC]W]/\`?A$[Q^[^G^_")WC]W]/]^$7'>;[?Z`PB=P_;_9_5BH\4
M4///KUR-P1<<XK[$J/%<<Y%3XJ-WL3G(45*XR-P4+@1X]1XR*DHH!/\`9^_)
M#?%%`/(^N*@*0"5QE225.@]ZXYR"0%&I4(B`>N5)JBE&,(_<'Z>N0BAPBA$<
M5I[U4FJ@,;C]>5ZJ%*$1$>1R$4LQN.@>O]65Z^Y%)$>.HY!-?<BD"(B.0B@$
M<J37W(33WJ`1``R%121$1'D<(H1'*]5!/9>8K3%^M&J/JC_7_P!IT=\C%W;6
M?@O:]A4V4<,&,HC&6NF:MHUCKTBK&R;=W'/R,I:.14,BX2415`HD.4Q1$![9
MC_\`R<'N/Z2MO;?Y$?\`IW7RK\8_^8(^J=LGR4\>-=6_?%7D:E?]ZZBI%ICT
MM(:68*OZY;-@UZ!G&23YC1&[UDHZC)!4A545"*IB;N(8#``AS?@LZ^VOC/LR
M!TG]=3ZV6X[.SE7U8U)XJ'V986$"@T<3;R!H5:U#:9=G"MGSV-8+RKB/BE"-
MR+.&Z)EA*!U"%$3`0#1?`#ZF'EE],CSFWK5/(71NA/+1AL&Q[>JUO\MW]N0@
MBLK#I.`BH>"G&%*B:SM&SL8"P&B(HA2+*?EZ`'_$9R01$<)\%O[X,Q_B?X@[
M$L7DW&Z\V:E]/'ZKM9F_!;QVUXSFV<WO^L2L_9*Q3[VZVZ$I96<-7:ZZDXZ6
M.V?1-AFWQ$5D#%;%,`D3*==%L;]3CZ!VD?&'6%&\A?`21IVG=@Z0LLSN"UR.
M^]SV-\6>A-85YS=XF)U_!SL-9XRPVXLW")J)LE2()N>"IG/V&,&$)JOF/I_Z
MKOUC//.G>2FM6WE9H:"JU4\<=F7?9K'9E!U#0SV[7",5_E^U52DR,/JN1?2-
MWEHV<,1DU(HT.;\1BKIF*`X^"A?0GQ/^H;H#PP_Y?&@U/9:-EM-IWVV\L])U
MN#UV6G34U5[%<5]HA#3EUBYNWUR1AZL85RB+A%-RJ/<'8D;D.11:7?\`*_0\
MNAY-;_F5HN11AWN@0;,Y95BY3C7;A+9%3]UNV?G2!JNLF*1NXA#B8.T>0Z#F
MAS__`):']_\`H*UV2_RH_P![^A>V`X_#]^=6`[K3J5E7%%P(\9B*$T5.H;X?
M9U'(4L'=4XY5"5#SUR52NM5__]3U[ATSR8%=.&A4TH\#^O,G445E-R%*F`/H
M(9<'MV5E/`><D:&BE1ADJP-5,*;@>?B&6&JOU%"JLH\_J'`6,:&BCRX/92H@
M'@><RC4(IP#\0RO0HI@9D!^Q74TH\]/C\/U8([HIH#@%6![*(!S(#56!HI@#
M\<N-1[5;JIH#SE>B`]CU4P!RP/=6![*+T'D/]>9`4(4T!YZADJJC`<D&FBN#
M51%-Q^K)13@'XAA.BC`<D'Q5P:J,IA+^K[,LBG%-\0R0>W9%.*;GU]<GI[D4
M8"(>F6130.`_<.$4P!RU:]4!HHLE7!JN0$0],(I@'`?7I_5A%'SE@[Q1<\Y.
MA2I"YZ98$A3H?8N>H>F34'JHH5$!Q^/7^C&T=E"B`P?JR*$(HN?VXJ47.3N1
M.<FH1.<:*:E<\XHFXISBB;BG(Y/Q3<4YR*)N*<X2I7'.-$J4Q4*%QD;D01X]
M1XR*DHH!.'PZXH>Z*$3B/W9-`$7'Z\;AV4[?%<<Y6I*G0=%QSD5`45)7`CQE
M:E%+$_V?OR$4OUZCA$YPH)HH1'()\%6M5*,?X!^_^[*HI>":(I1C_`/W_P!V
M5]I12C&X_L#()JBDB(B/(Y"*`1RI-?<A-/>H!$`#(5%)$1$>1PBA$<K6ON4$
M]E`8W'Z_@&%5>0&S^4NG_$7ZL/U7#>2^G/(?8^H/)_3;+03M'1U-;2\JYC+;
M0*`TLIOS.8LE2;,$%(+YE%-RU<++).!`0(''(=JL'-%G!5PK0]_:5N;8@0Q@
MG_2JP;K[8?\`R_FL;]1]E5/P>^J2VM6O+C6+U67#MK'/6C>PU&;8V"%6=,EM
MSBB[;I24<D8Z1_PJ%`2CT'.9YC/VQ]JS5'B%L-XR[H9^6'ES]>'R3I&O]H5"
MC[G^FWNH]-B=DU/_`"_:EG+/756KHQKAA'/YR,4DG#^'5%%%L\<&.F)1Z&$2
M@\QG[8^U`0/UAU7RZ\+_`!V\V_%2HZ&WM!O*[$Z%^H_=">&6SJM'PKJ?V<;4
MEJOB%:V6PL438**='7C>3BXQR+288/\`YU(#IG(=,1'M>8S]L?:$);^T%NG]
M9;Q2\P?`YMX^5'3TW69/P;TYOD]V\,J#!M5=A;6U_>VT7'7>RS>Q9!U0DWTM
M'.[D9ZJW2>RLFW%,Y$@3*0.TKS(_VQ]H3<W]H+[9ZM\>Y3ZV_P!(S5%I\V%'
M-C\DHXF^K!K>355_X.Q4?M!N\NU)UZ_M$%4(9BW"OM4V['YA,&)_<1*93L4,
M;\3S(_VQ]H3<W]H+S=["^CLM].2HW*^?49J)MSP6S-?7>@^.C'Q$MMDMTW4_
M(@D6G-4^T[,93,/KA-+6S-FS<D=>TJ_646.F4&QPY$'F1_MC[5.YO[07SR+4
MO%W_`(`^.,6/C]Y0?^U'1.XG,AY/V8(%^%`M6D1F9)1K!:Y;?YA^::W$D&9J
MF915C'IBL0X^_P#XC-[/VQ]JBK?%>V?Z5WF+X37G7Q?#;PRT9Y4ZBIVFXRP;
M'14\B:]$-F[MO:K;W2K./LC6]VR2D9(\W8A6*@HDFF1N4W!_P@`Z/.EKH(`'
M`_/_`$%:[(D>7'0_K?T+ZTCG5W'LM0N,Q$U12CFX#G]@93JH`W%4IA_TY!\%
MD/@H!R%C<>RAR*ZU4+__U?7O\,\E"Z>1HN0'+@H"IY1Y#[PR3]RE1@.2%8%3
MB#\/M_3^G+]0K*:&2-0@T*C`<+(#W4],WP^`^GZ\LH<*BH52`\Y(4`U7.9&E
M%,*/'ZARYU%44T!XR`5(-%,`>,R`UT*LIP#R'W_'*D413`'+`JX-5B_<NZ-;
M>/VN;-M7;%GCZG2ZK%R,G(2+]=)([DT?&O90(J*0543-)3DDBP439LTQ%9TO
MVII@)S``YXHWS/:R)M7%9(VN>X,:*E6;>_)37E9\>K=Y&5&38;-J,%7IB1K:
M-.EV3TM\LS206KD'2*]*-_G&2LY9[N",(V$H*%^>7*7@WH-O+=YK8G"CCX]O
M;]FJNR%SYF1="3]GM^`U5L5#S&T_):,U]NZ_SS35C2[O'=5=U6P.U)&>@=H5
MYQ-15ZUF5K%,U)";L%*GZO*MG7RS7JG'J+B0B0"(287B1S&BM/T=C\:JYMY1
M*^)HW$:U]AZ'XU"RY*;TU#!ZM9;NE]CU1CJ&0:5J09[&6EV_^4EF%PEHN#K;
M[\Y*8S5-G*RTTU0(J82D(=8.\2@!A"OEO+M@:=_@J>5*9/+#3YGAWT6/:KYG
M>+EUGZW5:ONZDREDMTRXKL%"$>N6TDXL#<CI0()VU>M6RL1,O$V:IFC5X#==
MZ!!%N54..9,4[026&@5S;3M:7.B(:!55,-YB^,T\YNS:,W+4E`UY7+)<+4_<
MK/XV%:U.GN/D[79HNP23)I!V6`KCL02>NXQP\0;*F*10Q3&*`V\J8!M6'4_Z
M>Y6^GG;MK$=30>\]/=\5US;S:\8757E;>EM9F6+A;+#4]^Q<URZ,[4%GL<8[
MFX"%:41Y6T+O)/9J%CW+UJ5M'K`NS;++D$4D5#ER"*6H&WM_I[%)M9]P;LUI
M7J*4'MK19#IGD9I+8+1J]I>R*_86SRBR6RT5(]5T?BDPTZ]K$S-KD4;)G:A$
M6.-<,7;=4".VSM!1)1(IR&`(+'MZM(UHL3H9F&CF$&M/CU5F*^:GBTVDGD0Y
MW;3V[^-IK384HDNO())Q-)D*?$7Z-LTNZ48E:145*52>9NFBC@Z7S1ERHI`=
M?E()\J7KL-*T_H646UQ2OE'K3XUI^E3D_,SQI/2'.PPVM&$KC.UM**X06A[2
MA:RW.09?FD?5B:_7@D[ZO/2$1R]0:IQAEEF)3.2%,@4R@6\J2NW;K2O^AZ)]
M//NV;#NI7J*4\:]%1Z;\KJUNS5FYMM4^+1=UK5EVV=4XE=K.*N$KHTUS%-),
M)@%%X1@YKRDL=R**C-9!=5BHF8JACG`2!+XRQS&DZD#[U,D#HI(HW.^9P!]U
M?TJTM7_4*\7]B:^C;L[V?7JL[+KNK;$M<)(GG3(UR,GUZ_$22["=>5^*97&`
MJ]IL;>-?R\:15BU5.4[@R!3=),,K74VDZT61]K.UY9L)%2`?&GQTJ!5;8M-@
M5)_9;?3F5@;.K-08NO3-PAT/F5'4!&VM*97KR[WL1%+OE$(!V=-(ACJ@1(#&
M*`'3$U:&@=V*P['4:ZFAZ?!:=:I^I/XO;(HM>N4G>"41S:[EM"FURK6"/L*T
M_/.]8[#0H;]>#9M8(7$R+\DQ$R'LMDU56K>3*58"G;N?:RNAD:2*5T'WKD26
M<S'N:&U``-?>*_UA928><7BI(+75%KNJMG)KZI7&^69ZHWL#:)+3->.46=YL
MT!-.8A&(N,/4W3E--^M#KOR-S*$`XAW%Y>7)I\M"3]Y6,VTXVUC.I`^WI[OB
MJIGYM^+C^M6^W--P0RL)1I.J0]B4&*M*<BF_O;IRRHZ4/`JP1)ZT)7-TS6)$
MK1;9XC)"BH+<Z@)G$`CD!`+34H;:<.:WR]37P[=?=3O52Y3SB\5X:IUB[O=P
MPZD!<1MGY",=$6R8FERT*03B;TJ_JT/`OK3!H4N46(VEE'[)LG'+J$(X%,QB
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M8O6L)3)!,&%P=;5L5?KU2FG%H2:RC*"H:!;&E)RDT9%PDQAT5G()+"0J1P`)
MH[18V1;GECG;:5K7M3V>/L6I['STNDE*'U(RT"S6\H$]Y2>C%-9%V^W-JXDC
M"ZB_XY2ER-NM/7ZD@%2::_,F!B_Y4_-BRSA)H9D4IA<%R;&]:_+2OWT68VH`
MWF7^#MK6FO6E*5\?:NTFOJ"L8+4U`OSO1VRG=ELF]H?QWO=8B"_FM6U!L$N_
MH#Q]N9;KLYHP-`EB(6SS)E8E9)O[E@*"!$TVX+**MWE`DC=I2OW54"U)D<SS
M!0-W#Q(I44'Z?!75O/S"MVE[XXCCZ)>3&JX&Y:>HEEV++7]&HV";G]Q6>NUE
MBEI?7CNIR?\`Q=1IRMJ9*3(EEXDZ1C*(MBN5DCD"!&"/Q:J(K=LC0?-H\@FE
M*]/$UTK331;T]Q?CW?O'^_,>U<5:N5;S7\5KH-P-7MT5=RUHE-F]BV24>EF8
M6#1U_6G:+&?O$3/3<;'0MGJ,0]<HI+R,6N\9IG72`5.54^ZQC>*:+.ZWF;MK
M&=33X^"E,O-WQ6?TV?OB.X(9*OUF>KU7F4W\3:XNRH6*W)*+U*%;4B2@FEUD
MY*TMT5%8U)K'K'?I(J'0!0B:@E>6_IM3Z:;<&^6:D>SMUUZ:+F7\V_%>#J-5
MO#_<4$-?NBUD0KHL(^RR\VZ4I;@K2Z"\JD3"O;7#)4QVH1*84>LFY(I50A'0
MI&.4!>6^I%$%O,7.;Y9J/Z>FOM[+L7WF3XN1L]'5IWN^C!+RM'+LUDFA**/&
M1]<'JTS=`OZ\NS17B&=+"LP#IT:46739%`I""H"JR)%'ENZT4"WF()\LTK3X
M]*>]8!4^H]J.?V$ZI.L%(&XQT=3-<6V3M-BL=EUTW8*[%WQ0M+Q<.M"SNO7<
MS[D@WO!9*(=`G\K,.$TF9#HD6,]0MY1`J5F%I(&;GU!J130]&D^/LHM@:[Y?
M>-ELV)_PIK^V:Y(WL92XP)8@B4R@U5L.OAEQN];0GW<:A7%[-5T(!ZX>1Q'9
MGJ+1JHX%+V"BID;#2NM%A-O,UN\QG;I]_1<:L\NO&_=EN)1-7;4A;?:UZ_+6
MYA$LF4^T-,5*#D(:*D;9`/).)81]@JY)&P,T4I%BJX9N#K?R5%.T_:+-HJ1H
MC[>:-NY[*-K[%8K3SHT*GM'R.UI9;(6F_P#M,\75)>[6BPI2C*"<MK)[31=-
MBNM&))*/8Z=>M(])NFHLXDG3M,K,BW7!9HT@5JK_`$TNR)XUW]O]/]`L[ZGW
M5JW>4'(V+5EN:VJ.AIA:O3A"-)>'EH&=;MFKU2(GZ_8&,5/P<A\B^17*D[;(
MG.@L10H"0Q3#1P+="*+&^-T1`D!JM(VOG'MV\[+JFK]*:(U!?9.;T"VWY,6&
MR>3T]1ZG'Q3O:=SU>G!0$FP\<KL[LCE-W4OF5%U6T<4GOF2`AO:]Q2VQH!+G
M$:TZ?]*Y)MF-87OD(&_;^&IZ`_M#Q61*7]0+13O4M,V3MR:9Z<E+0_V/$.ZD
M[?/;T6/=:DN4C1+_`&%A8*?#NFTOK")G([N3M1T&<0HT<(*J'1%4"!!C-2`*
M_P#3_IT6-UK*'N8P;@*:].HJ.O?V=5EU7RT\;T]E1>HS;8K:E[F9&&A(V/0+
M*NHAS/V*&1L5?K7^<&\>K34;1.P3E)VSC%)`C]T@LD=-$P*IB:FQU-VW18_(
MFV&38=H_TZ=50Q/F+XPSDE>HN,W'4E%];UJUW*W.G2LC&PS*I41T1C=;/&6"
M28M(*S0%3>JD1D7<6Y>(,U5"$5.4QR@,&-^AVG5#;S#;6,ZD4^/3W*WT/.?Q
M.5K,G<%MSP$5!0UA8U245L,;:*S(,K!+UF=N,)&K0-A@XR>!2?K=9?N8XX-A
M3D`:G(V,JIP09\I]0-NJM]-/4-\LUI7^C^E=U$^8OC/.7J"UK&[9@EKG97$1
M'P\6JQL#-LXG9Z`3M,14W$V]B&\!'7=_7U2NB03ETC,>V8.6P"/&1L=2NW15
M-M*UKGF,[1_I7W>WHK$\3/.;2_EI3]?/*U,,8/95RU7%;2E=7G7F9!S`,5TX
M1"Q,HRT/ZW78>Z)TZ;L#5A(.(\H_+.5DR+IHG.!,F2(QEU1H#13<6TD!=5OR
M`TK_`-%32JW($0#US!7P7&4HQA'TZ!D=/>BDF-QZ=1_JRJ*4(\]1PBA$<J37
MW*":=%`)@#]?V9"JI(B(CR.$4(CE2:^Y033WJ`1X_3UPJK4S87E4&OMG1NJU
M?'[R"MD[8$YIQ592HPVL7->M;.M,H=[87L*[F]K0+\K>').-R*_-MFIS*"/M
ME.`=V9!'N:7^8T`>_P#J7*CMMS#)YS`!UK72OP6?G6P:&S9-9)W=JBUCG[-W
M(,9!S9(9!D]81\G&0C]\T=*O2H.&;*9FV3194AA(FZ=HI&$#JIE-@(=^R:K#
MM>20&&ON5JM=VZQDG%?-"W*LS\#8XZS2#.Z0=HJTE3D#565JT*^CW4TWFS%&
M1<R5N:HHD1(L0%`,14R1S(E5KY;]:M-4,4@#OE(<*:4-=:_U+O;=?:W3JE?;
MG)/`>1FMH*<G[6VB#MG\G'MZ_7O\TO61F8.$_:E%(0R:Z2"IDA.1=,W($.4P
MR`26M'4]%5K"2QM/Q'3[:+6]SYPZ+0U;XY[>([L[JK>4.Q==:MUDV:P/?.I6
MW9,JI"1S>U1BCQ(*^S@)9$[:66,HH#1<H)E!10Z93W\B3=*S3<P$GX++]+,9
M)X]-T;23[AX>_LLF7SR.T[0*]=+"_N]?G"Z[?5Z.NT+5)V!G;'6'%FLT74X[
M\]AT)5-Q#D+*RR?NBZ]D2)$.8`$2]HX!'(XM`:=>E?M6)L,KW,:&$;NA-:&@
MJNGO_E!J*B:\DMIHV%K>Z/$0NQIR2G=;RU8MK1LUU=K^R;(M#<JK>?02>218
M.KKI)-T#*J_-*)`J"20G5(9"]SPPBCJCK[33^E0RWE>\1[=KZC0U'4@#MXE9
M1C]@4>5L2]/C[A6'5R:1;>;?4Y&?B5;7'Q+HJ)D)%_74GAY9FR4^83`%3I`F
M(G#@P\AE'!U-U#M\>RQ%CVMW%IVUZTT^U8^M'D!KRH[GU[HF8<RA;QLN.DW\
M"=M'_,03)9G&6.:BXF>E"K`,3+6Z(H]A<1"9DS$>$K[\.\ITB%4@1/=&^4?A
M'^GW5%?>%+8)'Q23BFQO7Q[=/=45]X5QM=O:HDGD\P8;.UZ^?56,>S=G8L[I
M6W+NN0T<<Z<A+SS9"2.M#QC%1(Q5G#@J:21BB!C`(#D['M`^0Z^Q4,4HVDQN
MH30:'7W+N*K>*5>VCR0H]PJUR81[]:+?O:I8(FQ-&4FW`AG$<[<Q#MXBV?H%
M4*)T3F*H4!#D`YS$]KFFCFD'VJ',>P@/80?:**YA',15">RI3FY'[@]/[\CH
MK@;1[5)'*J":*'()[*BE=_XON]/].*=NZA?_UO7L4>>F>2]EU`:+GT')!4="
MIA1X',@UT4J=D*5&`Y8%6&JGE'D/O^.3T/L4J,,NI![*,!P"L@/951#<A]X>
MOW_?D]%1PVGV*=E@>Z+G,K3]B*:4W/0?7^O!"*8`_#`*L#V4P!XS)U"E3@'T
M$,KT*D*S=A:[I>V*C)4/8<$WL].FEXE6;KKU=ZC&S24-,Q\ZVC9A%DY:C*0;
MI]&)$?1ZXJ,9)H*C5VDNU661/ECD=&X/8:.61KBT[FFA6LFV?%,EUK_C1IBH
M22M*\>M-W*$MEIA8VW6E&\/6NK*^Z4TE6JU.ND9E^>/KNQ`C9IRX<R*#E+\C
M;)I"H"AP)F\_:Z61PK*X>`IKU/V:?%9HKCRS,\BLKFT&@H*G7[M![UK-;_!+
M:$;-WB.H9:1?]9N]NLM[Z\:7S?OD#J#<]/V/;*/.57;[RL[WU'"2]II0V"=6
M;S/OJ(6)"4^?D62[)J4R+K,K+EA#=U0[;0T`(I6HT.A\.U-%R6W<9:PNJ'[=
MIHUI!`-15IT-.G:FAJM@I_QJVM:_#BE>/]TO=<V!LB)MFCYVUV^QH+,H&>C-
M=>05%VI.Q:WY?`KKRCA.F5E6*;.%F")I9VFFL[!O\PL=.C96MF=(&D,H=/>"
M%C;<1BY=*UA:RAH![6D?IUZZ=EU%\\2KI:;/MF:CI&E,F^PO,[Q:\B&2HO9A
MI*(TC252T/7[;'/EFM<7!&X/G.LY4T8DF=9JH1R@*SEN914J5VRM`9UT8X?$
MU_K5F7#6MC!!JV-[?BXNIWZ:BJT\JWTS]X5+7K"C5BP4.$LNI]/V+6NJMKV+
M>ODOMT+BZE8V'K@.UM';&<O]-^.[&=J;!PVDB0S*WIM';A):-0;%9HIFRNNF
M%Q<0:%U2*-%/B-7?&BY)OHG/W.:X@N!(VM%/[PU=KTK3VJZD/!7R`6F]EV:9
MH^F9UM=;/IJ^1U1L?ESY966]PD]KBK;.I<BC6?*9W4F6VJ%95&]X1D&<^P9K
MH`R^<@AB4V[DTE@7$=&`.(H"/PMIK0_AZ'IT^->R?5PT8T/<"`178T#6A_#6
MA&G3XU[*^ZIXC>6]"*TFHFUZCNEKM^G-OZ6LZE\N5V5#5L)L#:<WL2G3$59V
M6MU)WR%DJ/'SAF$@K-I521LCA$':[Y!5940&:)VE"`"#I36@H>^E?96BJZXM
MWG5K@`\.%`-:"ATK\M?96BFH_3PN<EH;>&K9BUU&/LVQ8WPT7KT[!R5S9)&E
M_$^A:59_DMBFX`*C<8FN6:[ZM<I)NXEV2191TC\VA[3PH)EGSP'L<!H-W^L3
M_054WC!-%(&G:TOKT_6)]XJ`>_?14=.\(-T4>X5WR#J]?U?';@J&S6EL:ZQN
M/DEY+;M@[A6"ZCO6HW["R^1>WXBSV^(LC=M?5Y")7CJ25JP10&/62=%<"\0D
MS,(+"3L(ZT`IJ#T'N\?:K.NXGM,+G.\LBE0UHH:@Z-&E--=5M1HC0^TZ?J#R
M'K>QW.NT+WO/9^[-C)-Z$]G7M0KX;5CVZ4?$+24Q7X.6D5XAP0Q';SY%,7@@
M+@$DS*BB2CY&N<PMKM``^Q8998W2PN9NV,:T:TKI\5K-'^*U[&D:CC?,)#2D
M9H[Q4\8-C:AEU]2.KS9YG;4+=]60>L[7)2\"OKVN/-;UF*J$.Y6_)HI>PK/Y
M,[=P59N#--(^0R"KC%7>YP.M--:_'[EF,[-TGTVXRR/!UH*4-1W-=>YIHMC?
MI[T'9%<T)&[!W@Y<26\=SGBKG?Y:1AE:_,KQ<-7(>C:S9S$&N/OP<NAK:L1C
MF18F`@MIAX]`0[S'$U)G`OHS\`Z?I/WK'=R,,I9&/X3=!^D_?]RQGHKPVVGK
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M'BN&,8QI+@07:@`]0.QT/34'[5@$GA/Y=J1L#'3%QIEG@Y2.W)$253=^16^*
MI+:Q3V+:H":JSQ]O&@T2M[A\K(ZK1D8ND^B;,\K"4TX6(=RY.=--PED\V/4@
M'MV'Z.@^]9/J;>I(:0=-=K36@UT)(;7Q%:*X].^'WEAIRB.-=01O&^29[6UC
MXU4O:%IM<G9[>.KY?1>HJ/I:P.J709;5_P"0[IA+76Z,E(QC28>U=*)EW:QE
MR/DA$#G21O-?FT)I\37QT^]1)<0/>'G?\KG$`:5W$G4UTU-#2NBN>U>#&TK[
M*S-7L5BI,-K=_P"2GE!MQ&SUR?L2M_-3?)KQNWQI]^R)7W=/:0L1;:79=ILE
MFYB2KIL\9HK+"=!4A&ZH2`:@:[0/L(/]"JVYC:`X`[]C13M5K@>M>AIX+'^U
M_!+R6\A:+#5K9#GQ_I3_`%)XW6[Q\UL.OIZZR<)LIS=YK3ZLQ;[ZTEM>1"^N
MJLQ@M2)@QJS$;*";Y^*AY(Y&R8*V;*UAJ*FKJ^[K_7UT5X[J&)Q<S>0YU36F
MFAT&NIJ>NFB^C%&U)/U?R1W_`+C>/H=6M[7HF@ZO`1S15X,RQ?ZJ-MG\]7ED
M%6*+%)J])>V8-!176.?V5?<*GVD[\9<"QK>X)^^BXCI088HZ'<TNK\:?U+32
MP>!^U!L7E7,4S8U)B6]RI&WXSQ2:3,$I.M=5VOR4?P]PWZ[MT/*Q,G"'83MY
MJS3\L6:(/#M6+]\"B"G((J9!(/DJWN*^VG1<H749;`'--01N]H;HVGP/W!6-
M1_!KR";;2EKY84M=UV(L^QO#S8TE&.?(W?7D#:(=?QJO>P9FPQ(7C;U%9S%C
M"UPMW!9D*8P[".<-P:%9]ACO329&T`UT![`=?<KNN8BS:*DAKA^$-'S`=@>U
M/;56M)_3O\CMAZOU;X\WFT:>J.K=,Z0\D]#PEXJ4]=K3>[LRW)K.0U]4;_*5
M21IM.AJ@M7TCHGDH!*7E2//=5%*32`A"*3YK`YSP#N)!^PU4_50M<^1H<7N<
MTT-*"AJ16I^!I\%MKXB>+EPU%L*Z;/V%`5ZNV"8HE;UQ&HQ7DQY1>3LC)1D-
M,R<Y(2CVT>1$HS1JT.Z?.TACX)A$+*QXBX,I*.??]LE'O#@`TZ>X#]"P3S-D
M8UC"2*U_"UOW-Z^^OP5'H_Q`O.MO("<VQ8)BDR4'),O-)HU9QSB6<3"/_M27
ME%7]W5,ITWL$U:$3CJM$':R@%7'L?"4B(+I<JA)D!;M[Z?<**9)V/C:QH-1L
M_P!5M#]_1=JPT/Y+:W\!=*^.&GK?1XG=FO=8Z/UC9+>>SS5:A%(2E,JS$;,_
MR1;AUO>92"F;%7XIXRB)->NKJ1ZCLCOV"K(D*#S&&1SG`[22H\R%]S)*]I\L
MDFE/LJ*CXZK'T5XP;OJ\3H^X4#5'CS0-A^/6TKQ;XO7Z&]=JW>M;D@MH:WG:
M+>9+8>\;/HYIL6.V6YD9I&3"6>0=H5?&C2HN50!Q[C:V]AW`N-"/#I\*JYFC
M)D:Z1Y:X`5H!2AJ*"M*?8KQ#Q%V(X\7'NK9&PTP^U;QY2TGRAV"_9*S:-$8S
M?_M8-*\EKQ5ZFX7C%YYW&1$!`+P\.NZ;(JOEDD57(-@54%*-XW5'2E/NHJBX
M:)@^AV!A:/'\):*_TKJ_*#QH\A][3EIJ!5M'637=BL%1L6J]MW+YR"WCX>O8
MO_+)K2^TY'5C6[TMXL$A)UL)2)D7EH@5V+Y?V7GS[%$C<TM<T4-37[C[]5,,
M\,;0:.#@#4#H[K2NNG6AT/VK<&F2VU[7&;?8VJ)AZ*^CK[<JOJF=8M7LHE*4
MM"'BPJ]WEHB9,U%Q(%FW;M-=N'MM'`,P,B8R*I%3U)I2A[+`X1-,9%2*`GW]
MPOCPU^FSY26/_+@76>U6PE8KQTG-,SEH4WIO':C"PW:&V3H/<5.OC#5UJH%7
MHFNM<7"W:-+&3-$JY(=C&0\JJ*#Q\**#8F7S6BM*]:]![?Z^JYWUD`KM#OQ5
MZ`:4(I4&I(!K4UJ5MY<-$>6^Q;;2=]3T1XU5_:.H=K5"^433\59+9-TNUP\-
MJO=&J;0QO.^E-2UVZHS<NRW0O(02H5*2:5M>,(F5%S\^[6)4/:*C6A']7;X>
M*P-EMV-=$-^QP()[]0105IVUUU^"Y::%\M*ILR(\D("/\:[3MF=INU*#=-7O
MYJUZ\UY582_W^NWRM25:V57=6V6PWR=JJM>*UG'$E6HIQ;/=(O[L:+5)`[>T
M@MJ:>*>;;N9Y3MXC!!!ZDT%.E=/90Z+&>O\`Z9]@J>GO(/4LA?JHZ=[:\8M)
MZ5@+RRK[P#Q]KUNYVS8)UQ+U%P;VT]:/;5?6A4(9*37,XB456RQTQ`AS29:E
MIIT)/Z%=UXTR12!A^5Y-/?3[]%7;!\4/*_?6QGFRMFLO'37KHE*\?Z5'0%!N
M^P+G[_\`PC\N]4>0EDFY&Q3>JJ4L5M.UVDOFT7&E9*?(.U$DU7*Q%E7",![0
M*`D]?T41MQ!&T,9O.I.H`ZM(\3XZJY;OX/6ZP:EHE$>3<&T0K'DAYE;GN#JI
MC(*6![2_(O7WF%4X=I3DG$8P1?[!CS>042=5)VJT:>XT<`5T?L2]V`\`D^P#
M[*?U*!<M$CG`'5K0*^(+>OLT*PCX5V39FU/)G0SZ6@ZA_E+QK\,]HZ7F9ZG4
M_:E2,ULMCN'C6G78^[1&S-?48M(N$]&:RD5O\H1J]@1KX1S@RDHN5TVYL_:U
MCM>KJ_I5[D-9#)0G<]X.M/;TH34:]=*UZ+83=WB!M^_[3W+=*G,ZW0BK;:O$
MS=-$&RRMG*J.T?%&XQE@84"]5R.K#IFMKJ_1[94BDTUD57\0[]I4D6[]H.:"
M5H#1KW'VK%'/&UD;75J`X'W.[C7J/#[UG[QXU/L^N;`WKN[<:-#K]ZWB\UVV
M/0=:3\Y;ZG4*]K"NR$%"&6NUBJE#D[=9YQ:9=+/77Y'&I)($:MB$4!`5E*/>
M"&M;T"Q2O86Q1QU+6UU.E:^S7]*T]TY]-.*CMAT*P^0]7TKMZJ4OQ6;Z20A)
M:'6MBC2\%WGL793F?B6UEK#9HWB%JQ<46OO@HFZ%R10@I>V!5#6=*:':2#6O
MW+D27GR.$1<UQ?7X;0/TA8D=_3,VO7?\K.:T[K-S;U;6FQ_'6OTYSY0>3WC_
M``-;TX;=5_V#I2;<3>CF+>:O3JN4N[$A9^JR:9&;PC!K\I+H^R)UK>:TUKXU
MZ`ZTUZJ_UD9K6HJ0ZNUIUH`>O3I4'[E?D!]/W;M"N^N(_6ZNL*)3JI8=$/IO
M9-'VEO>O.9VDZEKE%K4_1K1XLVPVSM4["MEAA:<I'1E[?69K9(9DX:*`99U&
M%4>096D'=4G7L._MZ_!5-U&YKRZI<0="!U).N[0@>(I0_%8VI'TQ]UT6CM*1
M7)ZDQ<WJ73UYUMJ3;%C\@/)W:ZMS>V6*CZPV=/=$["=/M*>/;"8J3=RWEB1#
M*XI(O7"+B.;MRLTTCR96DUIU.HH!]_4_<K.O8R[<0:.()%&BE/:-74/3I[>J
MO*F>`N]5=XQ&R;K':PC:F?=OC9NR4@Y+R&WMY$VN-D-%U'?E9=125QW'06DO
M973N2V;%RL>X%:*9L3ME&Z;,@I$<N(,K0V@)K0CH!UIX>Y4==Q>66M+MVUP_
M"&C6G8'3HME:?X_>0U%O5CJ,*IHUYI"U>4UA\GI/85C_`#JP;6:H6>U_Y[D]
M91FLI&EJT]M,HV(H-&%S"S@YC8D2^Q%@[126"CI&$`Z[J4_Z:_T4^*P.EB<T
M..[S0S;3MX5K6OPIU[T4WQZ\4;OJ"-\&FDW+T]VIXQ>+NP])7@T(O*G3FK3<
M4M$"WDZN+N%8F=08.-7/SN%'8,W`BN@()&$RGMTD>'>;_:=7]/\`6DL['_4T
M!^=X(]PW=?M6^@FYZB.8*^"XBDF/ST#I]_Z>F0B@R":(H1'*^]03X*68W'WC
MA54H1Y]<=$4(CE:U4$]@H!,`?K^S"JI?KU'U_JR"58"GO6$;EK>:L6[M*;+9
MO(Q*%UK`[;BYIFY5=%E'B]^94YM$GC$DFBK55)J>NK"X%59(2@<G8!^3=K>!
M&]IZDC[JK*)`V*6/NZGW57SE?^"N^+-!TG7MG/I,*'JNF;"U_`O"V:W3TGL.
M'O7E1XS[T6D[76G^N(Z'JI"4[2;Z-5C$GDVFJ^<IB+GV%#BEF$\8+G#=N)!]
MU&N'C[?8N7]7"TN<W?O<0>@THUS=#774^S17=LWP2O\`9[+M29J$OKF"C;)8
M=I6NF0JAIA@S;R%E9>%LA68J60C*\HA$LG]E\9Y<LFX:E=':HRC=PDBZ5%9$
MD-G:T,#JGI_UO_658[MC6QAX<2`T$^[?7OX.%/<L_0>F=OSNK_+N+V`375?O
M'DD]M3Z`AZE9+)9ZO44IGQ^H&H8V/F+3+TZJ2DPJWF*@LY7=(0Z!3-UB=B'>
M`ES$Z1@="17:W^LGI4_I7'?-%YEML+BQE*U`!/S$]*GQ\5K.R^G[L-A)1I"W
M:IKU.EW/QNN^LZL=><3:5F8AM\^/NY_*-RL(1*C==6U/-")JU8Q$BJ).)J01
M<G;HN#'"QNFT/RG<0X'_``N#?LKK[@LYO8Z'Y3N(<"?'Y7-9]F[7W!8ZLWT[
M=S677L-KD0T%$$UCKRUZ_KEO^9LTL^\@0N&V-57]U+[U@/\`(L3^0,F['7*R
MLA'-Y*R#,S3\%P=LDTSE7LVZ8'EWS:D&G[-`1IK[?90>*EM]"UY?\YW.!(T^
M6@(^4U]O6@H/%71L_P`%MT;;9[5GED]+ZMGMEPFS8!+75/LEGG:%7QG_`!)W
M'X^5ZSC8QUM3G4K8K!8]DLW$P8L"T^5AHM!),[U5$H'AMS'&6#YB`1J>OX@Z
MG4^&FO7P5([R&/RVU>YK2#4@5/SM<12IT`&FO4]ED/5?A=>Z'Y%1^PY9]5IN
MJP&U]J;?CKHXO%R<7=\XVA5;57#T@=>-JQ"UV-3@2V<B(S#NPS+5W&QC=(L,
MW=?+O&&&2X:Z(L%=Q:!2@IH1K7X=*#W^.*6\8^`Q@$.+0*4%-"#6M3X=*#4]
M>QF[/\,MI7ZT;:W.QVTXK^YWFRZ!==-0C*1:EU8S@]&JH.-45J^*KT5[=&X3
M2LC823BD6X%-)"T/$2)NTN\CB8YV,;&PL_AT(/C\W4C6GA3W!1'=Q,;%#Y58
M=I#C^M\WXJ:T\*5\.RTKF?%'>EG\3;T=WJS7]+<4>C_4#L,"6HM+([WEN"<W
M)5/("B0.OK)45*5!I,8=\I=&DQ\RG,RZDX[C(@R;-KV@9//]1$V=AWDU+.O0
M4+36M?93H*:ZKEBYA;=,'F..YT8UIM:&EI)K7V4Z"E3JOICX^:1O5+VALC;%
MU@-7Z[-;M>ZKUC%ZWT[*R\S4S--7/[[($V!+O96FT'V+)84KR1@1@G'KA&QT
M6@D+]WW![.OFE8Z-C&EQH2:GKK33J=!2M>]>@6ON)F.CCC8YSJ.)J[KK33J=
M!2O74GH%MZH;X?;Z_I]^<5<5H[E4XCSD%2350".1T"QDU4HX\=/MR!XE%*RM
M=47_U_7B`\#S^_/)`5U`A3O4,E.H7(#\,L"H'@IQ!^'[O[LN==5*F`/&0%(-
M%,*/`_IZ9D&HHKJ>`X![(H@R58&JF%-P//Z"&6&JO^(4*JRFY`!^`X&BQ]#0
MJ/+@T4KD!XS*#70HIQ1Y#[\@BB*8`Y(*L#51E-Q^KXY?J%*G`.5Z*0:+D0$1
M^[C)ZJ2*]%R`#D[2$`*CX'[LR`%6HI@$'[0_3]F*T5AJHRE,'V9;JE">G53.
M!R`T]E-"HR@(_9_;EZ$*=WBHNP?M`!_3[LMJFA48`;X\?K#)`JHH5&`"(\<A
MDT(Z*=5'V&^[`KW4J/@_VA^G[,E30J8`#^K^G)HI`*B`IA]!#)U353`*</00
M#]/U9(JI40%4'T$/Z/[LG4(IH`J'0>./N$,FAZHHN%/M#]/V9/S>"*,I5?4!
M`?VY**:'N?$0#]W]V1JBYX4^T/T_9EQN11<*?:'Z?LQKX*=4_F?]'&JG51?C
M^/'[_P#1D:J/F7/XOMR=5.JB[C_;^G[L:IKXKGN/_M!^[_1C5-5SR?\`VB_O
M#&O@FO@G)_\`:+^\/[LFI37P7/\`-^T/T_9C<4U\%QR?_:+^\/[L;BFO@G)_
M]HO]']V-SDU\%QWG^T/W?Z,5<FJX[S_:'[O]&*N35.\_VA_1BKDU7`G5^';^
MW_5D:IKX*'O6^TO[L:J/F3N6_P!HO]']V-5.JA$5/B8!_3]6-?!1N4(BK\.!
M_=QE:N2J@$RP>HE_HQ4]DJ5#[BWVE_=D5<E5`*C@?3M#]P_V8J[Q4*$%5@$.
M\2\?$``.?3(!)1#*&'XXK1%+,J(=.>?W9%:HI`B(^O\`HR$4(CE2?!*T4/.0
MJDU4LQ_@'[\*%+P31%`(Y7KU52?!0&-Q]X_9_?A0I?WCZY4E7`HN!'*$^*@G
MP4`CQE>JJ33WJ2(\Y;H@'VJ`1ROM*J3V4(CE"5'12Q'CJ.4ZJJE"/(\Y;H%"
MEB.8R5!/92S&XZ!Z_P!6`%52L./V(N,Q$HI1S<!S^X,KU4`;C[%2F']_QR"L
MATT"@'(5">R@$>`YR#J552!'XCD$_8H4'WY15]J__]#UW@.>1#0KJ`/932#\
M,NG0U48_;@*".ZB`?B&9`5(U4\!Y#G!T11@/PR058'LII#?`?V9;KJK*:&6!
MJG11@.%<'NIQ#\?J'^@?MRW52X;A4=54@/PR050'LHLN#V4J(!X'G,G4(IP#
MSU#*]$48#EP5<:J84W'0?3^K+$5U"*<`\94%2#119D!5E&`Y8&BL#V*C*;C]
M66(JIIW'530'*]$!JHP'+`JX/BN?O#H.9`4(JIA3`/3T'[/[LE448#CW*0?%
M198&JLI@'X]>O]?^G"*8`_$,(H@')J1[E8%198&JE1@<?CUPBF@;X@.35%,`
MX_')'L**,#`.36G5%%DHHP./QZX11`<!^["*,!^S)J47/.34*:E<\Y.GBF[V
M)SA34+G"E,(F$3")A$PB81,(F$J%QSA14)SC3Q4;O8N.<BH\%%2N!'CU'(J4
M4`G#X<CD(H!.(_=A%#@FB*$3`'^C(U/1%+$XC]WZ?;D:>\HI8F`/7]V14E%*
M$XC]P9"*'()HBA$<C4J"?!0B(!ZY"JI1C"/ZOLPB@YR"?!%"(Y"J37W*68WP
M#U^W[,*`*J#*DJX%%"(Y0GQZJ"?!0"/&5ZJI/8=5*$><MT0"B@$<K[2H)[!0
MB.4)5>B@$?B.4ZJJDF-S^KX9;H%"@$<H2H)HI9AX_7D`555)$<DFFB+C,1-4
M4!C``?<&4*CJ:!4IS<CS^['19`-H]JE#E54FBAR">RHI)C<_JQT'M12A',9*
MJ2N,*%__T?7:`YY"#V73@>ZC`<L#V5^H4XH\AEE`\"N?0<D%1T*F%'@?NS(-
M=%*G9"E1@.6!5@:J<4W/Z_TZY/34*5,`<MU4@T40#QD@JX-%4)G_`,(_L'^S
M)4.;W"J`'G)!4`U7.9`?M11E'@?Z\R=0BG`/Q#*=$48#EP5?JIA3<=!],L17
M4(IH#QE05(-%%F0%640#ENG16!\5,`W&6T*DC[5-`><KJ$!^U1`.6!^U6!\5
M%EP5)%5&!_\`:_?_`*,LJ$44P!P@-%$`Y(/BK@U7("(>F2BF@<!]>@_T811\
MX4@T47.37Q5J@KG]66ZHHP./QZX13`,`^@_LR02$48'$/]/Z<Y.B*,#A\>G]
M.3KVU11@(#BOBBYR440','W_`*\(H@/]H?NPBY`X?>'Z?=SA%SW!]O\`9_7D
MU**+G)W%$Y'(JFOBN><G=[$U\4YQ7V)4^*XYQN]B:^*<XJGQ01X]1`,BI10]
MP?;_`&_U8J?%%P)P^\<A%#WC\`_M_NPBX$QA^/[NF$4.*HN!$`]1R*^`10"?
M[,C7N44`F$<BH'0(I8F`/C^[%244`G$?N_K_`'Y"*#!("E0\Y6I*J2%QSD*"
M:J6)_L_?A0I8CSU''1%"(Y6M?<H)HH1'XCA5ZJ6)N>@>G](_Z,A2!50^F5)^
MU6T"A$<H3]J@FON4`B`9`%54GL%*$><MH$`4`CE?:54FJA$<H2HZ*`1^(Y3J
MJDU4DQN?U9;H%"@$<H2H)HI8CQD`555*$1'KDG30(H<QDHH1'*$]E!/94QS\
M_J#^D<A7:-HJ>JDB.54$]RH!'!-%0FJEG-\/W_W94>)121'*DJI/90B/`<Y"
MA2>X>>?CSDZ5IV4+_]+UUAGC_M73`5&`Y;VA7!HIA1X_5EP5)'VJ;ZY*=0N0
M'X98%0#V4TAO@/[,OUU4J9D*5,`>.H9<'MV5E/`>0YR>A4J(!RRD'LHP'`*R
M`JI(?GH/J'].2J.;34=%.`><L"@-5SEVE%&4W'ZLR=0BG`/Q#*=$!HHP'+@J
M_51E-QZ^G]66(KJ$4T!RM:*0:*,!RX*MU40#E_:%8'Q48#QEM"IHIH&YRI%$
MKXJ(!R0?%2#11\\Y<'Q5NJY`1#[P^S^[+*"/!3`,`^G[OCDJJB`<=.BD'Q46
M35648&$/O#)13`,`_<.$47.%-2HN<FJL"%SDU!4J(#"'W_KR5"C`X?'I_3A%
M&!OL'^_)J440'$/T_0<5'@BB!3[0R?<Y%$!P_5DZ^"*+D/M#]^*^(1<XJ$3)
MJ/%$`1#T']V$7/(_:/[QPB<C]H_O'")R/VC^\<(N,51,5'BB9%0BX[@^T/WX
MK[$4(G#]/].-44/N?=^G]&1[RBA$PC\?[,BH\$4`F#XC_;BI10"?[`_?D(H!
M,(_'"+C(J$4/.14E14+@1R%!)*@$X!Z=?ZL*%+$1'U_T810\Y%?!.BAYR%4E
M0"8`^\?LPH4`B(^O[OAD55@/%<".4)4DT4`CE"?!5)\5`8W&`%7K[E*$?MRU
M:=%/10B.5K3JJDU4(CF,E16B@$?B.5ZJJDF-S^K+:#WJ%`(Y0E0310"/'4<K
MU55)$>1YRW0(H<QDHN!'*$H2J=0_P#]H_P!F0I:WN53B/.5)JI)JH1''18R:
MJ`QN/UY7KJ>B*0(Y!*@Z*#*JJE&-S^K)Z>]0I?/7*5U457__T_75GCZZ6H@R
M6JZF!^G/^C+A7[!3B^GQ_3]>2JCJ4^/Z?V98*.ZF%]?W?;S_`$9<*RGX4J(,
MD*0II/CECT"E3<D*5%DJZFD]0]?[?V9/92>BJ@R0L8ZJ/+!77.90H4PGQ]?Z
M./Z?C@H%,#UP%(ZJ/+A64TGI\?V^G[,@]44P,D*0H@RX5E$'[<MW5@I@?#_3
MS_=DFOM^Y"IH952%R&6'12.JC#]O]&7'163X_']GKZ98*KE.#]O[>/[,*%R&
M%(466"LN<E%-+Z?XOV\<?L^/&$46$40?MPK#XKG]_P#1E@I7.2B8130Y_P"G
M^WM_MPBCPB9(^*+G+?:BB+\?XO\`T?[<%%$'/_2_;Q_;D?8BYZ_]+_U<C1%R
M'/W_`+>W^S")^_\`HR%&OM7'7[__`%<E2G7_`*7_`*N-$7`_^G^SC^S)^Q%`
M;U^/[?7)'1%#C[43*E$_3].<A%+-_P"GZ?=Q^WC"*7A$PBX_?_1E2FJA'(52
MN,*%`;X_Q?T=OK]V$4O"+C*E%#A4*A'T^/[..?Z<A%*#!5FH/[?Z,J5*@'*%
M54(Y55<I0_IZ\_TY;7V_<I4`Y"J5".4/50H!]<H54]5*/Z_'^CC]F2%"@P>J
M*`?V_P!'/]V8RJ]U*-\/7]O']'&2%"@R#W10YB4J`WH/KZ?MR.ZIW5(;TR"L
MNM.Z@'(5#T4.05523^N1V"A2A]<H>JJ>JA'T'_3_`&=<#JH4@?C_`*<@]T[*
%#*JB_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>17
<FILENAME>g652797s0001_652797.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g652797s0001_652797.jpg
M_]C_X``02D9)1@`!`@$`8`!@``#_[0664&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``8`````$``0!@`````0`!.$))300-```````$````'CA"24T$&0``
M````!````!XX0DE-`_,```````D```````````$`.$))300*```````!```X
M0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!`&QF9@`&
M```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4`
M```!`"T````&```````!.$))30/X``````!P``#_____________________
M________`^@`````_____________________________P/H`````/______
M______________________\#Z`````#_____________________________
M`^@``#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0`
M````.$))300:``````!Y````!@``````````````"P```!<````,`',`,``P
M`#``,0!?`#8`-0`R`#<`.0`W`````0`````````````````````````!````
M```````````7````"P``````````````````````````````````````````
M```X0DE-!!$```````$!`#A"24T$%```````!`````(X0DE-!`P``````NX`
M```!````%P````L```!(```#&````M(`&``!_]C_X``02D9)1@`!`@$`2`!(
M``#_[@`.061O8F4`9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48
M$Q,5$Q,8$0P,#`P,#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+
M"PT.#1`.#A`4#@X.%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,
M#`P,#`P,#`P,#`P,#`P,#`S_P``1"``+`!<#`2(``A$!`Q$!_]T`!``"_\0!
M/P```04!`0$!`0$``````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0``````
M```!``(#!`4&!P@)"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3
M(G&!,@84D:&Q0B,D%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#)D235&1%PJ-T
M-A?25>)E\K.$P]-UX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=7
M9W>'EZ>WQ]?G]Q$``@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!
MD12AL4(CP5+1\#,D8N%R@I)#4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%539T
M9>+RLX3#TW7C\T:4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G=X>7
MI[?'_]H`#`,!``(1`Q$`/P#<R<O,LJNQL@/]-N6_T\9K'-DE]6VY[_M7J5UT
M69%>134S]%Z[ZZ=_L6SZ^=?T2IMF39:[)LV'*HI=ZK*V']*Y[,%^5MOL]/T_
M9Z7H^K]#]$L+J$?:OT&WU/M-6_;.[=Z]O](^W?J_VC=_H?U?[5Z_^"74_5_U
M?LU_K;M_VBZ=WI_ONY^R?H/5_P"Y'_#^HDISND9I97>19D>[+R2X-Q+2#+[!
MO>?2_-^EZ?T_S$EJ=$_F,G_PYD_^?K$DE/\`_]DX0DE-!"$``````%4````!
M`0````\`00!D`&\`8@!E`"``4`!H`&\`=`!O`',`:`!O`'`````3`$$`9`!O
M`&(`90`@`%``:`!O`'0`;P!S`&@`;P!P`"``-@`N`#`````!`#A"24T$!@``
M````!P`(``$``0$`_^X`#D%D;V)E`&1``````?_;`(0``0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#
M`P,#`P,#`P$!`0$!`0$!`0$!`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#_\``$0@`"P`7`P$1``(1`0,1
M`?_=``0``__$`&H``0$```````````````````D&`0$!`0$`````````````
M`````0(#$```!0($!0('```````````#!`4&!Q(6`A,7"`$1%!48`"(R0B,S
M)28G$0$!`0$!`````````````````2%!,?_:``P#`0`"$0,1`#\`4J2Y:EUQ
M-B28MDLH[,#<1=W+V$:,'H4;O5N\%A;6).B8!*D-SN47=&&ZVFT(O=TQ)3O;
M"&E&06\4=BFGI`Y[JR0.3&\)9@?4Y/\`V5LA(=,W2(]5"7GZ59RG/4*[>76%
M++#C5DJ1C&^E)R-O:T]9U3TR4'8>99I%#,IHC?X-XVNX<!DB"<2S(0I,E\1^
MT2:!4!"E<P$ZMR`H2ENSW9J*F0;FQ"=5DH>,K4F/TB37G$HA1&9%3S208Q%3
MPZ2`,"IE397`2'!IX#E^(O,?_]!(=P.5J:)IYV*Y?*"&>_VWUMS7/Y0RCT6K
MOE%_)=6^[\J;:_4+[[WU7XRKU'2'KV!75IK*5Z7'<'D=//4]_P!&<[*U+<65
MW#0'^8WY77=_2?6NSN.9[<KU6*IME%-CS7RHY^8V\2JG,JJ\AW_]ROVUT\O@
*]M/+YJO0O'__V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>18
<FILENAME>g664206g62a81.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g664206g62a81.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@!/`+&`P$1``(1`0,1`?_$`0<```(!!`,!`0``````
M``````,$``$"!P@%!@D*"P$!``("`P$!`0````````````$$`@,%!@<("0H0
M```$!0$#!`L(#04(#`P%!0$"`P0`$04&!P@A,1)!47$388&1L<'1(C(4"1FA
M4Q5FEM;7*?!"4G*2(S.3%A=8J%GA@I25&/%BLM)#)"7'PF-S@]-4A#6%)S=)
MHC1E)E=G=Z>W*`H:1'0V1I?BPT5UAQ$``0,"`P,'!0L)`PH$!@`'`0`"`Q$$
M(1(%,5$306%QD2(R!H'1DA05\*&Q4M+BDR14%@?!0F)R(S-3%PB"0W/AHK+"
MT^,T9%4)@[-$-_%C=)0E-3:CP[1%&"C_V@`,`P$``A$#$0`_`-A?:DZ^OVBZ
M[\C\:_,N.1X$6[X44]J3KZ_:+KOR/QK\RX<"+=\**>U)U]?M%UWY'XU^9<.!
M%N^%%/:DZ^OVBZ[\C\:_,N'`BW?"BGM2=?7[1==^1^-?F7#@1;OA13VI.OK]
MHNN_(_&OS+AP(MWPHI[4G7U^T77?D?C7YEPX$6[X44]J3KZ_:+KOR/QK\RX<
M"+=\**>U)U]?M%UWY'XU^9<.!%N^%%/:DZ^OVBZ[\C\:_,N'`BW?"BGM2=?7
M[1==^1^-?F7#@1;OA13VI.OK]HNN_(_&OS+AP(MWPHI[4G7U^T77?D?C7YEP
MX$6[X44]J3KZ_:+KOR/QK\RX<"+=\**>U)U]?M%UWY'XU^9<.!%N^%%/:DZ^
MOVBZ[\C\:_,N'`BW?"BGM2=?7[1==^1^-?F7#@1;OA13VI.OK]HNN_(_&OS+
MAP(MWPHI[4G7U^T77?D?C7YEPX$6[X44]J3KZ_:+KOR/QK\RX<"+=\**>U)U
M]?M%UWY'XU^9<.!%N^%%/:DZ^OVBZ[\C\:_,N'`BW?"BGM2=?7[1==^1^-?F
M7#@1;OA13VI.OK]HNN_(_&OS+AP(MWPHI[4G7U^T77?D?C7YEPX$6[X44]J3
MKZ_:+KOR/QK\RX<"+=\**>U)U]?M%UWY'XU^9<.!%N^%%/:DZ^OVBZ[\C\:_
M,N'`BW?"BGM2=?7[1==^1^-?F7#@1;OA13VI.OK]HNN_(_&OS+AP(MWPHI[4
MG7U^T77?D?C7YEPX$6[X44]J3KZ_:+KOR/QK\RX<"+=\**>U)U]?M%UWY'XU
M^9<.!%N^%%/:DZ^OVBZ[\C\:_,N'`BW?"BGM2=?7[1==^1^-?F7#@1;OA13V
MI.OK]HNN_(_&OS+AP(MWPHI[4G7U^T77?D?C7YEPX$6[X44]J3KZ_:+KOR/Q
MK\RX<"+=\**>U)U]?M%UWY'XU^9<.!%N^%%/:DZ^OVBZ[\C\:_,N'`BW?"BG
MM2=?7[1==^1^-?F7#@1;OA13VI.OK]HNN_(_&OS+AP(MWPHI[4G7U^T77?D?
MC7YEPX$6[X44]J3KZ_:+KOR/QK\RX<"+=\**>U)U]?M%UWY'XU^9<.!%N^%%
M/:DZ^OVBZ[\C\:_,N'`BW?"BGM2=?7[1==^1^-?F7#@1;OA13VI.OK]HNN_(
M_&OS+AP(MWPHI[4G7U^T77?D?C7YEPX$6[X44]J3KZ_:+KOR/QK\RX<"+=\*
M*>U)U]?M%UWY'XU^9<.!%N^%%/:DZ^OVBZ[\C\:_,N'`BW?"BGM2=?7[1==^
M1^-?F7#@1;OA13VI.OK]HNN_(_&OS+AP(MWPHI[4G7U^T77?D?C7YEPX$6[X
M44]J3KZ_:+KOR/QK\RX<"+=\**>U)U]?M%UWY'XU^9<.!%N^%%/:DZ^OVBZ[
M\C\:_,N'`BW?"BGM2=?7[1==^1^-?F7#@1;OA13VI.OK]HNN_(_&OS+AP(MW
MPHI[4G7U^T77?D?C7YEPX$6[X44]J3KZ_:+KOR/QK\RX<"+=\**>U)U]?M%U
MWY'XU^9<.!%N^%%/:DZ^OVBZ[\C\:_,N'`BW?"BGM2=?7[1==^1^-?F7#@1;
MOA13VI.OK]HNN_(_&OS+AP(MWPHI[4G7U^T77?D?C7YEPX$6[X44]J3KZ_:+
MKOR/QK\RX<"+=\**>U)U]?M%UWY'XU^9<.!%N^%%/:DZ^OVBZ[\C\:_,N'`B
MW?"BGM2=?7[1==^1^-?F7#@1;OA13VI.OK]HNN_(_&OS+AP(MWPHI[4G7U^T
M77?D?C7YEPX$6[X44]J3KZ_:+KOR/QK\RX<"+=\**>U)U]?M%UWY'XU^9<.!
M%N^%%/:DZ^OVBZ[\C\:_,N'`BW?"BGM2=?7[1==^1^-?F7#@1;OA13VI.OK]
MHNN_(_&OS+AP(MWPHI[4G7U^T77?D?C7YEPX$6[X44]J3KZ_:+KOR/QK\RX<
M"+=\**>U)U]?M%UWY'XU^9<.!%N^%%/:DZ^OVBZ[\C\:_,N'`BW?"BGM2=?7
M[1==^1^-?F7#@1;OA13VI.OK]HNN_(_&OS+AP(MWPHI[4G7U^T77?D?C7YEP
MX$6[X44]J3KZ_:+KOR/QK\RX<"+=\**>U)U]?M%UWY'XU^9<.!%N^%%/:DZ^
MOVBZ[\C\:_,N'`BW?"BGM2=?7[1==^1^-?F7#@1;OA1>?W7)>^I?G"?XT3QF
M<_45-';CU%3KDO?4OSA/\:'&9S]12CMQZBIUR7OJ7YPG^-#C,Y^HI1VX]14Z
MY+WU+\X3_&AQF<_44H[<>HJ=<E[ZG^<)_C0XS.?J*Q<[)W@>HJG7)>^)_AD_
MQH<:/GZBL.*WGZCYE.N2]\3_``R?XT.-'S]13BMY^H^93KDO?$_PR?XT.-'S
M]13BMY^H^93KDO?$_P`,G^-#C1\_44XK>?J/F4ZY+WQ/\,G^-#C1\_44XK>?
MJ/F4ZY+WQ/\`#)_C0XT?/U%.*WGZCYE7K4O?$_PR?XT1QH^?J*S:<PJ`:=!4
M%9(/\JG^&7QQ/&9S]168:X[`5.N2'_*I_AE\<.,SGZBA:X;05.M2]\3_``R>
M.(,\8Q->HJ*'<>HJ=:E[XG^&7QQ`N8CA4]1\R@U`J0:=!5.N2]\3_#)_C1EQ
MH^?J*U\5O/U'S*O7)>^I_AE\<8>LP[SU'S+.JG7)>^I_AE\<;!(TBN/4IJJ=
M<E[ZG^&7QPXC>=*J=<E[ZG^&7QPXC>=*J=<E[ZG^&7QPXC>=*J=<E[ZG^&7Q
MPXC>=*J=<E[ZG^&7QPXC>=!B:#:IUR7OJ?X9?'#B-YUED=N4ZY+WU/\`#+XX
M<1O.F1VY3KDO?4_PR^.'$;SID=N5>M2]]3_.$\<99V;QUK`FAH=JG7)>^I_A
ME\<1G:LPUQ%0,%3KDO?4_P`,OCB.(WG3([<IUR7OJ?X9?'#B-YTR.W*=<C[Z
MG^&7QQ(>T\W3@IR/W*=<C[ZG^&7QQ.9N\=83(_<IUR/OJ?X9?'#,W>.L)D?N
M4ZY+WU/\,OCC'B-YU&1VY5ZU+WU/\X3QQEG9O'6L*J=:E[ZG^<)XX9V;QUA*
MA3KDO?4_PR^.(SMZ4JIUJ7OJ?X9?'`/9OITX)53K4O?4_P`X3QQ.=F\=82H4
MZU+WU/\`.$\<2"UQH"*](2H4ZU+WU/\`.$\<9$4%26TZ1YTJIUJ7OJ?YPGCC
M#.S>.L)4*=:E[ZG^<)XX9V;QUA*A3K4O?4_SA/'#.S>.L)4*=:E[ZG^<)XX9
MV;QUA*A3K4O?4_PR^.&=F\=860!.(!4ZU+WU/\,OCAG9O'6$RNW%3K4O?4_P
MR^.&=F\=83*[<5.M2]]3_#+XX9V;QUA,KMQ4ZU+WU/\`#+XX9V;QUA,KMQ4Z
MU+WU/\,OCAG9O'6$RNW%3K4O?4_PR^.&=F\=83*[<5.M2]]3_#+XX9V;QUA,
MKMQ4ZU+WU/\`#+XX9V;QUA,KMQ4ZU+WU/\,OCAG9O'6%!PVU4ZU+WU/\X3QP
MSLWCK"BH4ZU+WU/\X3QPSLWCK"5"G6I>^I_G">.&=F\=82H4ZU+WU/\`.$\<
M,[-XZPE0IUJ7OJ?YPGCAG9O'6$J%.M2]]3_.$\<,[-XZPE0IUJ7OJ?YPGCAG
M9O'6$J%.M2]]3_.$\<,[-XZPE0IUJ7OJ?YPGCAG9O'6$J%.M2]]3_.$\<,[-
MXZPE0IUJ7OJ?YPGCAG9O'6$J%.M2]]3_`#A/'#.S>.L)4*=:E[ZG^<)XX9V;
MQUA*A3K4O?4_SA/'#.S>.L)4*=:E[ZG^<)XX9V;QUA*A3K4O?4_SA/'#.S>.
ML)4*=:E[ZG^<)XX9V;QUA*A3K4O?4_SA/'#.S>.L)4*=:E[ZG^<)XX9V;QUA
M*A3K4O?4_P`X3QPSLWCK"5"G6I>^I_G">.&=F\=82H4ZU+WU/\X3QPSLWCK"
M5"G6I>^I_AE\<,[-XZPLLKMQ4ZU+WU/\,OCAG9O'6$RNW%3K4O?4_P`,OCAG
M9O'6$RNW%3K4O?4_PR^.&=F\=83*[<5.M2]]3_#+XX9V;QUA,KMQ4ZU+WU/\
M,OCAG9O'6$RNW%3K4O?4_P`,OCAG9O'6$RNW%3K4O?4_PR^.&=F\=82A'(5.
MM2]]3_.$\<,[-XZPL:A3K4O?4_SA/'#.S>.L)4*=:E[ZG^<)XX9V;QUA*A;M
M?_<%Z7OX16"OE387T#QT+[V_H'K7H7W,;]L'N_M(X?\`U`NE\0`?9&8*V@`_
M_JBPN4/_`&#P^]OZ)ZT^YC?M@]W]I5_^X$TO_P`(S!7RHL+Z!X?>W]$]:?<M
MOVP>[^TI_P#<":7_`.$9@KY46%]`\/O;^B>M/N6W[8/=_:1/_N`=+X?]T=@K
MY3V%]!$/O9^B5!\#MD_]6#3F^>H'_P!0#I>$)^R.P7YTO_U187)__P`(A][/
MT2GW"'VH=7SU4O\`]0!I>,8`]D=@O;\9["^@B'WL_1*?<(?:AU?/11]?YI@X
M@`/5'8+$!E,?TGL+9,?_`&$0^]GZ)3[A#[6.KYZ-[??2]_"1P7\IK"^@F'WL
M_1*C[A#[4.KYZGM]]+W\)'!?RFL+Z"8?>S]$I]PA]J'5\]7D]?KI>,8"^R2P
M6$Y[?TEL+D`1_P#03#[V?HE/N$/M0ZOGHWM[M+P_]TI@OY26%]!43][/T2K,
M7@)V7LW@`Z/GJ>WOTO!_W2>"QZ+EL+Z"H?>P?%*V?R\=)B;T"G-3_7"J7U]N
MEXT_JE,%A+GN2PA_U%!$'Q9N:5/\O#'B+T'R5_URKO;U:7^3U2N"OE'87T%Q
MA)XNRMJ65'NYE'W!?]L'H_/5Q?7U:8!,`#ZI7!03&4_TCL+Z"XTM\8@N`X?N
MZD^X#CAZX/1^<C^WETO?PF,%_**POH,BS][/T#U_Y%/\NB?_`%8ZOG*XOKX=
M+II_5,8*V?&*POH,BI]\_P#Y?NZEE_*\_;6]9_VBN]O!I>_A,8+^45A_09&!
M\<4-.&5/\K_^=;UG_:(A/7N:7CE,(>J9P9,O)^D-A[=W_J,@/'(_AGW>1/Y7
M_P#.MZS_`+16^W=TO\0%'U3&#`$1#_\`<-A\HRG_`-AD/OS^A\*?RO\`^=;U
MG_:)@WKU]+Q9?5-X+&?Q@L/Z#8G[\CXA]_S*/Y7G[:WK/RU83U[.F`YA`?5,
MX,*``(S_`$AL,9[0#_T&ASP^_`^)[_\`D3^5_P#SK>L_[1$#UZVF`>(?9-8+
M`"C*?Z06&,Y]C]1H0^_#?B'W>19L_"XYA]=:.OY:@>O6TOB(![)S!>T0#_G^
MP^4?_8=$_?AOQ#UGS+?_`"O/V]ON_MH_MS]+_P#"=P5_7UA_0=#[\-^(??\`
M,I_E>/M[?=_;54_7G:7SE`WLGL%A/D^'K#^@^'WX;\0^_P"9/Y7_`//M]W]M
M%]N5I>_A/X+_`*^L/Z#XQ/C(''U8FO+7;_FJL[\+^T?KS=O/_M%0?7EZ7PW>
MJ?P7_7MA_0?$CQLUHRF(MYJ_Y`MS/PO[(^OM'N_714_7CZ7S@(^R@P6&V7_/
MMA<P?^I#LQ/WW;\0^^LOY7_\^WW?VU</KQ=+P`/U4."Y\@?#EA;1_P#X0A]]
MQ\0I_*__`)]ON_MJXOKP]+YM_JH<%ALG_P`^6%V-G_8A$'QJ'X<$OYJ_Y"G\
MK_\`GV^[^VK_`&X&E_\`A18+_KNP_H0B/O@/LKNOYB?RO_Y]ON_\1%)Z[O2^
M<L_928+#L?#5AC_J1A]\0,?57#GK\Q/Y7_\`/M]W_B*_VW6E_P#A2X+_`*ZL
M+Z$HR^^X^(4_E?\`\^WJ_P!XKQ]=MI>EL]5+@H?^F["#_4E&/WQ_Y5Q\OS5'
M\IR<?7A[_P#M%>3UV>EXQ@#V4^"PG_Y;L,9;)_\`H2A]\/\`E7=?S$_E.?MP
M]_\`VB/[:[2[_"HP7_75A?0G$CQJ&"AB+.;W`*?Y3G[:/?\`EJ>VNTN_PJ<%
M_P!<V%]"<:)O'.4BEN7^79_FE/Y3G[:/?^6K4_77:8#B(#ZJ?!90`-_PS88]
MK_L3"-/W[_Y0]?S%'\IS]M'O_+1O;5:7?X56"OZXL/Z$XV1^.<SJ>JD>7YBG
M^4Y^VCW_`):*7UTNEX2<0>JJP7/;L^%[#Y!$-_ZE(VO\;4:3ZL[K^8G\IS]N
M'O\`RU4OKI-+PA,WJJ\%E&>[X7L+N_\`8I%;[]_\H>OYBC^4Y^VCW_EHGMH=
M+W\*S!?]<6%]"L/OV?LAZ_F)_*<_;1[_`/M%=[:#2[_"MP7_`%M87T*P^_9^
MR'K^8G\IS]M'O_[15+ZY_2\8P%]E;@N0CO\`A>PN]^I6'W[_`.4/7\Q/Y3G[
M:/?_`-HB#ZYK3!,`+ZJ[!0ALV_"EACWL*P^_?_*'K^:K,7X2.+:B_`QW'Y:(
M'KEM,/+ZK#!(?])V&/\`J7B?OV/LAZ_F+;_*-WV\=7^\5?;*Z8/X6."?ZRL/
MZ%X??L?9#U_,3^4;OMXZO]XJD]<IIA.<"^RPP2`#/;\)V&.X)[OU+\L/OV/L
MAZ_F)_*-WV\=7^\1Q]<=I@D/U6>"AV;OA&P_H8A]^V_9#U_,3^4;O^H#J_WB
MH7UQ^F$=_JLL$A_TC8@_ZF`A]^V_9#U_,3^4;O\`J`ZO]XKR^N-TP",O9:8)
M_K&P_H9A]^V_9#U_,3^4;OMXZO\`>*OMB],/\+/!7]8V%]#,/OVW[(>OYB?R
MC=]O'5_O%4/7%Z8/X6F"0_Z1L/Z&8??MOV0]?S%'\HW_`&\=7SU<'KB-,1MH
M>JTP3S?\XV)]#,/OV/LAZ_F*1^#[GX^OMZOGHA?7"Z81GQ>JUP27=+_2%B;?
M_<R$/OV/LAZ_F*?Y.N^WMZOGJ[VP>E_^%O@G^L+$^AJ'W['V0]?S$_D\[[<W
MJ^>K/;"Z8>*7LM<$R^Z^$+$YO_8S#[]C[(>OYB?R==]O;U?/51]<)IAX@`/5
M:X)$!$-OPA8G*/\`[&>2'W['V0]?S$_DZ[[>WJ^>C>U_TO\`\+G!/]/L3Z&H
M??L?9#U_,3^3SOMS>KYZGM?]+_\`"YP3_3[$^AJ'W['V0]?S$_D\[[<WJ^>I
M[7_2_P#PN<$_T^Q/H:A]^Q]D/7\Q/Y/.^W-ZOGJ>U_TO_P`+G!/]/L3Z&H??
ML?9#U_,3^3SOMS>KYZGM?]+_`/"YP3_3[$^AJ'W['V0]?S$_D\[[<WJ^>I[7
M_2__``N<$_T^Q/H:A]^Q]D/7\Q/Y/.^W-ZOGJ>U_TO\`\+G!/]/L3Z&H??L?
M9#U_,3^3SOMS>KYZGM?]+_\`"YP3_3[$^AJ'W['V0]?S$_D\[[<WJ^>I[7_2
M_P#PN<$_T^Q/H:A]^Q]D/7\Q/Y/.^W-ZOGJ>U_TO_P`+G!/]/L3Z&H??L?9#
MU_,3^3SOMS>KYZGM?]+_`/"YP3_3[$^AJ'W['V0]?S$_D\[[<WJ^>I[7_2__
M``N<$_T^Q/H:A]^Q]D/7\Q/Y/.^W-ZOGJTWK@-,`3$/5;X)&03_YPL,.U_V-
M0^_8^R'K^8G\G7?;F]7ST#VPVF+^%G@K^L;$^AF'W['V0]?S$_DZ[[>WJ^>B
M^V#TO_PM\$_UA8GT-0^_8^R'K^8G\GG?;F]7SU0WKA-,``(AZK;!(CS?"%B?
M0S#[]C[(>OYB?R==]O;U?/5@>N&TQ"(`/JM,%`'/\(V)L_\`<S#[]C[(>OYB
M?R==]O;U?/5%/7#Z7R"`>RVP2,__`"A8@?ZF8??L?9#U_,4?R>=]N;U?/0Q]
M<7IAY/5:8)'_`*1L/Z&8??MOV0]?S%'\HW_;QU?/5?;%Z8/X6F"?ZQL/Z&8?
M?MOV0]?S$_E&_P"WCJ^>K#>N-TP%G+U6>"1$/_*-AA/_`-S`P^_;?LAZ_F*?
MY1N^WCJ_WBM+ZX_3"(;?598*#;N^$;#^A@(??MOV0]?S$_E&[_J`ZO\`>(:O
MKDM,*?#+U6."C3G_`/Y*PPE*7_J8'GA]^V_9#U_,3^4;O^H#J_WBL]LKI@_A
M8X)_K*P_H7A]^Q]D/7\Q/Y1N^WCJ_P!XJ#ZY;3``3]EC@G^L[#^A>'W['V0]
M?S$_E&[[>.K_`'BL]LSI@_A7X*_K2P_H6A]^Q]D/7\Q8N_"1V4_7QLW?[Q6^
MV;TO_P`*S!?];6']"D8_?L_9#U_-5/\`E.[[:/?_`-HA^V@TN_PKL%_UM87T
M*Q/W[/V0]?S$_E.?MH]__:*>V@TN_P`*[!?];6%]"L/OV?LAZ_F)_*<_;1[_
M`/M%\@29!4$0#D">^4<:NT>0=038`)0`O,`!W-D$\@Z@JS@GD'4$0@`(;>?Q
M03R#J"),8*6O+>[3J'F50$=W).?;B%OCD<YU#2E-P\R;2*7A*:7E;=LQYQ#=
M.40M_D'4$<AAZSAY.&<I!OF/+*?)!030&E-FX(TQYXE5.*_FZAYE=$*V#AL'
M4$1(?QA>W_@C!3Y!U!.2G_=&%2K4)[&P;=P59?9,85*R<QC\7`*\O+VO#&F5
M[F@9?@"ED;&&K0%>&_\`EC6R1SW97T+>@+8=FP=03B29!*4TO*V[9CR"/9E&
M\,:#4`54`T-0!7H"-*,B319\5_-U#S*J0*%GQFG.4MW9Y@"./KT=2QH$TD'$
M80-M#AGO'G#FC#AL)K110*@J'2.8I#<(;-D@'D#[H!APH]RVM8VFQ&3$5``Y
M]I@&0#NW;0V%D&\8K3`-?1NRBP<UH.`30")O.&<MW;Z(U`E2UK3M"OF(;HW0
M@/<0[$46>1FY5XU!`2`;8;?L#DV\O1%CA1[E(:UIJ!BCI$\D!-M,`SGT#LV`
M,HGALW+/,4>8\\.&S<F8JJ15";##Y,M@;-@]H`&'#9N3,4Q,>>*3ZAY`)I7>
ML"UI-3M52%,)BB(^2(A,-G?G.,:E9`T%!L3Q2@4)`$MO3S<\6(0'`EV];X@'
M@EP!52)B(@H?:79U?)PB&_=OY(3`,IE28!M*`(X;!F&\8KU*TYBB)^4<H#M`
M9S#M#$$G>>LK)G:<`:43L@*40+LV",,SMYZRK/#9N"O2`#$`3;1'E[78B<SD
M,;-P1P$0W1&9V\]:V!Q&`^`)I,A9%/+RM\YCRSGLG*&9V\]94YW>X!%F,8E[
MMZ9BKR@!@V[=OV;HU/:)#5W)Y/@3,42,.#'S]9\Z9CS=0394R"4HRVB4!':/
M*'3$B)H-17K/G3.[W`(I?)``#8`;N7OSB2P$4-:=)\Z9C[@$4I#'\J>X9<G)
MMYPYXQX+.?K/G0./N`1>,W/WH<%G/UGSJS0*](H',/$$]@CVYAXX<%G/UGSI
M0;@FR$*`@`!S\H\P]F'!9S]9\Z4&X)@"&V"78`#NV;^V,.#'S]9\ZR#B!0*H
MB([QAP6<_6?.ISN]P"(DF(F'CVA+9R;9AS##@LY^L^=,[O<`F>#D)L'D&?CF
M&Z'!9S]9\ZR8XEU#L5Y0,42@89C,.;G[$H<%G/UGSK=0(PE`=X>Z,.#'S]9\
MZ4"@)B3:/1]FT>:'!9S]9\Z4",F!CF`H#R;-W)VN:'!9S]9\Z4"/U)?M@F;E
M&8]K=(-T."SGZSYTH$0H`0!`NP!&?/M[<X<%G/UGSK(&FRBH)%AWF_P/\6'!
MCY^L^=3F/-U!'`@2">_EVC#@LY^L^=,[O<`KN"8<(?9RQA)&QK"X5KTGSJ,Q
MYNH*`02[.4=W>YXJMQ<`2=N\IG=S=05>K4Y_<#QQ=X+.?K/G4YW>X!5E$<)G
M/UGSJWE;N5Z92F.`"$P&?/S",.$SGZSYTRMW!,]2G]S[H^.'"9^EUGSIE;N"
MH**?W/NCXX<%G/UGSK3*<I[-!AN5.J3^Y]TWCB>"SGZSYUJSN]P4ZI/[GW3>
M.'!9S]9\Z9W>X*H))_<^Z/CAP6<_6?.LFN)<`:4KN5>I3^Y]T?'$<)GZ76?.
MK.5NX(*I"EX>$)3G/:/)+LPX3.?K/G3*W<$&00X3.?K/G3*W<I((<)G/UGSI
ME;N4F(3`-PQ/"9S]9\ZT2G*Z@V45LH<&/GZSYUJS'FZ@J=7Q;"[!^SG&'!9S
M]9\ZG.[W`*TR1P`1*,AY-W/V9A#@LY^L^=,[O<`A^6`2,,QY=@>``AP8^?K/
MG3,>;J"L,0IO."<NR(=X8<%G/UGSIG=[@%8#<X;A]T/%#@LY^L^=84"6,$C&
M`=X&$![0PX+.?K/G2@5O5B(\?)X@ESPX+.?K/G2@0C[^UXX<&/GZSYUJD)!H
M-R%P&#SQGS;0[>X`AP6<_6?.L,[O<`@JIAPS($C".^<^>>P1E#@LY^L^=,[O
M<`EQ*.XVWG[_`"0X+.?K/G3.[W`*G"7F]T?'#@LY^L^=07$BAV*Q0IQEP#+?
M/87M;P&'!CY^L^=891N"35(4I9@$A$W9YAAP6<_6?.IH-P2_`??/9OY-W=AP
M6<_6?.E`M%TB&*(\02F'.`]X8[<O/$>"*H;PZ0[\2B/!%((C(>>/WH]\(A;8
M>_Y$RIYANB(5HD`5.Q&2,4Q`D,Y;!Z=_+TP6MTC"#CR*^)51;UX'T[:>+DTT
MW]J5U%9:S%CRW+8SU9N!*/3L/XOM');Y6KW?CZX<@$N:NLKIONQE`HU+96TX
M2409K*.E3"0"%$3#PW(+>W=;&XN'O:T/#>RT':":FI&Y:+J]O67K+&RCB>]T
M)D)>\MP:X-H*-=B:\N"R797J_6BVLDVF2^\HOW%@N,&W7J/M3+^*K.&XJAD7
M#S#"=6SC9-P6?8]RU.A+%JUYV_309FISMTFHSJ/6(BH?@!0VQEB#>>K/=^SR
M%X<T5JW+F!`--HY.0K5)K!&F>OQ1CC<41ECS0-?Q!&X%P!P:36H&(6.:5@'`
M&2]2^F[`6&;^U#-V69LE61CN]*QG?#5J8UNBS#WW==#H%*JMO6O0[_NTE>13
M8U)=P<':S(!42(4G$4YC%U""WEN8X(724>X`YF@$5(&`!-5R#+V\M]-N+VZ9
M`3%&Y[1&]S@[*TD@DM%-@V57,9ZTMX4MS#U_YRTXYDR)D2UL/Y_::<<JVIEW
M&%%Q]=]*O&LT^\:C;=?L^IVC>E[6O>-M58EB/R+(F48U)B843*(&34`P3/;0
MMA=/;O<YK),C@YH!J:T(H2",#N(65EJ-W)=,L[^*..66#BL+'ES2T9:AP<UI
M:1F&\'''!9Q8^K_P2GEFV=&MQ:A,@T+7/==#MTB%##&5O/--=O9;O&SFU[6O
M@2Y+]"\4\@%N=TTJ32F.ZZWI!Z4SK3D$!243(=6)DT^`RMLG2.%\ZE.R,@<1
M4,)K6O)6E*JH=;O/5G:K'!&[1FDXYSQ2QKLID#<N6F!(:79BT5YEA+"FF+$;
MK3S>VIC4;>.:K;LVU\ZM]/)[<P1CNU;]N>TKJ&T37;4+ORBYO&Z;8HEL6<0!
M"G4](JGI-5J*2Z::J75>54L[2(PNNKESPP29*,`)!I6KJD`#D&\U5V\U&Z%\
MS3[!D+IG0\6LCG-#AFRAK,H)+N4\C13>L68ZP73[]P#JKS<2Z'M/6TYCA`]'
MM\:4W50O%+,.1ZC8IC51\+SK:&>AM6171013<@LH<4Q$I0`PYLA#[>6<FG#R
M^7,:>\K$]XZ&]MK/*#Q^)4U[N1@=AOKLY%M18VFG0E=FG.]-0]6U`ZLJ93\4
MW9A_'^0J!3-/F)G[D+VR[2+LJ#$MHKNLW,BU:V*4XL=^FJZ=BS<B0R!@0$3G
M!/>R+3GVSKDR2Y6%K2,@VNK2G:Q&!W+CIM0UJ._98M@M2Z1KW-)E>.RPM':_
M9X$YA@*C;BO."L)TE*KU9*@.:B]H*54J"=">U=HWI]7>44CQ8M*=U5@S=/FC
M&IN6`)G<(I+K))+&,0BAR@!AX)V7,<M<M<*[:<E>==A9F+`7@!]!6F(KRT.&
M%=F"VDL/21>-^:1\U:L6-10;T?$EZ6O;K2U3II#4[OM\Z]'89/O"F<2Y'!J5
MBVIW]:*3XZ:2B0?#OXPZ8I`![D=D^2RDO`>RQP%-XPS'^S5M>E<=-J4<.J0Z
M615\K":\C3B6-/.\-?3]5<OA#3AC>K8:N34WJ0R->..,*4K(K;#UETC&%H46
M]LKY;RB-O$NVN4:U6%S7!;5JV_;=E6NX;NZM5Z@Y.0AWB#=%%54XRF"VB-N;
MNZ<YL`=E`:`7.=2I`J0``-I.^BF[U"XCNVZ;81LDO3&9'%[BUC&5R@N+0YQ+
MC4-:!R$DT1<+X&P[J&UFXKT\XHR7D!;$N5[WH5K4O(=X63;U#R%2$:E;ZE4J
MY:C:-*N>X+<6J%%JC=9F11*H"@\3("X%3`X)A4;:P7FJ1VD+W<"0@9B`'#"I
MPJ1ALVX[5C>WMY9:3)J%S''ZU$PDM:XEAH:"CBT&A%#LPV+E-0&G?$-H8`L?
M4[@#(V2[OQI=>5[YPG4K;S78-O6!?])OBQK6I%X.*G15+2NJ[+;N^RW])K!$
MS.FZB*S%Z4$%B"8X"&-S8PMM6WMDY[X7/<PA[0UP(`.%"01CMY#@4TZ^NY+^
M33;Z.-ERV)L@,;BYI:YQ;0YFM+7`C8:U&(63-7&E+35I=6NZPTLG:GKFS#;U
M%L5S3%JI@6S:%@RO5J\K2M>]S4YKDDN2G-:4:4^A7"H3C1I2BQG;8Q!3`G$H
M%VXT^UL7NCSS.G#1M8T,)(![V:N`.[:%ITK4]1U(,GX5LVT<YU:2N,@#7%M<
MF2F)'QMA4N+2OIMQG@W!^2LFY+U/?IEF[`C7-E,8XYP-9ESXIMM6KW->5GT:
MV+BR%6<E6^^9+J5FTN)P<&)SIMW29B%.<P$C>^TM(K>.65\W$DCS]E@+14D`
M%Q<.4;E,>IZC<WL]O;1VW!@GX9+Y7!YHUKBX,##R.PQV@K"M+TKWM6M&U6U?
MTLZKZCT?471M/KFUVK(RJJCJNV6UK[*XV[TIQ5.@:YJBSHW5"D`=>\2'BXC<
M,5FV<CK$WH[HE#*=(K7KH/*KKM3A9JXTAV#W6YES=#J4]$%W0"MBW7J\JC:W
MK$[6T$7W?3VEJ5M2U!J5_46@-:B\:H7#AI/*+PU*H2]209U%2G51-Q2B`9T0
M%3("<1*:9`M'3"S5!ILCB":8@;VYL![VU<>/$#9?#[M=@8"&YJ-)ILDR"IIA
M44=LY5@7(6,=/)+RQ19>';OU(O*E>UY4.WKL3SQA:T\6NJ'1[BK=)HE+K%L,
MJ'D&[7%?7%P[<BH1P5HB`H%`JAA,<"5I8;;B,C@=+5S@#G8&T!(`(HXU5^WN
M=0X,LUXRV#6,);PI'/J0"2'58VG)LKM68<@:`+IQ/E'6-C"_;JZE73)@ZZ<Y
MV1<]"IS:HV_F6V:/DVT,>T5TP=>GBE2F3\UQNB5`$CN5Z76*6YIZI1424$--
MQI3X;FYBE=^YC,C2,0\9@T<N&TUW$$*G!KT5U:V=S`W_`(F=L3FDT,;BQSS7
M#$B@IL#FN#A@5S&$M.6C+).!<I9?N;.>INW*I@6TL8U_+=NT'!N,JU3OA')M
MZM;`9L,?52H9?I;JOLJ=<+L#J+/T*:<68<8$$_XN(MK/3IK62X?+,'1-:7@,
M:>\[+V3G%:'?3!8WFHZQ;7T5I'!;.;.]XC)E>#1C<]7@1FA(W$X]:T.NM&U6
MUSW"WL6I5^L66A6'R5J5:[*53Z%<]2H!%C!37MP46E5.M4RE5==N`&7;MWCI
M%,XB!53AMBDUT+'.#">'FP)%"1R5`J`?*5V2UD>(1ZQE;,0,P:26@\M"0"1N
M)`Z%LGAO2;=N8-/6I7/]*JC9A3M/]/MMW3[>63*>H9%<*N@J60VE``5"JJ&Q
MECR=?J(IE4X&QD^+A`\XN,LG7=G-=QD4A`P^-\:GZK>T>9<;J.KP6VH6M@02
MZ<NJ>1G(ROZ[^R.>JXW"VF.Z<V87U59BM]X=)GI=L>Q[YJU+(R%S^D+&Z;N4
MHU7;IN05(+$]N6Q3W]8.8"J<:+(Y1`H#Q!6MK)]S;3W+3A`UKB-]30]0J?(L
M;O4H[2]M;)X[5U(YH-=A:VHZW$-\J[KDW1CDO'53T<VLW(>MWCK%Q;C^_+-H
M*C<*<%*KV2+XJ5JV_:#AT918%%"T]2D/EUS%(*05(2B228";.?39H76T8QDN
M8VN:-Q<X@#X#Y5C9:O;SB\F=V8+*5[7G;4,;F+NO,!T+,M<T<Z>[@J.;<4X0
MS[D*^M1.GJT<@W?<=-NC&=`MS#^6T,-%47R[2\-W-3;PJUV-JA;+-D]=TT:V
MP2)7&K%0Q.H,<A1WOTZS<9;>UE>^\A:XD%H#'Y.^&$$G#$C,.T!R+7'K6HQM
M@O+^WCCTVY>QK2UY=)'Q/W9D:6AM'$@.RGLDC:L)/M*-VETBV'K`H-21KUHU
MO(5[6!?=OH(I$J]A$H%7MZCV]>*B1'*CJI6?7ZA7TF#AYU*:5.J:S1!0P^F(
MC%4V$GLYFHL-8R]S7#E;0@!W.#6A/(:#E7(-U>'VS)HT@RS-C:]AY'U#B6\S
M@!4#E:"1W2LL.]#[1AJSU%8)?91"@XETOTNY[TRUFVLVUZ4\H^.;5;6_Z14J
M?9--J8&K-W7!7+D:4NE4M)V0'+QP03*D(4XA8=I8&H36ADI;P`N>\C8T4QRU
MQ))``KB2JC=><[2+;4&PYKR[+6QQ!V!>ZN!<1@T!I<YU,`-BUTS#3]-C,]O&
MT\WQF>Z>N"K)7=2LSV+9-H5.CG:G8_`S^C/+(O.ZF-49UQ)=<5&ZQ$%F)D"@
M)UNL`2T;EMD*>IOE=MJ'M:"-Q&4FM?>YUR=D[5'9AJ4<#-F4Q/<X&M:@YFM(
M(PQ%:UY*+#90D``/V;8IG:KZ(4AC>:$Y=D`[XQ"(Z1#%$>()3#G`>\,$102+
MQ<0><,QEMY=^\)01,%(60<0R';,-O@&6Z"D"IH%<!0`0`NWQ]N"R#'[D=/\`
M%3X_)XI2Y9RG/=/G@K".1,!F<FWBZ>49\H!!$P4)``#]FV"(A4S&V@&SGF'C
M@B,0"H@(&V<6[>.[HGSP1'%,%-@\FWF['A@L@TNV*\A!+();`V;X+8QC@ZIV
M(W"0=HCMZ!\$%N5Q4Q'S`F'+R;>V,$3!DDB^<:4_OO`6"*\AB"($(,Q`)!L'
M<'9$`@BO!`!.!S;!F$]O-LW!!$Q("["[0[?A@BD%DUKG=U$ZI3[GW0\<%/#?
MN5Q$3\0<19%Y1F'-V!C"0%S"!M3A/W)D"`0)!NVCSQ5;$\.!(Y4X4FY6=83[
MKW!\47%/"DW(X`([`@K80Q1((B(CM$=NT?`$0B@(D`0$!VAM#:/)VH(J'3*>
M7$.[I\`#$%[6]XK3*QSB"T*WJ$^?W1\42U[7;"M7"DW?`IU!.?W1\49)PI-R
MN!L7?R=(^*(4MC>'`D854!%,-L_=-XHA6E#@F,N,9;Y;^Q/<`P1$E(`'DV2'
MGV;/<@BMXR\7#/RN:0].^4H(JB$2M$K'.=4#"B`L0QN'A"<ISVARRYQB5JX3
M]R#U!S;#%D'2'@&"<-^Y4%(Y0GP[`Y9AT!RS@G#?N5DN?=RP0QO`J1@IU:?/
M[AO'!8(`E$-X01"$2*")!':&\-O)V901`42$HB(!Y(2VS[`3WR'?!$'A*;:8
M9#T#X(+3(USC4;D-3D[?@@L.&_<K1*(;P[T%!:X"I0E`$Q!`-HC+OA!8I84S
M@`B)=@;1VAR=N"(0`0^\=W8'E[G-!%8HF"@``\@SWRY((A<`2X.3=O[4$6A\
M=I7GBD$5Y2SD,^7=+F&)1%@BD$1D//'[T>^$0ML/?\B<+(QC%$-A9=N8`/:W
MQ"WR=PHH`!=@!((E4U6"+T;P!=>FJ[M%.3M-^;\]U7`]?JFJW'F=:34Z=AN\
M,O*UVTK5Q)>%A5BETMI;;RDT]C<2C^Z2J-@J#QNW,"(\9@*;B"_`ZW=9NMYI
M"P\4.[I=4!I!V<N/*J=U'?1ZG'?6D(F8+9T9!>UE"7M<":UPH,:"JV$QMK@P
MXMZP.DYD+<-ZX(P58&E*ZM)V%[Q>4NJ7-D2RK=H.FZX,,XMOJX*=C_K*C^E+
MRZ*D%:=DIB@^@J+]6FL/5=<.^.]A]?$U7,@;$6-.T@!F5I-.6N.&Q59]*N1H
MQM2UDUV^X$KVU`:XF4/>T9L*4&45V[L5A.BY&QKCC6WI/S[=VLVZM7E-M+,.
M*KSRWD^O8]S%2+NMFV<<WG;CWT-0,FNZE=-X&"A-W!VJ;,Y^I!#J@#B.0(T"
M2.*]BG?,90'M+G$.J`"-^)P7)M@N+C1KFRBM6VSG1/:Q@<P@N<TC\V@;C2M=
MZPYJCUBYPU+UFL42[L@EJ.+Z'DF]KPQW9]OV596-[39N:S5J@G3+NJ-IV';5
MK,*O>+BWSHI+5&I)N:EP&.0RLSJ<6BYNY[DEKW5B#B0``!TT`&-.4XJ_IVE6
M>GL#XF4N#&UKW%SGN-`*M#G%U&UK@*#F7H".I+1?<&K.T_69W-E>\V>4J(K9
MF6KFT=L,3W(M7J_J7L2SZ916B5#S(+PV.F&&;BO.A-:VL\<'"L-6JBK0&1E.
M$P6I+FR-TW4WO<)00[AY34O`^-LRDXUVTPHN$&GZLS3'^'HXF&W.9@G+Q01.
M<3C'WC(&DMH.R30U6N>A/+EH8OR'6,Y7QK)KV`WSO(3>JY5PK1\,WME"AZB\
M7/7Y;CNZSWK&G.3XYJYKB=.WM+3IUS((M6I%P=D<D-L"CI<S(IC.^8QDN[3`
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MCO&C_3G@A[C^[+NPG:^G*\L"9BS*TNNZ*`15UJFIRE:U+W2A@TUG.`N]U:EY
MN6*=+<K.TW:Z-MLSH%DD@!^?BOK&(Q6Y:YT`B+'.J1^\Q><E,:&E,:]D475+
MC1]6N&W%Z)&,O77#98X\K3^Y-(6\3-V<S:U%*#.:[2M8L19`P#?^F2HZ2,UY
M6J6'7F.\^U[.N"<[I8\N7(-EU@]SVM2;%O>S<@V?;(?II1FM=9VG3*O2G[9H
M[,V<`JW<H@4P"-*&6VEM#93O,9;*7L?E+@:@`AP&(K0$'DV%<A>0WT&I#5;.
M(2B2`1R1Y@UPRDN:YKCV30N+7`D5%""ME'^L/`A/6-Z)\^C>]1NJP=/MD8CM
M;,F8F.($L=+Y&O>S&]]J7AD>C8QH#9&H)M:NZN1H1$%&R#Q4$1$R12E+.9;^
MV;K5M=%Q,436ASLM,Q&:K@T;ZCG5!FDWQ\/7EB&!L\[WF.,R9\C79<K"\X84
M/+3':M7M3FJ'^UOIWQ<\RY?]U5C4[@ZMW7CEH2J-ZBYMO*^$KQ=/[JHEXK*L
MRDMNVLFV%<9STJI'%!NK7Z0NR4.=59D8(KR7QO[1IG<XWD1+<=CF&I!W!S3@
M?C"FY<KIFF^RM0E%I&UNFS-:\TI5DC:-+=Y8X=H8D-<';`Y;%^L!S5B?4PYN
MJ^K0UZWO==K-Z3C*HX^TCW)C+.C6WK>N.V,=VC85;1HE5K+W]6-`?>DMJH^!
MXBV2*HFX4(`BHL83<AJ5Q#=9I&7+G,HW+&6OH"&@&E>R.4UHJ&@V5WIP;#+8
ML9+5X=.'Q5(<]SA4`9R.Z*5Y.92_LSXJR[I0TXXM0UYWKAUCB[3%2L99&TU&
MQGG.NV/?>1;;ON^[X;U!VO:SMMCQ\>J%K-+;)NW2"XH*LDU#GX4R`5)/#-9Q
M0^LNC#(0UT>5Y!<"3R=G&H%>93!97=IJEQ=>HLF,MR7LFSQAS6%K6T[7;%*.
M-`1M*Y73!KBPQ@FS-+&-KBIC^]L?6YCW4/=^?K16HS\&1L^US*]MY;P&#<3D
M32KI+<KN"+*36>H<:"+6H.TS")2JE&;34+>VCAB<"Z(->7BGYY<',Z:%C<=Q
M*PU/1;R^FNKB,AEPZ2)L3JC]T&%DO142R8'&H!W)?%FL7%9M5/J[]2>4;TKR
M%T8LQC7[/U-7&G;==JM1IUST>OYL:V7<].!FD=W=)ZA:E]4DQQ9B=1N=N)#<
M)B1$-]#ZY:W<SCG8PB0T.T%U#SX$;%-SH]U[+U#3;5C>'+*'0BH`+2(\S3\6
MCFNV[:K7'+MRVDGEC".3JGK=NO6-5Z)>]H&NJNW;8>9J)<-E6;:%UTFXDDT*
MIE=]4GM=8N#+OCHLF1_Q*H',)9K!.K.YG&CE-P9R'"I(<"`"#^=MY<`N2M(I
M?59K9MDRS8YCLH:Z,ASG-(V,H!R5)_(MHJ_KSL"NI>L@Q_66SJYK.SJXU%5/
M2E?[BDU!&XK+:Y>S1;^1:_8#YFJ9-Y3K&R:G;;*KBW<D,6C5YHH<I2#4'1XQ
MDU6(^NP/&9DADX3N5N=X<6_JNH#S.'.5QD>A3L.G7#"&S0<(3LJ*.X<98'#>
MYE2VH[S3^B%IYA3+%D61IKUN8VN!\\:W;FVT<`4C'3%O3'CQK4WU@9NIM[W0
MF_J*"9FM'(TMUL=5,RXE!=0.K),PRCC;:>.*SN87G]I*V,-Y\KPX]&"Y>]M)
MI]1LKF,`Q0/E+S78'QEK:#EJ=VQ:H$`QRB(E$H@,@#?/9VHH+E5[(8/UJZ6\
M!TK1IC8<9W'E"UK#HE^5;4%>Z%WW'9;,;JU3M7-B:@J+^K4ULO$,F-+(PZC3
MJ33EUG;9-VLS-U`@404-V*UU*QM&VT.0R1L#C(ZI&,O9D&6G:RLH!B*TP74;
MW1M3OGWESQ&Q2R.:(FY0[LP=J(YZ]C-)5Q`!I7%="TZ:C\&Z:+12Q[2[@J]^
MVI>&M=XXS`C^C=9I87GHNIV)KRPVB*Q7J2)SUF[:!EVOO/@L?\Z9NVJ1C%*8
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M"W4**>CE`X1EQ].MI9KVVD<^65CPR,L(+#)@2YQP.4$TRUKAL6'JFLWT%MI=
M["R.""2)TDHD#A((2"T1L`S`O+6EV>F45`K@L3V)JMH.*\#:4+4MQN2\*UC>
M^-5#3.F+*_3WR%H9`PSG$^+&BEBU:IB4K1^A=5*M1X8BB!A<4:I-6CP@D711
M,%>+4&06EO&SM.8^7B-.QS'Y>R>D`]!`.T!79](DN]0NYI>Q'*R#A2`C,R6+
MB'.!R92X;<'-);L)66ZKJQP1=>K_`%LUVZ5;U:Z:]:EI5S'U2NJC4('M_8X;
MOG-CW=95\$M-V]:!<*UF7I9Z*52IP.2&?,S+"@H8W5\6]VH6DFHW3Y,WJ5RT
MM)`[3>Z6FG+E(Q%<16BILT?4(=&L(XN&=4L7AX:31CZ!S7,S`'+F:XY74P-*
M\JQ]GW(N%Z7I)Q;IKL7,[+4)==DYKK]_,K]H^$:GBFD6GC*HV<XI3/'X5B[6
M%,O:Z:@XNU^YJJH.".$&PK"F1<P)I@.F\FM1I\=E%*)I&2EV8,+`&D4RU-'$
MU)..S>K6G6M\_6)=4N(#;0R0!F0RB0N>'5ST:2UHR@-PH3MIB5Y\#'".VKLB
M8;B,C3"6T.6?)$(F((B%*,P&6S^2"(Q0XC`&Z?+!9,[P1P0D(#Q;O[W^6"LI
MO@#E`#^Y+^[!$8!*"?"!9#,!G/W((J%`3&`LI`(^=_)!$T'$G(H%$P;^+=*8
M\VW=!$;R>4O%S=B"(A"B`C,.2"VQ;?(B``B,@"8P6]'(B/DF,,I"`B67(`[I
MSY8(C',)1#@3F'+(>7N01&`D_.#9X8(KP(4HS```8(KH(BD2XPGQ2VRW3Y`[
M(<\$3"292<4_+G*6R4I3[([X@K?!RJ\#&$P@)!*&V0SGR[MT0K"N`)[`@BN`
M@\H;.7:&Z"*X2%Y"`/;E!%0H&*,Y3[801'`0D$R[9;=HP129?N?=&"*2XMQ!
M'MC%:?:.A9!6E$OW/NC"#:4*NF7[GW1BRL5283W;.:?A@BK,OW/NC!%:8"&E
M,NZ?+/?!%:)9@`;I016\`?<[?N_Y/<@BG!V?<_E@BL$!#?!%881`)@7B&>Z<
MNWRP16")C@)1()`'[:<]PSW2#F@B&*&SS_\`P?Y8E8O[AZ$$Y.`0"<YAS2\(
MQ*I*T!#E"?;E!$,2%$1$`D(C.>^"(`B('X>`1+L\J<@&83W2&"*X>"0R($Y<
M\$2I$A&?$`ANE[L^6")<X3F`<\%KD[OE0Q+()CW.WSP5=!,)I\/`(@.P33W3
MV#L[$$0Q0#D&7:GX8(EH(A\(\4Y;.*?)SP1:%1VE>>*01&)YH=OOC$HKH(H$
M0ML36NK5/)D*4"F`-HE"8S'E`!&(5AK&M-1M3!"@`"8`VFWCT;/!!1)W"KHE
M5!B0.=5E"JM<)FY>A>C73'IEU*%JUL7SG_,6,<I4*Q<PY1J=OVQ@6W+^LP+"
MP]9E5OZK+M+OJ&7;2J*]RU.WJ(X!%D-,(B#K@3%QPF$Y;UI;6US5KY'ME#7.
MH&@BC17;F&-.9<9J5]?6%'PPQ26Y>Q@)D+79GN#1@&$4!(QKLY%U*R].^'\Q
M7GGAAA7+M^UJP,-:5,FZCF%SY!Q92;*NBZ*SC)E2'50L5W:E*OZ[&-%IS]2K
ME(G4RU%RH`%$1;<D:V6\4SY!"]QC9$7U+:$TIA2IZZ^16WW4]M!`^[B8)YKE
MD1#7EP`?6CJEHJ1390=*QS6L%I4?2OC#4I^DRKA3(F?<IX24L[X*332I*6-K
M+QS=Q;D3K?IQU'BM8&_A;BU%LF5`&H'!4_6"4FIT%+5MS7O2.;3H`-:^57(K
ML>T9-/#:".%DF:NW.YS:4YLM:UY5MGD3U:EZ8GU.9?T]7I>B*=(L33IG#4=8
M&3*-0RU"C90MK#]C5.["TENS/54RT.KJ5FE+T.M("X77HM104`R:Q12%3;<:
M?+#=.MRZ@;$]X-*Y@T5IS;CN*H6^OPW.GQ7L+.T^XCB<PFA89'!M=F(H0YIP
M#ANQ6IM=P>G1](UC:HPN51RO>6?<E81-9(TLB2-.3Q]CJQK])<A:\#TZCE2K
M&O,6HM1:D!$&P*`H<3\):8@SV;;IYK61S:4V4`-:\]=BY-EYFU1^G9:!L#),
MU=N9SFTI3DRUK7E6T#W0<U8ZU\A:0`R>Y50L/%=ZY)+D#]$T2KU0]GZ8CZBB
MT<UN?#HI-"/U2?!`K@\4%,G^<`0P_B8MNTUK+QUJUV+6%U:;F9Z4KY/?7'MU
MHNTB/5#'WY&LRUV9IN%6M.3O;.;G7G2BX!1)%8\B$4;`X.`C,"`)0.,QD$P*
M`QPYE>YN.PKGZ4-%O_>FF33_`(-L2UV>H3.&3J!J)O\`Q)1LPT#%.+\06_>E
MHV)1KYH)[BQ90,MWM7\BVG46-SWI2%&KQTWI%.>_`K-ZD985E)IQ=DM+:WC:
M+F1XNG,#@UK00*BK0XEPQ(Q-`:`KA(=1OKR=QL88W6#)3&7O>6N<6FCRQH:X
M4::@%Q&8@TIM7`8FT[XD'!J6I#4QE:^L7XTN7(]3Q'C*@XFQU1\GY)R!>%KT
M*EW'?M;)3KFO&Q+>H5AV(PK]/1<NE7BCIZ_>%;MT9D.<,8;6'U?UJ[>YD)<6
MM#6ASG$"I.)``%1RU)-`MMU?W0O?9^G1,DN&QA[R]Y8QK22&BH:XESB#0`4`
M%25DBW=`S.HZU<0Z9'^6BU#&&<[%I^8L;9VM>TE3K7-AVX,:7/DFW[E0L6M5
M9BI3KB,2UG5*?TMP^DRJ*"Q>N.0I3&W-T[-?LM"_]E(W,UX&UI:7`T/+@017
M`K0_77MTB746Q4N87\-\;CLD#PPC,!B,0X$#$$8+&N=-.^+;.P]AC43@;*MX
M9)P[F.\\@XW:-LG8X98PR-;-ZXW;6Q4:XBYI%&N^][<N.VGE-NUL=O4F#\2D
M7*HW6(10(X^]A;##'=6LA?;R.<WM-#7!S:$\I!%#@0>96+._N9KN:PO8F1W<
M3&O[#L["U]0,2UI!JTU!&S$+8?4/H'Q'C1751;&(M1=TY`RCHPI-NW)FZR+^
MP\WL&DU2U:W7;2MAY7L97M1+]O)G65*'6[V8%5851I2W+A$QSH"<2"0;MQI5
MNWC-CE<^>WIG#FY12H%6D.-:%PP("J:;K=U<"VDNK=K+:\<1&YLF8AP!=1[2
MUI%0TX@N`Y5TRU](^G^@6_@=AJ4U'WEB'*VIJU*#?V.:!:>'V>0+&QU8=\5U
M[;N-;KSI<KJ^;9K=*;WPYIYWP-:'3ZBXIU(,FY7XC'!($6GVD38Q<RNCFF`(
M`;F#031I>:@BNW`&@QYEOEU6_?).[3K=DMK;/+7ETF5SW-%7MC&4@Y:TJX@%
MU0-ZXC%VCJW6E^ZR[4U.WW=^+6.BBV']6R,KB^T*#D>NUJK,<N6QB0U/MYE<
M=U6125:<YJ%S)/D72CLG6-``>"9I1,5BP23LNW.8+<5=E`<2<P;A4@<M=NQ;
M+G5Y#!9RZ8QDKKUU&9W%@`X9DJ:-<:T%*4VK%>JW3]3].EY673K9OE?(UAY4
MP[C[/.-;GJ%JN+)NIS8F2&S]:D,KQL=>HUE2V[K9+4I=-9NF[=(+)]6NBH9-
M4LM-Y;"UD:&.SQOC#VFE#1VRHQH?*K6EW[M0A>Z1G#GBF=$]H=F;F92I:Z@J
MTU'("-A&"[-J>TE71I+O'$5L9&K";MMDS%UD9$JM4HC-)XK:M3J;M>D9-L`S
M47J:+V[L47"Q<T]XW.LW$[DA"GZGCF&5Y9/LGL9*<'L#L.0['-Z6G`K#3-5B
MU6&62W%#'*Y@!_.`Q8[9@UX((-#AO6=[MTOZ([<P%9^H!IJFU&5&W\BWEE#'
M5DTAQI8LUE4E[RQ;1+4K%52N#@U`.DZ107WZ:,$T7:0NE?RPBB'`4#V'VE@V
MV;<B:4M>YS0.&-K:5KV\!B-ZHQ:GK4E^^P=:VXDC8Q[CQW$97EP%/V6)&4X8
M<F*U?K^G]W2=/>G/-E.K3BMUG4#D7,^/&MC(4LB0T>H8IJ5@4JG'9U@7ISU9
M>ZW=]%*"9F[<&YD`#B4XQX:;K8MMHK@&KI'.;2FS+EY>6M5R<=^'ZA<63FAK
M((XWYJ[0\/)J.3+EWFJW'>Z"L1KY!O?2W:.HJX[@UIX[MN['M6L1?%+9C@NZ
MK_QY:KR[[^PQ8N4R7HYNEU>M`IU*?-&[]]06U*J539*()F3`R:AK+M(M73.M
M&2N.H-!)&7L%P%7,#JUJ,0"6T)%%09K5R+6/59[5K=%D<T!_$)E:U[@UDKH\
MN7*202`\N:T@XXK5^EZ5KVN/1S7]8]K/VU;MJR,L5C'5]V8FV%.O6_06-K65
M76>1T#=<=2I6RG5;R0IM4$J)1I:B[550QDES"EQ;M/D-B[4(L8V297#E`HTY
MN<5=0[L-^%^;4H(=;;HT@+9'Q![7<A)+@6<SJ-);\:A&T8\)J9PBEIXRX]Q<
MC<BEV$:6/B2\OAM6EDHQU#90Q59N2ST_T`CVH%*6BGNP60*]:(K@@"HE()^`
MNF]MO4[@P!V;LL-:4[S0[WJT33;TZA:"Z+<E7R-I6O<>YE:T&W+7FK18)1(4
M_%Q!.4I;1#?/FBHN4B:UU:IKA&4B;P[$]D0K#6-::C:C)D$`V?E#;QW;NP.P
M-@062,4JH2`9"`CMW;AV#[D$3A2E+/A"4]^T1[\%*J(&'S=_1/9&!)1'+,"E
MGOD$X5*)I(A3%`1"8SWS'D[<1M1'``#=!%>0`$1G!9L:''%'F80X2RW``=K^
MY!;>&U,))@!2F,'E[=H"/.,NQN@I#&@U":(4!#:'+!9(H<9-X[]V[D[79@B(
MD4#F'B">P1YMLPYI<\$3/``!(@2'DWCXX(KR<02`TA$1YN3=RP6YC&N%2B]6
M(^;R;]L%GPV)E/RQD8)@`3YMLP#DZ8*0UK34(Y2$*,P#:'2/N#,(+)7<*AC!
M*7"(@'F]G;M#9!$<"<.PP!/?S[((KQ,([Q@B(D0IC``[0D/V;(BJLMB86@G;
M1,=2G]S[H^.%5EPF;E>4A2A(H2"<]\^_"J<)FY%(4!G/L>&"R:QK=BN,D?DE
MO[$:I7%K:C;59BBH4!((?=!R]/N;AC1QG[U-`B`<YA`L]XRW!R[.:'&?O2@1
M@14#</\`X/\`)#C/WI0*O5*_=?\`@_R0XS]Z4"N!,OVP3'E':&WHG#C/WI0*
M=63[GW1\<.,_>E`KR@!=@``3[??G&#G.=M16=40/M?='QP:YS=B*=63[GW1\
M<9\9^]*!3JR?<^Z/CAQG[TH%:*(B("787E"0CT^Y#C/WI0*[JR?<^Z/CAQG[
MTH%9U!^0=G)L'=#C/WI0*=2I*4]GWO\`)#BOWI1!.!DS2$=NP=WCAQG[TH%8
M81-+BVRW<F_HAQG[TH%0J1^Q[D;(GN<:'<A`0Q!0#"!I<(#R%#M;0"-ZA6B5
M0?-'9][/W8E8D`BAV*SJI_E-H\F\-D*K#A,W*TS<!\P)#R[Q\<*IPF;DH)#E
M,:>X!$`[O=B56<`'$#>J2`=X!!8JT4Q':&P`WP1"G/\`N`'>@B5.F9.9^<9;
MAY=O@@H(#A0H!@$\PY1\']R"QX;-RMX.$!`P!/:,%!8RF`08*NEU2%*4!*$A
MG+>(\@\XP1!XAE*>S=R01:"1VE>>*`$]@1*(Q0D``/V;8(KB[#@([N&4X(F&
MX`/',)^;X8@K?!M*9$!&4@W&*/:`=L0K!(;B=B9@%J<YKVEK34E6Q*U-C>",
M.5$`IC;@$9;XA6UN?H>RQ8N&,O7M=>1*LM1:'6=,>J?&].=HTVHU4ZUWY-P;
M>%E6;33-J6V=N$DZG<5701,N8H((`?C5.0@&,%NRFCAE<Z0T:8WCREI`]]4-
M5L[FZMF1P-JX3Q..('9;(USCCN`3.A7*F,L79!R;0<RUZJV78&=M,F:]-]8R
M!1[?=W:MCE]E.ATU"B7J^M:FG)5+AH=(K-%1(^;LQ%UZ,L<Z13&)PBLI8HY'
MMF)$<D3F5`K3,,#3E`IBMVJVMS<6T3K5H?/#<1RAI.7-D)JVIP!(.!.%5W+4
M9>6$K1TPX!TIXDR^VS]5K%S/F/.^0LGV[8]Y6)8#6H9+M['5G4&R+19Y"I]$
MO"OJTRD6$+Q^^7I[-`J[DJ*(*@4Q@7,UM';1VD;P]S7N<7`$#$``"N)V5)HL
M;"&\EU&?4KF(P-?$R-K"YKG487.+G926BI=0`$G"I6\%?]8OA][J$]8`QJQW
M=[82SA9>I!UIEO\`/1JPTKN,,H99P&CC>J`TI3QNWK#.Q<PEI[9A6F2R()H5
M-A3JEP%ZI=0UF34H7W%P!VX'M?D=RM<YE.FCMA&\`KB8]!NFV5BYO8O(7Q<5
MM11[&29QCLS1U)::["YNY>==PY/LBI^KZQ;@5M5539/MO5EFG*-:H1Z;4"-F
M=D7CA[%EHT"KEK!F_P`%.%7==MEZD9LFJ9PD5(#G(!#D$>/;(WV>VW_O1,YU
M.8M:`:](*YYEM,W6Y+TCZNZUC8#4=YKWN(IMV$8[%Z-7#J+TB*:@<E>L!I^>
MGSV\<@::+HL"GZ30Q5?B&1:3F*]=,:>G*H,*OD-=FGBP,:T9<ZU8+5T*@L]7
M0`B)676SGR<UU:"5^H9SG=$6B/*:YBS)B>[E&VM:\RX&/3]4]1CT1T`$4=PU
MQFSMREC9N+4-[^<]W+2E<:KPP2:E*Q*S$TP]&]&,<-XAU?5B8)[0CJU,*+N=
M<:\Z]4<Y5W2KJ]&S]1%V:FE,'9-880QSC[,&%JMAO(%^W#<%_8;QU3,>4*X<
M07!:Z"%C/K9R#3+;IRBR-:J5)6HRQEQ.*Y0*`\O<.L[W+=/EX<HC:US2UQ)+
M6Y06D84-!M(IBNMV4>IZ7GL(K;C6YF>Z.02-:`V1Y<0\.[56DGNAV;#8NAXS
MN_!V<M)%EZ8<Q9I9:<KVP?FC(.4\:9`N:Q;XR%CV[;,S%0K387_958;8WI-:
MNFB7?0+@LMK4*8N9H=B^;KJ-SJ('*!XUQ26]Q9-M)Y.%)'(7-)!<TAP%0<M2
M""*CD.S!;[B*\L]4?J-I";B&:%K'M#FM<UT9=E<,Y`+2'$$5J#0XK8VR]8N"
M;:]8!I1R#0[AN2EZ==(N#*7I^LS(5?M9ZC==T-+/Q/DNF)Y$J%F4SX9?TDUX
M9/OE9=LP'KU&;)1'K^$2JE)M9J5FS4H9&O(MH(\@)!J:-<,U,=KCLY`J,VDW
MDFAW,$C6F_NIC*YH=V6YGL.4.-`<K&BIY36BUPU,:EV^J_">G>],DWY6'&I7
M#(53#U[6JXI[MO:=^8X4=JW;:69;9:T:GM;'M:\TGKE>B74T03:*U<[=@_*1
M006X>-U"];?P122/)NX^P1R.;M#Q3`':UPPK0'>N1T[37:9>3Q6T8]G34D:Z
MO::_NNC-3F+?SF$URU<W<LE^L)U]7KJ#RQGJS<8WU2/[,=\WO1*M3FMKXOM'
M&U:R32[<I=&/0%\H5^GVI0\BWV:B5QNJJV3K[MSU:J9%.$1(F8+U]J;[N65L
M+AZFY^%&AI<`!3,:!QH?C%:]`T*&PM8)KEA]I,81VGN>&$DUR`N+&U&W*`N6
M=W;I$U,T_2MDW-VH1_@^ZM/N(\8X3S5C`N*;ZO>XLJVO@RHNR63<&$[@MAJZ
MM)O6[SLI1"F/VU?<TI.EOT1<@==$TAW%]E=B&6XE,;XHVM>W*27!FPL(PJ1@
M:TH<<5@V+5M-==6UE;B:*XE?)&_.UH8Z0=H2`]JC75<"T.S##`KE+*U_J4W+
M/K+]2-)KSG%&5-3=H+.,)-"45O=AV%??9_Q]=R-M5$75'JUN'%AC>A.4W*SY
M$K1P=,Y2#QG3`4>I$37=TTY)IF]C"N.=IILIW1RX)-H0=:Z;ISFB6UMG_M#7
M+4")S:C$'%Y%*8A+W-G'3#FC71A;5IE:\:TK9MT4JW\QZB,6U.D7?<"]K9AQ
M91W"AL(VBZ<-7Z+_`!?E*ZK6I@T(4%3,J%1ZNJS7!`K,I3'W%I/J$=[,X\,@
M.>VA-'-'<'Z+B!3D`-#L4Q66I6>B3:3:L'&:3'$\%HS1O/[QVRCV-<[-7%SF
M@BM5PFHG5)A+4SIKK-.7MF[<;YPLS4O=N:[4:W;?U1RXM?\`1=2'I+_/%(9W
M.VQ[9C"TF-M7M;](J[1@Y`Q%?27/4*&.8Q`PNKRWN[4@AS;ALI>*G-F#^^*Y
M12A`('2MFGZ9>Z;J(<',DLGVS8W96B/*8<(B6YW%Q+2YI(W"JP/>F4K)K&B'
M3UAFGU55;(=A:A=1M^W111I]021I]KY!M?#],M1^G5%6Y:8\/4'EI/BF115.
MLCU("H4H'()J\DT;M/BMP?VK97DCF<&T^`J]#:S,UJXO'#ZO);PM::C%S'2%
MPIM%,P79J]F^UV.E7179EIU3TK*F`\Y:B,FW%1'5-J"+&FH77<N(+@Q\N:IJ
MH!3ZBG5EK+==:FW444;E3DH!1.2<NN&"S@8P_MHY'N(W5+2WKHL([*4ZI>S2
MBEK/!$P&HJ<HD#\-HIF&W;R+=;]>FD&R]4^0_6+6CFJJUZ\[K_6?D['^DY?&
M5Z-+^MK/.7+2N"BU"EWSD1RU;8Q/C&RKGNU]44JBP?.GM1:)((%:$4$\[AO-
M.BO7ZHR6LAS.$64Y@]P(H7=W*"2:@DG`47&BUU:?28O#<T+6PLX;'SYVEABC
M<""UG?SN:T-H0`#4UHM7,6:HF6&=+&)K6M%^TJ^4[0U992OZ[K`KM(?KVC>^
M%,@8&LK&5Q6K=JPHA2:K;60$V%2I3]@54SE-$X+E*0Q45`XMM^V"T8V(@S-G
M<XM(P<QT;6D'D(=B"/+N7(7VFF^U:::44M7VD;&O![39&2N>'-Y065#@=E<-
MZ[KF1SA_7-ZP.AHV#<]8Q+AS)EMX=MIO<M>MYY=+W%%)L#`%JT&M$NED>H4@
MU1I%CU"T%FM1JPNDVQ6*"E0$YD@$!FX-MJFK#A.,=L]K!4BN0-C`-=F#:8FM
M*8JK9B[T/0";AHEO(W2'*#E$A?*XC*:&A<'5#:5J<NU>=9R)D56(BLFY2(LJ
MFDY2*8B3I)-0Y$G*95`*H5-P0`.4#`!@`VW;'"E=J@Y:X'!7$`0&?((>*(5A
M%`!,,@"8A!$VD`E)(0D,Q@B*`".Z(J%*-&"(J:8F,$P\D9[>T,MW9@B:`H%"
M0;NWX8(J]5Q[9RELWB'>@B8@ML6THZ13`8!$!E+?T[H+<F2D*)^*>T!`1"8\
MF[9*4$3,$5_4F-O`0EN[?;"")@H$,'``@`@&WD'9LWR@L\CMR,0O#+[D)[9_
M9RP3([<F`*)@F4)ASP6Y@(;0IA#<;I#O06:(42",BRGV((C$),0GN'E[6SEG
M!2`2:#:BB4"[`VA!9<-^Y5*4QPF4)@&R(JG#?N3"2/`([-@AWNV,2G#?N3`)
M@;9*6R>S8/N1"MM%&@';120$\F>[M[]OAC`O:TT)Q65$4A2&*/$.V8AR\P<T
M1Q&;TH44$T^K(/%S\@]CDAQ&;TH45,H@81ELEL'GVA&N5[7-H#RH%=U:1C2X
M@XA'=,=_<E%99(H(\.P`GW/#*)VX(KN`_-[H>.,N&_<5%0IP&YN]&K.W>L\K
MMR(`!(`-L"03W\G\L9#$5"9';E/(W`.S=/;R[X@N:,"F1VY5X$_N@]WQQ&=N
M],KMRDB%\T9SW[_Y89V[UB01M5)ASPSMWH,30;561/.XMO-MZ(9V[U):1B52
M8<\,[=ZQJK#I@K*0CY,]PB&^7BAG;O6>1VY6BD80X=H`'+.4Y=$,[=ZC*[<I
MU1I<.V4I3GX=\;6L<X5`P4'#`JP6P<O^$/BB"TM-#M13J@)S#/M]\(Q1".D`
M!,NT1';O[/.`<L;H7!KC7<H*"(!/A-LY^_R1OXC-ZBA4\D-@#,.WX8<1F]*%
M!.(3#H\(PXC-Z4*L$H&V",I=D0[T9J%:,BAMW!LF.WHB55=&\N)`PJEC)B<P
MB4/('E"4MTAY0Y8E8\-^Y",3JQESA/P<X\T%B6EN!5.$IO.&4MV_P04(!BCM
MV;.[LZ-\$0NJ3-Y4]_3T<T$0%$Q*/DA,H!.??WP4.Q!Z$JIR=OP05?([<A=4
M!-N^>S;,>^$$R.W*L@Y@[@06-#6G*O/:.TKSM$*64AGR;I<X1*(D$4#:(!SP
M1.)$$G%,9SE[D_'$%;X-I3"8\7$/,(E[@[_<B%G-W/*B1*T1]\*Z(5U,(?;_
M`,WPP1;!Z7<(GU*ZC<*Z?D[D+9RF8<@4:Q"74>EC7"T`U7Z^53&C@^I8U($.
MI_)>DH<4_/"-MK#ZS<,MZTSN`KMHIU"\]GZ?+?9<_"C+J5I6G)6AIU++N"--
M>'+XPMG;.^=<\W3A>Q<+Y+Q?BP%[1PY^MVHUJNY1;7^[IU2>TP+^LA>F46DH
M6`N9P*)G:Y@5`"$$0`#;H+:)\,D\[RQC'-;@W-4NKSC`45:\U"ZANX;*SA;+
M-+&]_:?D`#,M17*ZI.;#8N^6]ZN?)ESZUJCHEMZ[K<N.ZQL*N9+M2^Z&PJIK
M=O"T!P@IG'']2;4FI!3ZS1E;[HSRF,1;NP*M37C_`(5`4ZKR]+M-EDU'U%K@
M7Y,P(V$9<PPVXX#F)6M^O6\6CC5Y&N;'G#'-)%6NXG#<*BH.4U-1@0%@.JZ9
M[UH>D2T=8%34%I9EX9\NS`S*BKL%TGK:I6E9;*ZG5P.'QU`2]$<5#T^F%1!,
M#$<TU41/]J&J*VD;9"\/<=(6TZ!6OPCR*Z-0A?JCM+;C*R!LE:\CG$4ZJ'H*
MVTM;0AB8U<PUA3*FJ!SC#5=G^T[!NJP\<?J@>7+BFSE\P,F]2PY9^9,LM[R8
M52U;KO\`I]08K'^#Z#5&E%+4FX.U!$3\'(ML8LS(99<MU(`0,M6C-W0YU<">
M8&E<5QDFM7.26\MK;B:;`YP<_/1[LF#W1LRD%K2#M<"ZAHL5X8TL8\K-E:IL
M@:F<JWK@F@:5+LQO85Y,+-Q;3\KW.YO#(5X7E9!Z<-)?7Y835LVMNM6<J#E0
MKE4ZI#_BRB(`!JPM8C#+)=/=&V)S0:-S&I)&RHV$*U=:E.R:V@T^)DTERQ[F
MESRP96M:ZM<KMH=A@N7K6@>^&NL)#25;5_V?74GMI47*S?,57:5:TK/H^#ZS
MB]GFAQD^]J)4B.*]:A+:QT[%Q4:8<%G1':?HZ1E!43.:N[3I!?>I,<T]D.S&
MH`86YLQ&T4;M&_!0S6X3I7M21CP0XLR"CG&0/X>1I&#JOP!V4Q*Q'F2SM*]L
MT2F+X`U$9"S%7RUY6DW'2;XP,.)&!J2#%59O>EHU4F0[S5J-$=O4@0(SJ#:G
MU(I52JF3``,4-%Q'9L:/5I7/=6AJS+Y0<QPYC0JY9S:G(\^O6\<3*5!;)G-:
M]UPRMH>6H)"Y.W-*=^U[2/?6L)LX:DLNQ<LV]C-:@&3G6*K3:DR;IW#?C/\`
M'`?]&[1NNXK>HSI0$C)^FUQ,HG(*8E-+;.1UDZ^'[MKPVG+SGH!+1TE8/U.!
MFJ,THUXSXB^O("-C>ES0YPYFIEMI5OVK:.JSK+MUPUKEF6AEVNXLOZV&J)PK
MUILV%NV36:5?ZH@JIZ=:3VK7HA2GBI$B_!CM5J*HF(Z`4Z#K&5UB[468QME+
M7#E&`(=T5=0[C3>AU.!NK#29.S*^(/:>1U2X%O,ZC21O%:;%P.IG!I]..8*M
MB92YB7>:EVEBZZ?AXE*-12KADO%]GY**Q^#C/JB*8T8MV`S%3KAZ\4.MX2<?
M`77>6WJ=P;?-FHUIK2G>:'>]6BLZ9>>OV;;K+DJYXI6O<>YE:T&W+7FK1=XP
M5IRL^^,99!U`YQRE4<-X%Q[=5N8X"N6U8I\E9!R#E2ZZ:_KM-L''MG*W!:5)
M<.*7;--6JE6?U"J-&K!GU<NM45*4+^GVL<EL^YN'F.W:X-J!F+G$5HT5&P8D
MD@`+5>ZA-#<QV%E$)KZ1I?0NR,:QI`+GNHXXDT:`"2:[**N,-.MCYOS+D_'^
M*LIUZHV)9.%LRYGMN^+JQR6W+BN=EB'&#W(;FW:G8[:[JPE;[ZJO:>K3>O3J
M3PB?"#@I%"F!*-T-K'<3OBA>3&V-S@2VA.5N:A%33=M.]+G4)K*SBN+J)HG?
M-'&6M?4-,CPRH=E%0*UV#=SKJGZC%B:54]32U?.D0^H=/`9;)5HRJ2O&?&`Y
M(_2L*VH[*44P`/0_1`:SG^,ZW[2,/5_J?K=?[W)2GZ.:M?>V+=ZZ/:GLW+_Z
M?BYJ_IY,M/?K7R+M-5TJ7Q1M(MI:P'#AH-G77E^KXN0M\J<JRQIC6F//@3(#
MO\;Q%MFY[MMZNT-J<4P(9]1E0`YA-PADZSD;9-OC^[<\MIS<CN@D$=(6MFJ0
M/U9^D`'C,A#Z\A-<6]+6EKCS.7=5=-F*+,TU8SSEF',E[6Q<^?*+E:L80LZQ
M\0)WS:3Q3%MP.[//1\DY!>WS:Y;5K=S7.R.1)JP851:GL#)NW)>!0I(V&TAC
MM&7$\CFOD#BP!M1V33M.J*$GD`-!B5I&HW4VI265I"QT4!8)'.DRN[8S58S*
M[,`T[26U.`7*XSTQX,J.G"TM1&<]05^8M8WSEK(V*;<MJQ,!'R^L=WC:WK(N
M&K5>JU,,E606F-W2%[HD2(*"DS)&'BV[)BM+<VK;JXE<P.>YH`9F[H!)KF%-
MJBYU*^;J+]/LK>.5S(F/)=+P^^7``#(ZO=6G=90I3:L5=M0JBYJ]#;U2HH42
MKO:=\$/:K1T7BR=+J;RD`Z?_``2[J#$J:RK7KU_1SG%/K#\/$-!V4.(::MK@
M=E1R&G)T+F&%Q8"\`/(%16M#RBN%:'"M!7;1>CF.=`UFW]C#"=:'.]8H&7\_
M86S5F^QK0J.(U'.*J5;V$:S?M,KE)OG,+>^"N+1=UEOCUTHV>*T,[%%59%)4
MX<8&&PW2HYF,=Q2+B6.1X&7L@,+@0Y]<*Y30Y:;UUVXUV:"YF9P`ZT@FCC<X
M2=LF0-(+8\O:IG%0'5P)"UPTB:9KOU?9?88ELRHL*`\7M*ZKM>UZM`!:72T:
M'21^`F+TYED$TW-WWM4*3;[.9PF^JJ,@,/DC0T^RDU"X%O&0#E)J=@H,.MU&
MCG*Y+5M2ATBT-W,"YH>UM!M-3B1^JT.<>9I36EW3'?.JG)EUXBL^H-+9OVAX
MNR3>S&DU\19(URLV$W:F=8^>O5'#1"B/;@7<'9$<.!,W3=<)%B@0QC$FQL9;
MZ9UO&0V41N-#REOYO-78HU34X-+MF7<P+H'2L:2,:!WYX'*!MH,:;%QMPX(J
M-L:>+3SI5:HZ8U*X<_9.P+4\?5&AKT^J6U5L8VC9%S5&HU%ZX=`J5XLZO$S%
M5@=JDHU59F$QS";@+KDM71V;;IQHXS.C+2,06AI/PTI3"BMVE\V749+!@!:V
MW9*'@U!#W/:`!_9K6N-5L%G#0\I@,VI.H7GDU!.UL+W_`&_A[&-5_18[>J9^
MRO5K?M^[ZY0;<HIZX?X!M['MH5KTZO54RSQ-H=1FV*0Z[PI4[5UI?JG',K^Q
M$\,::8R/(!(`K@&@U<<:8#:55L->&H^JM@B_:SQF209L(8P2T%QIB7N%&-H*
M]H[&K1,B8I\1I\7+(`[$HXI=@69]/6(W6H#..*<(LJXVM9]E2]*793.X7S-2
MH,J,ZJW6D;OWK-%=LJNT26('6`4Y3`01,$Q"0V+2W-W=1VH(:9'!M3R55+4;
MP:=837[FE[86%Q:,"0.0%9)J>E2\[0LC5+7K_=_HI=^ER\\/V97[,%D6I(W*
MMEFN7'2F59I-QH/4V@T)*GT-*HL'223E"JL7J2J1B$$#&S=I\L<5P^8Y9+=S
M&ENVN<D5!W85!QJ"%79J\$UQ:1VXSP7;)'!U:9>&&FA;2M:G*14%I!!6KP`)
MM@!,8H+EEL_=NF*^++TPXAU05)=N>U<LWK=MHM**FG_I.@-*,#A.TKCJH@L8
MZ=-R$\MRXTZ<)DR%.%"5,4Q^.1+TMA+%81W[OW<CR*<HIL)YG4=3]4KBX-5@
MGU:;26UXT,;7$\AKWFCG8',S?KC91:X!M$`YQBBN41!$J1#'.8`(0#',8=@%
M*4)F$>P`!$<Z;<%LSJ/TOWQIF9X9>7HX:N@S#ARBY4019$DI;%3?++A7,>5G
M\:H"=U6FT5IZKY(W5G3^$4@,0N\;]]82V#8C+CQ8@_H/*T\XPKTJAHVK6^K/
MN&P`C@3&/'\X#8\?HN-0/U2N^:D].>,=.!$,?U'+EWW+J$IU&QS<%S6<EBDE
M)Q4:CY`M)A>'I%EY07O1Q5+G3H#"KM43N341NS?N#*@W4DD(CMOK*WL?V+I'
M.O0&DMR491PS=E^:II48Y0#R+'2=4O-5^LM@8S3"Y[6NXE9*L<6]N/(`W,03
M3.2T4J,5J*02DX@$HB(A(#;@#9T1QBYQ%33$WE3E(>](8(FX(B=6&\-@CV`_
MD@K8V!&3+M*4>?QP4ITA0*$N2<_LWP10P\,N$@C/?*7B"")@A2E&?#O"4MW-
MR@$$5X;X@K9%WPC$2X@`T]D]H1"MIDA`(`@'+]G.,$5Y0XAEN@BO3`9F&0R`
M1+.6P=N^")@$P$O%*8[=G/(>F*DO[PK(;%0$A-M\SDD.WMQJ4I@PE*4A03$T
MIS$)!S=CE@BO`HCR"'2'N017@0`&?+S[.CI@BO\`=B0:&J*H"8=Y1",_66[R
ML<$0`$PR`)COBB=JMJA2S/PCLVC/N",66]T+)&ZN0@`%$0V>5,>7?L[$:9.\
MH*J9.4I%$W;$)>Z,8*%0J8FGY)2_?GX9]$]\%JEV!5%(0"<B&[!5`,/<""PC
M[RMX!]['NC!;G]TJ`09A^+'NC!5AM5%2`3AERS]R79'G@K:L$I@"8@(!SP16
M"(@&P)Q;CG#&!M=BK/[Q0^(TPF40^SHB2_.<P4!0Q>*6V4HQ4JWJ^S[G\L$0
MS`4)^0)A`>26W;T01+G3$\S`'#LV%'?LZ-FV"*P"&Y2"/;E$A%8I(0"1>7LC
M%]8(8$GL,`RZ/&$$5I@X9@`3EN"")<Y!4$!\V02D/=GLZ8D*M/WAT)=4HI\/
MVTY[I[)2\<2M*A1`.*83F40[8R@B7,$A'A`1#D@B"`B<IM@E'RBR'HW^[!$N
M8G5RGY4YRWA*7]V")?:;8("7EG]DH(K)>5+M05?^\\J\]([2O.$<-P=`=Z)1
M5@BN+O#I"(6Z)C7"IWKD(A;VL:S8BD*!0V!YVT>D=L%+FAPH=BOD'-!8B-K3
M4;54-X=(06Q.E(4DY3VRGVO[L$7I!ZO:J:=,1Y8Q1JJRIJ*IMB7#IYRJXOJJ
M8/?XZOJM7-DVWZ#;@O;11Q7=%L4^L6RZN"X+I75IU0:UQ2BHTQ`B;HKAP50Q
M$[]@;>*5EU+)E=&ZN6AJ0!AE(PJ3@:TIM7'ZVV_NK233;:`OCGB#1('-`82>
MUG!H:`8@MS5.%`KM,VKEA@#25JCMVAEQK4,RY+SWIUNVSK-RGB6V<Q6VZM6T
MJ7F(;RK[:D7U;=P62SK-L5"Y*:5LX7!-X`KFZ@IRBJ`+:[$%K*T93,Z1A`<T
M.%!FJ<01A4*=0TQU[J=M(_B"TC@E:YS'EAS.+,HJTAU"`:C9O2N"]8%SVO<V
MM'4YD3*54?ZK+_PLRMK$-Q/&CH]7K>0[KRSBY2X:@U<4>GI42VJ=:&,+.=I(
M(?YFT3:"FU;$D`)A69>N9+/=2//K;HP&GE)+FUYA1HYMP6=YI4<D5IIT$8&F
MLFJ\<@:UCZ#$U)<]PQQ-<2ME=5^L73SG[%VI[#=BJ'L7&`V3ISR7IYM!2F5<
MR"V?'.4;XR=J7IC7JF)D*2NX>ZCKI9HN7/4-EV-NM4DU#!U`&N37MM<Q2PQ]
MF&C"P?IU+G^^]PZ`%Q^FZ3?65S;7<_;N,\K)75'[O(UD1VX_NF$@5(+B:;4T
MMDO2!FO.FGG7!E#4:WQS5,8VGI\6SEIM''.0Z[E>[\B:9[;M>VJ<SPW7:+0E
M,;/;2RNUL6F'!Y5:Q35:&*[@%DU!(2>4DUI)-%?2RY,H9G9E)<2P`=F@RT=0
M8DBF*"WU2TLY]'M[?B-D=+PY<S0QK9B2>("<^9F8X!IS4%%CS!FOVK8OM;U@
M&7*/6+=MS/6H//&",LV/9%=LYC>UM7'3&68\E7]D^V*DA7*!6+=)265(N9NV
M556]%>*)*B9FH18.(E2'5'QLN)06BXDD8YH(J",SBX8@BF/,=V*L7FAMN9+&
MU>'.LH()&.<'%I'[-C6$4(-:@GE&_!<F35%@2V]?%]Y_5N^_KVP1JVQ%DBU\
MP)K#6*]EO"+74KCJH6E?]F`[N9!J6\ZC@ZYE4S4I1JLJVJ5NMFR*2@+"9,L>
MMVS=2=<YG.MYF.#MI<SB-H1CMR'9O;11[-OI-$98AL;+VUE86;`R3A.#FN[/
M=$@[U14/))P73,E5/3OB/1'D3`5M:@\*ZG,AW)FK&UZX@K^-<%W?9]UV-9-#
M2NM;(I;\R1D/'=HW&W6O-6H4HB5!3J56;LC,C@F8J9S&'"4VL%@ZV;)'+*9&
MEI:P@@"M:N<T''#"II16;:.^NM9COI()K:W;"]L@?*US7..7)E8USAV:.[5&
MDU6T%G:K=#]N.L=Z6'Q+ZJ.%$='MQ:6+[S_3[I>-\:A<^:44LR9&RZM@U?%!
MK[K-4M+4.G3B-GA*NDN9G06RB3<R292*VF7FGM++,YC;\`QE]>S5W:<[)EJ2
M'TQKL`P7%2Z9K$@DU)N07GK8F;$1VZ1_LVLXF?*`Z*M1EI5Q%:K4K%NJ>E84
MTIXEM2VZA1[IR);&K3-UTY&Q=5Z?55+1R-@+)>#,=8UN.V;H74:)4Y_:F124
MBHT]1N57TYH8B3LJ:2J2"@<+'>MMK-C&$.F;</+FFM',<QK2#S.Q&\;=RYFX
MTHWNIRRR`MMW6L88\$9F2LD>\%O*'-J#78=F()6/M?.7,8YTU1WGD_#8U4N-
M:[9N%:=:[*O$7)7:*A:6%,?6>^MRLG7`#.ZI;=3H2S%=R43).E&XK)F,0Y3#
MEJ+K:[NW7$%>$YK*5VBC`*'G%*<^U6="M+FRTQEM>4]8:^0DC8<TCW`CF(-0
M.2M%WC!=Z89R=I0O?2'EW*]+P'7*=GBD:CL.Y1NJV;NN;'-3JZ]A*8UOS'=_
M!8=)N*ZK=&H45%F_I-21ISU$KE%1%8$RG*8;%J;=]DZQE>(SQ>(UQ!+:Y<I:
M:`D84(-#BM-[#>6VJLU:TB,[#`8I&-+6O`S9VO;F(::&H<*C`@A=DTJY&Q3I
M&U/Y&N6U\^!<=$I.F'4):5@YHMFS[UM-%[F*],*56EVFA:E(JS!2[&3=ID)V
M1JPJCUJS*H"1'2J;8AI%V6<L-E>.>R2K!$\!X!':+:"@./>V$TWX+'4[:ZU7
M3(XI(,KS<Q.=&YS7?LVR`NS$'+W,2T$[@2J9.U<W;J"T-T/%V;\Y7;DC-U)U
M@-[UI`9!>5RO.:!BA;"RML*U8E:%FJQ3I+>\GJ@J,TU3.Q,)E"I"49BEO7W.
MGB*XD<^X$]1FJ:-RTV[J\FU+;28;#6W7-E`R.R-IE.2@K)Q*TIMKEY=G.MLK
MLU5:)[B-F+2_2$+[I.&G6DN@::<:YSJUU.7F.G-RX#*MEC%F3T,)M<5IWK;E
M5R'G0U4%V[5JZZR:-Q.#KHD34,5&Z^\T]^>S&86_`$;7U[-6=IKLN6HJ^N-?
MSBN+BTO68^#J;\AO!=F9\0;VZ2]A[.)GRN#(LM!E'<%#OP9HZRCC;%F'Z^7,
M^J.T[FP?>-LY03R/H(JN/,AW?=->OE[;E;H&/*[8E0J5IN,8V9=!ZZ:F57]+
M*=7*:\IJ#<R2I7!@ZL:]C-%#`>/,TV[FNS0Y2230AI&&4&M#F!!'.KNKVMS=
M7;?4[5[;UCF9+H/8UH;4%X<`[.YM*MR%I!K447;M/F9Z6EH/M+`=`UWT;2->
M;7.F<+DR;;];HN:WK+(^/\@6'C&W*$V<NL78_NY@\:%=V_5"J(.E$C%(J(\/
MEQE;7#?9S;9MR().(\N!#^TTAH'=!W%87]F[VZ^_DL77<)@C:P@Q@L>QSR>^
M]I&!;B%Y65.G,J95ZK2J?565>IU,J=1IU/KM-1?-:;7&+%XLU9UFG-JFW9U-
MLPJK9(KA%-RBBX(FH4JA"'`Q0Z]</=$2&$$`[=_/CO79VN<YH<X%KB`2#2H)
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MS7%M>1`FH[443\)-O*RF'>K7!8[U%ZL;5U#Z2L'VU4Z<6F:A;:SG?UY9PJ*"
M"Y&>4G=7QGCZS*+F10Q4@I[:Z;GIEEMVUPI$,"CNLM5JB)9OC"&B]U".\T^*
M-PI>-E<7GXU6M`?NJ0*.WD9N57]+T>73-8GE8:Z<^!C8ARLH][C'ORM+B6'D
M:0W\U;.:W-9>&]8=5U&V!7;EMUC;.-*G2LEZ'\D4NS*M2$JE4"6S;%'S%BJ[
M46]%"OK*9J60-54*G4DB$;5^CI%442:K%X;NJ:E;:BZ:%[FAC"'0.RD5P`>P
MX5[>VIV.'(%QF@Z)?:*RUN(VN,LH++IA<#09G&.1N-/V7=+6[6.-*D+S1K^*
MF%!P/BO,X7JT=U;)-[Y*M%;'*]"?4VKT.G8^1MQ1*\&M6<.3M+DMVNN+@%J"
MR"*:;9\V6;\:BJ2P)<&^W#+2.YS=I[G#+3$!M,:\H-:<Q!&]=JBO'2:A-8\,
MAD4;'9Z@@E^;LTY'"E<3B"#@"*]_T3Y"L[$^KK3AD_(-6+0+'L/+-LW+==;%
MF^J!:71*>JJ9X]%A3&[RH.^J*</(1244-R%&-NF316^H0SS&D3)`2=M!Y%7U
MVVGO-&NK2V&:XDA<UHP%2>2IH.M9V-JQM.[]$&9L$7RT,;,R=?PC2<;W\"3M
M9S?6%L=7]<M=I%@W.N4ID_A3%!;G=_`[MS)12ANBL.+A8-R#O]H1R:7+:2CZ
MS5@:[XS&N)#3SLJ:$_FFG(%0]CS0Z]!J%N?J.64O9\25[&@O;S291F`_/&;\
MXK4JK61C]G2L/N:-E^D5:JY`IZZF2Z::U;EIH8->A=!J*@TK50<(.$;Q!2@R
MJPJTI-0")`*/"902\7&NBA#8RV0%SQVA0CAXTQ^-ACAT+FHY[DOF#X'!D9[!
MS-/%&6N`_-Q[/:Z=B]2,HZJ-(.2J;JAP)0J7?%H8[J6%+"Q]@;)=?NM6OV.X
MN#2(W.;!53I6+6&,Z9<UCO,ME=5M)\[<U-WU*MQKF=$("AC(\_<:AIL[;BT:
M'MA,36QN)JVL/[LA@;5N?M5))[QKS=3M-(UJU?::C(8WW(G>^5@;1U+G]Z#(
M9"UXC[!`#17(*<_E:]M>S&N+[3O!IDAC4\@UJZKEHUQXF);5;:5*SK=I+9@M
M0;N=76O.WJPWN==RLD1HV_'MA1F<1`1X>ON9$(&R!X,Q<064-6@;#78:[AL7
M;FRSF[?`Z(BV:QI;)F%'$UJT-[PRX8G`U7;].37$SK.N+#YWKA;?PY3+N87!
MD9YZ!4JHM4+9MH%;@=VPT84EJ\>KO;R5II*0D($!-,SWK%#$3*8P;+(6QNX_
M6SEM@X%V!.`QIA\:E/*L=1%Y[-F]GMS7Y86L%0*.=AF)-!1M<WDH*E;L:AM4
M6#]3>`LL(+T"\\=YBI>I&H:B;"IU[7NCD=.\$<U)!;V9K#MBHT''%G4^R:/;
MR5O4"J-&3TZZ)R,U")+<8<)^3O=0M+^SDJUS+D3F1H<[-FSX/:"&MR@4:0#N
MVKA]*T;4-'U.$M='+8NM1`\L9DR\+M1/<'2.+R[,]I(H<14;JWKD3'U,T>7/
MBF]]3=K:J:VX;8O-IHMNFV!?S:\]-KRGUIM4\AI57(&0[6H3NAV@K:XN*(2W
M*>_JS!XZ43<I)MB)<0I9X6Z8ZVEG;</.3A`-=FBQJZKG`4;2K<H)!.(I196U
MI=/UUE[;VC[.,&3CN+V%DX(HRC&.(+LU'\1P:X"H)-5YL$&8@0=P[.SMC@EV
MQ-E*!0D&Z<X*0KH+?PVHX`8``1`)2V2WP6:;33+(IML]^^"E&#>'2$$1N$H<
MGA[\$5X1!6R)H<:%-$2()0$0&8ASC!6&QM::C:B`0Q9</F;QF`CT[8A9HY"@
M(;0Y8(H&S=%3C/65`G2E#JP"7G``CT[X<9_,E%<`2"1=_)/;MZ.6,'$N-3M4
MHA"B(>7(1GR!P[)!R!+EC%$0"E#D#M[8+-C0ZM43RC[``-FWF['AC%Y+1AM6
MPQM5.`X;1`)<NV-;7N+J%1D:C)I@8L_MIC+IY-D;J5P4F-H"O%%0=XAW!C7P
MF\ZKT52)J$&993$);2B/?B>&U6Z*O5C/B#\IOG+9,=_D]$9@4%`I5TE@"4R_
M@1B6-)J=JTO<0Z@4DN'*7\"<1PVK'.Y',D8WG$3&7.`0X;5B27;50J`E&94T
MP'G``APVJ`:&H5AP6`P@'``<W!/DYX<-JR+B10JW\?\`WOYN'#:L**P2&-^4
MVRW2"73TPX;5LSN4,14P<,PX=DI$VR#=MAPVIG<J`E(-GG]OO=$.&WG6!Q-2
MH))%'BVC(><-DHR:T-%`MK&-(J4-%,IP-Q3V"&X8P>XMV+(QM01*8NT0"4Y!
M!CBXT*<-JLX0G.4;5#F-#:C:J"4-HR#8'V;(A:4/B_O2]R"(75C]IVY@(]Z-
MO&>HH$L<QIB49;!$-W-LAQGI16&"91$/.ELY?<W19C)<P$[5!2XD6$=HAVB2
M[P1FM;F-<:G:JB4!WANA58\%B763*4O$`;1-S\\X+"2-K6U&U!`P@$MDO'VX
ME:$$4M@F*&P)B.WEWCO[$$2ZB8G),-Y?#OV!T01*"81V#*"*SA"<^7?!89&U
MKRKSR)O[7A".U+S-%@BA"!,YQ-+9Y(3WB`;@#?.<$1"%,(S`!$`$(@JS!W3T
MILQ2F,3B-(`$>64]FZ(6]-RELYMD^B"@D#$[%/LWP6(>TF@.*JG^5*/)*4^W
M!9KD)#!99'[BMUL%Z7<79"P'?&H?,VI!/`-DVKF6U<&T\Q,-77EQ:JW==ME5
MJ^F50J25IU^EOZ+;K.DV^Y!PL1L\5`Q`X4S"8"C;@MHI(#<32<-@>&]TNQ()
MY#@,%5N]1N8+QEA:6_'F="9#VPRC6N#2!F!!-2.4+M%JZ![G7U;5/2WD+)MJ
MV:QI>*KOSDEF:VJ-5,BV5<V'[>Q#4<VT2_[,I+1U;E9KU)O.QF(*M$C&;.D5
MSF153!5,Y(EMF?6S:2/:VC"[,,06AN8$#"M0L)-:C&F#4H(W/)D;'PR0UP>7
MB,M<<0"UQQVCE&"Z-2M/6&LDYZT]X1T_ZEU,KI9SR#:N.ZC>=:P?=N+FN/ZI
M>%T46W*0Z7H5?N>JO+J;"2JJ.5`;+M^K!OU8C-0!"HZUBN+F.*UESMD<&YLA
M:!4@<IQVK>Z^NK>RGO+ZWX1AC<\-$C7Y@T$G$`9=E,:[5VC.>D>SL;8RO#,6
M&]0M%SW8F-,QM\$Y5;+XSN[$M[6#?]29W0]MY16W+C>UVGW+:ER)V94R-:A3
MZ@H<JK;@50)Q`(;GV388G2PR"2-K\KNR6D'&F!K4&AH05A9ZG+<7#;2[@,,\
MD7$9VVO:YHRUQ`!#AF%01RX%9CIOJZ+;7O*W-.=5U.6W0=;]W6G1KBHVG9]C
M2Z%++;7+<UH)7W:^&+ASN6KEHM%S#7;;=-Y-?@A6E-Z@Y39*O@6$1#;+IK7.
M;:F4"^(J&932I%0TNV!Q'-2N%54.O2")U^RW<[1V.(,H>,U`[*Z01TJ8P>7-
MF(%0VBPMAS3!8=R82N/4+GS-M0P3C*DYD8:?J0>A8CK>8+I?9.<VFO>E0)7Z
M#2KDM5"U+7H=%3*"CE5TL[=NCF1:ME3)'$*$%I&^W-S<R&.(29!1I<<U*XBH
MH`.7EY`KMWJ,\=XVPL81/<&$RFKQ&,F;**$AV8D\E``,2158TL7!#N^<*ZE<
MUT^ZF3:EZ<5,1=?17%)="[OA#+M_U"Q*:NP=^ED3H'P29@#Q8BZ:XJ$4ZL.$
MQ1,.J.W,D$LX.$67#?F.7R4VJW)>B&]MK1S277&?&O=X;<QKOK6F%%M+9VCG
M2Y=V";GS\ZUTNJ%:^/:[BZS,C4\=)>1JI4+;OG+%+N*HT"@4X6]^MQN=DV4M
M&I)+5!NF1`.H(?A`%2!%R.QM'VYN3<48TM#OV;L"X$@;<=AQ5&?5]2BO6V(L
M@Z21KW,/'8`6L(!)[.![0H#OYE@[3/I4NK59G%_A+$5<9/CMJ'D2YF-W5FG.
M:13GE"LYB[-;3AY35G!W%'>Y"N!:DT=DU55,=&HUE!,PG$H\5.SMC?7)M[=P
M)HXUV8#9T5-`.<A6-0U.+3+,7ET".TT%H-35VVAY<HS.)W-*6TJZ?:;J%R+=
MUHW=?JV(K<Q_A[*V9[UND]FN[WJ=*M[$-#"X+DIC2TVM:MYP_K2K0BA$DQ=)
M`"Q.$V_92L[5MY</8]_#8QCWDTK@P5.%1CY5NU._=I]LR:)G%DDE9&UN;*"9
M#0'-0T'D60LA:4+%L:\-,CYMJ,M^LZ==5U/<5:Q\_O,>7+;:MHTNC7T\QM=S
MC(>,*G4SUJE?H9=;/_/#M7[MNJQ$SANHKU9DXY#U**/@%LH=:S#LORD4[64Y
MFG$4.W'9B%IM]4GFAN0;=PU"U-'19P<Q+<[<CP*',W94`UP(&U==OS1]?V(+
M#S'>>9*BTQ]5<7YM2T^6O9SEBM4ZCEK(U,2-6KZ6M&H).6K1.Q[#LU9A5'-:
MX7#=T%:IJ")1.ZXTYDLI((WOG[)9)D`^,[::<P%#7EJ*;5L@U:"[GAALP9&R
MP\5SJT$;#@W,/C.=5H;@1E<3L6K0F*`@`B`".X.4>B*:Y5&(40':')XH(B01
M$(EQ"0\QV&#FY!G$$@8G8B<E&'%CWJ$9,!`0GLV#%:X<'#LXJ"KXKLP:`=RE
M.)!Y!1D'+M[8QDL@UQ%0#1'3`W'/;PR[4_'$%6(00TUWHO$4)!,)CN`.7H`(
M+:N0``D&P-P<@<T$1SJK+`B15994K9+T=L15510C9#K57`H-RG,)4$!<+J*"
M0DBBHH8TN(PB(G>@`&SE52@(!MYXBHHI3*``/%,`'=X8P4\B8@H1"E&8#+9_
M)!$4`$9`'+N@I#2<0$VBF;A&9>7EES06Z,$`U3)`&0CR#N[6^"V(A1$\RE&<
MAV@`\H=CL01.)ED4)A(=O3O'P04[<`B@`CN""R#75V)@"F-N`1EO@K*=`-@`
M(<@015X>+R=T^UN@B*F3@++LSWS[\$1(*0UQV!,HD,!AXBR"7++?,(A;H6N#
MC4<B9`)[`B%851+R#LGWA@<!4HF.I(!2>7]K]F^48<1F\*:%,@D4FT)#/DG/
MP1262,0DQ">P);!V=J"(D@+L`9@'+LZ8*0UQQ`5Q2F.$RA,)RF'/]@P4Y';D
M0B)"SXS2G*4]G//=$K-G9KFP5Z`?C#`&V11[G$'/&N0$MPWK,N;O30A]KR\W
MNQ@QI#@2,$#F[U;PRV;I]J4^6-R%S2*`XJ]-(NV9QY.6?/S[H46G([<B"!!"
M0]40.02&$QA[`@.R4%94ZHGW?>@BO!(9>2`F#GV06A[275`5!*8N\)06.1VY
M4ZL/?![L2F1VY3JP]\'NP3([<H"03F!A$>0-FW9!,CMROZL_W(^Y$)D=N5HE
M,7>$I[H)D=N5@\)MAC`'C@L50R1.$1`_@Y>>"R#7'$!`ZH)@/$(B']\(S&"V
ML(:*.P*O`.'DE.-<C2:44ES=Z56!,`#A,!A$VV0B(\O8V;8B-I!Q0.;O0`+Q
M^3M_N1N4/(<V@Q*NZHQ0V`(@`3G$'#:M61VY6;M\8YV[U&5VY!X#<WNAXXR4
M(8@0XB01`!F,^09@.W;!$$Z?"(R\T.6<PW3';TQ:C>T,`)Q6)0IA&?$9O2A0
M1`0WQD'-=L*A6B$PW3C):Y02V@WI-0A@,8>'R9[^3FB56R/W%"E/9S[.[!,C
M]Q0EDY)F`@B81YM^SHZ8+%!#@&8!PB(;]@01!X#=;/A\F?:E*"+SI)O[7A".
MU+S!%@BD$3:'F&^^\`1CRJS!W3THI2BJ!3>;PC.0\L%O30[H+3-W/*K8E:(^
M^$=-,32-,-AMW1(8A7F]X=*>B%>7I+@,V%\CZ$\I:?;^U*XKT\WB[U>8US.Q
M7R?2,E5E*KV';F&KULFMN+>I^.+*N]Y5*VVJ]S(]4S5%H5<$SAUI/)$>0@X,
MEBZW?(V-_%#NU78&D&E`<<=BX"]];M]:COH+>2>(6KX^P6"CC(UPJ7.;04&W
M'H6RV+=86%W/K&;8R-;.2SXAPSBC1M<NDW"^8<ETFIL79'%F:7[DQ1CK(UVT
M.@TJZZE1E+IR#4?A`&I&CQ1FV63(J03D.0#+V'VL)0_)`R$QM<[F86@D`':[
M'8:*C<:5=C0'6\D?%NY;H321L(_.F#W-:20#1HI6HJ=BP/1KQ:63KYTA9WS9
MK,Q%J6)3LTX<N;)N6,<$OX[:QK3QS>]LF5-="%P8LQVZ,9M1"*KMPIS!X<R+
M<_$/'P%-$+\EY#//.R7MM+G-K@`1MJUO)N"N/B,VBW5E9VDMN3"\,8[+VG/:
M=E'NY=M2-JP]JDUAY'SHK<V/637%%E8;89AO')%!M'#&*K8Q;;=X7.O4:Q3J
M%DF^4Z"Q0J]Z74I;CP2).:DL<4$W2W5I)&5/&%U=R3UC[`ASD@-:&@GD)IM-
M-ZMZ=I5O9Y9R97W9B:PND>7EHH"6-J:-%>0;ABO0E7*FDRZ-;-H>M"K.I.T:
M+2J=5+#SQ=^E<M`O]?42?/EAV91V+G%MM-T[3/CUY8MQ9!MY%TWN56MI-F]&
M<&*HB"R?`-N66S-ZS572@-#@\QT.?.!W1A2A([U:47"-MM3CTA_AQEN\N(=&
MV:K>%PW./;/:S9@TTR9:EPVT6M.A?)KFW;NO6_[HU:X&POC6\<FTZHZA=.F;
M;6O?(-LYQQN[J:MQ7*-,QQ3<=WE:5Y59LWJ3VFTHHN:76F;M0JJ+ENF/61QV
MGREKW2/FCCA<_ML<"X/;M-&Y2"=H&P@\JY+6K<21,@CM9YKAD9$4L9:TQOI0
M5=F:YHP!.!:1@05TBWLLX,I."/69659[U>SJ3F:]L#O-.MA5XCUS<%0L2SM0
MMT79\$+.D$WK-%_:%@O69W7I+DHFD)2'5.`SULFMVV]VR,Y6R.9D!VT#R:>0
M46]UM>.OM.FE&=\+)!*X;`YT0;7H<X&E!U+HN.\BV12M!VJ3$]2N)HSR'?FH
M/2O>%HVNHB],\K=MV!1LT-KOJK==-L=@DC1%[H8%4*JLFH87!>`II&EK9+&W
M39H2?VKI&$#>`'U/DJ%;GMYGZW;736DV[+>=KCN+C'E&_'*>I9NTNYRP+IST
MVWS5Z]4,A7!G3+V:,<))4/#UT42Q[TQQB[3]6:+EFWJE5KFO"R+QH*E+R5F!
M&GF48M41<J(VXD=11,@B12M975K9V;G.+S=22-P80US6QD/%26D4<^F`^*N.
MU*ROM0U!C8Q&VRBB?C("YKWR@L(`:YIJQE<3AVBLY4'4+IYQEKOU5:AL37S;
ME#L',^E/4#>>-6-6MH*^QM+.6=,7M*ZIA&MVU6;:?T"KOZ!E9X_IO5.F2U#<
MMRI\8B@<0BVR[M(=4GNX'-$4D$A;45H][:Y""*&CJC$4/0J[["_NM#M;"Z8Y
MT\-U$U]'4+HXWTX@(((!90X$.!KRK5C6WFZVM3K#`.<6UW,$;Y<XI8XIRI@9
ME3C46W\0W/C4Y6!+@QA;S"EL+1H6*,RLGX5U.G4\0&GUY2I)*I@0R)AB[N67
ML<5S4"3AY7,I0-+<*M%*!KMM!L-5RNC6<FFF>R+#P!*7LE)J9`_&CR27%\9&
M6IVMRD<J:UGYZ9YLM+1'3661'E^.<3:-K!L"]&SE:I*&MC);*Z;Q3N*EO35!
MLV*\KHVLRH";AVF*X+-FS5,5C]2!297]R+AEN`[,60`'F=4U\M*8\P4:-8NL
MI;UQC#!+>.<W9VF%K:$4Y,V:@PQ)PQ6C*904,`F*(<'./W7-+FE''KG$S!%(
M(FT?,#I&,7]P]!1%GY0%Y1#M1QRA,P17$+QC(!E!$\F42E`L^4?=&(*MQ=P)
M@H2"0\\%L1R)D.8!`H!P#MGRSYMO8@B;V<F[DZ((B%*.PW)M\40=BE7SV@$A
MVB&V6P)C*,$3B9!).8SG+W)P1%`)[`@B-YI=O(`>*")@B0CPFF&\!ET#."L1
M]U.D&0;A';R!!9H@;"@'*`C[LH(FD4BD`3?;&D8)=G?."(X;1E!9,[P1B%$-
MG./B@K2=3())S&<Y>Y/QP1&`)[`@B.`%`H;/*YX(H&T0#G@B8!`?N@[@Q!5B
M#84V`3V!$+>KRD$!`=D$3!2`8`$2"/)Q<VWIY(Q?W#T%$<>"9"`F8?)W@.P)
M>[%%9HG`/8]WQ01%#8`!V((KBAQ"`<XP5B/N!,E#J_)`@B`C.9=VW9R\NR"S
M1N$IMX",N:"U2\B(5,I1F$YREO@M*(/"`3X1$W.`=GIYH(J%$HB`"01$1`)B
M&Z>R"EO>'2C&1$LN$N^<Y>Y!6E4$0'[273_((P15Z@>00`.;;!$8A>`LISVC
M!%?(@^=/M01"\CWI3NAXX(IY'O2G=#QP1$*!)3X3%';L$0V<FV"*01#4()Y2
M$`E/W9>*"(0HE`)\(#T;X*J=I5H)")I<$B]G=N\<%89W0KQ0``$0*68`([)\
MD%JE[WD2Y1*,^(H]B8?RP6M!ZL@CYI@]P((K3%*0!$I3"(;(E9Q]Y#$QA`0Z
MLVT!#DY8Q=W3T*PK"HS`1,4)]GFBLL4L(RY!'HBTJR'U8;3!L$=HS[.T8(@'
M`PB).$=NSBY-T^F")<R1B[MH2G,((A"43;N2+$'+Y%B58("&\(L*%8<O$42[
MIR]P0&"),Q>$W#O'QQ*AW=/0@@,Q,$A#AV;>6)5%!.4$P`2E,(B,M_)O\$$5
MLQE.0SE.6R?1!%YR@4`W!':EY@JCL[H>Z,HA$8"`)REY!E!;V1M<VIK5-E(!
M`D7<(SB%N:T,%`BI&$4RB(!!8RO+*41)SB5K:XRG*[8JRB%L;$UIJ*U32'F#
M]\/>""W-[PZ4S$*\MCM*FF'(>KW,#3#&,O04;B<VG>MW*/ZJ*I*6R96A0'53
M;MG2J6U)S<]P"PHC&8@!JE5&Y1V",6+6VDNYN#'WJ$]0_*:`<Y5#4M1@TNU-
MW<5X>9K<-M7&GO"KCS`J_3'I?R3JQOZZ<6XP1:!D&WL6W_DNFVQ52KH/+H7Q
M\@Q</K&IIP#JVETUCTP460..%$SL@)',3C`Q:<%I+>7#H8?W@:YU-^7DZ3R<
MZRU#4;?3(&W-S7@.D:PD<F:O:/,.7FQ7#U;!E:H6GFQM0[VLM24V],YY'P66
MS5J:^:7!1*]C.U+%NNJU6IKN#%1*@Z)?*;4&O5$<(+M5./>`%VQ0N;:-N"<#
M(YM.4%H!_*LFWC'W[[$`YF0LDS5P(>YS0!Z-:[""MT,U^KC0QQ5<Z6-C;4QC
M_-N9],UL.[WS3AACC[(6/;JI]E46G4:K7==./ZO<R#VULE,;(IM>;NJJ@T=H
M/$6?6+II*D2.`<C-IW#+XXY&OFC%7-H0:85(K@ZE<:&M,5Q5IKQN&PS7%N^&
MTN'98Y"YKFEQ)#0X#M,+B"!4$5PP7F@3:$PV@,I#W8X:?8%V$(I``Q@`=VWO
M166;14T5%``II`&R0>["BSR@"O*GTDB@0)3V[=_+]@0)P6.<J],=^P.3G[/9
MCC:++(%?.+;8&%H..Q9`8*%*!S`4=PCME&]K0T91L4IXA0"0!NF'@B43$@#<
M$H(JP17)@!C@`[AGWA&")P"\(2+V9<NT8Q?W#T%%>FF,^(_G!L#D"71''*$Z
MD0#B,Y[`@B9*D0HS"<^F"LMB:6@X[$1/:<P#N+*7<`>^,0MK6AHH-B9#:(!V
M8*4Z4A23E/;*?:_NP1$*`".WFB#@I10V!((QJ432)0X9\LQB$1H(C@4`W!!%
M>0H',!3;AG.78`1\$%N;&T@%.<)PEP^8$N2?3M@MC6AHH$X3R"%$/MMHS[$%
M*O2(!Q$!Y`@B;`)``<@``!VMD%FP!SJ%%*4)`/+_`"P6X1M!JF4TS'#B#D'F
MYI#X8+--P1&*```#RB`015BL^5[7$"E%99"QS`36J923*<O$,YS&7:W;(V1O
M<]M3MJLC"SG3!0.'G=K9+OQFLFL#-B/P&)M&7-O^SFC7(\L%0LPFB$*8H",Y
MB'/&GC/YE-`BE`X2*4"\$]LRB([1V^5$&5Y%#L*41P*4!F`;>WXXU*5?PB/F
MRGV>:-'$<MV1JJ0@F-P\NWG':&^-P-153PVIDJ0%$!&?$'<[D2L"XL.4;$3R
MY^2!9<LRSV]/)!;&$N%2F"`9.<Y;9=G=/QP6,O(JB!P$1,`2$1W?W8+!C0XT
M*8(F`E`0`>(0[7<[`06SA-YT0""'G;Y]$2IX;:U1`&7(`](3B%FKP`3[``H#
MOYNQX8(B=2(;3`$N7;]G+&ESW`T454ZLO-[L1Q')53JR\WNPXCDJKN$OW(=R
M'$<HJ5.$OW(=R'$<E2J"0H\G<AQ'*:JG5EYA[L.(Y*J=0;F#NPXCE%2K#)F)
MM$`ENYXWC951PVG%6",^0.T&V"R`H*!6CM`0E,1`8*',#C4H(H''?WA@HX;5
M:L0>$."4Y[9]`Q*CAM01XC!PR`1"6_=L@H<T,&9NU6"7A#:4LP`1W1!%<%AQ
M'(0F$>0`Z`C#AM49W(0)D#<`]V,UBK%$BE+Q!.8CS[-L:2]P)"BJ5$`F.P(V
MM)+:G:@03@<!D0"\,MLRB(SVSV\FR)4I14H)@`EY1`-NW[-\9M>YFQ0K#<2G
MDA+8,^;=,/#&^.1SG4.Y00@"`E$0'>$;E"&)"B8##O"7+S1*$5%$!8A0$!`-
MIIS[4I=^"U<%G.EA`.F)55`X3]9N\CB^YY)],$7G+':EY@I$(BI;3EGSP*MQ
M=P)WEER\W+$+:CRV2``#HV06B9I(%%`")6,37!U2.1$3\\O3$*RG)E#9,`$>
M28![D%+>\.E$B%>7III.S7@/3;IMR'=-RW'D1]G7,68\:T>DT3"59M:A9"QQ
MBO`->H&9FE:K=5O>@UNA-Z'E#+C&D(^C()F=+HV[,3$2$Q3\C:S06]LYSB[C
MO>,&T!#6D.J:@BCG4ZEU_4K2]O[^..-L8LXHGDF0.+7OD!CH`T@U8PNQV=I9
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M-/Q,HY%MUG[+NF;&FIS6WK)M;4OBS-=<SYB;)F,,`XCQ0E?55N%I5<UXPHN+
MZ]>.7JQ7;.MZU+0H5BT,*BN5D@]J#RI/#(%3*4@&-%VYGM(;F:\$K'ND8YK&
MBM>TT-)=@`*"O*:KC+&UU"XTZSTF2WDA9!*Q\CWY0*1O+PU@#BYQ<:8T``JO
M!PI"ID(0NXA2E#GD4``)]G9'6YG-(%"NZA%('"(&.!N"6\.SNC0LV[50Q>,P
MBF4PE"7)NYX$@"IV+82*)X!$`*$QW;0[8QK,C*;0M0VHL@#<`!%%;E(Y%G='
M0I1$2FXQ,(#PRV".Z<N3MQDB;)^5ER<`#+DG,VWI@B9@BD$1DB&XRC(9;=O2
M4900`DT&U-@&T.D._&#^X>@K(L<!6A3$<>L%4!$-PB'0,H(GDA_%")QVC*0F
M';MYA&(5UG<'0F2%V!(-H]C:,%DB`4Q5`X@$`ER[I^.")Z"*\@#/=R>*,7;%
M*.GYY>F,43LI;H(IP"?<80EV1"<^@0YH(F)0665VY.IRX0E*8!ME+9TP6]F#
M0"FB$`2S$PAO\F>P9=CLP62O`IC!L`1`/<@B=$2EVC(.X$%(!.Q$($Q`93`0
MGV!`=T%L8UP=4A-)D&91X?)GVOLG!;TWQ`79Q`6>V4Y>Y!$4@;YAS;PZ8(B2
M@LLC]Q1")F$Q1X1X>?DBG(QQ>2`:*Y'@P`[4Z4);@EMY(W1`AM#MJLBC%)Q3
MXS"$MT_Y8S+@-I4)E,!$1$9B64MNT)[(TS.:6X$5JI"+(#>0!@`>P,A"6WDV
MQ662.1/A+M.,PF,ICX1G!%=OW1&9N\*$VD40$>(.39.*^5VXJSF;O1`3`IA.
M`A,9[`$9A,8L-[HZ%.9N\)@I`,4#";;MV#+D$=G;E$K0\U<:*\J7$$P$0`/N
M=W3!;8N[Y4=';Q3V^;OV\_/!1(":41@2`!$9@/8F(RGV!@2!M41@AV(5P`/(
M'<V1&9N\+<J]48Q@,)A``$)S$=P#MY90S-WA*HW`4-P@;N#+^[#,W>$5Q2C/
MR2C.7($AE#,W>$1>J/*<SB/W(SE]@17=BXK%4ZDP[1$P=@(A$9-N`@,S<OVT
MP[D$1.`BFXQ-G9#EZ((IU1$_*$Q>;?S](R@BM,D4X"8#!M#9P[]FS9(9<D$2
M_4#]T?N#!%7JU`W"<W3/9!%88A]O$`RGR[HL!S:;5DA\!1V#(H<\@"43F;O"
M*=460B!YRW2EO[4,S=Z(4C_WW=&&9N\**A6"3C"4^'EF,P\42"#L4H9R2((%
M"8A+:&\=NT9[]L2L'@EM`EN`YM@@;;LG(8+3E=N5HI&)N,4`'[H`G[H#LB%&
M5VXH9PV;`Y>0(*%8(E`/*D`=GGC0YKJG#E6*24D90>';.4I=`1M8*-`*E#$!
M+L$)#&2E+B6>\L^D((@J^24);!XI;-G(,;82`ZIW*"EC%`0$W%,V_AY93X9\
M\6>(S>%%$&0\P]R&=APJ%""L4QN&0",IS]R,D2HI"3:(F&8RV]WP1*I9'[BK
M8E8T-:<J\W8[4O,%`V@(_<C(8(B)>>7IB"K<7<">)^4#[T?#$+:F((I!$1()
MJ%#L^"")L.`TY@:91EV-DAY^S!2WO#I1(A7EG!KA.K+Z:+CU.'N.AMK8MK.E
MIX%<6RNF\)7G=?NVP+ER$TKS9T)`I9:.TIUL*MU$S'!P*ZI#%`2`80W<$^K&
MYJ,HD#:<M2":^\JANVC4&Z<&DR.A=)7DHUP;3?6IKN655=%64WV:=.>![1J=
MLW=>VI?#V(\TVDX;KNZ/;]M6QE>V*C>0_IA5*BAPL6UAVU1W3VLODRJ-DVS<
MYTN.0`.F2QF-U';L(=)*QKAR`!PKCT#$E:!JULVTN+V4.;#;ROC=RDEA#>R!
M\8D!HVU*['D/2';-'Q)?.9<#:EL<ZG;1Q!7;8H.:&]H67D;'MP6"G>M3<4&U
M+T8TG(='IYKTQC7KC;_!Z5:8G*9)TJ@"[9(JQ#18%FQMNZ:WE;*QAHZ@((K@
M#1VUI.%1U+7#JDCKIEI>V\EO+*TF/,YK@[**EI+2<KP,<IY*T)HL.9BP56L.
M47!%;K5=I%;0SW@VW<[T!"DHOD%K?H5R7/=]KMZ!6C/4R$<5ELZLU9511OQ-
MQ363`H\0&E4O8'0B)SB#Q(\PY@213WE<M+QEV^9C&D&"8QFM,2`TU'-VN7'!
M;+XST*4B_L38,R%7]5.&<2W9J5K-_6_A7'&1K<R8W0N6L8_O-&PGC*O9+H%N
M5NRK(^&KB>-D6:U2,DWFX+UJB90.8NR+3Q)!'*Z:-CY20UK@['*:8N`(%3LJ
MJ%QK+X+J:".VFEBMPTR/:68!S<U0PD.=05K3'!=/Q5H\JEX/M3C',64+7TR,
MM(J-$2S+4\AVM>=W'H]9K.2"8H1H+>C8\I];K#IXA>*R:)U$TE$134!0#"F`
MG#""Q,AF$[Q$(*9LP)H2[+2C:G:MUUJK8FVYM(W7)NJ\,,+6U`9GK5Y`[OF5
M<4Z5K0R_J%=X5Q]J2L:X[)88TOO*53SPVQ[DME:S6WL;6%5\@WB@C8U<I5(O
MUZ_IE*HBR1`(WX7*TNJ$X"$8,LX[B<V\<K3'D<[/E=2C6EQP-'8`)<ZG+:6'
MKD]N]LQD:P1YV%U7N#6]H$M%21RX<J=O[1E7Z/7=-">(<H6+GVQM7=><VE@[
M(=ML+IL5G4[QI=\4C'EP6G=]LW_2Z77[.J]O7)7V17!E2KMCMW`*I*G`#%"E
M+ISFNA]7>V6*X-&.%6XAP:00X`@@D*(-68YEP;J-\$UH,TC"6N(:6EX<TM)#
M@0#38:BA71=1.%L;82K_`.B5F:B;8SE=-#NB[[)R-2;<QQD:Q4K'N:RWR-*J
M!&]2OE@S:W;1']5!R@T=M.K4,+,YE$$B'2$^N[MX;9_#CF;*\.+7`-<W*1AM
M=M%=A&[8KNGWES>1\6:W=!&YK7,)>QV8.%1@TG*0*$@[\"<5U'`^$KPU#Y3M
M[%%DN*)3:I64*[6*K<ETOS4JT;*LZT:(_N>]+YNZJ$1<JL+:M*VJ4Y>.CII*
MK'*F":1#JG(0URTMWW3VPQT!(K4X``"I)Y@,5MOKV+3[5UU,'%K:`!HJYSG$
M-:UHY2XD`>_@LTY0TLV];.'W^><(:@+(U)XKM6]*)CO)%4MJS+^QO<^.;INM
MG4W]G.*Y9V0J:SJ#VS+T)17B5,K+551)1RW%!9-!42E&Q-:-9!ZS;RMEA#@U
MU`6EI.RH=R&AH>M5;74Y)+L6-[`^VNG,+V`N:\/:T@.HYAH'-J*M/(:@D+NM
M\Z.<7XLMBSJCDC6CB:U<B7S@JP\[4'$`XJSC6[A5HF2K/"\;.MY:Z*):CRS4
M:S4T%`;&5,Z!L@J/$H8J<QC.2RAA8TRSL;*Z,/#<KR:.%0*@4JM,&KW5U*]M
MM9RNMV3NB,F>,"K'97'*79J#;LJM%RB(E*(E$HB`")1$!$HB&THB&P1`>;9'
M'KG%GZ]=-V2;$T]88U*5UF@GCS.MS9"M>T13!8:@U<X^=,VHO:L0Q`10974J
M%0^"Q`1%<E(<FEP@41LR6LL=M'=N_=2%P']GSXTZ"J$.HVT]_-IT9^L0-8YV
M[M\@YVX9MV8+GV^EW*3K&>FW*+!BA4*#JBRA>&'\<-FQ'1GQ+RL^X;:MD6M3
M`4NI!&O5"XQ%D*1CF,1BYX@`21/J<QABF&+9GEK>D$#WZX=!64>J6K;RXMG&
MC[6(2/\`U7-<<.@#'I"R':&C&Y:WJ=S=IENW(UH8YJ&GRE9QN'(V0ZS2;FKE
MK,[>P$BZ?7=6&%)M]DYN6H-W])9F=LDTT#+*)"4.`3B!1R%@YUS+9R/:PQM>
M7.()%&;308[,0EQK43-(AU2&-\C;DQ!C`6AU9<&@DF@H<#BN+H6FNR\A:@<'
MX$PMJ2L+,"F:[JH=G)7]1K"R;:-O696Z_62TEFWK-)OJB4*MU8I2'!P8[(AT
MP)Y`F`^R./;9137<5I;3,DXK@,P:X!I)IB'`$^15GZE-;V$U_>VTD/!:79"Y
MCBX`5-"TD#=BF\WZ5*7C3%K;-V,LZV/J`Q8EE*J83NBM6W:=]X_N"R<I4R@.
M+H2MVOVG?]+8O%V%9H#)=PRJ#)9RW4!$Q3]6;A`9NK!L$'K4,K98.)D)`<TM
M=2M"'#E&PBJBQU1UU=>I7,#[>ZX0D:'.:\.83EJ',.T&@((!3+W1CE-34'C3
M3/;#^W;JOS)M@XMR-2ZBFNYHEL4.W,DXSI^6'%0N>IU)(34JEV):#M5Q6'G`
M9)--HJ=,#^248=IL_KC+)A:Z5[&N!V`!S<^).P-&T\RN1ZU:#2Y-3E#F6\3W
ML(VN+F/,=&@;2]V#1SBJZAF+&.'\>$HH8OU,VEJ!>+5"H4RXV]KXVR58S6A'
M8))&2JU,JM]4UDRNNW*JL<R;5RVZI8_5\9D"$,4PZKF"VA`X$[9C6AHUS:<]
M7#$'D^!6;&ZO;DN];M7VS:`MS/8\FO(0PDM<.4'K1KDTYY%MS3OC;4[4FB*>
M.,FY"O+'5`,!5_A!*HV@T0<$JKT!3!!.DW&[;U9JP.!A,HM0W<]@%F?9S,LV
M7SOW+WEH\G+T'$#]4J8]2MI=2ETII/K44;7G=1QV#G;V2>9[5SE7TO9+HV'L
M`YX629.<9:A+KN"Q+?K[,KI8EJWC;MXO+36H%W)]4'H;FJ(LCU%@=,3)NVJ2
MY"#UK=4H9.L9V6T-V:<"9Q:#N(-*'IVC>*[E@S5;62]N-/%1=6S`\@_G-+0Z
MK>BN4[C3D(71<TXOJF$<P91PU7*I3ZW6L4W_`'7CRK5FDI.4:75:C:-9=T1Y
M4*<B\`KM)D[79F.F54`4`@@!ML5[N!UK<26SR"Z-Y:2-AH:5"L6%VR_LH;Z,
M%K)HVO`.T!P!`-.456Q>+-(5N7QAJQLQWMJ;Q3A!#*&2+VQ;CJA9#M?)#YG6
MKFL-M:[BKJ5V\+/M^OT:RZ,H:\&)"O'Z8(I\9C'$"$.);<&G1RVS+F6>.(2/
M<UH<'&I;2M7-!#1VAB5QUUK,L%])906LUP88FR/+',!#7YJ4:XM+CV3@,4&P
M='%U5O*.H;%V6KYMC3^]TO65<U[Y=KMXTBY;NIM(I]K75:]INT::SL1E5JI6
M0?N[N:.&B[=-1%PT,"I1X3%C&'3)'3S07+VPFW:7/+@7``$##+4G:".997&M
MPQVEM=V<;[EMW(UD8:6M)+FN<*EY`%,I!!Q!P0K`TOVOEC4786`L3ZBK#OZG
M7S2JS4U,M-;&R3;UK6X>W;<NFZJU3WUN7-1:9=M1<LZ-:YC@=J@=%4[E,I3"
M8IP"(;".XO66=O.Q[7@G/E<`*`DX$`G`<F]3<:M-9Z9)J-Y;21NC('#SL<YV
M9S6@AS26BI=RFN"XG*NF9Q95I8YR5C3*%FZ@L795NVM8[M.[K`H]Y6]4TLDT
M%O0WKZP+BLB^Z'0[BHUPKT^Y6+EIPE<-G:+@!(K/R8QN+$PQ,G@D;-;R.+06
MAP.84[):X`@T((Y"KMCJPN)I;2[ADMKR&,/<UY:X<,U`>U["6EM6D'801L6:
MJ_H-4HZ^2<?6[J%Q;?6I3#UJW%=N3-/%#H5\M*E3V]CTX*QD6W;-R34J0C8F
M0;VQW34EU*I36:B4Q:."M57)D3`-F32,I?"R:-]]$TE\8#JC**N#74RN<T;0
M-QI6BHQ>(\XBN9;6:/29WM;'.2RASFC'/C!SL8\TRN.\9@*K&UM:;;:'!=KY
MQRCG>T\24_)KS)5.PU:[VR+[O>JY`=XJ*Q0N<]0J-I,7%+L=@M7*FA3F:KPR
MRBRYQ4.FFW**L5V6+/5&W<\S8Q(7!@RN<79-M2,&XF@KR\RN2ZK*-1?IUI;/
MG="(S*X/8P,$E<M`XU>:`N-*4&%2<%T&C8;J]1P!6]0@URE-+<H>:;4PH\M]
M9!ZI6QJ]UV3<%\(U]-9%,S`:13Z?;JJ*J?%Z0=8Y1(`EG&AMJYUF;VH#!*(Z
M<M2TNKT`#I5M]^QFIMTO*XRNMW2AV%*->&9=]275')1;3.=&&'$,4,\TCKIQ
M&MC^I7S5L9TRIDPOJ%(X>WW1;987=4*"%./9@/T"IT.J-U`=*)E:F,KP`<3%
M,`<@=+M1;BZ];CX)>6@Y).\!6E,NXC'8N+A\0:@;XZ>--G]9$0D(XL&#"XM#
MJYZ;0<-O,M>\(Z>,AY];9><V`T0<)86Q'<F8+H])%0IG5%MI1J0:'2@(4?2;
MBJR*JZS1#>HFR7'[08HVEE/>"4PC]U&7GH'(.<\G05S>I:K::6;<71(-Q.V)
MO2ZN)W-&`)WD+L>G?`U)S93\M7#<F5:'B*R,+V'2\@7A=E8M.Y[VG2ZU>5$L
M>GM:=0+1(I5W3E6M7"VF)2F`J8B80D`B&=E9MNQ*]\@BBB8'.)!=@7!HH&X[
M2%KU75'Z:Z"*&!UQ<W$IC8T.:S$,<\DN?@!1I7>JGH\K5.SUC?!P93QT^1S7
M9=N7SA/*:'P^TL+(E+ORDU)WC5L8M6IU/KMHO;TN"FC1`"I-DRL*BJ3KQZC\
M;&UVF/;>1V?$81*P.C?CE<'`Y=HJ,Q&7$8';@J[-?B?I<VI\"8&VD<R:+LE\
M980)#@2UX8TY^R>TW9C@L77!@ZZ;.Q%3\KWJY;6DM7\F7-C.U<>UAF_1O2X'
M-@I=3DFYBMA3*VIEMV-<:[>BN%%S`=Q5E5$$2CZ,N):S[22*V%S*<N:0M#2#
MF.7O'F#31N.TX#85>BU*&XOS8VP,@9"V1T@(R-S_`+MM>5SVU>*;&@$]X+#I
M"<8R`9;)][QQ37/M[HZ$T'D$">V0<G\LH*5>E,YM@"$MNV6WGW"(01,E()QD
M`RD`CM[$5Y]H4A-)$$"\,PG.<_<\,5UDB%(4#3D:>W;R3D,^U!$<H3,4.<0#
MNC$.[IZ%"9ZCF$`#FVQ64(I!`XB$^&03\J6WN",6EDF`%,``.`PRV3`-@]D-
MO+!$4$^(G&78&V11V#L&0]Z"(R("!1G]UX`B5NBV>5&X2AY@#V>7HB%M14@#
MB'B*(A+FY9A&N3N^504;R!&12"`\@RV<^^?-&E0BE2$P3$0W[0@B,FD0LYAO
MEYO8GO@BO-P$"90-.<N3PB'-!%:!P$92,'3+P",$5\$4@BDBAYL^S."*L@'8
M:<NQ!%20!L"<N2<$4@BM,;AEL$9\TO"(016\91WD,(=)0_V4$5PD3,38!@$0
MW"/?E!$`4)3$)``!NVP1`-,LI@.WFVP16J%*(!PA(9[>X/3&R+:I"7$!#D[?
M)&Y2J",@$>8)P1!,459"'DRV;9>`1@B6'8(ARA+W8*H@&*`B/$`RF.[I@BM$
M$R@(@!I@`\WA&"(!RBIY0;)!*0]B8\@CSP1+01",0-HFW".R6^<$2ID1$XF`
M0`HEX0`9SW@.V"(!R"41+.>SOQDSO#I4(!_(E,!&<]TN3I$.>+RQ5JA.,``!
MEMG[@^.")/A_&</9E.)Y%5_OO*O-J.UKRM5`)`(?=#,8A66Q-+0<=B:23+PE
M-MGM'?S"(1"VM:&B@V(Q1_&A]X/?&)6N21S"`$>8P6KC/YE4!@MD<CG.H4VB
M0LB'^VF/1O$.]$*RP!S@#L1P*`3[(S[>P/!$55@0L!KBKH+:O3+`6J^K:>]`
M>5K:QG?]H4#,]T:Q<8W`E:E>L^QK\JE1QA3\)7W3*U<3.WL@VO=5$0IS*ZE&
M#4[Q))-T154$RFX%#@-F'4'V^GO;$YHG,XP(![.4U-"#RTQ7`WNF-OM:BDN&
M.=:-M'BH<YH#S(T@$M(-2VIIL6Q]7UG8M#7KI"SW?=ZL+IM%_H3Q9@[4%==A
MTABFO8ESY&P/?^*<H.VMKVW3:736=:QM4;U*]<TNG-4DRIHF1;DF)"Q<-U"^
M^ANI'5!MVM>1R%S"UV`Y6UK0>1<>W2;GV+=6,#"V47KY(@XGM!DC7LQ))H\-
MH"3SE810H&+-'>F35G9QM1^#L_9)U/VWC;#>.+?P%<M7O2F4;'-K9/HF3;IR
MKD6I/K>H;2SW=10M-DQI-#5,I5BN7:QUDTR(B(ZV1PV-I+$)&222@-`::X!U
M2XX"FP`#:KCGW.K:C:R^KS06]NYTCS(`TEQ86!C0"<U,Q+G=V@%-JYG.=A6)
MG_!NCF[[4U0Z5;<J&&]%-JXVOC'5_P"5GEM9-;7O:=[93NNH6_3[71M2JI/'
MKNG7&T3:E,Z3ZYRIP>2``8=5[%'<0P/9+""R#*0YU'5!<:4ISJ+*>:QO+N*2
MVN7-EO"]KFLJS*YK&@DU&%0:X;%V>T*)@+,&EKU?C?(&JK"N'Z5IYNC4'4<W
MVE<-4N:I9J;T&[,W4F^**WQ_C>VK8K#BYZ[<=O490C/K';1NBNLD990J?$(8
MQMMI[.V$LT;!$7YP:YJ%X(RM`-20,-BQ>^]M=2OC!:S2OG;$(W``1U$9:<SR
M10`G'`F@-%D[!&K*GY,S#ZU;*ML98P_IMO\`U1JV?<6%'>H5U;!;2(W;Z@V%
MUU.A5@EQVE?-L/:XTQPR/UG64UR4'IP,D)3<*I=UO>"6>\F8]D4DU"S/2G?K
M0U!%<O-M6F]TDVUIIEM)%-<06V82<*N;]T6@BCFD#/SC#J6#M,]\TG3QK>R-
M?N3LRX`OM\_T_:HZH;(5EN:%=V%;HR-DG!][HVY:B=.&U;?M:H'K5VU%%@O1
M0I25/,=;T8$Q2-PQ4MY&VM\^65\3OV4G:%"PN<PT%*`&IPI2G(KNHVSK_1HX
M;:&X8!/",KJMD#&2-S.K4D4:*YLU>7:NLZG<R434M0M&V4;9R-8N)K@HENT_
M#5Y83H+9ICFR]-E_VM<3.H.\TX]M:RZ0W3MK%65_A)&Y';IBBX?4ZO-'J$S@
MFT*''WMPV];;3L>V-P`86#LB-P-<[0!@U_>)%2'`C<MNG63M.?=VTL<DL9<9
M&R'MNE:X4X;BXXO90L`)`+2#RE=KUPW5:]S8?QTME3+>G//NLY+*EPFK>7M-
MBC6JIW3I_):+1&D+YYN^B6S:5N7?E!U?)>MIKDS52N$I?7!4E1.9,!O:BR*2
M!AG?')?YS5[.5E,,Y``+J[#3-3:L-%BECNY!:Q7$&C\(4CFPRRYL>$TEQ:S+
MM%<M:90L%:#\J8_Q?G&NM<K5Q6TL<YFP?G#3M=E](TYW5S8\:9IL1_:U.OM>
MF4\JE1?4NW*\9HH_3;%.O\'F7$A#B'`;7ILL4$Y;,:1/C<PG;ES"E?(:5IR5
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MWB<TP"",'`=X#$5IFJ#SJ-&TID,L][<1O;=F\G+27.`+'..4Y<V2A!P);7EV
MKSIH%()<%>H5`5K-*MQ&NUJDT5:XZZX!G0[>1JM0;L%J]671@,#:DT9)P+ER
M>0\**1AD,<6UN9P;4"II4[!7E/,%V"1_#C=(&EQ:TF@VF@K0<YV!>V^:\\Z+
M<L67JTTU6/>U^4BV[1Q=BEMIDN*_5;-9X;?71HJ8O;7MS]72]*`]VMJUJ.M2
MY[G7*:I$(5X^JI.L$AQ3".=O+NPDAGM8G.#6L;PRZF0F(4&7EK("[;M)73+.
MQUFTGM-1G9&9'ROXP;F,@;<$..>O9I"YK!AL#=U5R^/-8>#<6XPQIBFH7-2[
MH9Z<-&EA9[P8XI*PN:?3O6`IU/+U>>VVL)T.$*@W+G\I*H4`#_.;31`3CU18
MPM]3MXV,MW.#A%;M>RG\?M$C_/QYVJ)])OKFZDNVM+77-X^*6NTVM(Q7H_98
M<SSO7&8QSMC977==>=*;FS&5I5;-OJ^JFFXOV_J@Q_0ZU]4MYZ:[8LBMV]?Q
MJQ1JW3?A$<I4!=T^1=,GB"I'`F.FL4XE-J9?1C573B2-O%M#VG;!*8PVCJ@_
MG#&H*V75I=>P6:>^"1\<.H"C6`YG0MF<X%E"#3(:"A!PVA8%Q[7QQMZQ?2GF
M3..H;3GDAJ&7<:7C?N2<)5RA+6#:-"M*KL:6H-S-[9LFQ*!;KMM3&)%3$;L/
MQJ(=<H83F,(TH7\#6(+BZFA>.(TN<PC*`,,:-:!AS*Y<1^L^'KJSLK>XC/!>
MUK)`<SBX$]G,YQ(J>4\RX_4[GZW]26F"U0;5W'F.+VPMF7(3&YL(8_M6V,:6
M3F*C9%<O'=H:C;5M.U*12Z;4\A4&GL1MRY14$ZOH`L7:)4RJN@-A?7C+VQ;0
ML9+%*ZK&@-#P[9(```7#NNYJ'>KFEZ4[3=5=5LLEO/"PME<XO=&64#H7.<20
MPDYV<^8'8%F8=2F$:'KPQO?E8O)-_AZXM%>+M-F0+[M%!6NN;!=7EI`IF&+N
MKB+%N3TI\_QM=+L3/VR`"N*39<B8&4X2C8-[;-U5DKG5MG6S8W.&.7-"&$_V
M3M',56&EWS_#\EM&REZR^?,QCL,X;<&5HKL`>T8$X8BJT7RAIRHV*$+=09:F
MM-&5']RW6A;=+;XDO6NW2E3;:42X&^1KP?NK6I%)LVA]>9,JE/=N/A9(!.8R
M`)IF-'%3V;;<`">"0N=09'$T'QC@`T<QQYES]IJ;[LN+K6ZA:UE3Q&AM7?$:
M,Q+CS@9>?%>G&3\VZ-[WMC41I2M._P"\V5I6[I]Q[86"[VNQ6S6V"W^1M(WP
MS<]M779SI@J>[6M8S_6[HNQ'TEX7JG*EQ2-P@*4N;GNM-ECFL(WN$;86M8XY
M>'FAJ01RUD)?B=N;H76+6QUN"6VU>:-AF=<O?*QN;BAEQ1KFNKV2(0V,T&S)
MTK#-AZI<;8_PQH>L"['25_8P5M_-UKZH<7T=SQ7);5.J>HLE_8YO2F(JD%&E
M9+L=9!*X+>7#B%9,B[-0?1WJY#5(]0@AMK2*3MP4>)6C:`9,S7#<YO>;Y1L)
M5VXTFZN;V_N(1P[O-$Z"0]UQ$.1[3O8_N/')@X8M"U$UD7?;>0=6^IN_+-K3
M.Y+1O3.^4+JM>X*?Q^@UN@5Z[JI4Z35&H*%(H5!ZR<D4*4Q2F+Q2$`$!".,U
M.5DVHSRQD.C=,X@CE!)H5S6B0RVVC6EO,TMFCMXVN!V@AH!'D*VGLBV<1YGT
M4:>\=79J7PGA1UC+41J!NW)+#(%8N!2]FUAW_2,3,Z;6+)LBV;<KU4O&IN26
MH^*@U*9L4ZP)@90I1,8EZ..VNM+AADGBB,<TA=F)S97!E"UH!+CV3A@N*GEO
M;'7;FYAM9YQ+;0M86`9<[#(2'.<X!H[0J<<*X+8'%VJFU,DZO_6`9AM3(U@X
M*/F?`%P6-@.XL[GH[6W1?T.Y\,4.SD+N0K-!N^A&J]9LNQ5GKA!RQ>)$6$Y1
M`QB`:+<&H1SZE>7,;V0F6$MC,E*8%@;FJ'"I:VI!!7'7>CS6NBZ;93127`@N
M0^815K0ME+LM"TT#G@`@C!8<P!=5*PUZP['>4LT9OP!?K-W3<B77=V1,;5FG
MU#%1:A6<29"MBF6_5B6_:]G4JEO*A4B-6JS%FQ13$KQ(0,!E3&"M9R-MM99<
M74L+P0XES2"RI8X`&@:!4T%`!M5[4H7WWAJ6TL;>YC(+&M8\$24$C'%PJYQ-
M!4@DG8=RU\JNK^\Z[<FGZH#C_%F/<>:?\B4;)EI8:P_9X659'Z2$K]MUVYJQ
M4$WU4KU:KES7&A:[9F=[4'SDR+=(B28$3`0&D[4I7OA.2-D,+PYK&#*VM02=
MI))H!4DKG8]#MXH;EHEFENKJ(QNEE=G?ERN#0*``-;F)`:!4FIQ6]C"JX$P]
MJ8SGKHHNI#%5]V3=5,U`W?AC$]%J5<=YWK]]:@+4NZA4JQLA6$O16Q+':6(^
MOQR:M5)X\,T618E,U%<5P*'*A]G;7\VK,GC?$X2%C`3Q"Z0$!KFT[.7,<Q)I
MAA6JZ\YFI7^D6_AV2TFCN&&%LLA`$+60N:2]CZ]LO#!E:!4%V-*+%FBFOT.B
M8Y1HN?,Y:<ZGI#?56[7.5=..1W[BN9AIC]O;RM.8WC@ZTT[9<7';N2;F>$:_
M!E2H-5;H',@'PF`)%$!KZ6]C(,MY-`=-).>)V+QA3-&*5#CA0M-/C8*[X@BD
MENN)IEO=#7`UHCGC%(B,U2V9V;*YC<<S7M)Q[&*P11+SL]KH%O[&I[B8)WW4
M=8V-;YIMI.'`?#[NRZ3A3(=OU"Y"MTR=4>G,:S4VS590#``+K%``D,XIMEC&
MCO@S#C&Z:X#ERB-P)Z`2!TKDY+><^)8KL-/JPL)&%WYH>96.#>D@$CF")4+T
MM-7019.-&]Q4M2_6&L:_KY?6B"QC5IK9M2PG9-OT^Y%6W"!2TIW6Z>NU(IQ"
M(K)&"6R<'2QG1V09AQA=.=3ERF-HKT5P6VWMYQXFENRT^K&P8P.Y"\3/<6](
M!!Z"MJ-,.?\`3YI9P_A6H5NN7S=&2[NS^GG3)MO8F4M!TG3+&Q8A5L>V/B+*
M076*1P87E3;KN.K+LV0F4,V?(BH(&!,(Y"PO;+3K6)SG/=.Z;B/#,N#65:UC
MZ\C@7&@Y"%Q6LZ5JNMZA<LC;$RSCM>#&Z7.*ODH]\L>7E86QM!/*TTY5QN,;
M_P`3:8+J]8I2\<WCB?(=M5"PJ/0M/I+SH=(OVQ\I4<^>+!NRF4)6U[A9+TVO
M/*58A5?2T5D@4:N62BA!*HD4P803V^GR7S8'1O86`1Y@'->.(T@4.!HW:.2B
MV7EI?:U!I+[N.>*82ET^1Q8^,\"1I=F::M!?2A!Q!`V%8/UN7];V5\LTC-MA
MWLE5:-DG'UHUREV*V<H-JOIVJ5OL"T%W@Y*FTYI36E$MVQ*M3#*VTHU3(DXH
MSANK,5P6,-/5IF7-R+N%]6R,:0WEC(PX=!2@:1V:;6D<M5R?ANUEL+%VFW4>
M62&5[2_DG#CF$U222YX/[2NQX(V47/Z]LQ-LXYPM^YV%\HW[2J;@W!]("IL7
M":S!I=KG'U)K^5&Y2((H()U=YE2LUAW53`3K%:DNL<XB8=F6LW7K=VV0/SM$
M,8KR9LH+_+G+B>>JU^%M/.FZ8^%\7"D=<S&AVEO$+8O((@P-W-`HM,"IE*,P
MG.4M\<0NY-[HZ$0H3$`"0CV=T%*.4QDY^268@(;AW#W-L:9)'-=0;%(";*0I
M0*8)S,40&?9C0]Y?M4I@"@`SV]N,%L8T.-"K^(92V2\7;@MG";SHR:8"`&"?
M$`[.:8;MG3#:*)PF\Z-^/Y@_!_\`ZHPX;5'";SIH``/M2CT@$9K2C)CQ&`H@
M`!+DV;H+<(VD`XIH-DNQSP4\-J*4@G"8`'-L`>GF'GC6]Y::!9`9<`BE`"3E
MRRW]C^[&'$<IJC)E,<P@</)D(A*8#.82]P8@O+A0I5,E(!!`0Y)[!VAM_NQB
MH53=8(^24LI<A1W_`(0010./[<)<VR73RC!%<`RY`'I@B+P\1=@!,0#D[<$5
MO5'YN_XH(J]7+SIA]G9""*<`=GW/%!%.`.S[GB@BG5AR3GR?9*"*G5'YN_XH
M(K@()?.`-N[9XP@BL$TA$.$N_F@BL&8SX0"?($MG<@BMDM]R'X(_XT$4$#&\
M\H%ENX0E.>^<Q'=!$(R`"'DSG/IV1+7%NQ$N<-Y#<FSL[(RXCE-4(2%`!'F`
M1[D2)'$@(@B,^0`Z(W*4$42"(CMF,N7F[42M?#;SI8X&\HH@'``B`"$Y[!V3
M$=FZ(6DBA(0N$`F.^0#OW;H*$$W&;S2A*4AD'\O-!$NH0I92GMGR\THP>XMI
M19L:'5J@F*`AVXACRXT*E[0!4(!@D(A&Q:TFM^4)_?`,_P":$PE&3.\.E0A'
M&4M@#OWA/FB\L4``/]L$@Z);>Z,$2O\`E_Y_AC)5?[[RKS7CM2\K3(]7U02X
M.+A+S<4]D^S$*VQS0T5(K1%2'\6`]/?&(6P$'$;$<H!YT@GR#+D[`\T2%7GV
MCH5\%I`)V"JJ$%NB:X.Q!V)Y'S"]O_"&(5R/OA&\&_L3W1"N*\@`,YA/=X8(
MMI,$:.,YZC[3N6^<9L\=H6G:=WT'']3K>1<PXOQ(R<7S=%+>UJW;2HJV2;IM
ME*MUZL4RFN%4$&QCB8J)]W",:X+&XNFNDBRY`ZE7.:W$X@#,14E4+W5;.PE;
M#<&3BN87`-C>_L@T+CD::`$C;O0+"T@ZAK^S1?FGZDV$E1<LXLI-W5W(]M7Y
M=5HX\:V51[%58HW54KAN6\JY1K78,:5\*-SBL9YU2J*I54S'2'CBU!9W#WFW
M#:3,!S`D"E-M233WTFU2QAM67SGUM92T,+6N=F+M@`:"230\BXG)>G#+&++\
MM+&%:IUJW1?5^)4[]$*%B+(U@9K4K3RL5A6WZ31V[W%-QW<P2N&HU=/JD:>H
MJ1X<#D."?`<IAB6"2*00NRF1VP-<'5J:#NDX\RSM[^VN8'7+"YL+*YB]KHZ4
M%2>V&F@'+L79,ZZ3<OZ;*.SJ>55L5M'!ZVM;-8MFSLVXFR->UFW*@Q=5%S0;
M[LRQ+MKUPVE4FK=DJ58'2!4D5R"B<Y5A`@Z;ZUEMP#(6;:$!S7$'<0"2%A8Z
MG:Z@XMMN+3+4%T;V-<-E6N<T!PZ#S[%W7(>@S4CBBQGV0;^IV*K<H]/M&@WT
MZHJ^H/!RV0@MFYZ33:[0':6,&M_+9!<NJK1ZPV<I-4Z<9R9%4#@GPS&(DTZZ
MACXD@8&Y0:9V5H:$=G-FV'<HM=;T^YG$$!E<\N+:\*3+4$@]O+EP((K6E5A!
MQ@[*+2G8-JZUN<#'4BK44<-+EJU).:[E:7?I\9/RF2(],M1!1O9,S/\`S\K?
MBEUH32\N*Y@E:V-SA1LO=Q&..7R8X8KD!>VQ=,T.QMZ<3`]FK<XZ>SCA7=M6
M9\WZ(-2FG*A.KDRE9=OEMNF7@;'MP7+8V2\;92HEH7[Q.2$LR^'N.[JN0;(N
M50[)<I&M5*T.<Z*A2S,0Q0SO+&YM8G/E#<@.4D.:X!WQ3E)H>8T52RUK3M0>
M([9[N*69@',>PN;\9N=HS#':VJRD7U96K).VBWJHRP(%G'J:M")<W]K33$-"
M4KZ-,)65;?3J896%DI<"5)4*Y,R`XN@0,!Q)PB`QJ&BW^3B_LN'6E>+'2NVE
M<VVG)M5;[QZ69."#/Q:5R\":M*TK3)LKA79589L721FK(.+7>9J4TL"W\>D=
M7<QH-4R)EG&V-7^0*A8+!.IWK3\8T*]KEHM8R"[MELLF5T%-16*#A0J!3'7,
M"<6([*>6'CC*(L:9G-;7+MR@D$TYOA5V?5;."Y%FXR.N.S4,8]X:'&C2\M!#
M`>2M,,=BUO;^5(X`8"G(!BB8IBC(W"(3`P`(#+D';%1<BF#[2&`-HRW!OVR[
M\X(F2@(``"`@(3V#L'?!%=!$PB40XQ$!#R-@B$MLPW1IG!+0`*XJ$<DQ*6<Y
MRVSW^.-$;7->"X$!$R3848TS8N%,<?RJ-RK!2N1(,DR\0^4(\OG#L[.V(5]'
M`)`$@D(RG()<H3G!$^0I9`(`6>W;(.<>6"*^"(A`$)S#F\,8N4IE$`$PS`!\
MD=X3Y0C%$UL`.0`#M`$$14C3G(TRR-N'R9R[DX(FT0`>*8`.[>`#SP665U-A
M39`*([0`0Y-PA/DEV8*R-B-NG[O\L$3*)0$H"(!.8[9!/NP1'D([@$8*0"=B
M8*`S\D!G_>AM]R"VQ@@FJ=*`2`1`.(0"8R\J8AMF.^<X+<BE`9@,AESQ!1&B
M43"0<'%Q>3.4N+9.4YRGTP661^XIH-N[;T1BKC>Z.A&3D`&$9`/DRGL'?R<L
M8ES0<2%ER)A$O$>9@F$M@F"8<NZ<5IB"_#<I";(&^8;`E*8=Z-2D`G8KX+;&
M"'8CD14RB)BB)1$NW>&S</:WP6[9M3I2[0``D$PV@$@#;M'F@HS-WA'X>'8!
MN+EGX(*4=)+A$>*9IA]L&[HG!5<KMQ1RH@`B8)"/,$YA/L=B"LM[HZ$0I!$0
M`0$`$=\HBH&TJ4R4ABA(G$8)SF$]_:C3(078;E!1TR%)/C$!G*7'+DG.4^F,
M%",`%/L*8H#OF`R&7:&<$503$!GQ\78XC#/M3&"(@`8!#?*8<\$1>`#[QE+H
MY?[D$4`H#L``$>P`0661VXJ[A,&X!#M03(_<561QV>4$^7;L[,$R/W%02&#E
M,;IF,H)D?N*,J4)!PE#?MX0#P03(_<58F7RO*+LD.\-GNP3(_<542_C=@>3,
M-P;-P3[$$R/W%14!X@X9RE]KNG,>:"9'[BA\)QW@8>[!,C]Q5O53\X!*&^<I
M>Z,%BIU1?N^]!$,X"49`)A"4Y_W((AS$=XB,$5`()-O'.>R0"/C@BL$I#B)9
MDXAWCLGS[>6")=1(2B(%`3!+>`"(#,.W$M[PJB!U(#YTR=B4I]G;%C,W>%DE
MY"&\!B40E2S+L"8S#<&V"KN:[,<#M2@DE,1-(9;2CL#N=$%CE=N*"8=ODC()
M<@R[T%!!&U6`F`><('YICQ2[LY3C7(":46R,@5JDSE$)[!`)\VSEC%@(-3@*
M*7XB@Q*"8-@[-NSDV[XVU!V$+70CD2YR[!F7:`#*8;=H<G+&;>\#SJ$J(2\X
M)<TP\<7,[-XZU@K#A,-FW;XXR1+R)Q[B\4^QQ3[\YQ/(JV5W%K0TJO,Z.UKR
MI7%*)AD$I]F")L"B5(2CO`IMW9F,05;B[@3)/,+T0"U3]X="O"!4P;2KR$$X
MR"6Z>W[!YXA64XF42E`HRF$]W9$1@LX^^$0=H&#[H"R[0B(Q"N(J?+VO#!%[
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M^A9^-W%TV!=F,K,R,T?7I<=V7`6A4')3E"HN7;VH+>B+)JJE%-)(H$X^(>J:
MQ&^YCX#3L!K1M06AV))H'8U)7)7[FZEX=GCL)C=O:!4BF9^5S7N;V0T5+,``
M,<-ZTNSYHJU1Z<+;KEU9TQ36;*HA+D6M!M>-9JEO+4Z_:Z_:56I!6;%=MZPY
M>7];M3;TY1V:KTY-TQ*59(5EB*+$*;C+FPN[5A?<,+6UI4TQ..(QQ'+48+E[
M+5]-U"0164H>_+FR@&K0*"CA3LD5IE-#MH,%Z?\`K1\+97N@R62[?T54\N/K
M>PAI7N.LZSJ(-]/*O7J+1-.>.Z+5J36_2[Z=8[;T>C554*<HHRH3=V4U.3`5
M!.*QE.6U:"9YXK8/V8CC)E%<0&-!!QRT&S`<BX#PS=VL1]7DO#QW33`6YRT!
M,KR".SFJ1CBXC$\RP36E4C6!ZD$I%VX'0JE_BM-5,?1A_MV/52BY*!P%$!3\
MKR^&9=N[;%.X_P"'T_\`6_\`ZRO-!XVL]#/_`.V"Y#7GJ-Q10;TUOZ?L%X@N
M:SG68M5]PW)J!R3?.4&E_NKTJ6)<G7W4K?I&/;;H]FVG1['M)>ZZXYJ)A75J
MM1.GU3<SD4R"8U75+R!LMS:6T9:9+@E[G.S5+7.H&@`!HJ2>4\E5KT.PNGQV
M5]>RM>(K8")C69<H>QH)<2YQ<[*`,,HY:+#+E)F/JJK<0X&G'[1:Z5_1Y(]:
M!!TPVTGUXH>>!!,'#QRE/9.-!I[#;L_XP_\`EA<@TG[SNV__`*]O_G.6R^C;
M%=[ZD\'61B?4'@)U6=&]M5K,U4LG6<RK25G/](M8=T\*_?\`5*I<:]4-:]S8
M^>71162[RVZZQ!R]<*F-2W`+&`D<U80R75NV"YCK8@NI+6G#.TX["VM*M(QY
M"N/U>ZATZ]?=6$X;J[A&'6Y&83@&C0!3,'!I(#VF@'>%%Y!IC,A1XP4\D/QA
M2G(50.10I%/QA"G#:`&V@`R';'!KMJJ0.(R@!SD]SA'P01.&'B,(AN$8(K8(
MGPW!T!WH(KDQXCB`?:[^YR=V-4W[L^[E1,114*\B8GF("&SGGXA@B=`@J`0Q
M9``#/;OW=@!B%?34$3B7Y,O;_P`(8(C`41VA*,';5*+$(FDDQ*/$(A(2\D^6
M0\T$1P`##(=P_P!V"(I2@4!`-V^"D;0FD!Y/NY"':Y^[!6TT0HAY.R8#/L;!
M'QP4)D`XS2#E$=_;'LP1,I!PS(.\)F[$M_3!$RGM&7*/@@M\6PIM#>;H#OP6
MU,@$QE!$8H2``@B,1,Q]H"$@&6V?8'F'G@I&U.^0)BE,`S&<I;N2<^[&*O(H
M%X.R&X);1^S9!$8J0FD89`4=LMH#+N13E[Y60V)\I0,(</D@4`F)MDQ"<P`=
MLQC6I1(+=%L*H`B89`!NV$%M3R8#P%"6V6Z"PD[A3)`$0*&X1&6WLC!:&]X=
M*/U!^<O='Q05I-01%(40V\X>*"(Y0XA``WC%=_>*@IM,HD*(#MVB.SH#HV[(
MQ4*]/A5G,#!PRW[-\^GF@BO`A9B!9S#?,=DH(KRD$!`=GV=J"(@!,0#G$`[L
M$1>H/SE[H^*"*$3,0PB(AN$-D^<.P'-&2O#8C04H9E`*,I&'H"8=^"*G6A]R
M?N!XX(BP12"*014@BM*<#3D!@E+>$M_;@B(<HF+()3V;XQ5$[2@=0?G+W1\4
M%"G4FY1++EVCNY>2")<Y0&7#LWSG(.:6Z"(8%$>273."*@E('(/%[D^6"*P3
M@!@+(VWEEL[LX(@K`(B60<GA@B3,$PD'/%I9((@(;P\4$2YTA,<1F$AET[I<
MTH(@G(1,0`2B,PGY(`(<H<P<T%HE[WD05`#9P@/+/8'8EN@M:`<@G"02`0&>
MWM]@8PD[OE6<?>\B5,'#,!WA&IG>"V/[I0#E$=NS8'CBPM"55()^&4MD]\^6
M78'F@B7$9<@CT1R"P0I$XN*1N*?N]$$7F3';%Y"C(AY8=`Q%59;"TM!QV)SA
M`?)'<;8//MV1"VM:&B@V(TN$``-P1(5>?O#H50@5,&THZ'GC]Z/?"(5E-P6<
M??"NB%<1$^7M>&"*LQE*8\,Y\,QX9[I\,Y3`.7?%`[2LER*)S@FGPJ*%$I`(
M42J'*)2!.1"B!@$I`GL`-@1<C[@Z%B5:;K#+%$YC*`<ABF%4QU/)`/-`3".P
M9[MT5YN_Y%(V)HYU%`1!5154&R74-@5545*V0F`]0V!0Q@;HS#S"2+V(U*>A
M,`JJN`D.JMP``>2"JG#S2$IC&++L2A52#38KT$@GQ<:GD&,!0XMA=H^;]R/+
MLEMC5/\`NRI+B0KUO-4VB(R$1$1$1$93$1$=HB(Q38`YP!V$J&[0B)B/5E"8
MRW\,QX9[I\,Y3ER[XM^KLWE;J(G6*=2HW!54&ZQR*+-@54!LLHE^246;@8$5
M5$I>28Q1$O)&_FY%.%:\J=#<'0$$54ORBG:_P2P1,010/.('W1RE'H$>3LP1
M/B$C\`;@+/L\@>&"V1L#S0J],H%,(A/RM\^CDC5-^[/NY5F^)K6DBM4X5,!3
M$PB,P`W-+8'1%%5T1#<;I#O01-H?DRQ"OHT$3B7Y,O;_`,(8(F2;NWXHP=M4
MJZ(1/AN#H#O017%X^,-@<'/+L<\^>"R:*NH4P`3$`Y]D%N$;1CBG")@3A$!'
MR=TY>[(`@LTT4H</'RB(AV.>"(J&TXC]R(@'<&")PI0X^+;,P<(]&[9!;6,#
MA4HY0X1F'N]F"VM:&[$\1,"3$!';SR\0062,3S@[?>&"(P;X+)HS.`.PE/D(
M!"A(1V^5MEOW<P;-D15;^"WG5TO**;E+.7-MEO[D0MR93&9B@(!MBN9G`D4"
MRHG)`&P.8/="<:7$N-3M4HQ=I);I&G,-X[M@[]D8HF$R`><Y[);I<O:'FB5N
MBV%,%(4HS`.26W^240LWN+14)@@``@;EEN':&T(+0^4`=ONHY=IR[)>4&X.S
M#$[-JWPQ,D&=IP"<V?9*,:2_HK=EC^.U&ZLO]][D3ED_1]WE3(SX[40A.(>$
M)[NQR0RR_H^[RIDC^.U,E2X0`=O&&X-DI\G9C0_,'4+23S;%@Z-Q/8<TM12\
M<O+"0]C9L[8C$L8YXJ,.E8\*3XS/?3.P-P2@YCF;037<LFQ_Q'M"H```B.T1
M'QQ#6EYH`1TJ71@C]F]I<B$`#&`HSD,]TI[A&,^"[>/=Y5API/C,]],@D4!`
M0XI@("&T.3M1!B<!4D4"D12DT!;7R^=$G]GV#%?BQ[UL,+V?O%:8!^TVC/:`
MAR=WGBR(GTY%;X3_`(S?=Y50I5)AQ``!RRW]CEAPG\RR$;>5[:HP$++EGR>#
M<,3P9.908G5[+FD*[JR_;;![$_##@R<RCA2?&8K>J'[`'Q0X3]X]WE3A2?&8
MIU0_8`^*'"?O'N\J<*3XS%.J'[`'Q0X,G-[O*G"D^,Q3JRAYPB`]&R7<G#A2
M<WN\J<)_*YON\J&`IG\TX&EOD42RGN\X1GN@8W[PL\C/XC5=VP^SMQ5/&!([
M/N\JU>K0G^\"G3W>3OQ'$:,''M*L\0-<6-+BX=7P*#RAMYOLWQNC;Q&YFD46
MLQO/=(`YT'J2?W_=+XHV<%^\)PI/C-]_SI<P[1#A`)#R;X<%^\>[RJ.')\9G
MOH)B@`".V?:EM&(=&Y@S'$<VU9"-U>VYH:A3&0R`!'DW[_PI1@*DTRN!.]9%
MC*=E[25"B:0\10GR;_&,9\%^\+#ARCE9[Z443*0`$!':/++^2'%=\1RV98_C
MM0C`!@D(2W;0`)]V-@$IQPHF6/X[4`2@`RF,6&0/<VI(JJ[^*'$1EA9Y?.A'
M(4=H[9!V.S&#V%AH5I=GKVZ5YDD`RY`'I"<8*$(Q3%F80V"/9Y=L0YH<*%2"
M6FH2JI`D8^V>SHW@'-&(8`:BJDO)%$J.W9&:Q0C%`LI3VS@B3,4R83$`V[-H
M=OG[$;^.[<%%$'A-/CD$ISE(92C=F.3-RT4<J\QH[>O($='SPZ!C%7F=P=`3
M@;PZ0[\%DC#$A59^\.A0(%3!M*,B(`<\Q``X2RF,@W!.7;B%93I!`3!N$/<@
MMD;79@:&BH2<QG.7'LGS2#GY(A6TR$N27:E!%:`"([`$>@!&*):ZIP*R3Z>Q
M,L]D@VSV2Z8MQ]P+$HY`VFGR%V3Y![$^6*\W?60V*L:D5Q>+[7B[/#/P01.I
MSX0ES!Q2^ZEMGV9QIF_=E$:0"3:`#/?,)SV\LXJQ_O!TJ6[0I*6P-@1R*WJH
M`83%D`B$_*D`B';@B>X!,4"@(E&0;0V#!$<A.$H`.TW*;E'FF/+L@BO@B.@4
M!XA$`&0ED(A.0A/=S#$$@;2B8-YIQ^VX9`/VV\-@#OW!$%S=X6V$@.-=R9`-
M@;-L@Y(U2N:8R`15;97-+#0A$((\12S&0F`!">P9CMV;ML4U43@%`-P`'0$H
M++(_<>I&1`03`!`0'F$)#$*ZFTBCQ!,HRERAL[&_9!$T`2V`$NP$$12!(-O/
MXHP=M4IE$`'BF`#NW@`\\0B9@B,7S0^SE@LF=X(@%,.T`,/9`!@K*?*`B4H2
M$3;9\H\G;@I*/NV;@GNW;>CG@H30%DF`@61AX1&02'S@GNV[H(F1`=D@Y`W<
M_:Y8*Q'W4<"B)"R`1&6V03'MP6Q/P1&*`2`9!.0=Z"(J>TY9[=L%DSOCI3Q9
M]8$_-X?YOVW:C%740@>64!#8(\H>.")XH$V2`LPY@"8#VMT47=X]*R1B@(B$
MP$0Z-FZ(H:5Y%*,`<P=P(QS-WA`"=B91`0XI@(;MX"'/SQ-0=BVQD"M<$R0H
M&':(!LY1E!3(01AO1BAN`-O($ML^B6^"T\(3?LR:56P^&=+6H+4!3:U6L,XJ
MKN0:9;=2:4>N/:2ZHK=&FU1XV%\V9+$K%5I9S.56/XPO!QD$L@&0Q=L]+U#4
M\S+&&67+@XL:79:\KJ;!TKK6M>+-&\+/CBUJYBMX931N=P;G&PAM=I.X8]2S
M0IZMO75,):;+V+LVS?62'?NR.0^Y>OG9#-Z)7$._%'\.&]Z^MQTO'F3`>K:U
MU"(`&FN\1$=@`%0M`1$>8`_2S:,#X+U\8F&6GZI63?Q-_#IYRMO8"[<'#S)@
MOJW-<@'ZLNF^[P<%(8QDOA.SNL*4D@5,*87<*@$(.\1"0<L8'P=K0VQ25Z"K
M'\P_`G)<LKTGY*(GZM[7,J(@33E>:IRRXBH5BS3B7B`3%F4MSJ&+Q$`1"8[0
M"8;(?='Q.W"*-XCYQ_E60_$SP3&,K;AF7I/R51/U<.N%4_5IZ=KO64`O&*:=
M=LE54"?=BF2YS'!/LRE`^#O$;NU/')7F!6(_%+P0[NW,9Z'?Y$R'JW=<J9!4
M6TXWFDG,"@HM5[-(GQ;0X0.>Y2DXMFZ<]D/N?XD::6\<@/+4'SH_\2O`[VYI
M;E@:.4D\O]E0OJX];QTNO3T[W6HA+BZ\E<LDR'#,2SZ\MSBE+B`0W[P'FA]T
M?$SCEFC>6\PQKUK$?B5X$A[8NH]GQCLZE">KOUH%`IOU`7")N3_SEL/:.W=_
MYU;=@#&7W*UX_P!S-Z)6'\U_`50#>0X[.WMZ,$0/5Z:TSB0A=/\`<8G5$2)%
M3N.PCJJ&`!$2H)A=(F64`I1'A*`CLB'>"]=`[4,W1E*R/XK>!FC.R[BS#$'-
MAAOPV+`>6L(97P-6:9;N7[%J]@5NLT8+BIE,K"S!PL[HQGKMA\((*4VH5)#T
M?TQDHD`"IQ3((B`3CA[O1)K"7@7K3%,14->,IIT'%=K\-^)-/\5Q<?39HYXB
MZE6.S"NY9^;>KQULNFS=XVTZ7BHV=MT7;=;X5L],%6SA(BZ"LE+B(<A5$C@:
M1@`0GM`!B)+"*&9UM-=6[+EF#F.E8'--*T<TNJ#3&A"XUWXB^$FN+2\FA(V.
MV@T^*K@]7=K84$"ET\7@<QIR*G7+*.)N'?PE+<XB,AYMT':?$UI>^Y@#!RF5
ME/\`26MWCWPDZKB\C^R[Y*N'U=6MLFPVG.]"#S&K5FD'L;#7*`SC$6,!&87=
MOE_Q8_EK)OXB^$6#*'U'0[Y*H/J[M;$Y#IXO'B^Y&OV5Q;=WDC<\]LHV>RV\
M/B^L0\+?Q&4Z\U%/\R/"5:9S7H=\E-^SNUJ_L\7B'37+*#OW+&OU2WI7UNVI
M_BQ_+4?S(\)?'/HN^2J>SPUK!/BT\78!`Y?AVR0$.:8_I/LV1/J4-*^MV]/\
M5GRT_F1X1^.>IWR4JIZO76>F8QU,`72DB60G46N6Q4DB`(;S'4NDI"]N-T&D
MF[F]7M9XI+BE<K9&.=3?0.)HG\R?"(%2_L]#ODI-70)J^XP`N$:N([`D%Z8Y
M$>*8[)!>$Q&.1/A#6-I8^G1_E6(_$KP>_!LE?(?DJTN@'6(82E)@ZKB8X@4A
M?TNQT8QS#N*0H7<(F,/,&T8TS>&=0MVE\_88!4EQ``&\U*U#\0/!I-!,"1^M
M\E$5]7MK2327..G^YA]'3465!*O6.LH0B!!54$4$KF.J8"D*(B4`XA`)%VRC
MAVZ5+,]K89XWND)R!LC3FIMR@..:G,MC?'GA%Q#6R5<2!L=M.`_,6"<586RA
MF^MOK4Q19=4OFY:12%J]4:=37--9*,Z2V?,J>[J#HU6=T]FDU1>5!-*0K&/Q
MF*`!+;%JVT&YN9O5H&NEN@,0T5=AS#%<[J_B/1/#^CMUG4W-M;(T&>7L"KM@
M)(&)VA9_+ZN[6T;S=.]U&^]KEDF]P+F'D&.4C\&:XYF9D$S6U^*0NC-_&/\`
M#^5QXM_:\0&E!(W8J*>KIUQ#PB33E>`[Y\-7LSL?&4(R'@W7#LBE/D*VG\6O
M``Q]=@I^N/,E_9QZX!G_`/+K=XCO'_35E]T?_.6,_N5K^W@S4_5*UC\7_P`.
MB2!J%L2-O[0*T?5RZW0\[3M=H!V:U9?>_26)'@KQ(,8(9>)R=DK6_P#&'\-"
M,LNI6@;SRM0C>KBUOB:9-.EX"$@D):S9@!VI7+$'P;XNV2129.7LG9UHW\5_
MPT[\>HVIINE;YE0?5PZX>73I>,^S6K-^<L1]R?$')!-Z)69_&'\.1@=0M1_X
MC4(WJXM;NXVG6[NP!JU9?AN6,ON;XP_A2>B?.M?\UOPR_P"I6GTK?,DS>KDU
MO`)IZ=KI`LQD/PU911W_`'0W88/_``0A]R?$1Q?!-FY>R=J#\5_PQ.'M*T^E
M:EC^KEUO\0B&GFZ`3'9Q!7+'$^[D,:[@),!YRQM9X,U\#]S-Z+EK=^+OX<,-
M&7]J6<AXC<5B#+^EK4%@:C4JOY<QC7K)H]<J:E&I=0J;ZW7[=]5$6:CTS$GP
M#5ZB=%4C0IU1X^`#`4`VQQ^H:-J.E9?78Y&M?L+@0"=PKR^==@T#QEX9\4ND
M9H-U!-+$`7L8\.<`=CB!R'9Y%KXN!2\.P"SXN0`GNCC5V:A.P%+*`(!,3\6W
M=Q3`-_)$(01M"7ZN8\0F$0^X$9AW.QO@H2RA?*$2E\F6\H;.SNV01"D`[P`8
M(EQ\KSO*Z=O?@B7_`,IP\DY2Y)<TMT6LPX-*XT6/*O+^.Y+R!'1\\.@8Q5YG
M<'0$X3RC"`?:B`C[@P62,,2%5G[PZ%`@5,&TJ\A!.,@ENGM^P>>(5E.D*)2E
M*,IA/=TC$+D&?ND0-NR"A%*42SGRR@B90\\?O1[X01'/YINR$NV.P/=&"(_*
M(\\A]P(J3=]9#8I&I$9$P`:0\NP((FBAP@<H[Q,([.D1C3/^[1&#S`^SEBK'
M^\'2I;M"D<BMZ80W"/(,I>[!$V3?VO"$$18(H&P0'LP1,-QDD93[7C$.SL$8
MJW')Y5".)1,8I0WA(^W=*4N[Y45D392B80*&\>?L!."*\"B50@#*?$7=TA!9
M,[XZ0G9AQ`7E'=S1"NIF")M,Y1`I0G,"AR<P01&#>'2'?@B/&#MJE'0^W_F^
M&(1,@$]@01&`)``?9O@LF=X)U':0`[(P5E-IAPFF.Z0[H(K^`5#2++?Q;>:?
M;YX(G2C.8?<2`?<#9!$=/:`AS!."L1]U.(;C=(=Z"V)@"B;=R01&#8`!V((C
MID$.%01#A#;RSV3#F@LF=\=*<Y`'G"<8JZC_`&Q1Y`';!$X'`1,=@\0FGL#?
M.<XHN[QZ5FF4QF0H\\]_3&UW[D=!6*(&P0'[-\<:%OC[JY#A$P`(2D//&Z+8
M5$G(JE*`#,VT)<@3V]R-JUIM),0$IPEPR&0<LA`0W2E&+B0VH48U&7;4?"O=
M3U9-?IEMZ7<YU6MU9I1:6TSW9QW#Y^X101'BQK5"IMT^LDHLX56$H)I$XU#F
M\THR&7U5_37!;.U;43.`6<)IIM!.9FWFI6M5\-_UO,NY=+T=FGDB4O.+=HVX
MCG"W#R#F&CV8LA0J<@XO2]Z@R4<TRT:4Z31*B!T"K-7MT50Y@;V]2NI'K5#*
M<*J:7E'%()&'ZHO;[38AEM[>"M=N1OO88].RN]?$?A_P?JFH`.O;JX!Z7>=:
MX67E[,M\O+IMFU+GMI[5FKAS6;SR8Y`]"QUA>W62?"@A3*HLDN+X[T\R(F3(
M+]TJE)`AN,RH=?U76+:*)MO#;U!P``Q<3Y.3'FY3L7KECX-MHI?6?69\.<_*
M6,J,:O9)N1[B'3:-;J%;JQ&[#*VH.N,G;NYJZA4547+FELB]:[&ATZH&&;&A
M(F*JY2DO45>`.&.LS,MHAZY?P-J`"!04:.K;OZ@NVP/OIZ6MNXY&]D..T@8`
M\NU=CS)F2UM+UN_V<M/BKV[<M775B6U<MZL*HG5K@N"X:JW28JVM;==(4J9E
MVZ15"52JE`B#%`IV[7@2*<YZMO:3:K>'4YK?+IA`R-(IW0`2<-XP'6K4DUU;
MM]3E.:5NT].(^%9RTD:=ZS9+<I*DY1KV5K],@:Z[S-PKLJ=3T%R-&U$H29!X
MD;8MQ^LLU:)`*9W]1345<2:MUA/6URYMG]MD89;1,IEV5=7;[X5JQ8\1.>[X
MWY`M`?63ZJ%,I7]96F'!M1?#1DKA?6/0:Y2%3]2YJY!`F1\Q5==(>N<T&TJ2
M@LFS4.!S'3;\8`"BYQ'LGA32H+73WZW?QYWSCL@XY0W8/+7'G5#4M1<X-@CV
M%V*X?73>B6E/2OB/3]95./3U[PJ%NHW86GU!4M2I-%>T\M.MX:@?TDPJ,$'R
MS95X*)"]45\HN<QC":?:/`VG6MYJDFI26C#`VH[0%*UV[-O(N-\57(]0CLX9
M.'.:8\U-B\AF%:>(F(0'CT&QS&;F*=\Z!11JR!O317X51XT3*K%=*#M'=,)Q
M[B=.TMKQ,+2`9QR-%?)@O&[N:_AF:(YR^2,U`KY/.NH7_7;UM9S:F8;%>+EO
M3#5SV]DRU@6>JG;/*G0'Z#Y6GJ`8ANK1JQG"]-6*`>4V>G*(AL$.'U#1=.(-
MP+5M6=K9\7'\B[%I>H7MU&;.X>6F5I94<F<901T$U7LGK8RU:6>;*T;9EL5V
M9[:N2-+GZ54A101](;EJ&3K\].I;PICG,C4:+5$UV;E(3#U:Z!PC\S/ZA[BU
MN/Q)>;9N6K*_YK5^@W]*6GW=AX`N8+PUU"*:C3T$KW?R<G7Z"WN*X7[15[05
MK>;$3.BU`Y$2FI5"1;-R@JH/6F$2#,0``$1"01^*7X]WGBBW_&CQ&;74KF"T
MCOW&@<1APQSKM>@0Z?>VEO`]HSM9(3TYS5:8X[M1$<EVJC8Z]6K;JCTVIUVX
MZ8Y;>B*-7CE^L=5%JNN5!,R215DR@4HFD`QYO>>(O$UQI)F9?WSV/V.$L@KS
MT#Z=2[7JDMC::7)'ZNTU.VFWG60\\499N^MUZ9ZJ=\ZK+ANY:@!2BP,R:JB(
M&.F(<:O&(S,(2XBA((Z\[7O$7"=GO=3S91LFEIL_Q`JF@1V?JU?51C7D6CE5
M0-^NNGKN*BLD4&C02%,FKU:PE;',8AC%X^`TBCL```1CML&L^('^&32]U7;_
M`!IMW^(KH@M))'D6K<#N_P`BR]43)!Q_Z5'RDU)<(&+O`-X@`1U2/4O$$D+0
M+S5=I_OIO]HM4]G:$"MJWJ_R+$5\/"EI=6:MWO7KJ<28H$.HBL`&(6;@ASJ"
M!BIRGN`1CFK._P#$+)8BVZU5X+V@CC3;#MK^T6N*QLG293:BAPV;U\Z7K@&&
M4:U1\<6U;=Q7<RL2I-*@ZN9G0O34Z<\J+9PV32+7%$S$.H86QQ!$HF$O%,1*
M,H^^_P"ECQ):,DU"\U/B.U2$98^*][G4&X.<1T\NY6-6\/PW]H--LK<-:>\0
M-G3@O!RW[1MBT'?IKZL70K6_2EF;6BTY0SFXW(*T_P!)3>E"1VE/:F6,"15%
M!$XE`YI`(`$?:D^LZKJL+#;.:V(T)Q(&WK)Y@NJ6&@:5HD[FW+*OH>=8B9N+
MB3N)]4;+4N&E56@U)E<%%24K;ITLU<4I<RB[E9::8K*F7`-I>`)C()QV:0VT
M]IPM2RO9(TQG`?G84\@V<ZZ#<Z6;FZGBTWLDNSBGNY5]D'JB,C5_*NHC%5_5
M&I).JA>5R8RJ]7)35G+BFDJJUKOF]22!0QC&`/2VHBH`[SB8-L?"FJ12:%^+
MNAZ-'<7$=J+JX[))'9SNIAFPPV<R[Y?0Z<-!$[0..T1YB/C`#-[]?*MF\!*N
MV6/]:*[1<[9TEIJ,9)1$YRJ%_P"O3#Q1`#@;K`,)1&8@,QC[*_"V."Z\730M
M<70\)U'';WMIQ/+SKQ+^ON\O;;^ES5-4LYG0$/M\A!H:5:-O)L(JN"Q3>V5'
M+]JG2:]<+Q<Z:239HT<O')E52)F.FB8AN,@`H5`\@&7$!#2VA'U?I'AS320R
MZ($!%?*OYR+?QYXSCO)#::G<SG,#@XD5RMP[W)^5>A6.<TY&`4$*TV2JJ)1,
M95J]:KMG)>&13%_&"@H(\0#R"`RV#&>H^"[%SL^GN&7&J[1I?]0/CC3)C%JW
MK+H6D4)KLY5OS8%]V#=!$D:_1%J&Z,8A3K)&651,8Q9%-+K0$I0#DE'G>M:%
MJ]DT26K3)VL1CLH<=B^A?"?XS^%O$4;(]8EN;>4_G--*DX4/[1N'+^1;+TS#
MML7`S1=T*IM'H'($RD74!7BF`;4QF/+'3?O#JEI<"VNK<M9C5U-E-G)RE>WV
M_@_3?%#&SZ/JCWP.%<N8YMGZQV=*0<X)<MS?D%3GXI)`45O+$-TMP2CG[3Q+
M;R-$4@H]V'6M4WX9:_9GB07=PZ%N)%7;.M<(\Q,[;E(KZ*H0Z0F4*'XX1%0N
MP@&VC(H#MCL-MJ$!&U<)=^$]<&V:YKTN^4L!7?8#AN*YU#N3*'.=45C*N$E!
M`DRF,(@!B@(CN*`!+GB]:&#E*\RU_3_$NFMJZZN1Y3YUJM=5'.RZY(ZRPD$@
M"$CG$P&./$)E32*82[-HSF,=BM(=.,+BYM7+R#4[G682Z1UU?9LQ.$L@'5GP
MZ%K1>;<X)KEXE``.(TVYW`%X3F'@$Q#+\V_:,4+BRMGV^:/!AK\*ZI<:MXD<
M"8;R^$7)^VE\OY^]8>S("I='R13JB8!U3,2B8PJF$2&Q%7/(EU@#P"`&X@$9
M";A&6R/!_P`386PV]LUFPRGX`OUL_P"U_/?W.F>(I-1DEEN!.`#(YSG!O#9@
M"XDTK4TV8E>=2J8*<,Y;)^[+L#S1XP.Z?UW?D7ZY1]WW;@DAX0.)#`/*.X.0
M9<L0HE[OE0SAPC/D$!EW);8+0E!,!"F(.\>*4MWE;H(EH(@F*)1D,I]B")?J
MS=9QS"4Y\L^]!%Y>QWQ>/)Q),``IIC,2AS2VAT1BKK.X.A&2_**=K_!+!9I@
M0G!:WQAYJ50`B48P,V)U),`D8!&9BA/=+;(>:(6^-H>ZA1HA7!@W*-BN#>'2
M$030$HB\45N.[<%-$PAYP_>CWPBR,150F1#B"0]CW!GX(E$0!F'1L]R*DW?\
MBR"*F0#SF([);HU+-K:JXY02.$IC(>7^24$<T-3(&F`&Y1`![H3C5-^[*Q`J
M:(Q!F`A]R$_=BK'^\'2M@8`:JL<@LTRW\P.@/#!$4%!*432"8'X.U,=O3L@B
M9#:`#V((JP1-I$`$`),9&,8P\^WFBK<;0B.3:J<?N``@=D!D,Q[.R*RA,E-P
MF`V^4_="4$3!"@H(*#,!`0V!NV#T063.^.D(O^6)T#WXA74WRE#G&7?@B<(F
M4LC`(SERREM[4$10WATA&)-"I1PVB'2$035$X0@$G*>V6^7)/L!SQ"(Q-_:\
M(01'(4#&`H[AYN[!9,[P3B8`4X$"<@#BF.^<Q]S9!64U!$=#>(\OE!W!""(R
M>]7I#OA!$VB&T/[X0*/0(\G9@K$?=3Q"`28!/;S_`-P(+8KT>LF;B`H!(-T]
M_=@B;3*!S`49RV[NQ!9L:'.H4V"8`7@F,MO3M&<0MXA:#6I1R%`P@49R`HRE
MV-L0=BVA'2`#B0!V<0#.7:BMQW;@LJ)TH!Q"&\`F&WL#&DFIJI1P`)!]G9C!
M\SJ<.@H%L$8(KBCD3`Q9B([Y;)>*-;&!PJMK6AHH$Z0?)`.;9&QK0W8M<O(C
MI%`QA`>;PA&2Q8T.-"FB;C!NX1X0E_-\<030$\RW,:&.#MIK\*]2])STM,TC
M9%>KUJA6XP3U.6PM4[@JS<KZITQFGARXQ-^B5-$LGUSO#$*B@!E$"I%.90ZA
M"%$3?2?]/8E=/J'"/[23AMH=F)`QY:+Y)_J.BCE?IK9@'-8)"*[Q4KM=M6^M
M?UG*W5=]3J."M.A#N'KV[7!3UC*.;JTD1-4*7:Z+P&!ZZX/3E2AZ2*25#IH*
M@=,IC<9C?1>H74-N[U>U8)]1&T5.4>^"OFNWM3EX]PXQ0?H`5]\$+DZ#5+XU
M55*VL389MXV.L"VRN:F,D[2IG6+U6K)%!HY.DZ4!,M]Y,J210.]J[D%&=.*!
MRD$I?)#1Q(=*D==WLCC='$@TRT&P#<`.0;=IJ22KUNV\O&\"&OJWQC2OF7;=
M2&I/&>D_';C3E@DQS7*LU:6G=MUT%VYK-17N!^X,"V/,?NV@$>5ZIUYZLH2M
M5<=KA454DSI(%.8./M[6YU>[=?WSW,MLY=&P`4(V@NJ*[-@Z\=EN6D<?J\)I
M*P92[?3"J<T=:;U;0:M,NY`IYZAF"]U2TQK;P*KI,+0I=7IYZI;.-;7J22K=
MX>[KA:BH^=/TDTTT*<DJ\*J'5HIGQUC5[Z23V=:%L=K'WB-N(J3CAR]:T,^J
ML#[HET[SV:\O2MEM;NHD^E_##JS*=6T$<MYCH;YZN\8_Z-IUC8M5;)TFJ710
MF*!B.J2C6&S4U(MTBIQ62I*2[HY"K.%!'A]"TUVK:B)[ASG:?&X-&PYYAVJ'
M#NM!!-!WN7!<U>O;;V`+Z"Y>VH:-E-G2O(_U8V-%,M9#N74E?I$*9:Z3!U^B
M*2_6^FM<56:\<NJA<)F+@"_!M+O&X*2)45Q36,[3IBB12%'B,;O^NZBV)PL+
M0D,:P!X&P.=@T-]^M5U-L#B>(^F=SA3=3E6E&N?-"6=LZWK4:JN=S;],3K<V
M(]8B@+1NFO1S-"%`JBS50M1<>C@)?*!1GPB<3$*(^Q>"]*CTWPP+>:KIGNS'
M-3#;393>O/?$-^Z762]@#HXB&T-:8\IIRBBU*LNH.$*2%(K:CY>KT%4+46</
MRH]>^7I5+`"5$3IJE*K\+#5R*"<0*8ZW&40F0PCV5EP9K<1EC6.C.!%:GDY2
M0N!NH8VW7K#`*OV\W1_E67Z,+&L(UAG4$N-JX;5<XI&()S=0HF5)8I$S=6F8
M_5&XP*.SB*`@(;XNV['34BD<2U^!V;#@>1<1=<6.031R/:YIJ*4Y,1R+="O6
MRC:NFK1I0&P)ILV>$\C.&Q$9`F4:KJ)R_4W)TTN-7J4W#AT*L@,(3.,H_+;^
MIBWBM/Q/N8XF@,C&'H-7Z<?TNW4UU^'8EE-9738NY3T^0+Z=-1=[/VF+[HI]
M'3567I%.IAGRW"4_H:25)HSE-1$@[!FL8I>4=L?BK^/(K^._B/.2Z)^HN86F
ME*<';AC5=S\#6[CPY7M!S1R?Z96*<'4Y.C4U_E!8SZL7DO37K)1NU5(=FZ(]
M*QJ`"5LW3,L=^4$@3,0@3#ECQ>_M+0POMVL`CKR$X=&*Y[Q);RR2&T#PVT#J
M$C:.;91=5S-5*!7*U3EZ,1XBY-472U8;+L7#(Y*BMQJF231<@F85"$,/$8``
M![(QP3K6)L1CB)!(IS8>^K&D65[!"TAP,&P'F6GETL##DJEJ`@^`J940`2-3
MD),&9R@)SB(3/(_($HYJRNS'H4D#BTQB0"H#\,.6H^!<HZ-L%2V0ESL<:>9=
MEJ;(\N(`>&#B<$-)GM`A4TC`/8,(GCCHY0Q^2V<R1H%?SJ@\M:T'4J<\LHI4
MDBO)18/OAN<M:6`2K<!DDY<;;@D`)%EM'9,T]L=JT\F:W$K"YLE:=FGEVK=$
MUV#B7MQYEHMJPL>H9"QA<5J4E,[RN-J8]N^FLEQZI5Z%N^CJ+MV*PA([I-HL
MH8J8;!`)B`RCW?\`!RY-CXF];9",U`"7%U/UB`[;Y*<R]#\&6C;A]U$YY<7L
MH*TP]Y?/IDW2EERAXSK>>2X]]`Q@5ZP:O[E/4B,GI7M9#X-;U-)IL=O:0W?G
M!$5BB"15!E*4X^\O#_B2WU"=MF9'-D8,U!LPQIC7;3<N$\4^%KNWGG-M&U[&
MMVNYQCLIB.1>>:5N'M&H.ZH_5.+MNBN=R8@D/PM@,9PB"J:2ARG154+,XF\W
MEWQZI;WK]69"RU&)D#J.K2J\@ATD:4^:]<:$,RT=2E/)RKZS?_I[K,)0$\7/
MJB=%Q4ZQ?5#NAH;@()6%/N=E77[.G-52JF$&S=N)!3()?)$1E*<?&?XK:U+J
M?]2V@6]H!':VT\D;Z#%Q;&"XXU_.)`YJ<JHS-$/A^0`Y@\!]3SNY.9;]:#QM
MPE:U-JW65K\`(Z?7CE\-0*NHQ1,EF;%JS)=X1`BRRC5O4`2.<O"("4LC2+,8
M^VOPIA<_Q>XVN;*Z%Q%:5VGR+RS^N%UDW^FV^.J,:^P:ZWJTUI0OB'(0?SR?
M(%NS:;#'%+74IMIU"SF-4JS\*@\)17E/(ZK#]-!%L/5(HF!-$H$=!Q%1,$Q4
M4D4!$(]PU75M499F![<CFO.+:UIY5^$^GVO@DZ@ZXT@0Q-D>X%F/>#1B*U./
M3R+)CJ@)O*>5JX0;E50F=LL=!([E!1N<RG"FY(0HE3X@$AT]X!&6D^*KF%C8
M'NK6E:UJM&J^%#?:9<3Y!Q2[L@`4ICLPJD*6@*"JO',%$Q2`Y$@41%,Q>(!(
M=4WD3#C*,]PB,H[L^_;=VS3$_P#:5QV;*+Q>..;2WBSF#F2O?E%`*[]W,MD<
M-5Q>D7"!UJDY:I]4;JB+'5(B*H*<19@892$@<\Q&.#U"SBGMW![`YQICY>9>
M_P#X/>(+[2M8;'<3/8QK9*.)_0/DQV;%O78F6$ZC4W#&I%1=-`<`+5Z)R%4Z
MLQ@`"&3V@(%VAL"8QY[J.A1BLPS-<W$4YL5]P^!/Q,MKN9MG?%K\S@VN._EY
MMZV43H5(J;,%4$D>%4`/,"E&?$`;Y@([HXN-DT=,KB0OHRWTK3-4MA/;AN(Y
MN5:P9AQF`MESH)III"'`0Y2`)@$XB;RMD@*$HY^TU`"Y$<II$>4;5\]_B;X,
MX<!,8?QN8-I\"\G<KT].BN7`K\(@8#R3$@EF0!-()C*6P(]-L;F".SK)3)EP
M/*1R$]/,O@/QOH@M)Y&/B!?G=4X[:FNPKSPRA?M.I)%RJB0P@4H)$%8A0(/$
M:0&.492Z8ZMJGB6RMH2P.&85P]]>:MT@/C`;'V.D^=8,O*[RW9H]J9D2)=4T
MU8TIN)DU.M$.+#M?5$9@/"`R'=*/"O'>M^TK&*9F7*R8CEW!?KU_VQ=-;9Z1
MXA`!:77(P_\`#C6DT>;TH.G'K7ZSEH8XL&P4^#_(EURA(#2D,Y;.SMZ>2(6N
M7N^5*'VA/FW=L8+0E3)%.,Q$9[MDO%`F@J@%31"42*3AD(C.>^7)+L=F-/%/
M,MO#"54V^5R[`[$;EJ0H(O+>.^+QY<@GYA/O0[T8JZSN#H1"@,Y@`[1"8@&_
MI&"S1H*"0-JD$!!V)]/S2?>AWH+;$0'X[D2(5JH.PA$(`2'8&_P!$'8>A2I%
M!9)I`!`PS`?-\(1?&P="Q399<03ER]Z&9HVD(C```<NP)")>39*<5)35^&Y9
M!$5$2B'5[)SGP@'NRC6%M9L42F8QNLV[)>4'+/L\L"0-J/V)LH;0"6SFELC1
M*YI90$56+-J(&R<MG1%>/OCI6Q5#>'2$<@I3P`!0D```=@)017%*`\`"78(G
M,.S9,#;!&`1'@BDI[-T]D^:<07`;2$3Y/)3*00\R<S2E.>Z8]KGBM/VJ9<=J
M4)V(B?GK#R"8LAY!V<\5R"-J$$;4:(4)EO.8SGPR&7-.4%DSO#I3I"@/E2"8
M#(!Y0W1"NII$"B(\4M@3"<M_8G!$U!$4H!(!D$_Y8P.U2KPWATAWXA$_!%>3
M?VO"$$3*7GE[?>&"R9W@G`WS#?NF&_H@K*9^T)SR&?/VX(G2@4`"0`$PY`E,
M1VC!$0H2-NE/?LW[.6"FA3)`D8FR7E%[\%OC[J>@MB*3BVSGR;Y]F()`VHF4
M0'C`9#*0[9=B%0=A"V0]]-DVF4#?(`D'-Y(;NW$*VC$`0#=(9]N!V(F$`E.8
M2E*78WSES1QZS39`&<Y#M#Q1)PVHCQ6?WBM[>Z$TCN#[[Q1MC[OE6=0FPER2
M[4;%JE(-*(Z("!AF`^;X0B%$6TILA>(9!()[1_E[D0[%I'+1;B:4KO'PKU"T
ML57"]MZ2[TN#-5*JUV4JC:I[9?6S9+-X6GV_=-T$PQ<0M&5\U`5D%V5J,44S
M.UNH$55CHE3D(&CZ*_`6*XN&:A!;$!SPT%V)+3AB`.4<M3@OE/\`J#I'=Z<^
M1KBUK7DBG)CM7)6E0\LZ\\D,JS7[A<H8WHJQ+8H5#MML6W_TNHWI*"I[6Q52
M&Y6M+MNS&*#@QGM0)/B-U8%ZQ0P=9[X;N/PP3)$!)>':3M)Y^5?/MO:.N_V\
MO_"'8T^99BU4:L<9:4+`K&#M/M4-1'%'I0V_DW)%+<LTV5OTU$CP7^/,=.FZ
M:0*NT*D\5;U.HHE](<&\@AC*&,:./T>TNM<E-WJ0/#;C0@]9K[PISJ_/<Q1L
M]4L&]H\H_P`BU]T3Z::A=%1HFHK-RZ%`JJS2K/L0V?=:3VFL\?V=04#FN_)E
MT-W+<[9V_M9-VB[<D27`R@*$IR(E466/'-:CJ@A(M;1N8-[(IC6FP;JGD7#"
M%ULXR2&K]IZ5[6LGUJ8XQ]=><LCG>HVGCFAU*M+TFKN&I*DZ;W`9)1M;YQ:.
MU6BE_P"<ZPW1=J)(#*WZ&9-HD!.(`#J.HSW$]RW2K4'UR9PS&AP'F:*;=I7*
M6T#)&>UKL5@C[HWGF\J^2#5+FW*FL[4@TM2IU55&\LT5A92ZG#%9LDRL'$U`
M;/JI5*?3D';MLV:H4"TJ0Y3:HE-Q+*D-(!,>0^HZ98P:'I+30".#:.4R$`5I
MM)I2IQZ5UFXNKB^U/BRU#"*@;A4[U[.9E>L-'FB)O2*!0_T?/>=)0-2$D&CE
M'J+1M]LU8TAD%'K1*#5D4SNW20N$P9)$7*1XX*905^(>-\.6/MGQ"S39*ESG
MF61VUHH:M:7=T<OYVWDJ"IOKL6]M+.<'1-[->4NW#EV<B^9-L^&KNEEW!R')
M<-;(T](7<',]2H=%.\5>GF/&#M!Z\8NFYE1,/$)"JG$!-QQ]%OHPMX0_9.H,
M/T<%Y4!GN`Z0]J6-TCN8@@`'<2#@#BH+ELA<EOUU$BQR5]!FQK"A7@'32*YN
M%[6:&Z.V4,*O7,!I:S+CD)DDG0<8B!2C&R=HC<T-Y=J@!LD#W.P+=G/C3!9L
MM!T!7+=58QTRNV*95#*FD!U%&9N!7A54(/$8Z!RF#A&8SWSCDK%S3(RA!.8?
M"%U^]!RUH:8KT?RL4"X)T;`3AX/U!7<!`(!0*4B>=<JI%(7A"4BE(`=B/RY_
MJ@</YIW@J-G^HQ?I=_2HT_RW;@?WWY2OHZR/:;NJTF\6I7"QFM4:-57)C/4$
ME`27H=#3(U10`H',W3,B)@,<VPVR4?A[^/ETUGX[^(<S@*:LZM2/X0`!ZZ+T
MCPK=B"T@H#F,<G^F5J_AK&N10JB5S6BP?56FV,]JCAT1[70(D*IB'=-^)D4P
M+.QZE,`#@&6Z>R/++F:-P/:;FI7:-F_:NQ:U=:-A;W;7MGE(<200*GD[OY5K
MSKD0OE_@[)[^WE7=M7H^J5,JS!V=PNCZ*N>MM3K'25;&4>(E6;G5(0I=G*,7
M?!WJ$7BJ%VKLXFGNC<2TTI@#2F;`U/6LC<\>S$>FX0@4`.VHVFF'P+P[R/0M
M4V.KAM>^K;U7-;A'X/L0Z]BGI5RIUQTZ>-S)5!LP5?LW-&?*NU5B@).(IS=7
MNF8(^CO"^O\`X:ZOI$NF7.BLA=GDJ\%M"6TI49,"T5J2>7F72[N'5A>-&<Y"
M/R]*[17L]:T[!LEC>1M0N$+V;/24,Z]MH.J<^O%@:KOSI+HOJ(+9HL"C<G`F
MJ(#)+@-RQQMCX7_"W5-4-LRTNK-[>(<[6'(:-%!7A4/*:5Y10KE.%JULQCXG
ML)=@:D#JQ"9R/J7U1T.ZA%PGB2YK?J[*F/**O1ZJF=X"3INU35;OC(O3"R>$
MZT9E.4HD.$I3V16T;PAX`-C6WFO&W(D?7,PAM`3LJP84I^1<G'-JU!ZV6<*M
M:`X]-*GX%L)C"MWK>%0IU0R4.-F574I]44I5!L>ZAN92D>G4I5FX=5<#*<21
MG2)RE%,GD%/,HC..;\/VNC6.LOMM+ENLLA#6OD86-S']*F4#<2[%>A^"+F7B
M7!9^\#*BG2%MX;!MKY-QBQPQ=C=K7;%7Q]3K6N-AZ(1@S`_HE1ZM\P$QS+)U
M!*I*MUR^0)040`X[X^D+2V?9&*:V-+EK*DUI7EV\_2NP:KK$K)YV2$4=E&WR
M88KY)]6_JW,TXK)>].9.[==VZP?*L:373>G,ZO7D3G6(U'@X`*](HS2FMU8<
M!3!,0"<>D^%OQ4TRVU*WM]5:Z.7-B.2G-RU72O%W@B36]`GEL)8V.(-.TW'W
MPMXO4SY$O^T=5.G'%5MW*A5+5/=F/:37::K2U#UA!.BTM5D\4550`Q63,%E5
M"D.:13)@`B,=;UGP]H>M?B9I_B6[B=%J!OIG1N/9:6N9V=HQ!%-AVKQNXC,&
MA&U+@7Q1-8[EQ:0#[X7L]HP*5(FK`QP*($TWOP4F(&`P#F+%0'3,.T#`,^$0
MY=T?3_X'R2.\?"VN!1S8R.;E_P`B\(_[BP>?Z1-7>PY7L-N*[-LMO0K-EF,&
M*54I*[.DMQ<EJ#-5L%.2;H5)9X==%0"LE>`12=K*"`$,`;#R'DC[%O-#TV6Q
MD=,T<0$]7(OYE-%?ZKK$#Y)97WC[@=EM75!IR`''>O24]'7;F53.T<(K(G(=
M=)4R90!8O5IJI)K%-U1U$QF502@'&(3^VCYQU9C6:@\0`M8TD;*`X\F]?H&(
MQPK=K:"-D(S`X'M`<AIC@J+->+T,YD6RHL%A6!!)!'TI[,O"*+HQPDN4X`&R
M8#(`E%S3]5FMB03M%%UG5O"^DZG>1W!8.(Q^;DJ:`X##'R+A:96'-:J0T6C?
MH^LP;.C(O#.EJ@C5*4FV(F[?`N15--5H"15BIMQ4$Q%#@)9[!CGH-8E=*&R9
M@RAV@@>^N`M(+*^OWV,33&0=H&[R+9:QDRMDE:BV<(%:MG<O1WR@D<)&`1`J
M*AOR9T1`LP//A,([XK7-_!-6+,WM'+M&T\G3S+V_PGX:O-/A%S9NSL8,YV$T
M&)-`:^\ML;:R^S94TJ)U")G`G"!=YAX``HB`3V!VMVV*9L@UO:%`OH[PU^(C
M]%L1$\@D<ZA\W63<9E;>K3E&GNEQ%NBLH?A24GY)0,?:!C"//NCK^LV+[6U,
ML=3)3DQ^!=D9^)VCZ_+['OV-;,[^\.#?*2*>^O.C6%CA^FPJ+^CE_$]4H8BA
M#<93('*(D.7AVR$VP!YHZK=^.KQD4=D0X96!IVC8*+PS\3OP_M9,UU"`]LA+
M@6T(()J""*U!W\J^;G,S&I,W[M-VH:0',!@$QA(22AY",Q$`'ACI^IZC/>7#
MBQ]00-AY@OF#4-,9IETZU<T@-I2HI6H!PZU+:2X-$]R\`3$VKZCB(EVS`<+5
ML)B(3F$HXRZ:YOA_M',?6C_HM7Z@?]NEK&V6NAO\9O\`H-6OAR[I!S[@CC3L
M'0%^H$G[T]`2JQ!,20#(>(!Y>88A:I.ZE!*)?)-MZ>7EY8*O0H1@D8)=COQB
M[NGH4C:.E`7`1X9`(^=R=$5EOJ-Z3$@GV;N7;]G9BT,=BK(7`/'P<LY3B:<G
M*I7EN8AB;1EM[,=[7CR=3\PGWH=Z,5=9W!T)@GFAV^^,%FJC$A59^\.A0(%3
M!M*?)YI`YP*'N1"LJH"`[?[[A[>WW-D%G'WPF">:/2/>",3L*N*1062Y(OFA
MT!WHOC8%BJ2F,HIR=\]*R&Q,",Y=@`",$1$SE).<]O@@%M9L5Q3@8^R>U7B#
MHE**]SW1TJ)-B=#SAZ1BHL6;5?&R/OCI6U0-X=(=^.04I^"*\F_M>$((BP17
M$"9@`.<!]V*<_?\`(H3Q_P`D?M=X8RM^568-A56WF#T^.,I^X.E3/W/*F(J*
MJFDADG,=P"(]R"R9WQTA/)[0`/NIB':EOB%=12D$\Y<D$3A0D4H#O``#N!!$
M<OFAV^_&!VJ5<&\.D._$(GX(BD*,N+D'9VX(F$BC/CY"[^?;L#W1@LF=X)PN
M\H\\A]V"LH\$3@[D_OB_X(P1'$)F$/LW05IG="<*03"0P;@E/M#M@LDU!$P$
M5[C8.E0GR>:3[T.]&J'O^1;8>^B)A(YA'[:4NT`>*+:MHX;!"!V(G`&90,&X
M=T<>LTT&XO0'>C=<?N_(%BB$`!.4!W".WEY(XX*RSNA.@0`EPRE/=W]FV+$?
M=6N3O(TBAYH"'/N\$9K!/P6R+O>1%(49@.R4N_#-E(=SCX5E-^[*]4]'FG*B
M:E],U:M&Y&UQ56D4+5]9%>/;5N.&3=2YGQL25NG4VG5M5V)`"V&KEWZ54$BF
MZYPBD"28"*@2][_`F_?I=OJ4S,).T1T[0OFW\?6!^J63'=UT%.M9>U>:P[!T
MY6C6L%:?K@MQG<+JFKTK+>2[61"G4FU6;1(K1S8F.UV3YQ3*,NV8M3)U)TR.
M9-`H=0DJ=4RS@WN^EZ=/K4OK=Z'!H.%=IYS^0>4KYNU*\X,?JT!QHM`M&^GJ
MK9XN^W,XYCMNY6V%V5>IC3$MK*4MZ[>96N&YT5FE-?&2,LU.@\<N3^D4X1!8
MC5L4U16`"%1.7GK_`%`6D!M+8CUIG[S':%IA:;?$X%?09C6QJ[7706\QI5O.
M4*;7Z<PKYJ!6WBMI77EVU47E%7P];+*H(+NVF'<34E@1_7W@BS/4JN@LH4#G
M`YAZM/J+;.W,[26R.!+<:X'$.(IWCL:,:+1DDN;W*P?LR[%>,?K<-95'J]P+
M86LNZAJ^(\%+O'E?J[1<Q?T^R<Z17-<EQJ@EPHKLZ&Z#T"F(E`R2":1@3"0%
MCGO!^F23O.IWX(U">N2OYH:2`/>J=Y5S6KT6D0L(,8V4IR[14^^5K9ZIS3U<
M>2;F4S/?-+4IU;S(^85FG-KLK9;).PPI;5785BSW%L-Z.V?9%KPWS=]MU$'A
M&0T]`U/H)R++%([.4W8M>O&DNM6U+H8\SB/XE2#7DP:1M/D*X4-JQEP^G&)R
MCHV_"N.];1J/"^\G/*+;#NGK4>URM24=M3:>K3GA&5-<NJ'C)X?TE5<%Z?6Z
MXV7!Z@<ZIC&J@&4.)N$([C^%]B[V;-JESFXDQ#14UY7<O-7!==\8SM#K>UCQ
M>"7.IN&6GY5Y&*/VS%)ZV9*)@2@VTD:G*)\.Q]65"-VJR)3@("_%*EF*^:F_
M*^B+B!0ZT8]+MY),XMSW&-/OD+IT\4>1UP.\]P]X%<@\I[->D7'27HJ@Q3:O
M:"":YU".&R=O6L8A3D,4R8HJD?OSJ)G*/&B($XIE`1"[R*D6YNRN]6/673AO
MU=7,9.I,EQISYNF""J@.6;BO-TG?6D=&3*6H,2(N@)(!*"P!*,]'_P"*_M+3
MJD%(00O57(JPKZ?]&)QD`_V?[L\D!F`<6<\IGVC]T)CC,.2/R[_J?_\`=.\_
M5_U&+])?Z5?_`&W;_C?E7J)K1SED/#MRW,QK.1;;MNTKEN"D-K585JB`H9VU
M:V/2:FK3$*FW.1P5511)4XS$/(+'XA_C-9W.K?U'^*[*QM77#XK\RO&W:Z$`
MTRF@Q:.GI7>M%RV_AF'49,'M;)3R/*T]P7ZRJO6_4C4"V;KPO4+<>(+U6ZTG
M_P`*-*I4VBU+?(MV5$J"M3`C6I`D0H@<Q!`2@(2GMCK.I^`+^P;-=7EC=">1
MN5@:TY6NJ*@X;`-U,:*I=:JS6[AAD(I4%*ZA-:E/R/B^\4;?I8T^X%*&SJE/
M?4VJ)UDGXH_IZINH`YG0)]0D(C(O`([.6*OA?PQJAU2W.KQO9;MD:P9P1_>`
M#:NTLDMK5IX)&#1\"\8GVK^_D\B8S95&Z+@?VP++'58JU!+21:)U5RHO4'#I
M5$[5,P,%E?12%(,A,3AG'U?8_A?IT6C7+H(FF5US,<U1AVAR>4\HKY%T^YUJ
M4W1&XI;(FH+']SH4]6V;9N&@U4U4;O7:M38M*JAZ&^=K%]&9"BQ17]+%8#*F
M56$P"8=@`$<=I/@;4["=[9)L\3VN`;FV4%:XGGIL5L:O"X-?<CLM-1TH-`R6
M.8<CHTZV+<R57P594<I&-L6Y2#U.B(/;A;T$;@KKP*<=NWHZ#UR05U#ED0LP
MG..?L_`%Z+-D+C%B7U+B2TBE:#;7<.?E`5NUU=MU=`Q,):YA;UT"Y&W=3F&K
M*SA5'5O+7!;=!I#5Y:RU0KM,;>AUP]%J1Z*K5UW;-D#I-U<5604<DV`4@F`L
M@``CL&H>!=99"^UC$1MFN81E()[+0[`<V\+O'@;Q-I=CJTEO?$1L>SADG"GP
M+W"P7G)O5$F%1>N6_HRJB+6I**J^CA3V'4D<`\<E4D8@`U5(8HB$S`8-D;-*
M\4\-CFW^,3:,K^K@N^ZUIL%Y'ZWIH$L9QJ,</?6AFL/*55RE=M19V<S:(,BK
M5"E6<Q=*D02,FX4(@ZKSTYS?^,+B;B#[4A1*7>,<5+J5A?ZN_4"*LB[JXQII
MIWJZU?\`5NX>:85U^8"J3O*C\M_5K+U`9N:%;S5-I2G5'J*;WTJF5YXNFX</
MS.T2%DW)P%+(#3V2CVSP]XHF\1:OI5LZTXK6`T>>T6Y1M&%!T[L%Y3X@T".R
MTF]G>!VI6'K(./6O771("9CZJ"G_`"8Z='@&$2@>8_KCQ1M,&P#")H^F/P0>
M9/Q`:\[2QWPN"^7O^Y'3_P#U`U[+LI:?^=`MZ=/-B-+MJ%4K52!<E+M5!)LV
M58KJ4YTK<]13.O3/07B0")%J*R:+O%)@)=A0&4PCZO\`&&OQ:3"^#^]?&*'I
MK1?SU?@AX&?XDURZUF^;DTBR(<)?TZ"HKALPY5N>LT,<Y%2J*J"90"`#@"&X
M4`.8@=<)9%47`QN$3F#B$Y)CO"/`II;F4YIS4&I'05]F.TJ"9W%C(?&6BCMX
M5:Q3#,`FD!70E*<4R!),YE`3XTA.?[4"JB4HCR!,8K/AFEHZ'`L()Z-BCU.&
MQ_:B,23D$,Y:.IMY>2H6"&E_U2IF?L:K:WH59IE034278.>$S)'K%6JC^OJ(
MD*HO2V!U"&%,X&%8BHF#S8[<ZQN!%"^X/[)X^#8O*-%UZ&_OKS2X;4QZE!(<
M[J;S3<-JRG;N0J51:A4Z6_0/5GI&(O"*+.NOI[EC(H\3%O,#MR`[-(@*@(&*
M,P&4<+<Z.!IDMS#^\9.'#I!7K_AGQ0+'76:17%]L0[H(Q7`7%EH&;%V-059M
MQ21*9-_Y+-)$XE,<K54Q#E35*IP\)2S`YA#FC3;:X\1"VN>TX+D]9OK>RLIK
MBHVGK6F-_P"87RH*J-W:X&ZP@%$BQ@$@&^W\@Y3E`HEY!C9J=S,%Y/\`>K43
MM<NWX/UOM6]6IN.<T+#5K)?/D*:2O/E.,:*"IQZHSA10HJJLN+A*("(\(#'E
MNKV3Y,SSM<2>LKUSP+^+UGQ6:!XA`FA<T,#C0Y!@*8C"G2%C+7EAVU7+T]Q8
MX"G/*-4::1?KZ/U2[('"YCF,=%0G&`F*4`G,)@(QT*23U&X>TX5\RS_%'PMI
MEQ+[3T.02V8`<",?S03L)V&J\XF5)<4?1Q<C1R8"*%U>4;S"&+NPM6P\KBD`
MCLVB&R+S\?#A<.6\)_S&K[+_`.W=D,.N9!3]H:].1BUK-R=N*?(.@+].7]\?
MX3/RI4=X](]^(4)59,PF`^SA`-O/MV06#^X4J8HB,]FP(AVP]"K(9CE)*<]L
MY=K^[%90D>:+5KMZD0/\I_.\,;O[[RJ>1>6YU!.``(`$H[LO'TT`\*11[!?=
MD'AC%76=P=":#8`=$^[$K6^4M=044$9P6E[R\U*J$"MD&TKD">:F/,!1]R(5
MQC0]U"J@4`Y_/XN_L]V(6YL0::U1R>:/2/>"(.PK<I%!9+L9Z15T*73ZRM2:
MHC1JHY>,*76%:<\3I-3?TTK8U28TZIG0*Q?/:<5ZB+A%)0ZB`+)\8%XRSY``
MY0ZARGE6O,TN+`1G&T5Q%=E1R5Y-Z,E0*^JI6RI4&N*&ME!5U<Q4Z143FMIJ
MB]1IBKFXBE;"-";I5-PFV,=UU)2N5"I"/6&`HTY&NSNP.&W#9T[EEG8`VKAV
MMF(QY<-^&.')BNT4G%^3J]9]9R'0<:Y"KF/[=5.A<%]T:R+GJMET)9("F52K
M%U,*4XH-,.B4P"H"S@G5@(<4IA$"*5S#(UCC&-I`-!TG8M;KFV9*('R1MG=L
M:7`./0TFIZD*RL:Y(R8Y>,<:XZO[(KVFH)NJDSL&S+DO-U3FJW6]2YJ#>VZ9
M4UF3=84%.`ZH$*<2&X1'A&4Q12S$B)KG$;@3\"VON+>W;6XDCC!.&9P;7HJ1
M5<:VM:Y%ZZK;36W+B<W,V6?HNK:0H555N)JM26[AU547-"3:&JK=6EM6JJKD
MIT2BW22.=0"E*80JW#'FC`"7U.%#7#;AM6<DD8C$A<WAFF-13'9CLQY-ZLIE
M/J%9J+*E4:GOJQ5*HZ194RETAFYJ=2J;UT<$VK.G,&*2[M\[<J&`J:21#G4,
M(`4!$8IM!<X-:"7'8!B2H#FLJYY`:!4DX`=).Q=ANZQ;YQ\_0I60+(O*PJHZ
M;"\:TV^+5K]H5!TS`0*+MLRN*GTURX:@80`5"%,0!'?&_A2Q2M;*US'$['`C
MX5,4\%P,T#V/:#M:X.'O$KC7EOW!3*B\I-3H%=IM6IC;TZI4JHT>I,:G36(-
MD7POJA3W39)XQ9`Q<)K]<J0B?4J%4XN`Q1&\6N!+2"'!9MDC<T.:YI:30$$$
M$[@>5<FUMFYGQ:$=C;5Q/2734%Z1:YV="JKHESU=JNV;.J3;9D&BA:]5&KEX
MBDHW:=<LFHL0AB@8Y0$&/-*`]HT&&T[AO\B&6)N;,YHRBKL1V1O.X<Y7,6GC
MO(=\U"HTJQ\?WW>U5I!#'J]+LZSKCNFI4DA5CH&/5&%!IE0=TXI5TCIB*Q"!
MQD,7>`@$LBED)$;7.(VT!-.I82W%O`T.GD8QIV%S@T'H)(KY%Q3:W[@>5PEK
MLZ!77=T*5`U)3MEM1JDO<BE6(82'I1*"DU/5CU,IRB`MP1%8!`0X8@-<79`#
MGK2E,:[J;5F9(PSBES1%2M:BE-]=E.==BN7&F2K#39N[[QQD&QFE16,VISJ]
M+)NBTVU0<I$ZY5LP<7!2J<B\<)(^68B8F,4FT0`-L:YK20$.E:]O)B"/A"UQ
M7-M.2()(WD;<K@ZG30E<31Z)7;GJS.V[8H=8N2X*N[18T>@V]2W];KE7?+<?
M5LZ92:6W=5!^Z.!!$$TDSG$`$92`8TACHW!D8+GN.`&)\@"W\=ENPR2%K8QB
M2XT`'.3@%VA[C+)%$N[]7=6QW?U,R#QD)^@51LRY&=[BHHV.]3(6TG%,3N`Y
ME&9#+%DW'B2*)PF4!&,9&SE_`>QPEKW:'-U4JL#>V\T'':^,V_Q@X%N[O5I[
M^U4NO'>0["*Q/?F/[[L4M3%P6F&O6SKDM,M2,S!(SLM.-<%,IP/A:%<)BJ"7
M'U8*%XI<03UR0S14XK'LKLS`BO6%KBN+>>O`D8^FW*X.ITT)HN3>XMRA1[)I
MV1*OC3(=)Q[6C$3H]^U2R+GIUDU8ZXB5N6FW6\I2-!?"Y,$DNJ<&ZP?-G!T$
M[8Q,YCQ"=CBTY3Y:44Q75J^X]79+&;AIQ:'-+ATMK4=2XU&W;B](H+,+=KXO
MKF0:.+89!1JGZ9<K:I.E&-.<6ZU]%%>NMZ@^1.@W.T*L598AB$$QP$`UY'U`
MH:NV8''HW^1<CQ8J.=F;E97,:BC:8FNZ@Q-=@7:[1Q?DF^:C4Z38F.K_`+WJ
MU%`?AJEV?9=RW14J-PJ+I#\+L*%2W[JF""S54GX\B?EI'+O*8`SC@FE);$Q[
MW#:`TDCIH,%KFNK6W:'W$L<;';"YS6@]!)%?(N&0MVXG-:4MIM;U?<7*BX=M
M%K;0HM36N%)U3TEEG[56AIM351-RQ1;J'73,D!TB)F,<``HB&`8\NR!IS[J&
MN&W#:MAEB$?%+FB*G>J*8[,=F/)O79[:Q;E&\:6%:L[&.1[OHOI*C+X9M2P[
MKN6D>F(]6*S/X3HE(?,?2T@6)QI=9QEXRS`)A,VWGD&:.-[F[PTD=8"UR7=I
M"[)-+$Q]*T<]K33?0D%!?8\OVCUA:WJU8E[T:XFU,7KKBWJM:-PTRO(4)HW6
M=NJXO1GU-0J:-&;-6RJJCLR0-TTDSG,<"E,(8NAF:[(YCP^E:$$&F^E*TYUD
MVYMWLXC)(W1$TJ'-(KNJ#2O-M7)6QC3)5[M%W]DXXR#>C!JX%HY?VA9-SW0Q
M;.P336%HX>4*E/VZ#H$5B'%,Q@.!#E&4A`1F.">49HF/<T;FD_`%$UW:VYRW
M$L<;B*T<YK33?0D)BW,:Y(NZX7UEVECJ_;IO&E`\/5;2MRS;CKET4H*<KU%1
M^$[?IE,=5:G>@.!ZM;KD2=4IY)I&V09!/(\Q1L>Z4;0&DD4VU`%0LG7-I%&)
MIY8V0&E'.<T--=E'$@&O)0XKKKEB\IB[RGU%F[I]09.5F;^GOVRS)\P>M5A1
M=,WK-RFDY:.VRZ9B*)*%*=,X"4P`("$:R"TT<*$*VQK"`]AJTBH(Q!!Y0>4+
MN=N8WR)=M!K=T6ICZ^[HMJU4Q4N>X[;M"XJ[0+<3*D+DQZ]6:737=.I!2-@Z
MPPN%4^%/RQD7;&QD$\C#)&Q[HV[2&D@=)`H/*L9;JU@D;%-+&R5_=:YS0YW0
M"03CAARIFU<:9&OENL]LO'=_WE3VRXM'3^T++N:YV39T"::PM7#NATM^V0<@
MBL0_5G,!^`Y32D("*.">45B8]PYFD_`$FN[2W(;<2Q1N(K1SVM/42%R%!Q=D
MR[*S5;;M3&^0KHN*WE%"5ZW[<LFYZ[7:$H@HLW53K=(I=+=U&D'3704(8KA-
M,0.0Q1\HH@!EO<2/,<<;W/&T!I)'2`*CRJ);RS@C;+-+$R)W=<Y[0'=!)`/D
M7$$MJXSOZM3"VY<)JM0&]0>5^E!1*H-3H+.D@'PL[K=.!IZ92&M*`P"Z5<$3
M(W`?Q@EC#AR5+<KLS=HH:BFVHY*<M5>;-#PV/SLR/H&FHHXG8`:T)/(!MY%5
MM3*FI27-;3IM14HK)XVI[VLIL71Z0SJ#U)==E3W=3*B+%L_>H-53HHG4*JJ1
M(YBE$"F$(RNRYZ'(#2O)7=5;,[`\1DCB$$@5%2!M(&T@5%3L"9>T>L4RI#1:
ME1ZM3JT55L@:C/Z8^95<%WI$5&2`TMR@D_!9ZFX3,B3J^)4JA1*`@8LY+7-=
MD<"'[B,<=F&U0V2-[.(QS3'O!!&&W$88<NY=JNW'&1<?NJ:QO['U]6,]K*)7
M-'9WE:%Q6LZJ[<QDR`M2V]=IK!6HI\:Q`$40.`"<H#M$)Q<6DS*-G8]A.S,T
MBO14"JTP7=I=-+[66*5K<"6/:X#IRDT\JY2N8NRC:M)&MW/C'(UL49([=%2L
MW+8EUT"D)K.3`DV14J=6I#-BFJY5$"IE%0#',,B@(Q'J,\`XDC)&MWEI`ZR%
MG:7ME/.(X)X7R4.#7M<<.8$E"<8]R$PM*GY`J-@WLPL.JK^BTR^'EIW`ULVI
M.3'43(A3[H<4Y.AO%E#IF*4J:YA,8H@$Q`8E\,[(/6"QXA.QQ!RGH-**ZV\M
M'W!LV2Q&[:*E@>TO`WEM<PZEUM,@'*(B,MLO<#QQ3XYW*U1-)D#A`NWR>7I[
M78C0I1YRD'-LC-[B]N4[EM$0(VII,@>2>8SWRBOPAO6P-H*)LNZ-C1E%%ID[
MWD5T2L%R9"\0B'8C%SLHJMD>U'`)!T!&E\ARUW8]6*VEO$[!V$KT)P_G6_<$
MZ"\R/\>5=*VZS?.I"WK.>W.DBD:M4:A&PQ<52JB=`=*@;X-?5A%L+51PF`+E
M;JG*0P"8!#Z$_`JQBU!UV9B0V.5CJ#8:D8'H7R__`%!7+X[VPD:!F=$X=&7<
MM$-+F`G>M&_GE6J]4IEI8&L)1*X7"ESO*BG3<C/:/6&Z54*9E14WE;J=HT14
MR@N3(D0;OWY.I%;J^O,'U/J5U'960;:M&9?-]I;MDF,TI.;=R+Z:K(L-6A!0
MK-MA)[A^_*[9-S.:8WH38E89X$P0SJJ2U9RQ=K4ST],I.4;_``*9M3"5:HO?
M@T!4$$!]&=`KYY+)61]S,XAC*"II^T).S$8TVG*/+NF65TTG!<&F0_PR2??H
MNE:_=3%)TC::&E(L5P[H.5<OVO\`HMB>@E511>XHPVY*B2NW<Z223;E:WEDE
M5'TIPYZHBHG613,`"DIUM+3+1VO:]'._"QC(J6C`D8Y0#7!M<NWD7.N9'IEC
M6-I=*]H)#L"VHQ&"^.ZI(5?4/FFS\,4\:DI0FQ%[[S+<+1WZ`WH>,;6(2X+V
MJM3K2QQ.P!K0FCA<ARE.J=82)D`#*%$?:KR2&VT]U[&`R7NM:-C:=D$<M7'$
M\YP752SC,C=(22XDGFH2/@7UC64%"TIZ5[MKE'J%G6\_NMF:P\>IXOH:U0:V
M[:";2KF8VTM>M?43KEZO<=X\8%8G%F0K!Y7#E--0SDXCT%[IK]T,/##YYGC,
M7'&@IV@T5&)^,:[@MUK%'=Z@_P!8?PK6VBS`MQS.J<'5\FQ?(=DO(#W).1C7
M4=6HUFV:HI6[Y:\3DH/J7:Z`(TFI4`"E`#$=T>LMF]3;[!*4$1$@<0&CZ0TC
M3X;*P@TN)Q#6#.XX5J:&AY*+S+4KM]S=S:NX"LAX;6_F@-PJ.6IKT+I#19=V
M"*[@C8Q[CO!9TO43%.9F="VQ'A!R1$_&V2?+TYN_*<``QT'C@-@":?+1S$F1
M^45+@/(`5QCX1^S8''*&GK)"[3Z4P40*CU:[)1VPJU24.LF90$7%;N1C3FY7
M+Y4ZQW+,X&4217*01*8ARC,I9#/'=N"R;"&N#J[%S%`=*4VXW=03*F6FW/5?
M1ZF]24,F*%2IRMS*T=V5-0`3<)OV!C(J*(IB502H\IN$+VGCA2<48FNQ4]0G
M,D60M``!7L#?(B.G718<Q>$5-/UV*[P`P\6<,H;13"?``[PY^8(_+W^IMO$_
M$R[F.W+L_LM7Z.?TLG)^&PI_&'PK?WUR-A)7IAH;B:KUTJUH712G;_\`1D$_
MA--Y2J`UI@BLD80,`'HU:(8)"`&*'E<D?C;XFU,Z-_6'X@C?D,>HWCX79Q4-
M`,+JM_2-*"N"[5QI9_!+,@H8VO``Y07G;_D7R,6TU63J]+,J3('Y6BE(H%-3
M`Y>KIE3*F)P*O,/-`!#</+'U1?W37VTG'=:]A\A`(V!I%!W5U.W:8>T":E;1
M8:JP47(%AJNR7JJPK+"W[8JA7")2(&:7/3:S2CK^2=0"G;K*)F#B$0*)`V1Y
M/XIMH]2T.XDBX/&@GD>'M_\`E2-<&[`*G9SXXU7-:7=RRW9A>2688^[<G[EQ
M:W87W:!Q2R&86K.UV)R'%$P@>GOZLT3,90A"`0Y^*9IA/EC7I?C&].CO<#;-
MB>Y[\2X$DT-!MP&P<NW:N3N-.CXN:IH0N(>XY;-&HN"AD$QTVM-5`BID#'3!
M"H/1XY%3*(R*F832VQC;^*;FX>QWU?CL<XD-S$4(`&W$<W.DEK:\.CW.%*4V
M+WWTHZ9\<Z?=.C:M6U5#5W,6;[':DJ5:J!U'U=2MZI(_#3RD)-4.H7I=KM&2
MQU#&-Q`5R0BA3<6R/1+?4HK_`$\!SLETUIHUN`QVG;6H]]>I^%]*L[=T`,;7
MPNQ+CMKR#<OF`RACYO1[[R%13NKDJ!*?=U9;$J#!P12GNBJ76JNH[0*JGUI4
MRF5X0*.TI2R':$<[%JUZ;1CS##4[7$N_-90`C>=^_%>>^(;2R.J7+H'.;2?8
M.E>B%MWD-,O5ZNN2J@UJ]HT\7](;N@7IY_@JDTXC-U4>'\N8P,9@"8E$!5\J
M8`$>97-JR#2'P3_GRDYOSNT=E-E!7!>T:=QK*Q@L[.1QB='4DTKLQ&Y</1JC
M6[MJ-8N]<&HU&HK&I=O,$BCZ"QIM/7$3OU!5`0.0KOB47.$N(J(<P1/"M+*U
M;;._-_.Y3TK7E[51LW+9W0GCNT:;JIP'<=?KXO*VXSI1'M,J:YRI+7!5U6[P
M$Z?36QR]:J@"AC&46"29"@!2QW[\.M<NI/&6FQV'9M<[HW"@I2AJ:XFJZCX\
M;GT"[Y.W%^1;DZ+3@`:K3@'"']G-Z8`'9P@&8\4"$_[XLMO9C[4_!-KF?B%E
M:`6ACZ>DY?&O_<9C_P#^/M<B))IZH*\O[Z!>G>DE5)6R:XFK<#5=1O<:0!;Q
MUB-D:4>H-DFZ-06<*II@H^NJIMR$3("IC"RIRX%`!-M]]_$Z9\M[%99!F#6G
M-C7&ODY,%^,/]-&FP3>$=5;)<-X)O,KXGX``M91S2!4EVRA-,%M&H4I^(HI2
M2,D!C@68"0I"E,49R*(J=2BB=0)>2<BDH\OE]8;*6.`RMI1?0AT:X?,RWM6#
M#\UI)`C;R@G',=QP77Z@<!3%58XE*D0R02,;@"1C%4`WVPB&T"\^P8WQF/AN
M9G+9"*846INF2_M)02U\;^PPTSEO*YPH0!R8'E7!L&]+I@OJX2DM%Z[6@9)5
M!?JC'4<LTRE]&051.)BB510Q^$\OQI`ENBY<:Y><&)EPP"UA'>&TFE!7DVKA
M;+2=+9J,]U9"$W=PW]J#@06XX4Y]M5I!>-Q4C%MSWA<+WK*NY4%Q2^&GO5.%
M!7TA!9I0Q(XD"2?&*;<!D`(F&1AD$=J9I\MWX5]8L<SY9W[#L!.ZB\%D\46N
MA^/KVZO7"L5N]K0-APPW&JPM=-_5V\K=,Z>M;7IB%.J)']4H)ZQUUP]643(4
MQ\T04ZM!VS!P8Q52DXS$,01E*.%L?#$5EJT4&IO>&R"IP&!YEOU3QF_Q'HLD
M=ED#Z\I-?RK"4G]U54M-`RR#51)PJ]=)E.?JTB!-,B"LN`JZPR``':.V,]0C
M@?-PC@??72F7\_"XLCG!HW`476\C8M(K3$%*`F^/4%69ZC2&RSJ:-;*U26ZS
MT8R@D(Z5,#<Y2D`0,)R[(ZIJFDP\&9^8YHVU&S%;[>XN6SPLLQ6>8D\NS;4>
M[H6-<1ZGW]@@M9E\G%Y8%45*FN+@3F<T%=0WHX.45E5#J21-/K"<DN>/&/$F
MD![?6HW.ST!IA39UKUCP?XUDL0_2=3(?"XEKLQ)+,3LZ=N*SKG:WZ/2-*`5.
M@.TW]'N+5#2ZFQ>HJ%50>-E,15Q,KA,0\HOXO;PCN$(XJTN9YO#CHYV!A;=D
M"E<1D9B5^H']!\=K;MUR>RQA+FD<^9K1R="\YQ&?NP:\N>6<@`7Z1O;1P/Z#
M1U#_`"I8=X](]^,U@AJ_DS=KOA!8O[I21MA!-V90VJLE%0`Q>+[GW9_W(U\(
M;U%$-1,"%`0$1VRV]$_!&,<ABV"JV\(;TKPAQ3V[YQOXA_>TQ6&7M95Y81WM
M>.IW_(EZ"=\L8JZSN#H3?('0$2%6E[Y4B5A0G8JEV[MO1$%;X0035<@3S2_>
MAWHA78>_Y$2(5I$)YH](]X(@["BK(1W`(Q062]D_5VT"S<_X>OC#>3Z@R;VM
MI-S/9'K`UBU)PFCZ1AFS:"_MC4W:U-!4P"JM<32DVB<K<FU54HC(1CLNG-9<
M0&&7NQ/$O]D"CQY>RNJ:[)-973+NV!,ES"ZVP_B.(,)/15^*R/KAN>VJ/ICR
M3J@L,E-HE5];O>F);^):]*=E7<69;.&+;&[M2MH."\8N$F;S5O4FJ1"J[7#>
MFD,,XUZF6LMGW4=`;US33<&"KQ])3J6G1HY':C'ITU2W2V/;4CO&0Y8G?0`]
M%5VRZ+^U`6+KW]7/BK3I<M]T[#%1Q%HC0PQCVUJI6&^,\@8^R#;5JN\\5&OV
MO3ER6Q=R-U7;4+H+=SI\BX/^*5!T<O4EX,GR7,>HVL-J7<`LBRM%<KFD#/4;
M#4YLU?*M<<%C-HE_<W[6&\$MQQ'$#.US2>&`3BVC0S(!3DIM7`Z?S8<M.F^N
M$I=%S=D;3S@MIG'!-N6GF#"-/=UVY;/LG^U??]+M)W2F5.N^R7CFU$Z9U)7*
MK>H=:G32BHFBY$`1/A;<!@O@V1T5OQ&`.9B0.(:<HPIS[-ZVWGK<KM*<^&.X
MO3#(71R&@<[@-+@:M=VJ[*C;RC:LD,J]7ZMZ[=PA7Z/5J;4;1P]D^P&ES5RL
MLKAN/+E`LS0KD"A6WGFN7/2DD:;<E0S=;Z#>X0>-^--1N^2()SG(<PR]SCX@
M&8$$,>*DU+@(7`/)&!S#M5YUI>QC?!H+""U\S74`(#"ZX:3$`<0(S5M#RA>7
M7JU1EKST.[P_^9/"0;0$O_[OH^P)@$=;T7_]I:_XS/A"[%X@_P#TM[_]-)_H
ME;<U&\\EY7T1>L,?ZA;IO3(%CV'GW$K/3;<.3:W6[E=V_FRO98NQE?=K8TKU
MRN7K])E4<.(.UJ[362PM4T4&RRB9#\)AY-CYY["Z-V7OB9,SAEQ)H\N.8-)Q
MIDKF`PV%<>V&WM=:L&Z>UD<SX'\8,`%8PQI:YX%!A)3*3CB0%N)AFZL,U2PL
M0:Q\VK4BLEU:X/QQZJ^_BOW1%*K;E^MW%R8JRIF1TD<PJ@O0,#6;8[X'"FPZ
ME4/,9QS,#X#&R^GH>-&VW.\'%KG>1@8?*N)O(KQL\VD651ZK,^];386X/9'Y
M972#^RL*D8.<3^L=]5UHY,_:O#:.KZTU6'>AJ8Y*XI;O.V2\K4C,&<*DV42,
M*+A1*X+M:4D50VF2I!"[B@`5Z<'5+.QK^X=&#NSN<'/]\@>17LPNO#VIZO0C
MUQDSFUV\)C#'&.II=_:6&L*W?=UC82];U<UCW5<]EW(TN'"";2XK/KU8MJOM
M".]7%9;.R-:S0G;&IMRN4%C)J`14H'(<2FF`B$:+=[X[>]?&2UX+,02#^\/*
M%<O(H9[W28YVM?&6RX.`(_<#D-0MMK)7N&K:[?4H7EE7T]34C>]AV7<&<ZG7
MD0;WM<+0,BY)IN%[HR$!R)5)S>M;Q*R9&5=OR^GO&9&RBPFF4PW(RYVHV#YO
M^+<T%]=I[3LI=SEM-N)%%Q4PC;HFM0VM/9S)'",#NCL,,C6<F425P&`-:+RB
MU-9@IN3;GI]/M++&J_(]ET8]2=*,M4U]L[NJ-(NU6I/VSIQ:;2BUFJ45A25*
M2"*8*&`CLQN,IOQ?"$<+>7#97@,?,Z,?Q'5QYJ&E*+M6F6;K:,NEBM8YC3&!
MN4%M/SJ@&M?(F='F?J3IRRY7KQN.@7=6K7N[$^3,270_QS6D+9RA9=OY*H!J
M'4;_`,87*[079T.]K7(`*-U5NK150460.JD585"Z+>\99S\1P<6.C>PY31S0
MX4S-/(1YPHU>P?J-HV&-S!*R5DC0\58XL-0UXY6NY>6M#0T7H]IBQQ4,6^LV
MT?W.IF._LR63EC"=S9DQ=DN[D:Q1,L_JOJ>#LV4*DTBXJ37JU77%O7?:;FUG
MC5N1)^XIIRI(N&JGHZA0+?L83!K5O)Q'R1R1%[7&H?ER/`!!)H10C;381@NN
MZG<-NO#5W%P8X9XIVQO8VACSB2,D@@"K79@3@#M!Q6G-LW_C7.VK?2I;=WY4
MU)Y(T\K99Q#2KI_M;7XUNBO4RG7%?%$97TF16EUFJ4"E6U5Z,DV2<J)F36.0
MJ@K#PD3EQ[)H+K4(&223/L^(P'BNJ15PS;"0`1M7,26]S8Z3=20Q6T>H<*0M
MX#:`D-);M`)(-2.3=RKA=9.3]3-UY]U*VEEVZ<H`2A94NAC<>-G=9N@EA6=0
MK;N]W3+`IC2S"NOT6H5J4-@#%&AF(W3;BF9$R!C&4`QM>I3WLEW/'<.?A(:M
MJ<H`-&BFP`89?)1;]$M=.BLK6:T9'VHVT?09G$M!><W>+B:YL:[:[%N]1V55
M?:FO45K,6C]ZDZP[I31IR[1!=PFNK;6IK(;FOHM%DBG*8]O(_C7I2C-H3RU>
M`NV.2:TF^TH@$_LXO>E=7JY=RXUY8W2M>#B`1-<5K^E`RE?UN3?R*_3/6+7;
MVMZUEW=V:<CX(M*HY?P2V?9?Q&P<UN[+91J>J7("+6I-FE/NNS73FA*F7`7R
MJ#_K2,^,Z:+@P`D>+)T8COS)*^*,R1]MF)%978[6X;\=G(=BG5&3.FT@0P17
M$P@EI'(:-=2W9A4M=CNJ-O*-JRM3JY7:IZ[*WD*Y2:I37]J6U5K&:7'6:NSK
MU?RI0[/TE771+=SA6KDIB2-.N%_F6A((5\'B'&0[=ZF03G.0YAL![W>)QF!!
M:TMJ34N`B(#R1@<X[5=Q51T<;/`KC&06O>'T`($9=<-+H@TX@1&K*'E!6H?J
MN,HY.M_-WZ%T#).0*%9OZ@=5MQ?HC1KTN6E6M^D+'35D6I,J_P#H\PJ;>D?#
M;*I4YNX1=]3Z0DNW34*<#ID$.+T*XG9=\)CWB+@RF@<0*\)QK2M*U`-5S7BR
MTM9+#CR11NG]9MVYBUI=0SL!&8BM""016E"0D=!M\WOD+.N2[CO^\[MONXC:
M(]83$U?O2Y:U=5;,Q:Z>+T.U9&JU>>U"H"T;'6.*:0J<!!.82@$QC#2999KN
M1\SG/?ZI-BXDG]V[E*S\0V\%MIT45LQD<7K]L:-:&BO&;C0`"JS!@W)5N8U]
M6BP>W%D34QCP:GK6OQI1'FFF[*7:=5J582T]6(NBTOAQ4ZG3/2[73X2G*1`Q
MUBK!Q`$6+2=D&A`O?.RMTZG"(!)X;>]4C!4[^TENO%1;%%:RTL&5$[2X`<9^
M+*`T=TX46"=,.HVA6];&;,59?NW-MGL]1%TXQN"I:B,.5-[4LJ6A?%F5:X7E
M.-<[)U5*55LCV5=+ZY%7%3IR=4:U-9VU2<(&66)P14L+UC(Y;>Y=*T3N83(P
MU>'-)I7$%S37$5!J`1BN4U+2Y)9X+RQ9;R.M62`02@"-S'!H.4T(8]H;1KLI
M;0D&@6"=0^,KNPUG;+N*K_N%.[[TL:_:_1+FNQ-T_>!=-4]*].4N-5S5#GJI
MW5<3>$=+E=&,Z375.1414*81I7L$EK>2V\SLTK'D$[SOQQQVXX[US6EW<%_I
ML%Y;-R6\D32UN`RC9EPPH*4%,*##!;R:;[K+J3Q'BO1=0;ZRM@S,-J&SN]Q-
M7K,?5(,-9M0O>GN[ON:TLU4JBU"D5BB5I-E1%Z6WN(H52GDIRA&SU!-,O''+
M6,GKUM'I;'R17+>)D+:Y),PS$/`((.!&;$4P(77M5A]DWTVORQPW-@_@B0/`
MXL60AK71$@@BI#BSLNS5+22NPX.R5;N.?5NH5"OY`U)X[^%-:EZM:(ZTV752
MK6JS^K)Z?;*<(LKU<5&ITTKNV$0*!RD;F.J"P<0!*0QG:SL@T(%[YV5NG4X1
M`->&.]4C!:M0M);KQ86Q16DN73V5$[2X`<9^+*`T=TX42.AZY63G"_K`+BR7
MFC*6*FU;H&F9>[,S6`E4[HR-27]8S^0KBN'*:[+4K%6(]?.1^$EOA('/HQU5
M`(X/^*/CI,C3:WKYY9(P6Q5>VI<*R;=H)Y\:TKM6SQ%$X:AID5I;PS%KKC+$
M^C6$"'9W7`4`[(RTK39M61<Q9V-B;UH%)NN_Z;45[%MNAXWP1D6OUVIM+AJN
M>,!5_&%-QK<>:+CK=/!.GW(YRU8%;_2--=,RA0DW(8YED#FC;=7GJWB`23`\
M)K6QN)-3)&6!I>3RYVG-U<H6.G:9Z]X*=!:N'K+W231M`+1#.V0R-B:#BWA/
M;PZ=.%"L3ZV+!<:2\48ZT3%J[6I5QI?&3M0V5'U-=I.6U67KE5J6-L!)N%6Y
MSD7%KAZUAK1"&$>J&Y1V`81BMJT)TVV9I-:OSOD?3EJ<L?\`F#-_;7(>'+H:
M[?3>(RTB(QQP1`C$4`DGZY79.?AK<:J(NC>LYU>W!;C0M4S#9FEJ\+SP"T,V
M3J-1-F.A:;,;&H=1M]BL1;TZZ[?MQ>J/Z6F4AU2O&I#IEXR%$.3<#]X+I\8K
M=-MW.CY3G$3*$#E(%2.<+K\1;]S+"*8Y=/DOF,G.P<%UQ)F#CR-<[*UW)0T.
MU>/Z=\9,ORX[`J-]WGD.]V;.^V"5*J5[7'=%SMVM6>5ZANK@1I[VX'CU)M4G
M)BMU'J:1BJB()F5+YL=8XMQ,]AF>]X#Q0N).-16E:X[*^2J]`]5L[:&5MK'%
M&XQ&H8UK20&N#:AH&&T`GGHM\/6?948US4'GJP+8RAJ<JH-,X9`:7U9>2;T:
M/\/TY:F5HX4M'&=MTNK.!;4REU`B@MBOVY#((E3$@%.`QRWB"X:^]F@CDN#2
M9V9KW=@4.&0`[`=E1@NO>!;%\6F6EW/!9MK;,R/C81*:MQXCB-I&W*<3MP1,
MPW6GJXPO?V7+2O3*%B7%@?&>"6F:-.U?>5!UA%];5!-;.)+5O;#SAB^;TRA+
M!5W#5ZK;U4II5B'=N'#)TL'&$87THU.QDN8GR,DABCXD1KPZ"C`YF-!C0Y2.
M4D$JQIMN?#VIPZ=<102PW<\YAN&@"<.=FE<R8$5=A5HD:ZF`#FC!>:S81X^'
MDWR[0^*.I+O*9`3!NGV=DX(C!,>>?+!6AL">3\PO1!2F4R&$)@8`">X8+1)W
MO(CI)=9,>:7-R],%K3Z6\>CPA&N39Y5LCVHHSD,O<BL\]@CEH5N::.'2MP+0
MT]W)J=TKVMB"CUE*BT6X-=%KJWH*"-:=UFH6\A@&\!&ETMK0&KAZFD_=`!7[
MH1+Z&P!0Z8]>9$IOHW\!Y1%;:D\[0&$8TJ13#%?+GX_,SWNF-(P(>/?*]?;#
ML#&^)L>T2CI40<AX2M;]$Z+A6SJ10:31JEJ<SF:HN75$IM!Q?8JBBM=Q/C8I
M"JD4K;U=L46ZCM8#HM>L6]F?>2W,_#G:6$G%P.#6C])U`"02.R*\E>5?.DDL
M<9+87-=EV@$$UW$`FGE6WQ2X]P39V5LCYDN2L56S[,N=YD_,UY70_;(M[VRJ
MLH@YM##5O4!@D6C4VW+4ZE$IJ4@*WH:*+1NJ8YE'0%X.\NY+CAZ;;$.#^R*"
MN5NPNS8DD\^%>M7-#M>+_P#DKAAMG`X@_E&.'0OBXUUZRKAS9D;+N><A.7!3
MU]X[<V_2!7440I-L-C')0[=I390P"@+),R<A`)B<YAF(B(QZQH.C1Z9I[+``
M&9U'5VT!Y5HOKHW,CF@YFYCCO&_RK:_U,^D^YKII='S74L4'N.JY?NAQ7\@7
M/EYX6AXVM_#%"7I2N/Z"A27"S5[57>2\BL!J"C$JBX5&WK:X>I!%\)C4O%-V
M^&Y;8PDOBR#N5<0<*XBH%*TYCN50`1VA+Z-R[*X5Z*[?(MO_`%S6HE1K4'6'
M+7NDBKJC4NIXXH`4Y@UI=`&[%@2K%[HVC2:8BP;$X#-T*,JN5(AF;YHD!3"<
MY1'E?PRTR*[\0E[V.$38JC-B2033$UJ3MVFE5Q.M7#H?#[I&$<9[Z&FZ@7S"
M)5I-%&YKZ;A\'.:RNYJUFMR'!VW<+T,B%/N&A$;API`6OU*M.5R(;"IG%,H[
M)Q[:TD&6YV=H-;Y*[%T(L/"AM"#AF)\M*==,%S8/2V_4&J!UBMDJ#99#(55N
MF"])J@+(JGMDU1F'$4U0!%_2EU!#B54X23X2`,6Y*,RT([3:E5(\SBX$8M=3
M9CRFG4%RU$`&BK!DH"H*-$<>TY(%%D^!9518:NNNE53B<M/0?H,T%C`;S7/7
M@``(3'#FY5D""`1L*[912DJ=%41FJ*CITU5*L0PF,#CT.O5),@)<8.D'B+PY
M3J$3$K<."91F(QRMF0<*\JXJ[S-!<-Q7L36G;FH:7=#SE^B1N^'3O=R;]L00
M43;OF^>,KMG:::I0`ID@60'A#>4LIB,X_+[^I?\`]Q[NN[_4:OT@_I<!_EJ/
M\8?"5[$ZWJ"A5;*U)X_JB*CMA5;=HE_4%T1V%/="\N;&J=)J5**Z%-4`3:5B
M@("D;8/$:0;X_#C\<KA]I_4E?:]$:/B\1!IPK09X0<PY`!MJN]>&H&7.A,MI
M/SH)CB:5(>XBB^,]&US6[5;<4>V]<[5`26S4507KI#=>D:DU,#E.<$C<93G-
M,2AM,$?7;=7DOH)H62PTS3`58^O>;U+I#ADP.&*[*9TJE5+>JU&H-TH-F"..
MWR"(UA$@%<,OA!<>(A"!Q")T@F("'%TQ1@L#ZK-9S.C=QY+H5#2!MH!VO>\M
M%9M2(Y!(-M5O3E:G6Q9[*D90$M9N"[+V:THUM6^M6S'9V^WK!#N'=Q#3T52%
M.5A47P)-0.(BJX$`#R2C'CO@^*]U%TNA!\4=K:SN#R8R23R5<-@IR&F]=SO6
MM%O'*#B6>1><@.;M?42NE=/;N#T.FVZZ4$]P%,=4'-P/6*X%,"0BD*QE@$=L
MACW)UGIUO>6SPR%QD?(WLQD4HP'EY/B[B:XKJ1=),V4FM&!IKL%2:+VJTL:Q
MZ^_TR8\M5G;+)E=EIVROC$]Z/G*K^IMZ4V6<D*5X)PZHKP68F.0XFX1'9PQP
MWB>YM](UYD=N!1[#@-F--@YE]!>%'LN]"B:".(VA.(Y-Z\$#6I6+RR?<U%.Z
MN91$*U<%1J%:^$5$6ZS9&Z%W)54T@*<3'>*B0@S.`"4PRV1ZW#=6EOH4-_(U
MAHP5%`3BRFS?C79MQ7E%II\M_P")KB"0.`-SR@C"I/5S[%O;:"[],:?:=)*1
M.XGJ+BGJ55T/7&I=GN2IJU&ID3&?7O&BC<R#?D`3`/VL>3ZA:4@EU*X(-F75
M:*C;7`+UNVN'69;$\&K1E'P+*[D"T])^C1*%6JZA2FC2E%949`1G3R)E7%JL
M[XD@(I5E2E*L<H"<2@(`'E1PL=I[2%9"&#G(`]]6:M&TK/VB2VLC7CK-TU71
M7Z#3K5H-&R91%6%+5.92HHMFC5Z/5((G#_->M```P2`0G'J7@.]TFR\4:9:6
MK09C,02,<<N.(YUU'QQCX?O"W$!\?Y%N'I`5%.E:LW!>$%"Z<G1@'8`%GF?$
MTPGN\F<H^N_P5OC#^(9#@:-:_'D[SN79RKXY_P"XS4_TAZY3?:?^=`N^6)=]
MJT&OVS4[Z>U]>R:)6F5RW#0:"HHLK7E:"BNXH[=S3R+M2NBM'0S(8%`,0AU)
M>='V#K]C:ZK:27M*W#6T%!6M*T^%?S@^!_$%GX:\307NNW$L/AQMVPW#&[7B
M@RX4-<>8K?&_,DUS,EA46]L$9-HEIV?;B]PU+(F1JTX=T<*75:;3FJ;2WJK3
MW;0ZQV3JI5-PJY,0ITT/3$9B8LX\5T?3;F6\<R^:6,>[`N!:.7>OLKQ;XPN?
M%VB0ZI^&UV+?3(7O?-(31P:VA8TC`T(S5[/4M:JQJIS+2,9@Y6H-'KU;<W?6
MK:89%I#!9_CQ_0Z.V<4UQ4VE4;+%:.+G"XA2*W2X2(ND"F,$Q$9=DM_!C9=6
M='4`&/,!48]H"H'*,=J\EN_QH\;M\'2:A=V];YM^81<`$AT(C<<KB'FAS!KJ
M&G0L,6->-;N6F5$:A===3N1T=0EQ.:?6'+95XFLX.])Z&V%23:F`L<3$2)+J
MB^2`R"4=Z;X-LO4C'<LJRHJ`*G;AA0KY^^_WBZSO':C%<N]8N"2T5PIR\N[G
M5E[UUTDR(QJM74K=;JS@5%'"JB:CG@!0CES4*B80_&N''5%`1EMESQSEG8VU
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M5F+(ZA>$P\L<#KGB`1,O(P1@V@YZ88+DK#PI'I-_973Z.$;<AICW12N')AM7
MF[E_3\O7'[JN6FZ03K+YRJM4+>?CZ/32..J3,"E',A,O"Z=\8FZR0`8PQYR-
M7;=1ADFRG*N*USP8Z:XFO+=P!F>74!%13#R;%VJVBY`:Z%7]&OJGU*FEHVKM
MBTHC*I(K)^CL1P]7/2O0CJB;TAL9T41*<@\`SD&Z-5^V)ND_LJ9..:TWY6K]
M+_\`MTRS/T;7K>:N>&9K,:U-&,/+TK718@%$)!+::?N1P\9'%<>9OY5^I4A&
M'ZH^`)0X2"<I;>;IC?4+6EU9R('(,Y[-^^4X+!_=*2"<A`P#+B'8(05>A2XA
MM.40\F8;!Z((E3"<0\J<@YXJE64+EC=_=^1:?[SRKRNCT!>-IW_(EZ"=\L8J
MZSN#H3?('0$2%6E[Y50@5M@[IZ4RA]O_`#?#$+>F0WP6V'O^171"M(I/--V-
M_;W=Z(=L/0B*D<I.*<]LI=J?CB@LEVVW[KN6U2U\+:KM3H9;KM>JV5<H4QTH
MU"NVA73M%*S;E2X)>DTBJ'8("LD.PXI%YHY%CW-'9)%6T/.#R+5)'')EXC0[
M*X.%>1PV$<XJ5*A=MS5FA6K:M5KU3J-M6.%?2LZANW2BU-MHMT5,*Y<A*.V-
MY#,M;JY0<N.'\HL'%%.5[W'(XDL;6@W5Q-.E9,BC8]TK6@2/IF/*:"@KT#`+
M/-EZR-5N.<8.L+V'J#RA:6+'3:LL0LVB7$HU8L*?<8G-<5,H+_JCUNV:7<!E
M3B]:TUTT;NC',*A#"8PCMCOKR*'U>.5[8<<`=^VG*`>6E%2FTG3+BY%W/!&Z
MY%.T1B2-A/(2.0D$A89HE\WK;]HWI85`N6JTFRLBEMDE^VPR7*E2+M+9=45K
M=I%K384S"Y"W:NN=RUD)>K5,([=T:6R2-8Z-I(C?2HY#3$5Z%?X$,DK)WM!F
MCKE=RMS"CJ=(P*R50-1V?[:O'&61+?RY>M*O[#5I(6#BV\&U22&X+%L=HPK%
M*9VI0JBNW55+1&=+N!ZU116ZT$6SDZ1.%/A*7":[NHW1S1R.$L8HT\H%"*#F
MH2%HFT^QDADMWQ,,$K\SVTP<[`YB-]0#TBJ[7?>L351DN[,=7W?6=K\N>],0
M5PUQXNN:H.J6E5;%KIG=->'JU`78TMF1!X+JCM5.(Y5``R!9!OGBW4+V>=DD
MTKG21U+2:=D\V',%IMM)TRW9)!#`QL,K:/`K1PQP-3LQ*Z]F34IJ#U$+T9QG
M7,V0LJC;WI1J`VO"X'#^ET-5_P`/P@YI-%1!M1J>\?\``'7KI-RK+@`<9S1:
MGN[FZH;B1SZ;*G9Y-BLV>G6&G@BQACBS;<HH3394[33D%:!8S4NJY7%KTRR%
MZ[5%;/HUQU:[J3;1G:@TBFW17Z?1:16Z^S:3`B%4J=,MU@@LJ'E&3:)AR;=.
M=^01U.0&M.2IH"?>"LB*,2F8-'&<T-)Y2T$D`\P))\J[<7*N2BY2;9K+>]P_
MK<0O)#(2.13O>MNDE\M*@E5FMU?""I%..L(5-$BY5#%$`.4-D@E&7&EXWK&8
M\?-FS<M=M>E:_5;;U;U/(WU3)DR?FY:4RTW4P7?,3ZF-06#*I=UR8=R]>F.:
M]D(XC?%5MI\W;N[I%.IO:PF:KF<M'1%SI56H+N"&`I3%65,8!`92V0W=S;N<
M^![FN=M(Y>7'RK5=:;87S&1W<+)(X^Z".[A3#R`!=:2S5EY+*S;.PY,O5SFA
MI<"-UM\IU*OO:O?"=R-TNH;UH:[5E'KI5ZW0_%IB<3%33`"%*!0``PX\_&]8
MSNX]:YJU-=]5L]3M/538\-@LBW+D`HVFZ@HN\Y<U3:C-0M-H]*SCF*\,G4RW
M'[BJ4!E<ZM,41I52=M_0W;UKZ!36)P77:CP&$XF`2\D]L5[^]NKHAMQ(Y[6X
MBO(5IM-,T[3W.=90LB<X4);7$;:8DKIV+,OY/P9>+7(.(;VK-@7DU9/Z0G7Z
M$+3TQ2D5A(K>JTEPC4&KY@\IM21(!5T%T5$E``)AL"*L%Q/:R<6W<624(J-Q
MVCH*W75I;7T)@NV-DAJ#0[QL.%""-X7<U=2VH);,K340MF*_%LY4]4%*=E)>
ML"M=E,`M'<6\DVICI5([6G4]O07:K-%J@BFV1;*&(FF4!C9Z[=^L^N<1_K0_
M.KB,*8;A3"FQ:AIM@+,Z>(8_43M93LG&N.\UQJ<:J[,6I7/NH<ENHYPRO=63
MDK44J9[;3N92G*%HQZT1DG53,P84]A(7Y*:W!3BXMB192VS7-[=W@'K4CGY=
ME:85V_`MFG:;8:?(391-B+]N6N-*TVD[*E=POC5]JDR5CMKB2_\`/>2[OQP@
MUH[,]JURO&=-:DSM]1)6@,J^_P"I)6;F94)9!,[-&I.7:;8Z93)E*8I1"9=1
MOYX?5YI7NAPP)VTV5Y33DJ31;H-&TFUN3>6]O$RY->T!L)VD#8TGE(`JB8]U
M>ZI,5X_<XIQQGK)-F8]=?"X$M:AUT6[.FEKY3EKY;=>*(JU6U2UP%3^EA3'#
M,'`G,8\S&$1F+4;^"'@0RO;#C@#LKMIRBO+2E4N=&TF[N!=W5O$^Y%.T1B:;
M,W(ZG)F!HL6TB^+PH%K7C8]%N2JTRS\A_HW^G-N-'`$I=U_H=5%JW:OPR@)#
M"Y^`*NX.Y;>47@5.(C.*S99&1NB:XB-],PY#0U%>@XA77P0R3,N'M!GCS9'<
MK<PHZG2,"NYL,\9GI]S6%>3+)MVMKMQ99R>/L<W(2H%-6K.L=!A5Z2WM2CU!
M1$ZY**UI-P/6J*2@J=2V<G2()2<)2[!=W+7LD#W<2-N5IY6MQ%`=U"0M#M/L
M7120.B889GYWMI@YU0<Q&^H!.\BNU=3LN]KOQQ6?TBL*XJI:5=^!J_;OPK15
MBMWGP%=-$>VW<=*ZPY%`]#K5`J3AHN64S(K&`!`1G&ADLD+\\+BU]"*C<10C
MR@T5B>"&Y9P[AH?'F#J'95I#FGI!`(YTQ9%Z7;CYZ]JUCW#4[6J=1MVXK.?/
MJ.L5NX=VK=M(6H-ST!8QB*`:FURBNE&S@DIF2.(`(#MB(Y9(7%T3BUQ:6X;B
M*$=!&!2>"&Y:&7#0]@<'`'XS35IZ0<1SK,>)-5VI7`]MOK/PSFF]\<VK4JTI
M<=0M^W7=/)2W5?68LZ8K6%&S^GO2@_4IU/00%0H@(II%#DBQ;ZA?6D9BMI7L
MC)J0-E=E=FX*E>:/I>H2B>^@CEF#<H+@:TK6F!&%22F+`U8ZE,67#?MV8[S/
M>=HW+E*J%KN0ZO2UJ9Z3=E>3=OWZ%<J1'=-=-4ZRS?55TJW=()HKMU%SBD8G
M%"'4;ZW>^2"5S7R&KB*8G;4X;<3CR56<NC:5>LC@NH(WQ0MHP&O9&`H*$84`
M!!J#3%88J56JM>J-0KM=J=0K5;K3]Y5:Q6:L]<5&JU:J5!PH[?U*I5!XHL[?
M/GKI4RBJJAS'4.83&$1&*CG.>XO>27$U).))WE<PQC(V".,!L;0``!0`#8`!
ML`W+.-JZH]15E8NJ&%[1S)?%M8LJ9*VB]LVBU%%BP,UN4PGN1DW?(M2UMC3[
MB,<WIS=NZ20=\0@J0P"(#:CU"]BMS:Q2O;;FO9!W[<=H!Y0#BJ$VCZ5<7@U"
M>"-]XVE'D5-6]TTK0EO(2"1R+D<0ZJ=1^"[<J%HX=S->N.K6JE9-<3^@6ZZ8
M)TMW756+2F*5=1J]I[TI7YZ=3T$!.7A$4TBAR1-MJ%]9L,5K*]D9-:"E*[*[
M%%[HVDZC*)[^WCEF:W*'.K7+6M,",*DGRKI#C*^2GR.34W=[5Y=/-#]A4\LI
M&<)$2R`_I=PJ793G5R))H$3=*,;F.+Y+@!,I7`SE+9&DW,[N)5Y_:FK_`-*A
MJ*^7'I5EME:-X);&T&W!$?Z`+<I#>EN'0N/N6^+PO=C:["\KDJMRM;(M5E8M
MG)5A<'@V]9=.<O'=.M>GKF)Z06BTY>H+BW14.<J!51(3A)(H8R2RRAHE<7!C
M<K:\C>0#F')N5RVMK>V#W6[&L=(_.^F&9Y`!<><T%3RTQQ35V7I=N1*RK<U]
M7%5;LN!Q3:)1EJQ6W)GC]6E6U0Z?;5`8'6,!1%M2:!2F[1$.1)$LYC,12RR3
MOXDSBY]`*G<``!Y``%G;V\%I'P;9C8X@2:#`5<2YQ\KB2><KL[O+F4JGD9',
M+W(-V*96:U&DU9KD1&L.65W-:G0:>RI5&?M:RP,U<MW--IE/1;IF()1!%,"C
M,)SS-S<.G]9+W>L5!S5[50*#$;@*+4VPLF69T]L4?J)!!CH"PAQ)((-10DD]
M*[EDS4=GC.#V@OLN96NZ_5[3<*O;9)6G;9-E0Z@Z5;KO*I3J736C"EH59^LS
M1,X=]2+EP*1>L.;A"6=S?WEV6FYD<\MV5Y#O`%!7G32](TO31(RP@CB$@`=0
M8N`K0$DDT%305H*X!=IR9JXU-YFM=[965\VWO?\`:=1=LGS^A7$XIKAF\>TY
MP1VQ=.#(4UNY46;.2`<HBIYP;9QG<:GJ%U&8;F9[XB:D&G)Y%E8^'M$TV<7.
MGVL4-P`0'-K4`X$;2,0N.O?4UJ#R;8E(QG?N7[UNFP*`2D$IUIU&HHDI`%MY
MKZ#;_P`()LVS1:N#060`DR%\=R+4@22X8TW6H7UQ;>KS2O=`T"C2<,,!6FVG
M)6M.1;+30](L;MU]:6\4=V^M7@8]HU=2I.7,<79:5Y5A1MYXCR`$QZ)"'ACA
MERZ;3Y>UX8(FT?/'[T>^$%:&P)F"E&)YL%HD[R;0W&Z0[T%K39-X]$%LBVE.
M)>>';\,<:?\`B!^L%9AC;+*&/[I*]SO5C-*[4--F=VP5YQ9N,T,JEJF<;VIM
MPM;;K%N8PI&&:U4:H@PJJK5R\IJ-R.4BLGCIH9-XW9"H*!B*F(H7W;\(&L?#
M=,?3,9AEJ*]JHI0=71MV+Y9_J&GN;*\T]]H,SVMDV[.7:=QV%>D^)+9NDE2I
MK^V`HELL[UM&CX]TCX<M*DF3M?$&+J;1V%3N3)5[5P4A>?#+]HLR7JC5!PJC
MU9:?2P44565$/:-1O6VC?5Y@9'5J7.()--@`V4Y-G/B35?.&EV&EW^H"2Q;P
M<XK,(Q0%VTU(IR[ZKPB]<3K1M^Z*E3=&^'7SA/$6&'[IS>]3XR@>_LD>D/5*
MM6'CDAE3/^"M.W2J_$(=8\5,8`D8.'G_``?HTLLCM6N\)'[,*8<@"Y[4[IMT
M,C3@/=7RKYM;-QW6-76HBD8F1N.G6=C2Q*;<^1<RW[7#)$IU%L'&U"4NN\'-
M+16375JUS-:"S4*Q9HI*&7J2R"(B43S#T>^9<:79>U0>V0&`#;0X#R;^;%<%
M`*24W$K[>\&6M9V(\!7)JH=$JMVW<]MMG5Z!1;B=$M''>/`);5NV)A:Q*%2G
M"!*A7'=I6^2BT9VZ%!HDN[2>JE`O'M\]N[W6;"V=9P<-D,KSBWM/=G))K396
MIWG8J-P-,U366V-W)<&2``Y:.X8J`10[#M%>>J^/'7/EU&^\F7:S;/ZFI5\>
ML6E>MJOO7!UGE:N"NO@?7`*0&&?I=?5?).%-D_A0%Q\U$`#WCP18PZ1H#GO+
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M!5(P2X&KP9^46#363/\`H9>I4X[<Q0Q,/YD;_P#.>"NR6RZ*I2DA365F%+HX
M..L9D5=I-BV<X>*]84`3Z]L"BI51;E'K#\8"(A(8O:5^_.^GY56U+&$=*]I*
MX,],>BP9F$0P7?Z9A,(B`BCJ&R^F`E`2EX)%``$NW@,`A/9'YG?U+BGXCW?Z
MI_T6K]'OZ7__`&W'^-^5?05K`1MN@UNU5*^U95"GY*QM6K(<I5`@<"503M"D
MW5;!D42EFL8KFGNDRJ!Y9>*7+'X8_P!05C??SI\73VQ-6ZM))U&`KM_@EAO[
M:W9)W8GRCK<Y?$3FBVFM"R3<MJH6\RZJU[G8,&:H74NF"U/4;/G34R3=58.H
M3!NJ4"%'DG'U7X+N67OAJWU1[JSW%NYSL!M);7X-JZ]XBL!;WKX!L8\A8\:M
M6Z"-&(I0:=M:6@3C&[#<82+5Q-PE*XX1D`[(Y]DLKWR.!+HVW,F&7G&'EW\G
ME7',:6M>WDH%L7?*U1NG#^FEVZ84U>CT=JXHHD4J_$X9UBB59V5-NO5$E`7=
M-R4T4E4DE!$.L$1"//-'9!IWB_Q#$UDC'W18\4;0/!8`XTI@:]FNY=FN>)[)
MARC#)^7!:IL6?66S>2BE!9<:U"LXFVO&,82!=KF8C-8@%$3HALCU1T@AO[,1
M![F\22M6[XAS<NSF7`2R9=.D;.*@EM.FJV-T?7FTI#*X+.=MST8>H95NFN*?
M4TW"#I=>IN$G2%2*H98I`%1,O5*`4)!,)QU_Q[IQFFL]4C;^U$M*TH:8#_)Y
M%ZU^'UY`(+BP:*/<P'WEP%VVTQM;)UL5Y)8](IM6MVN4U=Z7K#G>5)I<A5$@
M=$D"9P=@X4'C,78!`">T([#I#FW6@RM<?VC9,!Y*=*YBXA-GXB;(>6%98MAP
M"%]6[7VXIK>DVM6Z:=1NF8$%Q`$WR)``WD@>3<P2W3-'5]6M\^CNL>4R`^^%
MS]PSUB]C<-F7WELACTR=2K?PTK56S2VD';^HIHJJ)E-6*^DDU:M"D*4X]:E2
M``YS`0H@8YBA.81P&JPTA]6.U:KJ.'>*K=[2K747.JO`";0CEVHODEB9RX.@
MH@DD46KT?*,N!#&-,-A0`9QSWX6VQ9XQTUNZX/P+JGBD#[L7XY,T?PA<IIF>
MEI5I:QWJITBE;Z;79C'.'XL.+->(R#LV<IY!SC'W9^#[`WQG*V3N97U](KXV
M_P"Y"9V_T?:X;/\`XCZIU\:`+7=YD1/K!%@<BIDR)G,(#,"J$\CR3#,`"0#+
M?'VQ9:AIUK`VVVNVX<__`,%_+%>VFL:NYS;XXA_+NH*+8W2/DZFV_E^WANRX
M:TUM"NH5:B+TA*JL&UGFJ]:1%%A5[S:U-TWIRU(I`E!8QY%6.Y21*(B`RC@/
M'6FR:MH+KS3#2>W=7R$$^]1>Y_@-XCMM(\9P:%XB,CO#]Q$Z-\8<1&]SAPVF
M04+33/A4;Z+>&Y-.^4WS3-Z5#N3&#"Q,EN%KCHV/0L]TJ@VK--;/#LJ?2&[9
M=N%GWC1*0W%LT<MA5:NGYS\99C,.GZ?XJTAFGZ3>3O#-9:'1R'ER5K2NW:!@
MOI37OPI\33-\1Z;IES;CPU<?6+>S#14O<`!PJ/PDRU'9833F7FPZ8U2@5-Q3
M:]1ZQ;-=IQ"MG-,J*:E*JK(5`26`CIJ`@LGUJ"@&+Q@`"!@$-\>[6]Y#-&VY
MMP'12-[P]W*OA)UK<:.^32;R&6"ZMWD.9<U,K<:?LR\-<!O`&SF16]:I3`KT
MSE-5\N];@BV67<"*K90H[5"K'XC)D(.T?<CCM1FXD3V;VD+E;"Y#)6N.P.!6
M3<*L;ANB[*Y7*!CX;WI%`I`.7#1>LJ4)9N[!RS,BXH5=70^#G==!-(3%:*_B
MW#052#YTH\1\?:DV.T%K7%>_?AEI5S<>(I=3AM#-:,8"QV6HS'GRG85LC5LD
MUUBNZM"][+72OM:EW!<U*M6W*I3JDTNBE,'3-.C,[87='00?59\V>*D,@`D$
MBK<Y0*!91XA=V4X'[$$KZ+DU\6TOL_5(8;><?WAH.+S5(%>LKD*E9SVJ)MW+
MAJ^I919%<FIRZ0%<M53G(<&RZ1!,4CEND<$S%`1`!*.T91U2XTZ:Y<YLPIB5
MS<3VR1MD90,<`0!L`.(`YEUBK650F(\*I2"Y--1+C$"BIUOE"F,]P'$0ESQ5
M?I>G01<*6A>-JHW<$DQ)M<)AWN?#S+$^HE]3C:4B4AH\!PYI&IZC$>H!Q"+,
MU1P[77C5,1'8)5D1$Q1#8(`/-''ZE%;P^'\MOW#<D^7*U?HA_0$(Q[::SO5[
M73D:O-%QO)T#X(X)NSR+])7_`+P?X3/RI)7S0Z?`,;H^]Y$"!&Y2E5O/[004
M.[IZ$JIOERA.?N055`7_`"8AS[`[@Q55E)2&4N64;_[OR+1^?Y5Y7QW]>.)W
M_(EZ"=\L8JZSN#H3?('0$2%6E[Y50@5M@[IZ4RA]O_-\,0MZ9#?!;8>_Y%=$
M*TBI["F[,@[FWPQB[NGH14BBLEN+A72O<&9\'Y9RE;_PC4*U9=^X0QK:-"H]
M9QV#1Y<^7KYIMEH?IY3:W=U+OJWZ$\<UQDA2*FQI;VGN:@*Z+A5`K=0Q>9@M
M736[I6[06-`!&UQIC4U`W&E*[5Q5WJ4=I>16TE`Q[)'N)#MC&EW9(:6DX',"
M00*$`U7>:MZMC5[2+PL>R$+&LVZ*W?\`D"[<3T8]BY@Q5>M&I.6;(M^J71=.
M,+WN"W;L?46PKXIMO45T[!C5EVAE4D#B03"0X%T2Z7>\8,:UKG.>6BCFD9@*
MEI(.!H*T*U,\0:6Z)\Q>]K&1M><S'M)8X@![06U<TD@5:#M5UX^KCU4618M9
MR14*+BRX+2HV/GV62N,?YZPYD.JW#BZB/T:3=.0K-MVT+QJU=NVTK+JRP-:P
M\9-U4F#@#$-/@.(8R:7>1QF4AA8&YNR]KJM&!<`#4@':1L4Q:_ILTXMVF5LI
MDR=J.1H#R*AKBYH#7.&+03B$2H^KAU=T9>R:>YQW0EJW?%_8[Q<:V:=DK'=5
MNK'V0LLMBO,:VGF6W*=<CFK8@JMYMC<3,M>29DF44U#$5#JX'2[UI:"T9G.:
MVF9I+7.[H<*U;7DK1;(O$&E.#R)'9&,>^I8\-<QG?=&2*2!O+EKU+GK4]6EJ
MLO"[ZI9=`IV'7=4H]QVK8E0J/]H7#06N3)]YKUA&AX>9W22\%*)6<P&)0':K
MBVV*KJI-44@.HF7K$@/KDTB]E=PV"/,'`=]E,QK1M:T+L#V1BL9_$6F10MF>
M90TM<X#A29LC:5DRY:B/$4>:`GH*Q2KH]S?^K2[LM4UG85QVI8%P.K?OQC:^
M4K"KU[V2=O?IL9A6KKQZQKAKQH5L.;TZMHD_79E2,1=%<W"@LFH-.'3[G*;@
M9#&PD.HYI<W'+4MK4"N%:;CL5AFJV?K3+5Q>V5[:M+F.#7=G/1KJ92<N-`>0
MC:%R>>=$>HK37;SNZ,KVU:;.D4B_38NNLUH9.QYD1]860STUW6F%H9"IMCW'
M77EE5NMT1@L\8)/R)"Y;I&$LC%$D7;FPNK5N>8#*'931S74=MHZA-"1B*K*Q
MUG3]1D$5JYY>8\[<S'LS,K0N:7`9@":&FPKK.,]*V8\JX[KV6[?9V10,;T"K
M5&W2W=DO*&/<64NY[LHU$"Y:K9UB'OVXJ$K>UUTV@G(Y79TXJQD2*I@<Q3J)
ME-C%9SS1&9N41`TJYS6@FE:"I%33D"VW.IVEK<-M9"]UPX`Y6,>\M:30.=E!
MRM)P!-*X[ED)QH0U/MK#M_(JEBT8:776^-*DI;:5_P!BKY)M:W<RUFGV_BN\
M+_QDC7SWO8EFWS5ZJU28U*ILF[?_`#I$RHI$5(8V9TZ[$8ERBARX5&8!QHTN
M;6H!)%"1RK0-<TTSNMP]V=N<5RNR.,8)>UKZ97.:`:@$G`TK19=6]5=K/;@#
M4EIXJ?5$:[=MGMJ)2M0^#JK<%1R19#)>JW7B.DT1A?2]0JN6:-26YW:M`;D4
M>E;@`B4#"!1WG1[\<C":D4#V5S#:T"O>`Y-JK#Q1HYQSRAM&NJ8I``QV#9"2
MV@83AF.%5YV`,PG(0YP,42F*.X2F*8`,4Q1V"`[0&.+78$VW&93!]S(>[LBG
M<=_R*$0^XOWY._&A3R)N"A5+YP=(06R+]X%R@[R=!>_$*VC%\\O0;P01/P17
MDWCT>$(QS*42,3BB:0\P?OA[P01,%-PSV3G!$8-H`/.$%LB[WD3J?F%Z(+>F
M";2B'.(]X((G$/-$.:0=^"E&)YG;#_904)@NX.B"M,[H3J/F=L8+)-$W=OP!
M!$VWWFZ`\,05O@VE-1"L(Z`<0F#G+&$G<*D;4TF0$Q,("(\02BDLD=/E[7A@
MB<0#RQ^]'OA&HR$&E%9!P1S#P@([Y1L!J*K$R4-*)@@;`#G'PQ*U/=F-4^0@
M$`=HC,8*6,S(R>T1Z/"$8N=E%5M:S)BG$A\L.W%41ATH<3RA2`2<#0C'J7NI
MZL''5EY%TWYI_6@=VZQA8V?K'OV\K8^$U*;;UY)VW8#M[0:7>*+<I7=P4&GW
M#Z.[+2"*II5-ZD@BJ"A!ZH_MOX/2L]7OL[^&YLF#@*GDV5^'D&/(OEG^H;UA
MM]H\3(A+%,'!W:(R@UQP')LVCWUN;KIU3U[2=@JL714$&5)U.ZB:(E0;6LA)
MZF8,08[IA''P916J+90Y6]2`S]1>I+I&X%*FLH!3&3:MA#U;1;.35-6#9ZNM
M`>]O7D<<=KH]G6T:V&1PQ_./OKX4M2>43VI;SJK/G1'-PUBHG(D+YX":C^KU
M5P<RIG+E80!$3.S`H<YQ,(`6<A&/=;9K90RSMAE+=VPKK<K([<5:XO/.O8OU
M*VANQ!0Q55[EM*JYLR=J6HE3S+E.FD(ZHEIXVPQ:]\K!BJW'E7=HA6'WZ]L@
M4(*F]%$J*;BA6XFF2:3@QHZIXNU2[#W6<KQ%;Q$-J#6KA4.PP&&'EZ%BZ*?A
M>L6C>++2N78.;$57KCZX7,P6!0F.GZWV5I^@VA3B7W5+4IC<]`HC2\JW1:E3
MK(H%3<I"I4JT-+H1W=5<"J(R>U6D"!.(0-'%^$M/=K&H<1KWO=F:UI<:UV5P
MKE`!P%-RT^MWEE8'4;^&.*<5!;0'#D[9:''#'FV+X8:W<JEV5BW*K4D'KFNV
M^K7[FN0RI57#Q6G4^IH/6C*I%3`.-]2KO.JV.I*16R)SB'`J$OIN:[_8P6CV
M-]=LWAKJ89XJ`T<!N<3BN@0`&YGNR`^VN6'*#L9+CB-^%.I<LFE3G=WW&K0W
MZC=-I3FU8M3B4*BW:51[U=TUN@D.L!O1P1*W*@H/FAUB)=Z<HY$<.X\12.MI
M<VG1V^=C2``'$=IHV\H&*HQFZ&BQNN86B]=.6/Q-2`1D?LVXG!<A1S5(B..V
MAZ:E5*<^J%0R`*2"9!5<5#T>I5>Y:*<H@!F@N/36C@J03`$P3D$]D:K6.[C$
M!F:T0W$CGD@DEI:#1H%!4'E)65YPV1SD.)N86M:[](N+:$]`PH-ZYBE.T&*%
M-^#W8G04:WU4PI]6+^*68F:58M'=I+#,3.ZU1W:K10P`,ETDYCY.S%CB+</Y
M2Y[NJHHL7'BW)B.#<C6U\E?R+N]$<D:TIZB(&(#8Y3E2;+`4ZBA<<-!(_3>@
M$OT@>>E%,5(0_%E7,40F6.4LQP"9!CB!UL+OR47$:E'_`'/(#M7MU5!,;3%H
MR`YU##^I?)($ZPP*\"0:BLP=6FFN4`*X11)(B:@?E$RE-RQ^9O\`4WV/Q*NF
M[:Y1Z3&?!5?HU_2[C^'PAY.-M\J]^M>#BAJ6_:M94?IK.K&=8YJS@C@Y%DV2
M:*=&9/Y$#RFYPI%26GR"4-N^/P[_`!EO)3^/?C"R>ZK9=4N8J_%H(B"!Y-B[
MKX++[;3FN(%'/>ZO]LA?*MK,Q/5T,_5^GT"TK>K;BM.+6J<O0:JX7:BDSJ%*
M%5\\;D]";$DB0X\1R@!#SZ?3/PB\3Z>?!D(U*Y,/J[I("*MV5!J`2#7FV;,5
ML\9Z8^+4G/A_:->^M:4V]"Q1;^G!TD2C#>8X^HYD4;;`:51&KZKU`PM4WX*I
M^E&6302$YG'#Q2-PCR#'-ZE^*%@UTT6C.GE<^>2KG90!B*4IFJ,,1RX;%U^/
M2))9I&=T9&G9S+8G]4-D43$%)-5+9*SL6BW)3J\8U-=/*C45:DJ5U3%WAR'+
M-FQ.;@%8"2X1#8`QYA'XVU[4/&;_`%"X,E[-;EA:YK`UH!!%"`:GDQVU7</9
MT<&D-XI-`-RU-KC;3[2:%44:(A2W[BJHT-FLBZ1JYR]2C67+PBZ:?I"1!,D8
MAN'B$-H]B/9--U7QY>7<9O0&9"ZE*;2T`XY1R4777R:6Z'@NJX5!.&RAZ5?0
M%,&4JG%''1%&]SN&R8%%]3G;=>ITYN]7<.&A7AQ.T.":Y3&),TR`&T1WQSK9
MO%TMY&-8X;].C<?SL2YU`TD!@I3I7;/#NJ:+:7A-MFX[V4H10`#;C4KK>0BH
MW*I;+MZ[%DFHP6I3\R:QB&IB]4JC9<JY'!0,BH%/32%1;AV`!AVQVRPAGLG/
MMQ5SW.S`<A/Q5W*_KJ5_'<,`:"W)Y-M5V2Q0N.LEH-N6RS]-N@+R_1UB<9J,
MP:G2`JU:64*$R4I%@H98RAI`)0$-XA%;5"RWN0+CLC+FISCD\I5R.9\<9N2T
M%S`6[??7JEB_'V.\:T]K;[&DIK5IDD)UKCKJ2+MQ5W9Q%9XLQ!7B2IC8RZ@F
M333*40((":8QT*YU5UU/QS&UO-4T^!=;E=-**9J+,6"[?N5]K%P!7Z=4&H,`
MR513U&EOV1S)^B(-70*!27:8`5-44C<0@:13"$=V_#"<GQGISJ#_`(AWP%<3
MXEN7_=F]86X9HQ6O.%T[#1Q3Q=K7$_")BZ:CD/(1X>(,[X;(8`G(9<02C[2_
M#V9P\3SEF#N&_P#TBOD__N$-,_\`29JX.!<;4^C/`??HM-[53:U)VMQE4,U0
M,BF=!,.$[EV<PF%$I@V\*9)"(Q]/>'YR^,.F[1S'$^[D7\N^M22VMN'L)SOQ
MZ,*?D7H'I&Q?B;(]_+L+X9UI1_2&*%=MBW*8-13"J/;>?MZ_6G3X6K5TT684
M^WZ6L!D7!!*NHL4"^5(8YSQ5K%QINE^L6\8]6RN#Q7>*`[.057I_].VC^'_%
M7C=NF>(7.%X.');M!(SOCE8][2000,@<<*[!R+V:*X4$QE5C@Z5`Q_3JJBD)
MDT7(N#>DIU5,JZX%,%6;NY`HJC/K`'AW1\[4AD8.QGCH<LA)!#B0=@PPQY5^
ME=VRZCF>+6C;:,AD;J`N:6BC'5(J[.TNJ":`@4KM6G>KK"K*_K-KN3[5I[2G
MWU;9/ANXZB4Z9%;JM>FM$/2F[ITJZ3:3MVE#UB)4TSN')FX$`1G'K/@GQ7>6
ML\.FW+JV5#4D\V'O\Z^:/QW_``OM]=T"?Q+ID9&O0!KGY6U,S<PSDD]TM;4@
M-&.PFB\F:<DO6739C26!ZP]<D.*":":Z@"F*"BRBI^$G`'5E+,2SZ8]LN&1R
MQQS6;^('TVX"IZ*KX*CN610N9<$LN<<K?T1M+N4'FQ'.O9C2!:"BV!;9:*5!
MHH=M5;C5K2#)4@_!3YW5'3H&-0`I4C(ORL%DS%*H8X%*;R0D,?/?XAZ==NU&
M6*8AC&`&HQK5?H+_`$Z:C:3_`(76TEE)&_51<.#@0*D;B<2LT7?B''EUTH:5
M=UO-:LS#K"MW*)Q:5*E\9BN%5*+5D2%=TQP=9$HB9,0$TI",HXAK[?3+'UN1
MHEDX@:6G`4WU%3[R[QK/A6/Q!&8-0@[(C+HY`]U0>@4KY2L7F5ISYDQI-$4.
MW;LE1M]16L'$CYBI2CI4U9*H*JB8ZCSJ4R'*)A`R_6E,'G!'1M7U#/>/9'$U
MH<\X@G83T++3X[6'3(V,E+H[:)C)"10@AH!Y37'>ND7+1;9;HJE,R](!*1#K
MJ**+&4X#'"0%``'A3X9S#P1UR]BM<QS.K7E\BO&'B-.4EC*"C@*YJBHV\RU+
MU3EH2>EMD2C*-1<(:H&[>ID``(Z;.$L159=!)X<H<2X@V=$.@!O-3-PA'"ZK
M#$?#]6'#UD_Z+5^@7]!36"XUB-HH2X@GG#&FOOKR^.0%)3&4N:.LTRX<P7Z.
MOQ?7<P#JJD5"SV3W#XXV1][R($N(2&4;D<<HJE5MA@-V2[.W!:3)44HE%/.G
M]T([.:"UH"_F!]\'>&*JLI/EC=_=^1:?[SRKRT1*!A&83V1W]>.4*8.$B2#D
MX?\`""(5UG='0FN0.@(D*K+WRJA`K;!W3TIE#[?^;X8A;TR&^"VP]_R*Z(5I
M$)YH](]X(@["BD4%DO5C1;E+#&"<*7@]O?+MJDO'-^H#1F1ECRETJ[7UQX[L
MS3]J/I^3KZR/DBI&M]"UZ=;B]OLYTULQ?/ZB[,>9D$P*,=BLI(8("7O&=[X\
M,:@,?F).%*4V4)*ZUJUM=WMXT0Q.X4,$]7$M`<Z6(L:U@K4FIQ)``WK,=U^L
MKQ/B7/5RK:<,'O7N-`UBYIU/7Q7[HRPXN.J9MO*Y[-RAB2TJI:KDN/[=0QOC
MME;F1'E6:TY1E4*BLHX*DX=""8#&$NJ0P73O5H_V?'=(XEU<Q(<T4P&5M'$T
MH3CB56B\/W5U9-%_,!<^J1PM`901M#F/<'=HYWU:&DU`PJ`M6;)USN;+L[&U
MJ,\:HK.<=:'\^:-&58_24$A>'SAD&X[]3R5Z$-"5*W-:CBX.H"DB=0CWJ>,7
M*7'P%HLU`LC:P,Q;;OBK7X[B<VSDKLY=ZY.711+-)*9,)+R*>E/X;0W)M_.I
MWN3<MC3>M2M^B9)>YBLS3:-NY)RUJ'T_:C-4+]UEEY6[>R+<&GNN&NJD6UBZ
MAN;+06Q50;MNU92I/SNW-><(J&!!`00#ABT-7:)3.R*DKY6/D[50XL-0&BG9
M!.)KFW;%3;X9>^V]4FN,UO%;RQ0]BA:)1E)><W;+6X"@:.4XK(?JP-56&,7T
MS.C+,=YXGL9I=.>\?9LM@<D5*[S7!8U2HR5ZH57(6&&K+3[G.T%,J6LRN0@,
M%U$J/57+A%`A7!&Q3Q.FWMM`U_K#HV@RM>,U:M(KVF=AXS"N&PG?1:?$VF7=
MRZ!UHR5Y;`Z,Y`VC@<M&R?M8W9"1B.TT`G"JZA=OK-K+1P[D+3U9N.,H52SZ
MMC.LX2HUP5'+S>@6?<E+H^8/UE6OJ`N7"S;'Z[?]?V018-AO"I.*PY4<B=4C
M46Q3F+%9NLQ\-UI&QYC+"P$NH"`[,'EF7]X[\\UQY*+9!X=F-['?321B42"0
M@,JX$QY'1"3-^Z;4\,913"M5@2^]<-JY2K^HDU_X2<U&QM2NM/%^JZ^+4I61
M%J14FUMV(SONF5S%3"XV]M%<`ZNBFWTJ1.MD30.R.B!@;'$TR3)J#)G2\2.L
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M49MDSJC+?[5&,@C^LN:QKG9L"&%IP;3`NRBIJ1N"ICPZ_"`S_P#X^-\KXV9.
MTU\H>.T_-VFLSN+1E!.%2:)>WO60GH62K'R,&&V[D]FZ^<Y:YBTG]-#HA4%\
MTVU3[>/C47H6VH+8EN^@`L%6!,YG0FX1;)RG$,U3+*V7)W;E\M*_'%,NSDW\
MNY92>'0^V?;\;OV$=M7+LX9)STKRU[O)O*\QE3]:LLK*77+++2G/AZU0RG#/
MEX>*4^6.).U=D&Q,(;""/.,A[4I13N._Y$5Y]Q?OR=^-"GD3<%"J7S@Z0@MD
M7[P+E!WDZ"]^(5M&+YY>@W@@B?@BN)O'H\(1K.U2BP1-(>8/WP]X((F2``SG
MV/#!$6"V1=[R)U/S"]$%O3!?-'M]Z")Q#S9\H@$_=@I1B>9VP_V4%"8+N#H@
MK3.Z$ZCYG;&"R3)-W;\`01.-]YN@/#$+?!M*9)M*<1VB!A`.CB&(5A'1$0XQ
M#?PQA)W"I&U,I")BB(C,>(>\$4EDF4^7M>&")@!$NT!E%9P-3TJP-B<3#C`O
M%MF&V?+OC>SNA:7=XE,E"0@`<X=^,EBN0@MT6PHB7G#T>$(UR=WRK84VEYX=
M`]X8KN.6A_2'PK.-@>XM.S*?>"^@+U23S'EM:;]1.2\I5)PWLC$>7;6R/4Z0
M*A"4RX:M0;`54M=I5$3E`:@%-KID7;1#B!(7Z:)S@()QZ]^%XDX=U!'WI)0W
MT\#[R^;OQMGC=>:4Z2G8A?\`EHOGYU::VKOU2YRO#*U\U$2TI=5PC9K!V`()
MTFV4SD*V9%;$4421ZO@#C#B,8$PX1\H#";ZYT32H+#2F@-_:[U\XW4[M0N#$
MTT:O+7`=0QIJ]UP6_CZ\6-6J>(<8NJ[E;-E0)4V]$H%O8DQ>R=7'E>Y'E<,1
M5U,E):A3Z<FW)URM1>I%*,S!%FXUV*SB-E;`^T",'4PKT[/?64&ENF%7G`\X
M7V,Z<ZGJS=X3K%RXLL\FES!->85')U[W`QHC:US8\PU0:8;]#['7O>J@O7:D
M&-,.T=FP208B`F?)+>5QK**&\MU-D\EZ#J+P^7,>6I))Q(`KRG'=T!=@LY+:
M"%T43:N9@3T8?D7RU>N$ULW91LG8WH3US5Z15;EN,M]7C0W3[X1JEJ60S-3:
M=;=IU=\LJY<O+BH[:ETYJ_5./&9U;@CM`XS[1I6O,\,W5M-&T\%DS:FFVN.W
M9R]2XV]LVZ_IDUL<'M!6CU)N1HI<E=OX&'546Z:B-/.(-BJ-WU*;6\@M=*;<
MY/QB9ZLBLH^3*7:J1@8GG&V_3UA?6<E^[59Q6*];E;N'9&.[:O(KS2KH6'J,
M!I);OXAKM/)3?R+I]-]!"Q'C!0%$KC>.6MQ6^X.LL*KZFW%51H+2G`NH4A3*
M.+=*@N<P&X1=H',.X0C.!NGVME/'<.+9XWD-.\/\F-**+D7,FI6]R[_@9('-
M(W24&4\V-5D3TE=G<[HUO5(2FIULDNZWTG1R^C(55)PS0JU(.`"(@M44;97*
MCM$#$5(7:!=N3XV6]Q`89"YK('&FXFG-M7'-9&[3N"\?7&3993O)-6GH`&U+
M`Y=%H5)5>MRJL4,7+O*:X;")P;4VY7]/40?.>(`63-0J\BJ"A2\7"0YI^2:0
M;"!D:WD]5<[RDK"`DSN<1CZP&]3"LK4Y9$4*\@@5T`I5.XD7-+=BHFX3]'L1
M)BLY166`5`>O'8*IMR3$"$<)B&X!#E8B,A_7;_Y3EQVI?OO*O<FI%,73%HPF
M4A"#A7(PI%3$>I!(^H3+2B96Y9B!&Q2*`!`Y`V;@"7YF_P!3U/YF7/3'_H,7
MZ*_TN?\`\"#_`!_RKW?U8VW^DQ+^H""K9`SZU:;UZBH$`YDWUJ4]-$I"R$3K
M$4VE#?LC\$?QYO)+3^H/Q;,*U'B.<=8B7J?@N!FH:!:`;71R^\\K02Y:53[V
MQ92[F;F!D2X+;MT:PY+2BKN'=<IC8]&J*;M4WXPO5/J:I(H[)FG*<>/V;IHO
M&4EC)(]L;;ASFL!.PXC9S%=NO[:*>!O$%7,`%><+39O9R5#]+<5ZJ49A1EF3
M)DLJ6G(J.5$VRBS@JH.5$1%BJJ"82ZOB,,MT>RSW=[<NCM;&)HN\QKCA0[*X
M[=ZZX."SBOICE`ZEP=QWOC$<45)@=-1>C'<-VK2F'IIF:;A4[P'+=XNHX**H
MTTZ@@H)]O%/AER0T7P]XB^^D,L;@V[$9J0>?8?(MCKZT=I!CF%7$X+R`NBJT
M]_5CJ4K]'Z33S)TDZ21+?55.LF1^X$RZJ@I3%-0!$I0*'DB(C*/L73!=Q:<V
M.]J;AI<"<P'YN&_9M.\8+SZ0&W(ELV!P<>U7D&WFY5W^ULTXX8TA4E8LJFTS
MJFS%HI7J6W6<N7*BE4516;HHO2%-U*29.,_5`4HCY`QQNJ>#M<OKR+V==NXA
M.<L)`%&@$G92N[%<M9ZA;!PXT0;)O6&+Y)6*@#9;';L]WT"\6IR66=M)#T=S
M55W#,6+U%0O"S5;U-,$YB`CPJ#OV2])\.7T6EW+FZY47-JVKZBM*;#0;<#L7
M.7-QJ%WDBTYV+L`?(MFM--G9GM6MW2W.\I])J;EO37H7;5*>_0L^T'9:D0JU
M"<U1=H<E27J%+0%+J""4#&$1`0E'`>)-<TK6F.NH&D-#B,30GGIR#K78_#T5
M[%ISV:@X%]5O895.[7=47?WNO;P4VJ(4NN4H0:"2EU!PF95BO3ZJH63NWZPJ
M`E;.Y[@ZLVT`&.@B!GD5OABG)19_TG@TH^K'`3!&YZK5N/(M,2D^JWI9%9-'
MLS$;-"`V)UN[RAD`!*.[?A@,OC+3J@@>L.^`KK_BB`?=F^I\>/RXA*XA_P"R
MK6P(\0?_`"U3\L2B:?Z^,,B68D$2CMW2&/M#\/O_`.)I_P#"?_I%?)O_`'!6
MY?Z4M6;R?5O_`#H%I]CYYU:[Q%!,JKU)P1^1$1`#+("W%LN=*?\`E$!D(AS#
M'TCHLV1@;4;5_+UK<!?:->!V0*>^L[6S?%:LFM,[^IBI&-5MYXSJ](0?FFS=
MN*<L19!I5FY%FWI3"HJ$!-1'B*"I?)'8,=RO+<:EI[[:?_ARPEWD"XOPKJMW
MX8\4:=K^G5]<M;@/`'*T8R#RLS#RKWHQ3=J62[*M*^*4QKC0]U6ZQJ],+5Z;
MU(B1R4R"+FIL2.[H2IQZD^H9G2114;CU+XHS"<?/EQ&VWNWV</[ACL!YU^M-
MCX@.J:9:ZI'V;>>!CR#OE&9F_8UKAY5FFG6X[<AUKDK4KEP8#&9JI`HQ74GU
MR**H"YJ0F*H1T<H`=P!>'8)9;(OP<0,)C-'AM5G/JCA&<C`\MQ+3^<!B0>D5
M7F-EQ3&+3*=SUJP$SMV@/5B5I8K<6*8WDV!RPN(]+*":!4*,DY**:92E$B@E
MF41#;'T/X'GDF\-1S751VP"3AU+\B/QMUO0G_BG>CP>T^S7@FX;0_LYN5K>:
MNZO2M=G.H.K8Y<JN;,O&MVZ[(JFJX;L'38U(?.6Z9$^NJ=*>\;)RJL0A4Q4$
MO'PE`)Q8\86'A9YFN+N3-(8Q3'E\@7%_A_K_`([\,@'1YG-L\^:G2O2_$.5Z
MEE;#=EWG5ZE37]:K%,<_"ZU)3;-6Q:HTJ#QLHBLQ;N'`,G2;9-,5$A$#S,!Y
M`!@CY:\57QMWW%H#V&38+];_`,,KZ^U;P58:K?$.DEBHZE/<%HYK(K5:Q_:%
M^5VA7?06M/R0R:T%UCNHVZV<5"JW`N!$:U>]J5WTM.HM:TS:M4#+D%-1-$B(
M*)F3.,=8TN?VQJ[[8XD,JNG_`(Q6I\/>%YI-*?D==N;FQ%:[3M7#8AU%TVY<
M08:J%TM@0JM>NU/#52>)/R*`PKE.HX*TVXJL@<QG/P=7!322,<P]9UBHFV[9
M<==:?)F<W&H<?>*KZ#XZL)_#NFQRT,[GLC<><=G''F7)ZOZ<Q8:;O1FZJ(5)
MIJ7HR5=*5%,G$N&):Z>G.1$H343<4Y0"@8?*_$@`C((X[4870^'BUU:^M'_1
M:OU`_H>=;G6];;;4X;92#TF*,^1>4Z@F#AX9AOG+M2CJSN]Y`OT,=WO)^4I4
MWAC./O>1`@&\X>UWHW+%_<*4<;@Z2]\8*NDU.3M^"")9P(\7#R<W<\<559W=
M"5Y8W?W?D6G^\\J\MT-YN@._'?EY6C*>:/27_""")GD#H")"IR]\JH0*VP=T
M]*90^W_F^&(6],AO@ML/?\BNB%:1">:/2/>"(.PHI%!9+DB^:'0'>B^-@6*A
M?RYO]R+WXI2=\]*R&Q,$\\OWQ>^$8HB.-Y>@?!`+:S8F0BO<]T=*/V)C[4.@
M.]&J#]X%@SO*D7EN32'F#]\/>""(T$1PW!T!WH(JP1-H>9_.'P13N._Y%"O/
MN+]^3OQH4\B;@H52^<'2$%LB_>!<H.\G07OQ"MHL$7(017$WCT>$(UG:I1@`
M1$`#>,$3:11*40'?.?N!!$PGR]KPP1$@MD7>\B=3\PO1!;T<OF&[?>@B=;^8
M'0'A@B,3S.V'^R@B8+N#H@K3.Z$ZCY@=(P62;(`@`SYXJ7&T="A--]YN@._"
M#O'H6^#:4R384X#O$PB'1.<6591B^9W>_&$G<*D;4PW"1N+DF(>X/CBDLDVG
MR]KPP1'*43"(!OWP5H;`FR`(%`!W@$%*93^UZ?#!:).\N2@LHMA3(1KD[OE6
MPHJ.TX"&X!&?<&-#G96DG<5KD_=N_5/P+,N4LA5^R?5T7/1:,\78L,AZS[/M
MFXE$C*IBXIC'!=UUM%@!DU4B'1=OFI"J<8#(O$4)\6SZ)_`*VXCKZ3E:^,^^
M%\Q?C]_Q%C_A#X5\^&IK((T6BHTIO5`IE2J;D&%.<%*HJ=!9PGPJJF;I@)UB
MI(G,/5@'$8XEE'U?:]TU7SPW%>ZGJ:].>+<$V1@AH&+AO_-VIVI5#4=EUSD]
M%L8M)TT8QJCFDZ?+34H++KC)T'-^;E$;B6I[Y0IJJQMY`RQ#(B0IND^RYM5N
M[F%C^!I\+3C6E3OY,1R885*LW^LPV=J7!O%Y@,/RKZ.O6:9K?8]P?;=H7I4Z
MS6KXRL\9U-6U$G+Q&V$K,L=[2ZK4Z:2W*>=M2:7:EV7Q4;>M954X*F<M7KB9
MS\)P#@8-.TSUF*UM*%]1F<`":D[\37:3TCR\%X<U'Q%>7-Q?Z@3!IPS&-AJ,
MS,2*"H&RFP+\YGU@PNLN9"NN\#.EJLY8F;+6G5UB)IO+DMQDK\'5([P""85:
ML^JYSU968B:52/*8%CU?Q9X-,WAYUK'6K`R5O.Z@%.I7O#OB&VN[B:2,9(PX
MBF['$\FW:N*Q;?E*=XTO/$;4&RU=L,E"IM#<@HHJLXJRJE/1/6R&.'$*#2N.
M%DE`+Y'4$(0=AQCFO!^N1W>EW7A>8TEM&M:VO+V0XT_M.*XGQ)I-V+^+6[?&
M)S:.IAAF)^`K([JIL%W%D-$$3)FL]>IN72:Y5$2)V];":2S8'(&2.=L]I]Q(
M`T.49%(0ZD]AP&.]F9L\%M#<#]M;@$#F.WX%UF"&\AN+QLI^IW#&`;B\9LO5
M5"J(4(#9+-3'`I"LLC^AW4KI=8X=-V0/G]O$4X"G(9-:Z%6B>T`(*91#RBQH
MNFVY$][9NR2%H=7G!`IR;_>1DER70V5^TR/C:8Y!SG%IY<*#WUV.M)-DE[K3
M95-1[3R4.TFC9$A0.FY2JU96;UNW4B%\DXH."J*F+N.3JXORPOC_`&9FSQ\!
MDA%=KB]HIMYZKC(Y6/MXGB'(_P!8DCJ>0!CC78LO-E7)F=?IRPMJF![BO8Z#
MY@(BZ.Y8X\*F5YPF!,Q#&MT)D`!&3ML79Q;(N6?[@_KR?Z)5"\_?M_4C_P!(
M+W0>G$^ES1684#->+!U]G!`P>853/64U"'3,$RF0<%-UI)>:"DAV@,?FC_4N
M*?B9/_X?^@U?H?\`TK?^W+__`*[_`%BOHRSU1&7Z9TYPY2`6U71MMM50`_"*
MQ"6FP48&,8@"H4S<R@F*(;C@$X_`?^HW49'?CIXVMW?NK?6YW#_^2O2?`LP&
MCM_PY?\`3*\Q\AT.I8FQ2?'=*=*7,A1+@JAZ"_J:PJNW%,K=8/6*:%?<I$;'
M5,R>OW"2@$**ADP*(<\>>Z%K%CK_`(S@U6&/A7'";Q,K2`YP`!H*<M-YQ7H$
M=A<C2GS-/8D-17G7F[EK)8V.FYI]5O%"J5%3X&*\K"5G.&Q63IVDZX:;1&*:
MRB;QTJJ/`0Y2@($``$0&/?O#FB>U=1$UC;`19WDM<0#V3VG&M*-Y:T74=3D]
MG2^K3"K\K36GQA4+6YO57%7LE==>Z*BHQ2>4M:G)/*.*#A-RZ?']-5>JBJ?B
M72G(`#\6W#^^COT>E-L?$,;8K9HD+'$N::@C``4&RG/B>A</ZPR>RE>'\,AP
MPV5PVK4RX4A0JRR2-TOUFC9O2%5WQ:."S8K=&H+IG79N.(HJ&,Z,8A"J%*8V
M_='K]F]C[:%LT0:.([EICEW<PQ76'3W0:`QQ>*\ZQ"VI]Y9.N2DX]QVG7JC6
MWR*!&K1.F$2;-&1*ZN"SNH/554T&K=,X\:RJ@@41YYQWN*WTO3(#J]\6<-C2
M,2*YBW``"M?(%G;VFI:Q,+*`$24S>1NU>ON'-#ESV'^KY[?MV4M_1;:`Q$*=
M;CE-9]4KB<NP<^GJ5)-L5LT9TD#*'333XS];*>P(\MO_`!!%<SW$]LR@O3D.
M)P;NYZT&)W+T'2;*72V`71_:`+<Z[;2N>WZ0%5I=?6NVE4TRH/V-79)_"BU"
M<@*B[=\+4B;6M%8&3ZY)0Z77`$PVEBO/!2V:5<@OFFY<*[5@'(C%BZR%C-6G
ML6I;6R=:UPT6I4]!NW29O5Z<S*MP&(@FF0JR1R@=`OFIK%`P;AC;8#ZK/T+E
M(:>JSHFF*K42Q]6^E>BMW#>I5>Z,T4:W:(F?\2[!%JB]6J52.FKPG.G3V11Z
MW9YT@WQZ/^%4-QJWBZVD>#ZK$PX\E0*?D77/$]R(O##X3^=$/](++>$D/2<9
MZT4#*$3ZS38!!4$@&(01SOAKS2FV;!V%YACZX_#TEVO75=IC</?HOD__`+AL
MXB_I)U<TKE;;FG_BP+2):T:LA<":=$47*?@16;/C@F`MS2_&@;A'@\H2\O/M
MCW.TL[R>\C?!W!&!Y<5_,=[5LH;`-N`"_;Y#L6R./\*5B^:E2:;6J@[K#A\]
M:MT62"90;)*+ND&IG3\Q0!--JBHX('6',0@":4]L>OV-HRSL7W>K2AD`90`D
M8DC"G0NJVMYJVLZB-'\'6?$U.X(:914\,.(C9CA2LKF';3!?2TQHE-LBCT^B
MHH)5"@T.G4ZC4APFW6.DUI-&9(T2G=0JZI]3:II`K;R1BF2>)$$5]LM\>%ZM
M-%%J<IE;25QJUV]FZO33E7ZO:7!!9Z18Q0%]S=QPL:10EL8(#F.V$8%CAMY5
MY[ZJ?6$4S!%V5.Q+/H3"YZ^O9]#K='N)Y4VCRE4&I5I=T]:-:A12N:FH]:(4
MD`$"MWB1R"L28!PB$4X9K&XF;'<D<('-Y6XC;7E"\H_%#\1KSP7K5WHEA$9-
M3GM`]DHJ0QTO9D;A7:PN&T+PUO/4=7[@=.%`>`@==95POU4R@*RYC+.!W`(I
MF64,(`,S2&0B.^.W:C^)EU+8MTVU_P"%B%.78%\/:?\`A^]EU+K%V?K$\Q>>
MDFO2L&.KPJ57?%XE#J"LLF"AY"`=499,5#&';+R"QYY?>*Y[J09>4_E7<8=$
MMK5A+B!@>NB^DK1?9M,H6F>TU$*I3JLC=KZKW@_2I2#+KZ%4GQV[)6AO4$3K
M@J\:%8)F.H8Y%1!0)I`&V.'\3VL-S<8$+[H_`G2AIWX<Z>1<B8W,CWO%:T(J
M:'$T7G)ZQZVJA1\\V%>9T*G4+8I&.*8PN$I%%W5(H2M;N:JH(NE&XIE3ISZI
M';I@8?RBW``;2A..%\-P.TW53?COBK?)R%>8_P!0]O>:A=-T^/\`X-EO'*3R
M!^7`$\^&"UJHK]C2:6X3MVM"I0ZK4[8NBH4TBY>J=5&T*B>ITMV@D<2BRJ)B
MJ*H'4V<2!Q(;9'?[Z'3Y8#>NF#97XD57RQI?BG6=`8VUN('/MS?Q/!H>0-KO
MV&JWTU'7+0K[TS+Y*M9^-4MN]=1EG52BKN")^EILPP?<*3EB_=(CU3IQ2:F9
M9D>12B0S<"B`[##YOXE>Q^A@QO#VBX(K_9"_>C_MY/?/<^)=1<,K;M\<H\L4
M;?\`57FL$=#=WO(%^G\O=;Y?R)$1D)NSQ!&<?>\BTA)B$M@QN4I5QN#I+WQ@
MH=W3T)13D[?@@JJ`OY@??!WABJK*3Y8W?W?D6G^\\J\MD!VFZ`[\=_HO(^/S
M>^CJ>9VR_P"$$0MX-0#O3/('0$2%4E[Y50@5M@[IZ4RA]O\`S?#$+>F0WP6V
M'O\`D5T0K2(3S1Z1[P1!V%%(H+)<D7S0Z`[T7QL"Q4+^7-_N1>_%*3OGI60V
M)@GGE^^+WPC%$1QO+T#X(!;6;$R$5[GNCI1^Q,?:AT!WHU0?O`L&=Y4B\MR:
M0\P?OA[P01&Y9=@1[D$1B[2E'G*'>@BN@B;0\S^</@BG<=_R*%>?<7[\G?C0
MIY$W!0JE\X.D(+9%^\"Y0=Y.@O?B%;18(N0@BO)O'H\(1CE4HQ1X3`.^48G!
M$V0_&$Y2VRWSY`[`<\$1T^7M>&"(D%LB[WD3J?F%Z(+>CE\PW;[T$3K?S`Z`
M\,$1B>9VP_V4$3!=P=$%:9W0G4-A`'F,,%DG"FF&[E\4:I(N(:UHH3+?>;H"
M(9%PS6M5O@VE-%\H##NX1$.G;*-BLHI?,[O?C"3N%2-J8;C,>#G$1GVN;M12
M62;3Y>UX8(G$`\L?O1[X1K,E#2BL@X)D8S!J*K$R4-*(R?)]]XHE:G.S&JY*
M"V1;"F0C7)W?*MA1D-AY?="(]&P8KN;G8YM:=D_`F3B`MV8'X%V+4F\28>K>
M?N5A*5,NMF@"<QC`00$NG>]#$,0X@;A.023V!./IC^G>8.&HQ$4'8%?*,5\N
M_P!0)RW6F`?WD+_)DJ?+6B\=-"FFFCZ[=5M&0S7>M%QOI[QG9M[9JS%7G=:*
MA=Q,1XK9A4KQ=VO3"$,K\-5ML9)I3U%2@FFNY`_E&*4IOI'5;^/2-/-W:_MG
M/.6,;,SB:8XG`5J>8+P6UMX91^VDR>[8OT%O5RV#BU#'3;,N/L<4Y3,>:[>L
MNX[INC(%/6<'L#';:DITG!F&+5MUNX.DC2<=XR;LFB3<J[8AGHKNEE#*K&CS
M348-;:]T4\SH[;:ZE17E)<<.?R+B]2\0Z%I<L>F6D39K^3#*3R^^?>7SW^N@
MU<URO.<W7@TN$:XE42(8IM6J4QH5FDQQ/:E4N*R*6]H""0J),GUSW@C?UXJJ
M$,8WP>PH:A1$>KGV?PIIMNV9D);^VP<7;2';L=M!0+EK]TG!C%RP9#&``,`W
M#9@,:;.1?*Y4*D_NAM9=%%H-4JUD/:A7:^=LW345>46ATW@MX_7`F8J(W2V=
M)`8ICR560,`3E'NC;]U[P+$M!F95SL=H;@&[-A`!K[R\^98>R+F[N`_-;/<S
M+A0"H%=G*#4?"M0:,E^K3-B%Q&<++VV+1W>+E1$Q@]-M]V"KH$5R",C'3>F3
M`Q=O"JG+>$>)Y9=!\93:JYQ;:/'$>W8.^6Y:\P`Q]Y>D\?VGHGJ\+?V@;D'+
MC2N;WZ4YMJW]>U"B*W>_N!D"+FCU.WJ49TD"O$BZ=7,TZ^OBT*!#%%5Q;=$;
MK\)AD=5%3[<TX^BX-0TZ76_:K0':>^SCPK@"X.J:\R\G?'J$FGLT]U1<MF>Z
MO*<F4MP\I72Z(^;OK)I%//P?#52O>E7#3S`8"@I3*A6EFAS+%*B94#.*)1DG
M?6$$2F6`^X0D-!C[%FER0$9\\X+36E02>SR[Z^1974=Z-19=1N-'6Y#S38X4
MH?)B.@U79%ZM1JN\KSIHFFD%5O:R7E`.H=,I&X]127MSLP,DEPBB)*JJ!)SX
M2E),.2-G$L1-)`VO[,L:'UKM(.6G-TJN(;UUM$78BKR6TI^:[M5Y\.191I50
M8(M55*`].1%2HY`<T\'*IU'"5+&@.%Z&50#@)5%_A<%$3SD95$IC>4/",<G!
M<6[("`7$YY.2GYIYUQMQ:3OF!(H!'&?\X57T`.EFR^E?1"LU.J<BVGZ[%U05
M$!%-TKG+*)GB!````$D'G6$)L`W`4)Q^:W]2V/XH7,?Q61N_S&8+]!?Z6SPO
MPY?RTOORE?49ED]M$JEMU6N.F;16F%M99N5140453_1^E(N5CH\`^D"&P`+M
M&8@`1^`7]1EK-?\`XZ>.-.TYO$U"76IPT?&)X.&%3[Q7?/!<%VW3(PQH+'\5
MM:[WNQV>\L>L\:8S7K#6O9*K%#9FO:L`6WZ35J>>L.P8K=61FHXI":)3-Q.I
M,`,H4LACZ2_`3\&_!OABPTN7\09K;[X7\;?J8+720U%:OJ0_HJP578]1U[6(
M[-UI8P&2"WC[3\Q:,P_-!H0>FJQ;G30M@V\COJ53Z?1N$O5.S!26+RC*I&.0
MQBND%%%%%"`F*@@H5,"S';./>?$7X3:&W4"=%>6FN#V"C>C`T!&QW.J]AX@;
MJD3':M:,9<D?Q,V`[IKEW+RXO#U=%+M=%&W@;7&K15W+M1M6V=R@>FG.*WI#
M%JZ*FG\(-'2/$)E2*;%`*.T(^?\`6/#'COP[K;[LN$]L31IQP&S'`T7.OLO#
M/JADN,'5[HILZ:_D73+3T`X[LJJ,5:UCP*XQ;U!M4#A4KBJ-5IKDJ!5"#QM1
M62%84BJS*4P`4!D(>5MCL,-WKK,K;TM=RB@`I7:,![ZI3?=QUK&RQB#9`XYC
M6M13!9KMS3#A##R84RV[!I3"GU<_7"^2=.7%<:K+JB[,SJ[MPNH_<MB'4_$`
M0W`4NP2[)QR\]Y<7K,M^2VU)%>GDW!:(966SN+IS1ZS2GD.U9(J=D6Z-((TM
MU)!KZ([1J2:ANM=$I]1)M3*KPFFF@X`@`8.'S1$=\9R6-E$UAMR'"N`IL5*6
MXNY)PZY%&UQ.VGP+&%]7`M3*&FY7:E854:DQ9N42`06RGI3@G6K)`'XM9BX(
M(@4!$!!,1*,HSFN8<@ADHT[*E90VSN)QH7EQVTI3\I6H^:Z8QM9_B^LMETZ9
M0K3R(XK+T7*XD:TRF7&B9I5EA5,`%;LVXJ`KPC,"EG+=&NS&+[.U#I'OY:4'
M6*KG(KR1EM(V9@;*_DK6GO!:+Z.*^TR]ZTW`5^JKJ*VS:F;F5"Q:(+&#_1#+
MX2(:I^3Y"_PPX`YU!'STA*7<$X^C_P`/K6WT$6NEP.+YI!F>[9C0G+05J&U(
M!KO.%5P'B:SGN?#EQ>2=CU=K&@;<U2,:X4]]>CV&5BDQCK356`R@!IN`YQ$P
M`;B+GK#1RFF``'DF*&SFCV?P1<-M]3O[JF$<-:;ZFB^4O^X0Q]Q_27J[VX/+
MK9E/_$B-?\WWUJ=3;R9TXH+5"H(HD,`"950Y"CP)!Q%(!0$=X#'O>D:_8PAK
MY91&\-'9PQY:[5_+W=Z/>W+3:P0N?*TL;R['<NSD7J+ZN_(]')1<FY,35,BU
M/5*78%,>O%JY3&RA*%2JA?\`=?4U5I;=?H9P*6G4Y`Z3C@'C<%"<QD/$>-OQ
M(BO866,`!8VHP>17$8X`]2^T/Z4OPEET0ZEXAUB.-QN#%%#G.2@&:0O!RFN1
M[&=G8:BI"[GK`UWVKIJ(RH]MKL[\R96&I'=N4%`]-=6J]IE"N1E:M<&MWSCN
MITEY;=69K6LX<MVKQD"CDRLQ*`",>5ZEXDN+LL8'<1S1M!V#9E-/>KBOH'Q#
MJ^F>!69=.N()R^,-,8+*M#'8=H$N/*.Z.]5?/1=.0,B97N2H7??5QU:[;MK7
MHB=2N"K%12>.FM-9MZ?3&B_HZ")>JIK!HFBG,.(0+,PB(B,9VANYNVYQQ'N"
M^1?$^MMUC4Y]3O"#,YU0*YJ#90$[O\B=I=HKN^`SCA(8!XA'B$QE`GYLA`)3
MCF+>T<R-Q))S#<NA7&H!N8-?44P'.LD46SDQ<-VJ:)$E'!DDA55D"1NL.)"E
M,;_)CQ!OCE(=)89&1_&Y:;%U::^FNHGR9BT,Y-Z]P_5Z5IL;$5W8Y$RB;VR;
M\?U"L/G?H;&D+I78W;.6RK.JJ.2G`S!O31*Z,H211,42B8H&$.%UVUN;74N!
MBZ(;';_=TK[1_IWUO3CX%G@>X-FM'&0`NWXY:<@Y_>6CNH34I1<F6_G.T*I1
M7S6OW-E.RZK:_HS9FZHK>V\<TQQ;`M:O54'RBSBLKH@"@BBEZ*X``5\DPSBW
M#:N$C;DU!X8!93EIB>GR+R+QQ^)EEXATG5M/D;P]4EOFAA#LQ9%"<E`<*A^6
MO)0X8KS+JM-:@N*B"CIL)@FHF@=5(OFC(`)Q@```[0"459[*$L$<N9Y<X\I&
MT[N9>:V-W(\.;E;)%M:2!@>7D.PX;5O9CTQ6>@EQ3&RJXLT]7;5V5%4X"1JY
MJ.'JRN\.B'#L%PX3!0TQD)A'9MCB_%&F06.A1,@)RRW!)KR'*%^R_P#VO]6O
MM0L?$$=Z<QCE:QIW,#&$"G-4K"01YNQ_$+CLH:=2_6Z1U0&[O,%QR@\,QW^4
M/AC?'WO(M82PC,9QN4I5QN#I+WQ@H=W3T)13D[?@@JJ`OY@??!WABJK*3Y8W
M?W?D6G^\\J\M4-YN@._'H"\;3!_,[9?\((Q5YG<'0$SR!T!$A59>^54(%;8.
MZ>E,H?;_`,WPQ"WID-\%MA[_`)%=$*TB$\T>D>\$0=A12*"R7)%\T.@.]%\;
M`L5"_ES?[D7OQ2D[YZ5D-B8)YY?OB]\(Q1$<;R]`^"`6UFQ.)@`B,^:-%SW1
MTJ'[%?,9B'($Y=K9&F#]X%BSO*L7EN5R9S`?A`?)$!&4@W],I\D$3W9Z0[N^
M"(Q?-#H#O01701--QF!PY`D(=(CMBG/W_(H1#[B_?D[\:%/(FX*%4OG!TA!;
M(OW@7*#O)T%[\0K:,7:8`'<(#[DH(GX(KR;^UX0@B+&!VJ4RAY@_?#W@B$32
M?+VO#!$2"V1=[R)U/S"]$%O1R^8;M]Z")UOY@=`>&")E(`$NW[-HP1&""M,[
MH3B/F=L8+)-$W=OP!!$VWWFZ`\,05O@VE,I^:I]^/^$,0K"92`!X0'<(CWQC
M"3N%2-J:*0I!F4)#TB/?$>>*2R1D^7M>&")U#SQ^]'OA%9W>/2K`V)H`F:0_
M9LC>SNA:7]XHQ0`!"7.$9+%<A!;HMA14S"(C,>3PA&N3N^5;"FD?RA8U#8?U
M3\!6<?>/ZI^`K#OK(KH=6UZK!BDU,)%;AU^6W0RB4X)R!?3?>YC'%0`XB`F$
MQF$?17]/8+O:4;31SBP#IP7R]^/["Z[TAPV,@E)Z,1\)"VV]47ZGW*=4Q?2\
M77:FICBOZDJ=8N:-3+^ZDSDK]J:/;'N#TS$6+GC910M1IE3U/Y#;O*HX9.NI
MZNW;;2.J3\8!8]QU[Q'I<4C<@+K6#LL`QK+^<3CL'Y=B\`983WS:M.6N.X8\
MW/@OJAU.W9:&F#25<-"PU>%/?9)R;5F&(L?W`P03+1[=KUYM'M-K5\^F,$A8
M_!V'\=TJKU_@*J)6Y*0`G$I1$8ZP_5;_`%J^#,N5AV]`Y.:IIY,%1T[P?I]E
M<.EU`\366#`[:'DYO-M7Y]&LW)5`J^?;=L.AH5&C8KMRVW#RV_AQ<QSOCK4:
MF4IA;-QH/SR3<,L7TZAK<:XJ'.]%X<)=8:?JFBV3K"%M]-WS2OY5S%TXWMID
M/[YC:'I&'PK0RS;@3M2MUMPP6](H)[B;V0NL9RGPJ6C2'ZWHM2$I#"+IM;]P
M.P;E.(B8&Q!$!COVCN$>KG474X#\K0/(`??73M0B-SIKK$5X[&N<>FI(]Y8B
MS/;:=49Y*&B=4*]/JB-,I9!4(1<:<R(G6[U:,&Y0GZ&C5G:!@#<!.,"@``(1
MU[Q[ID=U9:A;VX'&`S`C<,:==5?\*:@+:WB;,:C)CUD?`%V#`5>([PM6V%<>
M(_"K9L_JM!ZQ4I'AJ?:P`C35""8!`Y&M3,9#G$@R-,!C/\*;IFH>%W6%Z?K#
MHWAM=M(O_BM/C&WDL]5AO+44B.V@J.W3S+-:*E/IQ\<)E;-R5"S3+NUPZ\)F
MIU)H2M879++MR#U:5.N,PM%"G`03*80WF$1[Y')81Z9:%W?C)+O(X#\JZE<1
M7[)KBUKVI&=D])!^`)ED\I7I23=@RX4*QE-6ZK>$K%V"C!A05DF[FDB@5$!7
M,8&PE,9,2@)TTP&<XV,]79>S10-#I_6&2`;P12GOK`NO3!'*-G#,?)W@TX]&
M"[VP?M%J<5<C<K1%RIE&I@@FW`B?P?6:<]0(V;J<1Y-Z0]0(Y+(!.W$)B4`F
M,<PR6Y-NZL(`SR8_V"N/E-Z9!6F7AQ_Z0JOH/;F4/I)T*F6)PJ?V<[C()P3*
MF#@"9MR@!'@<.Q3TPH@J)_MQ-./S4_J4_P#=2[I_`C_T&+[]_I@_]NI/_KOR
ME?2QJGPI>69&=OTJG72%LLJ6VL"X%JG2$4C5=M3*>%&<G02`Q"=:N=XT(/E"
M)9!MF&R/P:_'36[7P[^/7C?58VAUXW6I^%489J14/DVKN7A&\LX[&%CI7-.>
M3#^T5L)B?'MF81QP*M]5$*SDAM3ZG<-QY1O=1.N7&#9=RX6I@'(BH=)2M/I@
M*;5`H$23VCM`"C]4_@+XE\)>'M&E\1>.I[5_CS5;5NI7D[W.<--L'@&V:UO=
MSO(:"`QQQQ<NLZMJ&NW>JMBTV1\FA>L<,L'9S'EQ`!RC`5)QH:+AK2OVV,CO
M%'%%NE.X016(A4BNVAJ=4FYC"!3=6T=I-E"E"?#LX@)*<ACZ*\/^,?"_CLNN
MM,O(G,<,U&X`D[2*@'M'H7;I]/FLHJEAC(&`VX<AY=JY_+]@6LRMHM6><*!&
M]12!55=V0`4(Z24*'6&"0G&8\L_=C7X_TK2K7PX;QQ#,KL:D5//M*X>SU#4+
MFX]7B;F!V_`M%[H3QVX95!K3*H(5,B`G0X3.A*<Z(@HJ!U2H\`D,D00D`!*/
MG@ZII%T]L=FX.E;WNCKWKFA!?!Y9,W(T`4HL$UZH6J@S50?N&*R*Q`!=LH<H
MKI'$/RK98B7I9%0-N/Q`<.48Y!X@N+;(0<M??"MVUE?S2\.T/[:E?(-JT.SO
MJ4TU8`*I<.1<QTJVW2;3C:-CU=9M=SDI%#G!FO0&)%%[B;D`H=2H=+K"[C")
M91R&A^!O$'B)W_X=CG2CNX&@Z<#0=*Y;CQZ<PNU.F5O>7C%J2]=;CHK)^CIZ
MLVO9#K(,2E8W'?C(UOV4Q>^EG<GJAZ**P5*I*(D(`(E**29QGQ@'+[=X;_IW
MGO2R7Q/*(Z$$AIJ><8`#IQP75M5\9V=NUPTX=JAI7#D\J\;'^J+4WGVYG-]Y
M>O"I7-373DKA&CK.OT:MBF*J'X@+2:0T!-F9`B)2DF8BHB67%MW^TW'@;P?I
M5O[-L+=K8A@9,7.Z:G9Y%US0=7U>XD]<OW$Q]"]6?5DYL8U/7[HZM!W:;ZGF
M?Y?MQLPJM+>LW+))VJWJ(=4[1#@3<HF'E3$J@3"9=\NO:+X'-GJ++H.!C;G+
M:UQ%33WJ+N.M^+8;S0+NT8*$NC'40O8*V*BYI&GW7?46^QRUTQ(G(!@X9"IJ
M"PDF(2^U\A4=G)&6F7#K)FIO9WO5_P#6*\+_`*W+2+4/Z<-0LI/W3Y;6O15B
M\2'-TU2I`8[Y^K.0"9JFH`E*'#,P&X@$H%$!VCS13/B![HQ,]QKLZ@%^#K=#
MM-+FX<<+2<>U3:2!1?4CHJQLOB?2KB5S4FJ=M5$]IN,PW:XJ#7-=C5,/TSJ+
M[)#I-U6J,F[M5\*..L7TY$JJB!"B1UPF$`4\OEF6[KDPW;"2,I!V[78X^0>^
MOL'P9ITOAOPA;!CH?W+IG9\P[S21L!%*#WPO`@+:>7-<MR7O<"CEU7KTN.JW
M?7'+Y4SATXJM=J#BIN5572@]:NJ!W0EXS;1`LQVB,=ETSPZZS[4Q!<\U7Y]^
M,/&]UK6J2R!["!,]G8KLJ=X`H2LF4ZD,F`ID332F8`$2G($QV?Y/D$([Y;:8
MQMO4!><:A/.9<I.#EV0X=0'7@@HH'XHB:;=,AS"<Z@)%`Q2E`R8<7VVV.498
M-X!-#L7`R.E,P[6%=^Y.NG2:+IHT$5"*N"+"D='RD"=4.Y<P[4A*.SCW!'-Q
MV36W$6&.7\BHQ/<;29QV`_EY%93K\K5!<5TEKW3=-OF1059U]K1JP]IS:LM5
M&AR+-*@S:K)H5-FLS,=+@5*8`(80"0#'!Z@(+]P(;^T@./.N;T35/$6AVG`T
MZ0LBOQ04.P$TQPP*QJZJE/48TY\BL`,*D=-HT5,22:2KHG5(H+`8!,0$P`2[
MY@,HJ&-LASM&#L>M6K:PO!>R6DC`=0C:7/QV@;3N).U<BUHA7=5^##%ZEX*"
M+HI#%`!616'A3`I9<('$9!NWQ=T_1/7Y2=G+^3\BIS:C<<$7=L*0.<6@#D+<
M#UD%;CT=FU;:'7PM1/)35Q347!%"@4Z*[/$-;271$"[-D]^_;'4OQ$M#9V%O
M%R<<_P"B%^TW_:C=<.TWQ$^XIG,[>HQQE:WJG,7AX1E.<]@#NESA'BL/Y_ZY
M_(OV,DV^[<$H8.+?MVSBU'WO(L`ES!(1`/LV1N4I5?[7[XG^%!0[NGH2:GG"
M'(`[(*J@+^8'WP=X8JJRD^6-W]WY%I_O/*O*Z/0%XVG?\B7H)WRQBKK.X.A-
M\@=`1(5:7OE5"!6V#NGI3*'V_P#-\,0MZ9#?!;8>_P"171"M(I/--V-_;W=Z
M(=L/0BJ4AC3X0G+?M`-_2,4%DN1#<'0'>B^-@6*M(,UC"&X"%*/2&\(I2=\]
M*R&Q,E&1BB.X!`1[0QBB9%5/9Y7/R&['8@%M9L1T=LS!N$-@_9MC1<]T=*A^
MQ7!YP](Q36+-JOC9'WQTK:H&\.D._'(*4]R@'*.Z")@-P=`015@B9;?;ARB`
M2[0Q3G[_`)%",;<7_=">&)B[KDY$X.X(J#]X?+\(4#:J%\X.D(S6V+]X%RAA
M`.$1W`4!'H#:,0K:,00$Q1#<(&\$$3\$5Q1`!&?-&L[5**`SVA!$TAY@_?#W
M@@B.`".Z"(X`/"`\VP>D(+9%WO(G4_,+T06],)[A#EVCVI01.(;C#R#*7NP4
MHQ/,[8?[*"A,$VEF')L&"M,[H3J/F=L8+)-$W=OP!!$VWWFZ`\,05O@VE-1"
ML(I?,[O?C"3N%2-J8;><8.42B`=._P`$4EDFT^7M>&")E(P%,(F&02$.4>4.
M:"M#8$V7RI<.V>[D[\%7?WRFYA,O8`)]J"Q3A3E-YHSEOV"&_I""W1;"C)><
M/1X0C7)W?*MA3:/Y0O;[T:"[*TGF/P*6N+*N'Q3\"V8H>G*[M2N#<$6U0K-3
MNFS[`]8Q;>9<SU%W;50N:G6EA[%^FN]KMO2HJ4YBD<[NIUUA21I5.;E$#NW[
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M4MB.;94MV-\HY<>K<N:\,:3=:;I_`D=&'$<K'G;Y5\1]]Z8=;-_O,HN;RTY9
M_=7!>-Q7%?\`1GS?#^2!;TZ^O2Q<U>DMQ5MTYT*+4&KHQ68E,)")',D4`*60
M>E:;?6,T3(I9(&D-`IF&!ITKFKB&:W:V0.80<2`QU:<W.C.-$6IQGC2WG*.F
M//05*WZ:JI6VJN);[<NJG3*CP#<U-4#X#ZUPX4,87"9Y<1EFY!VSCN\[=#CT
M=ER)[?BQ5H,[:[2=E5TBSOKR+Q%+')'*Z*?*"6L<&X-`&T&G.I0=&6J']5RZ
M;O3?GGX>HZ]3NA-5SB#(`O7IG0.UTVCX34#K'BE5H:AVSD"@(]8)0E&ZRO/#
MUQX:N[F>:W]=8,[1F%36@W\RT:K<3Q:XR&&*?@9`*Y33:?T5K)4='FLZQ\@6
M4A1M*VH=S0PH#"FK%4PMD19H:GW4Y7J-795`Z=O&(11H-3X3\4I'1`8\3NKZ
MXT7Q;8W%A)$87`.-'"E'$9J]K:%Z'&TWVER-K(R4MW&N`PI@M\'NE;4JQR#3
MWJ>E_/S^A/J`\=5E$N&KV%--2IO&%`J1R*#03"HJ[I+8JITR[3';<7^4&/H2
M35M%;K%O,^>V.:/,[MMH#3IYUY6RPU$:7<6P,U>*".R<:$\RZ_2=*>J!K3+7
M8$TS9]!Y0;JKUVTYR;$V1G*I&::=PK`Q=IFH8',LZ308GWS,83!O``B!K&BP
M6X<)K?,V\S]]NRO2DUA?F[DF(F<Q]H(Z93B<.;>NY433!JF<4ML"NF+/;3JV
M^5*PDB;$=\%*E^DGPFS>-"-S4(@JMP9IB)4S^68!)P<0C%J+Q1H[8LSIK?(V
M>9_>&QS"-_4N)?IUWZRRD,^/#;W33LN!^+UKV]J-K7796EO0[:]ZV_6;6N&D
MZ=+@1=T"XJ6^HU;IB*F:,G+,6]2I]31;/D'`,3IB('(`2$!+,!C\X/ZAY[6?
M\0'ZC9N#F&.H(-<,K5^@G]-MJRT\'NL;YI:YUUF]_P`N]?5K=E/O]U<+,6]C
M7C6:,M:=M)TJKT861V#=F:WZ<JZ!9(ZK989.R;`'K3";='X4_P!1'A?QIJ7X
MI>.-5L]%U6YMI]4DDA+(7N#VOA`JTAF(Z%RGA^XT-EG:VUS=01R1R2Y@0ZHJ
MXTJ=FRBQSD9CDVX+=?E:6/5O3UBMFIW]PH/U#$2$2)G4*VHS)9906A)R+,.(
M=DY;8^;O!OA'QR_Q`)9-!U.$NVYK.Y/60RA\F"[4R;1;6)KH9(GX5J)&-KST
M)J.@XK6!KI]N7TUK6WHY!<UBGJK`S,QMJJTBDL%04+QNV;1-(5E'"Z9S%ZU4
MXFX0G(!CZ6T[P]^(.D@WMEI^IQR9Q1[;>9NS<US,V&_8>1:1XAB<[@QF/A#_
M`.;'\I92J5NWI4L95]"MM+WJBR)JH+<CJB5MP])Z.X1!D"+=5J<3F(0HB!@V
M"&Z.I^)+K\7]4\8MM-1BU>>V+!0NM+E^4?%!9'0;\5R5MJ.G,:>,8LQ/\6+Y
M2UHJUDW5Z.NN2U+Z%4&CI$@_HG6DUBE,B4I4^(C`0.;RIEY`$([W8:%XPM9V
M3V=AJ<MS$TG"UG92HH>_&`?(:K=[2TLN#VSQPN::@B6/'WSL7QT>M(P]ZPNW
MM6=3IR=%U%57$E>I#"IXT4L&V\F+4!S0.`4*@2J(4*FJ`VN=E4>M!R54H<90
M(<@"60Q^H?\`3Q9^&+[\+('SV%U'XCBD(FXL9:X$FN`>P5!IM;LV':%Y]K^L
M:A=:N,EZ'VV4T`D93#>:[<?-RK0(='^H.Y7!JW7<,YZJE36X3NGU>Q9E"J50
M12`HI+"^J%NKN!4F4`,4H@`\\H]A=<3V(+;."X#!\7(!U!H55MIITK>-=W/[
M5N/[V/\`RI&\-*&=6%!J'P?I\S>X?J(\03PYD=1$IC"5-0$"EM@9`X`YQVAL
M$-NR49Z5-=W<Q=)'=`<Y;YEAJ,6E<`$3@NY/VD>)_P`JYJB:>,V!3J>@AISS
MNX59M&H*^EXER@DB4YD3<8$1/:Y"!PJ3`>`H1LN[?42:YKG;O;\E<IIMWZM:
M"O"^EB^4O07U9.#\TTGU@VCRK7!@;+UM4REYLMAZ]JE2QU?%/HM*:MF[XZM0
MJ#]_;C5DP;(I@(G555*0@;QBM%ILYD>2[:SEZ.7G6C4);*31GQ6LMKQN,TD8
MDU+JG'-0_`O:RPK5N2^,%ZY[3M*B5>X+CK&F1)"G42B4UY5ZL_42S_A1TN1E
M36"*[QT8K5`Z@\!#2*43#L`8ZC8LG,&J:=":S/MQ3TET'^LJ*[NOP!NFP/=<
M7.:W(BC:3W"TD-%"3@-Y7FS;^CK.S043N\#9E5,)"%4ZW&5XB4=@`8@_Z&EP
M;XPC\/S6^2.[CN'3%C35A&6A&S8<=^*_`W6X_&]QQ'6VFW[,Q`%(7_)7TM:3
ML597/IQQ_:N4Z5<%TO;HMJIIWRRN'(>6+5N2G6E=M62MQO9KRC%H*M/8C;^)
MK,59)H)B44U')2@)15`P]AMM-O(WQMM1(UCN]Q'8X8`8`4H`1RX$="^K/!>F
M^(KCP7:VVM174D0M9`YK@\$5IV3V=S2!0'`CH7BF_P!/>;*E6:N^H.`,M4&A
MKURKJT2B?H)=[H*115*@Y/3*<5TM2N-T5HQ,FF"IO*.!)C'=]+T:XD_XEP#1
MB.FJ^!?$7A;Q3:ZI=V^E:3?BT-P2"(GFNW"N5=D8:=LXH&`ZV&,J3D,^*P+I
MF(B$AF`4R8;8[_8VT=JS,'BHYUYS?^#/'\SB1I6I;?X+_DKEC8%SB4HF3PSE
M0HE`0++'UUB$C>=M"E\@Q?X[?C#K"XP>!?']:>R]3^A?\A)*8`SJ<O"7#&53
MRW"&.[LV3VCOI8<L09Q2@=[X6QO@7Q[6ITK41_X,GR5:VTUYT.LL<<+Y.!50
MI@$_ZOKH`JA#`)1*M.F!,XARQ2&G`_W<76/.KKO#/X@4&72]3^AD^2NQT_1]
MEMRR;4YSAK(I&2#@K\C?]!+E#B42."I)?Z.\D#'-R[I1S.GZ)ID9$DD468X[
M1MV[UC'X6_$7VH;OV7J>9T64G@OKB*$=U9*0TGY.3J:U<5Q3D<'0T\*<D8MC
M7%)$A9GZ[JCTZ8JCQ2#FE'*7-KHL,AF#F-?08`[%;LO`OCYUF&.TO4LI>X_N
M7[:G]'<NP9*QI7,8Z+&U"K=M7);J[O5.SJ!`N2CU*D.:F8V)J\59VW2J+9N9
M9,G"!!$G$4#!+>,>,?BO/:7&F1QP.!=F7[2_]JG0]?TFVUZ#6K:>V;),Z@E8
M6$TAB&`(&&'6M#5OM>DW@CP83N?^R=^8![__`,%^O_##8&._/H0?)L^%*F$`
M#;SQNC[WD6(0##,1$/LV1N6,G<*47&<@Y0X1]V"KI149``CN"<Q@B6<`/EF^
MU$LI]G9R;XJJUR!)_:]J-_\`=^15_P`_RKRPCOZ\<3O^1+T$[Y8Q5UG<'0F^
M0.@(D*M+WRJA`K;!W3TIE#[?^;X8A;TR&^"VP]_R*Z(5I%3V%-V9!W-OAC%W
M=/0BO34X)[)SERRW3[`\\45DGPV@`\X!%\;`L58E^45Z?%%.3OGI60V)B,$5
M!Y.WX(!;6;$^B?@3)LGQ#+?*6SHBO<]T=*B38KSGX!$TI^5*4Y;QE%18LVHH
M;0GSA&R/OCI6U0NTX!VY]$<@I3_VY.D8(F8(I!$RU\\>B*<_?\BA&/N+_NA.
M_&#'Y013:G(FQ&<:<O:S***Y,)G*'V;`GX(R6;7979DZH:91[!!#W!B*+>)@
M2!3:F$MA2#S%'9TP6Y/$4XQ$)2D'//P!!$2,<JE%+YH=OOQB<$3B'F#]\/>"
M")@IN&>R<X(CE'R9<X\7=VR@MD7>\B<3\PO1!;T=+SA^]-WH(G4/-$.:0=^"
ME'#8679W]WQP4(Z7F'Z0[\%:9W0G4?,[8P62:)N[?@"")MOO-T!X8@K?!M*:
MB%812;2B'W(3Z8PD[A4C:CMOR@?9]J:*2R3B?+VO#!$6"M#8$ZD,BE'L>.)6
M#HZFM4R`S"<0M3FY31-(;C=KPQ*V1;"FT]AAZ/"$8.;F%%M3*9I'*,N6-3XN
MR<5BX5:1O!'6LI65EW*^,6E68XZR;?\`8;"NG;N*RSLV[*W;C:JJM0+U"K]&
MEO6Y'*R)2`4AQ#B*6<HM0:C>6K)F6SRP2ENPG#*1\--O(N/O=$T+4W1/U.V;
M,^)M!6FW?0M/4LB):NM5:8%,74IG1,1#BX4\I7GP=8(C-3A4K)YG$-DXW'7-
M;(R&ZFX=-F9WG7'R>$/"CS46$`_LM/\`JH1]5&IQ8I3*:B<WF/.8F_6A>11$
M1$B@F\FL!Y0J$F([Q'LS$=4.M:]%_P"LE(_6=\I9S>&/#KS^SL;-H_P6'\BO
M#4YJ5.1(#:ALVB4@\1"%R=>12$*,A`I"A6.$@DF(`(!L`PQE[6U2N<7,XD)J
M3Q';>M9-\->'<H:^PLSA_!9YE<74_J6+^+#4+FOJQ':`Y.O$1'B&8S$:QMF(
M[8V2ZYKDL3(O7+@1MK7MN[6/3YUN;X4\-&(\.QMF2'81&R@\F5%_M.ZE.L*<
M-0.:"@4IBB4,EW>;C#_)<7%5Q#\6(=L(Q;J^KM:YK;JXR.Y.([9NVJ!X2\/]
METEI;NE`V\-OF5Y-3NHX@[<_9I/+BE/)EV%\Z8B)I5,0.81E,1YH>UM6<X.D
MN9RX"@[;L-W*K+/#6@M(SVEN6CDX;1^1'3U+ZCRE+_U_YEV%$`_ZQ[LEY0&`
M1'_2NWR3=W;&J+5M>87.DOKASR<#G=@-W>*RB\+>$XXGQG3X"7G;E;A_FHR>
MIS4DF.S4#FB0`!2E+DJ[B%`@!N$`JTA'BVSC8_6-;>TM-Y<4(^.[SK8SPUX4
MC$9&GP9XW5KE9CS4RH@:G]2,P_Z_\SCLE(<DW:)9FV&&0U6<C%V2GNB6:QK3
M&%HN[C-3#MNV[Z5QZ%C-X;\-38&PMP,[CW&;'"E.[R5VK'EWWU>F0:BE6+]N
MRX[TJZ#0E.1JETUJHUVH)TY(QSHLBNZFX<K@W3.J80*`RF81Y8IZA<WFJ7+;
MB]D+W"/+CR\^U7++3-*TV+A6$`C;S4V[\`%EEMJPU1M$D$&NHS-K=NV210;M
MD<FW@5LW00*5-))!#X7ZM,B:)`(4H!PE`)`$6;7Q)KMJ^-QN[AP:>V.(\!P`
MH!2N``Z55D\'^%9'9QI]J"<<8V'$XDGLXXIC^USJJ$?+U*YV$/)$2ERC=Z8"
M(#,?R=5#A`>8(T'7]>-UQQ?7C8_BB:0`<W>_(M3/!7A3,72:?:.K_P#*9\E&
M+J\U5>27^TGG><@+/]:MZ"$Y^<)1K`@(QKEUO79&Y1?7G?KC,]WDVK>?!WA"
ME&Z99@_X4?R4;^UOJL*,RZE\[B&SS\HW@81`!V@8?A8`,`EV1>CUW5S*^X;=
M739'$=V5XV#EH<5I;X+\*_G:?9G_`,&/Y*K_`&N=5P;?[3&=S>6!@GE&\0`"
M[9ED6L!.<9.UO778B^O,W^,^G552[P3X2<,=.L_+#'\E7HZOM62!!*GJ;SV3
MB'B'@RK>12\0C,QN$*O,1'=M$0#D"$>KZC`X&WN;L-H<P=,]P)/+3"B,\%^%
M8\1IU@7<\$9][*KQUA:MA&8:H<_A+=_UL7I[O^F0G$G7==SYA=RTW9G?*3[F
M>%R:NT[3Z?\`T\?R50NL/5P4W'_:BS\:7VALK7H)!YYE&LCM[,:V:YXAC>7B
M\ERGDJ[Y2SG\&^$I8PT:98-(Y>!'\E!_MD:M>(QBZGL_@)A'SLM7L<`+]J4H
M#6?)EMG%2;7==E_]9<#^V[SH_P`&>$'1Y&Z;9`[^#'\E*N-7NJ]XW<-7NIG/
M+I!RDJ@JDKE*\3IK(JE$AT5DU*L<JB*A!D8H[#`(A&QNO:HVM97&K:;3U[5J
M/@GPF&D0V%NU]0:Y&8$;NSA58AM2_+VL*I.*S8UVW)9U8=-5F*M6MBMU.AU,
M[)PNDY7:G>TYRW74;KK-TS'((\(B4!W[8J6\MU$73LD(F?$&D[R'$UV^2BY6
M\T73+YHMKB"%VGBG[)S&N;@*<HH.I9#/JBU)DD!<_9E"10E_UDW;+BVR'_G6
M<<L=;UDN#O6)```*-+@,.@KBY/"GA=CN&--T\PTV&WC)KTT5AM4.H\P#//F9
MN+BXP,.2[N,(&`2[1$]5$QN(I?*F.T0`>2-QU_5R*.F>YV]Q)IT5*UM\+>&<
MQ#]/M.#2@:(F#_5_(A_VH=30@/'J(S6(R\X,E7849\XRJNT1BJW6M?:\GUIV
M4C`4.'^<M#?!?@^&+AV^EV`=FJ2Z"-W^J%:.J/4RF3;J%S682@`3_6=>11':
M`3D%8D$9#7-?#LQNG$;L?E++[H^%R*.TS3?_`+:/S)<VJ?4P(\7]H3-8"`3_
M`.TV\!&8;I'&K<01L]O:[]H/O_*4?<_PK_TS3O\`[:/S(0ZJ=3)O.U#9N_\`
MY/N\W^'51E#V_KOVEWO_`"D^Y_A3_IFG?_;1^94_M2ZFA`0_M$9L*([A)DN[
M0$.G_2NV*WM?6A_ZN;TG?*6K[K^$_P#I.F__`&\7R4N.JS4^7R2ZBLW`)1EQ
MDR=>"9AEL'RDZL!MO3&TZWK.6@N9O3=YU7=X2\+DU&EZ:#7[-%YD`VJ[5&$P
M_M'9O'R@-(V3KP-/8&P3#5^,>[&L:UK@=VKIY9SDD]>9;F>&?#+&Y1IFFT_^
MFC\RZ)?&8,M9,:L&&1<G7_?+"ENC/J:RNV[Z_<+6GOU$CH*/62%5J#I)NZ.@
M?@$Y2S$DPY8QN]0N[V-L=P\N`=7''R*]8:5I&F3^M:?:P6]P10F)C8P6\X:,
M3S]"QDXV<&S[KL<T5R&RN+FC+@.=7S5SRZO8.P;DDH,RAT^`8R:S*:U2B`(R
M$H?=3[4I]W=&:QD[A2JWG]H(*NE%_P`F:"(2_P"2&*JLC8D?M>U&_P#N_(M'
MY_E7EA'?UXXG?\B7H)WRQBKK.X.A-\@=`1(5:7OE5"!6V#NGI3*'V_\`-\,0
MMZO3.85#%$=@<4@D'(,@Y)[H+;#W_(F(A6D0GFCTCW@B#L**1062Y(OFAT!W
MHOC8%BK4ORBO3XHIR=\]*R&Q,1@BH/)V_!`+:S8FR^8C]_X(KW/='2HDY$P)
M0,(@8)A.?<&<5%BS:BQLC[XZ5M5"?E`^]'PQR"E/\H#RAN@B8#<'0$$58(F6
MOGCT13G[_D4(P[3G*.XHE$`YAF/;Y(T(FH(J@(E&8;!"")DIA,D81&8R-WNQ
M!9,[XZ0GD=H$`=PE'W(A74RAO-T!WX(F8(C%\T.WWXP.U2FT/,'[X>\$0B-!
M$<-P=`=Z"V1=[R)THR2`0Y@[\%O3*?F@;E$-H],$3B'VW:\,%/(CP4(Y-A9!
MR[1@K3.Z$ZCYG;&"R31-W;\`01%(<Q1'A&4PV[`'=TQ!6^#:4X)A`A1GM'AG
MV]\0K":+L+LY0VQA)W"I&U5(8Q3`)1D,^P._9R],4EDN13Y>UX8(BP5H;`G$
M_,+T04IDGFP6B3O)M#<;M>&)646PIHF_M>$(A;48-X1B_NE"G0,8Z1A,,QX3
M!S;`"*ZQ1@\TGWOA@IY$QR2Y(*$=(YA,!1'8`;I!R;H(BCO[D9#8K<7<"(01
M$-O/!;%?!$^&X.@.]!%6"*01%((C.?8\,$1XH':KHV*1"E5`9"`AO`9AVH(K
MQ54Y_<#Q18AV'I4A4ZU3G]P/%&]2IUJG/[@>*"*=:IS^X'B@BG6GY_<#Q1!V
M*#L5D45"D$5AQD`B'8\$7(^X%(2YA$1VQL56;O\`D5(+4I!$FL<W%P3\D9S"
M0<@[-O:@B%!$J41$3@/(,@[D$1XQ5!(G\\WWQN^,$2Y_.'M=X((K8(EG/VG\
M[_8QMBY5(21]W;\`QM4H)MT^4N[L3W]^"Q?W2D0,)S3-M\J7-L"7-!5D%7:)
MBCYL]W\N^")(QS&#A,,PZ`\$53M5E"D&[DC?_=^1:?[SRKRNCOZ\;3H`(I%`
M-\B>X(#&*NL[@Z$T&X.@(D*M+WRJP6M5"!6^#:5R"?FD#G*4`_!B%>A[_D5\
M0K2N`!';R3C%W=/0BOBBLER1?-#H#O1?&P+%5#SQ[)B"'\U,X#W!&*4G?/2L
MAL18Q14'D[?@@%M9L38&`YB\(SX1F/)(.W**]SW1TH_8F9AQ"/),8J+!G>5X
M#,)A&R/OCI6U0OG`'+O[4<@I7(01&`P")I#OX)=HLA]V"*Z"([<Q2G$3#*?3
MX(IS]_R*$PI^3/VO#&A$R&X.@.]!$1,0*<!'8`3[PP1-3`Y1X=LP$`Y-LNS*
M"R9WQTA-)^8`<VP8A75R)3E-YHSEV!#OA!%=!$8OFAV^_&!VJ4VAY@_?#W@B
M$1H(F"A,H#R;NW!;(N]Y$=(P`10)[1X0Y><L%O3R?F%Z((B%V&`1W2'W901/
M3#9V=@=O;!$<!#87EYH*TSNA/(^9VQ@LDT3=V_`$$5\$3Z?FE^]#O!$%;(N^
M$<#!PRGMD/AB%;3I#E*4`,,AD`[A'D#F"((%$5X#,`$-P[AB@LT<-P=`=Z")
MY(Y>$I9^5NE(?%**[^\5O9W0F2B`;.41C;'W5KD[WD3*1RE`>(93'F$>\$9K
M!,P6R+O>1,%W!T!WHQ?W2MY3B)B\/#/RI[MO+NBNL4>83`O*.X/LV017DW]K
MPA!$RF8"FF(R"0_9L@B8F!MH;0&,AL5N+N!2"V)B"(B1@*81$9!PB'NA!$V`
M@(3#<,$58(I!$QQEY_<'Q1"OC8B`,P`8IO[YZ5"D8(I!%((I!%((I!%((ESF
M`=@#M`>SV8OM[HZ%2<34]*IQ!P2GM[?/$I4JR"A2")=4Y3%D`S$#=GF&")81
MEM&"*T3%D.WD'D&"(4$0E3E,`<(SD/,(=\(Q5!`$0#?!$$PS$1#[-D$5@[AZ
M![T$7'C&V+E4A+CO-V!$1[L;5*"H("F(AN$`[X06+^Z4D.X>@>]!5DN<)D,`
M;QE(.[!$A!%3B"<I[9RY8(O*GTEM_P`9:?TMM_PL=ZI/_#/N\B\BX4NYOI!.
M$>M@*4.O0V``;%TA[@B8"B';B:.Y005O;Q&M`H*_K!'*^:2";E`.P*I!Y?[T
M3![L127\UA(6I[)'.K1OI!$*[:&"?I3</]\+"D_\,K'A2?H^D%"O&@S_`,Z;
MA_OI899_X96Z&.0$UR^D$V6H-2`0170X2RV]<7;LEVIQ&6;XA5M@<PYNSZ01
MR/&Q@`07;\(S'B](1YQ^UXP/[D1EF^(:K;G.X>D$<KQJ`2]);C_OQ8%DY&+"
MG$=N;Z04]+:_\:;_`)TL:?5G;_>3BNW#T@FR5)H/D@NA,`]^+R2"-V28?F&B
M"1QY&^D$4'K8!`PKH`'/UQ>4-G)%=T9+C6H/05EQ';F^DU,$=-CAQ%<-Q#=^
M5+XHU.X3#1[B#^J4XCMS?2"NZ]N/_P"(;_G2QJ?(QI[%7>0A;XG.<#@WT@CH
M+MP$W^<MMP;UB!WXKROX@`HX>0K-S7NP[/I!-]>VE_XTU_/DC4&/.#`2[=0J
M!&\&O9ZPKBN6P``>E-OSQ8R:R=C@YS'!H]VY;`UY-.SZ050<MP.!O26VZ4NN
M+.+'';N=U'S+9PG_`*/6$]Z4A[ZE^<+#UJV^,>HIPG;V]8\Z.FNW$=KEMM#<
M"Q1,&[>4-H0XDQQ;&XMY#O\`>3A/_1ZQYT;KFW_&4?PPAQB,'-<')PG_`*/I
M#SJH+MP$/\X1WA]N$:9#G=FH1Y"G"?\`H^D/.FP<)*E.4%40W;>M*//&O]FW
MON(_LE1PG;V^D/.FP70``FX0W2_*E'O#"L;L&.)/ZI4\%^]OI!3TAO\`\80_
M.%#OPH!BZH;T%."_>WT@FDG*`%#\<B.T=RQ.?IB,UO\`'/HE2(W`@]G#G"9(
M\;R&:R`;>58D,UO\<^B5NS.Y0WT@G$W;8@B/I"`S#WXGCAFM_C_YI4YG;AZ0
M3!7:)A#\:A(=H#UQ(9K?XY]$I5WZ/I!,%<H`4)KMP_W],.7LB`1B?5S^>?1*
M9G?H^D$=-\U*$A<-MHS_`/&D.P&X#CS1J>^!AIF)_LE*NW-]()D'3<?-<-AY
MYN$B_P"$(3C'C0[SZ)4U=N;Z03";MOP\`KMPWC,KE`W+S<80XL.\^B5+7N::
MT;Z012N&Q0$?26\A$H_ET.+9+9P];.(XT'QCZ)6YDKGO#:-%?T@GDGK42@'7
MI;-GY5'_`(3LPXT.\^B5:X;M[?2'G1Q<M0\YPB'-^.1'_P#N0XT.\^B4X;AR
MMZQYTYZ2W$"_CTO)$!_*H[=@A[YV8<:'>?1*<-V]OI#SHY'38R@?CT2SGM%9
M'9L'_;(<:'>?1*VC,!3L^D$^1VT(7A])0'_?T>\"@C[D.-#O/HE;&Y2.TYH/
M2/.BE?-Y>2LW-M_XPF7_``Q+.'&AWGT2II'\=G6$UZ0ARKMP_P"4M_\`A8Q=
M.W^[#G'H/F2D?QV=8\Z93>MO)+Z0WV!+\L4=P?WLP]V($V/;:YK=]#YEFS(U
MV;,WK"/Z6V_XPW_.AXHSXL'QCZ)6WBLWMZPFR.6ZI>('#8)>3(5MHR`!^Y[,
M09H/C'T2IXL?QF]81BNVX%`O7(!+E.J!)SENF`SW1HRP_'/HN6_L_&9Z0\Z<
M*Y;R":Z0!(-O',!Z-D:#)'4CM>B4JWXS/2'G1DW3;C*`.$A'FXI<D^:-3LCC
M6KO1*MQL!8#F9Z0\Z<])1F`]:EL_VP.?HC)KF-%.UZ)\RT2AH=3,W9O'G1BN
M433_`!J02_VP/%&7$9^EZ)\RU]GXS/2'G3_I3?WY'\X$.)'^EZ)4M>UIKF9Z
M3?.F2.FWDS<(@$MXJ!S=$:Y98PPGM>B5N8]KSEJST@BD=(`H`E61,4>$)@J`
M<NWDY(J\>/\`2]$^9;L@^,STAYTYZ0CQE/UR.S9+K`\4./'^EZ)\R9&_'9Z0
M\ZO*[1`9]:CN]]#Q0X\?Z7HGS)D;\=GI#SIDJZ!I"*Z!0$)[50[FZ''C_2]$
M^9,C?CL](>='*Y;%``]);C+_`&TO/$^L1_I>B?,MK'-:W+F9Z05WI;;_`(PW
M_.EAZQ'^EZ)\RRXC/C,]((Y':!Y\*J1I?<J%-W>:)]8C_2]$^93Q&?&9Z05_
M7H^^$#^<$1ZQ'^EZ)\R9JX,+"?UFC\J;3=MI%+UR<Y>^)SY]PG`8>L1[G>B?
M,G[7<STVHOI#?W]/\-/_`(2'K#-SO1/F2LG*&4_7:IZ2V]_3_.)_X\3ZPS<[
MT2F=GQF>D/.J^E-O?D_SB7_"1''9N=Z)\RW^M,WM])OG10>MP`)JIR`-_6)=
M[CC2XM<2>UZ)6X.D<,S0S*?TVJ>GM>14GYQ/_'C'L_I>B5/[7<STVHI7*!@F
M"J>S_;4O\<(5;^EZ)45EW,^D;YU=UZ/OJ7YU'_A(BK?TO1*5DW,^D;YU.O1]
M]2_.H_\`"0JW]+T2E9-S/I&^=3KT??4_SJ0^X!Q&%6_I>B4K+N9](WSH9WC8
M@R%9/=/SR!_A&#FB:MY,WHE3^UW,^D;YU9Z>U]^)^<3_`,>'9_2]$I^UW,]-
MOG0A<-YB85DP`1F$E$A';MW<<6!.P"E'>B?,JQR5-7,K^L/.J=>AOZ]#A_W=
M+BE]YQSG$\=FYWHGS)1GQV=8\ZGI#;W]/\-/_A(CUAFYWHGS+!V:O8R$?KM'
MY5:9VV+*:R6V?^42#=_/AZPS<[T3YEC^TW,]-J2,ND&WK41F.XJA3#_<@+F,
M_&]$^9,SAW\@'Z[3^54ZU(_D@JF$^4QP`-FW?#UB/]+T3YDS@X,+"[]9OG2Q
MG#<HR%PW`?\`=0\4/68]SO1/F2KQB0RGZ[?.J>DHCYJ[<>E<H>`8>L1[G>B?
M,HXC/C-](>=`%9L'_P"*;]M8@?X1@B./'^EZ)\RT9&_'9Z0\Z6.[0VE!5$9#
MOZTLAER[)[X<>/\`2]$^9,C?CL](>=#])1]]1_.AXH<>/]+T3YDR-^.STAYT
M-1\V)Y)ET0$0F`=:'+,`Y.<(<>/]+T3YDX;?CL](>=)"Z1^V51#F_&@/@C?#
M+&:][T2M<A;'3M,-?TAYT$[EN`&'KT1XMGGALGM\$;^)'^EZ)6'&;O9Z02IW
M*!41#KD1$``/R@;?*#L0XD?Z7HE8F5KA2K/2'G2?I2([.M2">R?6;I]J'$C_
M`$O1/F6NK?C,]((7I;4#"`N$=DOMM\X<1GZ7HE*M^,WTAYUQ_I3?WY+\(?\`
M%C91N\^B5%6_&9Z0\ZLZ]O.?7I;Y^</3S0HW>?1*5;\9GI#SKW?]I;IH_A:Z
M4/ZFQS]$$?27L^U^*WJ'F7Q9ZWJGVAWIO^4KO:8Z:P"7LN-*8`')\$X[D':_
M5!*(]FZ96K@W-R]D*?6]5^T/]-WRE7VF.FSD]5QI3_JG'?T0P]G67]VT%O0%
M'K>J_:'>F[Y2GM,M-H;O5<Z5/ZIQW]$,/9UK\5O4$];U3[0[TW?*4]IEIMY/
M5<Z5/ZIQW]$,/9UK\5O4%BZ^U5FRX?Z;_E*>TSTW?PN=*G]4X[^B&)]G6OQ1
MU!8>TM7^T/\`3?\`*5?:::;Y2]EUI5ES?!6/)?\`PAA[/M?BCJ">T=6^T.]-
M_P`I3VFFF_\`A=:5?ZJQY]$4/9UKRM%.@)[1U;[0[TW_`"E/:;:</X76E?\`
MJK'OT11C[,TG]'J">T-6^T.]-WRE4/6:Z<`W>J[TK!_T5CSZ(HR]GVO(T4Z`
MGM'5OM#O3?\`*5P^LWTXRD/JO-*XAS?!>/)=S]4,:SI[:]F`%N_*/,H]HZM]
MH=Z;_E*GM-].(;`]5YI6`/\`_5X\#_5#&3=*MGBLL+0_]0'\BGVAJWVA_IO^
M4J^TXTX\OJO-*X]%,QY]$`QB_2K=I_90,(_4'F6Z._U4@UN9!T/?\I5#UG.G
M(-WJO-+`=%-QZ'>Q!&OV6P_^F;Z(\RV>O:I]IE^D=\I3VG.G+^%[I9_J['OT
M0!`:5$>]`UHWY1Y@GKVJ?:9?I'?*4]ISIQ_A?:6>U3L>_1%$^R8.2)I.ZB@W
M^JM%?69?I'>=3VG6G+^%[I;_`*NQ[]$,1[*CY;9E/U!YEA[5U;[5+Z;_`)2O
M'UG^G<=_JPM+P]+"P!_U11A['TW^`ST!YD]JZK]JE^D?\I6AZSO3J`S#U8&E
MP!'E"GX_`=O9#$4;/9-K3"-H'0H]K:K]JE^D?\I7>T_T[_PP=+_:8V!]$41[
M*B_-MV.&_*#^0J?:NK?:I?I'_*4]I_IW_A@Z7_Z#C_Z(H>RH_LS/1'F3VKJW
MVJ7TW_*50]9_IW#=ZL+2^'_(;`'_`%1Q#M)M'?O[=@W=@>91[5U7[5+Z;_E*
M>U`T[_PPM,']"L$/]440-(LQC#;L+OU!YD]JZK]JE]-_RE/:?Z=_X86F#^AV
M#]$<2=)@(I+;LR<O8'F3VKJWVJ3TW_*5?:@Z>0V!ZL33"`?_`)*P?HCC'V/I
MO\!GH#S)[5U7[5+](_Y2GM0=/([_`%8FF'^A6"'^J.'L?3?X#/0'F3VKJWVJ
M7Z1_RE/:A:>OX8FF'^A6#]$</8^F_P`!GH#S)[5U7[5+](_Y2N#UHFGPNTOJ
MQM,8#S@TL(.Y+$>R'L?3?X#/0'F3VKJWVJ6G^(_Y2K[473[.?LQ],<^?T2PY
M_P#PDA['TW^`ST!YD]JZK]IE^D?\I7>U'T_C_P!V5IE#_DUB![@8E"<;&:%I
M\@J(&>@%/M;5A_ZJ7Z1_RE4/6D8`+YOJR],I9[^%O8A9]S$H1E]W[#^`ST`H
M]K:J/_4R_2/^4KO:E8"_AFZ9_P`S8OT2Q(\/Z>/[AGH#S)[6U;[3+Z;_`)2I
M[4K`6_V9FF;IZBQ)]W]4LX?=^P_@,]`>9/:VK`U%U+7_`!'_`"E>'K3,"!L+
MZL_34`<P)V-]$T/N_8?P(_0;YEG[:UG[7-](_P"4I[4S`G\-#35VR6.;OXFV
M0^[]A_`9Z`\R>VM:Y;N;Z1_RE=[5#!'\-/39^!9'T3P^[]A_`C]`>9/;6L_:
MYOI'_*4]JC@C^&GIL_`LCZ)X?=^P_@1^@/,GMG6?M<WTC_E*#ZU'!7)ZM/37
M+_<[(\&)X?=_3^6!GH#S+'VMK;C5MU+3_$?\I4#UJ6"P_P"[3TU_@63]$\/N
M]IW\!GH!#JFNG;<R_2/^4JCZU/!@[_5J:;!_F63]$\9#1+.+&.!E3^@WS)[4
MUT;+F7Z1_P`I0/6IX+`9E]6IIM`?O;*^B>!T>VE&22!F7]1OF4^U=>V&ZEI_
MB/\`E*[VJV#OX:VFW\&ROHGC'[O:=_`9Z`4>U-=^TR_2/^4J^U7P>&[U:^FX
M.U97T40^[VG?P&>@$]J:[]JE^D?\I5'UJ^#QW^K8TXCTFLL>_BF'W>T_D@9Z
M`\RP]M:]]JD^D?\`*5WM6\)2E[-O3G(-P<=F;.C_`*J=D5':3I0)!MVU!^(%
M/MG7OM4OTC_E*!ZUG"&_V;6G2?/UEF?13$>R]+^SM^C"VMUO7<N-W-](_P"4
MJ^U<PF'_`';FG3\Y9OT4Q/LO2OL[?0"P?K6O5PNYO+(_Y2J'K7<*!N]6YIS_
M`#EF?13#V7I7V=OH!8>V=>/_`*J7Z23Y2GM7L*_PW=.?X=F?13#V7I7V=OH!
M/;&O?:I?I)/E*OM7\*CL'U;NG27^Z69]%,2W2=+><OJ[/+&U9,UG7<W_`!4W
MDDD^4JAZU_"H;O5O:=@Z%;-^BJ-GL/2_X$?T;?,MWMG7/M<_TK_E*>U?PM_#
M?T[?G;-^BJ'L/2_X$?T;?,GMG7/M<_TK_E*>U?PM_#?T[?G;-^BJ'L/2_P"!
M']&WS)[9US[7/]*_Y2N]K#A?^'!IW_/6=]%4/8>E_P`"/Z-OF3VSKGVN?Z5_
MRE3VL.%_X<&G?\]9WT50]AZ7_`C^C;YD]LZY]KG^E?\`*4]K#A?^'!IW_/6=
M]%4/8>E_P(_HV^9/;.N?:Y_I7_*5P>MBPP7=ZN+3R'WKBSR]V6*ML/8>E_P(
M_HV^9/;.N?:Y_I'_`"E7VLN&PW>KDT]`/9<V@(?_``JA["TKEMX_HV^92W6-
M;)HZ]F:-YD?\I5#UM&'PVAZN?3T$MTG-HAWL5P]@Z3]G9Z#?,L_:^M?]1D^E
M?\M7>UKQ#_#IT^?TJTOHKA[!TG[/'Z#?,AU?6@*^T)#_`.*_Y:GM:,/_`,.?
M3]_3+2^BR'L/2_X$?T;?,M?MK7/M<_TC_E*>UHP__#GT_?TRTOHLA[#TO^!'
M]&WS)[:US[7/](_Y2I[6K$')ZNC3[_2K2'_59#V#I.WU>.OZC?,H.OZT.R=0
ME'-Q7X?YZGM:\0_PZ-/G])M+Z+(>P=)^SQ^@WS*/;^L_]1E^E?\`+50];9B(
M-WJZ=/P?\JM/Z+(>P=(Y+>/T&^9/;^LG_P#R,OTK_EJOM;<1_P`.K3]_2K3^
MBR'L'2?L\?T;?,GM_6?^HR_2O^6I[6W$?\.K3]_2K3^BR'L'2?L\?T;?,GM_
M6?\`J,OTK_EJ#ZVW$8A(?5TZ?A`=X"ZM(0'M?JLA[!TG[/']&WS)[?UG_J,O
MTK_EJT/6U8@#=ZN?3X'0YM(/]5D/8.D_9X_0;YD]OZS_`-1E^E?\M3VM>(?X
M=&GS^DVE]%D/8.D_9X_0;YD]OZS_`-1E^E?\M3VL^']_LY]/L_\`\[:?>_57
M#V'I/\"/Z-OF4>WM>^V3D?XC_E*>UFP_.?LYM/<^?TNTI]W]5</8>E?P(_HV
M^9/;VO?:Y_I7_*5?:U8A#8'JZ-/@?\KM(?\`57#V%I)_]/']&WS+:S6=;>*N
MOY6G<97_`"U0?6TX@-O]71I[&7.ZM+Z*X>P=)^SL]!OF67M?6O\`J,GTK_EJ
MP/6R8;VS]7'IY_FN+/*/;']54/86E?9X_HV^98NU?6P*B_E<>:5_RU7VLN&N
M3U<FGJ?9<V@(=S]54/86E?9X_HV^90W6=<)H;V9HWF1_RE9[6+#(CM]7#IU'
M_?;.GW?U50]A:4-EO']&WS+(ZOK0%?:$IYN+)C_GJOM8<+_PX=/':7LX/]54
M/86E?9X_HV^98>V=<^US_2/^4J>UAPQ_#AT\!T.+/#O8K"'L+2OX$?T;?,@U
MK7!LNY_I'_*4]K!A;^&_IW'LBM9HCVQ'%4QA[#TO^!']&WS)[9US[7/](_Y2
MI[5_"W\-_3M^=LWZ*H>P]+_@1_1M\R>V=<^US_2O^4J#ZU["H[1]6]IU$>RK
M9OT4P]AZ7_`C^C;YD]LZY]KG^E?\I5'UK^%OX;VG4>E6S1_U4QB[1]+C_N&8
M[HV^9:WZSKN%+N;RR/\`E*GM7\+#O]6[IT_.69]%,8>R]*^SM]`+7[8U[[5+
M]))\I4]J]A4?^[<TY_AV9]%,/9>E?9V^@$]LZ]]JE^DD^4J>U=PI_#<TY_G+
M,^BF'LO2OL[?0"GVSKWVJ7Z23Y2GM7,)S$?9MZ<ICO\`+LOZ*(>R]*^SM^C:
MH]L:]]JE^DD^4J^U:PE_#<TY_AV9]%,6O9.E_P`%GT;?,GMK7OM4OTC_`)2I
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MC<X]T85.\HIQ&YQ[HPJ=Y128\X]V,:(I,><>["@128\X]V%`BDQYQ[L*!%)C
MSCW84"*3'G'NPHBDQYQ[HQ**3'G'NC!%)CSCW1@BDQYQ[HP128\X]T8(I,><
M>Z,$4F/./=&"*3'G'NP128\X]V"4"DQYQ[L$H%)CSCW1@BDQYQ[HP128\X]T
M8*,K=P4F/./=&"96[@I,><>Z,$RMW!28\X]T8)E;N"DQYQ[HP3*W<%)CSCW1
M@F5NX*3'G'NC!,K=P4F/./=&"96[@I,><>Z,%*DQYQ[HP128\X]V"44F/./=
M@E`I,><>[!%)CSCW1@BDQYQ[L$H%)CSCW1@BDQYQ[HP128\X]T8(I,><>Z,$
M4F/./=&"*3'G'NC$(I,><>["@128\X]V%`BDQYQ[L*!%)CSCW84"*3'G'NC$
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+\?/WDH?6O=1%_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>19
<FILENAME>g664206g98e12.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g664206g98e12.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`(@";`P$1``(1`0,1`?_$`+,````%!0$`````````
M``````$""`D*``,$!0<&`0`!!0$!`````````````````0,$!08"!Q````8"
M`0($`@,*"PD!`````0(#!`4&!P@1``DA,1(300J!(A1183*2-!4U%C8W\'&1
M0B,S4V15%QC!X5)B0R1E9C@9$0`!`P($`P8%``H"`P`````!$0(#``0A,1(%
M05$&87&!D2(3\*&Q,A3!T>'Q0F)R(R05,Q92DD3_V@`,`P$``A$#$0`_`)^H
MB("/`_`!`!X^_P`^/2+B>02E].`/&HN/=YV3W$U'W0[=^+,*[?9=@Z+N9G.3
MJF2Z_)5?!\VG6ZVK=:##I1N.Y"1Q"O)0H1\=:')4E'JS]8PE2$QC"`\YW?+Z
MYM;Z"*W>61.:5``*XM'$$\<43Y5L]AV_;;O:;VYN8@Z>%JL*N"8$\"!4D>IT
MR<J]$"E2&2[U=)8C.7:ER+:BU(;NHI(J.C-GJ@P-4@JF+N%*Y(5L(1A4S`B3
MW2*?7]6@D):6@<<ZQZL5JCCB.=1G<9YYW0NW?-SWVW'^\.>&V`\98*8Y&KLL
MRJFN9<A*V5:JXXEUDI*Q+X/59NX_[3;G`@D5D3P(0/5X<=9IDFX.WTVIN7?C
M`$Z49V(/M7#B5QK?W5MM3.C!NK=OC;>F8-UZY3A_29$Q[JZUW&]J=Z^STZPI
ML.^S^KN/J%<\KP.+\P8]S)CC'E8R[1?UB0<NFEDHN2L25JCQ<HFHRC78$:R<
M2?VW:293'.FJ8R4C=KF[VPLE$JPN<000WO3+E\955;98V.\LDMV0"*[8W4"U
MSB",L0YQX_+C2Z>ZC9=B8O4.5SEI]L!=,695,GBFN8NBV,9C>1Q]9YW,.3*+
M5(20NS.Z8^MTH/ML[3[:8M'+9-+W`.<AQ+U(W6>X9:"YM'EH(&``.>68/E4'
M8(]O_P!J(-SC$ELTNU`EP^WM:0:3CV".XME[=K7O*^.MI9XLMMQJ[EB?QYEI
M9Y#P=:EYB'>2<B-9FG]=@(^(BV3J.>1[^&<BW;))&5C@./UE!Y9VF]N+BR+)
MW+>CB@\,``/E4[J[9H-LO([NQ9IVN<*P`DIV*23Q&9YTYAO?L)/ZUZNY-R'1
M62<]EM\R:8_P=5Q]@ZEGS5D)RE6,;1!$E2*)+((ST@F]=@8IBD8-5U#!Z"#U
M:W\KH+5TD>#P*H+"WCGOH62#_'+AJ',*%^!SIG+Y=;:';G=W!^6<Z[5[)7;)
MEHH.9K/B1A4$:WBFLX_4C6E<K$FG+K-*GCJ$GW,PR?O7`(K?G`B`IFX.D<0`
M0JNG+NYO8Y'W;R[2Y!D.W@!6EZTL=MV^\99[;"V%CH&R:M3B?4O_`).(X<JD
M76"VU:J-V[ZT6JOUIBX4!%!U8)F,AFKE7P_HD7$DX;)JJCR'U2B(^/5X98PT
MY+WI]:QK(I96@1!SG`J2`3AQRK;H2#-TS2?M'S5VS71!R@\;.$%FKAN8/45=
M)PD8R*B`D\?641+QX\]<APFPB('S_72EOKQ](%6F<O&2!A)'RD<_,4!,8K-Z
MU='*4!](F$K=0_!0,/`C\!Z&/CDP:\%_80:33H;J<')W?LJXUDF3PRP-'K1X
M#8_M./LSINN9NKXC[2P(G/[1_#R-P/21S1/!TN!0\Q^BFW-EC=ZFGVSQK1S%
MYIE?DF,//6^K04I)<?FZ,F+!$QDE("8Y4RE9,7KM!RZ]2AP*'MD-R(@'GT,G
MA<PN)`Q3$BNQ#=/=_;8XQ@*2`36KLV4L;TJQ4FHW'(-,JUIR5)NX7'M;L=FA
M8:>O4PQ9C(/(NH13]VW>6&0:,@]U1)J14Y2"`B'B'07Q,.IT@0\,/WUVV&>1
MAE8P^VW/]];2?O5*JBC5&TW&K5I5X(`U2G[##PZCH1$`*#8DB[;F7$1,`?4`
M>CW(F8.>%[2*(XIGM4,<O8"?I7H6[UJZ;D>-G;=PT53]U%T@NBLU52'GA5-=
M,QDCD'@?$!$/#IQI:1@=7QV4UZM1C<TM>*QVLI'2'(1\DQ?"7Q-]B=M7(E`!
M]/U@2.IZ?K>'\?7+IH6N$;G`/.0X^5'MO1'$CM2BM):-D%7"+"58/56H^ARB
MS=M'*K8X&$HE7(BHH9$_J`0X,`>(='N1`Z"\:^\?2G'L<UNEP<TGBG[/T5M>
MNZXJV;\(!Y\O/_9URF)_F'T_?7#D4$E$/UJ)%\PJ//<1['!N!\=E'0B'QX_S
M)PV/'63WYIDWBUB.`1%X8N;^JM[TM#+)M&Y1M^UL6HGAD["I;9O,!^("/A_Q
M>/P^YUK'-U%3@T<:P10O:-05:AQ5+("N-/FJ-NK*C0LBY)..L,/'?J[BROM;
M-9D@<XZPL<'ZD>\E89N2/1%OZ5%!6`2G4('`^KD,<V3V^JB0QSCI.7=]*]$N
M(A+T*R+W-),H.)0<DRS4X4MSN1:Z[@=XISA76:+P#:=5=/ZCEFNY4S?F'/4O
M2FN1[F2LE<(QU.QABJF6*X2:*JS1\Y$S^4<,TP642'T`"1@/9W]I/NY$):8H
MV$E7?Q*$P3XYU6;'N%GL;)+IS_>N9(RT-;AIXJ2<,_C&G*>X_#LJ_IW'P,0E
M]EC83-FFT1&H@8QA181>SF&F;1`#B/(BDV;E+SYCU8W$6NT;&!Z6%N'<@JCV
MT&2]=(XA7->2G<:C^[&!_P#D'\P;B_8]H4]>U5[F+)6EY343$S:O1.2Y9_&Q
MDX_>@`D:IKQMU-$V#U#XD0E'PA]7U=44T9VS>F7)=_CRK@,$RS\\$[*V=H__
M`'_2DMI*KKRU31Q.`.7>`AI\O,)3['[N-*.!OM6-=$L1S>8;@B3U*1C_`&7S
M/5K!7,313L!$4%WV.\5%F)P"?A(+SC%40`?0/5W<2MNXY(P$:UIQ7`X%$[L_
ME60M";7;VRRI^3+(`.8:TJ?,E,*9E^5QNK/&O;<W4R1))*.8['VP>7+R^;@;
MT&<-*KBZ`GG2)#\#P95NR$O/CP(\]5/33A%932.^T2'Y`+6FZS8+W=+&#%76
MT33VJXBND]AFJU_N3XOV'[@NZE9KFPV7,I;`7.BTIGE6'9W>GX>Q558V#=Q6
M/L7U"Q)R%;J40FO8#E<*M6R;IX*13+*&'J5LTWYQEN7#^WJTH<<_@5&ZN@;L
M%]#MVWG0PQ`D\UP)*?"T3%V5'.C/?YENW=0#KM=.=O\`!S3(D/@YP\=O:/B;
M+"]9M,K+/\<0[U5PA5:_<4Z8](_BF?M,#J.@.5(GH#F*R]=8[Y_KP%:]#AEB
M"<L<D^=.2V$-_P!*G<M)_)B>A=S"IPYCYXTF/*V#?5\Q\ZU#P987FN&',SZ7
M0T=EEAAM12COG&/VC1_;KA%TM>%4:H5.VW5W`M8]6;;I_;6S!PX]HQ51(H5I
MT9/41AB.F+2I'-0%\_C.IUI=/;T9^3<11R2LF0.(Q7%%[!P'=RIR9#MA8X[3
MTGN;OQI_DC+\9$L-2,FKQ^K4W8Y:ZXV/?J[!JV-A>W,I8Y>5L4N\:/84JI6[
M@5%$_=<""_H5]`6C[([:R:\A]49'V\5[_F,*H;>_NM\N+?:+IK6P>X!K``X\
MNWB:Y'V)-8<([:]MD^PNU--K&RF;MM+EEJ7S3E'+T8SO5U>I-K/,5B(KD78)
MQ-Y)5.&KL6S!1BVC#LDVBJPG3*4W`]0MGC$VWRS3XC4<..&17GF:F=42S;7N
M[+"R=_C1AH1HP*JJ^28X<L:1A\OAKE7=L+AE[+FQ-CRUFVP]N'9&VXITGLF1
M<CVNU4K&\*^;2(JC"5I^_59RDO7EFC9=-PX<+F33623X*"9.HNQPNN)WS3EQ
MC:0&@G`8D\O$<%4\<+#JB:*Q9':V;6-CE:LB!"[`#/AAASRI=>O>KVD>EX9>
MKG=+V+URW%W%V+R=<+/-R>1(-;*&1RXZE_995>A5'',BVN5WK4.P8@911&-8
M-6I7"X$2]14TS]6L%K86T9CN7A\XS/UP4G$^-4>XWE[?S-N-OA=!:-P`P`[,
M<`F792=/EBKM*R%N[H&OT;9[#.:]XGV`:AA6E6AU-O6=)JUFGLHPZL1"1UD$
M)2OQK^!KS$%F"J:1B*IB)B%.8_,+IVYDD]X.:XZ7X>/[O&K7JN"`0VU\QFE\
M@+2G\H7ZFN/,L3M#?,Q9GU+QQ,S&&<`9+UAK7^:-&Q-)/Z&A/U*!H=<N3VL0
MKFO.F"]/+;K*B@25?1@MY!=BHY1(LF*YCA'G@DN^H!;N<6Q-:7Y9C#!?@9TX
M&11='"_]O5=F0`..*(2,OI6)O_@+'W;"[O\`VI+7I#'R&!(?8V]IX_S31JG9
M+4O3;[$_K]6H&5-/0LU-RC9\K-Q%P4!P)_4)G#9)Q_7`)Q?OF0VV^6[6JD@Y
M\B!Q[_&I6PW=SNW3-[;;@R*26!FH/T@$!"4!"%0F!J:MUJ*\UIBK;;?+:K5C
MNHZZ8YR+`Q5/[9>3\52S6SYL5H<M-L8G,X(6=9FSMF0XPCQ&AI(/F46@BB[3
M0:KH/3JF4'TC[=)>7]Q;W[80QQ@0%4/%0<0."8_2M/9[3M][T]/<!P.[,>`U
MB^HM[&KCQX''B*;QWF6+W4.[CVU:QJ<TF,HX:TYM#O+V?L^05?FO\IZH8]IK
M=B:UAI>GK1E7I^P.VM/023;,5G!Q5?%#R(J)*[<O<O=SM_::XL:0I0H,57+(
M<53%$JWVHNV78;R6X>QL\X#!&7#600<=*KWX8#-*>;UO[H%!V&S+NSBAWA;.
M6)F&D4\XB[=D.]4N04K5Z9M7,JV>25/:0C*0FEUBEB3.FS$J"[IW'JI.$RB5
M0"C?Q3RW,LENYKF,`S*@>"A/K65O=GCAMH+QDT;Y'G[6D:FX+Z@I/F!C4<["
MNS\#`_,3Y[W8G,1[/0^K^2L2KXIKN6'NL^;2Q"DQ&4S'$8WF9*);TA>P-JQ)
M2%4=)MW)VGK`1()TRE-R&:MC=.ZD-P^*06^(!TE,00,43OQY5KK^*V;TBRW9
M-"ZZ!!+0]I(1"<`5^520=Y.Y)3-)YC5%G)83S7F5MMADJ+QU7)3%585?MJ82
M3_,OV:<M2+Y)%V0RI)Y-1*/*F1VJB@X-P443%ZTL]Z^VD]N.)[@<20#]4/E6
M2VG9_P#8.>]\T<>AH^\HN>`4CS^5<A[R6R57Q-K[!8_/4LLY"R#:\KZ_7:%J
M6*<29`R,Z&JXXSY0;C=)B1?5:`D8B(1BH&M.3E2<N4W*ZOI*DF8#<AQN,\\$
M371,<]Q>T$`$H.)P[J<V2W8RX<Z9S60ACPKB`I(0`'QKDW>AUH@.Z!VN+1<<
M+Q,_9+[CQHEL5@`'%4L%<N<A-4M)Z6Q5!O6;+%1-HBIBT5@SYHDV6;)K'?%;
M"4H\%$8F]6AOMM=(P.$[<6A"OEFO=RJ;TON(V7J%D<SFFTDP>55GB<N.'C7N
MM4E);1/MC1>5]NGN0+;L#FNM&R5F]W!X_M]YR)9,MWNCMV%9I(5BFP<S-E=U
MBH049!A[R*;=NJR,*JB8G'D:V6/:R[2[WG-."%<0F7QG35\^#<=Z$4#HV6;7
M("2`U%Q*G#B?(4T=\M2X0B-8MH](\]XWSCB2^9TR+D:<@8^]89R16H:=H=UQ
MJSK\PI'6Z3JZ%7;S,.DU7]YNZ<MSG-Z/:!03<=1=@AF_$FM+ACF%Q)5P(50A
MSXU?]926\=[:7]E+%*R.-C?0X.(+"H5"<*4WV3G45VI,5;`Z*;M3T=@VU4K8
M6YW_`!7>KR+J$QIFO%-MC(-O$7#'E[>-RUF2<)*0(E?18N2R3%0X%41\?5TN
MT-=ML;X)E:`\$%P0'AG4+JN1F_3PWUL0]QATN#2"YI'-JKV?`J]A7!%AW1[X
MMS[H[>`L,+I]K'AIIC'#5_L%?EX@N<[XVJDS%6"TX^B9)DVFY3']<3L\H!9,
MK<$9!PDB#7W2G,/3<5N;G?OS=+BS($`I@.=.W%^W:^E8]B8YIGE.IR$$M!.3
MDR/#OI',]LK53?,@UO<Q''NPCK6",UX4PS(9E1UOS@:L,[,K29=`[S[(:AIS
MRD$C+NDVAW96ABE5.)N!('K!EL5U_P!C=<&-_L$#U:2B`)GESIYMH[_ISK87
M$(G]\'1K;J3FBK^BI26V6PM*P-I]F_9:PU&2R90*%AFQY!DJ0R8^R\O%>5@C
M+IU]=C+M.62$VW=E2="[0_[5NHH94GU!+UIIGB**2:7_`(C\?-:Q]EM]Q-N<
M,#)2R8RE#P';X)A45K1#=/M18NPZZA*KW0+YIYC?-!'=ZN.FE`AY<U/PK<;P
MF1:Y5N@Y0O\`BR\7J);E5-]G4<QC]HS.HF+AHFCZ@-U0V-[9-MI`96-!)]*@
M>2E>_"MINNQ[^Z^,QA9-H(`?@53$9(%)R;G4AK1V1TA4U`MN/.U!></3=4JT
M';VT"K1;#^?WC'+,]!/7,58\ENII5:T.K).3OL.'+R8**SDA.`$2$`I;.P_%
M%L[\=[7/.(TD$_K7ADG*LQN3+\7C7;W'/&]0/4US1I!"HH3+DM1^^Q'G[%^F
MU8V'Q_M/@;8=YW3;3G.WKW])Q@O(&0LP9J8OE&85F,K&1/S$M`LZVE)E=?:%
MWDJRB2F5!V=?V`*8E5M3VV^HW<<CKG@=)([.&!7SPK3=7V_Y]S'+ML\#=OTA
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M=IF+,Z9'@=0LD,;MGF7H.%<F6J'K,9)7F@6))LRFHBK.(VPR36`AEG2R,>LY
M`I>$Q$%0$G7.],N';U:RQ1O=&T8N:"0"2#CPRI.DX6LV>_;+<P1NDA](<]K2
M[`Y`D'P1:E<_ZB,5_P"*6/\`<A_J(_=_?_W5_P"*?LS^T?\`Z_\`M!_<NM/[
MHY.^W5D?+O[,ZPOXTG-O_)H^X9\_Z?YLJ[,LD1;UIJ`0Z9R>DZ9R`<AP'D!`
MY#`)#E$OAP("'0\1+ZSC4=ITOU-+A)V5;2;I-R)H-TT44"%,`((I@DD`#X?4
M(3TD*'CY<=$8B!]&=)(YSG*KC)VT<$@(8YR%(4Z@E$Y@^J90Q2E(!E!+P)S`
M0H``CX@`<>73U<+-5T1,/Q`/$/(?N#Y?Q#T(*19>56C()G$IE`(8Q%`53$Y"
MG$APY`#E$_J$J@%$0`P<"`#T8Y#*GF&32AHY2<#P4X`'B(E#XC\/'CU>?B/2
M%>-*XN.+J$$C`8!%01#C@P<%Y,;P_I!,``(&X#CP\!#I*YH_!N>0-\!`2\?5
M'Q\!^(\@'1113`(\@(^`@'AR(!Y\_#@1Y^/2BN"9`?3E6&Z8,GJ)6[YHS>-R
MJ%4!!XW0<(@H7GT*%36(8@*%$?`W'(=-S-A<Q)DT+QY\*5C[EKE82'>591$B
M%*!"`0"$`"E*7R*0H`!2E#R`O`>7EURP1M']FG'%SL7YT8W`AP!Q#Z?`?O#X
M<\#T_CRI0HX4BKN&WW-N*]+=D;_K;C&(S-FNL8RF9*CXRG8-:T1=L<E%!*78
M.ZN@JDZM14X!1VL$:0P'>BE[(<^O@8-ZZ\#"(V,=#VX]^9J1MPMY-VA;<O>W
M$9%$'81D5XC&F=-?L)=@?:/!^.,Q99Q!H54\M66B5V1S'3WCF*PG,4[([B);
MFO$%(XZE+!6)VLJ1MB4<I)HKM2G]``)3&*(&ZJ8[79I&?YC(&N13BF/GXUI;
MNXZABO)8K%]PZW:_TJ%RR7!,*]EVYM)-;\.]Q_-.P/;^K\M2M-I76B(QI<A8
MN[(KBC(F>5<A#-(K8A6LBJSB>KE+IK$`>R+55>,*_>@BU5,/O>F3M]K:1RDV
M&,?FI/QQHWG<K^]VYL6[J=Q#L%P(:!Q'/,($PX9U(I]`>(\E*(@`"8OX8@`#
MP`F$>1*'W/+JZ2.LHKN-&*'!0`#@''AQX\<!Y`''D''PZ7^G*D.I5(HX^H?(
MP<^?F/\`NZ$YTV_6GI&-4`F#[GTCTB4TLW*C_3_-_@/28T[C0_R=<.SX>-%5
M_)TK<^'A10]=457110#]'T]**4>-4'T?1T&@^-#TE)5=%%5T44`^7P^GRZY=
MEPSXTHSH>AOAX4E%_%Z[\ZZ\Z(/X7_2_F^?X7F7^`??XZ4Y<:X_B^%I"^7/W
MDNO_`(2_*&?[W/WD^27Y5_>/['[WIZ@NX_\`#GQJPC^W_P"CAEE\<J6K%?HQ
MA^A_T:T_17Z,_JP_(/\`QO\`8_\`+U(BX?;E_#XY=G[:C2_>?O\`N_BS\>VM
<K^)TY3?G0_B]**/.A#Z/HZ#2'QH>DI*KHHK_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>20
<FILENAME>g664206im1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g664206im1.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`5P+(`P$1``(1`0,1`?_$`)0``0`"`@(#`0$`````
M```````("0<*!@L"!`4#`0$!`0$```````````````````$"$```!@("`0(#
M!0($$0T``````0(#!`4&!Q$("2$2,1,*02(4%18R(U$S)!=A@<%"<I)SD[/5
M5G>7MQ@9.51TM-0E154F-M8G5QH1`0$!`0$!```````````````!`C$1$O_:
M``P#`0`"$0,1`#\`W^``````````!^$ITV([[Q&1&TRZX1J_9(VVUK(S^'H1
MI]0%?2NV]PE:T_J#"?NK6GU8/G[JC+U_E_Q]`'C_`+7%Q_E!A/\`>#_Q@`SE
MI?>C>>N9`BZOL;<*M17'%.M(VR2N6<HG$OG^(D<G^Y+CX<>H"3:3)2241\DH
MB,C+X&1ER1D`_H``````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M`````/F7*_EU5DYQRENNG+41?'[D1U7!>I?'@!JTO;OQ@GGB.KO.2>>(^$0>
M#,G%$9ES+YX/[`'Y_P`^&+_^%WO]I`_ZV`E'UF[%8K3NY:EVDR!XY*J/V^PH
M"2+VNSDF9FJ5QZ^\N`%RC&]:#Y#)E37'!LM'ZJA<ERVD^#XD&7)<@,IXMD<?
M*JEJXB1WXS#SLAI+4GY9O$<=TVEFKY2W$<*47IZ_`!R,````````````````
M````````````````````````````````````````````````````````````
M``````````````````````````````````?)OS)-%=*49$E-38F9F?!$10WC
M,S/["(@&E4]E>*$_((\HQXC_`!$CDCMX/)?OE^A_OOB0#VX-O469N)K+6NLE
M,I2MU,&8Q*4TA9FE"W"96HT)4HC(C/XF0"2VA_X_(/[*E_PT@!=JQ_$,?W!G
M_!)`3#T]_P"AX/\`SRT_Z8L!E(``````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````<?RQ9MXQD:B+GVT%RKC^$TUTE1%S]G/`#K5I>VHI2YA?
MI]\S*9+(S*P;XY*0X7_(0:SF7K/_`%\VTVY99,DJ!PO;6U__`'B@N?Y6]\?Y
M$?\`"!K,G%B.E-RIAR+DOT\I?SG*=!>ZR(N#2^_ZD90_7T/X`RM11VOM&T(;
M_1E8?RT)01G;32,R0DDD9E^$/@SX`3&TCVJMIM!C586'5C3=C>*A./%;RE*:
M1-M?PZGDH5%+W&@E\D7V\`+(@```````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````0J[2^0+K'TUN<1HM^YC;8O8YS665OC35;B.19*F9!J)4>'/=
M=>HX,QN*IN1*01)<-*E$?)>@-2>HK_[]#QQ__;64_P"BS/\`_$@>+\5\RY\W
MWCNNJFSIX&V,G7.MJZ=60FE:NSU!.S+",Y"B-FXNG0VV2Y#Z2,U&22YY,R+D
MP2SQK8J\*WD;FK<FQ]&U;D:8Z[,C.?SFZ_2:X\IQ3[*S0J[)2#4TX1F1^I'Z
M&"35G&9-.^'CR!XG/OGKW3%;$:FPH;,92-BX+(][C,AU;B3)FZ6:>$GSR?!&
M"W5J86NO&?W+Q]^>NTU=`82Z[!<;]N;8D[[R8=7[^/E6J^.$JYX/X@RF,?27
MLF9F?Z%B%R?/!Y-CO)<_8?\`VD7J`DMJ+K1N7%8^+-7>+L1%UU['FS?;<U4A
M+4=JT;DFLC8EK]_#7)F2>3/C@@%K@```````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````*]>Z/C3Z_=[<@P7)-T6FQX$_7M-;T=$C!\DKZ*,Y#NIL
M6?,58-S**W5(?)^(GV*2I!)3R7!\@LU9Q"K_`//#T4_RC[`?Z0J+_P!EAZU]
MU^\7Z>GHQ$DQI361[_\`FQ9,>4U[M@T9I^;&>0^W[B+#",TFI'!E]I&"75O5
MZ$2,W#BQH;1J-J)'9C-&LR4LVV&TM(-:B))&HTI+D^"]09>P````````````
M````````````````````````````````````````````````````````````
M`````````````````````````````````^#DN48WAM+.R/+<@H\7H*UE3]A>
M9';U]'306D)-2G9MI:2(D&(T24F9J<<2DB+D!#G4/DJZ']@-MY7HO1_:[2FU
M]J8-BUUF^68Q@F7Q<B;H\2QR56P;[()F15Z7<7_+::9;QFY*T35_)-Y/NX+G
M@.`->8/Q=/;.;TXUWWZLN;$<M"HDT;>W,85$7=*>*,FK;R,IGZ77.-\_837X
MWWFKTXY`6+KL(#<)5DN;$17ICE+.<N2RF&4539.HDG*4LF"CJ;,E$OW>TTGS
MSP`B1*\@?2")MK&]$.=NNM[FY,PMX>/XQJZ'N'![#.KN_L))Q(5)`QZ!=29[
MUO*DE\M$;V$Z:OZT!(/:.T]>:4P3)-H[9SC%-;:WPVO.URW.,WNX..8MCE=\
M]F*F;<7=D]'@U\94J0VT2G%$2G'$I+E1D1AC'KSV]ZN]LX646/67L%J'?<'"
M957!RZ9J;.J#-XN-S;IB5)J8MR]139C=>]9,07EL)<-)N):49?LF`PS0^3_Q
M_93V0D=0\=[<:/N>R,:XFXZO5$+,([EZ[DM>IU$W%8D[Y94$_+H;D=Q#M4Q,
M<L$+0I)M>XC(!*';N[M0:"PN;L?=NS\`U-@-82OS',-B9;28ACT91(4M+/YG
M>3849Z4Z2#)#+9J=6?[*3`5PT?GD\/F1Y0UA]5Y!^NOYU(D-Q&%V62V-'1/2
M75?+;;1EEW4U^*F2W#(B44TTF9@+6Z&^H\HIJO(L:N:G(L?NX,:SIKVBL8=O
M36U=,;)Z)85=I7O2(4^#*:42FW6EK;6D^4F9`/K`````````````````````
M````````````````````````````````````````````````````````````
M```````\5F:4*4G@U$DS(C^')%Z<^I<$`PTUV'TA(QG;F6PMKX!;4FA'<IB[
MHETN3U-L>KY^$U\JTRFLS>/!EOR<<M*:!"===CRDM._+1[B3QZ@/1ZV=D],=
MN=,89V"Z^YM#V)J38$69,Q/+85==5#5BU76$JIL&W*S(*ZJMH4J!:07F'4.L
M)X6V?')<&89KFS8E=$E3ITF/#B0HLB9+E274,QXT6*TIZ1)?=6:4ML,-(-2U
M&9$E)&9@,"57:[K;>VFGJ2CWSI^[M>PE?D%KHJ'4;!QJQ<V_7XG'9EY3)UTJ
M)8/-98G'8TA"YA0U.KCD?WR3P?`2#2M*TDI"DK2HB4E23)25)41&E1&1F1DH
MCY(_M(!Y`,0:EW_I#?$?)I6E]N:VVJQA=]*Q;+UZ^S2ARQ6+9+!?D1IM!D;-
M--E/4=M&?BN(4Q)2VY[FU%Q]T^`R^`]"RM:NFKIMO<64"JJ:V*[-L;.RF1X-
M=`A,(-Q^7-FRG&HT6*RVDU+<6I*$I+DSX`82SGL_H'6FP=.ZISW;V`XEL/L(
M]=Q='8O?7L:OG;3EX]'KI=M!PQYQ1PKF>Q&M8ZT,-N_.?)Y/RDN&?!!GM)\E
M_1X+DN?4C,O@8#5`^J5\;^I=T=.M]=]LKVAO^)L3KKIK#J3!-64FPHL70DM[
M^=.+&>R"_P!=RJ"8N7DLN-G<AMZ8Q-CK=;BQ4*(R9]0TM?IX.AFOO))W6V'U
MGVILO<FK]>3>M&P,PR9_1^50L1R#,8E-FVLJPL+R*;8U%Y!L,/L%WA29,-V,
MXAZ1#8,_V`'/_/YX-XOB'S[463:NV#DVS^NV]2R2!B<_-X=5&S7"LQQ/\!,M
ML0R272,P:N[BS:FU:E0)S4:(IQ#;[;C9*:^8X%Z7@CUGBWG:\9^4=(NY>W>P
M,*)T0V[3*U[D&J-G+Q;(+?5VU,4N&L5PO-9%Q1Y+"RRBPR?CMK&KVI;*U1XA
ML-),D-)(!K/>+[#*K7'G8ZE:[HURI%+@'?\`HL*J),]33EA)J\4VE/HZY^>X
MPTRRY.=AUZ%.J2A)*<,S(B+@B#87^KR\ID_9F91_&;HNUESL&T])I=A]M[VB
M-R17R\\>7&/`=8VTR*;C+-=AQ6+%A8(=,D.7,N(R9$[#4DPD?]#WP6IO(3\"
MYV+U^+X<<_\`EC9W]4P&NWTXZB[$[;^>?:IX:Y.H=>]?>[6W.S.\MHP6G_RS
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M2TE#Z5+#9T``````````````````````````````````````````````````
M`````````````````````````````````````!QW+[*TIL3R>WHZA[(+JKQZ
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MS7=W:MSA6>0:W-.T/7'`LCVI8XK41L@.5@6RL\K<@O#QJ]S!^K<F6#[[T>&E
M,)OW!M%>%_=/5W8O56^U+T^S38FTM%]2=J7W7#$MP[(RJWSBRVZWCU#C>7SL
MZILKMJ^N*PQJ3;9E)AP68J?P<2/"2W')#!-H2$[>T.[+_0&I+?9&,8AAV=VM
M;+@,HQ[.=SX5H3'W8LM]+$B?+V/G[;V.5C<$EI4:'$*<=]W""-7"3#6&ZZ^1
M37O6+.?*-NS..CN@M?\`D-O.PN`]?\)Z[]0MCY9L7/\`N3GEA@[&Q<,ASJ=B
MO<KG_P`D;S<I=]G59C\&&^AV2X^V;S312`VKM1YKFF7:FP;.=MZ\/26<7>$T
M^29YK:SRJGRI6N+V77)FW>-3LNJ$L4=R6/K]R'9C!(95[3/TX,!0;D6\YVV]
MH^2:KZN^4+JQVCTI5:-_6FP.IFWM:V?8JIT)7(B/L[;+$K?4F28=<;%U9D^&
MLRV6Z=B=9?@+>2W$4ILC1[@UQ.G360[H[+=/<'V3O/LEIW"\.R=SJ/X]=A]8
M-5:0<@X%K//F[K9>#9K<U>^]G;OWUIZ]VS6TMDEFT>IRL*S'ZF+%=E_+)3"`
M[%O#\=>Q7&:#'Y.07N6RZ6DJ:F7E.4/09&29'(K8341^]OGZN#5UKUQ;.MG(
MDJCQH[*GG%&AM">$D%-WU''_``5.^G^;C$/];.O@&DG]&82O]ZYL-24F?MZ9
M[9,_0^"_^2]*$7N,B/@C,^`%C'UK7:C5>3_[(O4/&<DJK[9V!Y%G6XME5558
M1)TC!ZJYI*_%,.K+]$5UU5=<9#[I\E$9TDNIC1T.J22'6S4$X/HS.I.?::Z9
M;][+YQ33Z*M[4[*Q)C6L:Q8?C2+K7VH:W(JYO,8\=YM!_E5YE.7V,>,[ZD\W
M`-Q)FA2%*#0\>[`Y7U1\EV<=D,$KH%KF^E^V^T<_PZ#:H<<K'<FI-CY4Y2.3
M66?OR&(EDIMXV_@Y\OV?!1@-C[MOXV\JZ>?3I;:[0=CTS[KNSWH[(Z!W+NZ]
MR<D2<IQO&,@R>\R;$L#L);K9RXUM+<MG;N\;]Q'^9SB867$-O@*X/#_Y"-Y]
M;NKG:?I)TIQC)<E[U>07;>G=8:;L**+S_-]B43&LXK<YSB)8KYC1LD:9O4,0
M7E\,U3?XBQ>6A,1)+#L&?&9X>]=>/?H'G/62GGPL@WMOW7^4L]C]V.,..S\T
MV5F>)6U*\Q`FR&_S`L'P==PY'JF5F:ED3TITOQ$ITS#J:J2/LOH=W'H7<VQ6
M?4;5ZF]B,?L\BQ*U9=KY",HT]GT*SE5COSDI7^#LW*;AMTN4.QWDN(-25)48
M=R[UG\E/2SM=H;&NQ6K>PVIOT#>T$*XMTY+GV,8S=X#8+BH?M\:S^HO+*OFX
MO>4#YJ9D(DH;09H^8VI;2D+,.9]7N]O5/NE;[>JNKFX\9W5'T9?T>*[%R/"?
MQMCB$#(LA@S;*!64N5JBM4F4FB)7NF\]6O28S2B)!N&KDB"78```````````
M````````````````````````````````````````````````````````````
M````````````````(3]G?'AU)[D9AB&;=C=<W>PK3":>50T]66TMLXIB,JJE
MRUSW(N183A>;X[B65>R6XI2%V,.2M!*-)*]OH`T@[S7N(N7G?7"Z;`-;:QHN
MN79GM%IO#=CZ\G^,KK0YCV*ZZAO7.$Q)DK<.$[`[4[>RNH@36&Y#%8U7L6S:
M2:9E*D*=-(;9?B3U)K/<7C-Z.;9W-J_3VRMI9]H+6^QLKSFYTIJV!;VV3W58
MQ<L6<B/4XE`@IM:MM;#"92&D//*C)>6HW5*4893[MZ3[_;V5<ZMT'L;I7C/6
MK8^O;;"]LX_V)T=M+;6<VQ9"Q/J<E@0(^.;-PS#;'&KFAF?)4Q*:;D-+)7#B
MN2-(:Z^,^.SM9?>7S8/5V^[S8+B<FL\7>BKJ9?:QZ3:8>P";K+#-TW^NM=:T
M1IO<EQMG$BLL$@4I%`R9]4BW1%]D5)H;29&%^O3#Q[=GNJ.RH=_E/DHVYV`T
MS&QVVIG>NV4Z`T#KS!&9TU"G*JZQV1K#&\<=Q*13SUF^;4".VW+]RDODHC(R
M"L?R;]4^KOD7W5F6G]6Z/CRKQNZHY?D"[^YS59HK6'6O26K7HEYFF":<G9O*
M5@UMV,S>HQMNJ.1BT%2:"K7(EV$IMSV(4%>&@,'S;".PWDA\C'B3Q_#=Z9%U
M0[6X3JUG3.`6,'+<-[3]&;7KIITK+6>O<@JE7$MG/]>6F.HM<?L:YUZ0ZIN5
M%6W*-PH[@;/?3GR18_W/PK(K65U&[L:`R#$\*G9-E^$=A>M6;X>Q+.(TMNRQ
M?"<DE0EXWL6ZDJ2MJ-#B+3*EI/U90?N004/8%V"UUIK8_E2WECG2#N-I#K_W
MDT;A=1I?<V<]'-A4-?@NP,3U'G&J,HPO):+`*'(<WU]H]NXC4UQ"5(J&&%2Y
M<]SV&:4J4%8O33%M;8GF_CAET7>?QP-:^T[O726V^R-G6=N,AJ,[UVWH+6&4
M09#<[`]S1-5T[?ZQLLAE5;S572OS(\I;?S)"XQN.)#?+T1VRZS=H%9<GKEO?
M56\VL"D543,)^I\TI<[IZ"7=MS7:J'.N\=E3JDI<MJM?4327E.)2CE1%R7(5
MF_4<?\%3OG_FXQ#_`%LZ_`==9].MTH>[\=XLWT8SV.WSU>5%ZWY]FZMB]=\G
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MTZE<J(UEE<"`RW&JHVQ<8N8$ZCS)51%:2S'E&46R1'2EK\4;24(2%+V&_1&]
M9H%ZS)SCO%O3)<82^VN;18UK;!L,LY\="S7\A5Y/M<OC1S/TX64%SCXEQZ`-
MH;Q]>,[J-XQM8WFK.IN"VF+5>7V==>9WD.2Y/;Y9EN<WM5"=KX%MD%I9/?A$
M.Q8C[B&V8,:'$;)Q7M:+D!/H````````````````````````````````````
M```````````````````````````````````````````````````'\,N2,B/@
MS(RY+[.?M_I`*[MA>)KQT;1C;W7FG4/1UQDO9"7F5KM784O`,=G;(L\@SJH_
M)[W)*3-[6OL;[%KI+9%(BN5[L=$6:1R&T)=4M2@F3IO4N#Z%U-K726LZLZ37
MFI<&Q;76$U"WURG*[%\/I85#2Q7Y;O[V7)1`@H^:\O[[KAJ4?J8#))^I&7\(
M"+]7U+UG5=O<P[JLR<B>VYF6@,)ZWSHLB;$7BL'`,'SS)]AP7JVL3!1+9O+&
M]RAPI3RI*VUL1VDI;09*4H)0`/5>B-2&ULOI0\RXA;3C+K:7&7&W$^QQMQM7
M*'$.I/A25$9*^TN.0$6^I_2/K+T@H=EXQUBUA4:NQ_;>U<FW+FM54/3'HDS-
M\K**W8.06YDA\JFCA1833$"MC_+AP&$?+9;0DS(!*X!XJ29\<*-/'/P^!\^G
MJ7V\?8`@QOKQD>/OM%?0\L[!].^O>ULMA/)?3E>3ZRQL\FE*0I*B:L[VNAP+
M.WB&:?O,2G7F5EP2DF`E1K+5&L=+XE78%J'7F$:NP>G:0S58?KW%:3#L9KT(
M02/Y+2X_"@5[2UI27N42/<HRY,S,!25YS^DO9/N5IG),78\E6H.BG1P\!K8'
M8>GVMJ_$YE#D=FSFC5C!O\IW+DV;8;^D,:.453%:AE)C-+F-$:G%J>)!!KG>
M,;P>W.B.QDO//&1]0OT=R_L$Q@%W!NZ33>':DWU?R=92+G''L@_.\&@[WS5P
M\6_/HU63\I41"&9!L)^:E3A$H.P!PR#D=9B6,U^8WD+)LP@X_2P\MR*LK$TE
M=?9/%K(K%_=0*5,B6FGAVMJVZ^U%^:Y^'0X3?N5[>3#DP```````````````
M````````````````````````````````````````````````````````````
@```````````````````````````````````````__]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
