<SEC-DOCUMENT>0001047469-11-005495.txt : 20110525
<SEC-HEADER>0001047469-11-005495.hdr.sgml : 20110525
<ACCEPTANCE-DATETIME>20110525060247
ACCESSION NUMBER:		0001047469-11-005495
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20110624
FILED AS OF DATE:		20110525
DATE AS OF CHANGE:		20110525
EFFECTIVENESS DATE:		20110525

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UTSTARCOM INC
		CENTRAL INDEX KEY:			0001030471
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMUNICATIONS EQUIPMENT, NEC [3669]
		IRS NUMBER:				521782500
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-29661
		FILM NUMBER:		11869498

	BUSINESS ADDRESS:	
		STREET 1:		52-2 BLDG. BDA INTL ENTERPRISE AVE
		STREET 2:		NO. 2 JINGYUAN NORTH ST. DAXING DISTRICT
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100176
		BUSINESS PHONE:		86 (10) 85205588

	MAIL ADDRESS:	
		STREET 1:		52-2 BLDG. BDA INTL ENTERPRISE AVE
		STREET 2:		NO. 2 JINGYUAN NORTH ST. DAXING DISTRICT
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100176
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>a2204310zdef14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<P><FONT SIZE=3 >
Use these links to rapidly review the document<BR>
<A HREF="#bg78301_table_of_contents">  TABLE OF CONTENTS</A><BR></font>
</P>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B> SCHEDULE 14A</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Proxy
Statement Pursuant to Section 14(a) of<BR>
the Securities Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="17pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2> Filed by the Registrant <FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>Filed by a Party other than the Registrant <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><BR>
Check the appropriate box:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Preliminary Proxy Statement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><B> Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Definitive Proxy Statement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Definitive Additional Materials</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Soliciting Material under &sect;240.14a-12<BR></FONT>
</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="17pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="20pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> UTSTARCOM, INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> (Name of Registrant as Specified In Its Charter)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> (Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=2><BR>
Payment of Filing Fee (Check the appropriate box):</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>No fee required.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and&nbsp;0-11.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(1)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Title of each class of securities to which transaction applies:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Aggregate number of securities to which transaction applies:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it was determined):<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(4)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Proposed maximum aggregate value of transaction:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(5)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Total fee paid:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>Fee paid previously with preliminary materials.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;240.0-11 and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement
number, or the Form or Schedule and the date of its filing.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>(1)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><BR><FONT SIZE=2>Amount Previously Paid:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Form, Schedule or Registration Statement No.:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Filing Party:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(4)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Date Filed:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=666273,FOLIO='blank',FILE='DISK134:[10ZCL6.10ZCL78306]BA78306A.;4',USER='BKYNARD',CD='23-MAY-2011;13:35' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2>
<A HREF="#bg78301a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g85643.jpg" ALT="GRAPHIC" WIDTH="286" HEIGHT="76">
  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>May&nbsp;25, 2011 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Dear
Stockholder: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
are cordially invited to attend the 2011 annual meeting of stockholders of UTStarcom,&nbsp;Inc., a Delaware corporation
("</FONT><FONT SIZE=2><B>UTStarcom</B></FONT><FONT SIZE=2>"), to be held on Friday, June&nbsp;24, 2011 at 4:00&nbsp;p.m., local time, at UTStarcom's offices located at 52-2 Building,
BDA International Enterprise Avenue, No.&nbsp;2 Jingyuan North Street, Daxing District, Beijing 100176, China. Only stockholders of record at the close of business on April&nbsp;25, 2011 are
entitled to notice of and to vote at the annual meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the annual meeting, you will be asked to vote on the important matters described in detail in the notice of annual meeting of stockholders and proxy statement/prospectus accompanying
this letter. You will also have an opportunity to ask questions and receive information about UTStarcom's business. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included
with the proxy statement/prospectus is a copy of UTStarcom's Annual Report to Stockholders. We encourage you to read the Annual Report. It includes information on UTStarcom's
operations as well as UTStarcom's audited financial statements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One
of the matters you will be asked to vote on at the annual meeting is the adoption of a merger agreement as part of a reorganization of the corporate structure of the group of
companies controlled by UTStarcom. The merger agreement provides for a merger that would result in your shares of UTStarcom common stock being converted into the right to receive an equal number of
ordinary shares in the capital of UTStarcom Holdings Corp., a company incorporated under the Cayman Islands ("</FONT><FONT SIZE=2><B>UTS Holdings</B></FONT><FONT SIZE=2>"), which will be issued by
UTS Holdings in connection with the merger. Following the merger, UTS Holdings, together with its subsidiaries, will own and continue to conduct our business in substantially the same manner as is
currently being conducted by UTStarcom and its subsidiaries. UTS Holdings will also be managed by the same Board of Directors and executive officers that manage UTStarcom today. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
further explained in the accompanying proxy statement/prospectus, our Board of Directors expects that the reorganization of UTStarcom's corporate structure, which will be facilitated
by approval of this proposal, will result in the following benefits: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>alignment of our structure with our international corporate strategy;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>reduction of our operational, administrative, legal and accounting costs over the long term through the reduction of our
reporting obligations and related expenses because UTS Holdings is expected to qualify as a "foreign private issuer" under the rules and regulations of the Securities and Exchange Commission
("</FONT><FONT SIZE=2><B>SEC</B></FONT><FONT SIZE=2>") and be exempt from certain rules under the Securities Exchange Act of 1934, as amended, that would otherwise apply if UTS Holdings were a
company incorporated in the United States or did not meet the other conditions to qualify as a foreign private issuer; and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>providing us with additional flexibility to pursue listings on international stock exchanges, such as the Hong Kong Stock
Exchange, should we desire to do so in the future. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have chosen to reorganize under the laws of the Cayman Islands because of its political and economic stability, effective judicial system, absence of exchange control or currency
restrictions and availability of professional and support services. We could have selected a different jurisdiction outside
of the United States, but we believe many non-Chinese companies operating in China and India are incorporated in the Cayman Islands and as a result many of our current and potential
strategic partners have substantial experience doing business with Cayman Islands companies and corporate structures. </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=2,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=472515,FOLIO='blank',FILE='DISK134:[10ZCL6.10ZCL78306]BC78306A.;4',USER='DNICHOL',CD='24-MAY-2011;09:48' -->

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
merger cannot be completed unless the proposal to adopt the merger agreement is approved by the holders of a majority of UTStarcom's outstanding shares entitled to vote at the annual
meeting. There are a number of risks which you should be aware of in considering whether to vote in favor of the proposal to approve the merger. The accompanying proxy statement/prospectus contains
important information about this proposal and the risks associated with the proposal and we encourage you to read it. </FONT><FONT SIZE=2><B>In particular, you should carefully consider the
discussion in the section of the proxy statement/prospectus entitled "Risk Factors and Caution Regarding Forward-Looking Statements" beginning on page&nbsp;20.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally,
for U.S. federal income tax purposes, stockholders of UTStarcom will not recognize gain or loss as a result of the merger. For a more detailed discussion of income tax
considerations for stockholders, please see the section entitled "Material United States Federal Income Tax Consequences Relating to the Merger and the Ownership and Disposition of UTS Holdings
Ordinary Shares" in the accompanying proxy statement/prospectus. </FONT><FONT SIZE=2><B>We urge you to consult your own tax advisor regarding the particular tax consequences of the merger for
you.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Our Board of Directors has determined that the reorganization to be effected by the merger is advisable and in the best interests of UTStarcom and our
stockholders and, as such, has unanimously approved the merger and the merger agreement. Our Board of Directors recommends that you vote "FOR" the proposal to adopt the merger
agreement.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
take this opportunity to participate in the affairs of UTStarcom by voting on the business to come before this meeting. </FONT><FONT SIZE=2><B>WHETHER OR NOT YOU EXPECT TO ATTEND
THE MEETING, YOU ARE URGED TO SUBMIT YOUR PROXY AND VOTING INSTRUCTIONS OVER THE INTERNET OR BY TELEPHONE, OR COMPLETE, SIGN, DATE AND PROMPTLY RETURN THE ACCOMPANYING PROXY CARD IN THE ENCLOSED
POSTAGE-PAID ENVELOPE SO THAT YOUR SHARES MAY BE REPRESENTED AT THE MEETING</B></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
look forward to seeing you at the meeting. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="48%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="48%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Sincerely,</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><B>
<IMG SRC="g227993.jpg" ALT="GRAPHIC" WIDTH="157" HEIGHT="90">
 </B></FONT><FONT SIZE=2><BR>
<BR>
Jack Lu<BR></FONT> <FONT SIZE=2><I>Chief Executive Officer</I></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>Beijing,
China<BR>
May&nbsp;25, 2011 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Neither the U.S. Securities and Exchange Commission nor any state securities regulatory authority has approved or disapproved of the securities to be issued in
the merger or determined if this proxy statement/prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
proxy statement/prospectus is dated May&nbsp;25, 2011, and is first being mailed to stockholders of UTStarcom with a form of proxy card or voting instruction card on or about
May&nbsp;25, 2011. </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=3,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=292074,FOLIO='blank',FILE='DISK134:[10ZCL6.10ZCL78306]BC78306A.;4',USER='DNICHOL',CD='24-MAY-2011;09:48' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2>
<A HREF="#bg78301a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="be78301_utstarcom,_inc._notice_of_annu__uts02736"> </A>
<A NAME="toc_be78301_1"> </A>
<BR></FONT><FONT SIZE=2><B>  UTSTARCOM,&nbsp;INC.<BR>  <BR>    NOTICE OF ANNUAL MEETING OF STOCKHOLDERS<BR>  to be held June&nbsp;24, 2011    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTICE IS HEREBY GIVEN that the annual meeting of stockholders (the "</FONT><FONT SIZE=2><B>Annual Meeting</B></FONT><FONT SIZE=2>")
of UTStarcom,&nbsp;Inc. ("</FONT><FONT SIZE=2><B>UTStarcom</B></FONT><FONT SIZE=2>") will be held on Friday, June&nbsp;24, 2011 at 4:00&nbsp;p.m., local time, at UTStarcom's offices located at
52-2 Building, BDA International Enterprise Avenue, No.&nbsp;2 Jingyuan North Street, Daxing District, Beijing 100176, China for the following purposes: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
elect each of Jack Lu, Baichuan Du and Xiaoping Li as a Class&nbsp;II Director to serve for a term expiring on the date on which UTStarcom's annual
meeting of stockholders is held in the year 2014;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
ratify and approve the appointment of PricewaterhouseCoopers Zhong Tian CPAs Limited Company as the independent registered public accounting firm of
UTStarcom for the fiscal year ending December&nbsp;31, 2011;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
conduct an advisory (non-binding) vote on executive compensation;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
conduct an advisory (non-binding) vote on the frequency of holding an advisory shareholder vote on executive compensation;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>5.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
adopt the agreement and plan of merger and reorganization by and among UTStarcom, UTStarcom Holdings Corp., a newly formed exempted company incorporated
under the laws of the Cayman Islands that is currently a wholly owned subsidiary of UTStarcom ("</FONT><FONT SIZE=2><B>UTS Holdings</B></FONT><FONT SIZE=2>"), and UTSI Mergeco&nbsp;Inc., a newly
formed Delaware corporation that is currently a wholly owned subsidiary of UTS Holdings ("</FONT><FONT SIZE=2><B>Merger Sub</B></FONT><FONT SIZE=2>"), a copy of which is attached to the accompanying
proxy statement/prospectus as Annex&nbsp;A, pursuant to which Merger Sub will merge with and into UTStarcom, with UTStarcom surviving the merger as a wholly owned subsidiary of UTS Holdings, and
whereby each issued and outstanding share of the common stock of UTStarcom will be converted into the right to receive one UTS Holdings ordinary share, which shares will be issued by UTS Holdings as
part of the merger; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>6.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
transact such other business as may properly come before the Annual Meeting and any adjournment or postponement thereof. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
proposal is more fully described in the proxy statement/prospectus accompanying this notice. Only stockholders of record at the close of business on April&nbsp;25, 2011 are
entitled to notice of, and to vote at, the Annual Meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
stockholders are cordially invited to attend the Annual Meeting in person. However, to assure your representation at the Annual Meeting, you are urged to submit your proxy and voting
instructions over the Internet or by telephone, or complete, sign, date and return the enclosed proxy card as promptly as possible in the postage-paid envelope enclosed for that purpose.
Any stockholder of record attending the Annual Meeting may vote in person even if he or she returned a proxy. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting to Be Held on June&nbsp;24, 2011: The proxy statement/prospectus is
available free of charge at </B></FONT><FONT SIZE=2><B><I>www.edocumentview.com/utsi</I></B></FONT><FONT SIZE=2><B>.</B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="48%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="48%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>By Order of the Board of Directors,</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><B>
<IMG SRC="g227993.jpg" ALT="GRAPHIC" WIDTH="157" HEIGHT="90">
 </B></FONT><FONT SIZE=2><BR>
<BR>
Jack Lu<BR></FONT> <FONT SIZE=2><I>Chief Executive Officer</I></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>Beijing,
China<BR>
May&nbsp;25, 2011 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="be78301_your_vote_is_important"> </A>
<A NAME="toc_be78301_2"> </A>
<BR></FONT><FONT SIZE=2><B>  YOUR VOTE IS IMPORTANT    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>To assure your representation at the Annual Meeting, you are asked to submit your proxy and voting instructions over the Internet or by telephone, or complete, sign and date
the enclosed proxy as promptly as possible and return it in the enclosed postage-paid envelope, which requires no postage if mailed in the United States.</B></FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=4,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=825062,FOLIO='blank',FILE='DISK125:[10ZCL1.10ZCL78301]BE78301A.;18',USER='JJORGE',CD='24-MAY-2011;00:54' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_bg78301_1_1"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2>
<A HREF="#bg78301a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="BG78301A_main_toc"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bg78301_table_of_contents"> </A></FONT> <FONT SIZE=2><B><BR>  TABLE OF CONTENTS<BR>      <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
<A NAME="BG78301_TOC"></A> </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>
<!-- COMMAND=ADD_START_LINKTABLE -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="10pt" style="font-family:times;"></TD>
<TD WIDTH="10pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="25pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Page </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#da78301_information_about_the___da702471"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>INFORMATION ABOUT THE ANNUAL MEETING AND THE PROPOSED MERGER</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#da78301_information_about_the___da702471"><FONT SIZE=2>1</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><A HREF="#da78301_questions_and_answers_relating_to_the_annual_meeting"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Questions and Answers Relating to the Annual Meeting</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#da78301_questions_and_answers_relating_to_the_annual_meeting"><FONT SIZE=2>1</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><A HREF="#dc78301_questions_and_answers_relating_to_the_merger"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Questions and Answers Relating to the Merger</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dc78301_questions_and_answers_relating_to_the_merger"><FONT SIZE=2>6</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#de78301_summary"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>SUMMARY</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de78301_summary"><FONT SIZE=2>11</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><A HREF="#de78301_the_merger"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The Merger</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de78301_the_merger"><FONT SIZE=2>11</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#de78301_parties_to_the_merger"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Parties to the Merger</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de78301_parties_to_the_merger"><FONT SIZE=2>11</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#de78301_the_merger_1"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The Merger</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de78301_the_merger_1"><FONT SIZE=2>12</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#de78301_background_and_reasons_for_the_merger"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Background and Reasons for the Merger</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de78301_background_and_reasons_for_the_merger"><FONT SIZE=2>13</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#de78301_conditions_to_completion_of_the_merger"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Conditions to Completion of the Merger</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de78301_conditions_to_completion_of_the_merger"><FONT SIZE=2>14</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#de78301_regulatory_approvals"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Regulatory Approvals</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de78301_regulatory_approvals"><FONT SIZE=2>14</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#de78301_rights_of_dissenting_stockholders"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Rights of Dissenting Stockholders</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de78301_rights_of_dissenting_stockholders"><FONT SIZE=2>14</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#de78301_accounting_treatment_of_the_merger"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounting Treatment of the Merger</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de78301_accounting_treatment_of_the_merger"><FONT SIZE=2>14</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><A HREF="#de78301_tax_considerations"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tax Considerations</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de78301_tax_considerations"><FONT SIZE=2>15</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#de78301_united_states_tax_consequences__uni03077"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>United States Tax Consequences of the Merger to UTStarcom and UTS Holdings</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de78301_united_states_tax_consequences__uni03077"><FONT SIZE=2>15</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#de78301_united_states_taxation_of_utstarcom_stockholders"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>United States Taxation of UTStarcom Stockholders</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de78301_united_states_taxation_of_utstarcom_stockholders"><FONT SIZE=2>15</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><A HREF="#de78301_other_information"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other Information</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de78301_other_information"><FONT SIZE=2>15</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#de78301_ownership_in_uts_holdings"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ownership in UTS Holdings</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de78301_ownership_in_uts_holdings"><FONT SIZE=2>15</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#de78301_comparison_of_rights_of_stockholders/shareholders"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Comparison of Rights of Stockholders/Shareholders</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de78301_comparison_of_rights_of_stockholders/shareholders"><FONT SIZE=2>16</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#de78301_stock_exchange_listing"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stock Exchange Listings</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de78301_stock_exchange_listing"><FONT SIZE=2>16</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#de78301_market_price"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Market Price</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de78301_market_price"><FONT SIZE=2>16</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#de78301_recommendation_and_required_vote"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Recommendation and Required Vote</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de78301_recommendation_and_required_vote"><FONT SIZE=2>16</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#de78301_annual_meeting_of_stockholders"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Annual Meeting of Stockholders</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de78301_annual_meeting_of_stockholders"><FONT SIZE=2>16</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#de78301_risk_factors"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Risk Factors</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de78301_risk_factors"><FONT SIZE=2>17</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><A HREF="#de78301_selected_historical_consolidated_financial_data"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Selected Historical Consolidated Financial Data</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de78301_selected_historical_consolidated_financial_data"><FONT SIZE=2>17</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><A HREF="#de78301_summary_pro_forma_financial_information_1"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Summary Pro Forma Financial Information</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#de78301_summary_pro_forma_financial_information_1"><FONT SIZE=2>18</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#dg78301_risk_factors_and_caution_regar__ris02462"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RISK FACTORS AND CAUTION REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dg78301_risk_factors_and_caution_regar__ris02462"><FONT SIZE=2>20</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><A HREF="#dg78301_risks_relating_to_the_merger_and_reorganization"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Risks Relating to the Merger and Reorganization</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dg78301_risks_relating_to_the_merger_and_reorganization"><FONT SIZE=2>20</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><A HREF="#dg78301_risks_relating_to_our_business"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Risks Relating to Our Business</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dg78301_risks_relating_to_our_business"><FONT SIZE=2>25</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><A HREF="#dk78301_risks_relating_to_conducting_business_in_china"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Risks Relating to Conducting Business in China</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dk78301_risks_relating_to_conducting_business_in_china"><FONT SIZE=2>41</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><A HREF="#dm78301_risks_relating_to_performance_of_our_shares"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Risks Relating to Performance of Our Shares</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dm78301_risks_relating_to_performance_of_our_shares"><FONT SIZE=2>51</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#do78301_business"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>BUSINESS</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#do78301_business"><FONT SIZE=2>53</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#do78301_market_for_utstarcom_s_common_stock;_dividends"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>MARKET FOR UTSTARCOM'S COMMON STOCK; DIVIDENDS</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#do78301_market_for_utstarcom_s_common_stock;_dividends"><FONT SIZE=2>53</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><A HREF="#do78301_market_price"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Market Price</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#do78301_market_price"><FONT SIZE=2>53</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><A HREF="#do78301_dividends"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dividends</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#do78301_dividends"><FONT SIZE=2>53</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#PROPOSAL_NO._1_ELECTION_OF_DIRECTORS"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PROPOSAL NO. 1&#151;ELECTION OF DIRECTORS</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#PROPOSAL_NO._1_ELECTION_OF_DIRECTORS"><FONT SIZE=2>54</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><A HREF="#dq78301_general"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>General</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dq78301_general"><FONT SIZE=2>54</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><A HREF="#dq78301_nominee"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Nominee</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dq78301_nominee"><FONT SIZE=2>54</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><A HREF="#dq78301_required_vote"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Required Vote</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dq78301_required_vote"><FONT SIZE=2>54</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><A HREF="#dq78301_information_about_our_board_of_directors"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>INFORMATION ABOUT OUR BOARD OF DIRECTORS</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dq78301_information_about_our_board_of_directors"><FONT SIZE=2>55</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><A HREF="#dq78301_our_directors_and_nominees"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Our Directors and Nominees</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dq78301_our_directors_and_nominees"><FONT SIZE=2>55</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><A HREF="#dq78301_utstarcom_s_director_nomination_process"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>UTStarcom's Director Nomination Process</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dq78301_utstarcom_s_director_nomination_process"><FONT SIZE=2>58</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><A HREF="#dq78301_stockholder_communicat__dq702279"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stockholder Communications with the Board of Directors</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dq78301_stockholder_communicat__dq702279"><FONT SIZE=2>59</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><A HREF="#dq78301_board_attendance,_director_ind__boa02632"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Board Attendance, Director Independence and Financial Sophistication</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#dq78301_board_attendance,_director_ind__boa02632"><FONT SIZE=2>59</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><A HREF="#ds78301_board_leadership_structure"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Board Leadership Structure</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ds78301_board_leadership_structure"><FONT SIZE=2>60</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><A HREF="#ds78301_risk_oversight"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Risk Oversight</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ds78301_risk_oversight"><FONT SIZE=2>60</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><A HREF="#ds78301_board_committees_and_related_functions"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Board Committees and Related Functions</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ds78301_board_committees_and_related_functions"><FONT SIZE=2>60</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 style="font-family:times;"><A HREF="#ds78301_compensation_committee__ds702494"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Compensation Committee Interlocks and Insider Participation</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ds78301_compensation_committee__ds702494"><FONT SIZE=2>63</FONT></A></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
<!-- COMMAND=ADD_END_LINKTABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>i</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=5,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=348317,FOLIO='i',FILE='DISK125:[10ZCL1.10ZCL78301]BG78301A.;33',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_bg78301_1_2"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
TABLE OF CONTENTS<BR>
(continued) </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>
<!-- COMMAND=ADD_START_LINKTABLE -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="10pt" style="font-family:times;"></TD>
<TD WIDTH="10pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="25pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Page </B></FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#ds78301_director_compensation_for_2010"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Director Compensation for 2010</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ds78301_director_compensation_for_2010"><FONT SIZE=2>63</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><A HREF="#du78301_security_ownership_of_certain___sec02525"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#du78301_security_ownership_of_certain___sec02525"><FONT SIZE=2>66</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><A HREF="#dw78301_executive_officers"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EXECUTIVE OFFICERS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dw78301_executive_officers"><FONT SIZE=2>68</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#dw78301_legal_proceedings"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Legal Proceedings</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dw78301_legal_proceedings"><FONT SIZE=2>68</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><A HREF="#dy78301_executive_compensation"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EXECUTIVE COMPENSATION&#151;COMPENSATION DISCUSSION AND ANALYSIS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dy78301_executive_compensation"><FONT SIZE=2>69</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#dy78301_executive_compensation_philosophy_1"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Executive Compensation Philosophy</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dy78301_executive_compensation_philosophy_1"><FONT SIZE=2>70</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#dy78301_compensation-setting_process"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Compensation-Setting Process</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dy78301_compensation-setting_process"><FONT SIZE=2>70</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#dy78301_compensation_of_named_executive_officers"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Compensation of Named Executive Officers</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dy78301_compensation_of_named_executive_officers"><FONT SIZE=2>72</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dz78301_employment_agreements"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Employment Agreements</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dz78301_employment_agreements"><FONT SIZE=2>77</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dz78301_employment_terminations"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Employment Terminations</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dz78301_employment_terminations"><FONT SIZE=2>79</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dz78301_other_compensation_policies"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other Compensation Policies</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dz78301_other_compensation_policies"><FONT SIZE=2>80</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dz78301_tax_and_accounting_considerations"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tax and Accounting Considerations</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dz78301_tax_and_accounting_considerations"><FONT SIZE=2>82</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><A HREF="#ea78301_report_of_the_compensation_committee"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>REPORT OF THE COMPENSATION COMMITTEE</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ea78301_report_of_the_compensation_committee"><FONT SIZE=2>83</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#ec78301_summary_compensation_table_for_fiscal_year_2010"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Summary Compensation Table for Fiscal Year 2010</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ec78301_summary_compensation_table_for_fiscal_year_2010"><FONT SIZE=2>84</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#ec78301_grants_of_plan-based_awards_in_fiscal_year_2010"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Grants of Plan-Based Awards in Fiscal Year 2010</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ec78301_grants_of_plan-based_awards_in_fiscal_year_2010"><FONT SIZE=2>85</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#ec78301_outstanding_equity_awards_at_fiscal_2010_year-end"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Outstanding Equity Awards at Fiscal 2010 Year-End</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ec78301_outstanding_equity_awards_at_fiscal_2010_year-end"><FONT SIZE=2>86</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#ee78301_option_exercises_and_s__ee701962"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Option Exercises and Stock Vested in Fiscal Year 2010</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ee78301_option_exercises_and_s__ee701962"><FONT SIZE=2>87</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#ee78301_modifications_to_outstanding_equity_awards"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Modifications to Outstanding Equity Awards</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ee78301_modifications_to_outstanding_equity_awards"><FONT SIZE=2>87</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#Pension_Benefits_for_Fiscal_Year_2010a"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pension Benefits for Fiscal Year 2010</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#Pension_Benefits_for_Fiscal_Year_2010a"><FONT SIZE=2>87</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#Nonqualified_Deferred_Compensation_for_Fiscal_Year_2010a"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Nonqualified Deferred Compensation for Fiscal Year 2010</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#Nonqualified_Deferred_Compensation_for_Fiscal_Year_2010a"><FONT SIZE=2>87</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><A HREF="#ee78301_potential_payments_upo__ee702400"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>POTENTIAL PAYMENTS UPON TERMINATION AND CHANGE OF CONTROL</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ee78301_potential_payments_upo__ee702400"><FONT SIZE=2>88</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#ee78301_employment_contracts_and_sever__emp03078"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Employment Contracts and Severance Agreements with Named Executive
Officers</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ee78301_employment_contracts_and_sever__emp03078"><FONT SIZE=2>88</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ee78301_change_of_control_provisions_i__cha02917"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Change of Control Provisions in UTStarcom's Equity Compensation
Plans</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ee78301_change_of_control_provisions_i__cha02917"><FONT SIZE=2>91</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ee78301_estimated_post-employment_payments_and_benefits"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Estimated Post-Employment Payments and Benefits</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ee78301_estimated_post-employment_payments_and_benefits"><FONT SIZE=2>92</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#eg78301_policies_with_respect_to_revie__pol03865"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Policies with Respect to Review, Approval or Ratification of Transactions with
Related Persons</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#eg78301_policies_with_respect_to_revie__pol03865"><FONT SIZE=2>94</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#eg78301_related_person_transactions"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Related Person Transactions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#eg78301_related_person_transactions"><FONT SIZE=2>95</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#eg78301_section_16(a)_benefici__eg702030"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;16(a) Beneficial Ownership Reporting Compliance</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#eg78301_section_16(a)_benefici__eg702030"><FONT SIZE=2>96</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#eg78301_10b5-1_trading_plans"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>10b5-1 Trading Plans</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#eg78301_10b5-1_trading_plans"><FONT SIZE=2>96</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#eg78301_code_of_ethics"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Code of Ethics</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#eg78301_code_of_ethics"><FONT SIZE=2>97</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><A HREF="#ei78301_report_of_the_audit_committee"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>REPORT OF THE AUDIT COMMITTEE</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ei78301_report_of_the_audit_committee"><FONT SIZE=2>98</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><A HREF="#PROPOSAL_NO._2_RATIFICATION_OF_APPOINTMENT_OF_INDEPENDENT_REGISTERED_PUBLIC_ACCOUNTING_FIRM"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> PROPOSAL NO. 2&#151;RATIFICATION OF
APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#PROPOSAL_NO._2_RATIFICATION_OF_APPOINTMENT_OF_INDEPENDENT_REGISTERED_PUBLIC_ACCOUNTING_FIRM"><FONT SIZE=2>100</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#ek78301_pricewaterhousecoopers_fees_fo__pri02594"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PricewaterhouseCoopers Fees for the Fiscal Years Ended December&nbsp;31, 2010 and
2009</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ek78301_pricewaterhousecoopers_fees_fo__pri02594"><FONT SIZE=2>100</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#ek78301_audit_committee_preapproval_policies_and_procedures"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Audit Committee Preapproval Policies and Procedures</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ek78301_audit_committee_preapproval_policies_and_procedures"><FONT SIZE=2>101</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#ek78301_required_vote"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Required Vote</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ek78301_required_vote"><FONT SIZE=2>101</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><A HREF="#PROPOSAL_NO._3_ADVISORY_VOTE_ON_EXECUTIVE_COMPENSATION"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PROPOSAL NO. 3&#151;ADVISORY VOTE ON EXECUTIVE COMPENSATION</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#PROPOSAL_NO._3_ADVISORY_VOTE_ON_EXECUTIVE_COMPENSATION"><FONT SIZE=2>102</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#Board_Recommendation_and_Required_Vote3"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Board Recommendation and Required Vote</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#Board_Recommendation_and_Required_Vote3"><FONT SIZE=2>102</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><A HREF="#PROPOSAL_NO._4_ADVISORY_VOTE_ON_THE_FREQUENCY_OF_HOLDING_AN_ADVISORY_VOTE_ON_EXECUTIVE_COMPENSATION"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> PROPOSAL NO. 4&#151;ADVISORY
VOTE ON THE FREQUENCY OF HOLDING AN ADVISORY VOTE ON EXECUTIVE COMPENSATION</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#PROPOSAL_NO._4_ADVISORY_VOTE_ON_THE_FREQUENCY_OF_HOLDING_AN_ADVISORY_VOTE_ON_EXECUTIVE_COMPENSATION"><FONT SIZE=2>103</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#Board_Recommendation_and_Required_Vote4"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Board Recommendation and Required Vote</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#Board_Recommendation_and_Required_Vote4"><FONT SIZE=2>104</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><A HREF="#PROPOSAL_5_APPROVAL_OF_THE_ADOPTION_OF_THE_MERGER_AGREEMENT"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PROPOSAL 5&#151;APPROVAL OF THE ADOPTION OF THE MERGER
AGREEMENT</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#PROPOSAL_5_APPROVAL_OF_THE_ADOPTION_OF_THE_MERGER_AGREEMENT"><FONT SIZE=2>105</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#eq78301_the_merger_agreement"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The Merger Agreement</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#eq78301_the_merger_agreement"><FONT SIZE=2>105</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#eq78301_introduction"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Introduction</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#eq78301_introduction"><FONT SIZE=2>105</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#eq78301_the_parties_to_the_merger"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The Parties to the Merger</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#eq78301_the_parties_to_the_merger"><FONT SIZE=2>105</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#eq78301_background_and_reasons_for_the_merger"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Background and Reasons for the Merger</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#eq78301_background_and_reasons_for_the_merger"><FONT SIZE=2>106</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#eq78301_disadvantages_of_reorganizing_in_the_cayman_islands"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Disadvantages of Reorganizing in the Cayman Islands</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#eq78301_disadvantages_of_reorganizing_in_the_cayman_islands"><FONT SIZE=2>109</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#eq78301_the_merger"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The Merger</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#eq78301_the_merger"><FONT SIZE=2>109</FONT></A></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
<!-- COMMAND=ADD_END_LINKTABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>ii</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=6,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=105241,FOLIO='ii',FILE='DISK125:[10ZCL1.10ZCL78301]BG78301A.;33',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_bg78301_1_3"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
TABLE OF CONTENTS<BR>
(continued) </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>
<!-- COMMAND=ADD_START_LINKTABLE -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="10pt" style="font-family:times;"></TD>
<TD WIDTH="10pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="25pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Page </B></FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#es78301_possible_abandonment"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Possible Abandonment</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#es78301_possible_abandonment"><FONT SIZE=2>111</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#es78301_additional_agreements"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Additional Agreements</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#es78301_additional_agreements"><FONT SIZE=2>111</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#es78301_conditions_to_completion_of_the_merger"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Conditions to Completion of the Merger</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#es78301_conditions_to_completion_of_the_merger"><FONT SIZE=2>111</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#es78301_stock_compensation_and_benefit_plans_and_programs"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stock Compensation and Benefit Plans and Programs</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#es78301_stock_compensation_and_benefit_plans_and_programs"><FONT SIZE=2>112</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#es78301_effective_time"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Effective Time</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#es78301_effective_time"><FONT SIZE=2>113</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#es78301_management_of_uts_holdings"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Management of UTS Holdings</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#es78301_management_of_uts_holdings"><FONT SIZE=2>113</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#es78301_recommendation_and_required_vote"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Recommendation and Required Vote</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#es78301_recommendation_and_required_vote"><FONT SIZE=2>113</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#es78301_regulatory_approvals"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Regulatory Approvals</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#es78301_regulatory_approvals"><FONT SIZE=2>113</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#es78301_rights_of_dissenting_stockholders"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Rights of Dissenting Stockholders</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#es78301_rights_of_dissenting_stockholders"><FONT SIZE=2>113</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#es78301_ownership_in_uts_holdings"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ownership in UTS Holdings</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#es78301_ownership_in_uts_holdings"><FONT SIZE=2>113</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#es78301_stock_exchange_listing"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stock Exchange Listing</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#es78301_stock_exchange_listing"><FONT SIZE=2>114</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#es78301_accounting_treatment_of_the_merger"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounting Treatment of the Merger</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#es78301_accounting_treatment_of_the_merger"><FONT SIZE=2>114</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#eu78301_taxation"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Taxation</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#eu78301_taxation"><FONT SIZE=2>115</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#eu78301_cayman_islands_taxation"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cayman Islands Taxation</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#eu78301_cayman_islands_taxation"><FONT SIZE=2>115</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#eu78301_people_s_republic_of_china_taxation"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>People's Republic of China Taxation</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#eu78301_people_s_republic_of_china_taxation"><FONT SIZE=2>115</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#eu78301_material_united_states_federal__mat05854"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Material United States Federal Income Tax Consequences Relating to the Merger
and the Ownership and Disposition of UTS Holdings Ordinary Shares</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#eu78301_material_united_states_federal__mat05854"><FONT SIZE=2>117</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#eu78301_tax_consequences_of_th__eu702540"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tax Consequences of the Merger to UTStarcom and UTS Holdings</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#eu78301_tax_consequences_of_th__eu702540"><FONT SIZE=2>118</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#eu78301_tax_consequences_of_the_merger__tax02919"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tax Consequences of the Merger to U.S. Holders and Reporting
Requirements</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#eu78301_tax_consequences_of_the_merger__tax02919"><FONT SIZE=2>118</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#eu78301_tax_consequences_of_the_owners__tax03926"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tax Consequences of the Ownership and Disposition of UTS Holdings Ordinary
Shares to U.S. Holders</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#eu78301_tax_consequences_of_the_owners__tax03926"><FONT SIZE=2>119</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#eu78301_tax_consequences_of_the_merger_to_non-u.s._holders"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tax Consequences of the Merger to Non-U.S. Holders</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#eu78301_tax_consequences_of_the_merger_to_non-u.s._holders"><FONT SIZE=2>120</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#eu78301_tax_consequences_of_the_owners__tax04042"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tax Consequences of the Ownership and Disposition of UTS Holdings Ordinary
Shares to Non-U.S. Holders</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#eu78301_tax_consequences_of_the_owners__tax04042"><FONT SIZE=2>120</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#eu78301_backup_withholding_and_information_reporting"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Backup Withholding and Information Reporting</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#eu78301_backup_withholding_and_information_reporting"><FONT SIZE=2>121</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#eu78301_recently_enacted_legislation_a__rec04208"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Recently Enacted Legislation Affecting Taxation of Our Common Stock Held by or
Through Foreign Entities</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#eu78301_recently_enacted_legislation_a__rec04208"><FONT SIZE=2>121</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><A HREF="#ew78301_description_of_share_capital_of_uts_holdings"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>DESCRIPTION OF SHARE CAPITAL OF UTS HOLDINGS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ew78301_description_of_share_capital_of_uts_holdings"><FONT SIZE=2>122</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#ew78301_authorized_share_capital"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Authorized Share Capital</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ew78301_authorized_share_capital"><FONT SIZE=2>122</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#ew78301_register_of_members"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Register of Members</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ew78301_register_of_members"><FONT SIZE=2>122</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#ew78301_voting"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Voting</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ew78301_voting"><FONT SIZE=2>122</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#ew78301_changes_to_rights_of_a_class_or_series"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Changes to Rights of a Class or Series</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ew78301_changes_to_rights_of_a_class_or_series"><FONT SIZE=2>123</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#ew78301_quorum_for_general_meetings"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Quorum for General Meetings</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ew78301_quorum_for_general_meetings"><FONT SIZE=2>123</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#ew78301_special_meetings_of_stockholders/shareholders"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Special Meetings of Stockholders/Shareholders</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ew78301_special_meetings_of_stockholders/shareholders"><FONT SIZE=2>123</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#ew78301_dividend_rights"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dividend Rights</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ew78301_dividend_rights"><FONT SIZE=2>123</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#ew78301_rights_upon_liquidation"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Rights Upon Liquidation</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ew78301_rights_upon_liquidation"><FONT SIZE=2>123</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#ew78301_no_liability_for_further_calls_or_assessments"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>No Liability for Further Calls or Assessments</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ew78301_no_liability_for_further_calls_or_assessments"><FONT SIZE=2>123</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#ew78301_no_preemptive_rights"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>No Preemptive Rights</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ew78301_no_preemptive_rights"><FONT SIZE=2>124</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#ew78301_redemption_of_ordinary_shares"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Redemption of Ordinary Shares</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ew78301_redemption_of_ordinary_shares"><FONT SIZE=2>124</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#ew78301_restrictions_on_transfer"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Restrictions on Transfer</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ew78301_restrictions_on_transfer"><FONT SIZE=2>124</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#ew78301_transfer_agent"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Transfer Agent</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ew78301_transfer_agent"><FONT SIZE=2>124</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#ew78301_anti-takeover_provisions"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Anti-Takeover Provisions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ew78301_anti-takeover_provisions"><FONT SIZE=2>124</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP" style="font-family:times;"><A HREF="#ey78301_comparison_of_rights_of_stockholders/shareholders"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>COMPARISON OF RIGHTS OF STOCKHOLDERS/SHAREHOLDERS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ey78301_comparison_of_rights_of_stockholders/shareholders"><FONT SIZE=2>125</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#Stockholder/Shareholder_Approval_of_Business_Combinations;_Fundamental_Changes"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> Stockholder/Shareholder Approval of Business
Combinations; Fundamental Changes</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#Stockholder/Shareholder_Approval_of_Business_Combinations;_Fundamental_Changes"><FONT SIZE=2>125</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#Special_Vote_Required_for_Combinations_with_Interested_Stockholders/Shareholders"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Special Vote Required for Combinations with
Interested Stockholders/Shareholders</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#Special_Vote_Required_for_Combinations_with_Interested_Stockholders/Shareholders"><FONT SIZE=2>126</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#Appraisal_Rights;_Rights_to_Dissent;_Compulsory_Acquisition"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Appraisal Rights; Rights to Dissent; Compulsory
Acquisition</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#Appraisal_Rights;_Rights_to_Dissent;_Compulsory_Acquisition"><FONT SIZE=2>127</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#Stockholder/Shareholder_Consent_to_Action_Without_Meeting"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stockholder/Shareholder Consent to Action Without Meeting</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#Stockholder/Shareholder_Consent_to_Action_Without_Meeting"><FONT SIZE=2>128</FONT></A></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
<!-- COMMAND=ADD_END_LINKTABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>iii</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=7,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=45376,FOLIO='iii',FILE='DISK125:[10ZCL1.10ZCL78301]BG78301A.;33',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_bg78301_1_4"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><BR>
TABLE OF CONTENTS<BR>
(continued) </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>
<!-- COMMAND=ADD_START_LINKTABLE -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="10pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="25pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Page </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#Distributions_and_Dividends;_Repurchases_and_Redemptions"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Distributions and Dividends; Repurchases and Redemptions</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#Distributions_and_Dividends;_Repurchases_and_Redemptions"><FONT SIZE=2>128</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#Removal_of_Directors;_Terms_of_Directors"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Removal of Directors; Terms of Directors</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#Removal_of_Directors;_Terms_of_Directors"><FONT SIZE=2>129</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#Inspection_of_Books_and_Records"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Inspection of Books and Records</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#Inspection_of_Books_and_Records"><FONT SIZE=2>130</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#Amendment_of_Governing_Documents"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Amendment of Governing Documents</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#Amendment_of_Governing_Documents"><FONT SIZE=2>130</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#Indemnification_of_Directors_and_Officers"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Indemnification of Directors and Officers</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#Indemnification_of_Directors_and_Officers"><FONT SIZE=2>131</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#Limited_Liability_of_Directors"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Limited Liability of Directors</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#Limited_Liability_of_Directors"><FONT SIZE=2>132</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD style="font-family:times;"><A HREF="#Stockholder/Shareholder_Lawsuits"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stockholder/Shareholder Lawsuits</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#Stockholder/Shareholder_Lawsuits"><FONT SIZE=2>133</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><A HREF="#ez78301_enforceability_of_civil_liabilities"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ENFORCEABILITY OF CIVIL LIABILITIES</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ez78301_enforceability_of_civil_liabilities"><FONT SIZE=2>134</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><A HREF="#ez78301_legal_matters"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LEGAL MATTERS</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ez78301_legal_matters"><FONT SIZE=2>136</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><A HREF="#ez78301_experts"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EXPERTS</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ez78301_experts"><FONT SIZE=2>136</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><A HREF="#ez78301_where_you_can_find_more_information"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ez78301_where_you_can_find_more_information"><FONT SIZE=2>136</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><A HREF="#ez78301_other_matters"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>OTHER MATTERS</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#ez78301_other_matters"><FONT SIZE=2>137</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><A HREF="#hc78301_annex_a"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ANNEX A</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#hc78301_annex_a"><FONT SIZE=2>A-1</FONT></A></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><A HREF="#hg78301_annex_b"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ANNEX B</FONT></A></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><A HREF="#hg78301_annex_b"><FONT SIZE=2>B-1</FONT></A></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
<!-- COMMAND=ADD_END_LINKTABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>iv</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=8,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=926182,FOLIO='iv',FILE='DISK125:[10ZCL1.10ZCL78301]BG78301A.;33',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_bg78301_1_5"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
this proxy statement/prospectus, we refer to UTStarcom,&nbsp;Inc., the Delaware corporation whose shares you currently own (together with its subsidiaries), as "UTStarcom."
Additionally, we sometimes refer to UTStarcom as "we," "us," or "our." "You" refers to the stockholders of UTStarcom. We refer to UTStarcom Holdings Corp., the newly formed exempted company
incorporated under the laws of the Cayman Islands that is currently a wholly owned subsidiary of UTStarcom, as "UTS Holdings." An "exempted" company under the laws of the Cayman Islands is one which
receives such registration as a result of satisfying the Registrar of Companies in the Cayman Islands that it conducts its operations mainly outside of the Cayman Islands and is as a result exempted
from complying with certain provisions of the Cayman Islands Companies Law. We refer to UTSI Mergeco&nbsp;Inc., the newly formed Delaware corporation that is currently a wholly owned subsidiary of
UTS Holdings, as "Merger Sub." Unless otherwise noted, all monetary amounts are stated in U.S. Dollars. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
proxy statement/prospectus incorporates important business and financial information about UTStarcom from documents UTStarcom has filed with the U.S. Securities and Exchange
Commission, or the SEC, that are not included in or delivered with this proxy statement/prospectus. Please see the section entitled "Where You Can Find More Information." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
can obtain the documents incorporated by reference into this proxy statement/prospectus by accessing the SEC website maintained at www.sec.gov. UTStarcom will also provide you with
copies of the documents incorporated by reference into this proxy statement/prospectus, without charge. Those documents are available to any stockholder, including any beneficial owner, upon request
directed to UTStarcom,&nbsp;Inc. at 52-2 Building, BDA International Enterprise Avenue, No.&nbsp;2 Jingyuan North Street, Daxing District, Beijing, China, Attention: Corporate
Secretary, or you may obtain copies of the documents free of charge at www.edocumentview.com/utsi. </FONT><FONT SIZE=2><B>To ensure timely delivery of such documents, any request should be made as
soon as possible, and no later than June&nbsp;10, 2011</B></FONT><FONT SIZE=2>. The exhibits to those documents will generally not be made available unless they are specifically incorporated by
reference into this proxy statement/prospectus or are otherwise requested by you. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
should rely only on the information contained in, and incorporated by reference into, this proxy statement/prospectus. We have not authorized anyone to provide you with different or
additional information. Neither UTS Holdings nor UTStarcom is making an offer of the securities in any jurisdiction where the offer is not permitted. You should not assume that the information in this
proxy statement/prospectus is accurate as of any date other than the date on the front cover of this proxy statement/prospectus or, in the case of documents incorporated by reference, the date of the
referenced document, and neither the mailing of this proxy statement/prospectus to you nor the issuance of UTS Holdings ordinary shares in the merger shall create any implication to the contrary. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bg78301_about_this_proxy_statement/prospectus"> </A>
<BR></FONT><FONT SIZE=2><B>  ABOUT THIS PROXY STATEMENT/PROSPECTUS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy statement/prospectus, which forms&nbsp;a part of a registration statement on Form&nbsp;F-4 filed with the
SEC, by UTS&nbsp;Holdings constitutes a prospectus of UTS Holdings under Section&nbsp;5 of the Securities Act of 1933, as amended, or the Securities Act, with respect to the ordinary shares of UTS
Holdings to be issued to UTStarcom stockholders in connection with the merger. This document also constitutes a proxy statement under Section&nbsp;14(a) of the Securities Exchange Act of 1934, as
amended, or the Exchange Act, and the rules thereunder, and a notice of meeting with respect to the annual meeting of UTStarcom stockholders to consider and vote upon, among other proposals, the
merger proposal and the adjournment proposal. </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=9,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=922770,FOLIO='v',FILE='DISK125:[10ZCL1.10ZCL78301]BG78301A.;33',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_da78301_1_1"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2>
<A HREF="#bg78301a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="da78301_information_about_the___da702471"> </A>
<A NAME="toc_da78301_1"> </A>
<BR></FONT><FONT SIZE=2><B>  INFORMATION ABOUT THE ANNUAL MEETING<BR>  AND THE PROPOSED MERGER    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of UTStarcom is providing this proxy statement/prospectus prepared in connection with UTStarcom's annual meeting
of stockholders, or the Annual Meeting, which will take place on June&nbsp;24, 2011 at 4:00&nbsp;p.m., local time, at UTStarcom's offices located 52-2 Building, BDA International
Enterprise Avenue, No.&nbsp;2 Jingyuan North Street, Daxing District, Beijing 100176, China. UTStarcom's telephone number at that location is +86&nbsp;(10)&nbsp;8520-5588. As a
stockholder, you are invited to attend the Annual Meeting and are asked to vote on the proposals described in this proxy statement/prospectus. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only
stockholders of record at the close of business on April&nbsp;25, 2011, the Record Date, are entitled to notice of, and to vote at, the Annual Meeting. As of the Record Date,
156,129,775 shares of UTStarcom's common stock, par value $0.00125 per share, were issued and outstanding, and no shares of UTStarcom's preferred stock, par value $0.00125 per share, were issued and
outstanding. UTStarcom's stock transfer books will not be closed between the Record Date and the date of the Annual Meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
proxy solicitation materials were mailed on or about May&nbsp;25, 2011 to all stockholders entitled to vote at the Annual Meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>The following questions and answers are intended to address briefly some commonly asked questions regarding the Annual Meeting and, in particular, the proposed
merger. These questions and answers may not address all questions that may be important to you. Please refer to the more detailed information contained elsewhere in this proxy statement/prospectus,
its annexes and the documents referred to or incorporated by reference in this proxy statement/prospectus. For instructions on obtaining the documents incorporated by reference, please see the section
entitled "Where You Can Find More Information."</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="da78301_questions_and_answers_relating_to_the_annual_meeting"> </A>
<A NAME="toc_da78301_2"> </A>
<BR></FONT><FONT SIZE=2><B>  Questions and Answers Relating to the Annual Meeting    <BR>    </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>What is the purpose of the Annual Meeting?</I></B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
vote on the following proposals:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
elect each of Jack Lu, Baichuan Du and Xiaoping Li as a Class&nbsp;II Director to serve for a term expiring on the date on which UTStarcom's annual
meeting of stockholders is held in the year 2014;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
ratify and approve the appointment of PricewaterhouseCoopers Zhong Tian CPAs Limited Company as the independent registered public accounting firm of
UTStarcom for the fiscal year ending December&nbsp;31, 2011;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
conduct an advisory (non-binding) vote on executive compensation;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
conduct an advisory (non-binding) vote on the frequency of holding an advisory shareholder vote on executive compensation;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>5.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
adopt the agreement and plan of merger and reorganization by and among UTStarcom, UTS Holdings and Merger Sub, or the Merger Agreement, a copy of which is
attached to the accompanying proxy statement/prospectus as Annex&nbsp;A, pursuant to which Merger Sub will merge with and into UTStarcom, with UTStarcom surviving the merger as a wholly owned
subsidiary of UTS Holdings, and whereby each issued and outstanding share of the common stock of UTStarcom will be converted into the right to receive one UTS Holdings ordinary share, which shares
will be issued by UTS Holdings as part of the merger; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>6.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
transact such other business as may properly come before the Annual Meeting and any adjournment or postponement thereof. </FONT></DD></DL>
</DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=10,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=497081,FOLIO='1',FILE='DISK125:[10ZCL1.10ZCL78301]DA78301A.;25',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_da78301_1_2"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>What is the Board of Directors' recommendation?</I></B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
Board of Directors of UTStarcom recommends that you vote your shares: </FONT></DD></DL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>"FOR"
the election of Jack Lu, Baichuan Du and Xiaoping Li as a Class&nbsp;II Director to serve for a term expiring on the date on which UTStarcom's annual meeting of stockholders is held in the
year 2014 (see Proposal No.&nbsp;1); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"FOR"
the appointment of PricewaterhouseCoopers Zhong Tian CPAs Limited Company as the independent registered public accounting firm of UTStarcom for the fiscal year ending December&nbsp;31, 2011
(see Proposal No.&nbsp;2); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"FOR"
the compensation of UTStarcom's named executive officers (see Proposal No.&nbsp;3); </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"FOR"
the option of once every three years as the frequency of holding an advisory shareholder vote on executive compensation (see Proposal No.&nbsp;4); and </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>"FOR"
the adoption of the Merger Agreement (see Proposal No.&nbsp;5).  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>Who is entitled to vote at the Annual Meeting?</I></B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Stockholders Entitled to Vote.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Stockholders who our records show owned shares of UTStarcom
common stock as of the close of business on the Record Date (April&nbsp;25, 2011) may vote at the Annual Meeting. </FONT></DD></DL>
<UL>

<P style="font-family:times;"><FONT SIZE=2><B>Registered Stockholders.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If your shares are registered directly in your name with UTStarcom's transfer agent, you are considered, with
respect to those shares, the stockholder of record, and these proxy materials are being provided to you directly by UTStarcom. As the stockholder of record, you have the right to grant your voting
proxy directly to the individuals listed on the proxy card, or to vote in person at the Annual Meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>Street Name Stockholders.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If your shares are held in a stock brokerage account or by a bank or other nominee, you are considered the
beneficial owner of shares held in "street name." These proxy materials are being forwarded to you by your broker, bank or other nominee, who is considered, with respect to those shares, the record
holder. As the beneficial owner, you have the right to direct your broker, bank or other nominee how to vote, and you are also invited to attend the Annual Meeting. However, since you are not the
record holder, you may not vote these shares in person at the Annual Meeting unless you follow your broker, bank or other nominee's procedures for obtaining a legal proxy. Your broker, bank or other
nominee has provided a voting instruction card for you to use.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>How many votes do I have?</I></B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>On
the proposal to be voted upon, you have one vote for each share of UTStarcom common stock you own as of the Record Date.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>How may I obtain a separate set of proxy materials?</I></B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
you share an address with another stockholder, previously consented to receiving one copy of this proxy statement/prospectus on a voter instruction card
submitted for last year's annual meeting of stockholders and do not participate in electronic delivery of proxy materials, only one copy of this proxy statement/prospectus is being delivered to you. A
stockholder at a shared address who received a single copy of this proxy statement/prospectus may request a separate copy either by </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=11,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=1008706,FOLIO='2',FILE='DISK125:[10ZCL1.10ZCL78301]DA78301A.;25',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_da78301_1_3"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>calling
the number provided below or by mailing a written request to UTStarcom at the address below: </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>UTStarcom,&nbsp;Inc.<BR>
52-2 Building, BDA International Enterprise Avenue<BR>
No.&nbsp;2 Jingyuan North Street<BR>
Daxing District, Beijing, 100176<BR>
P.R. China<BR>
+86&nbsp;(10) 8520-5588<BR>
Attention: Corporate Secretary </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>UTStarcom
will promptly mail a separate copy of this proxy statement/prospectus upon such request, but any such request should be made as soon as possible, and no later than June&nbsp;10, 2011, to
ensure timely delivery. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Stockholders
who share an address and received multiple copies of this proxy statement/prospectus may also request that a single copy of future proxy statements be delivered by filling out the
applicable section of the voter instruction card for the Annual Meeting.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>How can I vote my shares in person at the Annual Meeting?</I></B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Shares
held in your name as the stockholder of record may be voted by you in person at the Annual Meeting. Shares held beneficially in street name may be
voted by you in person at the Annual Meeting only if you obtain a legal proxy from the broker, bank or other nominee that holds your shares giving you the right to vote the shares. </FONT> <FONT SIZE=2><B>Even if you plan to attend the Annual Meeting,
 we recommend that you also submit your proxy or voting instructions as described below so that your vote will be counted if you
later decide not to attend the meeting</B></FONT><FONT SIZE=2>.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>How can I vote my shares without attending the Annual Meeting?</I></B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Whether
you hold shares directly as the stockholder of record or beneficially in street name, you may direct how your shares are voted without attending the
Annual Meeting. If you are a stockholder of record, you may vote by submitting a proxy. If you hold shares beneficially in street name, you may vote by submitting voting instructions to your broker,
bank or other nominee. For directions on how to vote, please refer to the instructions below and those included on your proxy card or, for shares held beneficially in street name, the voting
instruction card provided by your broker, bank or other nominee. </FONT></DD></DL>
<UL>

<P style="font-family:times;"><FONT SIZE=2><B>By Internet:</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Stockholders of record with Internet access may submit proxies by following the "Vote by Internet" instructions on their proxy
cards until 1:00&nbsp;a.m., Central Time, on June&nbsp;23 2011. Most stockholders who hold shares beneficially in street name may vote by accessing the web site specified on the voting instruction
cards provided by their brokers, banks or other nominees. Please check the voting instruction card for Internet voting availability. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B>By Telephone:</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Stockholders of record who live in the United States, Canada or Puerto Rico may submit proxies by following the "Vote by
telephone" instructions on their proxy cards until 1:00&nbsp;a.m., Central Time, on June&nbsp;23, 2011. Most stockholders who hold shares beneficially in street name may vote by phone by calling
the number specified on the voting instruction cards provided by their brokers, banks or other nominees. Please check the voting instruction card for telephone voting availability. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>By Mail:</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Stockholders of record may submit proxies by completing, signing and dating their proxy cards and mailing them in the accompanying
pre-addressed envelopes. Proxy cards submitted by mail must be received by the time of the meeting in order for your shares to be voted. Stockholders who hold shares beneficially in street
name may vote by mail by completing, signing and dating the
voting instruction cards provided by their brokers, banks or other nominees and mailing them in the accompanying pre-addressed envelopes. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=12,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=423124,FOLIO='3',FILE='DISK125:[10ZCL1.10ZCL78301]DA78301A.;25',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_da78301_1_4"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>Can I change my vote?</I></B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>For
shares that you hold of record, you may change your proxy at any time prior to the proxy being used at the Annual Meeting by (i)&nbsp;delivering to the
Corporate Secretary of UTStarcom at UTStarcom,&nbsp;Inc., 52-2 Building, BDA International Enterprise Avenue, No.&nbsp;2 Jingyuan North Street, Daxing District, Beijing 100176, China,
Attention: Corporate Secretary, a written notice of revocation or a duly executed proxy bearing a later date, or (ii)&nbsp;attending the Annual Meeting and voting in person. The mere presence at the
Annual Meeting of a stockholder who has appointed a proxy will not revoke the prior appointment. If not revoked, the proxy will be voted at the Annual Meeting in accordance with the instructions
indicated on the proxy card. For shares you hold beneficially in street name, you may change your vote by submitting new voting instructions to your broker, bank or other nominee following the
instruction they provided, or, if you have obtained a legal proxy from your broker, bank or other nominee giving you the right to vote your shares, by attending the meeting and voting in person.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>How many shares must be present or represented to conduct business at the Annual
Meeting?</I></B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
quorum requirement for holding the Annual Meeting and transacting business is that holders of a majority in voting power of the issued and outstanding
shares of UTStarcom common stock entitled to vote at the Annual Meeting, as of the Record Date, must be present in person or represented by proxy. Abstentions are counted for the purpose of
determining the presence of a quorum. Broker non-votes (described below) are not counted for the purpose of determining the presence of a quorum.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>What is the voting requirement to approve each of the proposals?</I></B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>In
the election of directors, a director must be elected by a majority of the votes cast, meaning that the number of shares entitled to vote on the election
of directors and represented in person or by proxy at the Annual Meeting casting their vote "FOR" a director must exceed the number of votes cast "AGAINST" a director. If a nominee for director fails
to receive the required number of votes for election, he or she is required to tender his or her resignation to the Board. In such a case, the Nominating and Corporate Governance Committee of the
Board has the option of accepting or declining such resignation, considering any factors that the Committee deems relevant. </FONT></DD></DL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>The
proposal to ratify the appointment of PricewaterhouseCoopers Zhong Tian CPAs Limited Company as UTStarcom's independent registered public accounting firm requires the affirmative "FOR" vote of a
majority of the total number of shares present in person or represented by proxy and entitled to vote on the proposal at the Annual Meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>The
advisory vote on executive compensation as described in this proxy statement/prospectus requires the affirmative vote of a majority of the votes cast in person or by proxy at the annual meeting in
order to be approved. The vote is advisory and therefore not binding on our Board; however, the Board and the Compensation Committee of the Board will consider the result of the vote when making
future decisions regarding our executive compensation policies and practices. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>For
the advisory vote on the frequency of future advisory votes on executive compensation, shareholders may vote for such advisory votes to occur every one, two or three years, or may abstain from
voting. The advisory vote on the frequency of holding an advisory vote on executive compensation receiving the greatest number of votes will be considered the frequency selected by shareholders. The
vote is advisory and therefore not binding on our Board; however, the Board and the Compensation Committee of the Board will consider the result of the vote in determining the frequency of future
advisory votes on executive compensation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>For
the merger to be able to proceed, the majority of the outstanding shares of UTStarcom's common stock must vote "FOR" the adoption of the Merger Agreement. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=13,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=874352,FOLIO='4',FILE='DISK125:[10ZCL1.10ZCL78301]DA78301A.;25',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_dc78301_1_5"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2>
<A HREF="#bg78301a_main_toc">Table of Contents</A> </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>How are votes counted?</I></B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>In
the election of directors, you may vote "FOR," "AGAINST" or "ABSTAIN." Abstentions with respect to the election of directors will be counted for purposes
of determining the presence or absence of a quorum at the Annual Meeting but will have no other legal effect upon election of directors. You may not cumulate your votes for the election of directors. </FONT></DD></DL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>For
the proposal to ratify the appointment of PricewaterhouseCoopers Zhong Tian CPAs Limited Company as UTStarcom's independent registered public accounting firm, you may vote "FOR," "AGAINST" or
"ABSTAIN." If you elect to "ABSTAIN," the abstention has the same effect as a vote "AGAINST" such proposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>For
the advisory vote on executive compensation, you may vote "FOR," "AGAINST" or "ABSTAIN." If you elect to "ABSTAIN," your vote will have no effect on the outcome of this proposal. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>For
the advisory vote on the frequency of future advisory votes on executive compensation, you vote for such advisory votes to occur every one, two or three years, or may vote "ABSTAIN." If you elect
to "ABSTAIN," your vote will have no effect on the outcome of this proposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>For
the proposal to approve the Merger Agreement, you may vote "FOR," "AGAINST" or "ABSTAIN." If you elect to "ABSTAIN," the abstention has the same effect as a vote "AGAINST" such proposal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If
you provide specific instructions with regard to the proposal, your shares will be voted as you instruct on the proposal. If no instructions are indicated, the shares will be voted as recommended
by the Board.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>What is the effect of broker non-votes?</I></B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
you hold shares beneficially in street name and do not provide your broker, bank or other nominee with voting instructions, your shares may constitute
"broker non-votes." Generally, broker non-votes occur on a matter when a broker is not permitted to vote on that matter without instructions from the beneficial owner and
instructions are not given. At this Annual Meeting, only Proposal No.&nbsp;2, to ratify the appointment of UTStarcom's independent registered public accounting firm is not subject to broker
non-votes, and brokers, banks or other nominees may vote on Proposal No.&nbsp;2 but may not vote on the other matters presented at this Annual Meeting, without instructions. </FONT></DD></DL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>In
tabulating the voting result for the proposals to elect directors, the advisory votes on executive compensation and on the frequency of future advisory votes on executive compensation, shares that
constitute broker non-votes are not considered entitled to vote or votes cast on that proposal. Thus, broker non-votes will not affect the outcome of any of those proposals. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Since
the merger must be approved by the holders of a majority of the outstanding shares of UTStarcom's common stock to proceed, for the purpose of determining whether the stockholders have approved
the proposal, broker non-votes will have the effect of votes against the proposal.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>Who will serve as inspector of elections?</I></B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
inspector of elections will be Rain Long, our general counsel.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>Who will bear the cost of soliciting votes for the Annual Meeting?</I></B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>This
solicitation is made by UTStarcom, and all costs associated with soliciting proxies will be borne by UTStarcom. UTStarcom has retained Alliance
Advisors&nbsp;LLC to assist with the solicitation for an estimated fee of $8,000 plus reasonable out-of-pocket expenses. In addition, UTStarcom will reimburse brokerage
firms, banks and other persons representing beneficial owners of shares for their expenses in forwarding solicitation materials to such beneficial owners. Proxies may be solicited by certain of
UTStarcom's directors, officers and regular employees personally or by </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=14,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=985848,FOLIO='5',FILE='DISK125:[10ZCL1.10ZCL78301]DC78301A.;19',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_dc78301_1_6"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>telephone,
facsimile or electronic mail. No additional compensation will be paid to these persons for such services.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>What if I have questions about lost stock certificates or need to change my mailing
address?</I></B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>You
may contact our transfer agent, Computershare Trust Company, N.A., by telephone at 1-781-575-2879 or by going to the
Computershare Trust Company, N.A. website at </FONT><FONT SIZE=2><I>www.computershare.com/investor</I></FONT><FONT SIZE=2> and clicking the Contact Us tab at the top of the page if you have lost your
stock certificate or need to change your mailing address.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>Whom should I contact with questions?</I></B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>UTStarcom
has retained Alliance Advisors&nbsp;LLC as proxy solicitor in connection with the Annual Meeting. You may contact our proxy soliciting agent by
telephone at 1-866-329 8430 or in writing at the following address: </FONT></DD></DL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Alliance
Advisors&nbsp;LLC<BR>
200 Broadacres Drive, 3rd&nbsp;Floor<BR>
Bloomfield, NJ 07003 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Alternatively,
you may obtain information from us by making a request by telephone at +86&nbsp;(10)&nbsp;8520-5588 or in writing at the following address: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>UTStarcom,&nbsp;Inc.<BR>
52-2 Building, BDA International Enterprise Avenue<BR>
No.&nbsp;2 Jingyuan North Street<BR>
Daxing District, Beijing, 100176<BR>
P.R. China<BR>
Attention: Corporate Secretary </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="dc78301_questions_and_answers_relating_to_the_merger"> </A>
<A NAME="toc_dc78301_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Questions and Answers Relating to the Merger    <BR>    </B></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>What is the merger?</I></B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Under
the Merger Agreement, Merger Sub will merge with and into UTStarcom, with UTStarcom surviving the merger as a wholly owned subsidiary of UTS Holdings.
Upon consummation of the merger, each issued and outstanding share of UTStarcom's common stock will be converted into the right to receive one ordinary share in the capital of UTS Holdings, which
shares will be issued by UTS Holdings in connection with the merger. Following the merger, UTS Holdings, together with its subsidiaries, will own and continue to conduct our business in substantially
the same manner as it is currently being conducted by UTStarcom and its subsidiaries. UTS Holdings will also be managed by the same Board of Directors and executive officers that manage UTStarcom
today.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>Why does UTStarcom want to engage in the merger?</I></B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
merger is part of a reorganization of UTStarcom's corporate structure approved by our Board of Directors that we expect will, among other things, result
in a reduction in operational, administrative, legal and accounting costs over the long term and provide us with flexibility to pursue listings on international stock exchanges such as the Hong Kong
Stock Exchange. Please see the section entitled "The Merger Agreement&#151;Background and Reasons for the Merger." However, there can be no assurance that following the merger we will be able
to realize these expected benefits for the reasons discussed in the section entitled "Risk Factors and Caution Regarding Forward-Looking Statements&#151;Risks Relating to the Merger and
Reorganization&#151;The expected benefits of the merger and reorganization may not be realized." We also have incurred and will continue to incur transaction costs (the significant majority of
which will have been incurred and expensed prior to your vote on the proposal) that could affect our ability to achieve our previously announced targets for 2011. Please see the section entitled
"Summary Pro Forma Financial Information" for a description of these transaction costs. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=15,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=671320,FOLIO='6',FILE='DISK125:[10ZCL1.10ZCL78301]DC78301A.;19',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_dc78301_1_7"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>Will the merger affect current or future operations?</I></B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
merger is not expected to have a material impact on how we conduct day-to-day operations. While the new corporate structure would
not change our future operational plans to grow our business, including our focus on our China business, it may improve our ability to expand internationally. The location of future operations will
depend on the needs of the business, which will be determined without regard to UTS Holdings's jurisdiction of incorporation. Please see the section entitled "The Merger
Agreement&#151;Background and Reasons for the Merger."
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>Is the merger taxable to me?</I></B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>U.S.
holders will not recognize gain or loss for U.S. federal income tax purposes upon receipt of UTS Holdings ordinary shares in exchange for UTStarcom
common stock. The aggregate tax basis in the ordinary shares of UTS Holdings received in the merger will equal each such U.S. holder's aggregate tax basis in the UTStarcom common stock surrendered. A
U.S. holder's holding period for the ordinary shares of UTS Holdings that are received in the merger generally should include such U.S. holder's holding period for the common stock of UTStarcom
surrendered. Please see the section entitled "Material United States Federal Income Tax Consequences Relating to the Merger and the Ownership and Disposition of UTS Holdings Ordinary Shares." </FONT></DD></DL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>THE
TAX TREATMENT OF THE MERGER UNDER STATE LAW WILL DEPEND ON THE STATE. IT IS POSSIBLE THAT THE MERGER MAY BE TAXABLE UNDER THE TAX LAW OF SOME STATES, INCLUDING, FOR EXAMPLE, CALIFORNIA. WE URGE
YOU TO CONSULT YOUR OWN TAX ADVISOR PRIOR TO THE ANNUAL MEETING REGARDING THE PARTICULAR TAX CONSEQUENCES OF THE MERGER TO YOU.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>Has the U.S. Internal Revenue Service rendered a ruling on any aspects of the
merger?</I></B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>No
ruling has been requested from the U.S. Internal Revenue Service, or the IRS, in connection with the merger.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>When do you expect to complete the merger?</I></B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>If
the adoption of the Merger Agreement is approved by our stockholders at the Annual Meeting, we anticipate that the merger will become effective at
4:30&nbsp;p.m., Eastern Time, on June&nbsp;24, 2011, although the merger may be abandoned by our Board of Directors prior to its completion. Please see the section entitled "Risk Factors and
Caution Regarding Forward-Looking Statements&#151;Risks Relating to the Merger and Reorganization&#151;Our Board of Directors may choose to defer or abandon the merger."
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>What types of information and reports will UTS Holdings make available to shareholders following the
merger?</I></B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Following
completion of the merger, UTS Holdings is expected to qualify as a "foreign private issuer" under the rules and regulations of the SEC. UTS
Holdings will remain subject to the mandates of the Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act, and, as long as the UTS Holdings's ordinary shares are listed on the NASDAQ Stock Market, or
NASDAQ, the governance and disclosure rules of that stock exchange. However, as a foreign private issuer, UTS Holdings will be exempt from certain rules under the Exchange Act, that would otherwise
apply if UTS Holdings were a company incorporated in the United States or did not meet the other conditions to qualify as a foreign private issuer. For example: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>UTS Holdings may include in its SEC filings financial statements prepared in accordance with generally accepted accounting
principles in the United States, or U.S.&nbsp;GAAP, or with the International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or IASB, without
reconciliation to U.S.&nbsp;GAAP;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>UTS Holdings will not be required to provide as many Exchange Act reports, or as frequently or as promptly, as U.S.
companies with securities registered under the Exchange Act. For example, </FONT></DD></DL>
</DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=16,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=796757,FOLIO='7',FILE='DISK125:[10ZCL1.10ZCL78301]DC78301A.;19',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_dc78301_1_8"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>UTS
Holdings will not be required to file current reports on Form&nbsp;8-K within four business days from the occurrence of specific material events. Instead, UTS Holdings will need to
promptly furnish reports on Form&nbsp;6-K any information that UTS Holdings (a)&nbsp;makes or is required to make public under the laws of the Cayman Islands, (b)&nbsp;files or is
required to file under the rules of any stock exchange or (iii)&nbsp;otherwise distributes or is required to distribute to its shareholders. Unlike Form&nbsp;8-K, there is no precise
deadline by which Form&nbsp;6-K must be furnished. In addition, UTS Holdings will not be required to file its annual report on Form&nbsp;10-K, which may be due as soon as
60&nbsp;days after its fiscal year end. As a foreign
private issuer, UTS Holdings will be required to file an annual report on Form&nbsp;20-F within four months after its fiscal year end;  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>UTS Holdings will not be required to provide the same level of disclosure on certain issues, such as executive
compensation;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>UTS Holdings will not be required to conduct advisory votes on executive compensation;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>UTS Holdings will be exempt from filing quarterly reports under the Exchange Act with the SEC;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>UTS Holdings will not be subject to the requirement to comply with Regulation&nbsp;FD, which imposes certain
restrictions on the selected disclosure of material information;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>UTS Holdings will not be required to comply with the sections of the Exchange Act regulating the solicitation of proxies,
consents or authorizations in respect of a security registered under the Exchange Act; and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>UTS Holdings will not be required to comply with Section&nbsp;16 of the Exchange Act requiring insiders to file public
reports of their stock ownership and trading activities and establishing insider liability for profits realized from any "short-swing" trading transaction. </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>UTS
Holdings expects to take advantage of these exemptions if the merger is effected. Accordingly, after the completion of the merger, if you hold UTS Holdings securities, you may receive less
information about UTS Holdings and its business than you currently receive with respect to UTStarcom and be afforded less protection under the U.S. federal securities laws than you are entitled to
currently. However, consistent with our policy of seeking input from, and engaging in discussions with, our stockholders, on executive compensation matters, UTS&nbsp;Holdings intends to provide
disclosure relating to its executive compensation philosophy, policies and practices and conduct an advisory vote on executive compensation once every three years after the merger is effected.
However, UTS&nbsp;Holdings expects to
review this practice after the next such advisory vote and may at that time or in the future determine to conduct such advisory votes more frequently or to not conduct them at all. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If
UTS Holdings loses its status as a foreign private issuer at some future time, then it will no longer be exempt from such rules and, among other things, will be required to file periodic reports
and financial statements as if it were a company incorporated in the United States. The costs incurred in fulfilling these additional regulatory requirements could be substantial. Please see the
sections entitled "Risk Factors and Caution Regarding Forward-Looking Statements&#151;Risks Relating to the Merger and Reorganization&#151;The expected benefits of the merger and
reorganization may not be realized" and "Risk Factors and Caution Regarding Forward-Looking Statements&#151;Risks Relating to the Merger and Reorganization&#151;If UTS Holdings fails to
qualify as a foreign private issuer upon completion of the merger, or loses its status as a foreign private issuer at some future time, UTS Holdings would be required to comply fully with the
reporting requirements of the Exchange Act applicable to U.S. domestic issuers and would incur significant operational, administrative, legal and accounting costs that it would not incur as a foreign
private issuer." </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=17,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=140674,FOLIO='8',FILE='DISK125:[10ZCL1.10ZCL78301]DC78301A.;19',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_dc78301_1_9"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>Do I have to take any action to exchange my UTStarcom common stock and receive UTS Holdings ordinary
shares?</I></B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
UTStarcom common stock registered in your name or which you beneficially own through your broker will be converted into the right to receive an equal
number of UTS Holdings ordinary shares and such shares will be registered in your name (or your broker's name, as applicable) in UTS Holdings's register of members upon completion of the merger,
without any further action on your part. Upon completion of the merger, only registered shareholders reflected in UTS Holdings's register of members will have and be entitled to exercise any voting
and other rights with respect to and to receive any dividend and other distributions upon UTS Holdings ordinary shares registered in their respective names. Any attempted transfer of UTStarcom stock
prior to the merger that is not properly documented and reflected in the stock records maintained by UTStarcom's transfer agent as of immediately prior to the Effective Time will not be reflected in
UTS Holdings's register of members upon completion of the merger. Registered holders of UTS Holdings's ordinary shares seeking to transfer UTS Holdings ordinary shares following the merger will be
required to provide customary transfer documents required by UTS Holdings's transfer agent to complete the transfer. </FONT></DD></DL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>If
you hold UTStarcom common stock in uncertificated book-entry form (for example, if you hold your shares through a broker), at the time the merger becomes effective in the State of
Delaware, or the Effective Time, the UTStarcom common stock registered in your name or which you beneficially own through your broker will be converted into the right to receive an equal number of UTS
Holdings ordinary shares and such shares will be registered in your name (or your broker's name, as applicable) in book-entry form without any action on your part. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>If
you hold UTStarcom common stock in certificated form, you may exchange your UTStarcom stock certificates for new UTS Holdings share certificates promptly following the merger. We will request that
all UTStarcom stock certificates be returned to UTS Holdings's transfer agent following the merger. Soon after the closing of the merger, you will be sent a letter of transmittal from our exchange
agent. It is expected that, prior to the Effective Time, Computershare Trust Company, N.A. will be appointed as our exchange agent for the merger. The letter of transmittal will contain instructions
explaining the procedure for surrendering your UTStarcom stock certificates for new UTS Holdings share certificates. YOU SHOULD NOT RETURN STOCK CERTIFICATES WITH THE ENCLOSED PROXY CARD. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>UTStarcom's
current transfer agent is Computershare Trust Company, N.A., which will continue to serve as the transfer agent for UTS Holdings ordinary shares after the Effective Time. </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>What happens to UTStarcom stock options and other equity awards at the effective time of the
merger?</I></B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>At
the Effective Time, all outstanding options to purchase shares of UTStarcom common stock granted or issued prior to the Effective Time and all other
outstanding equity awards granted under our equity compensation plans to directors, employees and consultants, as applicable, will entitle the holder to purchase or receive, or receive payment based
on, as applicable, an equal number of UTS Holdings ordinary shares. Immediately prior to the Effective Time, all existing UTStarcom equity compensation plans, as may be amended, will be adopted and
assumed by UTS Holdings. We do not anticipate an increase to the total number of shares underlying options and awards outstanding under our assumed equity compensation plans or shares otherwise
issuable thereunder. Future awards would be subject to and governed by the terms of our assumed equity compensation plans and any agreements entered into pursuant thereto. Please see the section
entitled "The Merger Agreement&#151;Stock Compensation and Benefit Plans and Programs" for more information. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=18,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=124169,FOLIO='9',FILE='DISK125:[10ZCL1.10ZCL78301]DC78301A.;19',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_dc78301_1_10"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>Can I trade my UTStarcom common stock before the merger is completed?</I></B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Yes.
UTStarcom common stock will continue trading on NASDAQ through the last trading day prior to the date of completion of the merger, which date of
completion is expected to be June&nbsp;24, 2011 (U.S. time).
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>After the merger, where can I trade my UTS Holdings ordinary shares?</I></B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>We
expect that as of the Effective Time, the UTS Holdings ordinary shares will be authorized for listing on NASDAQ, and we expect such shares will be traded
on the exchange under the symbol "UTSI."
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2><B><I>Q:</I></B></FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B><I>How will my rights as a shareholder of UTS Holdings change after the merger relative to my rights as a stockholder of UTStarcom prior
to the merger?</I></B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>A:</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Because
of differences between Delaware law and Cayman Islands law and differences between the governing documents of UTStarcom and UTS Holdings, we are
unable to adopt governing documents for UTS Holdings that are identical to the governing documents for UTStarcom, but we have attempted to preserve in the memorandum and articles of association of UTS
Holdings the same allocation of material rights and powers between the shareholders and our Board of Directors that exists under UTStarcom's bylaws and certificate of incorporation. For example, under
UTStarcom's bylaws, a director must be elected by a majority of the votes cast, meaning that the number of shares entitled to vote on the election of directors and represented in person or by proxy at
an annual meeting casting their vote "FOR" a director must exceed the number of votes "AGAINST" a director. This provision is preserved in the articles of association of UTS Holdings. </FONT></DD></DL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Nevertheless,
UTS Holdings's proposed memorandum and articles of association differ from UTStarcom's bylaws and certificate of incorporation, both in form and substance, and your rights as a
shareholder of UTS Holdings will change relative to your rights as a stockholder of UTStarcom as a result of the merger and you may not be afforded as many rights as a shareholder of UTS Holdings
under applicable laws and the UTS Holdings memorandum and articles of association as you were as a stockholder of UTStarcom under applicable laws and the UTStarcom certificate of incorporation and
bylaws. Please see the sections entitled "Risk Factors and Caution Regarding Forward-Looking Statements&#151;Risks Relating to the Merger and Reorganization&#151;Your rights as a
stockholder of UTStarcom will change as a result of the merger and you may not be afforded as many rights as a shareholder of UTS Holdings under applicable laws and the UTS Holdings memorandum and
articles of association as you were as a stockholder of UTStarcom under applicable laws and the UTStarcom certificate of incorporation and bylaws," "Description of Share Capital of UTS Holdings" and
"Comparison of Rights of Stockholders/Shareholders." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Notwithstanding
the foregoing, the changes above may not change your rights as a shareholder significantly in practice because UTStarcom has a concentrated ownership structure with a few stockholders
each holding more than five percent of UTStarcom's common stock. For further details on the security ownership of certain beneficial owners of UTStarcom, please see the section entitled "Security
Ownership of Certain Beneficial Owners and Management." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Additionally,
as a foreign private issuer, UTS Holdings will be permitted to follow corporate governance practices in accordance with Cayman Islands laws in lieu of certain NASDAQ corporate governance
standards. However, we do not intend to initially rely on any NASDAQ exemptions or accommodations for foreign private issuers following the merger. Please see the sections entitled "Proposal 5
Approval of the Adoption of the Merger Agreement&#151;The Merger Agreement&#151;Background and Reasons for the Merger." </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=19,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=592206,FOLIO='10',FILE='DISK125:[10ZCL1.10ZCL78301]DC78301A.;19',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_de78301_1_11"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2>
<A HREF="#bg78301a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="de78301_summary"> </A>
<A NAME="toc_de78301_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SUMMARY    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>This summary highlights selected information regarding the merger from this proxy statement/prospectus and may
not contain all of the information that is important to you. For a more complete description of the merger, you should read carefully this entire proxy statement/prospectus, including the Annexes.
Please also see the section entitled "Where You Can Find More Information." The Merger Agreement, a copy of which is attached as Annex&nbsp;A to this proxy statement/prospectus, contains the terms
and conditions of the merger. The memorandum and articles of association of UTS Holdings will serve purposes substantially similar to the certificate of incorporation and bylaws of UTStarcom. Copies
of the memorandum and articles of association of UTS Holdings that will become effective upon consummation of the merger are attached to this proxy statement/prospectus as
Annex&nbsp;B.</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="de78301_the_merger"> </A>
<A NAME="toc_de78301_2"> </A>
<BR></FONT><FONT SIZE=2><B>  The Merger    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="de78301_parties_to_the_merger"> </A>
<A NAME="toc_de78301_3"> </A></FONT> <FONT SIZE=2><B><I>  Parties to the Merger    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UTStarcom is a leading provider of interactive, Protocol based, or IP-based, network solutions including the integration
and support services in Internet Protocol TV, or IPTV, Interactive TV, Internet TV and Broadband for cable and telecom operators. Our focus is to design and sell IP-based
telecommunications infrastructure products including our primary product suite of IPTV and broadband solutions along with the ongoing services relating to the installation, operation and maintenance
of these products. Collectively our range of solutions is designed to expand and modernize telecommunications networks through smooth network system integration, lower operating costs and increased
broadband access. We also provide the telecommunications carriers and other customers with increased revenue opportunities by enhancing their subscribers' user experience. The majority of our sales
have been to service providers in China, Japan and India. We also sell to service providers in selective markets in the Asia Pacific, Latin America and Europe. We are currently subject to SEC and
other disclosure obligations in the United States. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
expect to expand beyond the sale of IP-based telecommunications infrastructure equipment and services by developing an operational support services business. This business
would provide support services to iDTV, IPTV, IP Signage and Internet TV technology and service platforms. Our existing Multimedia Communications business and Broadband Infrastructure business would
build and transfer solutions, our customers would operate the solutions or platforms and our Operational Support Services business would provide support for the operation of the platforms. We are
developing acquired solutions for on-line advertising management, value added services, content providers and producers and website set-up and expect to enter into revenue
sharing and strategic partnership arrangements that would provide for recurring revenue streams. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UTS
Holdings is a newly formed exempted company incorporated under the laws of the Cayman Islands and currently a wholly owned subsidiary of UTStarcom. An "exempted" company under the
laws of the Cayman Islands is one which receives such registration as a result of satisfying the Registrar of Companies in the Cayman Islands that it conducts its operations mainly outside of the
Cayman Islands and is as a result exempted from complying with certain provisions of the Cayman Islands Companies Law, such as the general requirement to file an annual return of its shareholders with
the Registrar of Companies, and is permitted flexibility in certain matters, such as the ability to register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands.
UTS Holdings
does not have a significant amount of assets or liabilities and has not engaged in any business since its formation other than activities associated with its anticipated participation in the merger.
Following the merger, UTS Holdings, together with its subsidiaries, will own and continue to conduct our business in substantially the same manner as is currently being conducted by UTStarcom and its
subsidiaries. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merger
Sub is a newly formed Delaware corporation and currently a wholly owned subsidiary of UTS Holdings. Merger Sub does not have a significant amount of assets or liabilities and has
not </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=20,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=553568,FOLIO='11',FILE='DISK125:[10ZCL1.10ZCL78301]DE78301A.;20',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_de78301_1_12"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2>engaged
in any business since its formation other than activities associated with its anticipated participation in the merger. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
principal executive offices of each of UTStarcom, UTS Holdings and Merger Sub are located at 52-2 Building, BDA International Enterprise Avenue, No.&nbsp;2 Jingyuan
North Street, Daxing District, Beijing 100176, China, and the telephone number of each company is +86 (10)&nbsp;8520-5588. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="de78301_the_merger_1"> </A>
<A NAME="toc_de78301_4"> </A>
<BR></FONT><FONT SIZE=2><B><I>  The Merger    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Merger Agreement, Merger Sub will merge with and into UTStarcom. Upon completion of the merger, UTS Holdings and its
subsidiaries will own and continue to conduct the business that UTStarcom and its subsidiaries currently conduct, in substantially the same manner. As a result of the merger, our stockholders will own
ordinary shares in the capital of UTS Holdings, an exempted company incorporated under the laws of the Cayman Islands, rather than common stock in UTStarcom, a Delaware corporation. As a result of the
merger, each outstanding share of UTStarcom common stock will be converted into the right to receive the same number of ordinary shares in the capital of UTS Holdings, which shares will be issued by
UTS Holdings in connection with the merger. Our Board of Directors reserves the right to defer or abandon the merger. Please see the section entitled "Risk Factors and Caution Regarding
Forward-Looking Statements&#151;Risks Relating to the Merger and Reorganization&#151;Our Board of Directors may choose to defer or abandon the merger." </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=21,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=16528,FOLIO='12',FILE='DISK125:[10ZCL1.10ZCL78301]DE78301A.;20',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_de78301_1_13"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following diagram depicts our organizational structure immediately before and after the merger. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g402696.jpg" ALT="GRAPHIC" WIDTH="600" HEIGHT="661">
  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="de78301_background_and_reasons_for_the_merger"> </A>
<A NAME="toc_de78301_5"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Background and Reasons for the Merger    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In reaching its decision to approve the Merger Agreement and the merger, our Board of Directors identified several potential benefits
to our stockholders, which are described below under "The Merger Agreement&#151;Background and Reasons for the Merger." The merger is part of a reorganization of UTStarcom's corporate structure
that we expect will, among other things, result in a reduction in operational, administrative, legal and accounting costs over the long term. Please also see the section entitled "Risk Factors and
Caution Regarding Forward-Looking Statements&#151;Risks Relating to the Merger and Reorganization" below for a description of certain risks associated with the merger and reorganization. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=22,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=140267,FOLIO='13',FILE='DISK125:[10ZCL1.10ZCL78301]DE78301A.;20',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_de78301_1_14"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="de78301_conditions_to_completion_of_the_merger"> </A>
<A NAME="toc_de78301_6"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Conditions to Completion of the Merger    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following conditions must be satisfied or waived, if allowed by law, to complete the merger and
reorganization: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Merger Agreement has been adopted by the requisite vote of stockholders of UTStarcom;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>none
of the parties to the Merger Agreement is subject to any decree, order or injunction that prohibits the consummation of the merger;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
registration statement of which this proxy statement/prospectus is a part has been declared effective by the SEC and no stop order is in effect;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
UTS Holdings ordinary shares to be issued pursuant to the merger have been authorized for listing on NASDAQ, subject to official notice of issuance and
satisfaction of other standard conditions;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>5.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>all
material consents and authorizations of, filings or registrations with, and notices to, any governmental or regulatory authority required of UTStarcom,
UTS Holdings or their subsidiaries to consummate the merger have been obtained or made; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>6.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
representations and warranties of the parties to the Merger Agreement set forth in the Merger Agreement are true and correct in all material respects,
and the covenants of the parties set forth in the Merger Agreement (other than those to be performed after the Effective Time) have been performed in all material respects. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Board of Directors currently does not anticipate any circumstances in which it would waive the conditions listed above; however, in the event it determines that a waiver of any such
conditions is in the best interests of our stockholders and that such change to the terms of the merger does not make the disclosure provided to our stockholders materially misleading (for example, if
a representation in the merger agreement is not true but there is otherwise no harm to UTStarcom or our stockholders), our Board of Directors will not resolicit shareholder approval of the merger. If
a waiver of any condition listed above would make the disclosure provided to our stockholders materially misleading, our Board of Directors will resolicit shareholder approval of the merger.
Additionally, our Board of Directors reserves the right to defer or abandon the merger as well for the reasons described under "Risk Factors and Caution Regarding Forward-Looking
Statements&#151;Risks Relating to the Merger and Reorganization&#151;Our Board of Directors may choose to defer or abandon the merger." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="de78301_regulatory_approvals"> </A>
<A NAME="toc_de78301_7"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Regulatory Approvals    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The only governmental or regulatory approvals or actions that are required to complete the merger are compliance with U.S. federal and
state securities laws, the NASDAQ rules and regulations and Delaware corporate laws. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="de78301_rights_of_dissenting_stockholders"> </A>
<A NAME="toc_de78301_8"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Rights of Dissenting Stockholders    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Delaware General Corporation Law, or the DGCL, you will not have appraisal rights in connection with the merger. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="de78301_accounting_treatment_of_the_merger"> </A>
<A NAME="toc_de78301_9"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Accounting Treatment of the Merger    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The merger is a legal reorganization with no change in ultimate ownership interest immediately before and after the transaction.
Accordingly, all assets and liabilities will be recorded at historical cost, in a manner similar to an exchange between entities under common control. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=23,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=766883,FOLIO='14',FILE='DISK125:[10ZCL1.10ZCL78301]DE78301A.;20',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_de78301_1_15"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="de78301_tax_considerations"> </A>
<A NAME="toc_de78301_10"> </A>
<BR></FONT><FONT SIZE=2><B>  Tax Considerations    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="de78301_united_states_tax_consequences__uni03077"> </A>
<A NAME="toc_de78301_11"> </A></FONT> <FONT SIZE=2><B><I>  United States Tax Consequences of the Merger to UTStarcom and UTS Holdings    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We expect that neither UTStarcom nor UTS Holdings will incur U.S. income tax as a result of completion of the merger. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="de78301_united_states_taxation_of_utstarcom_stockholders"> </A>
<A NAME="toc_de78301_12"> </A>
<BR></FONT><FONT SIZE=2><B><I>  United States Taxation of UTStarcom Stockholders    <BR>    </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxation of U.S. Holders.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The merger should be characterized for U.S. federal income tax purposes as either a tax-free merger or a
transaction qualifying under Section&nbsp;351 of the Internal Revenue Code of 1986, or the Code. In either case, U.S. holders will not recognize gain or loss for U.S. federal income tax purposes
upon receipt of UTS Holdings ordinary shares in exchange for UTStarcom common stock. The aggregate tax basis in the ordinary shares of UTS Holdings received in the merger will equal each such U.S.
holder's aggregate tax basis in the UTStarcom common stock surrendered. A U.S. holder's holding period for the ordinary shares of UTS Holdings that are received in the merger generally should include
such U.S. holder's holding period for the common stock of UTStarcom surrendered. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxation of Non-U.S. Holders.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The holders of UTStarcom common stock who are treated as foreign persons for U.S. federal income tax
purposes, including holders who hold directly and constructively more than 5% of the outstanding UTStarcom common stock, will not recognize taxable gain or loss on their UTStarcom common stock for
U.S. federal income tax purposes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
see the section entitled "Taxation" for further information regarding material tax consequences relating to the merger and the ownership and disposition of UTS Holdings Ordinary
Shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="de78301_other_information"> </A>
<A NAME="toc_de78301_13"> </A>
<BR></FONT><FONT SIZE=2><B>  Other Information    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="de78301_ownership_in_uts_holdings"> </A>
<A NAME="toc_de78301_14"> </A></FONT> <FONT SIZE=2><B><I>  Ownership in UTS Holdings    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The UTStarcom common stock registered in your name or which you beneficially own through your broker will be converted into the right
to receive an equal number of UTS Holdings ordinary shares and such shares will be registered in your name (or your broker's name, as applicable) in UTS Holdings's register of members upon completion
of the merger, without any further action on your part. Upon completion of the merger, only registered shareholders reflected in UTS Holdings's register of members will have and be entitled to
exercise any voting and other rights with respect to and to receive any dividend and other distributions upon UTS Holdings ordinary shares registered in their respective names. Any attempted transfer
of UTStarcom stock prior to the merger that is not properly documented and reflected in the stock records maintained by UTStarcom's transfer agent as of immediately prior to the Effective Time will
not be reflected in UTS Holdings's register of members upon completion of the merger. Registered holders of UTS Holdings's ordinary shares seeking to transfer UTS Holdings ordinary shares following
the merger will be required to provide customary transfer documents required by UTS Holdings's transfer agent to complete the transfer. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you hold UTStarcom common stock in uncertificated book-entry form (for example, if you hold your shares through a broker), at the Effective Time, the UTStarcom common
stock registered in your name or which you beneficially own through your broker will be converted into the right to receive an equal number of UTS Holdings ordinary shares and such shares will be
registered in your name (or your broker's name, as applicable) in book-entry form without any action on your part. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you hold UTStarcom common stock in certificated form, you may exchange your UTStarcom stock certificates for new UTS Holdings share certificates promptly following the merger. We will
request that all UTStarcom stock certificates be returned to UTS Holdings's transfer agent following </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=24,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=948999,FOLIO='15',FILE='DISK125:[10ZCL1.10ZCL78301]DE78301A.;20',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_de78301_1_16"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2>the
merger. Soon after the closing of the merger, you will be sent a letter of transmittal from our exchange agent. The letter of transmittal will contain instructions explaining the procedure for
surrendering your UTStarcom stock certificates for new UTS Holdings share certificates. YOU SHOULD NOT RETURN STOCK CERTIFICATES WITH THE ENCLOSED PROXY CARD. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="de78301_comparison_of_rights_of_stockholders/shareholders"> </A>
<A NAME="toc_de78301_15"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Comparison of Rights of Stockholders/Shareholders    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal attributes of UTStarcom's common stock and UTS Holdings's ordinary shares will be similar. However, there are differences
between the rights of stockholders under the DGCL and the rights of shareholders under Cayman Islands law. In addition, there are differences between the provisions of UTStarcom's certificate of
incorporation and bylaws and UTS Holdings's memorandum and articles of association, as explained further below in this proxy statement/prospectus. Please see the sections entitled "Risk Factors and
Caution Regarding Forward-Looking Statements&#151;Risks Relating to the Merger and Reorganization&#151;Your rights as a stockholder of UTStarcom will change as a result of the merger and
you may not be afforded as many rights as a shareholder of UTS Holdings under applicable laws and the UTS Holdings memorandum and articles of association as you were as a stockholder of UTStarcom
under applicable laws and the UTStarcom certificate of incorporation and bylaws," "Description of Share Capital of UTS Holdings" and "Comparison of Rights of Stockholders/Shareholders." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="de78301_stock_exchange_listing"> </A>
<A NAME="toc_de78301_16"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Stock Exchange Listing    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is a condition to the completion of the merger that the ordinary shares of UTS Holdings will be authorized for listing on NASDAQ,
subject to official notice of issuance and satisfaction of other standard conditions. As such, we expect that as of the Effective Time, the UTS Holdings ordinary shares will be authorized for listing
on NASDAQ, and we expect such shares will be traded on the exchange under the symbol "UTSI." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="de78301_market_price"> </A>
<A NAME="toc_de78301_17"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Market Price    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The closing price per share of UTStarcom common stock on NASDAQ was $2.37 on January&nbsp;10, 2011, the last trading date immediately
preceding public announcement of the proposed merger. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="de78301_recommendation_and_required_vote"> </A>
<A NAME="toc_de78301_18"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Recommendation and Required Vote    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>Our Board of Directors has unanimously determined that the reorganization, to be effected by the merger, is
advisable and in the best interests of UTStarcom and our stockholders and, as such, has unanimously approved the merger and the Merger Agreement. The Board of Directors recommends that you vote "FOR"
the adoption of the Merger Agreement.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="de78301_annual_meeting_of_stockholders"> </A>
<A NAME="toc_de78301_19"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Annual Meeting of Stockholders    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You can vote at the Annual Meeting if you owned UTStarcom common stock at the close of business on April&nbsp;25, 2011, the Record
Date. As of April&nbsp;25, 2011, there were 156,129,775 shares of UTStarcom common stock outstanding and entitled to vote. Adoption of the Merger Agreement requires the affirmative vote of the
holders of a majority of the shares of UTStarcom common stock entitled to vote at the Annual Meeting. As of April&nbsp;25, 2011, our directors and executive officers and their affiliates owned, in
the aggregate, approximately 3,515,587 of such shares, representing ownership of approximately 2.3% of the outstanding shares of UTStarcom common stock as of that date. These shares are included in
the number of shares entitled to vote at the Annual Meeting. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>16</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=25,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=754200,FOLIO='16',FILE='DISK125:[10ZCL1.10ZCL78301]DE78301A.;20',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_de78301_1_17"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="de78301_risk_factors"> </A>
<A NAME="toc_de78301_20"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Risk Factors    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are a number of risks which you should be aware of in considering whether to vote in favor of the proposal to approve the merger,
including the following: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Your rights as a shareholder of UTS Holdings will change relative to your rights as a stockholder of UTStarcom as a result
of the merger and you may not be afforded as many rights as a shareholder of UTS Holdings under applicable laws and the UTS Holdings memorandum and articles of association as you were as a stockholder
of UTStarcom under applicable laws and the UTStarcom certificate of incorporation and bylaws;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>As a result of different shareholder voting requirements in the Cayman Islands relative to Delaware, we may have less
flexibility with respect to our ability to amend our constitutional documents and enter into certain business combinations than we now have;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>As a foreign private issuer, UTS Holdings will not be required to provide its shareholders with the same information as
UTStarcom would if UTStarcom remained a U.S. public issuer and, as a result, you may not receive as much information about UTS Holdings as you did about UTStarcom and you may not be afforded the same
level of protection as a shareholder of UTS Holdings under applicable laws and the UTS Holdings memorandum and articles of association as you were as a stockholder of UTStarcom under applicable laws
and the UTStarcom certificate of incorporation and bylaws;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The enforcement of civil liabilities against UTS Holdings may be more difficult; and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The expected benefits of the merger and reorganization may not be realized because the achievement of the benefits are
subject to factors that we do not control, such as the reactions of third parties with whom we enter into contracts and do business and the reactions of investors and analysts. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
risks are discussed more fully in the section entitled "Risk Factors and Caution Regarding Forward-Looking Statements&#151;Risks Relating to the Merger and Reorganization"
following this proxy statement/prospectus summary. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="de78301_selected_historical_consolidated_financial_data"> </A>
<A NAME="toc_de78301_21"> </A>
<BR></FONT><FONT SIZE=2><B>  Selected Historical Consolidated Financial Data    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selected historical consolidated financial data of UTStarcom in the table below was derived from UTStarcom's audited consolidated
financial statements as of and for each of the years in the five year period ended December&nbsp;31, 2010 and from UTStarcom's unaudited condensed consolidated financial statements for the three
months ended March&nbsp;31, 2011 and 2010. This data should be read in conjunction with the audited consolidated financial statements of UTStarcom, including the notes to the financial statements,
and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in UTStarcom's Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2010, as
amended, and the unaudited interim condensed consolidated financial statements of UTStarcom, including the notes to the financial statements in UTStarcom's Quarterly Report on Form&nbsp;10-Q for the
three months ended March&nbsp;31, 2011, which are incorporated by reference into this proxy statement/prospectus. Please refer to the section in this proxy statement/prospectus entitled "Where You
Can Find More Information." The unaudited consolidated financial statements include, in our opinion, all adjustments, consisting only of normal recurring adjustments, that we consider necessary for
the fair statement of the financial information set forth in those statements. The historical results presented below are not necessarily indicative of financial results to be achieved in future
periods, and the results for the year ended December&nbsp;31, 2010 and for the three months ended March&nbsp;31, 2011 are not necessarily indicative of results to be expected for 2011 or for any
other period. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>17</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=26,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=777168,FOLIO='17',FILE='DISK125:[10ZCL1.10ZCL78301]DE78301A.;20',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_de78301_1_18"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have not included data for UTS Holdings or Merger Sub because they did not conduct business during any of the periods discussed below. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"150%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="53pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="53pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="53pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="49pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="47pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="47pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Years ended December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR>
March&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2006 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2007 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2008 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2009 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2010 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2010 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2011 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=20 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>(in thousands, except per share data)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Consolidated statements of operations data:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net Sales(1)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,458,861</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,466,970</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,640,449</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>386,344</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>291,535</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>80,847</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>61,267</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gross profit</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>385,744</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>321,451</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>261,242</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>64,979</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>70,238</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>27,209</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19,064</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating loss(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(138,160</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(212,045</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(176,216</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(218,688</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(73,722</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(18,759</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(11,137</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net loss attributable to UTStarcom(3)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(117,345</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(195,575</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(150,316</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(225,688</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(65,129</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(15,963</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(10,311</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net loss per share attributable to UTStarcom&#151;Basic and Diluted</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.97</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1.62</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1.22</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1.77</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.48</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.12</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(0.07</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Consolidated balance sheet data:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Cash and cash equivalents</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>661,623</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>437,449</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>309,603</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>265,843</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>351,501</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>234,441</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>306,833</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Working capital</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>800,356</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>389,750</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>312,072</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>94,591</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>213,736</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>71,040</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>221,082</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,383,305</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,984,588</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,310,806</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>929,111</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>784,283</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>882,989</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>726,304</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total short-term debt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>102,758</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>322,829</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total long-term debt</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>275,161</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>333</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total UTStarcom stockholders' equity</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>774,360</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>617,976</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>466,834</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>255,359</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>240,929</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>239,929</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>230,433</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >


<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>On
July&nbsp;1, 2008, we completed our divestiture of Personal Communications Division, or PCD. Revenue for the years ended December&nbsp;31, 2008, 2007
and 2006 related to PCD was $880&nbsp;million, $1,664&nbsp;million and $1,339&nbsp;million, respectively. In July 2009, we sold our Korea operations and at December&nbsp;31, 2009, we have
substantially completed the wind-down of our worldwide handset operations.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
operating loss includes the following items: </FONT></DD></DL>
 </DIV>
<DIV style="padding:0pt;position:relative;width:62%;margin-left:10%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"130%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="130%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="42pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="47pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="47pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Years ended December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Three months ended<BR>
March&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2006 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2007 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2008 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2009 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2010 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2010 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2011 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Impairment of goodwill and other long-lived assets</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19,912</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>27,220</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>33,287</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Restructuring</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14,474</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13,059</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>46,495</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16,018</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,507</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3,064</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Net (gain)/loss on divestitures</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(12,291</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(4,271</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(7,782</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(100</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(5,548</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(1,752</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>(34</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Net
loss attributable to UTStarcom for the years ended December&nbsp;31, 2010 and 2009 included no significant non-operating income or expense
items. In addition to the items included in the operating losses discussed above, net loss attributable to UTStarcom for the year ended December&nbsp;31, 2008 included $47.9&nbsp;million gain from
sale of certain investments and liquidation of investment in a variable interest entity. Net loss attributable to UTStarcom for the year ended December&nbsp;31, 2007 included $53.7&nbsp;million
gain from sale of certain investments. Net loss attributable to UTStarcom for the year ended December&nbsp;31, 2006 included a $13.5&nbsp;million charge associated with the
other-than-temporary impairment of a long-term investment. </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2><A
NAME="de78301_summary_pro_forma_financial_information_1"> </A>
<A NAME="toc_de78301_22"> </A>
<BR></FONT><FONT SIZE=2><B>  Summary Pro Forma Financial Information    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A pro forma condensed consolidated balance sheet for UTS Holdings is not presented in this proxy statement/prospectus because there are
no significant pro forma adjustments required to be made to the historical consolidated financial statements of UTStarcom to give effect to the transaction. The transaction will be accounted for as a
legal reorganization with no change in ultimate ownership interest immediately before and after the transaction. Please see the section entitled "The Merger Agreement&#151;Accounting Treatment
of the Merger." </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>18</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=27,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=1013020,FOLIO='18',FILE='DISK125:[10ZCL1.10ZCL78301]DE78301A.;20',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_de78301_1_19"> </A>


<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
pro forma condensed consolidated statement of operations for UTS Holdings is not presented in this proxy statement/prospectus because there are no significant pro forma adjustments
required to be made to income from operations in the historical consolidated income statements of UTStarcom to give effect to the transaction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference
is made to the consolidated financial statements of UTStarcom, including the notes to the financial statements, in UTStarcom's Annual Report on Form&nbsp;10-K for
the year ended December&nbsp;31, 2010, which is incorporated by reference into this proxy statement/prospectus. Please refer to the section in this proxy statement/prospectus entitled "Where You Can
Find More Information." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
estimate that the costs incurred in connection with the merger and reorganization will amount to approximately $900,000, with the significant majority having been incurred prior to
your vote on the proposal. The total transaction costs for 2010 were in the range of $550,000 and have been or will be reflected in general and administrative expense in our condensed consolidated
statement of operations in the period incurred. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>19</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=28,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=1004345,FOLIO='19',FILE='DISK125:[10ZCL1.10ZCL78301]DE78301A.;20',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_dg78301_1_20"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2>
<A HREF="#bg78301a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dg78301_risk_factors_and_caution_regar__ris02462"> </A>
<A NAME="toc_dg78301_1"> </A>
<BR></FONT><FONT SIZE=2><B>  RISK FACTORS AND CAUTION REGARDING FORWARD-LOOKING STATEMENTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In considering whether to vote in favor of the proposal to adopt the Merger Agreement in connection with the merger, you should
consider carefully the following risks or investment considerations, in addition to the other information in this proxy statement/prospectus. In addition, please note that this proxy
statement/prospectus contains or incorporates by reference "forward-looking statements" and "forward-looking information" under applicable securities laws. These forward-looking statements include,
but are not limited to, statements about the merger and reorganization and our plans, objectives, expectations and intentions with respect to future operations, including the benefits or impact
described in this proxy statement/prospectus that we expect to achieve as a result of the merger and reorganization. You can find many of these statements by looking for words such as "believes,"
"expects," "anticipates," "estimates," "continues," "may," "intends," "plans" or similar expressions in this proxy statement/prospectus or in the documents incorporated by reference. Any
forward-looking statements in this proxy statement/prospectus reflect only expectations that are current as of the date of this proxy statement/prospectus or the date of any document incorporated by
reference in this document, as the case may be, are not guarantees of performance, and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of
which are difficult to predict and generally beyond our ability to control. Further, these forward-looking statements are based on assumptions with respect to business strategies and decisions that
are subject to change. Actual results or performance may differ materially from those we express in our forward-looking statements. Except as may be required by applicable securities
laws, we disclaim any obligation or undertaking to disseminate any updates or revisions to our statements, forward-looking or otherwise, to reflect changes in our expectations or any change in events,
conditions or circumstances on which any such statements are based. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set
forth below, we have identified the factors, among others, that you should consider before making a decision on whether or not to vote in favor of the proposal to adopt the Merger
Agreement, and we have identified certain of the risks that could cause our actual plans or results to differ materially from those included in the forward-looking statements contained or incorporated
by reference herein. You should consider these risks when deciding how to vote. In addition, you should also review carefully the risks affecting our business generally that could also cause our
actual plans or results to differ materially from those included in the forward-looking statements contained or incorporated by reference herein. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="dg78301_risks_relating_to_the_merger_and_reorganization"> </A>
<A NAME="toc_dg78301_2"> </A>
<BR></FONT><FONT SIZE=2><B>  Risks Relating to the Merger and Reorganization    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Your rights as a stockholder of UTStarcom will change as a result of the merger and you may not be afforded as many rights as a shareholder of UTS Holdings under applicable
laws and the UTS Holdings memorandum and articles of association as you were as a stockholder of UTStarcom under applicable laws and the UTStarcom certificate of incorporation and bylaws.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because of differences between Delaware law and Cayman Islands law and differences between the governing documents of UTStarcom and UTS
Holdings, we are unable to adopt governing documents for UTS Holdings that are identical to the governing documents for UTStarcom, but we have attempted to preserve in the memorandum and articles of
association of UTS Holdings the same allocation of material rights and powers between the shareholders and our Board of Directors that exists under UTStarcom's bylaws and certificate of incorporation.
Nevertheless, UTS Holdings's proposed memorandum and articles of association differ from UTStarcom's bylaws and certificate of incorporation, both in form and substance, and your rights as a
shareholder will change. For example: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Under the DGCL, disposition of all or substantially all of the property of a corporation not in the usual and regular
course of the corporation's business generally requires approval by the holders of a majority of the shares entitled to vote on the matter. However, under the </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>20</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=29,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=698730,FOLIO='20',FILE='DISK125:[10ZCL1.10ZCL78301]DG78301A.;18',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_dg78301_1_21"> </A>


<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>Companies
Law and UTS Holdings's articles of association, there is no requirement for shareholder approval for a sale of all or substantially all of UTS Holdings's assets.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Under the DGCL, a corporation may not engage in a business combination with an interested stockholder for a period of
three years after the time of the transaction in which the person became an interested stockholder. However, there is no equivalent provision under the Companies Law or UTS Holdings's articles of
association prohibiting business combinations with interested stockholders.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Under the DGCL, any stockholder may, upon written demand under oath stating the purpose thereof, inspect the corporation's
books and records for a proper purpose during the usual hours for business. However, shareholders of a Cayman Islands company do not have any general rights to inspect corporate records of a company,
and UTS Holdings's articles of association provide that the directors have the discretion as to whether, to what extent, when, where and under what conditions or regulations the accounts and books of
the company may be open to the inspection of shareholders who are not directors.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Under the DGCL, a stockholder may bring a derivative suit provided the requirements to do so under the DGCL have been met.
However, for a Cayman Islands company, the decision to institute proceedings on behalf of a company is generally taken by the company's board of directors, rather than the shareholders, and a
shareholder of UTS Holdings would be entitled to bring a derivative action on behalf of UTS Holdings only in certain limited circumstances. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
a detailed discussion of these and other material differences, please see the comparison chart of your rights as a common stockholder of UTStarcom against your rights as an ordinary
shareholder of UTS Holdings under the section entitled "Comparison of Rights of Stockholders/Shareholders." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> The laws of the Cayman Islands may not provide UTS Holdings shareholders with benefits comparable to those provided to shareholders of corporations incorporated in the
United States.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UTS Holdings's corporate affairs are governed by its memorandum and articles of association, by the Companies Law (2010 Revision) of
the Cayman Islands, or the Companies Law, and by the common law of the Cayman Islands. The rights of shareholders to take action against UTS Holdings's directors, actions by minority shareholders and
the fiduciary responsibilities of UTS Holdings's directors to UTS Holdings under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law in the Cayman
Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands and from English common law, the decisions of whose courts are of persuasive authority but are not
binding on a court in the Cayman Islands. The rights of UTS Holdings's shareholders and the fiduciary responsibilities of its directors, although clearly established under Cayman Islands law, are not
specifically prescribed in statute or a particular document in the same way that they are in certain statutes or judicial precedents in some jurisdictions of the United States. In particular, the
Cayman Islands has a different body of securities laws relative to the United States. Therefore, UTS Holdings's shareholders may have more difficulty protecting their interests in the face of actions
by UTS Holdings's management, directors or controlling shareholders than would shareholders of a corporation incorporated in a jurisdiction in the United States. In addition, shareholders of Cayman
Islands companies may not have standing to initiate a shareholder derivative action before the federal courts of the United States. The Cayman Island courts are also unlikely to impose liability
against UTS Holdings, in original actions brought in the Cayman Islands, based on certain civil liabilities provisions of U.S. securities laws. Please see the section entitled "Enforceability of Civil
Liabilities." </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>21</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=30,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=291196,FOLIO='21',FILE='DISK125:[10ZCL1.10ZCL78301]DG78301A.;18',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_dg78301_1_22"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2><B><I> As a result of different shareholder voting requirements in the Cayman Islands relative to Delaware, we will have less flexibility with respect to our ability to amend our
constitutional documents and enter into certain business combinations than we now have.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Delaware law and our current bylaws and certificate of incorporation, our bylaws and certificate of incorporation may be amended
by the vote of a majority of shares of stock entitled to vote on the matter to approve the amendment, unless the certificate of incorporation requires the vote of a greater number of shares. Cayman
Islands law requires a special resolution of not less than two-thirds of the shareholder votes cast at a general meeting for any amendment to the memorandum and articles of association of
UTS Holdings. As a result of this Cayman Islands law requirement, situations may arise where the flexibility we now have under Delaware law would have provided benefits to our stockholders that will
not be available in the Cayman Islands. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, under Cayman Islands law, certain corporate transactions, such as a merger, require the approval of a special resolution of not less than two-thirds of the
shareholder votes cast at a general meeting or, if the rights attaching to the shares of the merged entity differ from those attaching to the shares of each constituent company, a shareholder
resolution by majority in number representing 75% in value of the shareholders voting together as one class. By contrast, a merger under Delaware law would only require a simple majority of the
outstanding stock of the company entitled to vote thereon. The increased shareholder approval requirements may limit our flexibility to enter into or complete certain business combinations that may be
beneficial to shareholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
a detailed discussion of the differences in shareholder voting requirements in the Cayman Islands relative to Delaware, please see the section entitled "Comparison of Rights of
Stockholders/Shareholders." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> The expected benefits of the merger and reorganization may not be realized.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have presented in this proxy statement/prospectus the anticipated benefits of the merger and reorganization. Please see the section
entitled "The Merger Agreement&#151;Background and Reasons for the Merger." We cannot be assured that all of the goals of the merger and reorganization will be achievable, and some or all of
the anticipated benefits of the merger and reorganization may not occur, particularly as the achievement of the benefits are in many important respects subject to factors that we do not control. These
factors would include such things as the reactions of third parties with whom we enter into contracts and do business and the reactions of investors and analysts. In addition, the anticipated
reduction of SEC reporting requirements and related expenses may not be achieved in the event of changes to the SEC rules applicable to foreign private issuers or if we fail to qualify as a foreign
private issuer. While we expect the merger and reorganization will enable us to reduce our operational, administrative, legal and accounting costs over the long term, these benefits may not be
achieved. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>As a foreign private issuer, UTS Holdings will not be required to provide its shareholders with the same information as UTStarcom would if UTStarcom remained a
U.S. public issuer and, as a result, you may not receive as much information about UTS Holdings as you did about UTStarcom and you may not be afforded the same level of protection as a shareholder of
UTS Holdings under applicable laws and the UTS Holdings memorandum and articles of association as you were as a stockholder of UTStarcom under applicable laws and the UTStarcom certificate of
incorporation and bylaws.</I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
the completion of the merger, UTS Holdings is expected to qualify as a "foreign private issuer" under the rules and regulations of the SEC. UTS Holdings will remain subject to
the mandates of the Sarbanes-Oxley Act, and, as long as the UTS Holdings's ordinary shares are listed on the NASDAQ, the governance and disclosure rules of that stock exchange. However, as a foreign
private issuer, UTS Holdings will be exempt from certain rules under the Exchange Act that would otherwise </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=31,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=725994,FOLIO='22',FILE='DISK125:[10ZCL1.10ZCL78301]DG78301A.;18',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_dg78301_1_23"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2>apply
if UTS Holdings were a company incorporated in the United States or did not meet the other conditions to qualify as a foreign private issuer. For example: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>UTS Holdings may include in its SEC filings financial statements prepared in accordance with U.S.&nbsp;GAAP or with IFRS
as issued by the IASB without reconciliation to U.S.&nbsp;GAAP;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>UTS Holdings will not be required to provide as many Exchange Act reports, or as frequently or as promptly, as U.S.
companies with securities registered under the Exchange Act. For example, UTS Holdings will not be required to file current reports on Form&nbsp;8-K within four business days from the
occurrence of specific material events. Instead, UTS Holdings will need to promptly furnish reports on Form&nbsp;6-K any information that UTS Holdings (a)&nbsp;makes or is required to
make public under the laws of the Cayman Islands, (b)&nbsp;files or is required to file under the rules of any stock exchange or (iii)&nbsp;otherwise distributes or is required to distribute to
its shareholders. Unlike Form&nbsp;8-K, there is no precise deadline by which Form&nbsp;6-K must be furnished. In addition, UTS Holdings will not be required to file its
annual report on Form&nbsp;10-K, which may be due as soon as 60&nbsp;days after its fiscal year end. As a foreign private issuer, UTS Holdings will be required to file an annual report
on Form&nbsp;20-F within four months after its fiscal year end;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>UTS Holdings will not be required to provide the same level of disclosure on certain issues, such as executive
compensation;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>UTS Holdings will not be required to conduct advisory votes on executive compensation;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>UTS Holdings will be exempt from filing quarterly reports under the Exchange Act with the SEC;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>UTS Holdings will not be subject to the requirement to comply with Regulation&nbsp;FD, which imposes certain
restrictions on the selected disclosure of material information;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>UTS Holdings will not be required to comply with the sections of the Exchange Act regulating the solicitation of proxies,
consents or authorizations in respect of a security registered under the Exchange Act; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>UTS Holdings will not be required to comply with Section&nbsp;16 of the Exchange Act requiring insiders to file public
reports of their stock ownership and trading activities and establishing insider liability for profits realized from any "short-swing" trading transaction. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UTS
Holdings expects to take advantage of these exemptions if the merger is effected. Accordingly, after the completion of the merger, if you hold UTS&nbsp;Holdings securities, you may
receive less information about UTS Holdings and its business than you currently receive with respect to UTStarcom and be afforded less protection under the U.S.&nbsp;federal securities laws than you
are entitled to currently. However, consistent with our policy of seeking input from, and engaging in discussions with, our stockholders, on executive compensation matters, UTS&nbsp;Holdings intends
to provide disclosure relating to its executive compensation philosophy, policies and practices and conduct an advisory vote on executive compensation once every three years after the merger is
effected. However, UTS&nbsp;Holdings expects to review this practice after the next such advisory vote and may at that time or in the future determine to conduct such advisory votes more frequently
or to not conduct them at all. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> If UTS Holdings fails to qualify as a foreign private issuer upon completion of the merger, or loses its status as a foreign private issuer at some future time, UTS Holdings
would be required to comply fully with the reporting requirements of the Exchange Act applicable to U.S. domestic issuers and would incur significant operational, administrative, legal and accounting
costs that it would not incur as a foreign private issuer.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following completion of the merger, UTS Holdings is expected to qualify as a "foreign private issuer" under the rules and regulations
of the SEC. As a foreign private issuer, UTS Holdings will be exempt from certain rules under the Exchange Act that would otherwise apply if UTS Holdings were a </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>23</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=32,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=169339,FOLIO='23',FILE='DISK125:[10ZCL1.10ZCL78301]DG78301A.;18',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_dg78301_1_24"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2>company
incorporated in the United States or did not meet the other conditions to qualify as a foreign private issuer. Please see the section entitled "Risk Factors and Caution Regarding
Forward-Looking Statements&#151;Risks Relating to the Merger and Reorganization&#151;As a foreign private issuer, UTS Holdings will not be required to provide its shareholders with the
same information as UTStarcom would if UTStarcom remained a U.S. public issuer and, as a result, you may not receive as much information about UTS Holdings as you did about UTStarcom and you may not
be afforded the same level of protection as a shareholder of UTS Holdings under applicable laws and the UTS Holdings memorandum and articles of association as you were as a stockholder of UTStarcom
under applicable laws and the UTStarcom certificate of incorporation and bylaws." While UTS Holdings is expected to qualify as a foreign private issuer following the completion of the merger, if UTS
Holdings fails to qualify as a foreign private issuer upon completion of the merger, or loses its status as a foreign private issuer at some future time, UTS Holdings will be required to comply fully
with the reporting requirements of the Exchange Act applicable to U.S. domestic issuers and would incur significant operational, administrative, legal and accounting costs that it would not incur as a
foreign private issuer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> If we prepare our financial statements in accordance with IFRS following the merger, there may be a significant effect on our reported financial results.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC permits foreign private issuers to file financial statements in accordance with IFRS as issued by IASB. At any time in the
future, as a foreign private issuer, we may decide to prepare our financial statements in accordance with IFRS as issued by the IASB. The application by us of different accounting standards, a change
in the rules of IFRS as issued by the IASB, or in the SEC's acceptance of such rules, could have a significant effect on our reported financial results. Additionally, U.S.&nbsp;GAAP is subject to
interpretation by the Financial Accounting Standards Board, the American Institute of Certified Public Accountants, the Public Company Accounting Oversight Board, the SEC, and various bodies formed to
promulgate and interpret appropriate accounting principles. IFRS are subject to interpretation by the IASB. A change in these principles or interpretations could have a significant effect on our
reported financial results. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Changes in domestic and foreign laws, including tax law changes, could adversely affect UTS Holdings, its subsidiaries and its shareholders, and our effective tax rate may
increase whether we effect the merger or not.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in tax laws, regulations or treaties or the interpretation or enforcement thereof, in both or either of the U.S. or Cayman
Islands, could adversely affect the tax consequences of the merger to UTS Holdings and its shareholders and/or our effective tax rates (whether associated with the merger or otherwise). While the
merger is not anticipated to have any material impact on our effective tax rate, there is uncertainty regarding the tax policies of the jurisdictions where we operate, and our effective tax rate may
increase and any such increase may be material. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I> The enforcement of civil liabilities against UTS Holdings may be more difficult.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After the merger, all of our executive officers and a majority of our directors will reside outside of the United States. As a result,
it may be more difficult to serve legal process within the United States upon any of these persons and it may also be difficult to enforce, both in and outside of the United States, judgments you may
obtain in the U.S. courts against these persons in any action, including actions based upon the civil liability provisions of U.S. federal or state securities laws. Because UTS Holdings is a Cayman
Islands corporation, investors could also experience more difficulty enforcing judgments obtained against UTS Holdings in U.S. courts than would currently be the case for U.S. judgments obtained
against UTStarcom. In addition, it may be more difficult (or impossible) to bring some types of claims against UTS Holdings in Cayman Islands courts than it would be to bring similar claims against a
U.S. company in a U.S. court. Please see the section entitled "Enforceability of Civil Liabilities." </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>24</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=33,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=105619,FOLIO='24',FILE='DISK125:[10ZCL1.10ZCL78301]DG78301A.;18',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_dg78301_1_25"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2><B><I> The market for UTS Holdings shares may differ from the market for UTStarcom shares.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although it is anticipated that the UTS Holdings ordinary shares will be authorized for listing on NASDAQ under the symbol "UTSI," as a
company incorporated under the laws of the Cayman Islands, shares of UTS Holdings may appeal to different institutional investors, or impact the level of investment by current investors who may prefer
or be required by internal guidelines to invest in companies that are incorporated in the United States. Accordingly, the reorganization may impact our institutional investor base, or the level of
their respective investments in
our securities, and may result in a change in the market prices, trading volume and volatility of the UTS Holdings shares from those of UTStarcom shares. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I> We expect to incur transaction costs and adverse financial consequences in the year of completion of the merger.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have incurred in 2010 and expect to further incur in 2011 a total of approximately $900,000 in transaction costs in connection with
the merger, which have been and will continue to be expensed as incurred. The substantial majority of these costs will be incurred regardless of whether the merger is completed and prior to your vote
on the proposal. We expect to incur costs and expenses, including professional fees, to comply with the Cayman Islands corporate and other laws. In addition, we expect to incur attorneys' fees,
accountants' fees, filing fees, mailing expenses, proxy solicitation fees and financial printing expenses in connection with the merger, even if the merger is not approved or completed. The
transaction costs described above could affect our ability to achieve our previously announced operating income growth target for 2010 and/or 2011. Please see the section entitled "Summary Pro Forma
Financial Information" for more information regarding these transaction costs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
merger also may negatively affect us by diverting attention of our management and employees from our operating business during the period of implementation and by increasing other
administrative costs and expenses. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Our Board of Directors may choose to defer or abandon the merger.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Completion of the merger may be deferred or abandoned, at any time, by action of our Board of Directors, whether before or after the
Annual Meeting. While we currently expect the merger to take place promptly after the proposal to adopt the merger agreement is approved at the Annual Meeting, our Board of Directors may defer
completion either before or for a significant time after the Annual Meeting or may abandon the merger because of, among other reasons, changes in existing or proposed laws, our determination that the
merger would involve tax or other risks that outweigh their benefits, our determination that the level of expected benefits associated with the merger would otherwise be reduced, a dispute with the
taxation authorities over the merger (or certain aspects thereof), an unexpected increase in the cost to complete the merger or any other determination by our Board of Directors that the merger would
not be in the best interests of UTStarcom or its stockholders or that the merger would have material adverse consequences to UTStarcom or its stockholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="dg78301_risks_relating_to_our_business"> </A>
<A NAME="toc_dg78301_3"> </A>
<BR></FONT><FONT SIZE=2><B>  Risks Relating to Our Business    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> We continue to experience operating losses and may not have sufficient liquidity to execute our business plan or to continue our operations without obtaining additional
funding or selling additional securities. Our ability to obtain additional funding or obtain them under commercially reasonable terms is not assured and we may not be able to issue additional
securities.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We reported net losses attributable to UTStarcom of $65.1&nbsp;million, $225.7&nbsp;million and $150.3&nbsp;million for the years
ended December&nbsp;31, 2010, 2009 and 2008, respectively. At December&nbsp;31, 2010, we had an accumulated deficit of $1,132.3&nbsp;million and used $92.2&nbsp;million of cash in operations
during the year ended December&nbsp;31, 2010. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>25</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=34,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=988348,FOLIO='25',FILE='DISK125:[10ZCL1.10ZCL78301]DG78301A.;18',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_dg78301_1_26"> </A>


<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management
has partially implemented its liquidity plan through the payment in March 2008 of $289.5&nbsp;million to retire our convertible subordinated notes and related accrued
interest, the sale of UTStarcom Personal Communications&nbsp;LLC, or PCD, on July&nbsp;1, 2008 and the sale of our facility in Hangzhou, China for approximately $138.8&nbsp;million. Please see
Notes&nbsp;3, 6 and 7 of our consolidated financial statements included under Part&nbsp;II, Item&nbsp;8 of our Annual Report on Form&nbsp;10-K for the year ended
December&nbsp;31, 2010, which is incorporated herein by reference. In addition, in the second quarter of 2010, we entered into two credit facilities totaling $29.4&nbsp;million. Both credit
facilities can be used for the issuance of certain letters of credit and guarantees and both facilities expire in the second quarter of 2011. As a result, management believes we will have sufficient
liquidity to finance our 2011 anticipated operations and capital expenditure requirements, as well as achieve projected cash collections from customers and contain expenses and cash used in
operations. However, achievement of such operating performance is not assured and management expects to continue to implement its liquidity plans, which includes reducing operating expenses. If we
cannot successfully implement our liquidity plans, it may be necessary for us to make significant changes to our business plan in order to maintain adequate liquidity. In addition, various other
matters may impact our liquidity such as: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>inability to achieve planned operating results that could increase liquidity requirements beyond those considered in our
business plan;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>changes in financial market conditions or our business condition that could limit our access to existing credit facilities
or make new financings more costly or even unfeasible;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>changes in China's currency exchange control regulations that could limit our ability to access cash in China to meet
liquidity requirements for our operations in China or elsewhere; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>difficulties in performing finance and other key functions as a result of our elimination of functional duplication during
2010 through the consolidation of a number of such functions into our China operations, which could adversely affect cash collections and liquidity. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
management has developed liquidity plans, we may have difficulty maintaining existing relationships, or developing new relationships, with suppliers or vendors as a result of
our financial condition. Our suppliers or vendors could choose to provide supplies or services to us on more stringent payment terms than those currently in place, such as by requiring advance payment
or payment upon delivery of such supplies or services, which would have an adverse impact on our short-term cash flows. As a result, our ability to retain current customers, attract new
customers and maintain contracts that are critical to our operations may be adversely affected. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we cannot meet our liquidity needs through improved operating results, we may need to obtain additional financing from financial institutions. However, we cannot assure you that we
will be able to obtain loans or obtain them under commercially reasonable terms. We may also have to sell additional securities to meet our liquidity needs, but our ability to sell our securities is
not assured. In addition, any additional issuance of securities would dilute the ownership of our stockholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Our cost-reduction initiatives and restructuring plans may not result in anticipated savings or more efficient operations. Our restructuring may disrupt our
operations and adversely affect our operations and financial results.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;11, 2009, we announced a restructuring of our worldwide operations in an effort to accelerate our return to
profitability, strategically align our cost structure with expected revenues and reallocate resources into areas of our business that we believe have more growth potential. Throughout 2010, we
continued to execute our restructuring strategies. We may not be able to successfully complete and realize the expected benefits of our restructuring plans. Our restructuring plans may involve higher
costs or a longer timetable, or they may fail to improve our results of operations and cash flows as we anticipate. Our inability to realize these benefits may result in an ineffective business
structure that could negatively impact our results of operations. In addition to costs related to severance and other employee-related costs, our restructuring plans may also subject us to litigation
risks and expenses. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>26</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=35,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=342804,FOLIO='26',FILE='DISK125:[10ZCL1.10ZCL78301]DG78301A.;18',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_di78301_1_27"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT> <FONT SIZE=2>
<A HREF="#bg78301a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our restructuring plans may have other adverse consequences, such as employee attrition beyond our planned reduction in workforce, the loss of employees with
valuable knowledge or expertise, a negative impact on employee morale, or a gain in competitive advantage by our competitors over us. The restructuring may place increased demands on our personnel and
could adversely affect our ability to attract and retain talent, to develop and enhance our products and services, to service existing customers, to achieve our sales and marketing objectives and to
perform our accounting, finance and administrative functions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may undertake future cost-reduction initiatives and restructuring plans that may adversely impact our operations; and we may not realize all of the anticipated benefits of
our prior or any future restructurings. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Market turmoil may negatively impact our business.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disruptions in orderly financial markets, resulting from, among other factors, severely diminished liquidity and credit availability
plus volatile and declining valuations of securities and other investments, have caused business and consumer confidence to ebb, business activities to slowdown, and unemployment to increase. These
factors along with the interconnectivity and interdependency of international economies have created a global downturn in economic activity. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are unable to predict how long the economic downturn will last. A continuing economic downturn may adversely impact our business in a number of ways, such
as: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Reduced demand for our products and services.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In a period of
economic uncertainty customers may adopt a strategy of deferring purchases to upgrade existing systems or to deploy new systems until later periods when the recoverability of their investment becomes
more assured. In addition, customers who must finance their capital expenditures by issuance of debt or equity securities may find the securities markets unavailable to them. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Increased pricing pressure and lower margins.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our competitors
include a number of global enterprises with relatively greater size in terms of revenues, working capital, financial resources and number of employees, and our customers are telecommunication service
providers who typically are owned, controlled, or sponsored by governments. If the size of our potential markets contract due to the global economic downturn, competition for available contracts may
become more intense which could require us to offer or accept pricing, payment, or local content terms which are less favorable to remain competitive. In some cases we might be unwilling or unable to
compete for business where competitive pressures make a potential opportunity unprofitable to us.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Greater difficulty in collecting accounts receivable.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Many of
our telecommunication carrier customers are either owned or controlled by governments and any changes in such governments' policies concerning the authorization or funding of payments for capital
expenditures could lengthen our cash collection cycle and thereby cause our liquidity to deteriorate. Additionally, while the vast majority of our net sales are to such large, well capitalized
telecommunication carriers, some sales are made to distributors or other customers whose financial resources may be more subject to rapid decline, which could expose us to losing sales, delaying
revenue recognition or accepting greater collection risks due to credit quality issues.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Greater difficulty in obtaining purchased goods and
services.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We expect that many of our suppliers will face the same or more challenging circumstances as we face in the current economic downturn, which could result
in an adverse effect on our cash flows and liquidity. Some suppliers or vendors could choose to provide supplies or services to us on more stringent payment terms than those currently in place, such
as by requiring advance payment or payment upon delivery of such supplies or services. Additionally, some suppliers might experience a worsening financial condition causing them to either withdraw
from the market or be unable to </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>27</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=36,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=257164,FOLIO='27',FILE='DISK125:[10ZCL1.10ZCL78301]DI78301A.;10',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_di78301_1_28"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>meet
our expected timing for the receipt of goods ordered from them, either of which condition in turn could adversely affect our ability to serve our customers and lengthen the cycle time for
transforming customer orders into cash receipts. Additionally, if it is necessary to seek alternative sources of supply, the effects on our costs, cycle time for cash collections, and customer
satisfaction with UTStarcom are uncertain.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Additional restructuring and asset impairment charges.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If we
are unable to generate the level of new contract bookings, revenues, and cash flow contemplated by our business plan, management will be forced to take further action to focus our business activities
and align our cost structure with anticipated revenues. These actions, if necessary, could result in additional restructuring charges and/or asset impairment charges being recognized in 2011 and
beyond. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B><I> Changes in our management may cause uncertainty in, or be disruptive to, our business. Certain of our directors and management team members have been with us in those
capacities for only a short time.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We experienced significant changes in our management and our Board of Directors in recent times. For example, our Chief Financial
Officer was appointed as such in May 2010 and we appointed our Chief Operating Officer as our Chief Executive Officer and President in September 2010. Additionally, three directors resigned and five
new directors were added to our Board of Directors since September 2010. Although we have endeavored to implement any director and management transition in as non-disruptive a manner as
possible, any such transition might impact our business, and give rise to uncertainty among our customers, investors, vendors, employees and others concerning our future direction and performance.
This could adversely affect our business, financial condition, results of operations and cash flows, and our ability to execute our business model could be impaired. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, because we have members of management and our Board of Directors serving in their capacity as such for only a short duration, we face the additional risks that these
persons: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>have limited familiarity with our past practices;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>lack experience in communicating effectively within the team and with other employees;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>lack settled areas of responsibility; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>lack an established track record in managing our business strategy. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B><I> Our overall financial performance continues to depend in large part upon our China subsidiaries.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approximately 57% of our sales were generated in China in 2010 as compared to approximately 46% and 27% of our sales in 2009 and 2008,
respectively. Subsequent to the divestiture of PCD in July 2008, China now accounts for a larger portion of our overall sales. We have made substantial investments in China and, therefore, our
business, financial condition and results of operations are to a significant degree subject to economic, political, legal and social developments and other events in China. If our business in China
declines, our financial condition, results of operations and cash flows may be significantly harmed. Please see section entitled "Risk Factors and Caution Regarding Forward-Looking
Statements&#151;Risks Relating to Conducting Business in China." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> We may be unable or unwilling to accept additional purchase orders from existing clients, which could damage our relationships with such clients and lead to legal and
financial consequences which could harm our business.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to liquidity constraints or other strategic factors, we may from time to time be unable or unwilling to accept additional purchase
orders from existing clients. If an existing customer places a purchase order with us that we then refuse to accept, our relationship with such customer may be harmed. Moreover, any refusal or
inability by us to accept additional purchase orders may result in legal claims by our customers, reduced collections from previous purchase orders and financial </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>28</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=37,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=26291,FOLIO='28',FILE='DISK125:[10ZCL1.10ZCL78301]DI78301A.;10',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_di78301_1_29"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2>penalties,
which could distract our management and harm our business. Certain of our contracts have significant performance bank guarantees that, subject to the terms in the contracts, may be paid to
the customer in the event of a default by us in addition to any other remedies it may have. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Any failure by us to successfully transition certain functions to China may lead to increased costs and adversely affect our business.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We recently transitioned certain key functions, including headquarters and finance, to China in order to eliminate functional
duplication and reduce operating expenses. The transition is a critical part of our plan to achieve profitability and maintain liquidity. We may experience a higher than typical rate of employee
turnover as a result of this transition and a decrease in employee morale. If we fail to attract, hire, assimilate or retain qualified personnel in China, the transitioned functions may be negatively
impacted. Cash collections and liquidity may be adversely affected if we have difficulties performing finance functions going forward after the transition. Information and data that we rely on may be
subject to risk of loss in connection with the transition. If we are not successful in this initiative, we may not achieve the expected benefits despite having expended significant capital and human
effort. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Adverse resolution of pending civil litigation may harm our operating results or financial condition.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a party to lawsuits in the normal course of our business. This litigation is, and any future additional litigation could be,
time consuming and expensive, could divert our management's attention away from our regular business, and if any one of these lawsuits is adversely resolved against us, could have a material adverse
effect on our financial condition and liquidity. Moreover, the results of complex legal proceedings are difficult to predict. For additional
information regarding certain of the matters in which we are involved, please see the section entitled "Legal Proceedings" in our Annual Report on Form&nbsp;10-K for the year ended
December&nbsp;31, 2010, which is incorporated herein by reference. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Our future product sales are unpredictable and, as a result, our operating results are likely to fluctuate from quarter to quarter.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our quarterly and annual operating results have fluctuated in the past and are likely to fluctuate in the future due to a variety of
factors, some of which are outside of our control. Factors that may affect our future operating results include: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the timing and size of the orders for our products;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>consumer acceptance of new products we may introduce to market;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>changes in the growth rate of customer purchases of communications services;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the lengthy and unpredictable sales cycles associated with sales of our products;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>revenue recognition, which is based primarily on customer acceptance of delivered products, is unpredictable; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>cancellation, deferment or delay in implementation of large contracts;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>quality issues resulting from the design or manufacture of the products, or from the software used in the product; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>cash collection cycles in China and other emerging markets;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>reliance on product, software and component suppliers who may constitute a sole source of supply or may have going concern
issues;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the decline in business activity we typically experience during the Chinese Lunar New Year, which leads to decreased sales
and collections during our first fiscal quarter; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>29</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=38,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=291134,FOLIO='29',FILE='DISK125:[10ZCL1.10ZCL78301]DI78301A.;10',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_di78301_1_30"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>issues that might arise from divestiture of non-core assets or operations or the integration of acquired
entities and the inability to achieve expected results from such divestitures or acquisitions;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>shifts in our product mix or market focus; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>availability of adequate liquidity to implement our business plan. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of these and other factors, period-to-period comparisons of our operating results are not necessarily meaningful or indicative of future performance.
In addition, the factors noted above may make it difficult for us to forecast our future financial performance. Furthermore, it is possible that in some future quarters our operating results will fall
below our internal forecasts, public guidance or the expectations of securities analysts or investors. If this occurs, the trading price of our ordinary shares could decline. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Competition in our markets may lead to reduced prices, revenues and market share.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We face intense competition, and will continue to face intense competition, from both domestic and international companies in our
target markets, many of which may operate under lower cost structures and have much larger sales forces than we do. Additionally, other companies not presently offering competing products may also
enter our target markets. Many of our competitors have significantly greater financial, technical, product development, sales, marketing and other resources than we do. As a result, our competitors
may be able to respond more quickly to new or emerging technologies and changes in service provider requirements. Our competitors may also be able to devote greater resources than we can to the
development, promotion and sale of new products. These competitors may be able to offer significant financing arrangements to service providers, which may give them a competitive advantage in selling
systems to service providers with limited financial resources. In many of the developing markets in which we operate or intend to operate, relationships with local governmental telecommunications
agencies are important to establish and maintain through permissible means. In many such markets, our competitors may have or be able to establish better relationships with local governmental
telecommunications agencies than we have, which could result in their ability to influence governmental policy formation and interpretation to their advantage. Additionally, our competitors might have
better relationships with their third party suppliers and obtain component parts at reduced rates, allowing them to offer their end products at reduced prices. Moreover, the telecommunications and
data transmission industries have experienced significant consolidation, and we expect this trend to continue. If we have fewer significant customers, we may be more reliant on such large customers
and our bargaining position and profit margins may suffer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increased
competition is likely to result in price reductions, reduced gross profit as a percentage of net sales and loss of market share, any one of which could materially harm our
business, cash flows and financial condition if extended losses were incurred. In order to be competitive, we must continually reduce the cost of manufacturing our products through design and
engineering changes and other cost control measures. We may not be successful in these efforts or in delivering our products to market in a timely manner. In addition, any redesign may not result in
sufficient cost reductions to allow us to reduce the prices of our products to remain competitive or to improve or maintain our gross profit as a percentage of net sales, which would cause our
financial results to suffer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
meet competitive offerings we may accept contracts with low profitability or even enter into contracts with anticipated losses if we believe it is necessary to establish a
relationship with a customer or a presence in a market that we consider important to our strategy. Accepting a contract with an anticipated loss requires us to recognize a provision for the entire
loss in the period in which it becomes evident rather than in later periods in which contract performance occurs. Accepting contracts with low gross margins adversely affects our reported results when
the revenues from such contracts are recognized; in some cases revenue recognition must be deferred until all revenue recognition criteria </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>30</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=39,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=751552,FOLIO='30',FILE='DISK125:[10ZCL1.10ZCL78301]DI78301A.;10',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_di78301_1_31"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2>have
been met, and this would result in recognizing the adverse effects of low gross margin contracts in periods subsequent to when contract performance occurred. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> The average selling prices of our products may decrease, which may reduce our revenues and our gross profit.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The average selling prices for communications access and switching systems and handsets have historically declined as a result of a
number of factors, including: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>increased competition;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>aggressive price reductions by competitors;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>rapid technological change; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>constant change in customer buying behavior and market trends. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
average selling prices of our products may continue to decrease in the future in response to product introductions by us or our competitors or other factors, including price
pressures from customers. Certain of our products, including wireless handsets, historically have had low gross profit margins, and any further deterioration of our profit margins on such products
could result in losses with respect to such products. Therefore, we must continue to develop, source and introduce new products and enhancements to existing products that incorporate features that can
be sold at higher average selling prices. Failure to do so, or the failure of consumers or our direct customers to accept such new products, could cause our revenues and gross profit to decline. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Our market is subject to rapid technological change, and to compete effectively, we must continually introduce new products and product enhancements that achieve market
acceptance.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The market for communications equipment is characterized by rapid technological developments, frequent new product introductions,
changes in consumer preferences and evolving industry and regulatory standards. Our success will depend in large part on our ability to enhance our technologies and develop and introduce new products
and product enhancements that anticipate changing service provider requirements, technological developments and evolving consumer preferences. We may need to make substantial capital expenditures and
incur significant research and development costs to develop and introduce new products and enhancements. If we fail to develop and introduce new products or enhancements to existing products that
effectively respond to technological change on a timely basis, our business, financial condition and results of operations could be materially adversely affected. Certain of our products have a short
product life. Moreover, from time to time, our competitors or we may announce new products or product enhancements, technologies or services that have the potential to replace or shorten the life
cycles of our products and that may cause customers to defer purchasing our existing products, resulting in charges for inventory obsolescence reserves. Future technological advances in the
communications industry may diminish or inhibit market acceptance of our existing or future products or render our products obsolete. Even if we are able to develop and introduce new products, they
may not gain market acceptance. Market acceptance of our products will depend on various factors, including: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>our ability to obtain necessary approvals from regulatory organizations within the countries in which we operate and for
any new technologies that we introduce;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the length of time it takes service providers to evaluate our products, causing the timing of purchases to be
unpredictable;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the compatibility of our products with legacy technologies and standards existing in previously deployed network
equipment;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>our ability to attract customers who may have pre-existing relationships with our competitors; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>31</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=40,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=134020,FOLIO='31',FILE='DISK125:[10ZCL1.10ZCL78301]DI78301A.;10',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_di78301_1_32"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>product pricing relative to performance;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the level of customer service available to support new products; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the timing of new product introductions meeting demand patterns. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
our products fail to obtain market acceptance in a timely manner, our business and results of operations could suffer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> We depend on a third party contract manufacturer for the manufacture and supply of our products. If we cannot secure from our contract manufacturer timely delivery of our
products, high quality manufacture, or competitive prices, or if our contract manufacturer ceases to exist, then our competitive position, reputation and business could be harmed.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;23, 2010, we, through our wholly owned subsidiary, UTStarcom Telecom&nbsp;Co.,&nbsp;Ltd. signed a Manufacturing
Agreement with Sanmina SCI Corporation, or Sanmina, effective as of December&nbsp;31, 2009. The Manufacturing Agreement has an initial term of one year, with automatic renewals of one year terms
unless notice is provided 90&nbsp;days prior to the end of the then-current term. The Manufacturing Agreement may be terminated for cause and either party may terminate the agreement for
convenience with prior notice of six months. Under the
Manufacturing Agreement, Sanmina provides full electronics manufacturing services, including manufacturing, assembly and support, for our broadband, IPTV and NGN solutions products previously
manufactured through our Hangzhou, China facility. Sanmina also provides new product introduction support, material sourcing and procurement, printed circuit board assembly, system integration and
testing, final pack-out and delivery of products under the Manufacturing Agreement. There is no minimum annual requirement under the terms of the Manufacturing Agreement; however, we are
required to provide Sanmina with a four month rolling forecast and we are obligated to purchase one of the four month rolling forecast. For the remaining three months of the then-current
four month rolling forecast, we are obligated to pay for any components on our bill of materials ordered by Sanmina, which are not passive components and are non-cancellable, and we may
also be obligated to buy back excess inventory and obsolete inventory. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
growth and ability to meet customer demands depends in part on our ability to obtain timely deliveries of quality products from our contract manufacturers. The fact that we do not
own or operate the bulk of our manufacturing facilities and that we are reliant on our contract manufacturer could have an adverse impact on the supply of our products and on our business and
operating results and subjects us to the following risks: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>failure to receive timely delivery of our products could cause delay in our ability to timely fulfill customer orders; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>failure to receive good quality products from our contract manufacturer could affect our ability to fulfill customer
orders and damage our relationship with our customers;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>failure to estimate customer demand and properly place product orders could result in excess inventory or insufficient
inventory;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any financial problems of either our contract manufacturer or their component suppliers could either limit the products we
receive or increase our costs;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>reservation of manufacturing capacity at our contract manufacturer by other companies could either limit supply or
increase costs; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>we are otherwise unable to realize the efficiencies anticipated when we decided to outsource our manufacturing. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>32</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=41,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=146211,FOLIO='32',FILE='DISK125:[10ZCL1.10ZCL78301]DI78301A.;10',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_di78301_1_33"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supply
chain issues, including financial problems of our contract manufacturer or their component suppliers, or a shortage of adequate component supply or manufacturing capacity could
increase our costs or cause a delay in our ability to fulfill orders and have an impact on our customers, could have an adverse affect on our business and operating results and gross margins. A
reduction or interruption in supply, a significant increase in the price of one or more components, a failure to adequately authorize procurement of inventory by our contract manufacturer, a failure
to appropriately cancel, reschedule, or adjust our requirements based on our business needs, or a decrease in demand for our products could materially adversely affect our business, operating results,
and financial condition and could materially damage customer relationships. If our contract manufacturer ceases to do business, our revenue and gross margins could suffer until another contract
manufacturing source can be developed. Our operating results could also be adversely affected if, anticipating greater demand than actually develops, we commit to the purchase of more products than we
need, or if we fail to estimate adequate customer demand, resulting in a lack of products to sell to customers, either of which is more likely to occur in a period of demand uncertainties such as we
are currently experiencing. We may not be able to diversify sources in a timely manner, which could harm our ability to deliver products to customers and seriously impact present and future sales. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> We purchase certain key components and materials used in our products from authorized distributors of sole source suppliers. If we cannot secure adequate supplies of high
quality products at competitive prices or in a timely manner, our competitive position, reputation and business could be harmed.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We purchase certain key components and materials, such as chipsets, used in our products from authorized distributors of sole source
suppliers. We do not have direct contractual arrangements with the sole source suppliers of chipsets used in our products. If we are unable to obtain high-quality components and materials
in the quantities required and at the costs specified by us, we may not be able to find alternative sources on favorable terms, in a timely manner, or at all. Our inability to obtain or to develop
alternative sources if and as required could result in delays or reductions in manufacturing or product shipments. From time to time, there could be shortages of certain products or components.
Moreover, the components and materials we purchase may be inferior quality products. If an inferior product supplied by a third party is embedded in our end product and causes a problem, it might be
difficult to identify the source of the problem as being due to the component parts. If any of these events occur, our competitive position, reputation and business could suffer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
ability to source a sufficient quantity of high-quality, cost-effective components used in our products may also be limited by import restrictions and duties
in the foreign countries in which we manufacture our products. We require a significant number of imported components to manufacture our products, and imported electronic components and other imported
goods used in the operation of our business may be limited by a variety of permit requirements, approval procedures, patent infringement claims, import duties and licensing requirements. Moreover,
import duties on such components increase the cost of our products and may make them less competitive. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Our multinational operations strain our resources and subject us to various economic, political, regulatory and legal risks.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We market and sell our products globally. Our existing multinational operations require significant management attention and financial
resources. To continue to manage our global business, we will need to take various actions, including: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>enhancing management information systems, including forecasting procedures;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>further developing our operating, administrative, financial and accounting systems and controls; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>managing our working capital and sources of financing;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>maintaining close coordination among our engineering, accounting, finance, marketing, sales and operations organizations; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>33</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=42,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=578392,FOLIO='33',FILE='DISK125:[10ZCL1.10ZCL78301]DI78301A.;10',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<UL>
<UL>
</UL>
</UL>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_dk78301_1_34"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2>
<A HREF="#bg78301a_main_toc">Table of Contents</A> </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>successfully consolidating a number of functions in China to eliminate functional duplication;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>retaining, training and managing our employee base;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>reorganizing our business structure to more effectively allocate and utilize our internal resources; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>improving and sustaining our supply chain capability; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>managing both our direct and indirect sales channels in a cost-efficient and competitive manner. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we fail to implement or improve systems or controls or to manage any future growth and transformation effectively, our business could suffer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furthermore,
multinational operations are subject to a variety of risks, such as: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the complexity of complying with a variety of foreign laws and regulations in each of the jurisdictions in which we
operate;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the complexity of complying with anti-corruption laws in each of the jurisdictions in which we operate. These
include U.S. regulations for foreign operations, such as the Foreign Corrupt Practices Act, as well as the anti-bribery and anti-corruption laws of China and India where we
conduct substantial operations. There is rigorous enforcement of anti-corruption laws in the United States and in China, the violation of these laws may result in substantial monetary and
even criminal sanctions;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>difficulty complying with continually evolving and changing global product and communications standards and regulations
for both our end products and their component technology;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>market acceptance of our new products, including longer product acceptance periods in new markets into which we enter; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>reliance on local original equipment manufacturers, third party distributors, resellers and agents to effectively market
and sell our products;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>unusual contract terms required by customers in developing markets;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>changes to import and export regulations, including quotas, tariffs, licensing restrictions and other trade barriers; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the complexity of compliance with complex and varying taxation requirements of multiple jurisdictions; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>evolving and unpredictable nature of the economic, regulatory, competitive and political environments; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>reduced protection for intellectual property rights in some countries;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>longer accounts receivable collection periods; and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>difficulties and costs of staffing, monitoring and managing multinational operations, including but not limited to
internal controls and compliance. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, many of the global markets are less developed, presenting additional economic, political, regulatory and legal risks unique to developing economies, such as the
following: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>customers that may be unable to pay for our products in a timely manner or at all;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>new and unproven markets for our products and the telecommunications services that our products enable; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>lack of a large, highly trained workforce; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>34</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=43,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=156373,FOLIO='34',FILE='DISK125:[10ZCL1.10ZCL78301]DK78301A.;10',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_dk78301_1_35"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>difficulty in controlling local operations from our headquarters;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>variable ethical standards and an increased potential for fraud;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>unstable political and economic environments; and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>lack of a secure environment for our personnel, facilities and equipment. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
particular, these factors create the potential for physical loss of inventory and misappropriation of operating assets. We have in the past experienced cases of vandalism and armed
theft of our equipment that had been or was being installed in the field. If disruptions for any of these reasons become too severe in any particular market, it may become necessary for us to
terminate contracts and withdraw from that market and suffer the associated costs and lost revenue. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Our success depends on continuing to hire and retain qualified personnel, including senior managers. If we are not successful in attracting and retaining these personnel and
in managing key employee turnover, our business will suffer.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The success of our business depends in significant part upon the continued contributions of key technical and senior management
personnel, many of whom would be difficult to replace. The loss of a key employee, the failure of a key employee to perform satisfactorily in his or her current position or our failure to attract and
retain other key technical and senior management employees could have a significant negative impact on our operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
our recent workforce restructurings, to effectively manage our operations, we will need to recruit, train, assimilate, motivate and retain qualified employees, especially
in China. Competition for qualified employees is intense, and the process of recruiting personnel in all fields, including technology, research and development, sales and marketing, administration and
management with the combination of skills and attributes required to execute our business strategy can be difficult, time-consuming and expensive. We must implement hiring and training
processes that are capable of quickly deploying qualified local residents to knowledgeably support our products and services. Alternatively, if there is an insufficient number of qualified local
residents available, we might incur substantial costs importing expatriates to service new global markets. For example, we have historically experienced and continue to experience difficulty finding
qualified accounting personnel knowledgeable in both U.S. and Chinese accounting standards who are Chinese residents. In addition, we made changes within our senior management team in China. We have
retained our key R&amp;D talent, but may need to strengthen our China sales force through recruitment and training. If our current senior management in China cannot maintain and/or establish key
relationships with customers, governmental entities and others in China, our business in China may decline significantly. If we fail to attract, hire, assimilate or retain qualified personnel, our
business would be harmed. Our recent layoffs also have an adverse effect on our ability to attract and retain critical staff. Competitors and others have in the past, and may in the future, attempt to
recruit our employees. In addition, companies in the telecommunications industry whose employees accept positions with competitors frequently claim that the competitors have engaged in unfair hiring
practices. We may be the subject of these types of claims in the future as we seek to hire qualified personnel. Some of these claims may result in material litigation and disruption to our operations.
We could incur substantial costs in defending ourselves against these claims, regardless of their merit. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I> Currency rate fluctuations may adversely affect our cash flow and operating results.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our business is subject to risk from changing foreign exchange rates because we conduct a substantial part of our business in a variety
of currencies other than the U.S. Dollar. Historically, a substantial portion of our sales have been made in China and denominated in Renminbi, or RMB. We also have made significant sales denominated
in Japanese Yen, Euros and Indian Rupees. Additionally, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>35</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=44,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=1046993,FOLIO='35',FILE='DISK125:[10ZCL1.10ZCL78301]DK78301A.;10',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_dk78301_1_36"> </A>


<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2>we
have exposures to emerging market currencies, which can have extreme currency volatility. Adverse movements in currency exchange rates may negatively affect our cash flow and operating results. For
example, during 2008, we incurred an approximately $9.9&nbsp;million foreign currency loss attributed to adverse movements in currency exchange rates. Although we recorded a net foreign currency
gain in 2009 and 2010, we could experience foreign currency losses in the future. Although we could attempt to manage foreign currency exposures using forward and option contracts to hedge against the
risk of foreign currency rate fluctuation in the eventual net cash inflows and outflows resulting from foreign currency denominated transactions with customers, suppliers, and non-U.S.
subsidiaries, we are not currently hedging such transactions. Furthermore, we would be limited in our ability to hedge our exposure to rate fluctuations in certain currencies, including the RMB, on
account of governmental currency exchange control regulations that restrict currency conversion and remittance. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thus,
even if we engage in hedging activities in the future, there is no assurance that we would be successful in minimizing the impact of foreign currency fluctuations. As a result,
fluctuations in foreign currencies may have a material impact on our business, results of operations and financial condition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> We may not be able to take advantage of acquisition opportunities or achieve the anticipated benefits of completed acquisitions.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have in the past acquired certain businesses, products and technologies. We will continue to evaluate acquisition prospects that
would complement our existing product offerings, augment our market coverage, enhance our technological capabilities, or that may otherwise offer growth opportunities. To the extent we may desire to
raise additional funds for purposes not currently included in our business plan, such as to take advantage of acquisition opportunities or otherwise develop new or enhanced products, respond to
competitive pressures or raise capital for strategic purposes, there is no assurance that additional financing for these or other purposes would be available on acceptable terms or at all. If we raise
additional funds through the issuance of equity securities, our stockholders will experience dilution of their ownership interest, and the newly issued securities may have rights superior to those of
ordinary shares. If we raise additional funds by issuing debt, our ability to meet our debt service obligations will be dependent upon our future performance, which will be subject to financial,
business and other factors affecting our
operations, many of which are beyond our control, we may be subject to limitations on our operations, and our leverage may increase. In addition, acquisitions involve numerous risks, including
difficulties in the assimilation of operations, technologies, products and personnel of the acquired company, diversion of management's attention from other business concerns, risks of entering
markets in which we have no direct or limited prior experience, the potential loss of key employees of the acquired company, unanticipated costs and, in the case of the acquisition of financially
troubled businesses, challenges as to the validity of such acquisitions from third party creditors of such businesses. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> We may be unable to adequately protect the loss or misappropriation of our intellectual property, which could substantially harm our business.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We rely on a combination of patents, copyrights, trademarks, trade secret laws and contractual obligations to protect our technology.
We have patents issued in the United States and internationally and have pending patent applications internationally. Additional patents may not be issued from our pending patent applications, and our
issued patents may not be upheld. In addition, we have, from time to time, chosen to abandon previously filed patent and trademark applications. Moreover, we may face difficulties in registering our
existing trademarks in new jurisdictions in which we operate, and we may be forced to abandon or change product or service trademarks because of the unavailability of our existing trademarks or
because of oppositions filed or legal challenges to our trademark filings. We cannot guarantee that the intellectual property protection measures that we have taken will be sufficient to prevent
misappropriation of our technology or trademarks or that our competitors will not </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=45,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=258712,FOLIO='36',FILE='DISK125:[10ZCL1.10ZCL78301]DK78301A.;10',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_dk78301_1_37"> </A>


<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2>independently
develop technologies that are substantially equivalent or superior to ours. In addition, the legal systems of many foreign countries do not protect or honor intellectual property rights
to the same extent as the legal system of the United States. For example, in China, the legal system in general, and the intellectual property regime in particular, are still in the development stage.
It may be very difficult, time-consuming and costly for us to attempt to enforce our intellectual property rights in these jurisdictions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> We may be subject to claims that we infringe the intellectual property rights of others, which could substantially harm our business.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The industry in which we compete is moving towards aggressive assertion, licensing, and litigation of patents and other intellectual
property rights. From time to time, we have become aware of the possibility or have been notified that we may be infringing certain patents or other intellectual property rights of others. Regardless
of their merit, responding to such claims could be time consuming, divert management's attention and resources and cause us to incur significant expenses. In addition, although some of our supplier
contracts provide for indemnification from the supplier with respect to losses or expenses incurred in connection with any infringement claim, certain
contracts with our key suppliers do not provide for such protection. Moreover, certain of our sales contracts provide that we must indemnify our customers against claims by third parties for
intellectual property rights infringement related to our products. There are no limitations on the maximum potential future payments under these guarantees. Therefore, we may incur substantial costs
related to any infringement claim, which may substantially harm our results of operations and financial condition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have been and may in the future become subject to litigation to defend against claimed infringements of the rights of others or to determine the scope and validity of the proprietary
rights of others. Future litigation may also be necessary to enforce and protect our patents, trade secrets and other intellectual property rights. Any intellectual property litigation or threatened
intellectual property litigation could be costly, and adverse determinations or settlements could result in the loss of our proprietary rights, subject us to significant liabilities, require us to
seek licenses from or pay royalties to third parties which may not be available on commercially reasonable terms, if at all, and/or prevent us from manufacturing or selling our products, which could
cause disruptions to our operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that there is a successful claim of infringement against us and we fail to develop non-infringing technology or license the proprietary rights on commercially
reasonable terms and conditions, our business, results of operations and financial condition could be materially and adversely impacted. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> We are subject to risks related to our financial and strategic investments in third party businesses.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From time to time we make financial and/or strategic investments in third party businesses. We cannot be certain that such investments
will be successful. In certain instances we have lost part or all of the value of such investments, resulting in a financial loss and/or the loss of potential strategic opportunities. If we have to
write-down or write-off such investments, or if potential strategic opportunities do not develop as planned, our financial performance may suffer. Moreover, these investments
are often illiquid, such that it may be difficult or impossible for us to monetize such investments. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
certain cases, we have invested in third party businesses that are outside of the United States. In such cases, even if we are able to successfully liquidate such investments, it may
be difficult for us to repatriate the proceeds of such investments to the United States in a prompt manner due to restrictions imposed by the local laws of the jurisdictions in which we invest. If we
are unable to repatriate the proceeds of our investments promptly as needed, our business could suffer. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>37</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=46,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=670827,FOLIO='37',FILE='DISK125:[10ZCL1.10ZCL78301]DK78301A.;10',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_dk78301_1_38"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2><B><I> Because we are expanding our business to include operational support service based offerings for iDTV, IPTV, IP Signage and Internet TV technology and services platforms
that are different from our historic equipment sales business, it is difficult to predict whether such business will generate material revenue and be profitable.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are expanding beyond our traditional equipment sales business and plan to expand our service-based revenue sources organically and
through acquisitions of companies such as Stage Smart Limited, or Stage Smart. This expansion involves challenges, including those arising from management's relative unfamiliarity with operational
support service-based businesses focusing on iDTV, IPTV, IP Signage and Internet TV technology and service platforms; integration of acquired businesses, technology and personnel; different and new
customer service requirements; new and/or different competitors with potentially more financial or other resources; and our ability to anticipate demand in the new business and recognize and
capitalize on opportunities. Our acquisition of a controlling interest in the business of Stage Smart provided us access to technologies, expertise and other resources that we believe will enable us
to launch an Internet TV offering, iTV.cn, through which we expect to eventually distribute content to audiences on a global basis. We expect this platform to generate revenue through subscription,
advertising and value-added service in the coming years. However, we have not yet finalized and launched this new Internet TV service offering. It is too early to predict whether we will be successful
in increasing the operational support service based revenue sources and in generating revenue through subscription, advertising and value-added services since we have very limited operating history in
such business. Therefore, our ability to generate revenue is uncertain and there can be no assurance that we will be able to generate material revenue or profit from such business. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> We could incur asset impairment charges for goodwill, intangible assets or other long-lived assets, which could negatively affect our future operating results
and financial condition.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have goodwill, intangible assets and other long-lived assets, the value of which may decrease, or be impaired, over
time. We are required to perform periodic assessments for any possible impairment of our goodwill, intangible assets and other long-lived assets for accounting purposes. We test goodwill
for impairment during the fourth quarter of each fiscal year, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value below its carrying
amount. These events or circumstances include unfavorable variances from established business plans, significant changes in forecasted results or volatility inherent in external markets and
industries. We review the recoverability of the carrying value of long-lived assets held and used and long-lived assets to be disposed of whenever events or changes in
circumstances indicate that the carrying value of the assets or asset groups may not be recoverable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
determining whether an asset impairment has occurred or calculating such impairment for goodwill, an intangible asset or other long-lived asset, fair value is determined
using the present value of estimated cash flows or comparable market values. Our valuation methodology requires management to make judgments and assumptions based on projected future cash flows, the
timing of such cash flows, discount rates reflecting the risk inherent in future cash flows, perpetual growth rates, the determination of appropriate comparable entities and the determination of
whether a premium or discount should be applied to these comparable entities. Projections of future operating results and cash flows may vary significantly from actual results. Changes in estimates
and/or revised assumptions impacting the present value of estimated future cash flows or comparable market values may result in a decrease in fair value of a reporting unit, where goodwill is tested
for impairment, or a decrease in fair value of intangible assets, long-lived assets or asset groups. We may face a risk of potential impairment of goodwill and intangible assets if we fail
to achieve our financial forecasts with respect to our new Internet TV business. The decrease in fair value could result in a non-cash impairment charge. For example, in the fiscal year
ended December&nbsp;31, 2009, we recorded impairment charges of $33.3&nbsp;million related to long-lived assets. Any such charge may adversely affect our operating results and
financial condition. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>38</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=47,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=532186,FOLIO='38',FILE='DISK125:[10ZCL1.10ZCL78301]DK78301A.;10',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_dk78301_1_39"> </A>


<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2><B><I> Wireless handset products previously sold by us are subject to a wide range of environmental, health and safety laws, and may expose us to potential health and environmental
liability claims.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Handset products previously sold by us are subject to a wide range of environmental, health and safety laws, including laws relating to
the use, disposal and clean up of, and human exposure to, hazardous substances. There have been claims made alleging a link between the use of wireless handsets and the development or aggravation of
certain cancers, including brain cancer. The scientific community is divided on whether there is a risk from wireless handset use, and if so, the magnitude of the risk. Even if there is no link
established between wireless handset use and cancer, the negative publicity and possible litigation could have a material adverse effect on our business. In the past, several plaintiffs' groups have
brought class actions against wireless handset manufacturers and distributors, alleging that wireless handsets have caused cancer. To date, we have not been named in any of these actions and none of
these actions have been successful. In the future we could incur substantial costs in defending ourselves against similar claims, regardless of their merit. Also, claims may be successful in the
future and may have a material adverse effect on our financial condition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furthermore,
there have been claims made alleging a link between the use of Bluetooth enabled mobile phone handsets and noise-induced hearing loss. To date, we have not been named in any
of these actions. In the future we could incur substantial costs in defending ourselves against similar claims, regardless of their merit. Also, claims may be successful in the future and may have a
material adverse effect on our financial condition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> We are subject to a wide range of environmental, health and safety laws and efforts to comply with such laws may be costly and may adversely impact our financial
performance.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our operations and the products we manufacture and/or sell are subject to a wide range of global environmental, health and safety laws.
Compliance with existing or future environmental, health and safety laws could subject us to future costs, liabilities, impact our production capabilities, constrict our ability to sell, expand or
acquire facilities and generally impact our financial performance. Some of these laws relate to the use, disposal, clean up of, and exposure to, hazardous substances. Over the last several years, the
European Union, or the EU, countries have enacted environmental laws regulating electronic products. For example, beginning July&nbsp;1, 2006, our products have been subject to laws that mandate the
recycling of waste in electronic products sold in the EU and that limit or prohibit the use of certain substances in electronic products. Other countries outside of Europe are expected to adopt
similar laws. We may incur additional expenses to comply with these laws. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Product defect or quality issues may divert management's attention from our business and/or result in costs and expenses that could adversely affect our operating results.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Product defects or performance quality issues could cause us to lose customers and revenue or to incur unexpected expenses. Many of our
products are highly complex and may have quality deficiencies resulting from the design or manufacture of such product, or from the software or components used in the product. Often these issues are
identified prior to the shipment of the products and may cause delays in market acceptance of our products, delays in shipping products to customers, or the cancellation of orders. In other cases, we
may identify the quality issues after the shipment of products. In such cases, we may incur unexpected expenses and diversion of resources to replace defective products or correct problems. Such
pre-shipment and post-shipment quality issues could result in delays in the recognition of revenue, loss of revenue or future orders, and damage to our reputation and customer
relationships. In addition, we may be required to pay damages for failed performance under certain customer contracts, and may receive claims from customers related to the performance of our products. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>39</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=48,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=798768,FOLIO='39',FILE='DISK125:[10ZCL1.10ZCL78301]DK78301A.;10',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_dk78301_1_40"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2><B><I> Business interruptions could adversely affect our business.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our operations are vulnerable to interruption by fire, earthquake, power loss, telecommunications failure, external interference with
our information technology systems, incidents of terrorism and other events beyond our control that affect us, either directly or indirectly
through one or more of our key suppliers. Also, our operations and markets in China and Japan are located in areas prone to earthquakes. We do not have a detailed disaster recovery plan, and the
occurrence of any events like these that disrupt our business could harm our business and operating results. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> We may suffer losses with respect to equipment held at customer sites, which could harm our business.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We face the risk of loss relating to our equipment held at customer sites. In some cases, our equipment held at customer sites is under
contract, pending final acceptance by the customer. We generally do not hold title or risk of loss on such equipment, as title and risk of loss are typically transferred to the customer upon delivery
of our equipment. However, we do not recognize revenue and accounts receivable with respect to the sale of such equipment until we obtain acceptance from the customer. If we do not obtain final
acceptance, we may not be able to collect the contract price or recover this equipment or its associated costs. In other cases, particularly in China, where governmental approval is required to
finalize certain contracts, inventory not under contract may be held at customer sites. We hold title and risk of loss on this inventory until the contracts are finalized and, as such, are subject to
any losses incurred resulting from any damage to or loss of this inventory. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
our contract negotiations fail or if the government of China otherwise delays approving contracts, we may not recover or receive payment for this inventory. Moreover, our insurance
may not cover all losses incurred if our inventory at customer sites not under contract is damaged or misappropriated prior to contract finalization. If we incur a loss relating to inventory for any
of the above reasons, our financial condition, cash flows, and operating results could be harmed. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> The failure of our enhanced version of our enterprise resource planning system to operate appropriately could result in material financial misstatements and/or cause delays
in our filings.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the first quarter of 2008, we implemented an enhanced version of our enterprise resource planning system. In 2009 and 2010, we
continued to implement and enhance modules of this enterprise resource planning system. We depend on this system in order to timely and accurately process and report key components of our results of
operations, financial position and cash flows. We and our stockholders are subject to the risks associated with late filings, material misstatements to the quarterly and annual consolidated financial
statements and/or financial restatements, any of which could cause investors to lose confidence in our reported financial information and lead to a decline in our stock price, if the enterprise
planning system fails to operate appropriately. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Failure to achieve and maintain effective internal controls in accordance with Section&nbsp;404 of the Sarbanes-Oxley Act could have a material adverse effect on our
business and stock price.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;404 of the Sarbanes-Oxley Act requires that we establish and maintain an effective internal control structure and
procedures for financial reporting and include a report of management on our internal control over financial reporting. Our Annual Report on Form&nbsp;10-K must contain an assessment by
management of the effectiveness of our internal control over financial reporting and must include disclosure of any material weaknesses in internal control over financial reporting that we have
identified. In addition, our independent registered public accounting firm must attest to the effectiveness of our internal control over financial reporting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have in the past and as of December&nbsp;31, 2010 identified material weaknesses in our internal control over financial reporting and have concluded that our internal controls over
financial reporting were not effective as of December&nbsp;31, 2010. The material weaknesses could result in potential losses to </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=49,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=625488,FOLIO='40',FILE='DISK125:[10ZCL1.10ZCL78301]DK78301A.;10',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_dk78301_1_41"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2>UTStarcom
due to misappropriation of assets that might not be prevented or detected. For example, because we did not maintain adequate segregation of duties and implement appropriate approval
requirements for non-routine transactions relating to cash management, an unauthorized bank account in the name of UTStarcom was opened and a 150&nbsp;million RMB wire transfer was made
to the account without appropriate analysis of the business rationale and adequate authorization of the transfer. We were informed by the bank that a third party subsequently attempted to transfer 20
million RMB from the account, but the bank refused. The requirements of Section&nbsp;404 of the Sarbanes-Oxley Act are ongoing and also apply to future years. We expect that our internal control
over financial reporting will continue to evolve as we continue in our efforts to transform our business. Although we are committed to continue to improve our internal control processes and we will
continue to diligently and vigorously review our internal control over financial reporting in order to ensure compliance with the Section&nbsp;404 requirements, any control system, regardless of how
well designed, operated and evaluated, can provide only reasonable, not absolute, assurance that its objectives will be met. In addition, successful remediation of the noted control deficiencies is
dependent on our ability to hire and retain qualified personnel. Therefore, we cannot be certain that we will be able to successfully remediate our existing material weaknesses or that in the future,
additional material weaknesses or significant deficiencies will not exist or otherwise be discovered. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="dk78301_risks_relating_to_conducting_business_in_china"> </A>
<A NAME="toc_dk78301_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Risks Relating to Conducting Business in China    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> China's governmental and regulatory reforms may impact our ability to do business in China.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since 1978, the Chinese government has been in a state of evolution and reform. The reforms have resulted in and are expected to
continue to result in significant economic and social development in China. Many of the reforms are unprecedented or experimental and may be subject to change or readjustment due to a variety of
political, economic and social factors. Multiple government bodies are involved in regulating and administering affairs in the telecommunications and information technology industries, among which the
Ministry of Industry and Information Technology, or MIIT, the former Ministry of Information Industry, the National Development and Reform Commission, or NDRC, the State-owned Assets Supervision and
Administration Commission, or SASAC, and the State Administration of Radio, Film and Television, or SARFT, play the leading roles. These government agencies have broad discretion and authority over
all aspects of the telecommunications and information technology industry in China, including but not limited to, setting the telecommunications tariff structure, granting carrier licenses and
frequencies, approving equipment and products, granting product licenses, approving of the form and content of transmitted data, specifying technological standards as well as appointing carrier
executives, all of which may impact our ability to do business in China. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
of the following changes in China's political and economic conditions and governmental policies could have a substantial impact on our business: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the promulgation of new laws and regulations and the interpretation of those laws and regulations; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>inconsistent enforcement and application of the telecommunications industry's rules and regulations by the Chinese
government between foreign and domestic companies;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the restructuring of telecommunications carriers in China, including policy making governing next generation network
infrastructure and licensing;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>restrictions on IPTV license grants, which could limit the potential market for our products;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the introduction of measures to control inflation or stimulate growth;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the introduction of new guidelines for tariffs and service rates, which affect our ability to competitively price our
products and services; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>41</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=50,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=642086,FOLIO='41',FILE='DISK125:[10ZCL1.10ZCL78301]DK78301A.;10',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<UL>
<UL>
</UL>
</UL>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_dm78301_1_42"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2>
<A HREF="#bg78301a_main_toc">Table of Contents</A> </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>changes in the rate or method of taxation;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the imposition of laws, rules or regulations affecting the direct or indirect nationalization of assets controlled by
non-governmental persons or entities;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the imposition of additional restrictions on currency conversion and remittances abroad; or  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any actions that limit our ability to develop, manufacture, import or sell our products in China, or to finance and
operate our business in China. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to modifying the existing telecommunications regulatory framework, the Chinese government is currently preparing a draft of a standard, national telecommunications law, or
Telecommunications Law, to provide a uniform regulatory framework for the telecommunications industry. Currently, Telecommunications Law has been included in the law legislation plan of the Standing
Committee of the 11<SUP>th</SUP>&nbsp;National People's Congress. We do not yet know the final nature or scope of the regulations that would be created if the Telecommunications Law is passed.
Accordingly, we cannot predict whether it will have a positive or negative effect on us or on some or all aspects of our business. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
China's current regulatory structure, the communications products that we offer in China must meet government and industry standards. In addition, a network access license for the
equipment must be obtained. Without a license, telecommunications equipment is not allowed to be connected to public telecommunications networks or sold in China. Moreover, we must ensure that the
quality of the telecommunications equipment for which we have obtained a network access license is stable and reliable, and will not negatively affect the quality or performance of other installed
licensed products. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> China's currency exchange control and government restrictions on dividends may impact our ability to transfer funds outside of China.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A significant portion of our business is conducted in China where the currency is the RMB. Regulations in China permit foreign owned
entities to freely convert the RMB into foreign currency for transactions that fall under the "current account," which includes trade related receipts and payments, interest and dividends.
Accordingly, our Chinese subsidiaries may use RMB to purchase foreign exchange for settlement of such "current account" transactions without pre-approval. However, pursuant to applicable
regulations, foreign-invested enterprises in China may pay dividends only out of their accumulated profits, if any, determined in accordance with Chinese accounting standards and regulations. In
calculating accumulated profits, foreign investment enterprises in China are required to allocate at least 10% of their accumulated profits each year, if any, to fund certain reserve funds, including
mandated employee benefits funds, unless these reserves have reached 50% of the registered capital of the enterprises. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transactions
other than those that fall under the "current account" and that involve conversion of RMB into foreign currency are classified as "capital account" transactions; examples of
"capital account" transactions include repatriations of investment by or loans to foreign owners, or direct equity investments in a foreign entity by a China domiciled entity. "Capital account"
transactions require prior approval from China's State Administration of Foreign Exchange, or SAFE, or its provincial branch to convert a remittance into a foreign currency, such as U.S. Dollars, and
transmit the foreign currency outside of China. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
system could be changed at any time and any such change may affect the ability of us or our subsidiaries in China to repatriate capital or profits, if any, outside China.
Furthermore, SAFE has a significant degree of administrative discretion in implementing the laws and has used this discretion to limit convertibility of current account payments out of China. Whether
as a result of a deterioration in the Chinese balance of payments, a shift in the Chinese macroeconomic prospects or any number of other reasons, China could impose additional restrictions on capital
remittances abroad. As a result of </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=51,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=1027089,FOLIO='42',FILE='DISK125:[10ZCL1.10ZCL78301]DM78301A.;9',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_dm78301_1_43"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2>these
and other restrictions under the laws and regulations of the People's Republic of China, or the PRC, our China subsidiaries are restricted in their ability to transfer a portion of their net
assets to the parent. We have no assurance that the relevant Chinese governmental authorities in the future will not limit further or eliminate the ability of our Chinese subsidiaries to purchase
foreign currencies and transfer such funds to us to meet our liquidity or other business needs. Any inability to access funds in China, if and when needed for use by us outside of China, could have a
material and adverse effect on our liquidity and our business. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Fluctuations in the value of the RMB relative to the U.S. Dollar could affect our operating results and may have a material adverse effect on your investment.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We prepare our financial statements in U.S. Dollars, while our underlying businesses operate in two currencies, U.S. Dollars and
Chinese RMB. It is anticipated that we will conduct our operations in China primarily in RMB. The conversion of financial information using a functional currency of RMB will be subject to risks
related to foreign currency exchange rate fluctuations. The value of RMB against the U.S. Dollar and other currencies may fluctuate and is affected by, among other things, changes in China's political
and economic conditions and supply and demand in local markets. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;21, 2005, the PRC government changed its decade-old policy of pegging the value of the RMB to the U.S. Dollar. Under the new policy, the RMB is permitted to
fluctuate within a managed band based on market supply and demand and by reference to a basket of certain foreign currencies. This change in policy has resulted in a 20% appreciation of the RMB
against the U.S. Dollar between July&nbsp;21, 2005 and December&nbsp;31, 2010. While the international reaction to the RMB revaluation has generally been positive, there remains significant
international pressure on the PRC government to adopt an even more flexible currency policy, which may result in a further and more significant appreciation of the RMB against the U.S. Dollar. As we
have significant operations in China, any significant revaluation of the RMB may materially and adversely affect our cash flows, revenue, earnings and financial position, and the value of, and any
dividends payable on, our ordinary shares in U.S. Dollars. For example, to the extent that we need to convert U.S. Dollars into RMB for our operations, appreciation of the RMB against the U.S. Dollar
would have an adverse effect on the RMB amount we receive from the conversion. Conversely, if we decide to convert our RMB into U.S. Dollars for the purpose of making payments for dividends on our
ordinary shares or for other business purposes, appreciation of the U.S. Dollar against the RMB would have a negative effect on the U.S. Dollar amount available to us. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> If China imposes economic restrictions to reduce inflation, future economic growth in China could be severely curtailed, reducing the profitability of our operations in
China.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rapid economic growth can lead to growth in the supply of money and rising inflation. If prices for any products or services in China
are unable, for any reason, to increase at a rate that is sufficient to compensate for any increase in the costs of supplies, materials or labor, it may have an adverse effect on our operations in
China. In order to control inflation in the past, China has imposed controls on bank credits, limits on loans for fixed assets and restrictions on state bank lending and could adopt additional
measures to further combat inflation. Such measures could harm the economy generally and hurt our business by (i)&nbsp;limiting the income of our customers available to spend on our products and
services, (ii)&nbsp;forcing us to lower our profit margins, and (iii)&nbsp;limiting our ability to obtain credit or other financing to pursue our expansion plans or maintain our business. We
cannot predict with any certainty the degree to which our business will be adversely affected by slower economic growth in China. </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=52,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=571506,FOLIO='43',FILE='DISK125:[10ZCL1.10ZCL78301]DM78301A.;9',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_dm78301_1_44"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2><B><I> China's changing economic environment may impact our ability to do business in China.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since 1978, the Chinese government has been reforming the economic system in China to increase the emphasis placed on decentralization
and the utilization of market forces in the development of China's economy. These reforms have resulted in significant economic growth. However, any economic reform policies or measures in China may
from time to time be modified or revised by the Chinese government. While we may be able to benefit from the effects of some of these policies, these policies and other measures taken by the Chinese
government to regulate the economy could also have a significant negative impact on economic conditions in China, which would result in a negative impact on our business. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> China's entry into the World Trade Organization and relaxation of trade restrictions have led to increased foreign investment in China's telecommunications industry and may
lead to increased competition in our markets which may have an adverse impact on our business.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China's economic environment has been changing as a result of China's entry, in December of 2001, into the World Trade Organization, or
WTO. Foreign investment in the telecommunications sector is regulated by the "Provisions on Administration of Foreign Invested
Telecommunications Enterprises" promulgated by the State Council in December 2001 and effective as of January&nbsp;1, 2002, which was amended on September&nbsp;10, 2008. The provisions brought
foreign equity limits into conformity with China's WTO commitments, allowing foreign investors to own equity generally up to 49% for basic telecom services enterprises and up to 50% for value-added
telecom services enterprises. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
the existing international vendors increase their investment in China, and more vendors enter the China market, the competition in the telecommunication equipment market may increase,
and as a result, our business may suffer. If China's entry into the WTO results in increased competition or has a negative impact on China's economy, our business could suffer. In addition, although
China is increasingly according foreign companies and foreign investment enterprises established in China the same rights and privileges as Chinese domestic companies as a result of its admission into
the WTO, special laws, administrative rules and regulations governing foreign companies and foreign investment enterprises in China may still place foreign companies at a disadvantage in relation to
Chinese domestic companies and may adversely affect our competitive position. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Uncertainties with respect to the Chinese legal system may adversely affect us.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We conduct our business in China primarily through our wholly owned subsidiaries incorporated in China. Our subsidiaries are generally
subject to laws and regulations applicable to foreign investment in China. Accordingly, our business might be affected by China's developing legal system. Since 1978, many new laws and regulations
covering general economic matters have been promulgated in China, and the overall effect of legislation over the past 30&nbsp;years has enhanced the protections afforded to various forms of foreign
investment in China. However, foreign investors may be adversely affected by new laws, frequent changes to existing laws (or interpretations thereof) and preemption of provincial or local regulations
by national laws or regulations. In addition, certain government policies and internal rules promulgated by governmental agencies may not be published in time, or at all. As a result, we may operate
our business in violation of new rules and policies without having any knowledge of their existence. The Chinese legal system is based on written statutes, and prior court decisions have limited
precedential value. Because many laws, rules and policies in China are relatively new and the Chinese legal system is still evolving, the interpretation and enforcement of laws, rules and policies in
China are not always uniform and involve uncertainties. For example, although the ownership of our PRC subsidiaries will not change as a result of the merger, due to the evolving legal system in
China, new laws, regulations or policies may be enacted by the PRC government, and/or a Chinese governmental agency may issue an internal interpretation, which may require a filing with or approval by
the PRC government with respect to the merger and reorganization. The Chinese government has broad </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>44</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=53,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=283354,FOLIO='44',FILE='DISK125:[10ZCL1.10ZCL78301]DM78301A.;9',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_dm78301_1_45"> </A>


<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2>discretion
in dealing with violations of laws, rules and policies, including levying fines, revoking business and other licenses and requiring actions necessary for compliance, and enforcement of
existing laws or contracts based on existing law may be sporadic; therefore, it may be difficult to predict the effect of existing or new Chinese laws, rules or policies on our businesses and it may
be difficult to obtain swift and equitable enforcement, or to obtain enforcement of a judgment by a court of another jurisdiction.
Any litigation in China may be protracted and result in substantial costs and diversion of resources and management's attention. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> A significant portion of our assets is located in the PRC and all of our executive officers and a majority of our directors as of the Effective Time will continue to reside
outside of the United States. As a result, investors may not be able to enforce federal securities laws or their other legal rights.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A substantial portion of our assets is located in the PRC and all of our executive officers and a majority of our directors as of the
Effective Time will continue to reside outside of the United States. Additionally, Jun He Law Offices, our PRC counsel, has advised us that the PRC does not have treaties with the United States and
many other countries providing for the reciprocal recognition and enforcement of judgments of courts. As a result, it may be difficult for investors in the U.S. to enforce their legal rights, to
effect service of process upon certain of our directors or officers or to enforce judgments of U.S. courts predicated upon civil liabilities and criminal penalties against our directors and officers
located outside of the U.S. Please see the section entitled "Enforceability of Civil Liabilities." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> If tax benefits available to our subsidiaries located in China are reduced or repealed, our business could suffer.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;16, 2007, China's top legislature, the National People's Congress, passed the China Corporate Income Tax Law, or the
CIT Law. The CIT Law became effective on January&nbsp;1, 2008. Under the CIT Law, China's dual tax system for domestic enterprises and foreign investment enterprises, or FIEs, are effectively
replaced by a unified system. The new law establishes a tax rate of 25% for most enterprises and a reduced tax rate of 15% for certain qualified high technology enterprises. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to this change in tax law, certain subsidiaries and joint ventures located in China enjoyed tax benefits in China which were generally available to FIEs. The tax
holidays/incentives for FIEs were applicable or potentially applicable to UTStarcom ChongQing Telecom&nbsp;Co.&nbsp;Ltd., or CUTS, UTStarcom Telecom&nbsp;Co.,&nbsp;Ltd., or HUTS, and UTStarcom
China&nbsp;Co.,&nbsp;Ltd., or UTSC, UTStarcom's active subsidiaries in China, because these entities may have qualified as accredited technologically advanced enterprises. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
CIT Law provides the reduced 15% enterprise income tax rate for qualified high and new technology enterprises. Two of UTStarcom's China subsidiaries, HUTS and UTSC, through which the
majority of our business in China is conducted, obtained their High and New Technology Enterprise Certificates, or High-tech Certificates, from the relevant approval authorities on
September&nbsp;19, 2008 and December&nbsp;30, 2008, respectively, and thereafter were approved to pay CIT at the reduced tax rate of 15%. The approval for the reduced 15% tax rate is valid for
three years and applies retroactively from January&nbsp;1, 2008, subject to possible re-assessment by the approval authorities. During the re-assessment, the tax authority
may suspend the implementation of the reduced 15% rate. HUTS's High-tech Certificate will expire on September&nbsp;19, 2011 and UTSC's High-tech Certificate will expire on
December&nbsp;30, 2011. HUTS and UTSC may apply for the extension of their respective High-tech Certificates prior to the expiration date of the respective certificates and, if approved,
each extended term will be three years. If HUTS or UTSC fails to pass the re-assessment by the approval authorities or fails to renew its High-tech Certificate, the
preferential tax rate of 15% will cease to apply and HUTS or UTSC would be subject to a tax rate of 25%. However, since both entities are currently in </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=54,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=135180,FOLIO='45',FILE='DISK125:[10ZCL1.10ZCL78301]DM78301A.;9',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_dm78301_1_46"> </A>


<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2>significant
loss positions, the change in tax rate will not have a material adverse impact on the business or liquidity until the two PRC subsidiaries begin to generate profit and deplete all the net
operating loss carry forwards. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Chinese central government may review and audit tax benefits granted by local or provincial authorities and could determine to disallow such benefits. Certain of our subsidiaries and
joint ventures located in China enjoy tax benefits in China that are generally available to foreign investment enterprises. If these tax benefits are reduced, disallowed or repealed due to changes in
tax laws or determination by the Chinese government, our business could suffer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Under the CIT Law, we may be classified as a "resident enterprise" of the PRC, which could result in unfavorable tax consequences to us and to non-PRC
stockholders.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the CIT Law, an enterprise established outside of China with "de facto management bodies" within China is considered a "resident
enterprise," meaning that it can be treated in a manner similar to a Chinese enterprise for enterprise income tax purposes. The implementing rules of the CIT Law define de facto management as
"substantial and overall management and control over the production and operations, personnel, accounting, and properties" of the enterprise. The CIT Law and its implementing rules are relatively new
and ambiguous in terms of some definitions, requirements and detailed procedures, and currently no official interpretation or application of this new "resident enterprise" classification, other than
for enterprises established outside of China whose main holding investor/s is/are enterprise/s established in China, is available; therefore, it is unclear how tax authorities will determine tax
residency based on the facts of each case. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the PRC tax authorities determine that we are a "resident enterprise" for PRC enterprise income tax purposes, the PRC could impose a 10% PRC tax on dividends we pay to our
non-PRC stockholders and gains derived by our non-PRC stockholders from transferring our shares, if such income is considered PRC-sourced income by the relevant PRC
authorities. In addition, we could be subject to a number of unfavorable PRC tax consequences, including: (a)&nbsp;we could be subject to enterprise income tax at a rate of 25% on our worldwide
taxable income, as well as PRC enterprise income tax reporting obligations; and (b)&nbsp;although under the CIT Law and its implementing rules, dividends paid to us from our PRC subsidiaries through
our sub-holding companies may qualify as "tax-exempt income," we cannot guarantee that such dividends will not be subject to withholding tax. Any increase in the taxation of
our PRC-based revenues could materially and adversely affect our business, operating results and financial condition. Please see the section entitled "Proposal 1&#151;Approval of
the Adoption of the Merger Agreement&#151;Taxation&#151;People's Republic of China Taxation." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> We face uncertainty from PRC's Circular on Strengthening the Administration of Enterprise Income Tax on Non-Resident Enterprises' Equity Transfer, or Circular
698.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chinese State Administration of Taxation, or SAT, released a circular on December&nbsp;10, 2009, applicable to transactions as of
January&nbsp;1, 2008 (Guoshuihan No.&nbsp;698&#151;Circular 698), that addresses the transfer of equity by non-PRC tax resident enterprises. Under Circular 698, foreign
enterprises deriving gains from transfer of the equity of a PRC tax resident enterprise directly or indirectly might be subject to PRC withholding income tax, which may have a significant impact on
many foreign enterprises that use overseas intermediate holding companies to invest in China. In certain circumstances where a foreign enterprise indirectly transfers equity interests in a PRC tax
resident enterprise by selling the equity interests in an intermediate holding company, the foreign enterprise may be required to report the sale to PRC tax authorities and might be subject to PRC
withholding income tax for the capital gain realized in the sale if such indirect transfer is conducted through the use of abusive arrangement of organizational structure and does not have reasonable
commercial purpose. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>46</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=55,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=386617,FOLIO='46',FILE='DISK125:[10ZCL1.10ZCL78301]DM78301A.;9',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_dm78301_1_47"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
is still uncertainty as to the interpretation and application of Circular 698 by PRC tax authorities in practice. As a result, we may be subject to tax under Circular 698 with
respect to indirect transfers of our PRC tax resident enterprises and we may be required to expend valuable resources to comply with Circular 698 or to establish that we should not be taxed under
Circular 698, any of which could have an adverse effect on our financial condition and results of operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> The Personal Access System market has been declining and we expect the market to decline rapidly over the remainder of 2011.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe the Personal Access System, PAS, market has matured and that the market has been shrinking. PAS is available in most of the
provinces throughout China and competition from mobile operators has increased in cities where PAS is deployed. Mobile operators offering special promotional pricing or incentives to customers, such
as free incoming calls or free mobile-to-mobile calls, have reduced PAS subscription growth. The expansion of mobile operators in China has had a material adverse effect on our
pricing and has harmed our business or results of operations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MIIT
has granted 3G mobile licenses to China Telecom, China Mobile and China Unicom and has significantly reduced capital expenditures relating to PAS networks that utilize our existing
products. In addition, on January&nbsp;9, 2009, in connection with the granting of 1900-1920 MHz frequency 3G licenses to the mobile communication companies in China, the MIIT officially
issued a notice to unconditionally phase out the Personal Handy-phone System, or PHS, by the end of 2011 to guarantee the bandwidth for China's 3G services using time division synchronous code
division multiple access, or TD-SCDMA, technology, and requested China Telecom and China Netcom (both PAS service providers in China) to formulate a phase-out plan for their
PHS services, and to cease the registration of new PHS users and expansion of the network. We expect this to lead to the shutting down of PAS networks by such time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historically,
China's telecommunications sector has been subject to a number of state-mandated restructurings. Any future restructurings in the telecommunications industry may result in
delay or cancellation of telecommunications-related capital expenditures, which may have an adverse effect on our business. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Television over the internet is a new business in China and laws regulating the business have not been fully developed and may be unpredictable. Unfavorable regulation of
the industry may adversely affect our IPTV operations in China and negatively impact our business.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcasting television over the internet has only recently begun in China. SARFT, the central government's regulatory body, issued a
measure in July 2004 to regulate the broadcasting of audio-visual programs through the information network, which includes our IPTV business. SARFT categorized the information network into the mobile
telecommunication network, fixed communications network, microwave communication network, cable television network, satellite or other metropolitan area network, wide area network, local area network
and other information networks categories. The equipment that receives information from these networks includes computers, television sets, mobile phones and other electronic products. In December
2007, MIIT and SARFT jointly issued a measure to regulate the service of audio-visual programs on the internet, which also includes our IPTV business. This measure requires the entities engaged in the
services of audio-visual program on the internet to be owned or controlled by the State owned entities. However, on February&nbsp;3, 2008, SARFT and MIIT jointly held a press conference in response
to inquiries related to such measure, during which SARFT and MIIT officials indicated that service providers of audio-video program established prior to the promulgation date of such measure that do
not have any regulatory non-compliance records can apply for such permit to continue their business. After the conference, the two authorities published a press release that confirmed the
above guidelines. While regulating the IPTV business, SARFT is encouraging development in China of the digital television business, a business that may be competitive with IPTV in the target market.
Digital television and IPTV target complementary markets and the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>47</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=56,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=399449,FOLIO='47',FILE='DISK125:[10ZCL1.10ZCL78301]DM78301A.;9',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_dm78301_1_48"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2>extent
of support SARFT will provide for IPTV in setting regulations is not clear. On February&nbsp;3, 2010, the SARFT agreed to allow China Telecom to apply to SARFT for approval of an IPTV license
to expand its IPTV trial to more cities and industries. Because the IPTV industry relates to both television and telecom sectors, it may be subject to regulation by different governmental authorities,
including MIIT. However, due to a lack of uniform regulation on the development of the IPTV industry, we cannot predict that our IPTV business will operate smoothly in China. Our business may suffer
if the law or policy in China does not encourage the IPTV industry. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> We currently do not have a license to engage in the IPTV operator service business in China and development of our IPTV business depends upon the cooperation of IPTV license
holder(s) and network operators. If we are unable to work cooperatively with license holder(s) and network operators, our business may suffer.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the measures issued by SARFT in July 2004, entities intending to engage in the IPTV operator service business should obtain a
license from SARFT and foreign investment enterprises are prohibited from engaging in the IPTV operator service business. The new measure jointly issued by MIIT and SARFT indicates that SARFT will
only grant such licenses to state-owned companies. However, on February&nbsp;3, 2008, SARFT and MIIT jointly held a press
conference in response to inquiries related to such measure, during which SARFT and MIIT officials indicated that service providers of audio-video program established prior to the promulgation date of
such measure that do not have any regulatory non-compliance records can apply for such permit to continue their business. After the conference, the two authorities published a press
release that confirmed the above guidelines. We do not engage in the IPTV operator service business in the PRC. Rather, we are the technical service and equipment provider in this field. Accordingly,
we do not need any licenses or permission to provide our technical services or equipment to licensed IPTV operators other than the network access licenses we currently hold; however, our business
development will depend on the cooperation of license holders and network operators. Our business may suffer if we fail to cooperate with license holders or network operators, or if the license
holder(s) we are cooperating with lose their licenses. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Recent PRC regulations relating to offshore investment activities by PRC residents and employee stock options granted by overseas-listed companies may increase our
administrative burden. If our shareholders who are PRC residents, or our PRC employees who are granted or exercise stock options, fail to make any required registrations or filings, we may be unable
to distribute profits and may become subject to liability under PRC laws.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SAFE has promulgated regulations that require PRC residents and PRC corporate entities to register with local branches of SAFE in
connection with their direct or indirect offshore investment activities. Under the SAFE regulations, PRC residents who make, or have previously made, direct or indirect investments in offshore
companies will be required to register those investments. In addition, any PRC resident who is a direct or indirect shareholder of an offshore company is required to file or update the registration
with the local branch of SAFE with respect to that offshore company any material change involving its round-trip investment, capital variation, such as an increase or decrease in capital,
transfer or swap of shares, merger, division, long-term equity or debt investment or creation of any security interest. If any PRC shareholder fails to make the required SAFE registration
or file or update the registration, the PRC subsidiaries of that offshore parent company may be prohibited from distributing their profits and the proceeds from any reduction in capital, share
transfer or liquidation to their offshore parent company, and the offshore parent company may also be prohibited from injecting additional capital into its PRC subsidiaries. Moreover, failure to
comply with the various SAFE registration requirements described above could result in liability under PRC laws for evasion of applicable foreign exchange restrictions. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
cannot provide any assurances that all of our shareholders who are PRC residents will make or obtain any applicable registrations or approvals required by these SAFE regulations. The
failure or </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=57,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=852688,FOLIO='48',FILE='DISK125:[10ZCL1.10ZCL78301]DM78301A.;9',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_dm78301_1_49"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2>inability
of our PRC resident shareholders to comply with the registration procedures set forth therein may subject us to fines and legal sanctions, restrict our cross-border investment activities, or
limit our PRC subsidiaries' ability to distribute dividends or obtain foreign-exchange-denominated loans to our company. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;28, 2007, SAFE promulgated the Application Procedure of Foreign Exchange Administration for Domestic Individuals Participating in Employee Stock Holding Plan or Stock
Option Plan of Overseas Listed Company, or the Stock Option Rule, to regulate foreign exchange procedures for PRC individuals participating in employee stock holding and stock option plans of overseas
companies. Under the Stock Option Rule, a PRC domestic individual must comply with various foreign exchange procedures through a domestic agent institution when participating in any employee stock
holding plan or stock option plan of an overseas listed company. Certain domestic agent institutions, such as the PRC subsidiaries of an overseas listed company, a labor union of such company that is
a legal person or a qualified financial institution, among others things, shall file with SAFE and be responsible for completing relevant foreign exchange procedures on behalf of PRC domestic
individuals, such as applying to obtain SAFE approval for exchanging foreign currency in connection with owning stock or stock option exercises. Concurrent with the filing of such applications with
SAFE, the PRC subsidiary, as a domestic agent, must obtain approval from SAFE to open a special foreign exchange account at a PRC domestic bank to hold the funds in connection with the stock purchase
or option exercise, any returns based on stock sales, any stock dividends issued and any other income or expenditures approved by SAFE. The PRC subsidiary also is required to obtain approval from SAFE
to open an overseas special foreign exchange account at an overseas trust bank to hold overseas funds used in connection with any stock purchase. The domestic agent institution is required to make a
quarterly filing with SAFE to update SAFE with relevant information, including the exercise of options by employees, the holding of shares by employees and the funds in the special foreign exchange
account and the overseas special foreign exchange account. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Stock Option Rule, all proceeds obtained by PRC domestic individuals from sales of stock shall be fully remitted back to China after relevant overseas expenses are deducted.
The foreign exchange proceeds from these sales can be converted into RMB or transferred to the individual's foreign exchange savings account after the proceeds have been remitted back to the special
foreign exchange account opened at the PRC domestic bank. If the stock option is exercised in a cashless exercise, the PRC domestic individuals are required to remit the proceeds to the special
foreign exchange account. The Stock Option Rule does not provide for specific forms of penalties for noncompliance but provides that SAFE may impose penalties in accordance with the Foreign Exchange
Administration Regulation, Implementing Rules for Individual Foreign Exchange Regulation and other related PRC regulations under which the penalties for noncompliance with foreign exchange
administration rules include fines against the both the company and its implicated employees. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
and our PRC employees who have been granted stock options are subject to the Stock Option Rule. In May 2008, UTSC, one of our PRC subsidiaries, made a filing with SAFE's Beijing
branch as required by the Stock Option Rule for UTSC's PRC employees who participate in our employee stock option plans and UTSC obtained approval to open a special foreign exchange account at a PRC
domestic bank. UTStarcom Telecom&nbsp;Co.,&nbsp;Ltd. and UTStarcom (Chong Qing) Telcom&nbsp;Co.,&nbsp;Ltd., two of our PRC subsidiaries, are in the process of preparing the necessary filings
under the Stock Option Rule for its PRC employees who participate in our employee stock option plan. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Restrictions on direct foreign investments in certain business sectors, such as IPTV, iDTV and Internet TV service businesses, may require that we enter into contractual
arrangements with our Chinese business partners, which are subject to potential risks and uncertainties.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We anticipate that providing value-added support services to businesses in the telecom, cable and/or media sectors, such as IPTV,
interactive digital television, or iDTV, and Internet television, or </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>49</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=58,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=295264,FOLIO='49',FILE='DISK125:[10ZCL1.10ZCL78301]DM78301A.;9',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_dm78301_1_50"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2>Internet
TV, services businesses, will be a significant component of our future business model. IPTV, iDTV and Internet TV are Internet protocol-based interactive television services provided via a
set-top box. We will provide operators engaging in these businesses with services, including equipment installation, system installation and maintenance, technical services and other
value-added services, in return for long term income. We anticipate that these value-added support services will play an important role in the growth of our business. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct
foreign investments are subject to certain restrictions with respect to the operating of telecom, cable and media businesses. Under the "Telecommunications Regulations" issued by
the State Council on September&nbsp;25, 2000 and the "Provisions on Administration of Foreign Invested Telecommunications Enterprises" issued by the State Council on December&nbsp;11, 2001,
amended on September&nbsp;10, 2008, the shareholding of foreign investors is limited to up to 49% for basic telecom business and is limited to up to 50% for value-added telecom business. Under the
"Measures on Administration of Publication of Audio-Visual Programs through Internet or Other Information Network" issued by SARFT on July&nbsp;6, 2004, the "Administration Measures on Transmitting
Business of Radio and Television Programs" issued by SARFT on July&nbsp;6, 2004, the "Administration Measures on Wireless Transmitting Web of Radio and Television Programs" issued by SARFT on
November&nbsp;15, 2004, the "Administrative Provisions on Internet Audio-visual Program Service" jointly issued by SARFT and MIIT on December&nbsp;20, 2007, and the related implementing rules of
these regulations, foreign investors are prohibited from holding any equity interest in enterprises operating IPTV, iDTV and Internet TV business in the PRC. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
of the regulatory restrictions on direct foreign investments in the telecom, cable and/or media sectors, we may conduct business through contractual relationships with Chinese
business partners that are licensed or qualified to operate such businesses, or the Operating Companies. Our PRC subsidiaries may directly or indirectly provide certain technology services to the
Operating Companies through an arrangement of technology service agreements and will receive service fees directly or indirectly from Operating Companies. To ensure the payment of the service fee by
Operating Companies, the shareholders of Operating Companies may pledge their equity interests in Operating Companies to our PRC subsidiaries or affiliates. There may also be a call option arrangement
so that our PRC subsidiaries may purchase the equity interests in Operating Companies if they are permitted by the laws of the PRC. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
contractual arrangements are subject to potential risks and uncertainties and may not be as effective in providing operational control and economic benefits as direct equity
ownership. If the PRC authorities determine that the contractual arrangements are designed with a view to circumvent PRC foreign investment restrictions and do not comply with PRC regulations, the
validity and enforceability of the contractual arrangements may be of question. Chinese tax authorities may scrutinize the contractual arrangements for whether the technology service fee paid by
Operating Companies to our PRC subsidiaries or affiliates will substantially reduce the income tax and business tax payable by the Operating Companies. Additionally, there is uncertainty with respect
to the attitude of judicial authorities on the enforceability of the contractual arrangements in the event Operating Companies or their shareholders breach the contracts. The inability to participate
in the telecom, cable and/or media sectors as presently expected through the contractual arrangements or the inability to enforce our rights under such contractual arrangements could result in a
negative impact on our business. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>50</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=59,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=848986,FOLIO='50',FILE='DISK125:[10ZCL1.10ZCL78301]DM78301A.;9',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_dm78301_1_51"> </A>


<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="dm78301_risks_relating_to_performance_of_our_shares"> </A>
<A NAME="toc_dm78301_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Risks Relating to Performance of Our Shares    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Our stock price is, and UTS Holdings's share price may be, highly volatile. UTS Holdings's shareholders may not be able to resell their UTS Holdings shares at or above the
price they initially paid for our shares, or at all.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The trading price of our common stock has fluctuated significantly since our initial public offering in March of 2000. Our stock price
and, after the merger, UTS Holdings's share price could be subject to wide fluctuations in the future in response to many events or factors, including those discussed in the preceding risk factors
relating to our operations, as well as: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>actual or anticipated fluctuations in operating results, actual or anticipated gross profit as a percentage of net sales,
levels of inventory, our actual or anticipated rate of growth and our actual or anticipated earnings per share;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>changes in expectations as to future financial performance or changes in financial estimates or buy/sell recommendations
of securities analysts;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>changes in governmental regulations or policies in the PRC and other developing countries in which we do business; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>our, or a competitor's, announcement of new products, services or technological innovations;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the operating and stock price performance of other comparable companies; and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>news and commentary emanating from the media, securities analysts or government bodies in the PRC relating to us and to
the industry in general. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
market conditions and U.S. or international macroeconomic factors unrelated to our performance may also affect our share price and UTS Holdings's share price after the merger.
For these reasons, investors should not rely on recent trends to predict future share prices or financial results. Furthermore, following periods of volatility in a company's securities, securities
class action litigation against a company is sometimes instituted. We have experienced substantial costs and the diversion of management's time and resources on this type of litigation and may do so
in the future. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, public announcements by China Telecom, China Mobile and China Unicom, each of which exert significant influence over many of our major customers in the PRC, may contribute
to volatility in the price of our shares and UTS Holdings's shares after the merger. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> SOFTBANK CORP. with its related entities, including SOFTBANK America&nbsp;Inc., and E-Town International Holding (Hong Kong)&nbsp;Co. Limited have
significant influence over our management and affairs, which they could exercise against the best interests of our stockholders and, after the merger, UTS Holdings's shareholders.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFTBANK CORP. and its related entities, including SOFTBANK America&nbsp;Inc. or, collectively, SOFTBANK, and E-Town
International Holding (Hong Kong)&nbsp;Co. Limited, or E-Town, beneficially owned approximately 9.4% and 7.3%, respectively, of our outstanding stock as of April&nbsp;30, 2011. As a
result, SOFTBANK and E-Town have the ability to influence all matters submitted to our stockholders and, after the merger, we expect that SOFTBANK and E-Town will continue to
have the ability to influence all matters submitted to UTS Holdings's shareholders, for approval, as well as our management and affairs. Matters that could require shareholder approval
include: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>election and removal of directors;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>our merger or consolidation with or into another entity; and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the sale of all or substantially all of our assets. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>51</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=60,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=276407,FOLIO='51',FILE='DISK125:[10ZCL1.10ZCL78301]DM78301A.;9',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<A NAME="page_dm78301_1_52"> </A>


<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
concentration of ownership may delay or prevent a change of control or discourage a potential acquirer from making a tender offer or otherwise attempting to obtain control of us or
UTS Holdings after the merger, which could decrease the market price of our common stock or UTS Holdings's ordinary shares after the merger. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I> Our failure to timely file periodic reports with the SEC could result in the delisting of our shares or UTS Holdings's shares after the merger from NASDAQ, affect the
liquidity of our shares and UTS Holdings's ordinary shares after the merger and cause us to default on covenants contained in contractual arrangements.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we are unable to maintain compliance with the conditions for continued listing required by NASDAQ, then our shares of common stock
or, after the merger, UTS Holdings's ordinary shares may be subject to delisting from NASDAQ. For example, as a result of our failure to timely file with the SEC our Quarterly Report on
Form&nbsp;10-Q for the quarters ended September&nbsp;30, 2006, March&nbsp;31, 2007, June&nbsp;30, 2007 and March&nbsp;31, 2008 and our Annual Report on
Form&nbsp;10-K for the fiscal years ended December&nbsp;31, 2006 and 2007, we were not in full compliance with NASDAQ Marketplace Rule&nbsp;5250(c)(1), which requires us to make, on
a timely basis, all filings with the SEC required by the Exchange Act. While we returned to full compliance with NASDAQ's listing requirements on May&nbsp;15, 2008, we are required to comply with
NASDAQ Marketplace Rule&nbsp;5250(c)(1) as a condition for our common stock to continue to be listed on NASDAQ. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UTS
Holdings will need to remain in compliance with the NASDAQ continued listing requirements after the merger in order for UTS Holdings's ordinary shares to continue to be listed on
NASDAQ. If our shares or UTS Holdings's ordinary shares after the merger are delisted from NASDAQ, they may not be eligible to trade on any national securities exchange or the over-the
counter market. If our shares or UTS Holdings's ordinary shares after the merger are no longer traded through a market system, their liquidity may be greatly reduced, which could negatively affect
their price. In addition, we may be unable to obtain future equity financing, or use our shares or UTS Holdings's ordinary shares after the merger as consideration for mergers or other business
combinations. A delisting from NASDAQ may also have other negative implications, including the potential loss of confidence by suppliers, customers and employees, the loss of institutional investor
interest, and fewer business development opportunities and could lead to a default under certain of our contractual arrangements. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>52</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=61,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=33452,FOLIO='52',FILE='DISK125:[10ZCL1.10ZCL78301]DM78301A.;9',USER='BKYNARD',CD='23-MAY-2011;10:04' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_do78301_1_53"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2>
<A HREF="#bg78301a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="do78301_business"> </A>
<A NAME="toc_do78301_1"> </A>
<BR></FONT><FONT SIZE=2><B>  BUSINESS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For information regarding the business of UTStarcom, please see UTStarcom's annual, quarterly and current reports filed with the SEC
and incorporated herein by reference. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UTS
Holdings does not have any operations or assets. Accordingly, a separate discussion of its business is not included in this proxy statement/prospectus. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="do78301_market_for_utstarcom_s_common_stock;_dividends"> </A>
<A NAME="toc_do78301_2"> </A>
<BR></FONT><FONT SIZE=2><B>  MARKET FOR UTSTARCOM'S COMMON STOCK; DIVIDENDS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="do78301_market_price"> </A>
<A NAME="toc_do78301_3"> </A></FONT> <FONT SIZE=2><B>  Market Price    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UTStarcom's common stock has been traded on NASDAQ under the symbol "UTSI" since its initial public offering on March&nbsp;2, 2000.
UTS Holdings's ordinary shares are not publicly traded. The following table sets forth the high and low sales prices per share of UTStarcom's common stock as reported on NASDAQ for the periods
indicated. The closing price per share of UTStarcom common stock on NASDAQ was $2.37 on January&nbsp;10, 2011, the last trading date immediately preceding public announcement of the proposed merger. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:60%;margin-left:20%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="10pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>High </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Low </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><I>Fiscal 2011</I></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>First Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.42</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.00</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><I>Fiscal 2010</I></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fourth Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.58</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.90</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Third Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.31</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.80</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Second Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.26</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.65</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>First Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.98</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.85</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><I>Fiscal 2009</I></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Fourth Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.38</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.65</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Third Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.54</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.39</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Second Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.43</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.74</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>First Quarter</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.18</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0.63</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2><A
NAME="do78301_dividends"> </A>
<A NAME="toc_do78301_4"> </A>
<BR></FONT><FONT SIZE=2><B>  Dividends    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To date, UTStarcom has not paid any cash dividends on its common stock. As a Cayman Islands company, UTS Holdings may declare and pay
dividends on its shares only from profits or share premium account (share premiums being the sums paid for shares in excess of their nominal or par value). A dividend may not be paid out of share
premium unless, immediately following the date on which the dividend is proposed to be paid, the company shall be able to pay its debts as they fall due in the ordinary course of business. We
currently anticipate that UTS Holdings will retain any available funds to finance the growth and operation of its business and we do not anticipate paying any cash dividends in the foreseeable future.
Additionally, our cash held in foreign countries may be subject to certain control limitations or repatriation requirements, limiting our ability to use this cash to pay dividends. </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=62,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=725940,FOLIO='53',FILE='DISK125:[10ZCL1.10ZCL78301]DO78301A.;7',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_dq78301_1_54"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2>
<A HREF="#bg78301a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
<A NAME="PROPOSAL_NO._1_ELECTION_OF_DIRECTORS"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> PROPOSAL NO. 1  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> ELECTION OF DIRECTORS  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="dq78301_general"> </A>
<A NAME="toc_dq78301_1"> </A></FONT> <FONT SIZE=2><B>  General    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The authorized number of directors of UTStarcom is currently set at seven and our Chairman is independent as defined in the NASDAQ
Listing Rules. UTStarcom's Certificate of Incorporation provides that directors shall be divided into three classes, with the classes serving for staggered, three-year terms (or less if
they are filling a vacancy). Currently
the Board is comprised of two Class&nbsp;I Directors, three Class&nbsp;II Directors and two Class&nbsp;III Directors. UTStarcom's Class&nbsp;I Directors, Thomas Toy and Linzhen Xie, will hold
office until the 2013 annual meeting or until the Class&nbsp;I Director's successor has been duly elected and qualified. UTStarcom's Class&nbsp;III Directors, William Wong and Hong Liang Lu, will
hold office until the 2012 annual meeting or until the Class&nbsp;III Director's successor has been duly elected and qualified. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="dq78301_nominee"> </A>
<A NAME="toc_dq78301_2"> </A>
<BR></FONT><FONT SIZE=2><B>  Nominee    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UTStarcom's nominees for election as the Class&nbsp;II Directors at this Annual Meeting are Baichuan Du, Xiaoping Li and Jack Lu, all
current Class&nbsp;II Directors. The Nominating and Corporate Governance Committee has recommended, and the Board of Directors has approved, the nomination of Baichuan Du, Xiaoping Li and Jack Lu. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise instructed, the proxy holders will vote the proxies received by them for UTStarcom's nominee for the Class&nbsp;II Directors, Baichuan Du, Xiaoping Li and Jack Lu, who
will hold office until the 2014 annual meeting or until their successors have been duly elected and qualified. UTStarcom expects that each of Baichuan Du, Xiaoping Li and Jack Lu will be able to serve
if elected. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that any Class&nbsp;II Director nominee becomes unable or declines to serve as a director at the time of the Annual Meeting, the proxy holders will vote the proxies for
any substitute nominee who is designated by the current Board to fill the vacancy. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="dq78301_required_vote"> </A>
<A NAME="toc_dq78301_3"> </A>
<BR></FONT><FONT SIZE=2><B>  Required Vote    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A director must be elected by a majority of the votes cast, meaning that the number of shares entitled to vote on the election of
directors and represented in person or by proxy at the Annual Meeting casting their vote "FOR" a director must exceed the number of votes "AGAINST" a director. Abstention votes with respect to the
election of directors will be counted for purposes of determining the presence or absence of a quorum at the Annual Meeting but will have no other legal effect upon election of directors. You may not
cumulate your votes for the election of directors. If a nominee for director fails to receive the required number of votes for election, he or she is required to tender his or her resignation to the
Board. In such a case, the Nominating and Corporate Governance Committee of the Board has the option of accepting or declining such resignation, considering any factors that the Committee deems
relevant. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> UTSTARCOM'S BOARD OF DIRECTORS RECOMMENDS VOTING<BR>
"FOR" THE NOMINEES SET FORTH HEREIN.  </B></FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=63,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=770252,FOLIO='54',FILE='DISK125:[10ZCL1.10ZCL78301]DQ78301A.;6',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_dq78301_1_55"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dq78301_information_about_our_board_of_directors"> </A>
<A NAME="toc_dq78301_4"> </A>
<BR></FONT><FONT SIZE=2><B>  INFORMATION ABOUT OUR BOARD OF DIRECTORS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="dq78301_our_directors_and_nominees"> </A>
<A NAME="toc_dq78301_5"> </A></FONT> <FONT SIZE=2><B>  Our Directors and Nominees    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The names of the current Class&nbsp;II Directors (including the Class&nbsp;II Director nominees), and Class&nbsp;I and
Class&nbsp;III Directors with unexpired terms, their ages as of March&nbsp;31, 2011 and certain other information are set forth below: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:67%;margin-left:10%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"120%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="120%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="157pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="20pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="63pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:62pt;"><FONT SIZE=1><B>Name of Director

<!-- COMMAND=ADD_SCROPPEDRULE,62pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Age </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Position </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Director Since </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Term Expires </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><I>Class&nbsp;I Directors:</I></B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Thomas J. Toy</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>56</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Chairman of the Board</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1995</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2013</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Linzhen Xie</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>70</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Director</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2010</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2013</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><I>Class&nbsp;II Directors:</I></B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Xiaoping Li(1)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>47</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Director</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2010</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2011</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Jack Lu(1)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>48</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Director, Chief Executive Officer and President</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2010</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2011</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Baichuan Du(1)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>64</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Director</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2010</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2011</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><I>Class&nbsp;III Directors:</I></B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>William Wong</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>52</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Director</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2010</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2012</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Hong Liang Lu</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>56</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Director</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1991</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2012</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >


<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>UTStarcom's
nominees to serve as a Class&nbsp;II Director until UTStarcom's 2014 annual meeting of stockholders or until their successors have been duly
elected and qualified. </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as set forth below, each nominee or incumbent director has been engaged in his principal occupation described below during the past five years. There are no family relationships
between any of our directors, executive officers and proposed directors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Thomas J. Toy</I></FONT><FONT SIZE=2> has served as a director since February 1995 and served as our Lead Director from July 2008 until August 2009. He was our
Chairman from January 2007 to July 2008 and became Chairman again in August 2009. Since March 1999, Mr.&nbsp;Toy has served as Managing Director of PacRim Venture Partners, a professional venture
capital firm specializing in investments in the information technology sector. He has served as a Venture Partner/Advisor for ICCP Ventures since 2009. From 2005 until 2010, Mr.&nbsp;Toy served as a
partner of SmartForest Ventures, a professional venture firm specializing in the information technology sector. From 1987 until 1992, Mr.&nbsp;Toy was employed as a Vice President at
Technology Funding and was a partner there from 1992 until 1999. Mr.&nbsp;Toy also served as a director of White Electronic Designs Corporation from 1998 to 2010 and currently serves as a director
of Hanwha SolarOne (formerly known as Solarfun Power Holdings) and several private companies. Mr.&nbsp;Toy holds B.A. and M.M. degrees from Northwestern University. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Toy's
service on several other boards of directors over his career, and his service on our board since 1995, has provided him with significant board-level experience, as well
as valuable insight and institutional knowledge of our history and development. As a result, Mr.&nbsp;Toy is able to provide our management team and board of directors with essential strategic,
operational and corporate governance guidance. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Linzhen Xie</I></FONT><FONT SIZE=2> has served as a director since December 2010. Since July 2009, Mr.&nbsp;Xie has served on the board of NASDAQ-listed Funtalk
China Holdings Limited, a leading retailer and wholesale distributor of mobile communications devices and accessories in China. Since January 2009, Mr.&nbsp;Xie has served as a director of SIM
Technology Group Limited, a company listed on the Main Board of Hong Kong Stock Exchange that specializes in mobile phone design and wireless communication. Mr.&nbsp;Xie has served as the executive
director and chief scientist of CECT-Chinacomm Communications&nbsp;Co.,&nbsp;Ltd., a provider of wireless and telecommunication services, since March 2006. Mr.&nbsp;Xie has also
served as the vice president of China Mobile Communications Association since May 2004 and as a standing member of the Communication Science and Technology Committee of the </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=64,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=833267,FOLIO='55',FILE='DISK125:[10ZCL1.10ZCL78301]DQ78301A.;6',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_dq78301_1_56"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2>Ministry
of Industry and Information Technology of China since September 2002. From December 2002 to December 2004, Mr.&nbsp;Xie was the chairman of the board of Chinacom Zhihuidao Internet Service
Limited, a carrier of Internet cafe chain stores, while he also served as a director of Yunan Jinshikong Mobile Telecommunication Technology Limited, a mobile phone manufacturer. From March 1998 to
January 2002, he served as a deputy director general of Information Technology Products Department in the Ministry of Industry and Information Technology. He also worked as a director of China
National Laboratory on Local Area Network and Advanced Optical System from September 1995 to July 2002. Mr.&nbsp;Xie graduated from Peking University. Mr.&nbsp;Xie is a professor of Peking
University. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board selected Mr.&nbsp;Xie to serve as a director because of his over twenty years of experience in the telecommunications industry, both in manufacturing and operations and his
deep knowledge of the telecommunications market and technology, especially in mobile telecommunications. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Xiaoping Li</I></FONT><FONT SIZE=2> has served as a director since September 2010. Mr.&nbsp;Li began working to establish Beijing E-Town
International Investment and Development&nbsp;Co.,&nbsp;Ltd. ("</FONT><FONT SIZE=2><B>BEIID</B></FONT><FONT SIZE=2>") in October 2008 and since February 2009 when BEIID was formed, Mr.&nbsp;Li
has served as its Executive Deputy General Manager and as a member of its Board of Directors. Mr.&nbsp;Li served as Manager of Beijing Economic-Technological Investment&nbsp;&amp;
Development&nbsp;Co.,&nbsp;Ltd., an investment company established by the Beijing Municipality, from October 2006 to October 2008. Mr.&nbsp;Li was an Advisor to Ministry of Finance on
international finance organization projects from July 2004 to October 2006. Mr.&nbsp;Li was a senior researcher in environmental economics at Chinese Academy of Forestry from August 2001 to July
2004.
Mr.&nbsp;Li holds a bachelor's degree in forestry, a master's degree in forest economics and has completed all the course requirements to be awarded a doctorate degree in economy and management from
Beijing Forestry University. Mr.&nbsp;Li is the designee of BEIID which has the right to designate one member of the Board of Directors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Li
offers a deep understanding of the business climate in China and the economic variables that will influence UTStarcom as it conducts business in China. Mr.&nbsp;Li is a
skilled advisor who makes a strong contribution to the diversity of perspectives on the Board. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Jack Lu</I></FONT><FONT SIZE=2> has served as a director since September 2010. From March 2010 until his appointment as UTStarcom's President and Chief Executive
Officer in September 2010, Mr.&nbsp;Lu served as UTStarcom's Senior Vice President and Chief Operating Officer. From August 2008 until joining UTStarcom, Mr.&nbsp;Lu worked as an entrepreneur
seeking to establish a RMB denominated investment fund to invest in high technology companies in southwest China. From July 2007 to July 2008, Mr.&nbsp;Lu served as Global Co-Chief
Operating Officer and General Manager of China Operations for Source Photonics,&nbsp;Inc., an optoelectronics components company. From September 2001 until June 2007, he served in a number of senior
management positions, including most recently as President and Chief Executive Officer from January 2007 to June 2007 and Chief Operating Officer from June 2006 to December 2006, of
Fiberxon&nbsp;Inc., an optical telecommunications components company, which was acquired by MRV Communications&nbsp;Inc., a communications equipment and services company, in July 2007. From 2000
until 2001, Mr.&nbsp;Lu served as Director of Business Strategy Development for US Business Networks&nbsp;Inc. (MeetChina.com), a business-to-business portal provider. In
1998, Mr.&nbsp;Lu served in a number of management positions with China National Technical Import and Export Corporation, an import/export, manufacturing and consulting firm. Mr.&nbsp;Lu received
a B.S. in Electrical Engineering from Huazhong University of Science and Technology in China and holds an M.B.A. from the University of Southern California. Mr.&nbsp;Lu will contribute significant
leadership, operational and sales expertise in the technology industry in China and with multinational companies operating in China. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
broad leadership experience at global technology companies, Mr.&nbsp;Lu brings to the Board first-hand experience in successfully leading and managing large and
complex organizations in the technology industry. In particular, Mr.&nbsp;Lu's operational expertise in the technology industry and with multinational companies operating in China provides the Board
with a perspective readily applicable to UTStarcom's business. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>56</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=65,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=703909,FOLIO='56',FILE='DISK125:[10ZCL1.10ZCL78301]DQ78301A.;6',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_dq78301_1_57"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Baichuan Du</I></FONT><FONT SIZE=2> has been a director at UTStarcom since September&nbsp;7, 2010. Mr.&nbsp;Du served as the Deputy Chief Engineer of China
State Administration of Radio, Film, and Television ("SARFT") from 2001 to 2006. From 1995 to 1998, Mr.&nbsp;Du served as the Chair of China HDTV Experts Group. From 1998 to 2009 he served as the
Vice Chairman of China Radio and TV Standardization Working Group. Mr.&nbsp;Du
has also served as the Vice Chairman of SARFT Science and Technology Committee since 1998 and from 1999 to 2001, Mr.&nbsp;Du served as the President of SARFT Academy of Broadcasting Science. From
2007 to 2009, Mr.&nbsp;Du served as a director of Tvia,&nbsp;Inc., a fabless semiconductor company listed on NASDAQ. Mr.&nbsp;Du also currently serves as an independent director on the board of
several private companies. In 2011 Mr.&nbsp;Du was elected as Vice Chairman of the Technical Bureau of Asia-Pacific Broadcasting Union. Mr.&nbsp;Du holds a Master's degree in fiber optic
communications from Beijing University. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board selected Mr.&nbsp;Du to serve as a director because of his experience in the cable and broadcast television industry, as well as his knowledge of the Chinese market.
Furthermore, Mr.&nbsp;Du's education and experience provides the board with technical expertise that is relevant to UTStarcom's technology. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>William Wong</I></FONT><FONT SIZE=2> has served as a director since September 2010. Since January 2008, Mr.&nbsp;Wong has served as Managing Director of
Yellowstone Capital Group&nbsp;Ltd., a consulting firm. From February 2002 to May 2007, Mr.&nbsp;Wong served various roles as Senior VP, President of Cellon International, an independent mobile
phone design house. In July 2007, Mr.&nbsp;Wong co-founded BORQS International Holding Corp, a wireless software company. Mr.&nbsp;Wong holds a B.S. in electrical engineering from
Northwestern University, and a M.S. in electrical engineering and a M.B.A. from the University of California at Berkeley. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Wong
offers financial, technological and industry expertise. Additionally, his work experiences has allowed him to become familiar with the challenges faced by companies in
similar standing as UTStarcom and the best practices in dealing with those challenges. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;7, 2009, we entered into a consulting agreement with Yellowstone Investment Advisory Limited ("</FONT><FONT SIZE=2><B>Yellowstone</B></FONT><FONT SIZE=2>") and on
November&nbsp;5, 2010, we entered into an engagement letter with Yellowstone pursuant to which Yellowstone acts as a strategic consultant to UTStarcom and its subsidiaries, divisions or
legal/organizational units to assist UTStarcom in establishing or expanding strategic partnerships, joint ventures, acquisitions and UTStarcom's business in Asia consistent with UTStarcom's goals.
While the Board highly values the contributions of Mr.&nbsp;Wong as a director, for purposes of determining independence in accordance with the NASDAQ Listing Rules and determining whether the Board
is comprised of a majority of independent directors, the Board does not treat Mr.&nbsp;Wong as independent. For more details regarding the relationships between Yellowstone and the company, please
see the section entitled "Report of the Compensation Committee&#151;Related Person Transactions." </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Hong Liang Lu</I></FONT><FONT SIZE=2> has served as a director since June 1991 and served as the Chairman from March 2003 to December 2006 and from July 2008 to
August 2009. Mr.&nbsp;Lu served as President and Chief Executive Officer from June 1991 to July 2007 and as Chief Executive Officer again from July 2007 to July 2008. In June 1991, Mr.&nbsp;Lu
co-founded UTStarcom,&nbsp;Inc. under its prior name, Unitech Telecom,&nbsp;Inc., which subsequently acquired StarCom Network Systems,&nbsp;Inc. in September 1995. From 1986 through
December 1990, Mr.&nbsp;Lu served as President and Chief Executive Officer of Kyocera Unison, a majority-owned subsidiary of Kyocera International,&nbsp;Inc. Mr.&nbsp;Lu served as President and
Chief Executive Officer of Unison World,&nbsp;Inc., a software development company from 1983 until its merger
with Kyocera in 1986. From 1979 to 1983, Mr.&nbsp;Lu served as Vice President and Chief Operating Officer of Unison World,&nbsp;Inc. Mr.&nbsp;Lu holds a B.S. in Civil Engineering from the
University of California at Berkeley. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>57</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=66,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=138095,FOLIO='57',FILE='DISK125:[10ZCL1.10ZCL78301]DQ78301A.;6',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_dq78301_1_58"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Lu's
long history with UTStarcom provides him deep institutional knowledge of UTStarcom's history, technology and strategy. Further, his extensive experience at UTStarcom and
other large technology companies provides the Board with key insight into relevant industries. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="dq78301_utstarcom_s_director_nomination_process"> </A>
<A NAME="toc_dq78301_6"> </A>
<BR></FONT><FONT SIZE=2><B>  UTStarcom's Director Nomination Process    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board's process for identifying and evaluating nominees for director consists mainly of evaluating candidates who are recommended
by the Nominating and Corporate Governance Committee. The Nominating and Corporate Governance Committee identifies and recommends nominees for election or reelection to the Board, or for appointment
to fill any vacancy that is anticipated or has arisen on the Board, in accordance with the criteria, policies and principles set forth in the Nominating and Corporate Governance Committee Charter and
UTStarcom's Corporate Governance Guidelines, as set forth below, or otherwise approved by the Board. In evaluating candidates to determine if they are qualified to become members of our Board, the
Nominating and Corporate Governance Committee may consider some or all of the following attributes, among others: the candidate's judgment, skill, diversity and experience with other organizations of
comparable purpose, complexity and size and subject to similar legal restrictions and oversight; the interplay of the candidate's experience with the experience of other Board members; the extent to
which the candidate would be a desirable addition to the Board; whether or not the candidate has any relationships that might impair his or her independence; and the candidate's ability to contribute
to the effective management of UTStarcom, taking into account the needs of UTStarcom and such factors as the candidate's experience, perspective, skills and knowledge of our industry. In addition,
qualities sought in directors include high ethical standards, sound integrity, an inquisitive nature, a strong commitment to make decisions and take actions guarding the long term interests of
shareholders, seasoned judgment, a record of outstanding skills and accomplishments in their personal careers, and the ability and desire to communicate and participate actively in board and committee
sessions. Although the Nominating and Corporate Governance Committee uses these and other criteria to evaluate potential nominees, there are no stated minimum criteria for nominees. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Nominating and Corporate Governance Committee shall also review candidates for the Board recommended by UTStarcom's management and other members of the Board who are not members of
the committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board may also, on a periodic basis, solicit ideas for possible candidates from a number of sources, including current members of the Board, senior UTStarcom executives, individuals
personally known to members of the Board, stockholders and one or more third-party search firms. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Nominating and Corporate Governance Committee's policy is that stockholder nominations of director candidates will be given the same consideration and evaluated with the same
criteria as any other candidate. UTStarcom's Bylaws permit stockholders to nominate directors for election at an annual stockholder meeting. To nominate a director, a stockholder must provide the
information required by the Bylaws. To nominate directors for election at the 2011 Annual Meeting, the stockholder making such nomination must give timely notice to the Corporate Secretary in
accordance with the Bylaws, which must be received by the Corporate Secretary not less than one hundred twenty (120)&nbsp;days prior to the date of the 2011 Annual Meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However,
in the event UTStarcom fails to publicize the 2011 Annual Meeting Date at least one hundred thirty (130)&nbsp;days prior to the 2011 Annual Meeting, notice by a stockholder
must be received by the Corporate Secretary within ten (10)&nbsp;days of: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the first public disclosure of the 2011 Annual Meeting Date by UTStarcom, or  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the date the notice of the 2011 Annual Meeting Date is mailed to UTStarcom's stockholders. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of the 2011 Annual Meeting, the notice by a stockholder must be received by the Corporate Secretary by June&nbsp;6, 2011. The form and delivery requirements of such
stockholder </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>58</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=67,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=889703,FOLIO='58',FILE='DISK125:[10ZCL1.10ZCL78301]DQ78301A.;6',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_dq78301_1_59"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2>nominations
must comply with the relevant provisions of UTStarcom's Bylaws, a copy of which may be obtained by sending an email to UTStarcom's investor relations department at </FONT> <FONT SIZE=2><I>investorrelations@utstar.com</I></FONT><FONT SIZE=2>. A
complete copy of the Bylaws is also available on UTStarcom's website in the "Corporate Governance" section. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="dq78301_stockholder_communicat__dq702279"> </A>
<A NAME="toc_dq78301_7"> </A>
<BR></FONT><FONT SIZE=2><B>  Stockholder Communications with the Board of Directors    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors has established a process for stockholders to communicate with members of the Board. All concerns, questions or
complaints regarding UTStarcom's compliance with any policy or law, or any other Board-related communication, should be directed to the Board via the link titled "Email Board of Directors" at </FONT> <FONT
SIZE=2><I>http://investorrelations.utstar.com/governance.cfm</I></FONT><FONT SIZE=2>. All substantive and appropriate communications received from stockholders will be received and
reviewed by one or more independent directors, or officers acting under their direction, who will forward such communications to the Board or particular Board committees, as appropriate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="dq78301_board_attendance,_director_ind__boa02632"> </A>
<A NAME="toc_dq78301_8"> </A>
<BR></FONT><FONT SIZE=2><B>  Board Attendance, Director Independence and Financial Sophistication    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board held a total of 13 meetings during the year ended December&nbsp;31, 2010. During 2010, each of the directors attended 75%
or more of the aggregate number of meetings of the Board and the committees of the Board on which the director served subsequent to becoming a director or a member of such committee. The Board's
policy is to encourage directors to attend UTStarcom's annual meeting of stockholders. Three directors attended the 2010 annual meeting of stockholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Of
UTStarcom's incumbent directors, including the directors standing for reelection, Messrs.&nbsp;Xie, Toy, Du and Li have been determined by the Board to be independent as set forth
in Rule&nbsp;5605(a)(2) of the NASDAQ Listing Rules, as currently in effect. In addition, the Board has also determined that Messrs.&nbsp;Xie, Toy and Li possess the attributes to be considered
financially sophisticated for purposes of applicable NASDAQ Listing Rules and that Mr.&nbsp;Toy has the background to be considered an "audit committee financial expert" as defined by the rules and
regulations of the SEC and required by the NASDAQ Listing Rules. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board has not established categorical standards or guidelines to make director independence determinations, but considers all relevant facts and circumstances. The Board based its
determinations primarily on a review of the responses of the directors to questions regarding employment and compensation history, affiliations, family and other relationships, and on discussions with
our directors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
making its independence determinations, the Board considered transactions between UTStarcom and entities associated with the directors or members of their immediate family. All
identified transactions
that appear to relate to UTStarcom and a person or entity with a known connection to a director are presented to the Board for consideration. In making its determination that a
non-employee director is independent, the Board considered the transactions in the context of the NASDAQ standards, the standards established by the SEC for members of audit committees,
and the SEC and Internal Revenue Service standards for compensation committee members. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board's independence determinations included a review of the transactions between UTStarcom and BEIID, of which Mr.&nbsp;Li is the executive deputy general manager, and also
between UTStarcom and the Management Committee of Beijing Economic and Technology Development Zone, an affiliate of BEIID (for the relocation of UTStarcom's headquarters to China). The Board
determined that the transactions did not impair Mr.&nbsp;Li's independence. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>59</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=68,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=599632,FOLIO='59',FILE='DISK125:[10ZCL1.10ZCL78301]DQ78301A.;6',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ds78301_1_60"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2>
<A HREF="#bg78301a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ds78301_board_leadership_structure"> </A>
<A NAME="toc_ds78301_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Board Leadership Structure    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currently, the roles of Chief Executive Officer and Chairman are held by Jack Lu and Thomas J. Toy, respectively. The Board believes
that the separation of these roles best utilizes the respective skills and qualifications of Messrs.&nbsp;Lu and Toy and permits each of them to focus his time and efforts on the demands of his
particular role. As Chief Executive Officer, Mr.&nbsp;Lu's responsibilities include setting the strategic direction of UTStarcom, overseeing the management and operation of the business, and
providing guidance and oversight to senior management. As the Chairman of the Board, Mr.&nbsp;Toy presides at all meetings of the Board, sets the agenda for such meetings and exercises and performs
such other powers and duties as may from time to time be assigned by the Board. Notwithstanding the current separation of the roles of Chief Executive Officer and Chairman, the Board may, in the
future, deem it appropriate to have one individual fill both such roles in light of UTStarcom's leadership needs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the past, the Board has appointed a Lead Director whose responsibilities include, among other things, facilitating communications among directors, chairing an executive session of the
independent directors at regularly scheduled meetings as required by Nasdaq Listing Rule&nbsp;4350(c)(2), and overseeing
processes established for stockholder communication with members of the Board. Thomas J. Toy served as the Lead Director from July 2008 to August 2009. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
believe that our independent Board committees and their respective chairs are an important aspect of our Board leadership structure. As described in more detail below, the Board has
three standing committees. Each chairman and each member of the Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee is an independent director. The Board
delegates substantial responsibility to each Board committee, which reports its activities and actions back to the full Board. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ds78301_risk_oversight"> </A>
<A NAME="toc_ds78301_2"> </A>
<BR></FONT><FONT SIZE=2><B>  Risk Oversight    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board, as a whole and through its committees, is responsible for overseeing UTStarcom's risk management. With the oversight of the
Board, our executive officers are responsible for the day-to-day management of the material risks UTStarcom faces. In its oversight role, the Board is responsible for
monitoring and assessing the effectiveness of the risk management processes designed and implemented by the executive officers. The involvement of the full Board in setting our business strategy is a
key part of its oversight of risk management and allows the Board to identify particular areas of risk for UTStarcom, assess and determine what constitutes an appropriate level of risk for UTStarcom
and review and consider management's role in risk management. The full Board regularly receives updates from management and outside advisors regarding certain risks UTStarcom faces, including risks
related to litigation and corporate governance. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, each committee of the Board of Directors oversees certain aspects of risk management. For example, our Audit Committee is responsible for overseeing the management of risks
associated with UTStarcom's financial reporting, accounting and auditing matters; our Compensation Committee oversees our management succession planning and the relationship between our compensation
policies and programs and our risk management; and our Nominating and Corporate Governance Committee oversees the management of risks associated with director independence, conflicts of interest,
board composition and organization, and director succession planning. Our committees of the Board regularly report their findings to the full Board. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="ds78301_board_committees_and_related_functions"> </A>
<A NAME="toc_ds78301_3"> </A>
<BR></FONT><FONT SIZE=2><B>  Board Committees and Related Functions    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal standing committees of the Board are the Audit Committee, the Nominating and Corporate Governance Committee and the
Compensation Committee. Each of committees consists </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>60</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=69,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=730219,FOLIO='60',FILE='DISK125:[10ZCL1.10ZCL78301]DS78301A.;14',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_ds78301_1_61"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2>solely
of non-employee, independent directors. From time to time, the Board may form&nbsp;a special committee or subcommittee of a standing committee to focus on specific matters. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Audit Committee  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee of the Board is a separately designated standing committee of the Board of Directors and currently consists of
three members of the Board of Directors, all of whom: (1)&nbsp;meet the criteria for "independence" set forth in rule&nbsp;10A-3(b)(1) under the Securities Exchange Act of 1934, as
amended, and the listing standards of the NASDAQ Stock Market; (2)&nbsp;have not participated in the preparation of the consolidated financial statements of UTStarcom or any of its current
subsidiaries at any time during the past three years; and (3)&nbsp;are able to read and understand fundamental financial statements, including a company's balance sheets, income statements,
statement of shareholder's equity and statements of cash flow. The members of the Audit Committee are Mr.&nbsp;Toy, who chairs the committee, and Messrs.&nbsp;Li and Xie. The Audit Committee held
nine meetings during 2010. Mr.&nbsp;Toy has been determined by the Board to qualify as an "audit committee financial expert" under applicable SEC and NASDAQ rules. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee, among other duties and responsibilities, (i)&nbsp;reviews and approves the annual appointment of UTStarcom's independent registered public accounting firm,
(ii)&nbsp;discusses and reviews in advance the scope and fees of the annual audit, (iii)&nbsp;reviews the results of the audit with the independent registered public accounting firm and discusses
the foregoing with UTStarcom's management, (iv)&nbsp;reviews and approves non-audit services of the independent registered public accounting firm, (v)&nbsp;reviews compliance with
UTStarcom's existing major accounting and financial reporting policies, (vi)&nbsp;reviews and approves all related party transactions that would require disclosure pursuant to the rules of the SEC
and the policies and procedures related to such transactions, and (vii)&nbsp;provides oversight and monitoring of UTStarcom's management and their activities with respect to UTStarcom's financial
reporting process. In connection with the execution of the responsibilities of the Audit Committee, including the review of UTStarcom's quarterly earnings reports prior to public release, Audit
Committee members communicated throughout 2010 with UTStarcom's management and the independent registered public accounting firm. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board has approved an Audit Committee Charter which is reviewed at least annually, periodically revised (most recently on March&nbsp;1, 2011), and is available on UTStarcom's
website at </FONT><FONT SIZE=2><I>http://investorrelations.utstar.com/governance.cfm</I></FONT><FONT SIZE=2>. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Nominating and Corporate Governance Committee  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Nominating and Corporate Governance Committee currently consists of three members of the Board of Directors, all of whom are
"independent" in accordance with the rules of the NASDAQ Stock Market. The current members of the Committee are Mr.&nbsp;Li, who chairs the committee, and Messrs.&nbsp;Toy and Xie. The Nominating
and Corporate Governance Committee held four meetings during 2010. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Nominating and Corporate Governance Committee's responsibilities include the selection of director nominees for the Board and the development and annual review of UTStarcom's
governance principles. The Nominating and Corporate Governance Committee also (i)&nbsp;assists the Board by actively identifying individuals qualified to become Board members, (ii)&nbsp;recommends
director nominees to the Board for election at the next annual meeting of stockholders, (iii)&nbsp;recommends chairs and members of each committee to the Board, (iv)&nbsp;monitors significant
developments in the law and practice of corporate governance and of the duties and responsibilities of directors of public companies, (v)&nbsp;leads the Board in its annual performance
self-evaluation, including establishing criteria to be used in connection with such evaluation, (vi)&nbsp;reviews Board compensation and recommends to the Board any changes in Board
compensation, (vii)&nbsp;oversees compliance with UTStarcom's Code of Business Conduct </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>61</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=70,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=232521,FOLIO='61',FILE='DISK125:[10ZCL1.10ZCL78301]DS78301A.;14',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_ds78301_1_62"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2>and
Ethics, and (viii)&nbsp;develops and recommends to the Board and administers the corporate governance guidelines of UTStarcom. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Nominating and Corporate Governance Committee is also responsible for reviewing with the Board, from time to time, the appropriate skills and characteristics required of Board
members in the context of the current composition of the Board. This assessment includes issues of diversity in numerous factors, including independence, operational experience as a senior executive,
business judgment, age, understanding of the industry, willingness to mentor, personal network, and international perspective. Additional criteria include a candidate's personal and professional
credibility, integrity and prestige, and his or her ability to blend with UTStarcom's Board dynamics, as well as his or her willingness to devote sufficient time to attend meetings of the Board. The
Nominating and Corporate Governance Committee reviews these factors and others deemed useful in the context of an assessment of the perceived needs of the Board at a particular point in time. As a
result, the priorities and emphasis of the Nominating and Corporate Governance Committee and of the Board may change
from time to time to take into account changes in business and other trends, in addition to the portfolio of skills and experience of current and prospective directors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board has adopted a charter of the Nominating and Corporate Governance Committee, addressing the nominations process and such related matters as may be required under federal
securities laws and applicable NASDAQ rules. A copy of the Nominating and Corporate Governance Committee Charter, which is reviewed at least annually and is periodically revised (most recently on
March&nbsp;1, 2011), is available on UTStarcom's website at </FONT><FONT SIZE=2><I>http://investorrelations.utstar.com/governance.cfm</I></FONT><FONT SIZE=2>. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Compensation Committee  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee currently consists of three members of the Board of Directors, Mr.&nbsp;Toy, who chairs the committee, and
Messrs.&nbsp;Li and Du, all of whom are non-employee, outside directors in addition to being "independent directors" pursuant to the applicable NASDAQ rules. The Compensation Committee
met ten times during 2010. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
purpose of the Compensation Committee is to (i)&nbsp;approve and oversee the total compensation package for UTStarcom's executives, including their base salaries, incentives,
deferred compensation, equity-based compensation, benefits and perquisites, (ii)&nbsp;review and approve corporate goals and objectives relevant to the compensation of UTStarcom's Chief Executive
Officer (the "</FONT><FONT SIZE=2><B>CEO</B></FONT><FONT SIZE=2>"), evaluate CEO performance, and determine CEO compensation based on this evaluation, (iii)&nbsp;review the CEO's performance
evaluation of all executive officers and approve pay decisions, (iv)&nbsp;review periodically and make recommendations to the Board regarding any equity or long-term compensation plans,
and (v)&nbsp;administer these plans. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee operates according to a charter that details its specific duties and responsibilities. The charter is reviewed at least annually, periodically revised (most
recently on March&nbsp;1, 2011) by the Compensation Committee, and is available on UTStarcom's website at </FONT> <FONT SIZE=2><I>http://investorrelations.utstar.com/governance.cfm</I></FONT><FONT SIZE=2>. The charter generally provides the
membership requirements, authority and duties of the Compensation
Committee. The Compensation Committee is to consist of no fewer than three members, all of whom (i)&nbsp;meet the independence requirements of the NASDAQ Listing Rules, (ii)&nbsp;are
"non-employee directors" under the definition of Rule&nbsp;16b-3 promulgated under Section&nbsp;16 of the Exchange Act, and (iii)&nbsp;are "outside directors" for
purposes of the regulations promulgated under Section&nbsp;162(m) of the Internal Revenue Code of 1986, as amended (the "</FONT><FONT SIZE=2><B>Internal Revenue Code</B></FONT><FONT SIZE=2>").
During 2010, all members of the Compensation Committee met these criteria. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UTStarcom's
Human Resources department supports the Compensation Committee in its work. The Compensation Committee also has the authority to engage the services of outside advisors,
experts and others for assistance. From time to time, the Compensation Committee may direct an external </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>62</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=71,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=924036,FOLIO='62',FILE='DISK125:[10ZCL1.10ZCL78301]DS78301A.;14',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_ds78301_1_63"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2>advisor
to work with the Human Resources department to support management and the Compensation Committee in matters such as (i)&nbsp;peer group development, (ii)&nbsp;executive officer
benchmarking, including pay-for-performance analyses and tally sheet preparation, and (iii)&nbsp;advising on pay levels and/or pay program design. Since May 2007, the
Compensation Committee has used Compensia,&nbsp;Inc. from time to time as its independent outside compensation consultant. For a further description of the role of the compensation consultant in our
compensation process, please see the section titled "Role of Compensation Consultant" in the Compensation Discussion and Analysis contained in this proxy statement/prospectus. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ds78301_compensation_committee__ds702494"> </A>
<A NAME="toc_ds78301_4"> </A>
<BR></FONT><FONT SIZE=2><B>  Compensation Committee Interlocks and Insider Participation    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2010, Xiaoping Li, Baichuan Du, Thomas J. Toy and Bruce Ryan, whose term on the Board and Compensation Committee expired as of
December&nbsp;13, 2010, served on the Compensation Committee. All members of the Compensation Committee during 2010 were independent directors in accordance with the applicable independence
requirements of the NASDAQ Listing Rules, and none were employees or officers or former employees or officers of UTStarcom. During 2010, no executive officer of UTStarcom served on the compensation
committee (or equivalent) or board of directors of another entity whose executive officer(s) served on UTStarcom's Compensation Committee or Board. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ds78301_director_compensation_for_2010"> </A>
<A NAME="toc_ds78301_5"> </A>
<BR></FONT><FONT SIZE=2><B>  Director Compensation for 2010    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors who are our employees receive no additional compensation for serving on the Board of Directors. In 2010, our
non-employee directors received both cash and equity compensation as described below. In addition, we reimburse all directors for travel and other related expenses incurred in connection
with our business, including attending stockholder meetings and meetings of the Board or any Board committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth information concerning compensation paid or accrued for services rendered to us in all capacities by our non-employee directors for the year
ended December&nbsp;31, 2010. </FONT></P>

<UL>


<P style="font-family:times;"><FONT SIZE=2><I> Cash Compensation  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approximately one-third of the compensation paid to our non-employee directors is comprised of cash. During
2010, the non-employee directors' cash compensation was comprised of the following elements: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:58pt;"><FONT SIZE=1><B>Type of Payment

<!-- COMMAND=ADD_SCROPPEDRULE,58pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Amount </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-Executive Chairman of the Board (pro-rated and paid quarterly)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>250,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Director Retainer (pro-rated and paid quarterly)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>50,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Audit Committee Chair Fee</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>12,500</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Compensation Committee Chair Fee</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,500</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Nominating and Governance Committee Chair Fee</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,500</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Audit Committee Member Fee</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>5,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Compensation Committee Member Fee</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,500</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Nominating and Governance Committee Member Fee</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,500</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Credit towards UTStarcom Products</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <UL>

<P style="font-family:times;"><FONT SIZE=2><I> Equity Compensation  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approximately two-thirds of the compensation paid to our non-employee directors is comprised of equity:
one-third of the aggregate value in stock options, and one-third of the aggregate value in </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>63</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=72,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=448138,FOLIO='63',FILE='DISK125:[10ZCL1.10ZCL78301]DS78301A.;14',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_ds78301_1_64"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>restricted
stock. The number of options and shares of restricted stock granted to each non-employee director during fiscal year 2010 is set forth below: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="67pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:21pt;"><FONT SIZE=1><B>Name

<!-- COMMAND=ADD_SCROPPEDRULE,21pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Stock Options<BR>
Granted (#) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Restricted<BR>
Stock Granted<BR>
(#) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Baichuan Du</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>80,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Xiaoping Li</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Hong Liang Lu</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>46,082</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>23,041</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>William Wong</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>80,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Thomas J. Toy</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>288,479</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>144,239</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Linzhen Xie</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Bruce Ryan</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>60,829</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>30,414</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
stock option has an exercise price of $2.17 per share, equal to the closing price of UTStarcom's Common Stock on the NASDAQ Stock Market on September&nbsp;30, 2010, the date of
grant. Except for the options granted to Mr.&nbsp;Du and Mr.&nbsp;Wong as newly-elected directors, the options and restricted stock vest in equal, monthly installments over a 12-month
period beginning on September&nbsp;30, 2010. The grants were made pursuant to the 2006 Equity Incentive Plan ("</FONT><FONT SIZE=2><B>2006 Plan</B></FONT><FONT SIZE=2>") and are subject to the
standard terms and conditions of the forms of restricted stock award and stock option agreements previously approved for use with the 2006 Plan and filed with the SEC. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
newly-elected or appointed non-employee director is eligible to receive an option award under the 2006 Plan to purchase 80,000 shares of Common Stock which would vest in
equal installments of 25% per year on each of the four anniversaries of the date of grant. Any such grant would be made in accordance with UTStarcom's Equity Award Grant Policy and Procedures more
fully described in the Compensation Discussion and Analysis of this proxy statement/prospectus. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
further discussion with respect to change of control arrangements applicable to outstanding equity awards, please see the section titled "Change of Control Provisions in UTStarcom's
Equity Compensation Plans" under "Potential Payments upon Termination or Change of Control" contained in this proxy statement/prospectus. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table further summarizes compensation paid to the non-employee directors during 2010: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="78pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="64pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="70pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="55pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:21pt;"><FONT SIZE=1><B>Name

<!-- COMMAND=ADD_SCROPPEDRULE,21pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Fees Earned or<BR>
Paid in Cash ($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Stock Awards<BR>
($)(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Option Awards<BR>
($)(2) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Baichuan Du</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>17,315</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>106,296</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>123,611</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Xiaoping Li</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Hong Liang Lu</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>50,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>49,999</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>59,816</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>159,815</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>William Wong</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>17,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>106,296</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>123,296</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Thomas J. Toy</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>313,946</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>313,001</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>374,446</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,001,393</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Linzhen Xie</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,582</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,582</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Allen Lenzmeier(3)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>46,875</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>46,875</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Jeff Clarke(4)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>46,375</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>46,375</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Bruce Ryan(5)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>64,972</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>66,001</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>78,956</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>209,929</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >


<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>This
column includes the value of stock awarded to directors in 2010 based upon its grant date fair value, as determined in accordance with the share-based
payment accounting guidance under Financial Accounting Standards Board, Accounting Standards Codification, or ASC, Topic&nbsp;718.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>This
column includes the value of options awarded to directors in 2010 based upon its grant date fair value, as determined in accordance with the
share-based payment accounting guidance under </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>64</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=73,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=824363,FOLIO='64',FILE='DISK125:[10ZCL1.10ZCL78301]DS78301A.;14',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_ds78301_1_65"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>ASC
Topic 718. A discussion of the valuation assumptions used for purposes of calculating the fair value of an option is included under Note&nbsp;12 to our 2010 Consolidated Financial Statements
that are part of our Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2010.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Lenzmeier
resigned as of September&nbsp;7, 2010.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Clarke
resigned as of September&nbsp;7, 2010.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Ryan's
term as a director expired as of December&nbsp;13, 2010. </FONT></DD></DL>
 </DIV>
 <UL>

<P style="font-family:times;"><FONT SIZE=2><I> Indemnification Agreements  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All of our directors are currently party to indemnification agreements with UTStarcom. The form of indemnification agreement is filed
as Exhibit&nbsp;10.1 to our Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2008. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>65</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=74,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=810133,FOLIO='65',FILE='DISK125:[10ZCL1.10ZCL78301]DS78301A.;14',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_du78301_1_66"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2>
<A HREF="#bg78301a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="du78301_security_ownership_of_certain___sec02525"> </A>
<A NAME="toc_du78301_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth certain information with respect to beneficial ownership of our common stock as of April&nbsp;30, 2011
by (i)&nbsp;each person who is known to us to own beneficially more than 5% of our common stock, (ii)&nbsp;each current director of UTStarcom, (iii)&nbsp;each current executive officer, and
(iv)&nbsp;all of our current directors and executive officers as a group. Calculations are based on 156,129,775 shares of common stock issued and outstanding as of April&nbsp;30, 2011. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="72pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:149pt;"><FONT SIZE=1><B>Name and Address of Beneficial Owner(1)

<!-- COMMAND=ADD_SCROPPEDRULE,149pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Shares<BR>
Beneficially<BR>
Owned(2) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percent of<BR>
Total<BR>
Outstanding(2) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Entities affiliated with Softbank Corp.(3)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>14,651,630</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>9.4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Entities affiliated with Shah Capital Management(4)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>13,431,812</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>8.6</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>E-Town International Holding (Hong Kong)&nbsp;Co. Limited(5)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>11,363,636</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Hong Liang Lu(6)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,150,464</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Jack Lu(7)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>75,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Edmond Cheng(8)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,700</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Baichuan Du</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Xiaoping Li</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Thomas J. Toy(9)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,023,478</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>William Wong</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Linzhen Xie</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Peter Blackmore(10)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,015,972</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Kenneth Luk(11)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>50,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>All current directors and executive officers as a group (8&nbsp;persons)(12)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,259,642</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2.7</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >


<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Less
than 1%.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Unless
otherwise indicated, the address for all beneficial owners is c/o UTStarcom,&nbsp;Inc., 52-2&nbsp;Building, BDA International
Enterprise Avenue, No.&nbsp;2 Jingyuan North Street, Daxing District, Beijing, P.R. China.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Under
the SEC's proxy rules, a person who directly or indirectly has or shares voting power or investment power with respect to a security is considered a
beneficial owner of the security. Voting power is the power to vote or direct the voting of shares, and investment power is the power to dispose of or direct the disposition of shares. The information
on beneficial ownership in the table and the footnotes is based upon our records and the most recent Schedule&nbsp;13D or 13G filed by each such person and information supplied to us by such person.
Unless otherwise indicated, each person has sole voting power and sole investment power with respect to all shares beneficially owned, subject to community property laws where applicable. Shares
subject to options which are exercisable within 60&nbsp;days of April&nbsp;30, 2011 are deemed to be outstanding and to be beneficially owned by the person holding such options for the purpose of
computing the percentage ownership of such person, but are not deemed to be outstanding and to be beneficially owned for the purpose of computing the percentage ownership of any other person.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Information
based on Schedule&nbsp;13G, Amendment No.&nbsp;2, filed with the SEC on March&nbsp;28, 2007 by Softbank Corp., Softbank
America,&nbsp;Inc. and Softbank Holdings,&nbsp;Inc. Includes 14,651,630 shares registered in the name of Softbank America&nbsp;Inc., a Delaware corporation. Softbank America&nbsp;Inc. is a
wholly owned subsidiary of Softbank Holdings&nbsp;Inc., a Delaware corporation. Softbank Holdings&nbsp;Inc. is a wholly owned subsidiary of Softbank Corp., a Japanese corporation. Softbank
America&nbsp;Inc. has sole power to vote or direct the voting of the 14,651,630 shares and sole dispositive power over the 14,651,630 shares. The business address for these entities is c/o Softbank
Corp., Tokyo Shiodome Blvd., 1-9-1, Higashi-shimbashi, Minato-ku, Tokyo 105-7303 Japan. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>66</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=75,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=401568,FOLIO='66',FILE='DISK125:[10ZCL1.10ZCL78301]DU78301A.;13',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_du78301_1_67"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Information
based on Schedule&nbsp;13D, Amendment No.&nbsp;2, filed with the SEC on December&nbsp;8, 2009 by Shah Capital Management and the Current
Report on Form&nbsp;8-K filed with the SEC on September&nbsp;13, 2010 by UTStarcom. Includes 8,004,957 shares beneficially and jointly owned by Shah Capital Management and 5,426,855
shares beneficially owned by Shah Capital Opportunity Fund&nbsp;LP. Shah Capital Management has the sole power to vote or direct the voting of the 8,004,957 shares and sole dispositive power over
the 8,004,957 shares. The business address for Shah Capital Management and Shah Capital Opportunity Fund&nbsp;LP is 8601 Six Forks Road, Suite&nbsp;630, Raleigh, NC 27615.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Information
based on Schedule&nbsp;13D, Amendment No.&nbsp;1, jointly filed with the SEC on October&nbsp;1, 2010 by E-Town International
Holding (Hong Kong)&nbsp;Co., Limited, or E-Town, and Beijing E-Town International Investment and Development&nbsp;Co.,&nbsp;Ltd., or BEIID. As the parent company of
E-Town, BEIID has the power to direct the vote and the disposition of the shares held by E-Town. The business address of BEIID and E-Town is c/o Beijing
E-Town International Investment and Development&nbsp;Co.,&nbsp;Ltd. 6F, Bldg 61, BDA International Enterprise Avenue, No.&nbsp;2 JingYuan North Street, BDA, Beijing, P. R. China.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Consists
of 2,760,742 shares owned directly, 229,000 shares owned by The Lu Family Limited Partnership, of which Mr.&nbsp;Lu is a general partner, 80,775
shares registered in the name of Lu Charitable Remainder Trust, of which Mr.&nbsp;Lu is the trustee, 49,225 shares registered in the name of the Lu Family Trust of which Mr.&nbsp;Lu is a trustee
and of which Mr.&nbsp;Lu and his spouse are beneficiaries, and 30,722 shares issuable upon exercise of options that are exercisable currently or within 60&nbsp;days of April&nbsp;30, 2011.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Consists
of 75,000 shares owned directly by Mr.&nbsp;Lu.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(8)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Consists
of 10,700 shares owned directly by Mr.&nbsp;Cheng.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(9)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Consists
of 310,145 shares owned directly and 713,333 shares issuable upon exercise of options that are exercisable currently or within 60&nbsp;days of
April&nbsp;30, 2011.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(10)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Information
based on Form&nbsp;4 filed with the SEC on August&nbsp;5, 2010 by Mr.&nbsp;Blackmore.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(11)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>50,000
shares accelerated vesting in connection with Mr.&nbsp;Luk's termination of employment. Mr.&nbsp;Luk left his position as Chief Financial
Officer on May&nbsp;11, 2010.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(12)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Consists
of 744,055 shares issuable upon exercise of options that are exercisable currently or within 60&nbsp;days of April&nbsp;30, 2011. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>67</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=76,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=612990,FOLIO='67',FILE='DISK125:[10ZCL1.10ZCL78301]DU78301A.;13',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="page_dw78301_1_68"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dw78301_executive_officers"> </A>
<A NAME="toc_dw78301_1"> </A>
<BR></FONT><FONT SIZE=2><B>  EXECUTIVE OFFICERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our current executive officers and their ages as of March&nbsp;31, 2011 are as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="27%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="20pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="55%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:21pt;"><FONT SIZE=1><B>Name

<!-- COMMAND=ADD_SCROPPEDRULE,21pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Age </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Position </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Jack Lu</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>48</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>President and Chief Executive Officer</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Edmond Cheng</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>49</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Senior Vice President and Chief Financial Officer</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Jack Lu</I></FONT><FONT SIZE=2> please see Mr.&nbsp;Lu's biography above. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Edmond Cheng</I></FONT><FONT SIZE=2> has served as our Senior Vice President and Chief Financial Officer since May&nbsp;10, 2010. Immediately prior to joining
UTStarcom, Mr.&nbsp;Cheng served as Chief Financial Officer of Changsha Zoomlion&#151;Science&nbsp;&amp; Technology Development Company,&nbsp;Ltd., a public company dual listed on the
Shenzhen Stock Exchange and the Hong Kong Stock Exchange, from January 2009 to April 2010. From January 2007 to August 2008, Mr.&nbsp;Cheng served as Group Chief Financial Officer at PSA
International PTE&nbsp;LTD. From April 2005 to May 2006, Mr.&nbsp;Cheng served as Chief Financial Officer of Titan Petrochemicals Group Limited, a Hong Kong listed company. From November 2000 to
March 2005, he served as Vice President and Chief Financial Officer at Ingram Micro,&nbsp;Inc., a NYSE listed company. Prior to joining Ingram Micro, Mr.&nbsp;Cheng served as Vice President,
Finance and Administration at Mallinckrodt Medical,&nbsp;Inc., a NYSE listed company, from January 1999 to October 2000. From October 1994 to December 1998, he served as director of Finance, ASEAN
and South Asia at Hewlett-Packard Company. Prior to moving to Singapore in 1994, he spent 10&nbsp;years in the U.S. and held various finance positions at several companies including GTE Corporation,
Compaq Computer Corporation and Applied Materials. Mr.&nbsp;Cheng holds a master's degree in Accounting and a bachelor's degree in Accounting and Management Information Systems from University of
Hawaii at Manoa. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="dw78301_legal_proceedings"> </A>
<A NAME="toc_dw78301_2"> </A>
<BR></FONT><FONT SIZE=2><B>  Legal Proceedings    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UTStarcom is not aware of any legal proceedings in which any director, proposed director, officer or affiliate of UTStarcom, any owner
of record or beneficially of more than five percent of any class of voting securities of UTStarcom, or any associate of any such Director,
nominee, officer, affiliate of UTStarcom, or security holder is a party adverse to UTStarcom or any of its subsidiaries or has a material interest adverse to UTStarcom or any of its subsidiaries. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>68</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=77,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=479361,FOLIO='68',FILE='DISK125:[10ZCL1.10ZCL78301]DW78301A.;7',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_dy78301_1_69"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2>
<A HREF="#bg78301a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dy78301_executive_compensation"> </A>
<A NAME="toc_dy78301_1"> </A>
<BR></FONT><FONT SIZE=2><B>  EXECUTIVE COMPENSATION    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dy78301_compensation_discussion_and_analysis"> </A>
<A NAME="toc_dy78301_2"> </A></FONT> <FONT SIZE=2><B>  COMPENSATION DISCUSSION AND ANALYSIS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Compensation Discussion and Analysis provides information about the material components of our executive compensation program
for: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Our current senior executive officers: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Ying ("Jack") Lu, our President and Chief Executive Officer; and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Edmond Cheng, our Senior Vice President and Chief Financial Officer.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The following former senior executive officers: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Peter Blackmore, our former President and Chief Executive Officer; and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Kenneth Luk, our former Senior Vice President and Chief Financial Officer. </FONT></DD></DL>
</DD></DL>
</UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Named Executive Officers  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The individuals who served as UTStarcom's principal executive officer or principal financial officer during fiscal year 2010 are
referred to in this proxy statement/prospect as the "Named Executive Officers." </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="218pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="20pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:21pt;"><FONT SIZE=1><B>Name

<!-- COMMAND=ADD_SCROPPEDRULE,21pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Age </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Position </B></FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Peter Blackmore(1)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>63</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Chief Executive Officer and President</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Edmond Cheng</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>49</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Senior Vice President and Chief Financial Officer</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Jack Lu</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>48</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Chief Executive Officer and President</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Kenneth Luk(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>59</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Senior Vice President and Chief Financial Officer</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >


<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Peter
Blackmore left his position as Chief Executive Officer on September&nbsp;7, 2010.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Kenneth
Luk left his position as SVP and Chief Financial Officer on May&nbsp;11, 2010. </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specifically,
this Compensation Discussion and Analysis provides an overview of our executive compensation philosophy, the overall objectives of our executive compensation program, and
each
compensation component that we provide. In addition, we explain how and why the Compensation Committee of our Board of Directors (the "</FONT><FONT SIZE=2><B>Compensation
Committee</B></FONT><FONT SIZE=2>") arrived at specific compensation policies and decisions involving our executive officers during 2010. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Management Changes During 2010  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2010, there were several changes in our senior management: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;1, 2010, Mr.&nbsp;Lu was appointed as our Senior Vice President and Chief Operating Officer. He served in this position until he was appointed as our President and
Chief Executive Officer on September&nbsp;8, 2010. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;3, 2010, Mr.&nbsp;Luk resigned his position as our Senior Vice President and Chief Financial Officer, effective May&nbsp;11, 2010, the day immediately following the
filing of our Quarterly Report on Form&nbsp;10-Q for the fiscal quarter ended on March&nbsp;31, 2010. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;4, 2010, Mr.&nbsp;Cheng was appointed as our Senior Vice President and Chief Financial Officer, effective May&nbsp;10, 2010. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;7, 2010, Mr.&nbsp;Blackmore resigned from his position as our President and Chief Executive Officer. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>69</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=78,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=97976,FOLIO='69',FILE='DISK125:[10ZCL1.10ZCL78301]DY78301A.;19',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_dy78301_1_70"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of these changes, we had only two individuals serving as executive officers as of the end of 2010. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="dy78301_executive_compensation_philosophy_1"> </A>
<A NAME="toc_dy78301_3"> </A>
<BR></FONT><FONT SIZE=2><B>  Executive Compensation Philosophy    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I> Compensation Objectives  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our executive compensation program is designed to achieve three primary objectives: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>be competitive with the market to attract, retain, and motivate the caliber of talent required to drive stockholder value; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>create a high-performance culture by linking rewards to performance; and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>apply reward practices in a fair and consistent manner. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="dy78301_compensation-setting_process"> </A>
<A NAME="toc_dy78301_4"> </A>
<BR></FONT><FONT SIZE=2><B>  Compensation-Setting Process    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> Role of Compensation Committee  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee determines the form and amount of compensation for our executive officers, including the Named Executive
Officers. Specifically, the Compensation Committee is responsible for, among other things: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>approving and overseeing the total compensation package for our executive officers, including their base salaries, annual
cash incentive awards, equity awards, perquisites, and other benefits;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>reviewing and approving the corporate goals and objectives relevant to the compensation of our Chief Executive Officer,
evaluating his performance, and determining his compensation based on this evaluation;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>reviewing our Chief Executive Officer's performance evaluation of our other executive officers and approving compensation
decisions for them; and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>reviewing periodically and making recommendations to our Board of Directors regarding any equity, benefit or compensation
plans, and administering the plans that provide for the administration of the plans by the Board or a committee. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee operates pursuant to a charter describing its specific duties and responsibilities, which can be viewed at </FONT> <FONT SIZE=2><I>http://investorrelations.utstar.com/governance</I></FONT><FONT SIZE=2>. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Typically,
the Compensation Committee holds at least four scheduled meetings during the year and holds additional meetings periodically to review and discuss executive compensation
matters. In the first quarter of each year, typically in February, the Compensation Committee: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>considers adjustments to the base salaries of our executive officers;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>decides whether to make annual cash incentive awards to our executive officers in recognition of the prior year's
performance and, if so, the amount of any such awards;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>reviews and approves annual equity awards for our executive officers in accordance with our Equity Award Grant Policy (as
described below); and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>reviews the level of perquisites and other benefits provided to each executive officer. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
part of its annual compensation review, the Compensation Committee also evaluates (i)&nbsp;our corporate financial performance, (ii)&nbsp;the individual performance of each
executive officer, and (iii)&nbsp;data about the market practices for executive compensation for positions comparable to those of each of our executive officers. In addition, our Chief Executive
Officer reviews and discusses with the Compensation Committee the performance and contributions of each executive officer (other than for </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>70</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=79,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=703101,FOLIO='70',FILE='DISK125:[10ZCL1.10ZCL78301]DY78301A.;19',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_dy78301_1_71"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2>himself).
Although the Compensation Committee may discuss the performance and compensation package of our Chief Executive Officer with him, it meets in executive session to determine his compensation.
The Compensation Committee also has the opportunity to meet with each executive officer to discuss his or her performance during the prior year as well as goals for the current year. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> Role of Compensation Consultant  </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For 2010, the Compensation Committee engaged Compensia,&nbsp;Inc. ("</FONT><FONT SIZE=2><B>Compensia</B></FONT><FONT SIZE=2>"), a
national compensation consulting firm, to advise it on executive and equity compensation matters. Compensia reports directly to the Compensation Committee, which has sole
authority to hire, fire, and direct the firm's work. Compensia performed no work for UTStarcom in 2010 other than its work for the Compensation Committee. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2010, Compensia assisted the Compensation Committee in updating the compensation peer group, conducted a market pay assessment for our then-current executive officers, and
provided input on equity compensation and market trends. A representative from Compensia attends meetings of the Compensation Committee upon request. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Role of Management  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Typically, our Chief Executive Officer plays a significant role in the compensation-setting process. Generally, he attends and
participates in all Compensation Committee meetings (except executive sessions of the Compensation Committee or discussions involving his own compensation). Specifically,
he: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>evaluates the performance of our executive officers and other employees;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>assists in establishing corporate performance goals and objectives and the related target levels; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>recommends base salary adjustments and equity awards for our executive officers (other than for himself). </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee considers, but is not bound to and does not always accept, our Chief Executive Officer's recommendations with respect to the compensation of our executive
officers. While the Compensation Committee seeks input primarily from our Chief Executive Officer, it also consults with other executive officers, including our senior human resources personnel, to
obtain recommendations with respect to our compensation programs, practices, and packages for executive officers and other employees. Other than participating in an annual evaluation process with our
Chief Executive Officer and any discussions with the Compensation Committee, the other Named Executive Officers do not play a role in their own compensation determinations. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Human Resources Department supports the Compensation Committee in its work by providing compensation data as requested. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Use of Competitive Market Data  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use data drawn from publicly-available sources for a group of peer companies (the "</FONT><FONT SIZE=2><B>Peer
Group</B></FONT><FONT SIZE=2>") to assess the competitiveness of the compensation of our executive officers. Generally, this data is used to establish the competitive market for our Chief Executive
Officer and Chief Financial Officer positions. Because of the difficulty in identifying comparable positions at these peer companies for our other executive officer positions, we also review the data
with respect to technology companies reflected in one or more third-party executive compensation surveys to develop a sense of the competitive market for these positions. In 2010, we used the annual
Radford High Technology Executive Compensation Report (the "</FONT><FONT SIZE=2><B>Radford Survey</B></FONT><FONT SIZE=2>") for this purpose. The Compensation </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>71</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=80,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=184844,FOLIO='71',FILE='DISK125:[10ZCL1.10ZCL78301]DY78301A.;19',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_dy78301_1_72"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Committee
compared its compensation decisions with its assessment of market practice as reflected by the Peer Group and the Radford Survey when determining the compensation of our Chief Executive
Officer and Chief Financial Officer and as reflected in the Radford Survey when determining the compensation of our other executive officers. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
2010, the Compensation Committee selected the following companies as our compensation Peer Group due to their being in related businesses and having comparable revenues
(approximately $150&nbsp;million to $600&nbsp;million) and a comparable market capitalization (approximately $150&nbsp;million to $600&nbsp;million): </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="328pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>ANADIGICS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Harmonic</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Anaren</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Micrel</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Applied Micro Circuits</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Oclaro</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Aviat Networks</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Opnext</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Cogo Group</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Powerwave Technologies</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>CTS</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Silicon Storage Technology (was acquired by Microchip)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>DSP Group</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Hanwha SolarOne</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>EMS Technologies</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Sonus Networks</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Extreme Networks</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Standard Microsystems</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>Finisar</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Symmetricom</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee intends to review the composition of the Peer Group in 2011 to ensure it is the most relevant set of companies to use for comparison purposes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="dy78301_compensation_of_named_executive_officers"> </A>
<A NAME="toc_dy78301_5"> </A>
<BR></FONT><FONT SIZE=2><B>  Compensation of Named Executive Officers    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our executive compensation program consists of three principal components: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>base salary;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>an annual cash incentive award; and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>equity awards. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collectively,
these components constitute the total direct compensation opportunity of our executive officers. In conducting its annual compensation review for 2010, the Compensation
Committee was provided with an analysis of the compensation practices of the Peer Group and the technology companies reflected in the Radford Survey for the chief executive officer and chief financial
officer positions. The Compensation Committee used this analysis to compare the total direct compensation (that is, base salary, annual cash incentive awards, and equity awards) opportunities of
Messrs&nbsp;Blackmore and Luk against the competitive market for executive talent. The Compensation Committee determined that, to retain qualified executive officers to manage our business in the
current environment, it would be necessary to offer total direct compensation opportunities at levels that were consistent with the competitive market. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Base Salary  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base salary is the primary fixed component in our executive compensation program and is used to attract, motivate, and retain highly
qualified executive officers. An individual's initial base salary is determined by his or her levels of expertise, experience and responsibility, as well as the competitive market. Annual base salary
increases, if any, are a reflection of the executive officer's performance for the preceding year, anticipated future contributions, and pay level relative to similar positions in the Peer Group. We
also take into consideration internal equity with respect to the entire executive team. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>72</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=81,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=410198,FOLIO='72',FILE='DISK125:[10ZCL1.10ZCL78301]DY78301A.;19',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_dy78301_1_73"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
February&nbsp;2010, after consideration of corporate and individual performance, as well as a review of competitive market practices for executive compensation within the Peer
Group, and in view of UTStarcom's previously-announced management changes, the Compensation Committee determined that it would make no adjustments to the base salaries for any of our executive
officers, including the then-existing Named Executive Officers, for 2010. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Blackmore's
voluntary and temporary 20% base salary reduction, announced in March&nbsp;2009, ended on March&nbsp;24, 2010. As of that date, his base salary returned to its
previous level of $800,000 per year. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
initial base salaries of Messrs.&nbsp;Lu and Cheng were established at the time they joined UTStarcom pursuant to the negotiation of their employment agreements. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Annual Cash Incentive Awards ("</I></FONT><FONT SIZE=2><B><I>Bonus</I></B></FONT><FONT SIZE=2><I>")  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We offer annual cash incentive awards to our executive officers, including the Named Executive Officers, based on their performance
against one or more pre-established corporate and individual performance objectives. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Target Award Opportunities  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2010, each of our executive officers, including the Named Executive Officers, was eligible to earn an annual cash incentive
award equal to a specific percentage of his or her base salary. The target annual cash incentive award opportunities established for the Named Executive Officers in March&nbsp;2010 were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="133pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:88pt;"><FONT SIZE=1><B>Named Executive Officer

<!-- COMMAND=ADD_SCROPPEDRULE,88pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Target Annual Cash<BR>
Incentive Award Opportunity<BR>
(as a percentage of<BR>
base salary) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Peter Blackmore</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>100</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Jack Lu</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>100</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Kenneth Luk</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>50</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Edmond Cheng*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>70</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >


<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Cheng's
employment began in May&nbsp;2011 and his target annual cash award opportunity was set in May&nbsp;when he joined UTStarcom. </FONT></DD></DL>
 </DIV>
<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Corporate Performance Objectives  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In March&nbsp;2010, the Compensation Committee, based on the recommendations of our Chief Executive Officer, established and approved
the corporate performance objectives for 2010 for the annual cash incentive awards. These corporate performance objectives involved achieving a specified improvement in operating income (adjusted for
certain one-time items, such as restructuring and impairment costs) as well as bookings and collections targets for 2010. The Compensation Committee believed that encouraging our executive
officers to focus their efforts on these objectives would enable us to attain the financial performance reflected in our operating plan for 2010. The Compensation Committee further believed that the
attainment of the target levels established for each of these corporate performance measures were realistic but not easily achieved and, therefore, would drive the achievement of our
short-term financial goals. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>73</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=82,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=334621,FOLIO='73',FILE='DISK125:[10ZCL1.10ZCL78301]DY78301A.;19',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_dy78301_1_74"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
corporate performance objectives for 2010 as approved by the Compensation Committee were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="47pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:108pt;"><FONT SIZE=1><B>Corporate Performance Metric

<!-- COMMAND=ADD_SCROPPEDRULE,108pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Threshold<BR>
(75%)<BR>
Performance<BR>
(in&nbsp;millions) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Target<BR>
(100%)<BR>
Performance<BR>
(in&nbsp;millions) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Maximum<BR>
(125%)<BR>
Performance<BR>
(in&nbsp;millions) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Weighting </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Operating Income (Loss)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(17,325</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(13,860</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>)</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,395</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>40</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Bookings</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>283,896</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>378,528</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>473,160</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>40</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Collections</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>221,424</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>295,233</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>369,041</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>20</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of the corporate performance objectives, if target performance for a measure was achieved, 100% of the target award payout opportunity applicable to that metric was payable.
If threshold performance was not achieved, none of the target award payout opportunity applicable to that measure was payable. If threshold performance for that metric was achieved, 75% of the target
award payout opportunity applicable to that measure was payable. If maximum performance for that measure was achieved or exceeded, 125% of the target award payout opportunity applicable to that
measure was
payable. For performance between the specified threshold, target, and maximum levels, an interpolated multiplier would be used to calculate the amount payable with respect to each measure. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Even
if the target corporate performance objectives were achieved in full, the Compensation Committee reserved the right, in its sole discretion, to decrease the award payout applicable
to that measure. Similarly, the Compensation Committee retained the right, in its sole discretion, to make award payouts for any corporate performance measure or measures in the event that significant
and unanticipated external events prevented us from meeting one or more pre-established corporate performance objectives. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Individual Performance Objectives  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The individual performance objectives for our executive officers were jointly developed by each executive officer and our Chief
Executive Officer. These individual performance objectives varied from individual to individual, depending on his or her role and responsibilities. Typically, these individual performance objectives
included, for example, quantitative and qualitative goals for corporate acquisitions and divestitures, compliance, technology innovations, customer relations, improving market position, and cost
management. These individual performance objectives were then reviewed and approved by the Compensation Committee. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
with the corporate performance objectives, award payouts could range from 0% to 125% of target performance levels, depending on the degree to which each individual performance
objective was met. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Award Weightings  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For Mr.&nbsp;Blackmore, 75% of his target annual cash incentive award opportunity was to be based on the corporate performance
objectives described above and corporate expense results and 25% was to be based on the completion of several strategic/operational initiatives (including successful execution of identified
acquisitions, transition of the chief executive officer role and responsibilities to Mr.&nbsp;Lu, and increasing employee engagement). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>74</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=83,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=59526,FOLIO='74',FILE='DISK125:[10ZCL1.10ZCL78301]DY78301A.;19',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_dz78301_1_75"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2>
<A HREF="#bg78301a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For Mr.&nbsp;Lu, 70% of his target annual cash incentive award opportunity was to be based on the corporate performance objectives described above and
departmental expense results and 30% was to be based on the completion of several strategic/operational initiatives (including developing sales, completing the assumption of the role and
responsibilities of the chief executive officer position, and increasing employee engagement). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
Mr.&nbsp;Luk, 50% of his target annual cash incentive award opportunity was to be based on the corporate performance objectives described above and 50% was to be based on the
completion of several strategic/operational initiatives (including accelerating the finance function transition to China, successfully completing all SEC filings, successfully completing identified
asset sales and financings, assuming the sale operations function, enhancing our internal controls and revenue recognition compliance, and increasing employee engagement). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
Mr.&nbsp;Cheng, 50% of his target annual cash incentive award opportunity was to be based on the corporate performance objectives described above and 50% was to be based on the
completion of the strategic/operational initiatives originally assigned to Mr.&nbsp;Luk (including accelerating the finance function transition to China, successfully completing all SEC filings,
successfully completing identified asset sales and financings, assuming the sale operations function, enhancing our internal controls and revenue recognition compliance, and increasing employee
engagement). </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Award Decisions  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After the end of the year, our Chief Executive Officer assessed Mr.&nbsp;Cheng's performance against his individual performance
objectives. Our Chief Executive Officer then noted that, pursuant to the terms of his written offer letter, Mr.&nbsp;Cheng's 2010 annual incentive award payment was guaranteed in an amount equal to
100% of his target incentive award opportunity. In addition, after the end of the year, the Compensation Committee assessed our Chief Executive Officer's performance against his individual performance
objectives. Based on this assessment, UTStarcom's financial performance for 2010, and its consideration of various subjective factors, the Compensation Committee determined the annual cash incentive
award for our Chief Executive Officer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
annual cash incentive awards for the Named Executive Officers for 2010 were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:88pt;"><FONT SIZE=1><B>Named Executive Officer

<!-- COMMAND=ADD_SCROPPEDRULE,88pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Annual Cash<BR>
Incentive<BR>
Award </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Jack Lu</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>129,328</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Edmond Cheng</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>171,996</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <UL>

<P style="font-family:times;"><FONT SIZE=2><I> Discretionary Bonus  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In consideration of Mr.&nbsp;Blackmore's services to UTStarcom during his tenure as President and Chief Executive Officer, especially
his contributions to the successful completion of the transaction involving an investment in UTStarcom by Beijing E-town International Investment and Development&nbsp;Co.,&nbsp;Ltd.
and Ram Max Group Limited, through Elite Noble Limited and Shah Capital Management, through Shah Capital Opportunity Fund&nbsp;LP (the "</FONT><FONT SIZE=2><B>BEIID
Transaction</B></FONT><FONT SIZE=2>"), our Board of Directors approved a cash bonus award for Mr.&nbsp;Blackmore in the amount of $800,000, payable upon the closing of the transaction in the fall of
2010. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Equity Awards  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity compensation is a significant component of our executive compensation program. We believe this is an effective way to align the
interests of our executive officers with those of our stockholders to increase long-term stockholder value. In designing our equity awards, we take into account stockholder </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>75</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=84,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=869559,FOLIO='75',FILE='DISK125:[10ZCL1.10ZCL78301]DZ78301A.;17',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_dz78301_1_76"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>concerns
about share usage and dilution. Accordingly, as discussed below, under our Burn Rate Policy the Compensation Committee limits the annual net issuances of stock-based awards, subject to
extraordinary events (for example, acquisitions). The Compensation Committee adjusts this target rate each year based on performance and retention objectives, taking into account market practices. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><U>Focal Equity Awards</U> </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
February 2010, the Compensation Committee determined that, in view of UTStarcom's previously-announced management changes, no equity awards would be granted
to our executive officers, including the Named Executive Officers, for 2010. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><U>Additional Equity Awards</U> </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
March 2010, pursuant to the terms of Mr.&nbsp;Lu's amended employment offer letter, the Compensation Committee granted him a restricted stock award for
300,000 shares of UTStarcom's common stock, subject to a four-year service based vesting schedule. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
May 2010, pursuant to the terms of Mr.&nbsp;Cheng's employment offer letter, the Compensation Committee granted him a restricted stock award for 200,000 shares of UTStarcom's common
stock and an RSU award covering 100,000 shares of UTStarcom's common stock, each subject to a four-year service based vesting schedule. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><U>2009 Restricted Stock Unit Award Payout</U> </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
February 2010, the Compensation Committee determined the actual number of shares of UTStarcom's common stock earned by the Named Executive Officers from
their performance-based restricted stock unit ("</FONT><FONT SIZE=2><B>RSU</B></FONT><FONT SIZE=2>") awards granted in February 2009 based on an evaluation of their performance against the
pre-established 2009 performance objectives. These objectives included achievement of corporate financial measures related to bookings, revenue, and net income, achievement of certain
corporate objectives, and achievement of individual performance objectives, tailored to reflect the roles and responsibilities of each Named Executive Officer, as approved by the Compensation
Committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
that time, the Compensation Committee measured each Named Executive Officer's performance against his established objectives, as well as UTStarcom's financial performance, and
determined that the number of shares of UTStarcom's common stock earned by each applicable Named Executive Officer was as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="86pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="105pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="102pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:88pt;"><FONT SIZE=1><B>Named Executive Officer

<!-- COMMAND=ADD_SCROPPEDRULE,88pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of Shares<BR>
Covered by RSU<BR>
Award Granted on<BR>
February&nbsp;27, 2009 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of Shares<BR>
Earned as Determined<BR>
on February&nbsp;26, 2010 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Shares Earned Under<BR>
RSU Award as a<BR>
Percentage of Number<BR>
of Shares Granted </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Peter Blackmore</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>224,727</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>148,769</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>66.2</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
shares of UTStarcom's common stock earned under the RSU awards vested as to 50% of the shares on each of February&nbsp;26, 2010 and February&nbsp;28, 2011, subject to the Named
Executive Officer continuing to be a service provider to UTStarcom (as defined) through such date. Pursuant to UTStarcom's severance arrangements with Mr.&nbsp;Blackmore, all outstanding equity
awards fully vest and become exercisable in the event of termination of employment by UTStarcom other than for "cause." As a result, all of the outstanding equity awards held by Mr.&nbsp;Blackmore
fully vested and became exercisable upon his termination of employment effective September&nbsp;7, 2010. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Perquisites and Other Benefits  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We provide medical and other benefits to our executive officers that are generally available to other full-time employees,
including disability and group term life insurance, additional remuneration </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>76</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=85,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=698191,FOLIO='76',FILE='DISK125:[10ZCL1.10ZCL78301]DZ78301A.;17',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_dz78301_1_77"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>for
employees who are assigned overseas and who qualify under the terms of our expatriate remuneration plan, and tuition reimbursement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
al</FONT><FONT SIZE=2><B>s</B></FONT><FONT SIZE=2>o provide the Named Executive Officers and certain other executive officers with certain perquisites and other personal benefits,
including financial planning services, tax assistance payments in connection with our tax equalization policy whereby we provide qualified employees with tax assistance to mitigate the tax
differential arising from an employee's international work assignment, business travel accident insurance, a housing allowance, car/transportation allowances, a relocation allowance for certain
executive officers who have been asked to relocate to conduct business on our behalf, and disability insurance. The Compensation Committee believes that such personal benefits are necessary to
successfully compete for executive talent, particularly in China where they are often a customary part of executive compensation packages. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee reviews the perquisites and other benefits provided to our executive officers as part of its overall review of executive compensation. The Compensation
Committee has determined the type and amount paid in perquisites to be within the appropriate range of competitive compensation practices. For information about the perquisites and other personal
benefits provided to the Named Executive Officers in 2010, see the Summary Compensation Table below. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Section&nbsp;401(k) Plan  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We previously maintained a tax-qualified Section&nbsp;401(k) retirement savings plan for our employees, including the
Named Executive Officers, who satisfied certain eligibility requirements. In September 2010, the Compensation Committee determined that, in view of our previously-announced plans to relocate certain
corporate functions of UTStarcom to China, it was in the best interests of our stockholders to terminate the Section&nbsp;401(k) plan effective October&nbsp;1, 2010. At that time, all participants
became fully vested in their plan accounts and all plan assets were distributed to the participants. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Post-Employment Compensation  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have change in control and involuntary termination severance agreements in place with certain of the Named Executive Officers and an
Executive Involuntary Termination Severance Pay Plan for the other Named Executive Officers. For a summary of the material terms of these arrangements, see "Potential Payments Upon Termination and
Change on Control." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee believes that these arrangements are in the best interests of our stockholders. As with any public company, the possibility of a corporate transaction
involving a change in control exists for us. Such a change in control typically means a degree of ambiguity for executives about the continuity of their employment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee believes these arrangements help to ensure that our executive officers will remain focused on, and committed to, the interests of the business throughout the
process of exploring and/or executing a transaction that may result in a change in control of UTStarcom. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="dz78301_employment_agreements"> </A>
<A NAME="toc_dz78301_1"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Employment Agreements    <BR>    </I></B></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Employment of Mr.&nbsp;Lu  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;1, 2010, we entered into an employment offer letter with Mr.&nbsp;Lu. Pursuant to this offer letter, Mr.&nbsp;Lu
was appointed to serve as our Senior Vice President and Chief Operating Officer until such time as he would assume the position of Chief Executive Officer. At the same time, and as a condition of his
employment, we entered into an Involuntary Termination Severance Agreement with Mr.&nbsp;Lu (the "</FONT><FONT SIZE=2><B>Severance Agreement</B></FONT><FONT SIZE=2>"). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>77</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=86,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=785928,FOLIO='77',FILE='DISK125:[10ZCL1.10ZCL78301]DZ78301A.;17',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_dz78301_1_78"> </A>


<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
employment offer letter was subsequently amended on February&nbsp;22, 2010 to change Mr.&nbsp;Lu's employment commencement date to March&nbsp;1, 2010 and to provide that his
compensation arrangements would be adjusted accordingly. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the employment offer letter, Mr.&nbsp;Lu's initial base salary was RMB 2,726,653 subject to an increase to RMB 3,067,485 at the time he assumed the position of Chief
Executive Officer. In addition, he was eligible for an annual cash incentive award opportunity equal to 100% of his annual base salary. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsequently,
on February&nbsp;24, 2011, our Board of Directors approved UTStarcom entering into an employment agreement governed under the laws of the People's Republic of China (the
"</FONT><FONT SIZE=2><B>PRC</B></FONT><FONT SIZE=2>") with Mr.&nbsp;Lu. The terms of this agreement are to be consistent with the laws and regulations of the PRC and his current employment
arrangements. As required under the laws of the PRC, however, Mr.&nbsp;Lu's employment will be for a fixed term, which is expected to be for three years. In addition, under the laws of the PRC,
termination of Mr.&nbsp;Lu's employment, other than pursuant to legal circumstances specified in the PRC employment contract laws, will require Mr.&nbsp;Lu's consent. After entering into this
agreement, Mr.&nbsp;Lu will be entitled to certain statutory benefits granted to employees under the laws and regulations of the PRC, such as receipt of local health, disability, and unemployment
insurance, a statutory housing allowance and participation in the statutory pension program, that together have an approximate annual value of US$9,600. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, our Board of Directors approved UTStarcom amending the Severance Agreement. Under the amendment, if Mr.&nbsp;Lu's employment is terminated as a result of a "good reason"
or an "involuntary termination" during the term of the Severance Agreement, then he will receive, among other severance benefits, 12&nbsp;months of his base salary. This change is contingent upon
Mr.&nbsp;Lu agreeing that payment of the severance benefits under the Severance Agreement as amended will satisfy UTStarcom's obligations to Mr.&nbsp;Lu under PRC law and the Agreement such that
he would not be eligible to receive the severance benefits otherwise provided for under PRC employment agreement laws. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Board of Directors also agreed to provide Mr.&nbsp;Lu with the applicable executive benefits offered to non-Chinese executives working in the PRC,
including: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a monthly housing allowance of US$4,000;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>reimbursement of dependent tuition (for up to two dependents), up to a maximum of US$30,000 per year; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>reimbursement for financial planning services, up to US$5,000 per year;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>international health insurance and life insurance (or the cash value thereof), with a value of approximately US$13,400 per
year; and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>participation in the Training/Education Assistance Program, up to US$3,000 per year. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
a summary of the material terms and conditions of his offer letter, as amended, see "Employment Contracts and Severance Agreements with Named Executive Officers" in this proxy
statement/prospectus. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Employment of Mr.&nbsp;Cheng  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;4, 2010, Mr.&nbsp;Cheng was appointed as our Senior Vice President and Chief Financial Officer, effective as of
May&nbsp;10, 2010. The terms and conditions of his employment were set forth in a written offer letter. The negotiation of the terms of his employment was undertaken by Mr.&nbsp;Blackmore,
reviewed and recommended for approval by the Compensation Committee, and approved by our Board of Directors. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>78</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=87,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=592605,FOLIO='78',FILE='DISK125:[10ZCL1.10ZCL78301]DZ78301A.;17',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_dz78301_1_79"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
filling this position, the Compensation Committee was aware that it would be necessary to recruit a candidate from outside UTStarcom with the requisite experience and skills. In
addition, the Compensation Committee recognized that a competitive compensation package would have to contain a financial inducement sufficient to motivate the candidate to accept an employment offer
over any competing offers and to relocate to our offices in Hangzhou, China, and, at the same time, reflect the customary elements of compensation packages for executives in China. These factors
influenced the development of a compensation package that, in the aggregate, was at the 50th&nbsp;percentile of the market range, even though individual compensation elements were either above or
below the median. At the same time, the Compensation Committee was sensitive to the need to integrate a new senior executive into the executive compensation structure that it was seeking to develop,
balancing both competitive and internal equity considerations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
retaining Mr.&nbsp;Cheng, the Compensation Committee recommended, and our Board of Directors approved, that he receive the following compensation and
benefits: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>an annual salary of US$380,000;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a signing bonus of US$57,900: </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>an annual cash incentive award opportunity equal to 70% of his annual base salary, based upon the achievement of
pre-established UTStarcom and individual performance objectives, with 100% of his target annual cash incentive award for 2010 guaranteed;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a restricted stock award for 200,000 shares of UTStarcom's common stock and a restricted stock unit award covering 100,000
shares of UTStarcom's common stock, with both awards subject to a four-year service-based vesting schedule;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>educational assistance of up to US$125,000 to pursue an Executive MBA program during his employment with UTStarcom; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>financial planning services reimbursement of up to US$5,000 per year; and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>certain additional expatriate benefits. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, we agreed to recommend to the Compensation Committee that Mr.&nbsp;Cheng receive additional restricted stock awards for 100,000 shares of UTStarcom's common stock to be
granted in January 2011 and January 2012, respectively, with both awards subject to a four-year service-based vesting schedule. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finally,
Mr.&nbsp;Cheng is eligible for coverage under our medical, dental, and vision plans for expatriate employees and to participate in UTStarcom's Executive Involuntary
Termination Severance Pay Plan. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
a summary of the material terms and conditions of his offer letter, see "Employment Contracts and Severance Agreements with Named Executive Officers" in this proxy
statement/prospectus. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="dz78301_employment_terminations"> </A>
<A NAME="toc_dz78301_2"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Employment Terminations    <BR>    </I></B></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Resignation of Mr.&nbsp;Luk  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;3, 2010, Mr.&nbsp;Luk resigned from his position as our Senior Vice President and Chief Financial Officer, effective
May&nbsp;11, 2010. In connection with his termination of employment, the Compensation Committee agreed to provide Mr.&nbsp;Luk with the following severance payments and
benefits: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a lump sum cash payment in the amount of $91,500, plus the </FONT><FONT SIZE=2><I>pro rata</I></FONT><FONT SIZE=2>
portion of his base salary for the period between the May&nbsp;11, 2010 and June&nbsp;17, 2010, less applicable tax withholding; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>79</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=88,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=584357,FOLIO='79',FILE='DISK125:[10ZCL1.10ZCL78301]DZ78301A.;17',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_dz78301_1_80"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>full and accelerated vesting of 50,000 shares of UTStarcom's common stock granted to him pursuant to the terms of his
offer letter with UTStarcom dated November&nbsp;15, 2010 (the "</FONT><FONT SIZE=2><B>Offer Letter</B></FONT><FONT SIZE=2>"); and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>waiver of his obligation to repay a sign-on bonus of RMB 340,800 that he received pursuant to the Offer
Letter. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><I> Resignation of Mr.&nbsp;Blackmore  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;7, 2010, Mr.&nbsp;Blackmore resigned from his position as our President and Chief Executive Officer and as a
member of our Board of Directors. For purposes of the Change of Control/Involuntary Termination Severance Agreement between Mr.&nbsp;Blackmore and UTStarcom, the parties agreed that his resignation
was a termination of employment for "good reason." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to this agreement and subject to certain conditions, UTStarcom provided Mr.&nbsp;Blackmore with the following severance payments and benefits: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>twelve months of base salary at the rate as in effect as of the date of such termination of employment, less applicable
tax withholding;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>one hundred percent of his full target annual cash incentive award for 2010;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>full and accelerated vesting of all outstanding equity awards held by him as of the date of such termination of
employment;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>continued exercisability of such equity awards until the earliest of (i)&nbsp;12&nbsp;months from the date of such
termination of employment, (ii)&nbsp;the latest date the equity award could have expired by its original terms under any circumstances, (iii)&nbsp;the 10th&nbsp;anniversary of the original date
of grant of the equity award, or (iv)&nbsp;the date provided for under the equity plan under which the award was granted;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>full and complete vesting of all outstanding restricted cash awards; and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>an amount equal to 12&nbsp;months of health insurance premiums for continuation coverage under COBRA at the same level
of health (i.e.,&nbsp;medical, vision and dental) coverage and benefits as in effect for him on the day immediately preceding the date of his termination of employment. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="dz78301_other_compensation_policies"> </A>
<A NAME="toc_dz78301_3"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Other Compensation Policies    <BR>    </I></B></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Equity Grant Policy  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under our Equity Award Grant Policy and Procedures, as adopted by the Compensation Committee, equity awards for our executive officers
are considered and approved as follows: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>all equity awards for our executive officers are to be approved by the Compensation Committee;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the Compensation Committee will use its best efforts to approve equity awards at a duly-called meeting, and
awards will be made by unanimous written consent only if meetings are unable to be held;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the date of grant of any equity award will be the last trading day in the month in which the Compensation Committee
approves the award; and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>for purposes of equity awards that are to be granted at the fair market value of UTStarcom's common stock, "fair market
value" will be the closing sales price per share of UTStarcom's common stock on the date of grant. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Typically,
meetings of the Compensation Committee to consider the approval of annual focal equity awards to our executive officers are held during the last two weeks of February of each
year. In </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>80</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=89,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=780951,FOLIO='80',FILE='DISK125:[10ZCL1.10ZCL78301]DZ78301A.;17',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_dz78301_1_81"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2>addition,
meetings of the Compensation Committee may be held at any time to consider the approval of equity awards for new executive officers (including new executive officers resulting from either
new hires or promotions), but these equity awards will be effective as of the last trading day in the month in which the Compensation Committee approved the award. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Burn Rate Policy  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Board of Directors adopted a burn rate policy committing us to limit the number of shares of UTStarcom's common stock that we used
for equity compensation during fiscal years 2008, 2009 and 2010. For this three-year period, the policy limited the number of shares that we granted subject to equity awards to an average
of 4.80% of our outstanding common stock. Thus, while we may have exceeded the 4.80% burn rate in a given year, the policy required that our three-year average not exceed 4.80%. Awards
that are settled in cash, awards issued under UTStarcom's employee stock purchase plan, awards assumed in acquisitions, and any awards granted in connection with our stock option exchange program are
excluded from this burn rate calculation. For purposes of this calculation, each share subject to a full value award (such as a restricted stock unit, performance share, performance unit, and any
other award that does not have an exercise price per share equal to the per share fair market value of UTStarcom's common stock on the grant date) is counted as 1.5 shares. For this
three-year period our burn rate was 4.32%. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Stock Ownership Guidelines  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We maintain stock ownership guidelines for certain of our executive officers and our non-employee directors. Each executive
officer and non-employee director is expected to acquire and hold the number of shares of UTStarcom's common stock specified below before the later of (i)&nbsp;January&nbsp;1, 2010 or
(ii)&nbsp;four years after the date of an executive officer's appointment to such position or a non-employee director's appointment to our Board of Directors. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="77pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:29pt;"><FONT SIZE=1><B>Position

<!-- COMMAND=ADD_SCROPPEDRULE,29pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Minimum Share<BR>
Ownership<BR>
Requirement </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>President and Chief Executive Officer</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>50,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Executive Vice Presidents</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>25,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Senior Vice Presidents/Division Presidents</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Non-Employee Directors</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>10,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
review compliance with these guidelines annually. Failure to comply with the guidelines may result in a reduction in future long-term incentive awards and/or payment of
future annual and/or long-term incentive payouts made in the form of shares of UTStarcom's common stock. The Nominating and Corporate Governance Committee has the discretion to waive the
guidelines if compliance would create severe personal hardship for an executive officer or non-employee director or prevent an executive officer or non-employee director from
complying with a court order. The Nominating and Governance Committee expects that such instances will be rare. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Derivatives Trading Prohibition  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to UTStarcom's insider trading policy, members of our Board of Directors, executive officers, employees, consultants, and
other persons associated with UTStarcom are prohibited from trading in any interest or position relating to the future price of UTStarcom's securities, such as a put, call, or short sale or using
UTStarcom's common stock as collateral for a margin loan. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>81</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=90,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=804278,FOLIO='81',FILE='DISK125:[10ZCL1.10ZCL78301]DZ78301A.;17',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_dz78301_1_82"> </A>


<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="dz78301_tax_and_accounting_considerations"> </A>
<A NAME="toc_dz78301_4"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Tax and Accounting Considerations    <BR>    </I></B></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Compensation Deduction Limit  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;162(m) of the Internal Revenue Code limits the ability of public companies to deduct compensation paid to certain senior
executive officers in excess of $1&nbsp;million per year, but excludes from this limitation certain types of compensation, including "performance based compensation," provided that certain
requirements are met. The Compensation Committee takes compliance with Section&nbsp;162(m) into account when making compensation decisions and retains the discretion to pay compensation that is not
fully deductible. While stock options granted under UTStarcom's 1997 Stock Plan did not meet the requirements of Section&nbsp;162(m), equity awards granted under our 2006 Plan, which was approved by
our stockholders, are able to meet the requirements of the "performance based compensation" exception of Section&nbsp;162(m). </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Accounting for Stock-Based Compensation  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We follow Financial Accounting Standards Board Accounting Standards Codification Topic No.&nbsp;718 ("</FONT><FONT SIZE=2><B>ASC
Topic 718</B></FONT><FONT SIZE=2>") for our stock-based compensation awards. ASC Topic 718 requires companies to calculate the grant date "fair value" of their stock-based awards using a variety of
assumptions. This calculation is performed for accounting purposes and reported in the compensation tables below, even though recipients may never realize this amount from their awards. ASC Topic 718
also requires companies to recognize the compensation cost of their stock-based awards in their statements of operations over the requisite service period that an employee is required to render
service in exchange for the award. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>82</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=91,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=801950,FOLIO='82',FILE='DISK125:[10ZCL1.10ZCL78301]DZ78301A.;17',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ea78301_1_83"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2>
<A HREF="#bg78301a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ea78301_report_of_the_compensation_committee"> </A>
<A NAME="toc_ea78301_1"> </A>
<BR></FONT><FONT SIZE=2><B>  REPORT OF THE COMPENSATION COMMITTEE    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>The following is the report of the Compensation Committee. The information contained in this report shall not
be deemed to be "soliciting material" or to be "filed" with the SEC, or subject to Regulation&nbsp;14A or 14C or to the liabilities of Section&nbsp;18 of the Securities Exchange Act, except to the
extent that UTStarcom specifically requests that such information be treated as soliciting material or specifically incorporates the information by reference in any future filing under the Securities
Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee of the Board of UTStarcom,&nbsp;Inc. was established on January&nbsp;31, 1997 and is currently comprised of three members: Xiaoping Li, Baichuan Du and
Thomas J. Toy. Mr.&nbsp;Toy, the Chairman of the Compensation Committee, served on the Committee throughout 2010. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
2010, the Compensation Committee was comprised solely of non-employee directors who were each: (i)&nbsp;independent as defined under the applicable NASDAQ rules,
(ii)&nbsp;a non-employee director for purposes of Rule&nbsp;16b-3 of the Securities Exchange Act of 1934, as amended, and (iii)&nbsp;an "outside director" for purposes of
Section&nbsp;162(m) of the
Internal Revenue Code. During 2011, the Committee will continue to be comprised of directors who meet these same standards. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee has reviewed and discussed the "Compensation Discussion and Analysis" section of this proxy statement/prospectus with management, including UTStarcom's
Chairman of the Board, Chief Executive Officer and Chief Financial Officer. Based on this review and discussion, the Compensation Committee recommended to the Board that the "Compensation Discussion
and Analysis" section be included in this proxy statement/prospectus. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="48%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="48%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><I> The Compensation Committee</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Thomas J. Toy, Chairman<BR>
Xiaoping Li<BR>
Baichuan Du<BR></FONT>
</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>83</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=92,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=169461,FOLIO='83',FILE='DISK125:[10ZCL1.10ZCL78301]EA78301A.;6',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ec78301_1_84"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2>
<A HREF="#bg78301a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ec78301_summary_compensation_table_for_fiscal_year_2010"> </A>
<A NAME="toc_ec78301_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Summary Compensation Table for Fiscal Year 2010    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table presents information concerning the total compensation of the individuals who served as UTStarcom's CEO, CFO and
other Named Executive Officers during 2010. No disclosure is provided for 2009 and 2008 for those persons who were not Named Executive Officers in 2009 and/or 2008 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ec78301_summary_compensation_table_1"> </A>
<A NAME="toc_ec78301_2"> </A>
<BR></FONT><FONT SIZE=2><B>  SUMMARY COMPENSATION TABLE    <BR>    </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=1>


<!-- COMMAND=ADD_TABLEWIDTH,"150%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="8pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="25pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="37pt" style="font-family:times;"></TD>
<TD WIDTH="17pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="37pt" style="font-family:times;"></TD>
<TD WIDTH="17pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="17pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="67pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="67pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:101pt;"><FONT SIZE=1><B>Name and principal position

<!-- COMMAND=ADD_SCROPPEDRULE,101pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Year </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Salary<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Bonus<BR>
($)(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Stock<BR>
Awards<BR>
($)(2) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Option<BR>
Awards<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Non-Equity<BR>
Incentive<BR>
Plan<BR>
Compensation<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>All Other<BR>
Compensation<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


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


 Peter Blackmore*,</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>2010</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>512,051</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>2,421,558</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>(3)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>2,933,609</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


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


 Former CEO</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>2009</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>676,667</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>529,600</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>245,133</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>(4)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>529,600</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>5,802</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>(6)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>1,986,802</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


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


</FONT>
</TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>2008</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>800,000</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>1,461,390</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>(5)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>802</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>(7)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>2,262,192</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Edmond Cheng,<BR>
CFO</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
2010</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
245,417</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
229,912</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>(15)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
618,000</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
181,505</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>(8)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
656,834</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


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


 Jack Lu,<BR>
CEO</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
2010</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
360,907</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>(9)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
150,038</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>(9)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
837,000</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
766</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>(10)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
511,711</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-top:9pt;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Kenneth Luk**,</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
2010</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
137,615</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>(11)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>(16)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
147,041</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>(12)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
284,656</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Former CFO</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>2009</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>14,763</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>(13)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>49,911</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>(13)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>657,000</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>18,302</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>(14)</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>739,976</FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >


<DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Peter
Blackmore left his position as Chief Executive Officer on September&nbsp;7, 2010.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>**</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Kenneth
Luk left his position as Chief Financial Officer on May&nbsp;11, 2010.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
amounts reported in this column represent the dollar value of bonuses earned by the Named Executive Officers during the covered fiscal year, regardless
of when such bonuses were actually paid.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
amounts reported in this column represent the aggregate value of the stock awards granted to the Named Executive Officers during 2010, 2009 and 2008,
based upon their grant date fair value, as determined in accordance with the share-based payment accounting guidance under ASC Topic 718.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
amount reported consists of a premium payment of $546 for disability insurance, a special bonus of $800,000 in connection with the BEIID Transaction and
$1,621,012 as a severance payment. Please see the section titled "Employment Contracts and Severance Agreements with Named Executive Officers" included in this proxy statement/prospectus.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
amount reported includes the grant date fair value of $131,645 for performance-based RSU awards. The value of the maximum potential payout for such
performance-based RSU awards was $226,974 and the value of the awards granted was $226,974.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
amount reported includes the grant date fair value of $407,490 for performance-based RSU awards. The value of the maximum potential payout for such
performance-based RSU awards was $479,400 and the value of the awards granted was $479,400.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(6)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
amount reported consists of a premium payment of $802 for disability insurance and $5,000 for financial planning.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(7)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
amount reported consists of a premium payment of $802 for disability insurance.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(8)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
amount reported consists of a premium payment of $485 for disability insurance, $32,000 for housing allowance, $15,000 for dependent education benefit,
$79,012 for education assistance benefit, $37,201 for home visit, $15,000 for relocation benefit, $2,320 for tax assistance benefit, and $487 for meal allowance.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(9)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
salary and bonus were paid in RMB and are converted into US dollars in this table for presentation purposes, using the middle rate of 6.5891 RMB </FONT> <FONT SIZE=1><I>yuan</I></FONT><FONT SIZE=1> per US dollar as of January&nbsp;31, 2011 as
published by the Bank of China.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(10)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
amount reported consists of $637 for meal allowance and a premium payment of $129 for commercial insurance.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(11)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>From
January 2010 to March 2010, Mr.&nbsp;Luk's salary was paid in RMB and is converted into US dollars in this table for presentation purposes, using
the middle rate of 6.5891 RMB </FONT><FONT SIZE=1><I>yuan</I></FONT><FONT SIZE=1> per US dollar as of January&nbsp;31, 2011 as published by the Bank of China. From April 2010 until his termination in
May 2010, Mr.&nbsp;Luk's salary was paid in Hong Kong dollars and is converted into US dollars in this table for presentation purposes only, using the rate of 7.7931 Hong Kong dollars per US dollar
as of the end of day on January&nbsp;31, 2011 as published by the Hong Kong Monetary Authority.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(12)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
amount reported consists of a premium payment of $303 for disability insurance, $15,472 for housing rental fee which was equal to the amount of the
housing allowance according to the employment contract with Mr.&nbsp;Luk, $602 for home visit, </FONT></DD></DL>
 </DIV>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>84</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=93,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=915270,FOLIO='84',FILE='DISK125:[10ZCL1.10ZCL78301]EC78301A.;12',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_ec78301_1_85"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=1>$2,050
for tax assistance benefit, $110 for meal allowance and $128,504 as a severance payment consisting of $91,500 and the pro-rated amount of his salary for the period between
May&nbsp;11, 2010 and June&nbsp;17, 2010. Mr.&nbsp;Luk's pro-rated salary was paid in Hong Kong dollars and is converted into US dollars in this table for presentation purposes only,
using the rate of 7.7931 Hong Kong dollars per US dollar as of the end of the day on January&nbsp;31, 2011 as published by the Hong Kong Monetary Authority. Please see the section titled "Employment
Contracts and Severance Agreements with Named Executive Officers" included in this proxy statement/prospectus.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(13)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
amount reported represents a signing bonus of approximately $49,911 paid in connection with Mr.&nbsp;Luk's initial employment. The salary and bonus
were paid in RMB and are converted into US dollars in this table for presentation purposes only, using the middle rate of 6.8282 RMB </FONT><FONT SIZE=1><I>yuan</I></FONT><FONT SIZE=1> per US dollar as
of the end of day on December&nbsp;31, 2009 as published by the Bank of China.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(14)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
amount reported consists of a relocation allowance of approximately $14,975 and a tax assistance payment of approximately $3,327. The relocation
allowance and tax assistance were paid in RMB and are converted into US dollars in this table for presentation purposes only, using the middle rate of 6.8282 RMB </FONT> <FONT SIZE=1><I>yuan</I></FONT><FONT SIZE=1> per US dollar as of the end of day
on December&nbsp;31, 2009 as published by the Bank of China.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(15)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
amount reported consists of a signing bonus of $50,000, a special bonus of $7,916 and a 2010 performance bonus of $171,996.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(16)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
amount reported does not include the vesting date fair value of $106,000 for 50,000 RSAs whose vesting accelerated in connection with Mr.&nbsp;Luk's
termination of employment. </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From time to time, we enter into offer letters and other agreements with our executive officers. For a description of the material terms of such
agreements, please see the section titled "Employment Contracts and Severance Agreements with Named Executive Officers" in the "Potential Payments Upon Termination or
Change-in-Control" section included in this proxy statement/prospectus. For a description of material modifications made to certain of the Named Executive Officers' outstanding
equity awards, please see the section titled "Modifications to Outstanding Equity Awards" included in this proxy statement/prospectus. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ec78301_grants_of_plan-based_awards_in_fiscal_year_2010"> </A>
<A NAME="toc_ec78301_3"> </A>
<BR></FONT><FONT SIZE=2><B>  Grants of Plan-Based Awards in Fiscal Year 2010    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table presents information concerning grants of plan-based awards to each of the Named Executive Officers
during the fiscal year ended December&nbsp;31, 2010. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ec78301_grants_of_plan-based_awards_in_2010"> </A>
<A NAME="toc_ec78301_4"> </A>
<BR></FONT><FONT SIZE=2><B>  GRANTS OF PLAN-BASED AWARDS IN 2010    <BR>    </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=1>


<!-- COMMAND=ADD_TABLEWIDTH,"150%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="42pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="32pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="42pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="28pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="44pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="46pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="47pt" style="font-family:times;"></TD>
<TD WIDTH="6pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="42pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH ROWSPAN=4 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=4 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>All Other<BR>
Option<BR>
Awards:<BR>
Number of<BR>
Securities<BR>
Underlying<BR>
Options<BR>
(#) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH ROWSPAN=2 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ROWSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Estimated Future Payouts<BR>
Under Non-Equity Incentive<BR>
Plan Awards </B></FONT></TH>
<TH ROWSPAN=2 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ROWSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Estimated Future Payouts<BR>
Under Equity Incentive<BR>
Plan Awards </B></FONT></TH>
<TH ROWSPAN=3 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=3 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>All Other<BR>
Stock<BR>
Awards:<BR>
Number of<BR>
Shares of<BR>
Stock or<BR>
Units (#) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH ROWSPAN=3 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=3 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Grant<BR>
Date Fair<BR>
Value of<BR>
Stock and<BR>
Option<BR>
Awards<BR>
($)(4) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH ROWSPAN=2 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exercise or<BR>
Base Price<BR>
of Option<BR>
Awards<BR>
($/Sh) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:18pt;"><FONT SIZE=1><B>Name

<!-- COMMAND=ADD_SCROPPEDRULE,18pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Grant<BR>
Date </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Approval<BR>
Date </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Threshold<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Target<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Maximum<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Threshold<BR>
(#) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Target<BR>
(#) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Maximum<BR>
(#) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


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


 Peter Blackmore*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>800,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(5)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:7pt;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Edmond Cheng</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
5/31/2010</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
5/12/2010</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
171,996</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>(6)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
200,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>(1)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
412,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>100,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>206,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:7pt;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


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


 Jack Lu</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
3/31/2010</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
3/3/2010</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
319,753</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>(7)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
300,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>(3)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
837,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-top:7pt;margin-left:7pt;text-indent:-7pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Kenneth Luk**</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
160,398</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>(8)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >


<DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Mr.&nbsp;Blackmore's
employment terminated on September&nbsp;7, 2010.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>**</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Mr.&nbsp;Luk's
employment terminated on May&nbsp;11, 2010.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Represents
RSAs granted under the 2006 Plan which vest as follows: 25% to vest on 5/31/2011, 25% annually thereafter.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Represents
RSUs granted under the 2006 Plan which vest as follows: 25% to vest on 5/31/2011, 25% annually thereafter.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Represents
RSAs granted under the 2006 Plan which vests as follows: 25% to vest on 3/31/2011, 25% annually thereafter.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
amounts reported in this column represent the aggregate value of the stock options and RSU awards granted to the Named Executive Officers during 2010,
based upon their grant date fair value, as determined in accordance with the share-based payment accounting guidance under ASC Topic 718.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
amount reported represents the target award for Mr.&nbsp;Blackmore, which is 100% of his annual base salary. Mr.&nbsp;Blackmore left UTStarcom
before 2010&nbsp;year-end.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(6)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
amount reported represents the target award for Mr.&nbsp;Cheng, which is 70% of his annual base salary, pro-rated. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>85</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=94,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=268066,FOLIO='85',FILE='DISK125:[10ZCL1.10ZCL78301]EC78301A.;12',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_ec78301_1_86"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(7)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
amount reported represents the target award for Mr.&nbsp;Lu, which is 88% of his annual base salary based on a target bonus of 80% of Mr.&nbsp;Lu's
base salary when he served as UTStarcom's Senior Vice President and Chief Operating Officer from March&nbsp;1, 2010 to September&nbsp;7, 2010 and 100% of Mr.&nbsp;Lu's base salary for his
service as UTStarcom's Chief Executive Officer from September&nbsp;8, 2010 to December&nbsp;31, 2010. The target award would be paid in RMB and is converted into US dollars in this table for
presentation purposes only, using the rate of 6.5891 RMB </FONT><FONT SIZE=1><I>yuan</I></FONT><FONT SIZE=1> per US dollar as of January&nbsp;31, 2011 as published by the Bank of China.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(8)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
amount reported represents the target award for Mr.&nbsp;Luk, which is 50% of his annual base salary. The target award would have been paid in Hong
Kong dollars and is converted into US dollars in this table for presentation purposes only, using the rate of 7.7931 Hong Kong dollars per US dollar as of the end of day on January&nbsp;31, 2011 as
published by the Hong Kong Monetary Authority. Mr.&nbsp;Luk left UTStarcom before 2010&nbsp;year-end. </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;"><FONT SIZE=1><A
NAME="ec78301_outstanding_equity_awards_at_fiscal_2010_year-end"> </A>
<A NAME="toc_ec78301_5"> </A>
<BR></FONT><FONT SIZE=2><B>  Outstanding Equity Awards at Fiscal 2010 Year-End    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the outstanding equity awards for each Named Executive Officer as of December&nbsp;31, 2010. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ec78301_outstanding_equity_awards_at_fiscal_year-end_2010"> </A>
<A NAME="toc_ec78301_6"> </A>
<BR></FONT><FONT SIZE=2><B>  OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END 2010    <BR>    </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=1>


<!-- COMMAND=ADD_TABLEWIDTH,"150%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="54pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="60pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="37pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="47pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="47pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="47pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>OPTION AWARDS </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=11 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>STOCK AWARDS </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:19pt;"><FONT SIZE=1><B>Name

<!-- COMMAND=ADD_SCROPPEDRULE,19pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of<BR>
Securities<BR>
Underlying<BR>
Unexercised<BR>
Options&nbsp;(#)<BR>
Exercisable </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of<BR>
Securities<BR>
Underlying<BR>
Unexercised<BR>
Options&nbsp;(#)<BR>
Unexercisable </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Equity<BR>
Incentive Plan<BR>
Awards:<BR>
Number of<BR>
Securities<BR>
Underlying<BR>
Unexercised<BR>
Unearned<BR>
Options&nbsp;(#) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Option<BR>
Exercise<BR>
Price<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Option<BR>
Expiration<BR>
Date </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of<BR>
Shares or<BR>
Units of<BR>
Stock That<BR>
Have Not<BR>
Vested&nbsp;(#) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Market<BR>
Value of<BR>
Shares or<BR>
Units of<BR>
Stock That<BR>
Have Not<BR>
Vested&nbsp;($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Equity<BR>
Incentive<BR>
Plan Awards:<BR>
Number of<BR>
Unearned<BR>
Shares, Units<BR>
or Other<BR>
Rights That<BR>
Have Not<BR>
Vested<BR>
(#) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Equity<BR>
Incentive<BR>
Plan Awards:<BR>
Market or<BR>
Payout<BR>
Value of<BR>
Unearned<BR>
Shares, Units<BR>
or Other<BR>
Rights That<BR>
Have Not<BR>
Vested(1)<BR>
($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


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


 Peter Blackmore</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>750,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>3.20</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>09/08/2011</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Edmond Cheng</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
200,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>(2)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
412,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>100,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>(3)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>206,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>


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


 Jack Lu</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
300,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>(4)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
618,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:10pt;margin-left:8pt;text-indent:-8pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Kenneth Luk</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >


<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Value
is based on the closing market price of our Common Stock of $2.06 on December&nbsp;31, 2010, the last trading date of fiscal year 2010, as reported
on the NASDAQ Stock Market.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Represents
unvested portion of restricted stock award granted on May&nbsp;31, 2010 in conjunction with the commencement of Mr.&nbsp;Cheng's employment
with the company that vests 25% on each of May&nbsp;31, 2011, May&nbsp;31, 2012, May&nbsp;31, 2013 and May&nbsp;31, 2014.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Represents
unvested portion of restricted stock units granted on May&nbsp;31, 2010 and vests 25% on each of May&nbsp;31, 2011, May&nbsp;31, 2012,
May&nbsp;31, 2013 and May&nbsp;31, 2014.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Represents
unvested portion of restricted stock award granted on March&nbsp;31, 2010 in conjunction with the commencement of Mr.&nbsp;Lu's employment
with the company that vests 25% on each of March&nbsp;31, 2011, March&nbsp;31, 2012, March&nbsp;31, 2013 and March&nbsp;31, 2014. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>86</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=95,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=392749,FOLIO='86',FILE='DISK125:[10ZCL1.10ZCL78301]EC78301A.;12',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ee78301_1_87"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2>
<A HREF="#bg78301a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ee78301_option_exercises_and_s__ee701962"> </A>
<A NAME="toc_ee78301_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Option Exercises and Stock Vested in Fiscal Year 2010    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table presents all stock options exercised and value realized upon exercise, and all stock awards vested and value
realized upon vesting, by the Named Executive Officers during the fiscal year ended December&nbsp;31, 2010. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> OPTION EXERCISES AND STOCK VESTED IN FISCAL YEAR 2010  </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:67%;margin-left:10%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"120%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="120%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="77pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="72pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="77pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="79pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>OPTION AWARDS </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>STOCK AWARDS </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:21pt;"><FONT SIZE=1><B>Name

<!-- COMMAND=ADD_SCROPPEDRULE,21pt -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of<BR>
Shares Acquired<BR>
on Exercise (#) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Value Realized<BR>
on Exercise ($) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Number of<BR>
Shares Acquired<BR>
on Vesting (#) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Value Realized<BR>
on Vesting ($)(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Peter Blackmore</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>811,989</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(2)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,704,847</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Edmond Cheng</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Jack Lu</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Kenneth Luk</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>50,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>106,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >


<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
amount reported is the market price (closing price) of UTStarcom's Common Stock on the vesting date less the original purchase price, multiplied by the
number of shares of stock vested.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
amount reported does not include 281,019 shares vested on March&nbsp;9, 2011 as a result of Mr.&nbsp;Blackmore's involuntary termination of
employment pursuant to the Executive Involuntary Termination/Change in Control Agreement and execution of a full and final release of claims against us.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
amount reported does not include $604,191 value realized from shares accelerated on March&nbsp;9, 2011 as a result of Mr.&nbsp;Blackmore's
involuntary termination of employment pursuant to the Executive Involuntary Termination/Change in Control Agreement and execution of a full and final release of claims against us. </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2><A
NAME="ee78301_modifications_to_outstanding_equity_awards"> </A>
<A NAME="toc_ee78301_2"> </A>
<BR></FONT><FONT SIZE=2><B>  Modifications to Outstanding Equity Awards    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with our voluntary review of our historical equity award grant practices, each of our independent directors at such time,
including continuing director Toy, elected to amend any of his previously granted stock options that may in the future be determined to be discounted stock options under Section&nbsp;409A of the
Internal Revenue Code of 1986, as amended ("</FONT><FONT SIZE=2><B>Section&nbsp;409A</B></FONT><FONT SIZE=2>"), by executing a Stock Option Amendment Election Form&nbsp;in December&nbsp;2006.
In the event any such previously granted stock option is determined to be a discounted stock option under Section&nbsp;409A, the affected stock option agreement will be automatically amended to
provide for an
exercise price not less than the fair market value of the Common Stock subject to option on the effective date of grant. <A NAME="Pension_Benefits_for_Fiscal_Year_2010a"></A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Pension Benefits for Fiscal Year 2010  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Named Executive Officers did not receive any benefits from UTStarcom under defined pension or defined contribution plans, other
than our tax-qualified 401(k) Plan, which was terminated effective as of October&nbsp;1, 2010, during the fiscal year ended December&nbsp;31, 2010.
<A NAME="Nonqualified_Deferred_Compensation_for_Fiscal_Year_2010a"></A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ee78301_nonqualified_deferred___ee702020"> </A>
<A NAME="toc_ee78301_3"> </A>
<BR></FONT><FONT SIZE=2><B>  Nonqualified Deferred Compensation for Fiscal Year 2010    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UTStarcom does not have any non-qualified deferred compensation plans that allow the Named Executive Officers to defer
their compensation. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>87</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=96,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=1000654,FOLIO='87',FILE='DISK125:[10ZCL1.10ZCL78301]EE78301A.;20',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_ee78301_1_88"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ee78301_potential_payments_upo__ee702400"> </A>
<A NAME="toc_ee78301_4"> </A>
<BR></FONT><FONT SIZE=2><B>  POTENTIAL PAYMENTS UPON TERMINATION AND CHANGE OF CONTROL    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="ee78301_employment_contracts_and_sever__emp03078"> </A>
<A NAME="toc_ee78301_5"> </A></FONT> <FONT SIZE=2><B>  Employment Contracts and Severance Agreements with Named Executive Officers    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jack Lu.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We entered into an Involuntary Termination Severance Agreement with our current President and Chief Executive Officer,
effective
February&nbsp;1, 2010 (the "</FONT><FONT SIZE=2><B>Lu Severance Agreement</B></FONT><FONT SIZE=2>"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Lu Severance Agreement provides that if Mr.&nbsp;Lu's employment is terminated by UTStarcom other than for "cause" (as defined in the Lu Severance Agreement and described below) or
terminated by Mr.&nbsp;Lu for "good reason" (as defined in the Lu Severance Agreement and described below), then he would be entitled to the following severance benefits: (i)&nbsp;an amount equal
to 70% of 12&nbsp;months of base salary as in effect as of the date of such termination, less applicable withholdings, (ii)&nbsp;100% of his full annual performance target bonus for the year in
which the termination occurred, (iii)&nbsp;all equity awards, including without limitation stock option grants, restricted stock and stock purchase rights, granted to him by UTStarcom shall become
fully vested, or, as applicable, released from UTStarcom's repurchase right and exercisable as of the date of the termination to the extent such equity awards are outstanding and unexercisable or
unreleased at the time of such termination, (iv)&nbsp;such equity awards will be exercisable until the earliest of (a)&nbsp;12&nbsp;months from his date of termination, (b)&nbsp;the latest
date the equity award could have expired by its original terms under any circumstances, (c)&nbsp;the 10th&nbsp;anniversary of the original date of grant of the equity award, or (d)&nbsp;the date
provided for under the equity plan under which the award was granted, (v)&nbsp;all Mr.&nbsp;Lu' outstanding restricted cash awards will become fully vested, and (vi)&nbsp;an amount equal to
12&nbsp;months of health insurance premiums at the same level of health (i.e.,&nbsp;medical, vision and dental) coverage and benefits as in effect for Mr.&nbsp;Lu on the day immediately
preceding the day of his termination of employment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severance
benefits payable under the terms of the Lu Severance Agreement are payable in a lump sum within 30&nbsp;days of the date of termination, subject to Mr.&nbsp;Lu's executive
of a waiver and release of all claims arising out of his termination of employment and a non-disparagement agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
terms "cause" and "good reason" are each defined in the Lu Severance Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination
of Mr.&nbsp;Lu for "cause" generally requires: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any act of personal dishonesty taken in connection with his responsibilities as an employee which is intended to result in
substantial personal enrichment;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>conviction of a felony which the Board reasonably believes has had or will have a material detrimental effect on the
company's reputation or business;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a willful act which constitutes misconduct and is injurious to the company; or  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>continued willful violations of the his obligations to the company after there has been delivered to him a written demand
for performance which describes the basis for the company's belief that he has not substantially performed his duties. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
termination by Mr.&nbsp;Lu for "good reason" would generally require: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a significant reduction in duties, position or responsibilities relative to his duties, position or responsibilities in
effect immediately prior to such reduction, or the removal of him from such position, duties and responsibilities, unless he is provided with comparable duties, position and responsibilities;
provided, however, that the sole occurrence of UTStarcom being acquired and made part of a larger entity shall not constitute a "good reason";  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a reduction of base salary as in effect immediately prior to such reduction;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a material reduction in the kind or level of employee compensation or benefits immediately prior to such reduction with
the result that the overall benefits package is significantly reduced; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>88</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=97,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=876981,FOLIO='88',FILE='DISK125:[10ZCL1.10ZCL78301]EE78301A.;20',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_ee78301_1_89"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the relocation to a facility or a location where such relocation increases the travel distance to work by more than
30&nbsp;miles from the commute prior to the relocation;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>any purported termination by the company which is not effected for cause or for which the grounds relied upon are not
valid; or  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>failure of UTStarcom to obtain the assumption of the agreement by any successors to UTStarcom. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edmond Cheng.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We hired Mr.&nbsp;Edmond Cheng as our Senior Vice President and Chief Financial Officer effective May&nbsp;10, 2010.
Mr.&nbsp;Cheng is entitled to severance benefits under our Amended and Restated Executive Involuntary Termination Severance Pay Plan (the "</FONT><FONT SIZE=2><B>Executive Severance
Plan</B></FONT><FONT SIZE=2>"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Executive Severance Plan provides that if UTStarcom (or any parent or subsidiary of UTStarcom) terminates the employment of an employee covered by the Executive Severance Plan (a
"</FONT><FONT SIZE=2><B>Covered Employee</B></FONT><FONT SIZE=2>") for other than cause, death or disability, or a Covered Employee terminates his or her employment with UTStarcom for good reason,
the Covered Employee shall receive the following severance benefits: (i)&nbsp;a lump sum cash payment equal to 1&nbsp;year of base pay plus 100% of the Covered Employee's target bonus for the year
of termination, (ii)&nbsp;an amount equal to 12&nbsp;months of the premiums for continuation coverage under COBRA of each Covered Employee (and any eligible dependents) under UTStarcom's medical,
dental and vision plans at the same level of coverage in effect on the date of termination, (iii)&nbsp;the Covered Employee shall fully vest in and, if applicable, have the right to exercise, all of
his or her outstanding and unvested equity compensation awards, and (iv)&nbsp;all such equity awards (including awards that vest as a result of the Executive Severance Plan) shall be exercisable
until the earliest of (a)&nbsp;12&nbsp;months from the Covered Employee's date of termination, (b)&nbsp;the latest date the equity award could have expired by its original terms under any
circumstances, (c)&nbsp;the 10th&nbsp;anniversary of the original date of grant of the equity award, or (d)&nbsp;the date provided for under the equity plan under which the award was granted.
The terms "cause" and "good reason" are defined in the Executive Severance Plan and are substantially similar to the definitions of cause and good reason set forth in Mr.&nbsp;Lu's agreement and
summarized above. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severance
benefits payable under the terms of the Executive Severance Plan are payable in a lump sum within 30&nbsp;days of the date of termination; subject to a 6-month
delay if required by Section&nbsp;409A. As a condition to receiving severance benefits as described above, a Covered Employee is required to sign a waiver and release of all claims arising out of
his termination of employment and a non-disparagement agreement. The benefits provided under the Executive Severance Plan are in lieu of any other severance or retention plan benefits
available to the Covered Employee and shall be reduced by any severance paid to a Covered Employee under any other plan or arrangement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peter Blackmore.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We entered into a Change of Control/Involuntary Termination Severance Agreement with Peter Blackmore, effective
July&nbsp;2, 2007
(the "</FONT><FONT SIZE=2><B>Blackmore Severance Agreement</B></FONT><FONT SIZE=2>") which was subsequently amended and restated on January&nbsp;30, 2008 to bring the agreement into compliance with
Section&nbsp;409A. It was amended again on December&nbsp;17, 2008 for Section&nbsp;409A compliance. The Blackmore Severance Agreement had a term of 3&nbsp;years from January&nbsp;30, 2008. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Blackmore Severance Agreement provided that if Mr.&nbsp;Blackmore's employment was terminated by UTStarcom without cause or terminated by Mr.&nbsp;Blackmore for good reason at
any time within 18&nbsp;months after a change of control, he would have been entitled to the following severance benefits: (i)&nbsp;24&nbsp;months of base salary as in effect as of the date of
such termination, less applicable withholding, (ii)&nbsp;200% of his full annual performance target bonus and a monthly prorated amount of his full annual performance bonus for the year in which the
termination occurs, (iii)&nbsp;all equity awards, including without limitation stock option grants, restricted stock and stock purchase rights, granted to him by UTStarcom prior to the change of
control would have become fully vested, or, as applicable, released from UTStarcom's repurchase right and exercisable as of the date of the termination to the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>89</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=98,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=418758,FOLIO='89',FILE='DISK125:[10ZCL1.10ZCL78301]EE78301A.;20',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_ee78301_1_90"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2>extent
such equity awards are outstanding and unexercisable or unreleased at the time of such termination, (iv)&nbsp;such equity awards would have been exercisable until the earliest of
(a)&nbsp;12&nbsp;months from his date of termination, (b)&nbsp;the latest date the equity award could have expired by its original terms under any circumstances,
(c)&nbsp;10th&nbsp;anniversary of the original date of grant of the equity award, or (d)&nbsp;the date provided for under the equity plan under which the award was granted, (v)&nbsp;all
Mr.&nbsp;Blackmore's outstanding restricted cash awards would have become fully vested, and (vi)&nbsp;an amount equal to 12&nbsp;months of health insurance premiums for continuation coverage
COBRA at the same level of health (i.e.,&nbsp;medical, vision and dental) coverage and benefits as in effect for Mr.&nbsp;Blackmore on the day immediately preceding the day of his termination of
employment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Blackmore Severance Agreement provided that if Mr.&nbsp;Blackmore's employment was terminated by UTStarcom without cause or terminated by Mr.&nbsp;Blackmore for good
reason during the term of the Blackmore Severance Agreement apart from a change of control, he would be entitled to the following severance benefits: (i)&nbsp;12&nbsp;months of base salary as in
effect as of the date of such termination, less applicable withholding, (ii)&nbsp;100% of his full annual performance target bonus for the
year in which the termination occurred, (iii)&nbsp;all equity awards, including without limitation stock option grants, restricted stock and stock purchase rights, granted to him by UTStarcom shall
become fully vested, or, as applicable, released from UTStarcom's repurchase right and exercisable as of the date of the termination to the extent such equity awards are outstanding and unexercisable
or unreleased at the time of such termination, (iv)&nbsp;such equity awards would be exercisable until the earliest of (a)&nbsp;12&nbsp;months from his date of termination, (b)&nbsp;the latest
date the equity award could have expired by its original terms under any circumstances, (c)&nbsp;the 10<SUP>th</SUP>&nbsp;anniversary of the original date of grant of the equity award, or
(d)&nbsp;the date provided for under the equity plan under which the award was granted, (v)&nbsp;all Mr.&nbsp;Blackmore's outstanding restricted cash awards would become fully vested, and
(vi)&nbsp;an amount equal to 12&nbsp;months of health insurance premiums for continuation coverage under COBRA at the same level of health (i.e.,&nbsp;medical, vision and dental) coverage and
benefits as in effect for Mr.&nbsp;Blackmore on the day immediately preceding the day of his termination of employment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
terms "cause" and "good reason" are defined in the Blackmore Severance Agreement and are substantially similar to the definitions of cause and good reason set forth in
Mr.&nbsp;Lu's agreement and summarized above. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severance
benefits payable under the terms of the Blackmore Severance Agreement were payable in a lump sum within 30&nbsp;days of the date of termination; subject to a
6-month delay if required by Section&nbsp;409A. As a condition to receiving severance benefits as described above, Mr.&nbsp;Blackmore was required to sign a waiver and release of all
claims arising out of his termination of employment and a non-disparagement agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Blackmore
left his position as Chief Executive Officer and President and resigned from the Board on September&nbsp;7, 2010. UTStarcom and Mr.&nbsp;Blackmore agreed that
Mr.&nbsp;Blackmore's departure was a resignation for "good reason" under the Blackmore Severance Agreement. Pursuant to the Blackmore Severance Agreement and subject to certain conditions, UTStarcom
agreed to pay him $1,621,012, including one year of base pay, 100% of his annual performance target bonus, full vesting of any restricted cash rewards (if any), and up to 12&nbsp;months of COBRA
premium coverage. Additionally, all equity awards, including without limitation stock options, restricted stock and stock purchase rights, granted to him by UTStarcom became fully vested, or, as
applicable, released from UTStarcom's repurchase right, and exercisable as of September&nbsp;7, 2010. Also, Mr.&nbsp;Blackmore's equity awards became exercisable until the earliest of
(a)&nbsp;12&nbsp;months from the date of termination, (b)&nbsp;the latest date the equity award could have expired by its original terms under any circumstances, (c)&nbsp;the
10th&nbsp;anniversary of the original grant date of the equity award, or (d)&nbsp;the date provided for under the equity plan under which the award was granted. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>90</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=99,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=976407,FOLIO='90',FILE='DISK125:[10ZCL1.10ZCL78301]EE78301A.;20',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_ee78301_1_91"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenneth Luk.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We hired Mr.&nbsp;Kenneth Luk as our Senior Vice President and Chief Financial Officer pursuant to an offer letter
agreement dated
November&nbsp;15, 2009. Mr.&nbsp;Luk was entitled to severance benefits as a Covered Employee under our Executive Severance Plan as described above. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Luk
left his position as Senior Vice President and Chief Financial Officer of UTStarcom effective May&nbsp;11, 2010. Pursuant to a separation letter dated May&nbsp;3, 2010
(the "</FONT><FONT SIZE=2><B>Luk Separation Letter</B></FONT><FONT SIZE=2>"), Mr.&nbsp;Luk acknowledged that his voluntary resignation was neither a termination without cause not a resignation for
good reason under the Executive Severance Plan. In consideration for the execution of a release of claims, the Compensation Committee approved a package to Mr.&nbsp;Luk that included: payment of
$91,500 plus the pro-rated amount of his salary for the period between May&nbsp;11, 2010 and June&nbsp;17, 2010, less certain withholdings and the vesting of 50,000 shares of
restricted stock owned by Mr.&nbsp;Luk. Additionally, UTStarcom waived the repayment of a sign-on bonus of RMB&nbsp;340,800 paid to Mr.&nbsp;Luk pursuant to his offer letter. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ee78301_change_of_control_provisions_i__cha02917"> </A>
<A NAME="toc_ee78301_6"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Change of Control Provisions in UTStarcom's Equity Compensation Plans    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 1997 Stock Plan.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our 1997 Stock Plan (the "</FONT><FONT SIZE=2><B>1997 Plan</B></FONT><FONT SIZE=2>") provides that, in the event
of our
proposed dissolution or liquidation, the Board must notify each participant under the 1997 Plan as soon as practicable prior to the effective date of such proposed dissolution or liquidation. The
Board has the discretion to allow the participant to exercise his or her option or stock purchase right until 15&nbsp;days prior to the effective date of such dissolution or liquidation. In the
event of our merger with or into another corporation, or the sale of substantially all of our assets, each outstanding option or stock purchase right under the 1997 Plan will be assumed or substituted
by the successor corporation. In case the successor corporation refuses to assume or substitute the outstanding option or stock purchase right, such outstanding option or stock purchase right will
become fully exercisable for a period of 15&nbsp;days from the date the participant is notified of such refusal by the Board. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the 1997 Plan provides, in general, that a participant whose status as a Service Provider (as defined in the 1997 Plan) is terminated is entitled to exercise his or her
option, to the extent such option has vested as of the date of termination, until the earlier of (i)&nbsp;expiration of the option according to its terms, (ii)&nbsp;expiration of a period of
3&nbsp;months following termination, or (iii)&nbsp;expiration of a period of 12&nbsp;months following termination as a result of death or disability. The 1997 Plan allows the
post-termination exercise period to extend beyond the default term, if the stock option agreement entered into by UTStarcom and the participant pursuant to the 1997 Plan provides for a
longer term. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Officer and Director Option Agreement approved for use under the 1997 Plan in connection with awards to our directors and officers beginning in December of 2005, if the
participant's status as a Service Provider or director is terminated following a change of control, the participant shall be entitled to exercise his or her option, to the extent such option has
vested as of the date of such termination, until the earlier of (i)&nbsp;expiration of the option according to its terms, or (ii)&nbsp;expiration of a period of 12&nbsp;months following the
termination of the participant's status as a Service Provider or director. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
1997 Plan was terminated in July&nbsp;2006 effective upon stockholder approval of our 2006 Plan. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 2006 Equity Incentive Plan.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our 2006 Equity Incentive Plan provides that in the event a participant in the 2006 Plan terminates
service with us
and our affiliates, any options which have become exercisable prior to the time of termination will remain exercisable for three months from the date of termination, unless a shorter or longer period
of time is determined by the 2006 Plan administrator. If termination was caused by death or disability, any options which have become exercisable prior to the time of termination will remain
exercisable for 12&nbsp;months from the date of termination, unless a shorter or longer period of time is determined by the 2006 Plan administrator. In no event may a participant exercise the option
after the expiration date of the option. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>91</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=100,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=592035,FOLIO='91',FILE='DISK125:[10ZCL1.10ZCL78301]EE78301A.;20',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_ee78301_1_92"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of our change of control, each outstanding award will be assumed or substituted by the successor corporation. In the event the successor corporation refuses to assume or
substitute awards granted under the 2006 Plan, all options and stock appreciation rights will fully vest and become exercisable, all restrictions on restricted stock will lapse, and, with respect to
restricted stock units, performance shares, and performance units, all performance goals or other vesting criteria will be deemed achieved at target levels and all other terms and conditions met. In
addition, if an option or stock appreciation right becomes fully vested and exercisable in lieu of assumption or substitution in the event of a change of control, the 2006 Plan administrator will
notify the participant in writing or electronically that the option or stock appreciation right will be fully vested and exercisable for a period of time determined by the 2006 Plan administrator in
its sole discretion, and the option or stock appreciation right will terminate upon the expiration of such period. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
change of control provisions in the 2006 Plan apply to all executive officers. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ee78301_estimated_post-employment_payments_and_benefits"> </A>
<A NAME="toc_ee78301_7"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Estimated Post-Employment Payments and Benefits    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assuming the termination of employment of the Named Executive Officers took place on December&nbsp;31, 2010, and based upon the price
per share of our Common Stock of $2.06, the closing market price as of December&nbsp;31, 2010, the estimated payments and benefits that each of the Named Executive Officers would be eligible to
receive under various circumstances are set forth in the following charts. Please see the section above entitled "Employment Contracts and Severance Agreements with Named Executive Officers" under
"Potential Post-Employment Payments upon Termination and Change of Control" contained in this proxy statement/prospectus for detailed descriptions of the agreements with each of the Named
Executive Officers that govern post-employment payments and benefits. No payments are due in the event of voluntary termination of employment without good reason or termination of
employment for cause. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>92</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=101,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=234239,FOLIO='92',FILE='DISK125:[10ZCL1.10ZCL78301]EE78301A.;20',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_eg78301_1_93"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2>
<A HREF="#bg78301a_main_toc">Table of Contents</A> </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Jack Lu  </I></FONT></P>

</UL>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="73pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="45pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Involuntary<BR>
Without Cause/<BR>
Good Reason<BR>
Termination </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Termination<BR>
upon/following<BR>
Change of<BR>
Control </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Disability(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Death(2) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Base Salary</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>465,282</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>465,282</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>30,353</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>30,353</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Bonus</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>319,753</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(4)</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>319,753</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(4)</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accelerated Shares Underlying Outstanding Options(5)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accelerated Stock Awards(5)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>617,625</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>617,625</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Health Care</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,335</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,335</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,335</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>TOTAL:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,404,995</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,404,995</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32,688</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>30,353</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >


<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>We
provide all active full-time employees in China with commercial insurance coverage. In the case of disability, employees will receive up to a
maximum benefit of $30,353.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>We
provide all active full-time employees in China with commercial insurance coverage which provides for payment up to a maximum benefit of
$30,353 in the event of death.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Represents
a payment of 70% of annual base salary of an amount of $325,697 for termination as a result of "good reason" and 30% of annual base salary of an
amount of $139,585 as consideration for execution of a non-competition agreement upon termination.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Represents
target bonus of 88% of base salary based upon a target bonus of 80% of Mr.&nbsp;Lu's base salary when he served as UTStarcom's Senior Vice
President and Chief Operating Officer from March&nbsp;1, 2010 to September&nbsp;7, 2010 and 100% of Mr.&nbsp;Lu's base salary for his service as UTStarcom's Chief Executive Officer from
September&nbsp;8, 2010 to December&nbsp;31, 2010.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Amounts
represent the value of unvested stock options and award grants as of December&nbsp;31, 2010 for which the vesting would have been accelerated. The
value of accelerated options is measured as the difference between the fair market value using the closing market price of UTStarcom's Common Stock as of December&nbsp;31, 2010, the last trading day
of fiscal year 2010, of $2.06 and the per share exercise price for the options, multiplied by the number of all stock options that were unvested as of December&nbsp;31, 2010. For restricted stock
awards, it is measured as the fair market value of the stock ($2.06), less the par value cost basis, multiplied by the number of shares of restricted stock that were unvested as of December&nbsp;31,
2010. </FONT></DD></DL>
 </DIV>
 <UL>

<P style="font-family:times;"><FONT SIZE=2><I> Edmond Cheng  </I></FONT></P>

</UL>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


</FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="73pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="51pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Involuntary<BR>
Without Cause/<BR>
Good Reason<BR>
Termination </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Termination<BR>
upon/following<BR>
Change of<BR>
Control </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Disability(1) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Death(2) </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Base Salary</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>380,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>380,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>156,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>500,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Bonus</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>171,996</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>171,996</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accelerated Shares Underlying Outstanding Options(4)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accelerated Stock Awards(4)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>617,625</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>617,625</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Health Care</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18,755</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18,755</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18,755</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>TOTAL:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,188,376</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,188,376</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>174,755</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>500,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >


<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Under
the international life and accidental death and dismemberment policy, we provide all active full-time employees with short and
long-term disability insurance coverage. In the case of short-term disability, employees will receive 60% of monthly earnings up to a maximum weekly </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>93</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=102,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=966673,FOLIO='93',FILE='DISK125:[10ZCL1.10ZCL78301]EG78301A.;13',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_eg78301_1_94"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
<p style="font-family:times;"></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>benefit
of $3,000 for up to 12&nbsp;weeks. Any disability beyond 12&nbsp;weeks will be covered by the long-term disability coverage which provides employees with 60% of monthly
earnings up to a maximum monthly benefit of $13,000. The amount represents payments for 12&nbsp;months of disability under the long-term disability policy; however, in the event an
employee continues to meet the definition of "disability" under the long-term disability policy, long-term disability benefits may continue until an employee's Social Security
Normal Retirement Age, as defined in the long-term disability policy.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Under
the international life and accidental death and dismemberment policy, we provide all active full-time employees with basic life and
accidental death insurance coverage which provides for payment of two times annual earnings to a maximum benefit of $500,000 in the event of death.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Represents
target bonus of 70% of base salary, pro-rated.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Amounts
represent the value of unvested stock options and award grants as of December&nbsp;31, 2010 for which the vesting would have been accelerated. The
value of accelerated options is measured as the difference between the fair market value using the closing market price of UTStarcom Common Stock as of December&nbsp;31, 2010, the last trading day
of fiscal year 2010, of $2.06 and the per share exercise price for the options, multiplied by the number of all stock options that were unvested as of December&nbsp;31, 2010. For restricted stock
awards, it is measured as the fair market value of the stock ($2.06), less the par value cost basis, multiplied by the number of shares of restricted stock that were unvested as of December&nbsp;31,
2010. </FONT></DD></DL>
 </DIV>
 <UL>

<P style="font-family:times;"><FONT SIZE=2><I> Peter Blackmore  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peter Blackmore left his position with UTStarcom effective as of September&nbsp;7, 2010. Please see the section above titled
"Employment Contracts and Severance Agreements with Named Executive Officers" for information regarding payments made to or to be made to Mr.&nbsp;Blackmore upon and in connection with his
termination. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Kenneth Luk  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenneth Luk left his position with UTStarcom effective as of May&nbsp;11, 2010. Please see the section above titled "Employment
Contracts and Severance Agreements with Named Executive Officers" for information regarding payments made to or to be made to Mr.&nbsp;Luk upon and in connection with his termination. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="eg78301_policies_with_respect_to_revie__pol03865"> </A>
<A NAME="toc_eg78301_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Policies with Respect to Review, Approval or Ratification of Transactions with Related Persons    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Audit Committee is responsible for the review and approval or ratification of "related-person transactions" between us or our
subsidiaries and related persons. Under SEC rules, a related person is a director, officer, nominee for director, or 5% stockholder of UTStarcom since the beginning of the last fiscal year, and his or
her immediate family members. We have adopted written policies and procedures that apply to any transaction or series of related transactions in which our company or a subsidiary is a participant, the
amount involved exceeds $120,000 and a related person has a direct or indirect material interest. Pursuant to our policy, the following transactions will not be deemed to be related person
transactions that require Audit Committee approval: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Employment of executive officers.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Any employment by us of
an executive officer of UTStarcom if: (a)&nbsp;the related compensation is required to be reported in our proxy statement under SEC compensation disclosure rules; or (b)&nbsp;the executive officer
is not an immediate family member of another executive officer or director of our company, and the related compensation would have been reported in our proxy statement under SEC compensation
disclosure rules if the executive </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>94</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=103,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=498478,FOLIO='94',FILE='DISK125:[10ZCL1.10ZCL78301]EG78301A.;13',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_eg78301_1_95"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>officer
was a "Named Executive Officer," and the Compensation Committee approved (or recommended that the Board of Directors approve) such compensation.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Director compensation.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Any compensation paid to a director
if the compensation is required to be reported in our proxy statement under SEC compensation disclosure rules.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Certain transactions with other companies.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Any transaction
with another company at which a related person's only relationship is as an employee (other than an executive officer), director or beneficial owner of less than 10% of that company's shares, if the
aggregate amount involved does not exceed the greater of $1,000,000 or two percent of that company's total annual revenues.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Transactions where all shareholders receive proportional
benefits.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Any transaction where the related person's interest arises solely from the ownership of a class of our equity securities and
all holders of that class of our equity securities received the same benefit on a pro rata basis (e.g.,&nbsp;dividends).  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Transactions involving competitive bids.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Any transaction
involving a related person where the rates or charges involved are determined by competitive bids.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Regulated transactions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Any transaction with a related
person involving the rendering of services as a common or contract carrier, or public utility, at rates or charges fixed in conformity with law or governmental authority.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Certain banking-related services.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Any transaction with a
related person involving services as a bank depositary of funds, transfer agent, registrar, trustee under a trust indenture or similar services.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><I>Other transactions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Any other transaction where disclosure
of such transaction would not be required pursuant to Item&nbsp;404 of Regulation&nbsp;S-K, as may be amended from time to time. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="eg78301_related_person_transactions"> </A>
<A NAME="toc_eg78301_2"> </A>
<BR></FONT><FONT SIZE=2><B>  Related Person Transactions    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since January&nbsp;1, 2010, we were party to the following related party transactions under the relevant standards: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Yellowstone  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;7, 2009, we entered into a consulting agreement with Yellowstone Investment Advisory Limited
("</FONT><FONT SIZE=2><B>Yellowstone</B></FONT><FONT SIZE=2>"). Mr.&nbsp;William Wong, one of our directors, is a managing director of Yellowstone. Pursuant to the consulting agreement, Yellowstone
acted as a strategic consultant assisting with the relocation of our headquarters to China and introducing executive officer and director candidates to us. We also agreed to reimburse Yellowstone's
reasonable expenses incurred in connection with the services. During 2010, we paid approximately $235,000 for consulting services provided by Yellowstone pursuant to the consulting agreement. Our
Audit Committee did not review and approve the consulting arrangement with Yellowstone because at the time the consulting agreement was entered into, Mr.&nbsp;Wong was not expected to become a
director and therefore the transaction was not subject to review by the Audit Committee. However, the consulting agreement and the relationship between UTStarcom and Yellowstone were reviewed and
approved by the Board. The consulting agreement was terminated as of February 2010. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November&nbsp;5, 2010, we entered into an engagement letter with Yellowstone pursuant to which Yellowstone acts as a strategic consultant to UTStarcom and its subsidiaries,
divisions or legal/organizational units to assist UTStarcom in establishing or expanding strategic partnerships, joint ventures, acquisitions and UTStarcom's business in Asia consistent with
UTStarcom's goals. Under the terms of the engagement letter, we pay Yellowstone a monthly fee of US$20,000 and certain success </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>95</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=104,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=255286,FOLIO='95',FILE='DISK125:[10ZCL1.10ZCL78301]EG78301A.;13',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_eg78301_1_96"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2>fees
upon the successful completion of a specific transaction as proposed by Yellowstone and approved by UTStarcom generally based upon a varying percentage of the transaction deal size, with certain
exceptions. We also reimburse Yellowstone's reasonable expenses incurred in connection with the services. We paid approximately $960,000 during the first quarter of 2011 and approximately $220,000
during the last quarter of 2010 for consulting services including acquisition support services provided by Yellowstone pursuant to the engagement letter. Our Audit Committee has reviewed and approved
the engagement. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Softbank Corp.  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Softbank Corp. is an affiliate of Softbank America,&nbsp;Inc., which holds approximately 9.4% of our common stock. During 2010, we
recognized aggregate revenue of $46.3&nbsp;million (includes $20.8&nbsp;million in sales to NEC Networks&nbsp;&amp; System Integration Corp., Japan Electronic Computer&nbsp;Co.&nbsp;Ltd., Nippon
Telecom Sales KK and Oki Electric Industry&nbsp;Co.,&nbsp;Ltd. for which Softbank Corp. was the ultimate customer) with respect to sales to affiliates of Softbank Corp., including (i)&nbsp;sales
of telecommunications equipment to Softbank BB, (ii)&nbsp;sales of equipment and services to Softbank Telecom&nbsp;Co.,&nbsp;Ltd, a wholly owned subsidiary of Softbank Corp. and
(iii)&nbsp;sales of equipment
to BB Cable, an affiliate of Softbank Corp. Our Audit Committee has reviewed and approved the transactions with Softbank Corp. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, on October&nbsp;21, 2010, we, through a wholly owned subsidiary, entered into an agreement with ZTE (H.K.) Limited ("</FONT><FONT SIZE=2><B>ZTE</B></FONT><FONT SIZE=2>"),
a company incorporated in Hong Kong (the "</FONT><FONT SIZE=2><B>ZTE Agreement</B></FONT><FONT SIZE=2>"). Pursuant to the ZTE Agreement, we formed a special purpose company incorporated in Hong Kong
with ZTE (the "</FONT><FONT SIZE=2><B>HK SPV</B></FONT><FONT SIZE=2>") for the purpose of making and holding an investment in a high speed mobile data communication service business affiliated with
Softbank Corp. (the "</FONT><FONT SIZE=2><B>Softbank Affiliate</B></FONT><FONT SIZE=2>"). We paid 176,050,000 Japanese yen (approximately US$2.17&nbsp;million) for 35% of the equity of the HK SPV
and agreed to provide a loan of 595,000,000 Japanese yen (approximately US$&nbsp;7.32&nbsp;million) to the HK SPV. ZTE paid 326,950,000 Japanese yen (approximately US$4.03&nbsp;million) for 65%
of the equity of the HK SPV and agreed to provide a loan of 1,105,000,000 Japanese yen (approximately US$13.60&nbsp;million) to the HK SPV. The US dollar equivalents are based on the exchange rate
of 81.105 Japanese yen per U.S. dollar. The HK SPV plans to use the paid-in capital and shareholder loans to invest in the Softbank Affiliate. Our Audit Committee has reviewed and approved
the transaction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="eg78301_section_16(a)_benefici__eg702030"> </A>
<A NAME="toc_eg78301_3"> </A>
<BR></FONT><FONT SIZE=2><B>  Section&nbsp;16(a) Beneficial Ownership Reporting Compliance    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;16(a) of the Exchange Act requires UTStarcom's Directors and executive officers and persons who own more than ten
percent of a registered class of UTStarcom's equity securities to file with the SEC initial reports of ownership and reports of changes in ownership of the common stock and other equity securities of
UTStarcom. Officers, Directors and greater than ten percent stockholders are required by SEC regulations to furnish UTStarcom with copies of all Section&nbsp;16(a) forms they file. The information
in this section is based solely upon a review of Forms&nbsp;3, 4 and 5 received by UTStarcom. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UTStarcom
is not aware of any person who at any time during the period prior to the year ended December&nbsp;31, 2010 was a director, officer, or beneficial owner of more than ten
percent of the common stock of UTStarcom, and who failed to file, on a timely basis, reports required by Section&nbsp;16(a) of the Securities Exchange Act of 1934 during the 2010 fiscal year. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="eg78301_10b5-1_trading_plans"> </A>
<A NAME="toc_eg78301_4"> </A>
<BR></FONT><FONT SIZE=2><B>  10b5-1 Trading Plans    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of our officers and directors may enter into a written plan for the automatic trading of securities in accordance with Exchange
Act Rule&nbsp;10b5-1. UTStarcom may also enter into a written plan </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>96</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=105,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=701008,FOLIO='96',FILE='DISK125:[10ZCL1.10ZCL78301]EG78301A.;13',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_eg78301_1_97"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2>for
the automatic trading of securities in accordance with Rule&nbsp;10b5-1 with respect to any stock repurchase plan. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="eg78301_code_of_ethics"> </A>
<A NAME="toc_eg78301_5"> </A>
<BR></FONT><FONT SIZE=2><B>  Code of Ethics    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have adopted a Code of Business Conduct and Ethics ("</FONT><FONT SIZE=2><B>Code of Ethics</B></FONT><FONT SIZE=2>") that applies
to all employees including our principal executive officers. The Code of Ethics is designed to promote: (i)&nbsp;honest and ethical conduct, including the ethical handling of actual or apparent
conflicts of interest between personal and professional relationships, (ii)&nbsp;full, fair, accurate, timely and understandable disclosure in reports and documents that we are required to file
with, or submit to, the SEC and in other public communication we make, (iii)&nbsp;compliance with applicable governmental laws, rules and regulations, (iv)&nbsp;the prompt internal reporting of
violations of the Code of Ethics to an appropriate person or persons identified in the Code of Ethics, and (v)&nbsp;accountability for adherence to the Code of Ethics. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a supplement to the Code of Ethics, we have also adopted a Code of Ethics for Chief Executive Officer and Senior Financial Officers ("</FONT><FONT SIZE=2><B>Code of Ethics for
Financial Officers</B></FONT><FONT SIZE=2>"), which is designed to highlight the legal and ethical obligations of the Chief Executive Officer and financial officers. The Code of Ethics for Financial
Officers imposes upon applicable officers certain additional internal reporting requirements for acts committed in violation of the Code of Ethics and/or the securities laws. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copies
of the Code of Ethics and the Code of Ethics for Financial Officers are available on our website at </FONT> <FONT SIZE=2><I>http://investorrelations.utstar.com/governance.cfm.</I></FONT><FONT SIZE=2> Any waiver of the Code of Ethics or Code of Ethics
for Financial Officers pertaining to a member of
our Board or one of our executive officers will be disclosed on our website at </FONT><FONT SIZE=2><I>http://investorrelations.utstar.com/governance.cfm.</I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>97</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=106,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=704927,FOLIO='97',FILE='DISK125:[10ZCL1.10ZCL78301]EG78301A.;13',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ei78301_1_98"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2>
<A HREF="#bg78301a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ei78301_report_of_the_audit_committee"> </A>
<A NAME="toc_ei78301_1"> </A>
<BR></FONT><FONT SIZE=2><B>  REPORT OF THE AUDIT COMMITTEE    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>The following is the report of the Audit Committee with respect to UTStarcom's audited financial statements for
the fiscal year ended December&nbsp;31, 2010. The information contained in this report shall not be deemed to be "soliciting material" or to be "filed" with the SEC, or subject to
Regulation&nbsp;14A or 14C or to the liabilities of Section&nbsp;18 of the Securities Exchange Act of 1934, except to the extent that UTStarcom specifically requests that such information be
treated as soliciting material or specifically incorporates the information by reference into any future filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as
amended.</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Established
on January&nbsp;31, 1997, the Audit Committee is currently comprised of three non-employee directors. The purpose of the Audit Committee is to assist the Board
in its general oversight of UTStarcom's financial reporting, internal controls and audit functions. The Audit Committee is directly responsible for the appointment, retention, evaluation,
compensation, oversight and termination of UTStarcom's independent registered public accounting firm. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee reviews the results and scope of audit and other services provided by UTStarcom's independent registered public accounting firm and reviews the accounting principles
and auditing practices and procedures to be used in UTStarcom's financial reporting process, including its systems of internal control, and in the preparation of consolidated financial statements in
accordance with generally accepted accounting principles. UTStarcom's independent registered public accounting firm for the last fiscal year, PricewaterhouseCoopers Zhong Tian CPAs Limited Company
("</FONT><FONT SIZE=2><B>PricewaterhouseCoopers</B></FONT><FONT SIZE=2>"), is responsible for performing an independent audit of those financial statements. As more fully explained in the Audit
Committee's charter, the Audit Committee's responsibility is to provide oversight of and to review those processes. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee has reviewed and discussed the audited financial statements with management of UTStarcom. Management is responsible for maintaining adequate internal control over
financial reporting and for assessing the effectiveness of internal control over financial reporting. The Audit Committee was kept apprised of the progress of management's assessment of UTStarcom's
internal control over financial reporting and provided oversight to management during the process. In connection with this oversight, the Audit Committee received periodic updates provided by
management and PricewaterhouseCoopers at meetings throughout the year. At the conclusion of the process, management provided the Audit Committee with a report on the effectiveness of UTStarcom's
internal control over financial reporting. The Audit Committee reviewed this report of management and Item&nbsp;9A, "Control and Procedures," contained in UTStarcom's Annual Report on
Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2010 filed with the SEC, as well as PricewaterhouseCoopers' report of independent registered public accounting firm (included
in UTStarcom's Annual Report on Form&nbsp;10-K) relating to its audit of the consolidated financial statements and the effectiveness of internal control over financial reporting. The
Audit Committee also reviewed with management and PricewaterhouseCoopers (a)&nbsp;UTStarcom's completed, current and planned initiatives to remediate material weaknesses in UTStarcom's internal
control over financial reporting as required by Section&nbsp;404 of the Sarbanes-Oxley Act of 2002 and (b)&nbsp;the procedures performed by UTStarcom to support certifications by UTStarcom's Chief
Executive Officer and Chief Financial Officer that are required by the SEC and the Sarbanes-Oxley Act to accompany UTStarcom's periodic filings with the SEC. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Audit Committee has reviewed and discussed the audited financial statements with PricewaterhouseCoopers, including such items as required to be discussed by the
statement on Auditing Standards No.&nbsp;61, as amended (AICPA, Professional Standards, Vol. 1. AU section&nbsp;380) as adopted by the Public Company Accounting Oversight Board (PCAOB) in
Rule&nbsp;3200T. The Audit Committee has received the written disclosures and the letter from PricewaterhouseCoopers required by PCAOB Ethics and Independence Rule&nbsp;3526 (Rule&nbsp;3526,
Communications with Audit Committees "</FONT><FONT SIZE=2><B>Concerning Independence</B></FONT><FONT SIZE=2>"), and has discussed with PricewaterhouseCoopers their independence. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>98</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=107,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=996647,FOLIO='98',FILE='DISK125:[10ZCL1.10ZCL78301]EI78301A.;7',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_ei78301_1_99"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
review of all discussions and all written correspondence described above, as well as such other matters deemed relevant and appropriate by the Audit Committee, the Audit Committee
recommended
to the Board that the audited financial statements for the fiscal year ended December&nbsp;31, 2010 be included in UTStarcom's Annual Report on Form&nbsp;10-K. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="50%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="50%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><I> The Audit Committee</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Thomas J. Toy, </FONT><FONT SIZE=2><I>Chairman</I></FONT><FONT SIZE=2><BR>
Linzhen Xie<BR>
Xiaoping Li</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>99</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=108,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=595847,FOLIO='99',FILE='DISK125:[10ZCL1.10ZCL78301]EI78301A.;7',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ek78301_1_100"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2>
<A HREF="#bg78301a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="PROPOSAL_NO._2_RATIFICATION_OF_APPOINTMENT_OF_INDEPENDENT_REGISTERED_PUBLIC_ACCOUNTING_FIRM"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> PROPOSAL NO. 2  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> RATIFICATION OF APPOINTMENT OF INDEPENDENT<BR>
REGISTERED PUBLIC ACCOUNTING FIRM  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee of the Board has selected PricewaterhouseCoopers Zhong Tian CPAs Limited Company
("</FONT><FONT SIZE=2><B>PricewaterhouseCoopers</B></FONT><FONT SIZE=2>"), independent registered public accounting firm, to audit the financial statements of UTStarcom for the fiscal year ending
December&nbsp;31, 2011 and recommends that the stockholders ratify this selection. PricewaterhouseCoopers also audited UTStarcom's financial statements for its fiscal year ended December&nbsp;31,
2010. The Board expects that representatives of PricewaterhouseCoopers will be present at the Annual Meeting, will be given an opportunity to make a statement at the meeting and will be available to
respond to appropriate questions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholder
ratification of this selection of PricewaterhouseCoopers as UTStarcom's independent public accounting Firm is not required by UTStarcom's Bylaws or otherwise. However, the
Board has elected to seek such ratification as a matter of good corporate practice. Should the stockholders fail to
ratify the selection of PricewaterhouseCoopers as UTStarcom's independent registered public firm, the Audit Committee will consider whether to retain that firm for the year ending December&nbsp;31,
2011. Even if the selection is ratified, the Audit Committee, at its discretion, may direct the appointment of a different independent registered public accounting firm at any time during the year if
it determines that such a change would be in the best interests of UTStarcom and its stockholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ek78301_pricewaterhousecoopers_fees_fo__pri02594"> </A>
<A NAME="toc_ek78301_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PricewaterhouseCoopers Fees for the Fiscal Years Ended December&nbsp;31, 2010 and 2009    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate fees billed for professional accounting services by PricewaterhouseCoopers for the fiscal years ended December&nbsp;31,
2010 and 2009 are as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:60%;margin-left:20%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="10pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Fiscal Year Ended<BR>
December&nbsp;31, </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2010 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>2009 </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Audit Fees(1)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1,875,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,665,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Audit-Related Fees(2)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>72,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>153,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tax Fees(3)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>184,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>42,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>All Other Fees(4)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total Fees</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>2,134,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>4,863,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=2 VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="font-family:times;">&nbsp;</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:20%;">
 <!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >


<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Audit
fees are fees for professional services rendered for the integrated audit of UTStarcom's consolidated financial statements and of its internal control
over financial reporting, for review of the interim consolidated financial statements included in quarterly reports, and for services that are normally provided by PricewaterhouseCoopers in connection
with statutory and regulatory filings or engagements.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Audit-related
fees represent aggregate fees paid or accrued for professional services rendered for accounting consultations and other procedures performed
with respect to certain UTStarcom acquisition and divestiture efforts.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Tax
fees are fees for tax services related to tax compliance, tax planning and tax advice.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>All
other fees are fees for an online accounting research tool. </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee has determined that the provision to us by PricewaterhouseCoopers of non-audit services as listed above is compatible with PricewaterhouseCoopers
maintaining its independence. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>100</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=109,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=1014642,FOLIO='100',FILE='DISK125:[10ZCL1.10ZCL78301]EK78301A.;12',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_ek78301_1_101"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ek78301_audit_committee_preapproval_policies_and_procedures"> </A>
<A NAME="toc_ek78301_2"> </A>
<BR></FONT><FONT SIZE=2><B>  Audit Committee Preapproval Policies and Procedures    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee has direct responsibility for the appointment, retention, evaluation, compensation, oversight and termination of
the independent registered public accounting firm employed by us. The Audit Committee has authorized Mr.&nbsp;Toy to pre-approve audit and non-audit services to be performed
by our independent registered public accounting firm. Such preapproval by Mr.&nbsp;Toy is to be followed up for approval by the Audit Committee at its quarterly meetings. For the fiscal year 2010,
there were no audit-related fees, tax fees, or any other non-audit fees that were approved by the Audit Committee pursuant to the "de minimis" exception under
Regulation&nbsp;S-X Rule&nbsp;2-01(c)(7)(i)(C). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ek78301_required_vote"> </A>
<A NAME="toc_ek78301_3"> </A>
<BR></FONT><FONT SIZE=2><B>  Required Vote    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ratification of the appointment of PricewaterhouseCoopers as UTStarcom's independent registered public accounting firm for the
fiscal year ending December&nbsp;31, 2011 requires the affirmative vote of the holders of a majority of the shares of the Common Stock that are present in person or by proxy and entitled to vote on
the proposal at the Annual Meeting. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>UTSTARCOM'S BOARD OF DIRECTORS RECOMMENDS THAT STOCKHOLDERS VOTE "FOR" RATIFICATION OF THE APPOINTMENT OF PRICEWATERHOUSECOOPERS ZHONG TIAN CPAS LIMITED COMPANY
AS UTSTARCOM'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>101</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=110,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=518241,FOLIO='101',FILE='DISK125:[10ZCL1.10ZCL78301]EK78301A.;12',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_em78301_1_102"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2>
<A HREF="#bg78301a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="PROPOSAL_NO._3_ADVISORY_VOTE_ON_EXECUTIVE_COMPENSATION"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> PROPOSAL NO. 3  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> ADVISORY VOTE ON EXECUTIVE COMPENSATION  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The recently-enacted Dodd-Frank Wall Street Reform and Consumer Protection Act, or the Dodd-Frank Act, enables
our stockholders to vote to approve, on an advisory (nonbinding) basis, the compensation of the Named Executive Officers as disclosed in this Proxy Statement in accordance with the rules of the
Securities and Exchange Commission in the "Executive Compensation&#151;Compensation Discussion and Analysis" section of this proxy statement/prospectus beginning on page&nbsp;69. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
described in detail in the Compensation Discussion and Analysis, our executive compensation program is designed to attract, motivate and retain our named executive officers, who are
critical to our success. Under this program, our named executive officers are rewarded for the achievement of specific short-term and long-term strategic and operational
objectives and the realization of increased stockholder value. Please read the Compensation Discussion and Analysis and the accompanying compensation tables in this proxy statement for information
about our executive
compensation program, including information about the compensation of our named executive officers in 2010. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee continually reviews our executive compensation program to ensure that it achieves the desired goal of aligning our executive compensation structure with the
interests of our stockholders and current market practices. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee continually reviews our executive compensation program to ensure that it achieves the desired goal of aligning our executive compensation structure with the
interests of our stockholders and current market practices. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are asking our stockholders to indicate their support for the compensation of our named executive officers as described in this proxy statement. This proposal, commonly known as a
"Say-on-Pay" proposal, gives our stockholders the opportunity to express their views on the compensation of our named executive officers. Please note that this vote is not
intended to address any specific item of compensation, but rather the overall compensation of our named executive officers and the philosophy, policies and practices described in this Proxy Statement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordingly,
we will ask our stockholders to vote "FOR" the following resolution at the Annual Meeting: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>"RESOLVED,
that UTStarcom's stockholders approve, on an advisory basis, the compensation of our named executive officers, as disclosed in the proxy statement for the 2011 Annual Meeting of
Stockholders pursuant to the compensation disclosure rules of the Securities and Exchange Commission, including the Compensation Discussion and Analysis, the Summary Compensation Table and the other
related tables and disclosure." </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Say-on-Pay vote is advisory, and, therefore, not binding on UTStarcom, the Compensation Committee or the Board of Directors. The Board of Directors and the
Compensation Committee value the opinions of our stockholders and to the extent there is any significant vote against the compensation of our named executive officers as disclosed in this proxy
statement, we will consider our stockholders' concerns and the Compensation Committee will evaluate whether any actions are necessary to address those concerns.
<A NAME="Board_Recommendation_and_Required_Vote3"></A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Board Recommendation and Required Vote  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless authority to do so is withheld, the proxy holders named in the proxy card will vote the shares represented thereby FOR Proposal
No.&nbsp;3. Assuming the presence of a quorum, the required vote is the affirmative vote of a simple majority of votes cast and entitled to vote at the annual meeting. Abstentions and broker
non-votes will be entirely excluded from the vote and will have no effect on the outcome. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE "FOR" THE APPROVAL<BR>
OF THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS, AS DISCLOSED IN THIS<BR>
PROXY STATEMENT/PROSPECTUS PURSUANT TO THE COMPENSATION DISCLOSURE<BR>
RULES OF THE SECURITIES AND EXCHANGE COMMISSION.  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>102</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=111,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=671832,FOLIO='102',FILE='DISK125:[10ZCL1.10ZCL78301]EM78301A.;14',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_eo78301_1_103"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2>
<A HREF="#bg78301a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="PROPOSAL_NO._4_ADVISORY_VOTE_ON_THE_FREQUENCY_OF_HOLDING_AN_ADVISORY_VOTE_ON_EXECUTIVE_COMPENSATION"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> PROPOSAL NO. 4  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> ADVISORY VOTE ON THE FREQUENCY OF HOLDING AN ADVISORY VOTE ON EXECUTIVE COMPENSATION  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Dodd-Frank Act also enables our stockholders to indicate how frequently we should seek an advisory,
non-binding, vote on the compensation of our named executive officers, as disclosed pursuant to the SEC's compensation disclosure rules, such as Proposal No.&nbsp;3 beginning on
page&nbsp;102 of this proxy statement/prospectus. By voting on this Proposal No.&nbsp;4, stockholders may indicate whether they would prefer an advisory (non-binding) vote on named
executive officer compensation once every one year, two years or three years. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
careful consideration of this Proposal No.&nbsp;4, our board of directors has determined that an advisory vote on executive compensation that occurs every three years is the most
appropriate alternative for the company, and therefore our board of directors recommends that you vote for a three-year interval for the advisory vote on executive compensation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
formulating its recommendation, our board of directors considered that an advisory vote on executive compensation once every three years will allow our stockholders to provide us with
their direct input on our compensation philosophy, policies and practices as disclosed in the proxy statement. Additionally, an advisory vote on executive compensation once every three years is
consistent with our policy of seeking input from, and engaging in discussions with, our stockholders on corporate governance matters and our executive compensation philosophy, policies, and practices.
We understand that our stockholders may have different views as to what is the best approach for UTStarcom, and we look forward to hearing from our stockholders on this Proposal No.&nbsp;4. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
note however that foreign private issuers are not required to conduct advisory votes on executive compensation. If Proposal No.&nbsp;5, Approval of Adoption of the Merger Agreement,
is approved by shareholders and the merger is effected, the Company will be a foreign private issuer and therefore will not be required to conduct future advisory votes on executive compensation.
However, consistent with our policy of seeking input from, and engaging in discussion with, our stockholders on executive compensation matters, UTS&nbsp;Holdings intends to provide disclosure
relating to its compensation philosophy, policies and practices and conduct an advisory vote on executive compensation once every three years after the merger is effected. However, UTS&nbsp;Holdings
expects to review this practice after the next such advisory vote and may at that time or in the future determine to conduct such advisory votes more frequently or to not conduct them at all. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may cast your vote on your preferred voting frequency by choosing the option of one year, two years, three years or abstain from voting when you vote in response to the resolution
set forth below. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>"RESOLVED,
that the option of once every one year, two years or three years that receives the highest number of votes cast for this resolution will be determined to be the preferred frequency of our
stockholders with which UTStarcom is to hold a stockholder advisory vote to approve the compensation of the Named Executive Officers, as disclosed pursuant to the compensation disclosure rules of the
Securities and Exchange Commission (which disclosure shall include the Compensation Discussion and Analysis, the Summary Compensation Table and the other related tables and disclosure)." </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
option of one year, two years or three years that receives the highest number of votes cast by stockholders will be the frequency for the stockholder advisory vote on executive
compensation that has been selected by stockholders. However, because this vote is advisory and not binding on UTStarcom or the Board of Directors in any way, the Board of Directors may decide that it
is in the best interests of our stockholders and UTStarcom to hold an advisory vote on executive compensation more or less frequently than the option approved by our stockholders.
<A NAME="Board_Recommendation_and_Required_Vote4"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>103</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=112,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=580515,FOLIO='103',FILE='DISK125:[10ZCL1.10ZCL78301]EO78301A.;24',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_eo78301_1_104"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B> Board Recommendation and Required Vote  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless authority to do so is withheld, the proxy holders named in the proxy card will vote the shares represented thereby for an annual
vote as the frequency with which shareholders are provided an advisory (non-binding) vote. Assuming the presence of a quorum, the required vote is the affirmative vote of a simple majority
of votes cast and entitled to vote at the annual meeting. Abstentions and broker non-votes will be entirely excluded from the vote and will have no effect on the outcome. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE FOR THE OPTION OF ONCE EVERY THREE YEARS AS THE FREQUENCY WITH WHICH STOCKHOLDERS ARE PROVIDED AN ADVISORY VOTE ON
EXECUTIVE COMPENSATION, AS DISCLOSED PURSUANT TO THE COMPENSATION DISCLOSURE RULES OF THE SECURITIES AND EXCHANGE COMMISSION.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>104</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=113,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=299327,FOLIO='104',FILE='DISK125:[10ZCL1.10ZCL78301]EO78301A.;24',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_eq78301_1_105"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2>
<A HREF="#bg78301a_main_toc">Table of Contents</A> </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>
<A NAME="PROPOSAL_5_APPROVAL_OF_THE_ADOPTION_OF_THE_MERGER_AGREEMENT"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> PROPOSAL 5<BR>
APPROVAL OF THE ADOPTION OF THE MERGER AGREEMENT  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="eq78301_the_merger_agreement"> </A>
<A NAME="toc_eq78301_1"> </A></FONT> <FONT SIZE=2><B>  The Merger Agreement    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>The following includes a brief summary of the material provisions of the Merger Agreement, a copy of which is
attached as Annex&nbsp;A and incorporated by reference into this proxy statement/prospectus. We encourage you to read the Merger Agreement in its entirety for a more complete description of the
merger. In the event of any discrepancy between the terms of the Merger Agreement and the following summary, the Merger Agreement will control.</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="eq78301_introduction"> </A>
<A NAME="toc_eq78301_2"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Introduction    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Merger Agreement you are being asked to adopt at the Annual Meeting provides for a merger that would result in your shares of
UTStarcom common stock being converted into the right to receive an equal number of ordinary shares in the capital of UTS Holdings, an exempted company incorporated under the laws of the Cayman
Islands. Under the Merger Agreement, Merger Sub, a wholly owned subsidiary of UTS Holdings, which itself is currently a wholly owned subsidiary of UTStarcom, will merge with and into UTStarcom, with
UTStarcom surviving the merger as a wholly owned subsidiary of UTS Holdings. If the Merger Agreement is adopted by the stockholders, we anticipate that the merger will become effective at
4:30&nbsp;p.m., Eastern Time, on June&nbsp;24, 2011. Following the merger, UTS Holdings, together with its subsidiaries, will own and continue to conduct our business in substantially the same
manner as is currently being conducted by UTStarcom and its subsidiaries. Immediately following the merger, you will own an interest in UTS Holdings, which will be managed by the same Board of
Directors and executive officers that managed UTStarcom immediately prior to the merger. Additionally, the consolidated assets and employees of UTS Holdings will be the same as those of UTStarcom
immediately prior to the merger. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="eq78301_the_parties_to_the_merger"> </A>
<A NAME="toc_eq78301_3"> </A>
<BR></FONT><FONT SIZE=2><B><I>  The Parties to the Merger    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UTStarcom is a leading provider of IP-based, network solutions including the integration and support services in IPTV,
iDTV, Internet TV and Broadband for cable and telecom operators. Our focus is to design and sell IP-based telecommunications infrastructure products including our primary product suite of
IPTV and broadband solutions along with the ongoing services relating to the installation, operation and maintenance of these products. Collectively our range of solutions is designed to expand and
modernize telecommunications networks through smooth network system integration, lower operating costs and increased broadband access. We also provide the telecommunications carriers and other
customers with increased revenue opportunities by enhancing their subscribers' user experience. The majority of our sales have been to service providers in China, Japan and India. We also sell to
service providers in selective markets in the Asia Pacific, Latin America and Europe. UTStarcom is currently subject to SEC and other disclosure obligations in the United States. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
expect to expand beyond the sale of IP-based telecommunications infrastructure equipment and services by developing an operational support services business. This business
would provide support services to iDTV, IPTV, IP Signage and Internet TV technology and service platforms. Our existing Multimedia Communications business and Broadband Infrastructure business would
build and transfer solutions, our customers would operate the solutions or platforms and our Operational Support Services business would provide support for the operation of the platforms. We are
developing acquired solutions for on-line advertising management, value added services, content
providers and producers and website set-up and expect to enter into revenue sharing and strategic partnership arrangements that would provide for recurring revenue streams. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>105</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=114,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=359465,FOLIO='105',FILE='DISK125:[10ZCL1.10ZCL78301]EQ78301A.;18',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_eq78301_1_106"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UTS
Holdings is a newly formed exempted company incorporated under the laws of the Cayman Islands. An "exempted" company under the laws of the Cayman Islands is one which receives such
registration as a result of satisfying the Registrar of Companies in the Cayman Islands that it conducts its operations mainly outside of the Cayman Islands and is as a result exempted from complying
with certain provisions of the Cayman Islands Companies Law, such as the general requirement to file an annual return of its shareholders with the Registrar of Companies, and is permitted flexibility
in certain matters, such as the ability to register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands. UTS Holdings does not have a significant amount of assets
or liabilities and has not engaged in any business since its formation other than activities associated with its anticipated participation in the merger. As mentioned above, following the merger, UTS
Holdings, together with its subsidiaries, will own and continue to conduct our business in substantially the same manner as is currently being conducted by UTStarcom and its subsidiaries. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merger
Sub is a newly formed Delaware corporation and a wholly owned subsidiary of UTS Holdings. Merger Sub does not have a significant amount of assets or liabilities and has not
engaged in any business since its formation other than activities associated with its anticipated participation in the merger. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
principal executive offices of each of UTStarcom, UTS Holdings and Merger Sub are located at 52-2 Building, BDA International Enterprise Avenue, No.&nbsp;2 Jingyuan
North Street, Daxing District, Beijing 100176, China, and the telephone number of each company is +86 (10)&nbsp;8520-5588. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="eq78301_background_and_reasons_for_the_merger"> </A>
<A NAME="toc_eq78301_4"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Background and Reasons for the Merger    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe the merger, which would change our place of incorporation from the United States to the Cayman Islands, is consistent with
our international corporate strategy and would allow us to reduce operational, administrative, legal and accounting costs over the long term. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
international corporate strategy has been focused on major developing economies such as China and India. Our corporate objective has been to enhance our position in key
infrastructure products with attractive growth potential in selective geographic markets. To achieve this goal, our strategy has been focused on our core strengths and aligned with favorable long term
market trends relating to IP-based products in the major developing economies, primarily China and India. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2008 and 2009, we announced initiatives to focus our resources in selective markets and high growth potential product lines which would likely drive growth and produce attractive
gross margin. In 2008, we streamlined our strategic focus by exiting a number of the businesses which we identified as non-core to our IP-based product strategy and divested
our wholly owned PCD subsidiary, UTStarcom Personal Communications&nbsp;LLC, and our Mobile Solutions Business Unit. In 2009, we disbanded our Custom Solutions Business Unit and substantially
completed the wind-down of our worldwide handset operations. As a result of these divestitures, we currently have very limited operations in the United States. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
assets and operations have been primarily based in China. Approximately 79% of our sales in 2009 and approximately 98% of our sales in 2010 were attributable to countries other than
the United States. In particular, approximately 46% of our sales in 2009 and approximately 57% of our sales in 2010 were attributable to China, which has accounted for a larger portion of our overall
sales since our divestiture of PCD in July 2008. Additionally, approximately 99% and 77% of our long-lived assets, consisting of property, plant and equipment, and 88% and 89% of our full
time employees worldwide were located in China as of December&nbsp;31, 2009 and 2010, respectively. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
upon the foregoing, in February 2010, we announced that we will move our headquarters to Beijing, China, and we undertook an initiative to transition certain key functions,
including our headquarters and finance, to China in order to eliminate functional duplication and reduce operating </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>106</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=115,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=883480,FOLIO='106',FILE='DISK125:[10ZCL1.10ZCL78301]EQ78301A.;18',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_eq78301_1_107"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2>expenses.
We also recently experienced significant changes in our management and our Board of Directors and, currently, all of our executive team and a majority of the members of our Board of
Directors reside outside the United States. The recent changes in the composition of our management and Board of Directors further support our reasons for moving our headquarters and our place of
incorporation outside the United States. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
currently have very limited operations in the United States and we believe there is no particular business reason to remain a company incorporated, and to maintain key corporate
functions, in the United States. We believe that by reincorporating to a jurisdiction outside the United States, we will be able to qualify as a "foreign private issuer" under the rules and
regulations of the SEC and thereby reduce our operational, administrative, legal and accounting costs. We have chosen to reorganize under the laws of the Cayman Islands because of its political and
economic stability, effective judicial system, absence of exchange control or currency restrictions and availability of professional and support services. We could have selected a different
jurisdiction outside of the United States, but we believe
many non-Chinese companies operating in China and India are incorporated in the Cayman Islands and as a result many of our current and potential strategic partners have substantial
experience doing business with Cayman Islands companies and corporate structures. We also believe that being incorporated in the Cayman Islands could provide us with additional flexibility to pursue
listings on international stock exchanges, such as the Hong Kong Stock Exchange, should we desire to do so in the future. For example, we understand that historically the companies that have been
accepted for listing on the Hong Kong Stock Exchange have generally been domiciled in China, Hong Kong, the Cayman Islands or Bermuda. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
noted, following the completion of the merger, UTS Holdings is expected to qualify as a "foreign private issuer" under the rules and regulations of the SEC and we expect that the
reduced reporting obligations associated with being a foreign private issuer will reduce operational, administrative, legal and accounting costs in the long term. UTS Holdings will remain subject to
the mandates of the Sarbanes-Oxley Act, and, as long as UTS Holdings's ordinary shares are listed on the NASDAQ, the governance and disclosure rules of that stock exchange. However, as a foreign
private issuer, UTS Holdings will be exempt from certain rules under the Exchange Act that would otherwise apply if UTS Holdings were a company incorporated in the United States or did not meet the
other conditions to qualify as a foreign private issuer. For example: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>UTS Holdings may include in its SEC filings financial statements prepared in accordance with U.S.&nbsp;GAAP or with IFRS
as issued by the IASB without reconciliation to U.S.&nbsp;GAAP;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>UTS Holdings will not be required to provide as many Exchange Act reports, or as frequently or as promptly, as U.S.
companies with securities registered under the Exchange Act. For example, UTS Holdings will not be required to file current reports on Form&nbsp;8-K within four business days from the
occurrence of specific material events. Instead, UTS Holdings will need to promptly furnish reports on Form&nbsp;6-K any information that UTS Holdings (a)&nbsp;makes or is required to
make public under the laws of the Cayman Islands, (b)&nbsp;files or is required to file under the rules of any stock exchange or (iii)&nbsp;otherwise distributes or is required to distribute to
its shareholders. Unlike Form&nbsp;8-K, there is no precise deadline by which Form&nbsp;6-K must be furnished. In addition, UTS Holdings will not be required to file its
annual report on Form&nbsp;10-K, which may be due as soon as 60&nbsp;days after its fiscal year end. As a foreign private issuer, UTS Holdings will be required to file an annual report
on Form&nbsp;20-F within four months after its fiscal year end;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>UTS Holdings will not be required to provide the same level of disclosure on certain issues, such as executive
compensation;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>UTS Holdings will not be required to conduct advisory votes on executive compensation; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>107</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=116,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=170821,FOLIO='107',FILE='DISK125:[10ZCL1.10ZCL78301]EQ78301A.;18',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_eq78301_1_108"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>UTS Holdings will be exempt from filing quarterly reports under the Exchange Act with the SEC;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>UTS Holdings will not be subject to the requirement to comply with Regulation&nbsp;FD, which imposes certain
restrictions on the selected disclosure of material information;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>UTS Holdings will not be required to comply with the sections of the Exchange Act regulating the solicitation of proxies,
consents or authorizations in respect of a security registered under the Exchange Act; and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>UTS Holdings will not be required to comply with Section&nbsp;16 of the Exchange Act requiring insiders to file public
reports of their stock ownership and trading activities and establishing insider liability for profits realized from any "short-swing" trading transaction. </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>UTS
Holdings expects to take advantage of these exemptions if the merger is effected. Accordingly, after the completion of the merger, if you hold UTS Holdings securities, you may receive less
information about UTS Holdings and its business than you currently receive with respect to UTStarcom and be afforded less protection under the U.S. federal securities laws than you are entitled to
currently. However, consistent with our policy of seeking input from, and engaging in discussions with, our stockholders, on executive compensation matters, UTS&nbsp;Holdings intends to provide
disclosure relating to its executive compensation philosophy, policies and practices and conduct an advisory vote on executive compensation once every three years after the merger is effected.
However, UTS&nbsp;Holdings expects to review this practice after the next such advisory vote and may at that time or in the future determine to conduct such advisory votes more frequently or to not
conduct them at all. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally,
as a foreign private issuer, UTS Holdings will be permitted to follow corporate governance practices in accordance with Cayman Islands laws in lieu of certain NASDAQ
corporate governance standards, such as the following NASDAQ corporate governance standards requiring that: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the majority of the board of directors be comprised of independent directors;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>executive compensation be determined by independent directors or a committee of independent directors; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>director nominees be selected, or recommended for selection by the board of directors, by independent directors or a
committee of independent directors;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>an audit committee be comprised of at least three members, each of whom is an independent director and one of whom has
finance and accounting experience; and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>all related party transactions be reviewed by the audit committee or another independent body of the board of directors. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>Maples
and Calder, our Cayman Islands counsel, has advised us that there are no comparable Cayman Islands laws related to the above corporate governance standards. Notwithstanding the foregoing, we do
not intend to initially rely on any NASDAQ exemptions or accommodations for foreign private issuers following the merger. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
believe the merger and the related reorganization will enhance stockholder value. However, we cannot predict what impact, if any, the merger and reorganization will have in the long
term in light of the fact that the achievement of our objectives depends on many things, including, among other things, future laws and regulations, as well as the development of our business. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
a discussion of the risk factors associated with the merger and reorganization, please see the section entitled "Risk Factors and Caution Regarding Forward-Looking
Statements&#151;Risks Relating to the Merger and Reorganization." </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>108</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=117,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=1018415,FOLIO='108',FILE='DISK125:[10ZCL1.10ZCL78301]EQ78301A.;18',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_eq78301_1_109"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="eq78301_disadvantages_of_reorganizing_in_the_cayman_islands"> </A>
<A NAME="toc_eq78301_5"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Disadvantages of Reorganizing in the Cayman Islands    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are certain disadvantages that accompany reorganizing in the Cayman Islands, including: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The Cayman Islands has a different body of securities laws and corporate laws as compared to the United States and may
provide significantly less protection to investors;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Cayman Islands companies may not have standing to sue before the federal courts of the United States; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>UTS Holdings' constitutional documents do not contain provisions requiring that disputes, including those arising under
the securities laws of the United States, between it and our officers, directors and shareholders be arbitrated. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UTS
Holdings's corporate affairs are governed by UTS Holdings's memorandum and articles of association, the Companies Law and the common law of the Cayman Islands. The rights of
shareholders to take action against the directors and officers of UTS Holdings, 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 English common law, which has persuasive, but not binding, authority on a court in the
Cayman Islands. The rights of our shareholders and the fiduciary responsibilities of our directors, although clearly established under Cayman Islands law, are not specifically prescribed in statute or
a particular document in the same way that they are in certain statutes or judicial precedent in some jurisdictions in the United States. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally,
a significant portion of our operations are conducted in the PRC, and a significant portion of our assets are located in the PRC. After the merger, a majority of UTS
Holdings' directors and all of its executive officers will continue to reside outside of the United States, and all or a substantial portion of such persons' assets are or may be located outside the
United States. As a result, it may be difficult for you to effect service of process within the United States upon UTS Holdings or such persons, or to enforce against them in courts of the United
States, Cayman Islands or PRC, 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. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
a discussion of the enforceability of civil liabilities following the merger and reorganization, please see the section entitled "Enforceability of Civil Liabilities." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="eq78301_the_merger"> </A>
<A NAME="toc_eq78301_6"> </A>
<BR></FONT><FONT SIZE=2><B><I>  The Merger    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The steps that have been taken to date, and that will be taken, to complete the merger are: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>UTStarcom has formed UTS Holdings, with UTStarcom holding one ordinary share issued by UTS Holdings. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>UTS Holdings, in turn, has formed Merger Sub and holds 100 shares of common stock of Merger Sub. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Following the Annual Meeting, provided we have obtained the requisite stockholder approval, (i)&nbsp;Merger Sub will
merge with and into UTStarcom, with UTStarcom surviving, and (ii)&nbsp;the 100 shares of common stock of Merger Sub held by UTS Holdings will be converted into 100 shares of common stock of
UTStarcom, as the surviving corporation in the merger. All outstanding shares of UTStarcom common stock will be converted into the right to receive an equal number of ordinary shares of UTS Holdings,
which shares will be issued by UTS Holdings as part of the merger.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>UTS Holdings will repurchase the one ordinary share issued to UTStarcom prior to the merger.  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>As a result, UTStarcom will, upon completion of the merger, become a wholly owned subsidiary of UTS Holdings. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>109</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=118,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=545552,FOLIO='109',FILE='DISK125:[10ZCL1.10ZCL78301]EQ78301A.;18',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<UL>
<UL>
</UL>
</UL>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_es78301_1_110"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2>
<A HREF="#bg78301a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following diagram depicts our organizational structure immediately before and after the merger. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g454422.jpg" ALT="GRAPHIC" WIDTH="666" HEIGHT="735">
  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immediately
prior to the Effective Time, all existing UTStarcom equity compensation plans, as may be amended, will be adopted and assumed by UTS Holdings. Each outstanding option and
other equity award issued under our equity compensation plans for the purchase or receipt of, or payment based on, shares of UTStarcom's common stock will represent the right to purchase or receive,
or receive payment based on, as applicable, the same number of ordinary shares in the capital of UTS Holdings on substantially the same terms. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally,
at the Effective Time, UTS Holdings will adopt and assume the obligations of UTStarcom under or with respect to certain contracts or agreements as described in the Merger
Agreement. The contracts and agreements will become the obligations of UTS Holdings and will be </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>110</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=119,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=508163,FOLIO='110',FILE='DISK125:[10ZCL1.10ZCL78301]ES78301A.;11',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_es78301_1_111"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2>performed
in the same manner and without interruption until the same are amended or otherwise lawfully altered or terminated. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Merger Agreement may be amended, modified or supplemented at any time before or after it is adopted by the stockholders of UTStarcom. However, after adoption by the stockholders, no
amendment, modification or supplement may be made or effected that requires further approval by UTStarcom stockholders without obtaining that approval. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="es78301_possible_abandonment"> </A>
<A NAME="toc_es78301_1"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Possible Abandonment    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Merger Agreement, the Board of Directors of UTStarcom may exercise its discretion to terminate the Merger Agreement,
and therefore abandon the merger, at any time prior to the Effective Time, including after the adoption of the Merger Agreement by UTStarcom's stockholders. Please see the section entitled "Risk
Factors and Caution Regarding Forward-Looking Statements&#151;Risks Relating to the Merger and Reorganization&#151;Our Board of Directors may choose to defer or abandon the merger." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="es78301_additional_agreements"> </A>
<A NAME="toc_es78301_2"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Additional Agreements    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UTS Holdings expects to enter into indemnification agreements with those directors, executive officers and other officers and employees
(including officers and employees of its subsidiaries) who currently have indemnification agreements with UTStarcom. The UTS Holdings indemnification agreements will be substantially similar to
UTStarcom's existing indemnification agreements and will generally require that UTS Holdings indemnify and hold an indemnitee harmless to the fullest extent permitted by law for liabilities arising
out of the indemnitee's current or past association with UTS Holdings, any subsidiary of UTS Holdings or another entity where he or she is or was serving at UTS Holdings's request as a director or
officer or in a similar capacity that involves services with respect to any employee benefit plan. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
indemnification agreements also provide for the advancement of defense expenses by UTS Holdings. Please also see the section entitled "Comparison of Rights of
Stockholders/Shareholders&#151;Indemnification of Directors and Officers" for a description of indemnification of directors and officers under Cayman Islands law and UTS Holdings's memorandum
and articles of association. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, UTS Holdings's shareholder approval (from and after the Effective Time) of the UTStarcom equity compensation plans to be assumed by UTS Holdings for purposes of
Section&nbsp;422(b) of the Code, was established through approval of such plan by UTStarcom, as the sole stockholder of UTS Holdings, immediately prior to the merger. As part of the merger, UTS
Holdings will assume UTStarcom's Executive Involuntary Termination Severance Pay Plan, Vice President Change in Control and Involuntary Termination Severance Pay Plan, involuntary termination
severance agreements with its executive employees and any other plans and programs as provided in the Merger Agreement, all of the foregoing as may be amended immediately prior to the Effective Time.
Although the merger will constitute a change in control for purposes of the foregoing equity compensation plans, severance plans and agreements with UTStarcom's executive officers, we will not incur
any obligation as a result of the merger under the terms of the plans and agreements since UTS Holdings will assume the plans and agreements and any such obligation will be waived in connection with
the merger, if applicable. Please see the subsection entitled "&#151;Stock Compensation and Benefits Plans and Programs." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="es78301_conditions_to_completion_of_the_merger"> </A>
<A NAME="toc_es78301_3"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Conditions to Completion of the Merger    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following conditions must be satisfied or waived, if allowed by law, to complete the merger and
reorganization: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
Merger Agreement has been adopted by the requisite vote of stockholders of UTStarcom; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>111</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=120,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=908167,FOLIO='111',FILE='DISK125:[10ZCL1.10ZCL78301]ES78301A.;11',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_es78301_1_112"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>none
of the parties to the Merger Agreement is subject to any decree, order or injunction that prohibits the consummation of the merger;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
registration statement of which this proxy statement/prospectus is a part has been declared effective by the SEC and no stop order is in effect;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
UTS Holdings ordinary shares to be issued pursuant to the merger have been authorized for listing on the NASDAQ, subject to official notice of issuance
and satisfaction of other standard conditions;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>5.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>all
material consents and authorizations of, filings or registrations with, and notices to, any governmental or regulatory authority required of UTStarcom,
UTS Holdings or their subsidiaries to consummate the merger have been obtained or made; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>6.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the
representations and warranties of the parties to the Merger Agreement set forth in the Merger Agreement are true and correct in all material respects,
and the covenants of the parties set forth in the Merger Agreement (other than those to be performed after the Effective Time) have been performed in all material respects. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Board of Directors currently does not anticipate any circumstances in which it would waive the conditions listed above; however, in the event it determines that a waiver of any such
conditions is in the best interests of UTStarcom and our stockholders and that such change to the terms of the merger does not make the disclosure provided to our stockholders materially misleading
(for example, if a representation in the merger agreement is not true but there is otherwise no harm to UTStarcom or our stockholders), our Board of Directors will not resolicit shareholder approval
of the merger. If a waiver of any condition listed above would make the disclosure provided to our stockholders materially misleading, our Board of Directors will resolicit shareholder approval of the
merger. Additionally, our Board of Directors reserves the right to defer or abandon the merger as well for the reasons described under "Risk Factors and Caution Regarding Forward-Looking
Statements&#151;Risks Relating to the Merger and Reorganization&#151;Our Board of Directors may choose to defer or abandon the merger." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="es78301_stock_compensation_and_benefit_plans_and_programs"> </A>
<A NAME="toc_es78301_4"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Stock Compensation and Benefit Plans and Programs    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the merger, UTS Holdings has agreed to assume all of UTStarcom's rights and obligations under UTStarcom's 1997 Stock Plan,
2001 Director Option Plan, 2003 Nonstatutory Stock Option Plan and 2006 Equity Incentive Plan, Advanced Communications Devices Corporation's 1997 Stock Option Plan, UTStarcom's Executive Involuntary
Termination Severance Pay Plan, Vice President Change in Control and Involuntary Termination Severance Pay Plan and involuntary termination severance agreements with its executive employees, all of
the foregoing as may be amended immediately prior to the Effective Time. Plans that provide benefits to employees of subsidiaries of UTStarcom will, upon being assumed by UTS Holdings, continue to
provide benefits to such employees consistent with the current manner. For those plans that currently provide for the issuance of UTStarcom common stock, following the merger, UTS Holdings ordinary
shares will be issued, with no anticipated increase to our "overhang," which we define for this purpose as the total number of shares required to be issued pursuant to the exercise of options and/or
other equity awards outstanding and assumed by UTS Holdings in connection with the merger or shares otherwise available for issuance under our equity compensation plans assumed by UTS Holdings. Except
as described below, all rights to purchase or receive, or receive payment based on, UTStarcom common stock arising under our equity compensation plans will entitle the holder to purchase or receive,
or receive payment based on, as applicable, an equal number of UTS Holdings ordinary shares. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>112</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=121,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=524757,FOLIO='112',FILE='DISK125:[10ZCL1.10ZCL78301]ES78301A.;11',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_es78301_1_113"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="es78301_effective_time"> </A>
<A NAME="toc_es78301_5"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Effective Time    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provided that we have obtained the requisite stockholder approval at the Annual Meeting, we anticipate that the merger will become
effective at 4:30&nbsp;p.m., Eastern Time, on June&nbsp;24, 2011. Our Board of Directors will have the right, however, to defer or abandon the merger at any time if it concludes that completion of
the merger would not be in the best interests of UTStarcom or our stockholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="es78301_management_of_uts_holdings"> </A>
<A NAME="toc_es78301_6"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Management of UTS Holdings    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immediately prior to the Effective Time, the directors and officers of UTStarcom at such time will be elected or appointed as the
directors and officers of UTS Holdings (to the extent the directors and officers of UTS Holdings and UTStarcom are not already identical), each such person to have the same office(s) with UTS Holdings
(and the same class designations and committee memberships in the case of directors) as he or she held with UTStarcom, with the directors to serve until the earlier of the next meeting of the UTS
Holdings shareholders at which an election of directors of their respective classes is required or until their successors are elected or appointed (or their earlier death, disability or retirement).
The articles of association of UTS Holdings will provide that directors shall be divided into three classes, with the classes serving for staggered, three-year terms (or less if they are
filling a vacancy), effective as of the Effective Time. It is expected that, immediately prior to the Effective Time, the Board of Directors of UTStarcom will be comprised of two Class&nbsp;I
directors, three Class&nbsp;II directors and two Class&nbsp;III directors. The Class&nbsp;I directors, Thomas J. Toy and Linzhen Xie, the Class&nbsp;II directors, Jack Lu, Baichuan Du and
Xiaoping Li, and the Class&nbsp;III directors, William Wong and Hong Liang Lu, will hold office until the 2013, 2011 and 2012 annual meeting of shareholders, respectively, or until their successors
have been duly elected and qualified. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="es78301_recommendation_and_required_vote"> </A>
<A NAME="toc_es78301_7"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Recommendation and Required Vote    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The affirmative vote of the holders of a majority of the outstanding shares of UTStarcom's common stock entitled to vote at the Annual
Meeting is required to approve the proposal to adopt the Merger Agreement. Our Board of Directors believes that the merger, to be effected by the Merger Agreement, is advisable and in the best
interests of UTStarcom and our stockholders. </FONT><FONT SIZE=2><B>ACCORDINGLY, OUR BOARD OF DIRECTORS HAS UNANIMOUSLY APPROVED THE MERGER AND THE MERGER AGREEMENT. THE BOARD OF DIRECTORS RECOMMENDS
THAT STOCKHOLDERS VOTE "FOR" THE ADOPTION OF THE MERGER AGREEMENT.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="es78301_regulatory_approvals"> </A>
<A NAME="toc_es78301_8"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Regulatory Approvals    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The only governmental or regulatory approvals or actions that are required to complete the merger are compliance with U.S. federal and
state securities laws, NASDAQ
rules and regulations and Delaware corporate law (including the filing with the Secretary of State of the State of Delaware of a certificate of merger). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="es78301_rights_of_dissenting_stockholders"> </A>
<A NAME="toc_es78301_9"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Rights of Dissenting Stockholders    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the DGCL, you will not have appraisal rights in connection with the merger because, among other reasons, the UTS Holdings shares
you receive in the merger will be listed on NASDAQ. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="es78301_ownership_in_uts_holdings"> </A>
<A NAME="toc_es78301_10"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Ownership in UTS Holdings    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The UTStarcom common stock registered in your name or which you beneficially own through your broker will be converted into the right
to receive an equal number of UTS Holdings ordinary shares and such shares will be registered in your name (or your broker's name, as applicable) in UTS Holdings's register of members upon completion
of the merger, without any further action on your </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>113</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=122,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=183982,FOLIO='113',FILE='DISK125:[10ZCL1.10ZCL78301]ES78301A.;11',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_es78301_1_114"> </A>


<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2>part.
Upon completion of the merger, only registered shareholders reflected in UTS Holdings's register of members will have and be entitled to exercise any voting and other rights with respect to and
to receive any dividend and other distributions upon UTS Holdings ordinary shares registered in their respective names. Any attempted transfer of UTStarcom stock prior to the merger that is not
properly documented and reflected in the stock records maintained by UTStarcom's transfer agent as of immediately prior to the Effective Time will not be reflected in UTS Holdings's register of
members upon completion of the merger. Registered holders of UTS Holdings's ordinary shares seeking to transfer UTS Holdings ordinary shares following the merger will be required to provide customary
transfer documents required by UTS Holdings's transfer agent to complete the transfer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you hold UTStarcom common stock in uncertificated book-entry form (for example, if you hold your shares through a broker), at the Effective Time, the UTStarcom common
stock registered in your name or which you beneficially own through your broker will be converted into the right to receive an equal number of UTS Holdings ordinary shares and such shares will be
registered in your name (or your broker's name, as applicable) in book-entry form without any action on your part. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you hold UTStarcom common stock in certificated form, you may exchange your UTStarcom stock certificates for new UTS Holdings share certificates promptly following the merger. We will
request that all UTStarcom stock certificates be returned to UTS Holding's transfer agent following the merger. Soon after the closing of the merger, you will be sent a letter of transmittal from our
exchange agent. It is expected that, prior to the Effective Time, Computershare Trust Company, N.A. will be appointed as our exchange agent for the merger. The letter of transmittal will contain
instructions explaining the procedure for surrendering your UTStarcom stock certificates for new UTS Holdings share certificates. YOU SHOULD NOT RETURN STOCK CERTIFICATES WITH THE ENCLOSED PROXY CARD. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UTStarcom's
current transfer agent is Computershare Trust Company, N.A., which will continue to serve as the transfer agent for UTS Holdings ordinary shares after the Effective Time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="es78301_stock_exchange_listing"> </A>
<A NAME="toc_es78301_11"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Stock Exchange Listing    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UTStarcom's common stock is currently listed on NASDAQ under the symbol "UTSI." There is currently no established public trading market
for UTS Holdings's ordinary shares. However, it is a condition to the completion of the merger that the shares of UTS Holdings will be authorized for listing on NASDAQ, subject to official notice of
issuance and satisfaction of other standard conditions. As such, we expect that as of the Effective Time, UTS Holdings's ordinary shares will be authorized for listing on NASDAQ, and we expect such
shares will be traded on the exchange under the symbol "UTSI." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is anticipated that UTS Holdings will qualify as a foreign private issuer in the U.S. following the merger. As a foreign private issuer, UTS Holdings will be permitted to follow
corporate governance practices in accordance with Cayman Islands laws in lieu of certain NASDAQ corporate governance standards. However, we do not intend to initially rely on any NASDAQ exemptions or
accommodations for foreign private issuers following the merger. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="es78301_accounting_treatment_of_the_merger"> </A>
<A NAME="toc_es78301_12"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Accounting Treatment of the Merger    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The merger will be accounted for as a legal reorganization with no change in ultimate ownership interest immediately before and after
the transaction. Accordingly, all assets and liabilities will be recorded at historical cost as an exchange between entities under common control. Please see the section entitled
"Summary&#151;Summary Pro Forma Financial Information." </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>114</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=123,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=225267,FOLIO='114',FILE='DISK125:[10ZCL1.10ZCL78301]ES78301A.;11',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_eu78301_1_115"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2>
<A HREF="#bg78301a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="eu78301_taxation"> </A>
<A NAME="toc_eu78301_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Taxation    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following discussion of the material Cayman Islands, People's Republic of China and United States federal income tax consequences
is based upon laws and relevant interpretations thereof effective as of the date of this proxy statement/prospectus, all of which are subject to change, possibly with retroactive effect. This
discussion does not deal with all possible tax consequences relating to the merger or otherwise, such as the tax consequences under state and local and tax laws. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="eu78301_cayman_islands_taxation"> </A>
<A NAME="toc_eu78301_2"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Cayman Islands Taxation    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Cayman Islands Government (or any other taxing authority in the Cayman Islands) currently does not levy taxes on individuals or
corporations based upon profits,
income, gains or appreciation, and there is no taxation in the Cayman Islands in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to UTS Holdings levied by
the Government of the Cayman Islands except for stamp duty which may be applicable on instruments executed in, or brought within the jurisdiction of the Cayman Islands. No stamp duties or other
similar taxes or charges are payable under the laws of the Cayman Islands in respect of the execution or delivery of any of the documents relating the proposed merger or the performance or enforcement
of any of them, unless they are executed in or thereafter brought within the jurisdiction of the Cayman Islands for enforcement purposes or otherwise. We do not intend that any documents relating the
proposed merger be executed in or brought within the jurisdiction of the Cayman Islands. There are no exchange control regulations or currency restrictions in the Cayman Islands. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="eu78301_people_s_republic_of_china_taxation"> </A>
<A NAME="toc_eu78301_3"> </A>
<BR></FONT><FONT SIZE=2><B><I>  People's Republic of China Taxation    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the CIT Law and its implementation rules, both effective on January&nbsp;1, 2008, all domestic and foreign investment companies
will be subject to a uniform enterprise income tax at the rate of 25% and dividends from PRC enterprises to their foreign shareholders will be subject to a withholding tax at a rate of 10% if the
foreign investors are considered as non-resident enterprises without any establishment or place within the PRC or if the dividends payable have no connection with the establishment or
place of the foreign investors within the PRC, unless any such foreign investor's jurisdiction of incorporation has a tax treaty with the PRC that provides for a lower withholding tax rate. In
accordance with Caishui (2008) No.&nbsp;1 issued by the Ministry of Finance, or MOF, and SAT on February&nbsp;22, 2008, the accumulative undistributed profits of foreign investment companies
generated before January&nbsp;1, 2008, and distributed to foreign investors after year 2008, shall be exempt from withholding tax. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
CIT Law has introduced the concept of "resident enterprises" and corresponding tax liability on resident enterprises' worldwide income, whilst "non-resident enterprises"
without any place or establishment in the PRC are required to pay 10% income tax on their passive incomes from sources within China only. A resident enterprise refers to an enterprise that
(i)&nbsp;was established/incorporated within the PRC or (ii)&nbsp;was established/incorporated under the laws of a foreign jurisdiction but has its "de facto management body" in the PRC. A
non-resident enterprise refers to an enterprise which was established/incorporated under the laws of a foreign jurisdiction and does not have its "de facto management body" in the PRC, but
has an establishment or place in the PRC, or has China-sourced income even though it does not have any establishment or place in the PRC. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the implementation rules of the CIT Law, "de facto management body" is defined as an organization that has material and overall management and control over the business, personnel,
accounts and properties of an enterprise. In April 2009, the SAT issued a Notice on Issues Relating to Determination of PRC-Controlled Offshore Enterprises as PRC Resident Enterprises
Based on "De Facto Management Body" Test, or SAT Circular No.&nbsp;82, under which, an offshore enterprise controlled by a PRC enterprise or a PRC enterprise group will be characterized as a
"resident enterprise" due to </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>115</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=124,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=444530,FOLIO='115',FILE='DISK125:[10ZCL1.10ZCL78301]EU78301A.;12',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_eu78301_1_116"> </A>


<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2>the
fact that its "de facto management body" is located within the PRC, if all of the following conditions are met at the same time: (i)&nbsp;the senior management personnel responsible for its
daily operations and the place where the senior management departments discharge their responsibilities are located primarily in the PRC; (ii)&nbsp;its finance and human resources related decisions
are made by or are subject to the approval of institutions or personnel located in the PRC; (iii)&nbsp;its major assets, books and records, company seals and minutes of its board of directors and
shareholder meetings are located or kept in the PRC; and (iv)&nbsp;senior management personnel or 50% or more of the members of its board of directors with voting power of the enterprise reside in
the PRC. SAT Circular No.&nbsp;82 further specifies that the principle of "substance over form" shall be adopted in determining whether the "de facto management body" is located within China. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
currently are not treated as a PRC resident enterprise by the Chinese tax authority and as a result, we have not withheld PRC income taxes from our foreign investors and as a
non-resident enterprise, we are subject to PRC withholding tax if we receive dividends directly from our PRC subsidiaries paid by them using funds out of their profits generated on and
after January&nbsp;1, 2008. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nevertheless,
a significant portion of our operations are currently based in the PRC and are likely to remain based in the PRC after the merger. Moreover, a significant portion of our
management team, who are in charge of finance and human resources related decisions, will perform their duties mainly in the PRC, and over 50% of our board members habitually reside in the PRC. Our
main properties, accounting books and records, company seals and minutes of board meetings are maintained in China. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However,
the rules regarding the determination of the "de facto management body" are relatively new and whether such rules may apply to us is unclear. Due to lack of further written
clarification by the SAT, there is still a uncertainty around the interpretation of each of the four conditions as specified in SAT Circular No.&nbsp;82 and the principle of "substance over form"
and the implementation of SAT Circular No.&nbsp;82 by Chinese tax authorities in practice. It also remains unclear what percentage of shares of an offshore enterprise must be held by a PRC entity or
group in order for the offshore enterprise to be deemed as an offshore enterprise controlled by a PRC enterprise or a PRC enterprise group, and whether shares held by PRC resident individuals are
counted pursuant to SAT Circular No.&nbsp;82. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due
to the lack of clear guidance on the determination of our tax residency under the CIT Law, it remains unclear whether the PRC tax authorities will treat us as a PRC resident
enterprise either
before or after the merger or what effect, if any, the merger will have on the determination. As a result, we cannot express an opinion as to the likelihood that we will be subject to the tax
applicable to resident enterprises or non-resident enterprises under the CIT Law. If UTS Holdings is treated as a PRC resident enterprise, it will be subject to PRC tax on its worldwide
income at the 25% uniform tax rate, but the dividends distributed from its subsidiaries that are or deemed to be PRC resident enterprises should be tax-exempt income. In addition, if UTS
Holdings is considered a PRC resident enterprise, the dividends paid by it to the non-PRC shareholders may be regarded as income from sources within the PRC pursuant to SAT Circular
No.&nbsp;82, and therefore the non-PRC institutional shareholders may be subject to a 10% withholding tax, and the non-PRC individual shareholders may be subject to a 20%
withholding tax unless they are able to claim a lower tax rate pursuant to applicable tax treaties. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furthermore,
if UTS Holdings is treated as a PRC resident enterprise, there is a possibility that the capital gains realized by its non-PRC shareholders from the transfer of
their shares may be regarded as income from sources within the PRC for PRC tax purposes. If such capital gains are taxed in China, the applicable income tax rate would be 10% for non-PRC
institutional shareholders, and 20% for non-PRC individual shareholders. If the non-PRC shareholders are US residents that are eligible for PRC-US Tax Treaty
benefits, whether capital gains should be taxed in China is unclear. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>116</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=125,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=450250,FOLIO='116',FILE='DISK125:[10ZCL1.10ZCL78301]EU78301A.;12',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_eu78301_1_117"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2>Pursuant
to Paragraph&nbsp;5 of Article&nbsp;12 of the PRC-US Tax Treaty, gains from the alienation of shares of a company which is a PRC resident other than those mentioned in
paragraph&nbsp;4 representing a participation of 25&nbsp;per cent may be taxed in China. Paragraph&nbsp;6 of Article&nbsp;12 of the PRC-US Tax Treaty further specifies that
"[G]ains derived by a resident of a Contracting State from the alienation of any property other than that referred to in paragraphs&nbsp;1 through 5 and arising in the other
Contracting State may be taxed in that other Contracting State." By virtue of this provision, the capital gains realized by the US residents may be taxed in the PRC if the capital gains are considered
as "arising in" the PRC. Under the CIT Law and its implementing rules, the capital gains from transfer of shares may be considered as "arising in" the PRC if the enterprise whose shares are
transferred is "located in" China. If UTS Holdings is considered a PRC resident enterprise, and if the Chinese tax authorities take the position that a PRC resident enterprise is deemed to be located
in China, the capital gains realized by the US residents from transfer of their shares may be taxed in the PRC depending on how the PRC-US Tax Treaty is interpreted and implemented by the
Chinese tax authorities. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="eu78301_material_united_states_federal__mat05854"> </A>
<A NAME="toc_eu78301_4"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Material United States Federal Income Tax Consequences Relating to the Merger and the Ownership and Disposition of UTS Holdings Ordinary Shares    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of material U.S. federal income tax consequences of the merger and of the ownership and disposition of UTS
Holdings ordinary shares after the merger, but does not purport to be a complete analysis of all the potential tax considerations
relating thereto. To the extent the discussion relates to matters of U.S. federal income tax law, and subject to the qualifications herein, it represents the opinion of Wilson Sonsini
Goodrich&nbsp;&amp; Rosati, Professional Corporation, our special United States counsel. This summary is based upon the provisions of the Code, Treasury regulations promulgated thereunder,
administrative rulings and judicial decisions, all as of the date hereof. These authorities may be changed, possibly retroactively, so as to result in U.S. federal income or estate tax consequences
different from those set forth below. We have not sought any ruling from the IRS, with respect to the statements made and the conclusions reached in the following summary, and there can be no
assurance that the IRS will agree with such statements and conclusions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
discussion does not address all aspects of U.S. federal income taxation that may be relevant in light of particular circumstances, nor does it address the U.S. federal income tax
consequences to persons who are subject to special rules under U.S. federal income tax law, including: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>banks, insurance companies or other financial institutions;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>persons subject to the alternative minimum tax;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>tax-exempt organizations;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>controlled foreign corporations, passive foreign investment companies and corporations that accumulate earnings to avoid
United States federal income tax;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>dealers in securities or currencies;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>traders in securities that elect to use a mark-to-market method of accounting for their securities
holdings;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>persons that own, or are deemed to own, more than five percent of our capital stock (except to the extent specifically set
forth below);  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>holders who acquired our stock as compensation or pursuant to the exercise of a stock option  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>persons who hold our common stock as a position in a hedging transaction, "straddle," or other risk reduction transaction;
or  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>persons who do not hold our common stock as a capital asset (within the meaning of Section&nbsp;1221 of the Code). </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>117</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=126,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=357147,FOLIO='117',FILE='DISK125:[10ZCL1.10ZCL78301]EU78301A.;12',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_eu78301_1_118"> </A>


<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, unless expressly provided below, this discussion does not address any foreign, state, or local laws or U.S. federal estate and gift tax laws. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this discussion, a U.S. holder is (i)&nbsp;an individual who is a citizen or resident of the United States for U.S. federal income tax purposes; (ii)&nbsp;a
corporation, or other entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States (or treated as such under applicable U.S. tax
laws), any state thereof, or the District of Columbia; (iii)&nbsp;an estate the income of which is subject to U.S. federal income tax regardless of its source; or (iv)&nbsp;a trust if (a)&nbsp;a
U.S. court is able to exercise primary supervision over the administration of the trust and one or more U.S. persons have the authority to control all substantial decisions of the trust, or
(b)&nbsp;it has a valid election in effect under applicable law and regulations to be treated as a U.S. person for U.S. federal income tax purposes. A non-U.S. holder is a holder that is
not a U.S. holder. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of a partnership or entity classified as a partnership for U.S. federal income tax purposes, the U.S. federal income tax treatment of a partner generally will depend on the
status of the partner
and the activities of the partnership. Partners of partnerships should consult their tax advisors regarding the U.S. federal income tax consequences to them of the merger or of the ownership and
disposition of UTS Holdings ordinary shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="eu78301_tax_consequences_of_th__eu702540"> </A>
<A NAME="toc_eu78301_5"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Tax Consequences of the Merger to UTStarcom and UTS Holdings    <BR>    </I></B></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> UTS Holdings Will Be Treated As a U.S. Corporation  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Section&nbsp;7874 of the Code, UTS Holdings will be treated as a U.S. corporation for all purposes under the Code because
(i)&nbsp;after the merger, UTS Holdings will not have substantial business activities in the Cayman Islands and (ii)&nbsp;the former holders of the UTStarcom common stock will hold, by reason of
owning shares of UTStarcom common stock, at least 80% or more of the UTS Holdings ordinary shares. Because UTS Holdings will be treated as a U.S. corporation for all purposes under the Code, UTS
Holdings will not be treated as a "passive foreign investment company," as such rules apply only to non-U.S. corporations for U.S. federal income tax purposes. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Taxation of UTStarcom and UTS Holdings  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We expect that neither UTStarcom nor UTS Holdings will incur U.S. income tax as a result of completion of the merger. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="eu78301_tax_consequences_of_the_merger__tax02919"> </A>
<A NAME="toc_eu78301_6"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Tax Consequences of the Merger to U.S. Holders and Reporting Requirements    <BR>    </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. holders will not recognize gain or loss for U.S. federal income tax purposes upon receipt of UTS Holdings ordinary shares in
exchange for UTStarcom common stock. The aggregate tax basis in the ordinary shares of UTS Holdings received in the merger will equal each
such U.S. holder's aggregate tax basis in the UTStarcom common stock surrendered. A U.S. holder's holding period for the ordinary shares of UTS Holdings that are received in the merger generally will
include such U.S. holder's holding period for the common stock of UTStarcom surrendered. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S.
holders who owned at least 5% of UTStarcom's outstanding stock or UTStarcom common stock with a basis of $1,000,000 or more for U.S. federal income tax purposes who receive UTS
Holdings ordinary shares as a result of the merger will be required to file with such U.S. holders' U.S. federal income tax returns for the year in which the merger takes place a statement setting
forth certain facts relating to the merger. Such statements must include the U.S. holders' tax basis in, and fair market value of, the UTStarcom common stock surrendered in the merger. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>U.S. holders should note that the state income tax consequences of the merger depend on the tax laws of such state. It is possible that the merger may be taxable
under the tax laws of some states, including, e.g.,&nbsp;California. U.S. holders are urged to consult their own tax advisors as to specific tax  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>118</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=127,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=832689,FOLIO='118',FILE='DISK125:[10ZCL1.10ZCL78301]EU78301A.;12',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_eu78301_1_119"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2><B> consequences to them of the merger in light of their particular circumstances, including the applicability and effect of any state, local, or foreign tax laws and of changes in applicable tax
laws.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="eu78301_tax_consequences_of_the_owners__tax03926"> </A>
<A NAME="toc_eu78301_7"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Tax Consequences of the Ownership and Disposition of UTS Holdings Ordinary Shares to U.S. Holders    <BR>    </I></B></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Distributions  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UTS Holdings does not currently anticipate paying distributions on its ordinary shares. In the event that distributions are paid,
however, the gross amount of such distributions will be included in the gross income of the U.S. holder as dividend income on the date of receipt to the extent that the distribution is paid out of
current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Such dividends will be eligible for the dividends-received deduction allowed to corporations in
respect of dividends received from other U.S. corporations. Dividends received by non-corporate U.S. holders, including individuals, may be subject to reduced rates of taxation under
current law. A U.S. holder may be eligible to claim a foreign tax credit with respect to any PRC withholding tax imposed on dividends paid by us. However,
the foreign tax credit rules are complex, and their application in connection with Section&nbsp;7874 of the Code in the presence of the Agreement Between the Government of the United States of
America and the Government of the People's Republic of China for the Avoidance of Double Taxation and the Prevention of Tax Evasion with Respect to Taxes on Income, or the U.S.-PRC Tax
Treaty, are not entirely clear at this time. U.S. holders should consult their own tax advisors with respect to any benefits they may be entitled to under the foreign tax credit rules and the
U.S.-PRC Tax Treaty. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent that dividends paid on UTS Holdings ordinary shares exceed current and accumulated earnings and profits, the distributions will be treated first as a tax-free
return of tax basis on the UTS Holdings ordinary shares, and to the extent that the amount of the distribution exceeds tax basis, the excess will be treated as capital gain. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Sale or Other Disposition  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. holders of UTS Holdings ordinary shares will recognize taxable gain or loss on any sale, exchange, or other taxable disposition of
ordinary shares equal to the difference between the amount realized for the UTS Holdings ordinary shares and the U.S. holder's tax basis in the ordinary shares. This gain or loss generally will be
capital gain or loss. Non-corporate U.S. holders, including individuals, will be eligible for reduced tax rates if the UTS Holdings ordinary shares have been held for more than one year. A
U.S. holder's holding period for UTS Holdings ordinary shares should include such U.S. holder's holding period for the ordinary shares of UTStarcom surrendered in the merger. The deductibility of
capital losses is subject to limitations. A U.S. holder may be eligible to claim a foreign tax credit with respect to any PRC withholding tax imposed on gain from the sale or other disposition of UTS
Holdings ordinary shares. However, the foreign tax credit rules are complex, and their application in connection with Section&nbsp;7874 of the Code in the presence of the U.S.-PRC Tax
Treaty are not entirely clear at this time. U.S. holders should consult their own tax advisors with respect to any benefits they may be entitled to under the foreign tax credit rules and the
U.S.-PRC Tax Treaty. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Recent Legislation  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recent legislation requires certain U.S. holders who are individuals, trusts or estates to pay a 3.8% tax on, among other things,
dividends on and capital gains from the sale or other disposition of shares of stock for taxable years beginning after December&nbsp;31, 2012. U.S. holders should consult their own advisors
regarding the effect, if any, of this legislation on their ownership and disposition of UTS Holdings ordinary shares. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>119</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=128,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=390812,FOLIO='119',FILE='DISK125:[10ZCL1.10ZCL78301]EU78301A.;12',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_eu78301_1_120"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="eu78301_tax_consequences_of_the_merger_to_non-u.s._holders"> </A>
<A NAME="toc_eu78301_8"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Tax Consequences of the Merger to Non-U.S. Holders    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The receipt of UTS Holdings ordinary shares in exchange for UTStarcom common stock will not be a taxable transaction to
non-U.S. holders for U.S. federal income tax purposes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="eu78301_tax_consequences_of_the_owners__tax04042"> </A>
<A NAME="toc_eu78301_9"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Tax Consequences of the Ownership and Disposition of UTS Holdings Ordinary Shares to Non-U.S. Holders    <BR>    </I></B></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Distributions  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UTS Holdings does not currently anticipate paying distributions on its ordinary shares. In the event that distributions are paid,
however, such distributions will constitute dividends for U.S. tax purposes to the extent paid out of current or accumulated earnings and profits, as determined under U.S. federal income tax
principles. To the extent that dividends paid on UTS Holdings ordinary shares exceed current and accumulated earnings and profits, the distributions will be treated first as a tax-free
return of tax basis on the UTS Holdings ordinary shares, and to the extent that the amount of the distribution exceeds tax basis, the excess will be treated as capital gain. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
dividends paid to a non-U.S. holder by UTS Holdings are treated as income derived from sources within the United States and generally will be subject to U.S. federal
income tax withholding at a rate of 30% of the gross amount of the dividends, or at a lower rate provided by an applicable income tax treaty if non-U.S. holders provide proper
certification of eligibility for the lower rate (usually on IRS Form&nbsp;W-8BEN). Dividends received by a
non-U.S. holder that are effectively connected with such holder's conduct of a U.S. trade or business (and, if an income tax treaty applies, such dividend is attributable to a permanent
establishment maintained by the non-U.S. holder in the U.S.) are exempt from such withholding tax, provided that applicable certification requirements are satisfied. In such case, however,
non-U.S. holders will be subject to U.S. federal income tax on such dividends, net of certain deductions, at the rates applicable to U.S. persons. In addition, corporate
non-U.S. holders may be subject to an additional branch profits tax equal to 30% or such lower rate as may be specified by an applicable tax treaty on dividends received that are
effectively connected with the conduct of a trade or business in the United States. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
non-U.S. holders are eligible for a reduced rate of U.S. withholding tax pursuant to an applicable income tax treaty, such non-U.S. holders may obtain a refund
of any excess amounts withheld by filing an appropriate claim for refund with the IRS. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I> Sale or Other Disposition  </I></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any gain realized upon the sale or other disposition of UTS Holdings ordinary shares generally will not be subject to U.S. federal
income tax unless: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the gain is effectively connected with the conduct of a trade or business in the United States, and, if an income tax
treaty applies, is attributable to a permanent establishment maintained by such holder in the U.S.;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>the holder is an individual who is present in the United States for 183&nbsp;days or more in the taxable year of the
disposition, and certain other conditions are met; or  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>UTS Holdings is or has been a "U.S. real property holding corporation," or USRPHC, for U.S. federal income tax purposes at
any time during the shorter of the five-year period ending on the date of disposition or the period during which the holder has held UTS Holdings ordinary shares. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-U.S.
holders whose gain is described in the first bullet point above will be subject to U.S. federal income tax on the gain derived from the sale, net of certain
deductions, at the rates applicable to U.S. persons, within the meaning of the Code. Corporate non-U.S. holders whose gain is described in the first bullet point above may also be subject
to the branch profits tax described above at a 30% </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>120</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=129,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=812073,FOLIO='120',FILE='DISK125:[10ZCL1.10ZCL78301]EU78301A.;12',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_eu78301_1_121"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>rate
or lower rate provided by an applicable income tax treaty. Individual non-U.S. holders described in the second bullet point above will be subject to a flat 30% U.S. federal income tax
rate on the gain derived from the sale, which may be offset by U.S.-source capital losses, even though such non-U.S. holders are not considered to be residents of the United States. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
corporation will be a USRPHC if the fair market value of its U.S. real property interests equals or exceeds 50&nbsp;percent of the aggregate of its real property interests (U.S. and
non-U.S.) and its assets used or held for use in a trade or business. Because we do not currently own significant U.S. real property, we believe, but our special United States counsel has
not independently verified, that we are not currently and will not become a USRPHC. However, because the determination of whether we are a USRPHC depends on the fair market value of our U.S. real
property relative to the fair market value of our other business assets, there can be no assurance that we will not become a USRPHC in the future. Even if we become a USRPHC, however, as long as our
common stock is regularly traded on an established securities market, such common stock will be treated as U.S. real property interests only if you actually or constructively hold more than five
percent of such regularly traded common stock at any time during the applicable period that is specified in the Internal Revenue Code. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="eu78301_backup_withholding_and_information_reporting"> </A>
<A NAME="toc_eu78301_10"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Backup Withholding and Information Reporting    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of dividends or of proceeds on the disposition of stock made to a holder of UTS Holdings ordinary shares may be subject to
information reporting and backup withholding at a current rate of 28% unless such holder provides a correct taxpayer identification number on IRS Form&nbsp;W-9 (or other appropriate
withholding form) or establishes an exemption from backup withholding, for example by properly certifying your non-U.S. status on a Form&nbsp;W-8BEN or another appropriate
version of IRS Form&nbsp;W-8. Payments of dividends to holders must generally be reported annually to the IRS, along with the name and address of the holder and the amount of tax
withheld, if any. A similar report is sent to the holder. Pursuant to applicable income tax treaties or other agreements, the IRS may make these reports available to tax authorities in the holder's
country of residence. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Backup
withholding is not an additional tax; rather, the U.S. income tax liability of persons subject to backup withholding will be reduced by the amount of tax withheld. If withholding
results in an
overpayment of taxes, a refund or credit may generally be obtained from the IRS, provided that the required information is furnished to the IRS in a timely manner. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="eu78301_recently_enacted_legislation_a__rec04208"> </A>
<A NAME="toc_eu78301_11"> </A>
<BR></FONT><FONT SIZE=2><B><I>  Recently Enacted Legislation Affecting Taxation of Our Common Stock Held by or Through Foreign Entities    <BR>    </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recently enacted legislation generally will impose a U.S. federal withholding tax of 30% on dividends and the gross proceeds of a
disposition of our common stock paid after December&nbsp;31, 2012 to a "foreign financial institution" (as specially defined under these rules) unless such institution enters into an agreement with
the U.S. government to withhold on certain payments and to collect and provide to the U.S. tax authorities substantial information regarding U.S. account holders of such institution (which includes
certain equity and debt holders of such institution, as well as certain account holders that are foreign entities with U.S. owners). The legislation also will generally impose a U.S. federal
withholding tax of 30% on dividends and the gross proceeds of a disposition of our common stock paid after December&nbsp;31, 2012 to a non-financial foreign entity unless such entity
provides the withholding agent with a certification identifying the direct and indirect U.S. owners of the entity. Under certain circumstances, a non-U.S. holder might be eligible for
refunds or credits of such taxes. Prospective investors are encouraged to consult with their own tax advisors regarding the possible implications of this legislation on their investment in our common
stock. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>121</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=130,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=685720,FOLIO='121',FILE='DISK125:[10ZCL1.10ZCL78301]EU78301A.;12',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ew78301_1_122"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2>
<A HREF="#bg78301a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ew78301_description_of_share_capital_of_uts_holdings"> </A>
<A NAME="toc_ew78301_1"> </A>
<BR></FONT><FONT SIZE=2><B>  DESCRIPTION OF SHARE CAPITAL OF UTS HOLDINGS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following description of the material terms of UTS Holdings's shares following the merger includes a summary of specified
provisions of the memorandum of association and articles of association of UTS Holdings that will be in effect upon completion of the merger. This description is qualified by reference to the
memorandum of association and articles of association of UTS Holdings that will become effective upon consummation of the merger, copies of which are attached as Annex&nbsp;B to this proxy
statement/prospectus and incorporated herein by reference. You are encouraged to read the relevant provisions of Cayman Islands law as they relate to the following summary. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="ew78301_authorized_share_capital"> </A>
<A NAME="toc_ew78301_2"> </A>
<BR></FONT><FONT SIZE=2><B>  Authorized Share Capital    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UTS Holdings is authorized to issue 750,000,000 ordinary shares of a nominal or par value of US$0.00125 each and 5,000,000 preference
shares of a nominal or par value of US$0.00125 each. The ordinary shares and preference shares may be issued from time to time at the discretion of its Board of Directors without shareholder approval.
The Board of Directors of UTS Holdings is authorized to issue these shares in different classes and series and, with respect to each class or series, to determine the designations, powers,
preferences, privileges and other rights, including dividend rights, conversion rights, terms of redemption and liquidation preferences, any or all of which may be greater than the powers and rights
associated with the ordinary shares, at such times and on such other terms as they think proper. UTS Holdings has no immediate plans to issue any preference shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of the close of business on April&nbsp;25, 2011, UTS Holdings had one ordinary share outstanding and no preference shares outstanding. If the merger is completed, UTS Holdings will
issue approximately 156,129,775 ordinary shares in the merger and the one ordinary share outstanding prior to the merger will be repurchased. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
rights, privileges, restrictions or conditions attaching to a class of shares may not be modified other than with the approval of the holders of such class, voting separately as a
class. Please also see the subsections entitled "&#151;Changes to Rights of a Class or Series" and "&#151;Voting" below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ew78301_register_of_members"> </A>
<A NAME="toc_ew78301_3"> </A>
<BR></FONT><FONT SIZE=2><B>  Register of Members    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Cayman Islands law, a share in a Cayman Islands company is duly issued only when the name of the shareholder is entered in the
register of members of a company, and the register of members is by statute regarded as prima facie evidence of the shareholders of a company. A person becomes a shareholder of a Cayman Islands
company, and is therefore able to benefit from the rights attaching to such shares, only on the date that such person is entered on the register of members. Upon completion of the merger, UTS Holdings
will immediately update the register of members to record and give effect to the issue of shares by UTS Holdings to UTStarcom stockholders. Once the register of members of UTS Holdings has been
updated, the shareholders recorded in the register of members shall be deemed to have legal title to the shares set against their name. No consents or approvals are required by Cayman Islands law from
any governmental authorities or agencies or other official bodies in the Cayman Islands in connection with updating the register of members of UTS Holdings. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ew78301_voting"> </A>
<A NAME="toc_ew78301_4"> </A>
<BR></FONT><FONT SIZE=2><B>  Voting    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of UTS Holdings ordinary shares are entitled to receive notice of any meeting of shareholders and to one vote for each share
held of record on all matters at all meetings of shareholders, except at a meeting where holders of a particular class or series of shares are entitled to vote separately. UTS Holdings's ordinary
shareholders have no cumulative voting rights. UTS Holdings's Board of Directors consists of three classes of directors, with each class of directors elected for three-year terms and one
class coming up for election by the shareholders each year. UTS </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>122</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=131,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=48223,FOLIO='122',FILE='DISK125:[10ZCL1.10ZCL78301]EW78301A.;9',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_ew78301_1_123"> </A>


<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<BR>

<P style="font-family:times;"><FONT SIZE=2>Holdings's
shareholders take action by a majority of votes cast, unless otherwise provided by the Companies Law or UTS Holdings's memorandum of association or articles of association. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Companies Law, some matters, such as changing UTS Holdings's name, altering or adding to UTS Holdings's memorandum of association or articles of association or reducing UTS
Holdings's share capital and any capital redemption reserve require the approval of shareholders by a special resolution. A special resolution is a resolution that is either (a)&nbsp;passed by a
majority of not less than two-thirds of shareholders as, being entitled to do so, vote in person or by proxy at a general meeting or (b)&nbsp;that is signed by all the shareholders
entitled to vote on that resolution. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ew78301_changes_to_rights_of_a_class_or_series"> </A>
<A NAME="toc_ew78301_5"> </A>
<BR></FONT><FONT SIZE=2><B>  Changes to Rights of a Class or Series    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under UTS Holdings's articles of association, if at any time UTS Holdings's share capital is divided into different classes of shares,
the rights attaching to any class may only be changed by a consent in writing of the holders of a majority of the issued shares of that class or with the sanction of a resolution passed by the holders
of at least a majority of the shares of the class present in person or by proxy at a separate general meeting of the holders of the shares of the class. At such a separate general meeting, the quorum
shall be at least one person holding or representing by proxy a majority of the issued shares of the class. Any holder of shares of the class present in person or by proxy at such meeting may demand a
poll. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ew78301_quorum_for_general_meetings"> </A>
<A NAME="toc_ew78301_6"> </A>
<BR></FONT><FONT SIZE=2><B>  Quorum for General Meetings    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No business of UTS Holdings can be transacted at any general meeting unless a quorum of members is present at the time when the meeting
proceeds to business. A quorum of shareholders is present at a meeting of UTS Holdings shareholders regardless of the number of persons actually present at the meeting if the holders of a majority of
all voting share capital of UTStarcom in issue and entitled to vote at the meeting are present in person or represented by proxy. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ew78301_special_meetings_of_stockholders/shareholders"> </A>
<A NAME="toc_ew78301_7"> </A>
<BR></FONT><FONT SIZE=2><B>  Special Meetings of Stockholders/Shareholders    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An extraordinary general meeting of UTS Holdings may be called only by the board of directors, the chairperson of the board, the
president, or one or more shareholders in the aggregate entitled to cast not less than 50% the votes at the meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ew78301_dividend_rights"> </A>
<A NAME="toc_ew78301_8"> </A>
<BR></FONT><FONT SIZE=2><B>  Dividend Rights    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the preferences, limitations and relative rights of holders of UTS Holdings's preference shares, UTS Holdings's Board of
Directors may, from time to time, declare dividends on the shares issued and authorize payment of the dividends out of UTS Holdings's lawfully available funds. For information regarding UTS Holdings's
expected future dividend payments, please see the section entitled "Market for UTStarcom's Common Stock; Dividends&#151;Dividends." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ew78301_rights_upon_liquidation"> </A>
<A NAME="toc_ew78301_9"> </A>
<BR></FONT><FONT SIZE=2><B>  Rights Upon Liquidation    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the winding up of UTS Holdings, after creditors of the corporation have been paid in full, the assets shall be distributed to, or
the losses shall be borne by the
shareholders of UTS Holdings in proportion to the par value of the shares held by them at the commencement of the winding up (up to the amount paid in shares by each shareholder, respectively). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="ew78301_no_liability_for_further_calls_or_assessments"> </A>
<A NAME="toc_ew78301_10"> </A>
<BR></FONT><FONT SIZE=2><B>  No Liability for Further Calls or Assessments    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The UTS Holdings ordinary shares to be issued in the merger will be duly and validly issued, fully paid and non-assessable. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>123</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=132,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=926865,FOLIO='123',FILE='DISK125:[10ZCL1.10ZCL78301]EW78301A.;9',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_ew78301_1_124"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ew78301_no_preemptive_rights"> </A>
<A NAME="toc_ew78301_11"> </A>
<BR></FONT><FONT SIZE=2><B>  No Preemptive Rights    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UTS Holdings shareholders have no preemptive rights to subscribe for or purchase any additional securities issued by UTS Holdings. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ew78301_redemption_of_ordinary_shares"> </A>
<A NAME="toc_ew78301_12"> </A>
<BR></FONT><FONT SIZE=2><B>  Redemption of Ordinary Shares    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UTS Holdings may (i)&nbsp;issue shares on terms that they are to be redeemed or are liable to be redeemed at the option of UTS
Holdings or the shareholder on such terms and in such manner as the Board of Directors of UTS Holdings may, before the issue of the shares, determine and Cayman Islands law; (ii)&nbsp;purchase its
own shares, including any redeemable shares, in accordance with the articles of association; or (iii)&nbsp;make a payment in respect of the redemption or purchase of its own shares otherwise than
out of profits or the proceeds of a fresh issue of shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ew78301_restrictions_on_transfer"> </A>
<A NAME="toc_ew78301_13"> </A>
<BR></FONT><FONT SIZE=2><B>  Restrictions on Transfer    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UTS Holdings's share register is determinative of membership in UTS Holdings. A written instrument of transfer is required under the
Companies Law in order to register on UTS Holdings's register of members any transfer of shares. The articles of association of UTS Holdings further provide that such written instrument of transfer
shall be executed by both the transferee and the transferor of the shares. The articles of association of UTS Holdings also provide that the Board of Directors of UTS Holdings may also decline to
register any transfer of shares unless: (a)&nbsp;a fee of such amount the Board of Directors of UTS Holdings may determine to be payable is paid to UTS Holdings; (b)&nbsp;the instrument of
transfer is in the instrument of transfer is in respect of only one class of share; (c)&nbsp;the instrument of transfer is lodged with UTS Holdings along with the certificate for the shares to which
it relates and such other evidence as the directors may reasonably require to show the right of the transferor to make the transfer; and (d)&nbsp;the instrument of transfer is properly signed. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ew78301_transfer_agent"> </A>
<A NAME="toc_ew78301_14"> </A>
<BR></FONT><FONT SIZE=2><B>  Transfer Agent    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The transfer agent and registrar for UTS Holdings's ordinary shares is expected to be Computershare Trust Company, N.A. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="ew78301_anti-takeover_provisions"> </A>
<A NAME="toc_ew78301_15"> </A>
<BR></FONT><FONT SIZE=2><B>  Anti-Takeover Provisions    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither UTStarcom nor UTS Holdings have a shareholder rights plan. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are material differences between the DGCL and the Companies Law that have the effect of reducing the anti-takeover provisions applicable with respect to UTS Holdings.
In addition, the Companies Law does not contain a comparable provision to Section&nbsp;203 of the DGCL with respect to business combinations. Please see the section entitled "Comparison of Rights of
Stockholders/Shareholders&#151;Special Vote Required for Combinations with Interested Stockholders/Shareholders" with respect to the provisions of Section&nbsp;203. You should consider these
differences in anti-takeover provisions in evaluating the merger. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>124</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=133,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=116223,FOLIO='124',FILE='DISK125:[10ZCL1.10ZCL78301]EW78301A.;9',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ey78301_1_125"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2>
<A HREF="#bg78301a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ey78301_comparison_of_rights_of_stockholders/shareholders"> </A>
<A NAME="toc_ey78301_1"> </A>
<BR></FONT><FONT SIZE=2><B>  COMPARISON OF RIGHTS OF STOCKHOLDERS/SHAREHOLDERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your rights as a stockholder of UTStarcom are governed by the DGCL and UTStarcom's certificate of incorporation and bylaws. After the
merger, you will become a shareholder of UTS Holdings and your rights will be governed by the Companies Law and UTS Holdings's memorandum of association and articles of association. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
principal attributes of UTStarcom's common stock and UTS Holdings ordinary shares are similar. However, there are differences between your rights under the DGCL and under the
Companies Law. In addition, there are differences between UTStarcom's certificate of incorporation and bylaws and UTS Holdings's memorandum of association and articles of association. The following
discussion is a summary of the material differences in your rights that would result from the merger. As such, this summary does not cover all the differences between Companies Law and the DGCL
affecting corporations and their shareholders or all of the differences between UTStarcom's certificate of incorporation and bylaws and UTS Holdings's memorandum of association and articles of
association. While we believe this summary is accurate in all material respects, the following descriptions are qualified in their entirety by reference to the complete text of the relevant provisions
of the Companies Law, the DGCL, UTStarcom's certificate of incorporation and bylaws and UTS Holdings's memorandum of association and articles of association. A copy of UTS Holdings's memorandum of
association and articles of association that will become effective upon consummation of the merger is attached to this proxy statement/prospectus as Annex&nbsp;B. For information as to how you can
obtain a copy of UTStarcom's certificate of incorporation and bylaws, please see the section entitled "Where You Can Find More Information." We encourage you to read the laws and documents referenced
above. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=1>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="31%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="31%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="31%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>DGCL/UTStarcom Certificate of Incorporation and Bylaws </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Companies Law/UTS Holdings Memorandum of Association and Articles of Association </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1><B><A NAME="Stockholder/Shareholder_Approval_of_Business_Combinations;_Fundamental_Changes"></A>Stockholder/Shareholder Approval of Business Combinations; Fundamental Changes</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>Under the DGCL, a merger, consolidation, sale, lease, exchange or other disposition of all or substantially all of the property of a corporation not in the usual and regular course of the corporation's business, or a
dissolution of the corporation, is generally required to be approved by the holders of a majority of the shares entitled to vote on the matter, unless the certificate of incorporation provides otherwise. UTStarcom's certificate of incorporation does
not provide otherwise.<BR>
&nbsp;&nbsp;<BR>
Under the DGCL, mergers in which less than 20% of a corporation's stock is issued generally do not require stockholder approval. In addition, mergers in which one corporation owns 90% or more of each class of stock of a second corporation may be
completed without the vote of the second corporation's board of directors or stockholders. In certain situations, the approval of a business combination may require approval by a certain number of the holders of a class or series of shares.<BR>
&nbsp;&nbsp;<BR>
The DGCL does not contain a procedure comparable to a scheme of arrangement under the Companies Law.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>There are a number of mechanisms for acquiring a Cayman Islands company including: (1)&nbsp;a court-approved "scheme of arrangement" under the Companies Law; (2)&nbsp;through a tender offer by a third party; and
(3)&nbsp;through a merger or consolidation between the Cayman Islands company and another company incorporated in the Cayman Islands or another jurisdiction (provided the merger or consolidation is allowed by the laws of that other jurisdiction).<BR>
&nbsp;&nbsp;<BR>
A scheme of arrangement with one or more class or series of shareholders requires the sanction of the scheme of arrangement by the Cayman Islands court and the approval of a majority in number of the registered holders of each participating class or
series of shares voting on the scheme of arrangement, representing 75% or more in value of the shares of each participating classes or series voted on such proposal at the relevant meeting excluding any shares held by the acquiring party. If a scheme
of arrangement receives the approval of shareholders of a company and is subsequently sanctioned by the Cayman Islands court, all holders of ordinary shares of the company will be bound by the terms of the scheme of arrangement.</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>125</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=134,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=822992,FOLIO='125',FILE='DISK125:[10ZCL1.10ZCL78301]EY78301A.;27',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_ey78301_1_126"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=1>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="31%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="31%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="31%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>DGCL/UTStarcom Certificate of Incorporation and Bylaws </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Companies Law/UTS Holdings Memorandum of Association and Articles of Association </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>The Companies Law provides that when an offer is made for shares of any class or series of a Cayman Islands company and, within four months of the offer, the holders of not less than 90% of those such class or series
accept the offer, the offeror may, for two months after that four-month period, require the remaining shareholders of the relevant class or series to transfer their shares on the same terms as the original offer. In those circumstances, nontendering
shareholders will be compelled to sell their shares, unless within one month from the date on which the notice to compulsorily acquire was given to the nontendering shareholder, the nontendering shareholder is able to convince a Cayman Islands court
to order otherwise.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Authorization of the merger or consolidation requires: (a)&nbsp;adoption of a special resolution of each constituent company and (b)&nbsp;such other authorization, if any, as may be specified in each such company's
constitutive documents. In addition, the consent of each holder of a fixed or floating security of a constituent company must be obtained, unless the court waives such requirement.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Under UTS Holdings's articles of association and the Companies Law, there is no requirement for shareholder approval for a sale of all or substantially all of UTS Holdings's assets.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=1><B> <A NAME="Special_Vote_Required_for_Combinations_with_Interested_Stockholders/Shareholders"></A>Special Vote Required for Combinations with Interested Stockholders/Shareholders</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Section&nbsp;203 of the DGCL provides (in general) that a corporation may not engage in a business combination with an interested stockholder for a period of three years after the time of the transaction in which the
person became an interested stockholder.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>There is no provision in the Companies Law or UTS Holdings's articles of association equivalent to Section&nbsp;203 of the DGCL prohibiting business combinations with interested shareholders.</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>126</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=135,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=397448,FOLIO='126',FILE='DISK125:[10ZCL1.10ZCL78301]EY78301A.;27',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_ey78301_1_127"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=1>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="31%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="31%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="31%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>DGCL/UTStarcom Certificate of Incorporation and Bylaws </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Companies Law/UTS Holdings Memorandum of Association and Articles of Association </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>The prohibition on business combinations with interested stockholders does not apply in some cases, including if: (1)&nbsp;the board of directors of the corporation, prior to the time of the transaction in which the
person became an interested stockholder, approves (a)&nbsp;the business combination or (b)&nbsp;the transaction in which the stockholder becomes an interested stockholder; (2)&nbsp;upon consummation of the transaction which resulted in the
stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced; or (3)&nbsp;the board of directors and the holders of at least
two-thirds of the outstanding voting stock not owned by the interested stockholder approve the business combination on or after the time of the transaction in which the person became an interested stockholder.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>For the purpose of Section&nbsp;203, the DGCL generally defines an interested stockholder to include any person who, together with that person's affiliates or associates, (1)&nbsp;owns 15% or more of the outstanding
voting stock of the corporation, or (2)&nbsp;is an affiliate or associate of the corporation and owned 15% or more of the outstanding voting stock of the corporation at any time within the previous three years.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=1><B> <A NAME="Appraisal_Rights;_Rights_to_Dissent;_Compulsory_Acquisition"></A>Appraisal Rights; Rights to Dissent; Compulsory Acquisition</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Under the DGCL, a stockholder of a corporation does not have appraisal rights in connection with a merger or consolidation, if, among other things: (1)&nbsp;the corporation's shares are listed on a national securities
exchange or held of record by more than 2,000 stockholders; or (2)&nbsp;the corporation will be the surviving corporation of the merger and no vote of its stockholders is required to approve the merger.<BR>
&nbsp;&nbsp;<BR>
However, a stockholder is entitled to appraisal rights in the case of a merger or consolidation effected under certain provisions of the DGCL if the stockholder is required to accept in exchange for the shares anything other than: (1)&nbsp;shares of
stock of the corporation surviving or resulting from the merger or consolidation; (2)&nbsp;shares of any other corporation that on the effective date of the merger or consolidation will be either listed on a national securities exchange or held of
record by more than 2,000 stockholders; or (3)&nbsp;cash instead of fractional shares of the corporation.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>The Companies Law and UTS Holdings's articles of association do not specifically provide for appraisal rights. However, in connection with the compulsory transfer of shares to a 90% shareholder of a Cayman Islands
company as described under "&#151;Stockholder/Shareholder Approval of Business Combinations; Fundamental Changes," a minority shareholder may apply to the Cayman Islands court within one month of receiving notice of the compulsory transfer objecting
to that transfer. In these circumstances, the burden is on the minority shareholder to show that the court should exercise its discretion to prevent the compulsory transfer. The court is unlikely to grant any relief in the absence of bad faith, fraud,
 unequal treatment of shareholders or collusion as between the offeror and the holders of the shares who have accepted the offer as a means of unfairly forcing out minority shareholders.</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>127</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=136,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=273906,FOLIO='127',FILE='DISK125:[10ZCL1.10ZCL78301]EY78301A.;27',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_ey78301_1_128"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=1>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="31%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="31%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="31%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>DGCL/UTStarcom Certificate of Incorporation and Bylaws </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Companies Law/UTS Holdings Memorandum of Association and Articles of Association </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>UTStarcom's shares are currently listed on NASDAQ and it is expected that, at the Effective Time, the UTS Holdings ordinary shares will be authorized for listing on NASDAQ, subject to official notice of issuance and
satisfaction of other standard conditions.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=1><B> <A NAME="Stockholder/Shareholder_Consent_to_Action_Without_Meeting"></A>Stockholder/Shareholder Consent to Action Without Meeting</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Under the DGCL, unless otherwise provided in the certificate of incorporation, any action that can be taken at a meeting of the stockholders may be taken without a meeting if written consent to the action is signed by
the holders of outstanding stock having the minimum number of votes necessary to authorize or take the action at a meeting of the stockholders. UTStarcom's certificate of incorporation provides that its stockholders may not act by written
consent.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>UTS Holdings's articles of association provide that, other than a special resolution effected by a unanimous written resolution, written resolutions of the shareholders are not permitted. A special resolution is a
resolution that is either (a)&nbsp;passed by a majority of not less than two-thirds of shareholders as, being entitled to do so, vote in person or by proxy at a general meeting, or (b)&nbsp;signed by all the shareholders entitled to vote on that
resolution.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=1><B> <A NAME="Distributions_and_Dividends;_Repurchases_and_Redemptions"></A>Distributions and Dividends; Repurchases and Redemptions</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Under the DGCL, a corporation may pay dividends out of capital surplus and, if there is no surplus, out of net profits for the current and/or the preceding fiscal year, unless the net assets of the corporation are
less than the capital represented by issued and outstanding shares having a preference on asset distributions. Surplus is defined in the DGCL as the excess of the net assets over capital, as such capital may be adjusted by the board.<BR>
&nbsp;&nbsp;<BR>
A Delaware corporation may purchase or redeem shares of any class except when its capital is impaired or would be impaired by the purchase or redemption. A corporation may, however, purchase or redeem out of capital shares that are entitled upon any
distribution of its assets to a preference over another class or series of its shares, or if no shares entitled to such preference are outstanding, any of its own shares, if such shares will be retired upon their acquisition and the capital of the
corporation reduced.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Under the Companies Law, the board of directors may declare the payment of dividends to holders of ordinary shares out of UTS Holdings's (1)&nbsp;profits available for distribution, or (2)&nbsp;"share premium account,
" which represents the excess of the price paid to UTS Holdings on the issue of its shares over the par or "nominal" value of those shares and is similar to the U.S. law concept of additional paid in capital.<BR>
&nbsp;&nbsp;<BR>
However, no dividends may be paid if, after payment, UTS Holdings would not be able to pay its debts as they come due in the ordinary course of business.<BR>
&nbsp;&nbsp;<BR>
Dividends on ordinary shares, if any, are at the discretion of the directors and depend on, among other things, UTS Holdings's results of operations, cash requirements and surplus, financial condition, contractual restrictions and other factors that
the directors deems relevant, as well as UTS Holdings's ability to pay dividends in compliance with the Companies Law. Under the Companies Law, UTS Holdings is not required to present proposed dividends or distributions to its shareholders for
approval or adoption. UTS Holdings may pay dividends in any currency.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>The directors are also entitled to issue shares with preferred rights to participate in dividends declared by UTS Holdings. The holders of such preference shares may, depending on their terms, rank senior to the
ordinary shares with respect to dividends.</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>128</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=137,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=85365,FOLIO='128',FILE='DISK125:[10ZCL1.10ZCL78301]EY78301A.;27',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_ey78301_1_129"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=1>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="31%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="31%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="31%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>DGCL/UTStarcom Certificate of Incorporation and Bylaws </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Companies Law/UTS Holdings Memorandum of Association and Articles of Association </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Under the Companies Law, shares of a Cayman Islands company may be redeemed or repurchased out of profits of the company, out of the proceeds of a fresh issue of shares made for that purpose or out of capital,
provided the company's articles authorize this and it has the ability to pay its debts as they come due in the ordinary course of business.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>UTS Holdings's articles of association provide that the company may make a payment in respect of the redemption or purchase of its own shares otherwise than out of profits or the proceeds of a fresh issue of
shares.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=1><B> <A NAME="Removal_of_Directors;_Terms_of_Directors"></A>Removal of Directors; Terms of Directors</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Under the DGCL, except in the case of a corporation with a classified board or with cumulative voting, any director or the entire board may be removed, with or without cause, by the holders of a majority of the shares
entitled to vote at an election of directors.<BR>
&nbsp;&nbsp;<BR>
UTStarcom's certificate of incorporation provides that the board of directors consists of three classes of directors, with each class of directors elected for three-year terms and one class coming up for election by the stockholders each year.
UTStarcom's certificate of incorporation and bylaws are otherwise silent as to the removal of directors.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>UTS Holdings's articles of association provide that the board of directors consists of three classes of directors, with each class of directors elected for three-year terms and one class coming up for election by the
shareholders each year.<BR>
&nbsp;&nbsp;<BR>
Under UTS Holdings's articles of association, a director may be removed from office by special resolution for negligence or other reasonable cause at any time before the expiration of his term.<BR>
&nbsp;&nbsp;<BR>
A vacancy on the board of directors created by the removal of a director (other than a vacancy caused by the removal of a director appointed by the holders of any series of preference shares, if any) may be filled by the election or appointment by
ordinary resolution at the meeting at which such director is removed.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>It is expected that the directors of UTStarcom immediately prior to the Effective Time will be elected as the directors of UTS Holdings (to the extent the directors of UTS Holdings and UTStarcom are not already
identical), each such person to have the same class designations and committee memberships as he or she held with UTStarcom, to serve until the earlier of the next meeting of the UTS Holdings shareholders at which an election of directors of their
respective classes is required or until their successors are elected or appointed (or their earlier death, disability or retirement).</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>129</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=138,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=533008,FOLIO='129',FILE='DISK125:[10ZCL1.10ZCL78301]EY78301A.;27',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_ey78301_1_130"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=1>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="31%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="31%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="31%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>DGCL/UTStarcom Certificate of Incorporation and Bylaws </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Companies Law/UTS Holdings Memorandum of Association and Articles of Association </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=1><B> <A NAME="Inspection_of_Books_and_Records"></A>Inspection of Books and Records</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Under the DGCL, any stockholder may, upon written demand under oath stating the purpose thereof, inspect the corporation's books and records for a proper purpose during the usual hours for business.<BR>
&nbsp;&nbsp;<BR>
UTStarcom's bylaws provide that a list of stockholders shall be open to the examination of any stockholder before any meeting of the stockholders for any purpose germane to the meeting during ordinary business hours, for a period of at least ten
(10)&nbsp;days prior to the meeting. The list may also be inspected by any stockholder who is present at a meeting of stockholders.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Shareholders of a Cayman Islands company do not have any general rights to inspect or obtain copies of the list of shareholders or corporate records of a company (other than the register of mortgages and charges). UTS
Holdings's articles of association provide that, other than the right to examine a list of shareholders entitled to vote at a general meeting of shareholders for any purpose germane to the meeting during ordinary business hours for a period of at
least ten (10)&nbsp;days prior to the meeting or during such meeting, no member (not being a director) shall have any right of inspecting any account or book or document of the company. Under UTS Holdings's articles of association, the directors have
the discretion as to whether, to what extent, when, where and under what conditions or regulations the accounts and books of the company or any of them shall be open to the inspection of members who are not directors.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>The Companies Law requires that the register of mortgages and charges of a corporation be open to inspection by any shareholder or creditor of the company at all reasonable times.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=1><B> <A NAME="Amendment_of_Governing_Documents"></A>Amendment of Governing Documents</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Under the DGCL, a certificate of incorporation may be amended if: (1)&nbsp;the board of directors sets forth the proposed amendment in a resolution, declares the advisability of the amendment and directs that it be
submitted to a vote at a meeting of stockholders; and (2)&nbsp;the holders of a majority of shares of stock entitled to vote on the matter approve the amendment, unless the certificate of incorporation requires the vote of a greater number of shares.
UTStarcom's certificate of incorporation is silent as to the vote required to amend the certificate of incorporation.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>The Companies Law and UTS Holdings's articles of association provide that UTS Holdings's memorandum of association and articles of association may only be amended by passing a special resolution of its shareholders to
effect such amendment.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>In addition, under the DGCL, the holders of the outstanding shares of a class are entitled to vote as a class on an amendment, whether or not entitled to vote thereon by the certificate of incorporation, if the
amendment adversely affects the terms of the shares of a class. Class voting rights do not exist as to other extraordinary matters, unless the certificate of incorporation provides otherwise. UTStarcom's certificate of incorporation does not have
such alternate provisions.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>130</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=139,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=254584,FOLIO='130',FILE='DISK125:[10ZCL1.10ZCL78301]EY78301A.;27',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_ey78301_1_131"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=1>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="31%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="31%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="31%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>DGCL/UTStarcom Certificate of Incorporation and Bylaws </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Companies Law/UTS Holdings Memorandum of Association and Articles of Association </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Under the DGCL, the board of directors may amend a corporation's bylaws if so authorized in the certificate of incorporation. UTStarcom's certificate of incorporation and bylaws authorize the board of directors to
amend UTStarcom's bylaws. UTStarcom's stockholders also have the power to amend bylaws under the company's bylaws and the DGCL.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=1><B> <A NAME="Indemnification_of_Directors_and_Officers"></A>Indemnification of Directors and Officers</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Under the DGCL, a corporation is generally permitted to indemnify its directors and officers against expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred in connection with any
action, other than an action brought on behalf of the corporation, and against expenses actually and reasonably incurred in the defense or settlement of a derivative action, provided that there is a determination that the individual acted in good
faith and in a manner reasonably believed to be in or not opposed to the best interests of the corporation. That determination must be made by: (1)&nbsp;a majority of the disinterested directors, even though less than a quorum; (2)&nbsp;a committee
of disinterested directors designated by a majority vote of disinterested directors, even though less than a quorum; (3)&nbsp;independent legal counsel, if there are no disinterested directors or if the disinterested directors so direct regardless of
whether a quorum of disinterested directors exists; or (4)&nbsp;the stockholders.<BR>
&nbsp;&nbsp;<BR>
Without court approval, however, no indemnification may be made in respect of any derivative action in which an individual is adjudged liable to the corporation.<BR>
&nbsp;&nbsp;<BR>
The DGCL requires indemnification of directors and officers for expenses relating to a successful defense on the merits or otherwise of a derivative or third-party action. Under the DGCL, a corporation may advance expenses relating to the defense of
any proceeding to directors and officers contingent upon those individuals' commitment to repay any advances, unless it is determined ultimately that those individuals are entitled to be indemnified.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Cayman Islands law does not limit the extent to which a company may indemnify its directors, officers, employees and agents except to the extent that such provision may be held by the Cayman Islands courts to be
contrary to the public policy.<BR>
&nbsp;&nbsp;<BR>
UTS Holdings's articles of association provide that UTS Holdings shall indemnify every current or former director and officer of the company or predecessor to the company against any liability, action, proceeding, claim, demand, costs, damages or
expenses, including legal expenses, whatsoever which they or any of them may incur as a result of any act or failure to act in carrying out their functions other than such liability (if any) that they may incur by reason of their own actual fraud or
willful default. No person shall be found to have committed actual fraud or willful default under this provision unless or until a court of competent jurisdiction shall have made a finding to that effect.<BR>
&nbsp;&nbsp;<BR>
Under UTS Holdings's articles of association, the company shall advance to each current or former director of the company or predecessor to the company reasonable attorneys' fees and other costs and expenses incurred in connection with the defense of
any action, suit, proceeding or investigation involving such person for which indemnity will or could be sought provided that such person executes an undertaking to repay the advanced amount to the company if it is determined ultimately that those
individuals are not entitled to be indemnified. If such person was not entitled to indemnification with respect to such judgment, costs or expenses, then such person shall not be indemnified with respect to such judgment, costs or expenses and any
advancement shall be returned to the company (without interest) by such person.</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>131</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=140,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=199551,FOLIO='131',FILE='DISK125:[10ZCL1.10ZCL78301]EY78301A.;27',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_ey78301_1_132"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=1>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="31%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="31%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="31%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>DGCL/UTStarcom Certificate of Incorporation and Bylaws </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Companies Law/UTS Holdings Memorandum of Association and Articles of Association </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>UTStarcom's certificate of incorporation and bylaws provide for indemnification of directors and officers to the fullest extent permitted by law. The bylaws provide for advancement of expenses to defend claims against
directors and officers. Further, UTStarcom has indemnification agreements with its directors, officers and certain other employees which provide rights and benefits in addition to those described above.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Prior to or in connection with the merger, UTS Holdings expects to enter into indemnification agreements with those directors, executive officers and other officers and employees (including officers and employees of
its subsidiaries) who currently have indemnification agreements with UTStarcom.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=1><B> <A NAME="Limited_Liability_of_Directors"></A>Limited Liability of Directors</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>The DGCL permits the adoption of a provision in a corporation's certificate of incorporation limiting or eliminating the monetary liability of a director to a corporation or its stockholders by reason of a director's
breach of the fiduciary duty of care. The DGCL does not permit any limitation of the liability of a director for: (1)&nbsp;breaching the duty of loyalty to the corporation or its stockholders; (2)&nbsp;failing to act in good faith; (3)&nbsp;engaging
in intentional misconduct or a knowing violation of law; (4)&nbsp;obtaining an improper personal benefit from the corporation; or (5)&nbsp;paying a dividend or approving a stock repurchase or redemption that was illegal under applicable law.<BR>
&nbsp;&nbsp;<BR>
UTStarcom's certificate of incorporation provides that, to the fullest extent permitted by the DGCL, directors are not personally liable to the company or its stockholders for monetary damages for breach of fiduciary duty as a director.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Cayman Islands law, in certain circumstances, permits a company to limit the liability of a director to the company. The considerations under Cayman Islands law with regard to the limitation of a director's liability
are similar to those that apply to the enforcement of provisions relating to the indemnification of directors discussed above under "&#151;Indemnification of Directors and Officers." A Cayman Islands court will enforce such a limitation except to the
extent that enforcement of the relevant provision may be held to be contrary to public policy.<BR>
&nbsp;&nbsp;<BR>
UTS Holdings's articles of association provide that no current or former director and officer of the company shall be liable to the company for any loss or damage incurred by the company as a result (whether direct or indirect) of the carrying out of
their functions unless that liability arises through the actual fraud or willful default of such person. No person shall be found to have committed actual fraud or willful default under this provision unless or until a court of competent jurisdiction
shall have made a finding to that effect.</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>132</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=141,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=172992,FOLIO='132',FILE='DISK125:[10ZCL1.10ZCL78301]EY78301A.;27',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<A NAME="page_ey78301_1_133"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=1>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="31%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="31%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="31%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>DGCL/UTStarcom Certificate of Incorporation and Bylaws </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Companies Law/UTS Holdings Memorandum of Association and Articles of Association </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=1><B> <A NAME="Stockholder/Shareholder_Lawsuits"></A>Stockholder/Shareholder Lawsuits</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>Under the DGCL, a stockholder bringing a derivative suit must have been a stockholder at the time of the wrong complained of or that the stock was transferred to him by operation of law from a person who was such a
stockholder. In addition, the stockholder must remain a stockholder throughout the litigation. There is no requirement under the DGCL to advance the expenses of a lawsuit to a stockholder.<BR>
&nbsp;&nbsp;<BR>
Under the DGCL, an individual may also commence a class action suit on behalf of himself or herself and other similarly situated stockholders where the requirements for maintaining a class action under Delaware law have been met.</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>In the Cayman Islands, the decision to institute proceedings on behalf of a company is generally taken by the company's board of directors. In certain limited circumstances, a shareholder may be entitled to bring a
derivative action on behalf of UTS Holdings. However, the consideration of such suits has been limited. In this regard, the Cayman Islands courts ordinarily would permit a claim to be brought by a minority shareholder, in respect of a cause of action
vested in a Cayman Islands company, in the name of and seeking relief on behalf of the company only (1)&nbsp;in respect of a cause of action arising from an actual or proposed act or omission involving negligence, default, breach of duty or breach of
trust by a director of a company; (2)&nbsp;where the act complained of is illegal or alleged to constitute a fraud against the company or against any minority shareholder; or (3)&nbsp;where the act is beyond the corporate power of the company or
otherwise requires approval by a greater percentage of the company's shareholders than actually approved it; and, in each case, where the act complained of is not capable of subsequent ratification by any majority of the company's shareholders at a
general meeting. The cause of action may be against the director, another person or both.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=1>A shareholder may also be permitted to bring an action in his or her own name against a Cayman Islands company, a director or any other person in respect of any direct loss suffered by such shareholder as a result of
any negligence, default, breach of duty or breach of trust. In any such action, however, a loss suffered by the company will not be regarded as a direct loss suffered by the individual shareholder. A shareholder may also be permitted to bring an
action on the basis that the company's affairs are being, or have been, conducted in a manner that is unfairly prejudicial to the interests of shareholders generally or to some shareholders in particular.</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>133</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=142,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=519085,FOLIO='133',FILE='DISK125:[10ZCL1.10ZCL78301]EY78301A.;27',USER='BKYNARD',CD='23-MAY-2011;10:05' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_ez78301_1_134"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2>
<A HREF="#bg78301a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ez78301_enforceability_of_civil_liabilities"> </A>
<A NAME="toc_ez78301_1"> </A>
<BR></FONT><FONT SIZE=2><B>  ENFORCEABILITY OF CIVIL LIABILITIES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UTS Holdings is a company incorporated under the laws of the Cayman Islands. There are certain disadvantages that accompany
incorporation in the Cayman Islands, including: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The Cayman Islands has a different body of securities laws as compared to the United States and may provide significantly
less protection to investors;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Cayman Islands companies may not have standing to sue before the federal courts of the United States; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>UTS Holdings' constitutional documents do not contain provisions requiring that disputes, including those arising under
the securities laws of the United States, between it and our officers, directors and shareholders be arbitrated. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally,
a significant portion of our operations are conducted in the PRC, and a significant portion of our assets are located in the PRC. After the merger, a majority of UTS
Holdings' directors and all of its executive officers will continue to reside outside of the United States, and all or a substantial portion of such persons' assets are or may be located outside the
United States. As a result, it may be difficult for you to effect service of process within the United States upon UTS Holdings or such persons, or to enforce against them in courts of the United
States, Cayman Islands or PRC, 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. UTS Holdings has appointed C T Corporation System as UTS Holdings's agent for service of process in the United States. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maples
and Calder, our Cayman Islands counsel, has advised us that any person or entity may originate actions in the Cayman Islands based upon either Cayman Islands or U.S. laws against,
and serve such proceedings on, Cayman Islands persons. The jurisdiction of the Cayman Islands Court to hear the dispute may be challenged by the defendant(s) and the Court will take into account
factors such as where the alleged damage occurred, where parties reside, where witnesses are located, jurisdiction clauses in the articles of association or other contract evidencing the intention of
the parties and the law governing the dispute. Where the governing law has not been agreed among the parties, it will generally be the law most closely associated with the dispute. The Cayman Islands
Court will hear disputes governed by foreign law where it is appropriate to do so and on the basis of expert evidence of the foreign law concerned. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maples
and Calder has also advised us that (i)&nbsp;the United States and the Cayman Islands are signatories to the Hague Convention on the Service Abroad of Judicial and Extrajudicial
Documents in Civil or Commercial Matters, which enables U.S. persons to serve documents on Cayman Islands entities by effecting personal service at its registered office and (ii)&nbsp;although there
is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, a judgment obtained in such jurisdiction will be recognized and enforced in the courts of the Cayman
Islands at common law, without any re-examination of the merits of the underlying dispute, by an action commenced on the foreign judgment debt in the Grand Court of the Cayman Islands,
provided such judgment: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>is given by a foreign court of competent jurisdiction;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>imposes on the judgment debtor a liability to pay a liquidated sum (or in certain limited circumstances, orders that the
defendant do or refrain from doing a certain thing);  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>is final;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>is not in respect of taxes, a fine or a penalty; and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>was not obtained in a manner and is not of a kind the enforcement of which is contrary to natural justice or the public
policy of the Cayman Islands. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>134</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=143,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=1022754,FOLIO='134',FILE='DISK125:[10ZCL1.10ZCL78301]EZ78301A.;19',USER='JJORGE',CD='24-MAY-2011;00:55' -->
<A NAME="page_ez78301_1_135"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
there is no binding judicial authority on the point, it is likely that this would include a non-penal judgment of a U.S. court imposing a monetary award based on the
civil liability provisions of the U.S. federal securities law (provided the above conditions were also satisfied). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maples
and Calder has further advised us that a final and conclusive judgment in the federal or state courts of the United States under which a sum of money is payable (other than a sum
payable in respect of taxes, fines, penalties or similar charges) may be subject to enforcement proceedings as debt in the courts of the Cayman Islands under the common law doctrine of obligation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jun
He Law Offices, our PRC counsel, has advised us that the PRC does not have treaties with the United States and many other countries providing for the reciprocal recognition and
enforcement of judgments of courts and that there is uncertainty as to whether the courts of the PRC would recognize or enforce judgments of United States courts against UTS Holdings or the directors
or officers of UTS Holdings predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally,
Jun He Law Offices has further advised us that it may be difficult for you to bring an original action against us or against our directors and officers who are nationals or
residents of
countries other than the United States in a PRC court in the event that you believe that your rights have been infringed under the U.S. federal securities laws, PRC laws, Cayman Islands laws or
otherwise because we are incorporated under the laws of the Cayman Islands and it may be difficult for U.S. shareholders, by virtue only of holding our ordinary shares, to establish a connection to
the PRC as required by the PRC Civil Procedures Law in order for a PRC court to have jurisdiction. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>135</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=144,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=96191,FOLIO='135',FILE='DISK125:[10ZCL1.10ZCL78301]EZ78301A.;19',USER='JJORGE',CD='24-MAY-2011;00:55' -->
<A NAME="page_ez78301_1_136"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ez78301_legal_matters"> </A>
<A NAME="toc_ez78301_2"> </A>
<BR></FONT><FONT SIZE=2><B>  LEGAL MATTERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilson Sonsini Goodrich&nbsp;&amp; Rosati, Professional Corporation, Palo Alto, California has advised us in connection with certain U.S.
legal matters with respect to the merger and has rendered an opinion to us regarding the material U.S. federal income tax consequences of the merger described in the section entitled
"Taxation&#151;Material United States Federal Income Tax Consequences Relating to the Merger and the Ownership and Disposition of UTS Holdings Ordinary Shares." Maples and Calder, Grand Cayman,
Cayman Islands, has advised us in connection with certain Cayman Islands legal matters with respect to the merger, including legal matters with respect to UTS Holdings shares. Jun He Law Offices,
Beijing, China, has advised us in connection with certain PRC legal matters with respect to the merger. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ez78301_experts"> </A>
<A NAME="toc_ez78301_3"> </A>
<BR></FONT><FONT SIZE=2><B>  EXPERTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements of UTStarcom and management's assessment of the effectiveness of internal control over financial
reporting (which is included in Management's Report on Internal Control over Financial Reporting) incorporated in this proxy statement/prospectus by reference to the Annual Report on
Form&nbsp;10-K for the year ended December&nbsp;31, 2010 have been so incorporated in reliance on the report of PricewaterhouseCoopers Zhong Tian CPAs Limited Company, an independent
registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ez78301_where_you_can_find_more_information"> </A>
<A NAME="toc_ez78301_4"> </A>
<BR></FONT><FONT SIZE=2><B>  WHERE YOU CAN FIND MORE INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UTStarcom is subject to the reporting requirements of the Exchange Act and in accordance therewith files annual, quarterly and current
reports, proxy statements and other information with the SEC. You may read and copy any reports, statements or other information we file at the SEC's public reference room at 100&nbsp;F Street,
N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the public reference rooms. UTStarcom's SEC filings also are
available to the public from commercial document retrieval services and at the SEC's website at www.sec.gov. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UTS
Holdings has filed a registration statement on Form&nbsp;F-4 with the SEC to register the issuance of its ordinary shares in connection with the merger. This proxy
statement/prospectus is a part of that registration statement and constitutes a prospectus of UTS Holdings in addition to being the proxy statement of UTStarcom for the Annual Meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the information set forth in this proxy statement/prospectus, SEC rules allow UTStarcom and UTS Holdings to "incorporate by reference" information into this proxy
statement/prospectus, which means that UTStarcom can disclose important information to you by referring you to another document filed separately with the SEC. The information incorporated by reference
is deemed to be part of this proxy statement/prospectus, except for any information therein that is superseded by information set forth in this proxy statement/prospectus. This proxy
statement/prospectus incorporates by reference the documents set forth below that UTStarcom previously filed with the SEC. These documents contain important information about UTStarcom. </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Annual
Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2010, filed with the SEC on March&nbsp;16, 2011, as amended by
Amendment No.&nbsp;1 and Amendment No.&nbsp;2 to the Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2010, filed with the SEC on April&nbsp;19, 2011 and
May&nbsp;20, 2011, respectively;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Quarterly
Report on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2011, filed with the SEC on May&nbsp;9, 2011; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>136</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=145,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=748008,FOLIO='136',FILE='DISK125:[10ZCL1.10ZCL78301]EZ78301A.;19',USER='JJORGE',CD='24-MAY-2011;00:55' -->
<A NAME="page_ez78301_1_137"> </A>

<P style="font-family:times;"><FONT SIZE=2><A
HREF="#bg78301a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Current
Reports on Form&nbsp;8-K (in each case, other than information and exhibits "furnished" to and not "filed" with the SEC in accordance
with SEC rules and regulations) filed with the SEC on January&nbsp;10, 2011, March&nbsp;2, 2011, May&nbsp;5, 2011 and May&nbsp;10, 2011; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
description of UTStarcom's common stock of UTStarcom as set forth in UTStarcom's Registration Statement on Form&nbsp;8-A, filed with the
SEC on February&nbsp;23, 2000, as amended. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are also incorporating by reference all additional documents that we file with the SEC under Section&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act between the date of this
proxy statement/prospectus and the date of the Annual Meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you are a stockholder of record or beneficial owner, we may already have sent you some of the documents incorporated by reference, but you can obtain any of them from us or the SEC.
Stockholders of record, beneficial owners, and any other person to whom a proxy statement/prospectus is delivered, may obtain without charge a copy of documents that we incorporate by reference into
this proxy statement/prospectus (including exhibits, but only if specifically requested) by requesting them by telephone at +86(10) 8520-5588 or in writing at the following address: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>UTStarcom,&nbsp;Inc.<BR>
52-2 Building, BDA International Enterprise Avenue<BR>
No.&nbsp;2 Jingyuan North Street<BR>
Daxing District, Beijing, 100176<BR>
P.R. China<BR>
Attention: Corporate Secretary </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>If you would like to request documents from us, please do so by June&nbsp;10, 2011 to assure that you will receive them before the Annual
Meeting.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
should rely only on the information contained or incorporated by reference into this proxy statement/prospectus to consider and vote upon the adoption of the Merger Agreement. We
have not authorized anyone to provide you with information that is different from what is contained in this proxy statement/prospectus. The date of this proxy statement/prospectus can be found on the
first page. You should not assume that the information contained in this proxy statement/prospectus is accurate as of any date other than that date, and neither the mailing of this proxy
statement/prospectus to stockholders nor the issuance of UTS Holdings shares in the merger shall create any implication to the contrary. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ez78301_other_matters"> </A>
<A NAME="toc_ez78301_5"> </A>
<BR></FONT><FONT SIZE=2><B>  OTHER MATTERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the knowledge of UTStarcom, no action is to be taken on any matter not specifically referred to in this proxy statement/prospectus
at the Annual Meeting. If any other matters properly come before the Annual Meeting, it is the intention of the persons named in the enclosed proxy to vote the shares they represent as the Board of
Directors of UTStarcom may recommend. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="50%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="50%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B> BY ORDER OF THE BOARD OF DIRECTORS</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><B>
<IMG SRC="g227993.jpg" ALT="GRAPHIC" WIDTH="157" HEIGHT="90">
 </B></FONT><FONT SIZE=2><BR>
<BR>
Jack Lu<BR></FONT> <FONT SIZE=2><I>Chief Executive Officer and President</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> Dated: May&nbsp;25, 2011</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>137</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=146,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=874814,FOLIO='137',FILE='DISK125:[10ZCL1.10ZCL78301]EZ78301A.;19',USER='JJORGE',CD='24-MAY-2011;00:55' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="page_hc78301_1_1"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->





<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="hc78301_annex_a"> </A>
<A NAME="toc_hc78301_1"> </A>
<BR></FONT><FONT SIZE=2><B>  ANNEX A    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hc78301_agreement_and_plan_of_merger_and_reorganization"> </A>
<A NAME="toc_hc78301_2"> </A>
<BR></FONT><FONT SIZE=2><B>  AGREEMENT AND PLAN OF MERGER AND REORGANIZATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This AGREEMENT AND PLAN OF MERGER AND REORGANIZATION (this "</FONT><FONT SIZE=2><B><I>Agreement</I></B></FONT><FONT SIZE=2>") is entered into
as of April&nbsp;25, 2011, by and among UTStarcom,&nbsp;Inc., a Delaware corporation ("</FONT><FONT SIZE=2><B><I>UTStarcom</I></B></FONT><FONT SIZE=2>"), UTStarcom Holdings Corp., an exempted company
incorporated under the laws of the Cayman Islands and a wholly owned subsidiary of UTStarcom ("</FONT><FONT SIZE=2><B><I>UTS Holdings</I></B></FONT><FONT SIZE=2>"), and UTSI Mergeco&nbsp;Inc., a Delaware
corporation and a wholly owned subsidiary of UTS Holdings ("</FONT><FONT SIZE=2><B><I>Merger Sub</I></B></FONT><FONT SIZE=2>"). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hc78301_recitals"> </A>
<A NAME="toc_hc78301_3"> </A>
<BR></FONT><FONT SIZE=2><I>RECITALS    <BR>    </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Boards of Directors of each of UTStarcom, UTS Holdings and Merger Sub have unanimously determined that it is advisable and in the best interests of their respective
stockholders to reorganize so that UTS Holdings will become the parent of UTStarcom as a result of the merger of Merger Sub with and into UTStarcom (the
"</FONT><FONT SIZE=2><B><I>Merger</I></B></FONT><FONT SIZE=2>"). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
respective Boards of Directors of UTStarcom, UTS Holdings and Merger Sub have each unanimously approved the Merger, this Agreement and, to the extent applicable, the
other transactions described herein, pursuant to which UTStarcom will be the surviving corporation of the Merger and will become a wholly owned subsidiary of UTS Holdings, all upon the terms and
subject to the conditions set forth in this Agreement, and whereby each issued share of common stock, par value US$0.00125 per share, of UTStarcom ("</FONT><FONT SIZE=2><B><I>UTStarcom Common
Stock</I></B></FONT><FONT SIZE=2>") shall be converted into the right to receive one ordinary share, par value US$0.00125 per share, of UTS Holdings (a "</FONT><FONT SIZE=2><B><I>UTS Holdings Ordinary
Share</I></B></FONT><FONT SIZE=2>"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Merger requires, among other things, the adoption of this Agreement by the affirmative vote of the holders of a majority of the issued and outstanding shares of
UTStarcom Common Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
parties intend that the Merger qualify as a "reorganization" within the meaning of Section&nbsp;368(a) of the Internal Revenue Code of 1986, as amended (the
"</FONT><FONT SIZE=2><B><I>Code</I></B></FONT><FONT SIZE=2>"), and that this Agreement shall be, and is hereby, adopted as a "plan of reorganization" for purposes of Section&nbsp;368(a) of the Code or,
alternatively, that the contribution of shares of UTStarcom to Merger Sub by stockholders of UTStarcom will qualify as a tax-free exchange within the meaning of Section&nbsp;351 of the
Code. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hc78301_agreement"> </A>
<A NAME="toc_hc78301_4"> </A>
<BR></FONT><FONT SIZE=2><I>AGREEMENT    <BR>    </I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW THEREFORE, in consideration of the foregoing and of the covenants and agreements contained herein, and of other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hc78301_article_i_the_merger"> </A>
<A NAME="toc_hc78301_5"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE I<BR>  THE MERGER    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Section&nbsp;1.1.</B></FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;The Merger.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms and
conditions of this Agreement, and in accordance with the Delaware General Corporation Law (the "</FONT><FONT SIZE=2><B><I>DGCL</I></B></FONT><FONT SIZE=2>"), at the Effective Time (as defined in
Section&nbsp;1.2), Merger Sub shall be merged with and into UTStarcom in accordance with this Agreement, and the separate corporate existence of Merger Sub shall thereupon cease. Pursuant to and
simultaneously upon the consummation of the Merger at the Effective Time, in accordance with the DGCL, (i)&nbsp;UTStarcom shall continue as the surviving corporation in the Merger (sometimes
hereinafter referred to as the "</FONT><FONT SIZE=2><B><I>Surviving Corporation</I></B></FONT><FONT SIZE=2>"), becoming a wholly owned subsidiary of UTS Holdings, (ii)&nbsp;the corporate identity,
existence, powers, rights and immunities of UTStarcom as the Surviving Corporation shall continue unimpaired by the Merger, and (iii)&nbsp;UTStarcom shall succeed to </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=147,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=585493,FOLIO='A-1',FILE='DISK125:[10ZCL1.10ZCL78301]HC78301A.;14',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hc78301_1_2"> </A>

<P style="font-family:times;"><FONT SIZE=2>and
shall possess all the assets, properties, rights, privileges, powers, franchises, immunities and purposes, and be subject to all the debts, liabilities, obligations, restrictions and duties of
Merger Sub, all without further act or deed. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Section&nbsp;1.2.</B></FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Filing Certificate of Merger; Effective
Time.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As soon as practicable following the satisfaction or, to the extent permitted by applicable law, waiver of the conditions set forth in Article&nbsp;V, if
this Agreement shall not have been terminated prior thereto as provided in Section&nbsp;6.1, Merger Sub and UTStarcom shall cause a certificate of merger (the "</FONT><FONT SIZE=2><B><I>Certificate of
Merger</I></B></FONT><FONT SIZE=2>") meeting the requirements of Section&nbsp;251(c) of the DGCL to be properly executed and filed in accordance with such section and otherwise make all other filings or
recordings as required by the DGCL in connection with the Merger. The Merger shall become effective at the later of (i)&nbsp;4:30&nbsp;p.m., Eastern time, on June&nbsp;24, 2011 and
(ii)&nbsp;such later time that the parties hereto shall have agreed upon and designated in the Certificate of Merger as the effective time of the Merger (the "</FONT><FONT SIZE=2><B><I>Effective
Time</I></B></FONT><FONT SIZE=2>"). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hc78301_article_ii_charter_documents,___art04938"> </A>
<A NAME="toc_hc78301_6"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE II<BR>  CHARTER DOCUMENTS,<BR>  DIRECTORS AND OFFICERS OF<BR>  SURVIVING CORPORATION AND UTS HOLDINGS,<BR>  AND CERTAIN REPRESENTATIONS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Section&nbsp;2.1.</B></FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Name of Surviving Corporation.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The name of
the Surviving Corporation shall be "UTStarcom,&nbsp;Inc." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Section&nbsp;2.2.</B></FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Certificate of Incorporation of Surviving
Corporation.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Certificate of Incorporation of the Surviving Corporation shall be amended as of the Effective Time so as to contain only the provisions contained
in the Certificate of Incorporation of Merger Sub in effect immediately prior to the Effective Time, except that the First Article of such Certificate of Incorporation of Merger Sub shall provide that
the name of the Surviving Corporation shall be "UTStarcom,&nbsp;Inc." Such Certificate of Incorporation, as so amended, shall continue to be the Certificate of Incorporation of the Surviving
Corporation until amended as provided therein and under the DGCL. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Section&nbsp;2.3.</B></FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Bylaws of Surviving Corporation.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;From and
after the Effective Time, the Bylaws of Merger Sub in effect immediately prior to the Effective Time shall be the Bylaws of the Surviving Corporation, until duly amended in accordance with applicable
law. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Section&nbsp;2.4.</B></FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Directors of Surviving Corporation.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;From and
after the Effective Time, the directors of Merger Sub immediately prior to the Effective Time shall be the directors of the Surviving Corporation, each such director to serve in such capacity until
his or her earlier death, resignation or removal or until his or her successor is duly elected or appointed. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Section&nbsp;2.5.</B></FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Officers of Surviving Corporation.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;From and
after the Effective Time, the officers of Merger Sub immediately prior to the Effective Time shall be the officers of the Surviving Corporation, each such officer to serve in such capacity until his
or her earlier death, resignation or removal or until his or her successor is duly elected or appointed. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Section&nbsp;2.6.</B></FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Constitutional Documents of UTS
Holdings.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Memorandum and Articles of Association of UTS Holdings shall be amended and restated in their entirety as of the Effective Time to read as set forth
in </FONT><FONT SIZE=2><I>Exhibit&nbsp;A</I></FONT><FONT SIZE=2> hereto. Such Memorandum and Articles of Association, as so amended and restated, shall continue to be the Memorandum and Articles of
Association of UTS Holdings until amended as provided therein and under the laws of the Cayman Islands. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Section&nbsp;2.7.</B></FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Directors and Officers of UTS
Holdings.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Immediately prior to the Effective Time, UTStarcom, in its capacity as the sole shareholder of UTS Holdings, agrees to take or cause to be taken all such
actions as are necessary to cause those persons serving as the directors and officers of UTStarcom immediately prior to the Effective Time to be elected or appointed as the directors and </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=148,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=260900,FOLIO='A-2',FILE='DISK125:[10ZCL1.10ZCL78301]HC78301A.;14',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hc78301_1_3"> </A>
<BR>

<P style="font-family:times;"><FONT SIZE=2>officers
of UTS Holdings (to the extent the officers and directors of UTS Holdings and UTStarcom are not already identical), each such person to have the same office(s) with UTS Holdings (and the same
class designations and committee memberships in the case of directors) as he or she held with UTStarcom, with the directors to serve until the earlier of the next meeting of the UTS Holdings
shareholders at which an election of directors of their respective classes is required or until their successors are elected or appointed (or their earlier death, disability or retirement). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Section&nbsp;2.8.</B></FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Representation of UTS Holdings.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;UTS Holdings
hereby represents and warrants that it is the owner of all of the outstanding capital stock of Merger Sub, free and clear of any adverse claims. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hc78301_article_iii_conversion__hc702289"> </A>
<A NAME="toc_hc78301_7"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE III<BR>  CONVERSION, ISSUANCE<BR>  AND REPURCHASE OF SHARES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Section&nbsp;3.1.</B></FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Effect on Capital Stock.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At the Effective
Time, by virtue of the Merger and without any action on the part of the holder of any shares of either UTStarcom or UTS Holdings: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Conversion of UTStarcom Shares; Issuance of UTS Holdings Ordinary Shares.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each issued and outstanding share
of UTStarcom Common Stock shall be converted into the right to receive one validly issued, fully paid and nonassessable UTS Holdings Ordinary Share, and UTS Holdings shall issue to each holder of such
right that number of UTS Holdings Ordinary Shares to which each such holder is entitled. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Conversion of Merger Sub Capital Stock.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The 100 issued and outstanding shares of common stock, par value
US$0.00125 per share, of Merger Sub held by UTS Holdings shall be converted into 100 validly issued, fully-paid and nonassessable shares of common stock, par value US$0.00125 per share, of
the Surviving Corporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of UTS Holdings Share.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;UTS Holdings will repurchase the one UTS Holdings Ordinary Share that was
held by UTStarcom prior to the Merger at a purchase price of USD $0.00125. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Stock-Based Compensation Plans.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;UTStarcom shall assign, and UTS Holdings shall assume, UTStarcom's rights
and obligations under the stock-based benefit and compensation plans and programs and agreements providing for the grant or award of restricted stock, stock units, stock options, stock appreciation
rights, performance shares, performance units, dividend equivalent rights and share awards to the employees and directors of UTStarcom and its affiliates (collectively, the
"</FONT><FONT SIZE=2><B><I>Stock Plans</I></B></FONT><FONT SIZE=2>") in accordance with Article&nbsp;IV of this Agreement. To the extent a Stock Plan provides for awards of incentive stock options
pursuant to Section&nbsp;422 of the Code, approval of such plan by UTStarcom, as the sole shareholder of UTS Holdings, shall be deemed, as of the Effective Time, to constitute approval of the
members of UTS Holdings for purposes of Section&nbsp;422(b) of the Code. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Section&nbsp;3.2.</B></FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Exchange of UTS Holdings Shares</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Uncertificated Shares.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At the Effective Time, each outstanding share of UTStarcom Common Stock held in
uncertificated, book entry form will be exchanged for one UTS Holdings Ordinary Share pursuant to Section&nbsp;3.1(a) above without further act or deed by the holder thereof, and record of such
ownership shall be kept in uncertificated, book entry form by UTS Holdings' transfer agent, Computershare Trust Company, N.A. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Certificated Shares.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At the Effective Time, each outstanding share of UTStarcom Common Stock held in
certificated form will be converted into the right to receive one UTS Holdings Ordinary Share pursuant to Section&nbsp;3.1(a) above without further act or deed by the </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=149,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=192275,FOLIO='A-3',FILE='DISK125:[10ZCL1.10ZCL78301]HC78301A.;14',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hc78301_1_4"> </A>
<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>holder
thereof, and the holder thereof will cease to be, and will have no rights as, a stockholder of UTStarcom. Following the consummation of the Merger, UTStarcom's exchange agent will send a letter
of transmittal to each such holder, explaining the procedure for surrendering such holder's UTStarcom stock certificates in exchange for share certificates representing UTS Holdings Ordinary Shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Stockholder Rights at Effective Time.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At the Effective Time, holders of UTStarcom Common Stock will cease to
be, and will have no rights as, stockholders of UTStarcom, other than the right to receive: (i)&nbsp;any dividend or other distribution with a record date prior to the Effective Time that may have
been declared or made by UTStarcom on such shares of UTStarcom Common Stock in accordance with the terms of this Agreement or prior to the date of this Agreement and that remain unpaid at the
Effective Time and (ii)&nbsp;the UTS Holdings Ordinary Shares pursuant to Section&nbsp;3.1(a). After the Effective Time, there shall be no further registration of transfers on the stock transfer
books of the Surviving Corporation of the shares of UTStarcom Common Stock that were outstanding immediately prior to the Effective Time. Upon and after the Effective Time, registered shareholders in
UTS Holdings's register of members will have and be entitled to exercise any voting and other rights with respect to and to receive any dividend and other distributions upon UTS Holdings ordinary
shares registered in their respective names. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Section&nbsp;3.3.</B></FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;No Dissenters' Rights.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;There are no
dissenters' rights or appraisal rights available to holders of UTStarcom Common Stock under the DGCL in connection with the Merger. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hc78301_article_iv_employee_benefit_an__art03281"> </A>
<A NAME="toc_hc78301_8"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE IV<BR>  EMPLOYEE BENEFIT AND COMPENSATION PLANS AND AGREEMENTS; OTHER CONTRACTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Assumption of Equity Plans.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At the Effective Time, UTStarcom shall assign, and UTS Holdings shall assume,
the rights and obligations of UTStarcom under each Stock Plan listed on </FONT><FONT SIZE=2><I>Exhibit&nbsp;B</I></FONT><FONT SIZE=2> (the "</FONT><FONT SIZE=2><B><I>Assumed Equity
Plans</I></B></FONT><FONT SIZE=2>"). To the extent any Stock Plan or any applicable agreement relating thereto provides for the issuance, delivery or purchase of, or otherwise relates to, UTStarcom Common
Stock, from and after the Effective Time, such Stock Plan or applicable agreement shall be deemed to have been amended to provide for the issuance, delivery or purchase of, or otherwise relate to, UTS
Holdings Ordinary Shares, and all options or awards issued, or benefits available or based upon the value of a specified number of shares of UTStarcom Common Stock, under such Stock Plan after the
Effective Time shall entitle the holder thereof to purchase, receive, acquire, hold or realize the benefits measured by the value of, as appropriate, an equivalent number of UTS Holdings Ordinary
Shares in accordance with the terms of such Stock Plan and any applicable agreement relating thereto. The outstanding options or other awards or benefits available under the terms of the Stock Plans
at and following the Effective Time shall, to the extent permitted by law and otherwise reasonably practicable, otherwise be exercisable, payable, issuable or available upon the same terms and
conditions as under such Stock Plans and the agreements relating thereto immediately prior to the Effective Time (including, for greater certainty, having the same option exercise or measurement
price). Other than as set forth above, the Merger will not affect the underlying terms or conditions of any outstanding equity awards, which shall remain subject to their original terms and
conditions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Assumption of Benefit Plans.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At the Effective Time, the obligations of UTStarcom under or with respect to
every plan, trust, program and benefit then in effect or administered by UTStarcom for the benefit of the directors, officers and employees of UTStarcom or any of its subsidiaries and listed on </FONT> <FONT SIZE=2><I>Exhibit&nbsp;C</I></FONT><FONT
SIZE=2> (collectively, the "</FONT><FONT SIZE=2><B><I>Assumed Benefit Plans</I></B></FONT><FONT SIZE=2>" and, together with the Assumed Equity Plans,
the "</FONT><FONT SIZE=2><B><I>Assumed Plans</I></B></FONT><FONT SIZE=2>") shall become the lawful obligations of UTS Holdings and shall be implemented and administered in the same manner and without
interruption until the same are amended or otherwise lawfully altered or terminated. Effective at the Effective Time, UTS Holdings hereby expressly adopts and assumes all obligations of UTStarcom
under the Assumed Benefit Plans. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=150,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=58939,FOLIO='A-4',FILE='DISK125:[10ZCL1.10ZCL78301]HC78301A.;14',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hc78301_1_5"> </A>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Assumption of Contracts.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At the Effective Time, the obligations of UTStarcom under or with respect to
contracts or agreements listed on </FONT><FONT SIZE=2><I>Exhibit&nbsp;D</I></FONT><FONT SIZE=2> (collectively, the "</FONT><FONT SIZE=2><B><I>Assumed Contracts</I></B></FONT><FONT SIZE=2>") shall become
the lawful obligations of UTS Holdings and shall be performed in the same manner and without interruption until the same are amended or otherwise lawfully altered or terminated. Effective at the
Effective Time, UTS Holdings hereby expressly adopts and assumes all obligations of UTStarcom under the Assumed Contracts. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Other Actions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Such amendments or other actions that are deemed necessary or appropriate by UTStarcom and
UTS Holdings to effect the Merger, including to facilitate the assumption by UTS Holdings of the Assumed Plans and the Assumed Contracts, and any other amendments or actions that UTStarcom and UTS
Holdings shall deem advisable, shall be adopted and entered into with respect to the Assumed Plans, the Assumed Contracts and any other change in control arrangements between the UTStarcom and its
executive officers and key employees. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hc78301_article_v_conditions_precedent"> </A>
<A NAME="toc_hc78301_9"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE V<BR>  CONDITIONS PRECEDENT    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The respective obligations of each party to effect the Merger are subject to the satisfaction or waiver of the following conditions: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Stockholder Approval.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall have been adopted and approved by the affirmative vote of holders
of a majority of the issued and outstanding shares of UTStarcom Common Stock entitled to vote thereon at the record date for such actions as set by the Board of Directors of UTStarcom. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Prohibition.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;None of the parties hereto shall be subject to any decree, order or injunction of any court
of competent jurisdiction, whether in the U.S., the Cayman Islands or any other country, that prohibits the consummation of the Merger. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Effective Registration Statement.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The registration statement on Form&nbsp;F-4 filed with the
Securities and Exchange Commission by UTS Holdings in connection with the offer and issuance of the UTS Holdings Ordinary Shares to be issued pursuant to the Merger shall have become effective under
the Securities Act of 1933, as amended, and no stop order with respect thereto shall be in effect. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;NASDAQ Listing.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The UTS Holdings Ordinary Shares to be issued pursuant to the Merger shall have been
authorized for listing on the NASDAQ Stock Market, subject to official notice of issuance and satisfaction of other standard conditions. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Consents and Authorizations.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other than the filing of the Certificate of Merger provided for under
Article&nbsp;I, all material consents and authorizations of, filings or registrations with, and notices to, any governmental or regulatory authority required of UTStarcom, UTS Holdings or any of
their respective subsidiaries to consummate the Merger and the other transactions contemplated hereby, including, without limitation, any filings required under (i)&nbsp;applicable U.S. state
securities and "Blue Sky" laws and (ii)&nbsp;applicable Cayman Islands securities laws, shall have been obtained or made. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The representations and warranties of the parties set forth herein shall be
true and correct in all material respects, and the covenants of the parties set forth herein (other than those to be performed after the Effective Time) shall have been performed in all material
respects. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=151,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=422547,FOLIO='A-5',FILE='DISK125:[10ZCL1.10ZCL78301]HC78301A.;14',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hc78301_1_6"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hc78301_article_vi_termination,_amendment_and_waiver"> </A>
<A NAME="toc_hc78301_10"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE VI<BR>  TERMINATION, AMENDMENT AND WAIVER    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Section&nbsp;6.1.</B></FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Termination.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be
terminated and the Merger abandoned at any time prior to the Effective Time, whether before or after approval by the stockholders of UTStarcom, by action of the Board of Directors of UTStarcom. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Section&nbsp;6.2.</B></FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Effect of Termination.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In the event of
termination of this Agreement as provided in Section&nbsp;6.1, this Agreement shall forthwith become void and have no effect, without any liability or obligation on the part of UTStarcom, UTS
Holdings or Merger Sub. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Section&nbsp;6.3.</B></FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Amendment.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be amended by
the parties hereto at any time before or after any required approval or adoption by the stockholders of UTStarcom of this Agreement or matters presented in connection with this Agreement; provided,
however, that after any such approval or adoption, there shall be made no amendment requiring further approval or adoption by such stockholders under applicable law until such further approval is
obtained. This Agreement may not be amended except by an instrument in writing signed on behalf of each of the parties hereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Section&nbsp;6.4.</B></FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Waiver.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At any time prior to the Effective
Time, the parties may waive compliance with any of the agreements or covenants contained in this Agreement, or may waive any of the conditions to consummation of the Merger contained in this
Agreement. Any agreement on the part of a party to any such waiver shall be valid only if set forth in an instrument in writing signed on behalf of such party. The failure of any party to this
Agreement to assert any of its rights under this Agreement or otherwise shall not constitute a waiver of such rights. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hc78301_article_vii_covenants"> </A>
<A NAME="toc_hc78301_11"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE VII<BR>  COVENANTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Section&nbsp;7.1.</B></FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Rule&nbsp;16b-3
Approval.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;UTStarcom, UTS Holdings and Merger Sub shall take all such steps as may reasonably be required to cause the transactions contemplated by
Section&nbsp;3.1 and any other dispositions of UTStarcom equity securities (including derivative securities) or acquisitions of UTS Holdings equity securities (including derivative securities) in
connection with this Agreement by each individual who (i)&nbsp;is a director or officer of UTStarcom or (ii)&nbsp;at the Effective Time, is or will become a director or officer of UTS Holdings, to
be exempt under Rule&nbsp;16b-3 promulgated under the Securities Exchange Act of 1934, as amended. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Section&nbsp;7.2.</B></FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;UTS Holdings Vote.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Prior to the date of the
meeting of stockholders of UTStarcom to consider and vote upon the adoption of this Agreement, UTS Holdings, in its capacity as sole stockholder of Merger Sub, shall adopt this Agreement and approve
the Merger. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Section&nbsp;7.3.</B></FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Further Assurances.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;UTS Holdings shall use
its reasonable best efforts, to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary and reasonably appropriate to consummate and make effective, in the most
expeditious manner practicable, the Merger and the other transactions provided for herein. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hc78301_article_viii_general_provisions"> </A>
<A NAME="toc_hc78301_12"> </A>
<BR></FONT><FONT SIZE=2><B>  ARTICLE VIII<BR>  GENERAL PROVISIONS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Section&nbsp;8.1.</B></FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Assignment; Binding Effect; Benefit.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Neither
this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the parties hereto (whether by operation of law or otherwise) without the prior written consent of
the other parties. Subject to the preceding sentence, this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.
Notwithstanding anything contained in this Agreement to the contrary, except for the provisions of Article&nbsp;IV (collectively, the "</FONT><FONT SIZE=2><B><I>Third Party
Provisions</I></B></FONT><FONT SIZE=2>"), nothing in this Agreement, expressed or implied, is intended to confer on any person other than the parties hereto </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-6</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=152,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=345962,FOLIO='A-6',FILE='DISK125:[10ZCL1.10ZCL78301]HC78301A.;14',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hc78301_1_7"> </A>

<P style="font-family:times;"><FONT SIZE=2>or
their respective successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement. The Third Party Provisions may be enforced only by the specifically
intended beneficiaries thereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Section&nbsp;8.2.</B></FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Entire Agreement.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement and any
documents delivered by the parties in connection herewith constitute the entire agreement among the parties with respect to the subject matter hereof and supersede all prior agreements and
understandings among the parties with respect thereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Section&nbsp;8.3.</B></FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Governing Law.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be
governed by and construed in accordance with the laws of the State of Delaware without regard to its rules of conflict of laws. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Section&nbsp;8.4.</B></FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Counterparts.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed
by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument. Each
counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all of the parties hereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Section&nbsp;8.5.</B></FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Headings.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Headings of the Articles and
Sections of this Agreement are for the convenience of the parties only and shall be given no substantive or interpretative effect whatsoever. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Section&nbsp;8.6.</B></FONT><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;Severability.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If any provision of this
Agreement is determined by any court or arbitrator of competent jurisdiction to be invalid, illegal or unenforceable in any respect, such provision will be enforced to the maximum extent possible
given the intent of the parties hereto. If such clause or provision cannot be so enforced, such provision shall be stricken from this Agreement and the remainder of this Agreement shall be enforced as
if such invalid, illegal or unenforceable clause or provision had (to the extent not enforceable) never been contained in this Agreement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK] </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-7</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=153,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=844112,FOLIO='A-7',FILE='DISK125:[10ZCL1.10ZCL78301]HC78301A.;14',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hc78301_1_8"> </A>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, UTStarcom, UTS Holdings and Merger Sub have caused this Agreement to be signed by their respective officers thereunto duly authorized, all as of the date first
written above. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>


<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->


 </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="218pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="22pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><B> UTSTARCOM,&nbsp;INC.,</B></FONT><FONT SIZE=2><BR>
a Delaware corporation</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;JACK LU<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Jack Lu<BR></FONT> <FONT SIZE=2><I>Chief Executive Officer</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2><B> UTSTARCOM HOLDINGS CORP.,</B></FONT><FONT SIZE=2><BR>
an exempted company organized under the laws of the Cayman Islands</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;JACK LU<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Jack Lu<BR></FONT> <FONT SIZE=2><I>Chief Executive Officer</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2><B> UTSI MERGECO&nbsp;INC.,</B></FONT><FONT SIZE=2><BR>
a Delaware corporation</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;JACK LU<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Jack Lu<BR></FONT> <FONT SIZE=2><I>Chief Executive Officer</I></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-8</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=154,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=957309,FOLIO='A-8',FILE='DISK125:[10ZCL1.10ZCL78301]HC78301A.;14',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="page_hg78301_1_1"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="hg78301_annex_b"> </A>
<A NAME="toc_hg78301_1"> </A>
<BR></FONT><FONT SIZE=2><B>  ANNEX B    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE COMPANIES LAW (2010 REVISION)<BR>
OF THE CAYMAN ISLANDS<BR>
COMPANY LIMITED BY SHARES </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hg78301_amended_and_restated_memorandu__ame04685"> </A>
<A NAME="toc_hg78301_2"> </A>
<BR></FONT><FONT SIZE=2><B>  AMENDED AND RESTATED MEMORANDUM OF ASSOCIATION    <BR>    <BR>    OF    <BR>    <BR>    UTSTARCOM HOLDINGS CORP.    <BR>    <BR>    </B></FONT><FONT SIZE=2>Adopted by Special Resolution passed on May 13, 2011
<BR></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;The
name of the Company is UTStarcom Holdings Corp. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;The
Registered Office of the Company shall be at the offices of Maples Corporate Services Limited, P.O.&nbsp;Box&nbsp;309GT, Ugland House, Grand Cayman,
KY1-1104, Cayman Islands, or at such other place as the Directors may from time to time decide. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;The
objects for which the Company is established are unrestricted and the Company shall have full power and authority to carry out any object not prohibited by the
Companies Law (2010 Revision) or as the same may be revised from time to time, or any other law of the Cayman Islands. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;The
liability of each Member is limited to the amount from time to time unpaid on such Member's shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;The
authorised share capital of the Company is US$943,750 divided into 750,000,000 Ordinary Shares of a nominal or par value of US$0.00125 each and 5,000,000 Preference
Shares of a nominal or par value of US$0.00125 each with the power for the Company, insofar as is permitted by Statute, to redeem or purchase any of its shares and to increase or reduce the said
capital subject to the provisions of the Companies Law and the Articles of Association and to issue any part of its capital, whether original, redeemed or increased with or without any preference,
priority or special privilege or subject to any postponement of rights or to any conditions or restrictions and so that unless the conditions of issue shall otherwise expressly declare every issue of
shares whether declared to be preference or otherwise shall be subject to the powers hereinbefore contained. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;The
Company has the power to register by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and to be
deregistered in the Cayman Islands. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;Capitalized
terms that are not defined in this Amended and Restated Memorandum of Association bear the same meaning as those given in the Amended and Restated Articles of
Association of the Company adopted by Special Resolution passed on May&nbsp;13, 2011. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=155,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=445798,FOLIO='B-1',FILE='DISK125:[10ZCL1.10ZCL78301]HG78301A.;12',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hg78301_1_2"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>THE
COMPANIES LAW (2010 REVISION)<BR>
OF THE CAYMAN ISLANDS<BR>
COMPANY LIMITED BY SHARES </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hg78301_amended_and_restated_articles___ame04593"> </A>
<A NAME="toc_hg78301_3"> </A>
<BR></FONT><FONT SIZE=2><B>  AMENDED AND RESTATED ARTICLES OF ASSOCIATION    <BR>    <BR>    OF    <BR>    <BR>    UTSTARCOM HOLDINGS CORP.    <BR>    <BR>    </B></FONT><FONT SIZE=2>Adopted by Special Resolution passed on May&nbsp;13, 2011
<BR></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hg78301_interpretation"> </A>
<A NAME="toc_hg78301_4"> </A>
<BR></FONT><FONT SIZE=2><B>  INTERPRETATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;In
these Articles, unless otherwise defined, the defined terms shall have the meanings assigned to them as follows: </FONT></P>

<UL>

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

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;in
the case of a natural person, such person's parents, parents-in-law, spouse, children or grandchildren, a trust for the benefit of any of the
foregoing, a company, partnership or any natural person or entity wholly or jointly owned by such person or any of the foregoing, (ii)&nbsp;in the case of an entity, a partnership, a corporation or
any natural person or entity which directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such entity. The term "control" shall mean
the ownership, directly or indirectly, of shares possessing more than fifty percent (50%) of the voting power of the corporation, or the partnership or other entity (other than, in the case of
corporation, share having such power only by reason of the happening of a contingency), or having the power to control the management or elect a majority of members to the board of directors or
equivalent decision-making body of such corporation, partnership or other entity; </FONT></P>

<UL>

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

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Amended and Restated Articles of Association of the Company adopted by Special Resolution on May&nbsp;13, 2011, as from time to
time altered or added to in accordance with the Statute and these Articles; </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> "Business Day"  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a day, excluding Saturdays or Sundays, on which banks in Beijing, China and New York, U.S.A. are open for general banking business
throughout their normal business hours; </FONT></P>

<UL>

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

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities and Exchange Commission of the United States of America or any other federal agency for the time being administering the
Securities Act; </FONT></P>

<UL>

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

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UTStarcom Holdings Corp., a Cayman Islands company limited by shares; </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> "Company's Website"  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the website of the Company, the address or domain name of which has been notified to Members; </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=156,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=669648,FOLIO='B-2',FILE='DISK125:[10ZCL1.10ZCL78301]HG78301A.;12',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hg78301_1_3"> </A>
<UL>

<P style="font-family:times;"><FONT SIZE=2><B> "Designated Stock Exchange</B></FONT><FONT SIZE=2>" </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
NASDAQ Stock Market or any other stock exchange or automated quotation system on which the Company's securities are then traded; </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> "Directors" </B></FONT><FONT SIZE=2>and</FONT><FONT SIZE=2><B> "Board of Directors" </B></FONT><FONT SIZE=2>and</FONT><FONT SIZE=2><B> "Board"  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the directors of the Company for the time being, or as the case may be, the Directors assembled as a Board or as a committee thereof; </FONT></P>

<UL>

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

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the meaning given to it in the Electronic Transactions Law (2003 Revision) of the Cayman Islands and any amendment thereto or
re-enactments thereof for the time being in force and includes every other law incorporated therewith or substituted therefore; </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> "electronic communication"  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;electronic transmission to any number, address or internet website or other electronic delivery methods as otherwise decided and
approved by not less than a majority vote of the Board; </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> "Exchange Act"  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the United States Securities Exchange Act of 1934, as amended; </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> "in writing"  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;includes writing, printing, lithograph, photograph, type-writing and every other mode of representing words or figures in a
legible and non-transitory form and, only where used in connection with a notice served by the Company on Members or other persons entitled to receive notices hereunder, shall also include
a record maintained in an electronic medium which is accessible in visible form so as to be useable for subsequent reference; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Market Price</B></FONT><FONT SIZE=2>" </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
any given day, the price quoted in respect of the Ordinary Shares on the Designated Stock Exchange of the close of trading on the previous trading day; </FONT></P>

<UL>

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

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a person whose name is entered in the Register of Members as the holder of a share or shares; </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> "Memorandum of Association"  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Memorandum of Association of the Company, as amended and restated from time to time; </FONT></P>

<UL>

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

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;calendar month; </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> "Ordinary Resolution"  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a resolution passed by a simple majority of votes cast by such Members as, being entitled to do so, vote in person or, in the case of
any Member being an organization, by its duly authorised representative or, where proxies are allowed, by proxy at a general meeting of the Company; </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=157,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=827758,FOLIO='B-3',FILE='DISK125:[10ZCL1.10ZCL78301]HG78301A.;12',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hg78301_1_4"> </A>
<UL>

<P style="font-family:times;"><FONT SIZE=2><B> "Ordinary Shares"  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an Ordinary Share in the capital of the Company of US$0.00125 nominal or par value designated as Ordinary Shares, and having the rights
provided for in these Articles; </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> "paid up"  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;paid up as to the par value and any premium payable in respect of the issue of any shares and includes credited as paid up; </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> "Preference Shares"  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares in the capital of the Company of US$0.00125 nominal or par value designated as Preference Shares, and having the rights provided
for in these Articles; </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> "Register of Members"  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the register maintained by the Company in accordance with section&nbsp;40 of the Statute or any modification or
re-enactment thereof for the time being in force; </FONT></P>

<UL>

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

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the common seal of the Company including any facsimile thereof; </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> "Securities Act"  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute and the rules and regulations of
the Commission thereunder, all as the same shall be in effect at the time; </FONT></P>

<UL>

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

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any share in the capital of the Company, including the Ordinary Shares and shares of other classes; </FONT></P>

<UL>

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

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;includes a signature or representation of a signature affixed by mechanical means or an electronic symbol or process attached to or
logically associated with an electronic communication and executed or adopted by a person with the intent to sign the electronic communication; </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> "Special Resolution"  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a resolution shall be a special resolution when it has been passed by (i)&nbsp;not less than two-thirds of votes cast by
such Members as, being entitled to do so, vote in
person or, in the case of such Members as are corporations, by their duly authorised representative or, whether proxies are allowed, by proxy at a general meeting of which not less than ten
(10)&nbsp;days' notice, specifying the intention to propose the resolution as a special resolution, has been duly given, or (ii)&nbsp;a unanimous written resolution; </FONT></P>

<UL>

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

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Companies Law (2010 Revision) of the Cayman Islands and any statutory amendment or re-enactment thereof. Where any
provision of the Statute is referred to, the reference is to that provision as amended by any law for the time being in force; </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=158,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=806472,FOLIO='B-4',FILE='DISK125:[10ZCL1.10ZCL78301]HG78301A.;12',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hg78301_1_5"> </A>
<UL>

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

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;calendar year. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;In
these Articles, save where the context requires otherwise: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;words
importing the singular number shall include the plural number and vice versa; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;words
importing the masculine gender only shall include the feminine gender; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;words
importing persons only shall include companies or associations or bodies of persons, whether corporate or not; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;"may"
shall be construed as permissive and "shall" shall be construed as imperative; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;a
reference to a dollar or dollars (or $) is a reference to dollars of the United States of America; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;references
to a statutory enactment shall include reference to any amendment or re-enactment thereof for the time being in force; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;any
phrase introduced by the terms "including", "include", "in particular" or any similar expression shall be construed as illustrative and shall not limit the sense of
the words preceding those terms; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;Section&nbsp;8
of the Electronic Transactions Law (2003 Revision) shall not apply; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the
term "clear days" in relation to the period of a notice means that period excluding the day when the notice is received or deemed to be received and the day for
which it is given or on which it is to take effect; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;the
term "holder" in relation to a share means a person whose name is entered in the Register of Members as the holder of such share. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the last two preceding Articles, any words defined in the Statute shall, if not inconsistent with the subject or context, bear the same meaning in these
Articles. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hg78301_preliminary"> </A>
<A NAME="toc_hg78301_5"> </A>
<BR></FONT><FONT SIZE=2><B>  PRELIMINARY    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;The
business of the Company may be commenced as soon after incorporation as the Directors see fit, notwithstanding that only part of the shares may have been allotted or
issued. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;The
registered office of the Company shall be at such address in the Cayman Islands as the Directors shall from time to time determine. The Company may in addition
establish and maintain such other offices and places of business and agencies in such places as the Directors may from time to time determine. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hg78301_share_capital"> </A>
<A NAME="toc_hg78301_6"> </A>
<BR></FONT><FONT SIZE=2><B>  SHARE CAPITAL    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;The
authorised share capital of the Company at the date of adoption of these Articles is US$943,750 divided into 750,000,000 Ordinary Shares of a nominal or par value of
US$0.00125 each and 5,000,000 Preference Shares of a nominal or par value of US$0.00125 each, with power for the Company insofar as is permitted by law, to redeem or purchase any of its shares and to
increase or reduce the said capital subject to the provisions of the Statute and these Articles and to issue any part of its capital, whether original, redeemed or increased with or without any
preference, priority or special privilege or subject to any postponement of rights or to any conditions or restrictions and so that unless the conditions of issue shall otherwise expressly declare,
every issue of shares whether declared to be preferred or otherwise shall be subject to the powers hereinbefore contained. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=159,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=737290,FOLIO='B-5',FILE='DISK125:[10ZCL1.10ZCL78301]HG78301A.;12',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hg78301_1_6"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hg78301_issue_of_shares"> </A>
<A NAME="toc_hg78301_7"> </A>
<BR></FONT><FONT SIZE=2><B>  ISSUE OF SHARES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions, if any, in the Articles, the Memorandum of Association and applicable law, including the Statute, the Directors may, in their absolute
discretion and without approval of the holders of Ordinary Shares, cause the Company to issue such amounts of Ordinary Shares and/or Preference Shares or similar securities in one or more series, to
establish from time to time the number of shares to be included in such series, to grant rights over existing shares as they deem necessary and appropriate and to determine designations, powers,
preferences, privileges and other rights, including dividend rights, conversion rights, terms of redemption and liquidation preferences, any or all of which may be greater than the powers and rights
associated with the Ordinary Shares, at such times and on such other terms as they think proper. The Company shall not issue shares in bearer form. The authority of the Directors with respect to each
series shall include, but not be limited to, determination of the following: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
number of shares constituting that series and the distinctive designation of that series; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
dividend rate on the shares of that series, whether dividends shall be cumulative and, if so, from which date or dates, and the relative rights of priority, if any,
of payment of dividends on shares of that series; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;whether
that series shall have voting rights, in addition to the voting rights provided by law and, f so, the terms of such voting rights; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;whether
that series shall have conversion privileges and, if so, the terms and conditions of such conversion, including provision for adjustment of the conversion rate
in such events as the Directors shall determine; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;whether
or not the shares of that series shall be issued as redeemable and, if so, the terms and conditions of such redemption, including the date or dates upon or after
which they shall be redeemable and the amount per share payable in case of redemption, which amount may vary under different conditions and at different redemption dates; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the
rights of the shares of that series in the event of voluntary or involuntary liquidation, dissolution or winding up of the Company, and the rights of priority, if
any, of payment of shares of that series relative to other series of shares. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hg78301_register_of_members_and_share_certificates"> </A>
<A NAME="toc_hg78301_8"> </A>
<BR></FONT><FONT SIZE=2><B>  REGISTER OF MEMBERS AND SHARE CERTIFICATES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall maintain a Register of its Members. Every person whose name is entered as a Member in the Register of Members and whose shares are to be held in
certificated form shall, upon request and without payment, be entitled to a certificate within two months after allotment or lodgement of transfer (or within such other period as the conditions of
issue shall provide) in the form determined by the Directors. All certificates shall specify the share or shares held by that person and the amount paid up thereon, provided that in respect of a share
or shares held jointly by several persons the Company shall not be bound to issue more than one certificate, and delivery of a certificate for a share to one of several joint holders shall be
sufficient delivery to all. All certificates for shares shall be delivered personally or sent through the post addressed to the member entitled thereto at the Member's registered address as appearing
in the register. Absent instructions to the contrary from the Company, such member's shares will be held in uncertificated, book entry form. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;Every
share certificate of the Company shall bear any legends required under applicable laws, including the Securities Act. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;Any
two or more certificates representing shares of any one class held by any Member may at the Member's request be cancelled and a single new certificate for such
shares issued in lieu on </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-6</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=160,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=29837,FOLIO='B-6',FILE='DISK125:[10ZCL1.10ZCL78301]HG78301A.;12',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hg78301_1_7"> </A>
<BR>

<P style="font-family:times;"><FONT SIZE=2>payment
(if the Directors shall so require) of US$1.00 or such smaller sum as the Directors shall determine. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;If
a share certificate shall be damaged or defaced or alleged to have been lost, stolen or destroyed, a new certificate representing the same shares may be issued to the
relevant Member upon request subject to delivery up of the old certificate or (if alleged to have been lost, stolen or destroyed) compliance with such conditions as to evidence and indemnity and the
payment of out-of-pocket expenses of the Company in connection with the request as the Directors may think fit. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;In
the event that shares are held jointly by several persons, any request may be made by any one of the joint holders and if so made shall be binding on all of the joint
holders. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hg78301_transfer_of_shares"> </A>
<A NAME="toc_hg78301_9"> </A>
<BR></FONT><FONT SIZE=2><B>  TRANSFER OF SHARES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;(a)
Subject to these Articles and the rules or regulations of the Designated Stock Exchange or any relevant securities laws (including, but not limited to U.S.
securities law provisions related to insider trading), any Member may transfer all or any of his shares by an instrument of transfer in the usual or common form or in any other form approved by the
Board and may be under hand or, if the transferor or transferee is a clearing house or it nominee(s), by hand or by machine imprinted signature or by such other manner of execution as the Board may
approve from time to time. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
instrument of transfer shall be executed by or on behalf of the transferor. Without prejudice to the last preceding Article, the Board may also resolve, either
generally or in any particular case, upon request by the transferor or transferee to accept mechanically executed transfers. The transferor shall
be deemed to remain the holder of the share until the name of the transferee in entered into the Register in respect thereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;(i)
If a transfer complies with the holder's transfer obligations and restrictions set forth under applicable law and rules of the Designated Stock Exchange (including,
but not limited to U.S. securities law provisions related to insider trading) and these Articles, Directors shall promptly register such transfer. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;The
Board in so far as permitted by any applicable law and rules of the Designated Stock Exchange may, in its absolute discretion, at any time and from time to time
transfer any share upon the Register to any branch register or any share on any branch register to the Register or any other branch register. In the event of any such transfer, the shareholder
requesting such transfer shall bear the cost of effecting such transfer unless the Board otherwise determines. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;Unless
the Board otherwise agrees (which agreement may be on such terms and subject to such conditions as the Board in its absolute discretion may from time to time
determine, and which agreement the Board shall, without giving any reason therefore, be entitled in its absolute discretion to give or withhold), no shares upon the Register shall be transferred to
any branch register nor shall shares on any branch register be transferred to the Register or any other branch register and all transfers and other documents of title shall be lodged for registration,
and registered, in the case of any shares on a branch register, at the relevant Registration Office, and, in the case of any shares on the Register, at the Office or such other place at which the
Register is kept in accordance with the Statute. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Without
limiting the generality of the last preceding Article, the Board may decline to recognise any instrument of transfer unless: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;a
fee of such maximum sum as the Board may from time to time require is paid to the Company in respect thereof; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;the
instrument of transfer is in respect of only one class of share; </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-7</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=161,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=158806,FOLIO='B-7',FILE='DISK125:[10ZCL1.10ZCL78301]HG78301A.;12',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hg78301_1_8"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;the
instrument of transfer is lodged at the Office or such other place as the Register is kept in accordance with the Statute accompanied by the relevant share
certificate(s) or such other evidence as
the Board may reasonably require to show the right of the transferor to make the transfer (and, if the instrument of transfer is executed by some other person on his behalf, the authority of that
person so to do); and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;the
instrument of transfer is duly and properly signed. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;If
the Board refuses to register a transfer of any share, it shall, within two months after the date on which the transfer was lodged with the Company, send to each of
the transferor and the transferee notice of the refusal. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;The
registration of transfers may be suspended at such time and for such periods as the Directors may from time to time determine, provided always that such registration
shall not be suspended for more than thirty (30)&nbsp;days in any year. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hg78301_redemption_and_purchase_of_own_shares"> </A>
<A NAME="toc_hg78301_10"> </A>
<BR></FONT><FONT SIZE=2><B>  REDEMPTION AND PURCHASE OF OWN SHARES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions, if any, in the Articles, the Memorandum of Association, applicable law, including the Statute, and the rules of the Designated Stock Exchange,
the Company may: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;issue
shares on terms that they are to be redeemed or are liable to be redeemed at the option of the Company or the Member on such terms and in such manner as the
Directors may, before the issue of such shares, determine; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;purchase
its own shares (including any redeemable shares) provided that the manner of purchase is in accordance with the following provisions (this authorization is in
accordance with sections&nbsp;37(2) and 37(3)(d) of the Statute or any modification or re-enactment thereof for the time being in force): </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;the
Company is authorised to purchase any share listed on a Designated Stock Exchange in accordance with the following manner of purchase: (1)&nbsp;the maximum number
of shares that may be repurchased shall be equal to the number of issued and outstanding shares less one share, and (2)&nbsp;at such time, at not less than the Market Price, and on such other terms
as determined and agreed by the Board in its discretion; provided, however, that (x)&nbsp;such repurchase transaction shall be in accordance
with the relevant code, rules and regulations applicable to the listing of the shares on the Designated Stock Exchange; and (y)&nbsp;that the Company shall be able to pay its debts as they fall due
in the ordinary course of business and be solvent immediately before and after the date on which the payment in respect of the repurchase transaction is proposed to be made; provided, further, that,
in the case of a purchase of shares intended to comply with Rule&nbsp;10b-18 promulgated under the Exchange Act, the purchase price shall equal the prevailing market price at the time of
such purchase as determined by independent bids or transaction prices, rather than the Market Price; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;the
Company is authorised to purchase any share not listed on a Designated Stock Exchange in accordance with the following manner of purchase: (1)&nbsp;the Company
shall serve a repurchase notice in a form approved by the Board on the Member from whom the shares are to be repurchased at least two (2)&nbsp;days prior to the date specified in the notice as being
the repurchase date, (2)&nbsp;the price for the shares being repurchased shall be such price agreed between the Board and the applicable Member, (3)&nbsp;the date of repurchase shall be the date
specified in the repurchase notice, (4)&nbsp;the repurchase shall be on such other terms as specified in the repurchase notice as determined and agreed by the Board and the applicable Member in
their sole discretion, and (5)&nbsp;the Company shall be able to pay its debts as they fall due in the ordinary course of business and be solvent immediately before and after the date on which the
payment in respect of the repurchase transaction is proposed to be made; and </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-8</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=162,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=379983,FOLIO='B-8',FILE='DISK125:[10ZCL1.10ZCL78301]HG78301A.;12',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<UL>
<UL>
</UL>
</UL>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_hi78301_1_9"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;make
a payment in respect of the redemption or purchase of its own shares otherwise than out of profits or the proceeds of a fresh issue of shares. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;Any
share in respect of which notice of redemption has been given shall not be entitled to participate in the profits of the Company in respect of the period after the
date specified as the date of redemption in the notice of redemption. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;The
redemption or purchase of any share shall not be deemed to give rise to the redemption or purchase of any other share. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;The
Directors may when making payments in respect of redemption or purchase of shares, if authorised by the terms of issue of the shares being redeemed or purchased or
with the agreement of the holder of such shares, make such payment in any form of consideration permitted by the Statute. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hi78301_variation_of_rights_attaching_to_shares"> </A>
<A NAME="toc_hi78301_1"> </A>
<BR></FONT><FONT SIZE=2><B>  VARIATION OF RIGHTS ATTACHING TO SHARES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided in these Articles, if at any time the share capital is divided into different classes of shares, the rights attaching to any class (unless
otherwise provided by the terms of issue of the shares of that class) may, subject to these Articles, be varied or abrogated with the consent in writing of the holders of at least a majority of the
issued shares of that class, or with the sanction of a resolution passed by the holders of at least a majority of the shares of the class present in person or
by proxy at a separate general meeting of the holders of the shares of the class. Each holder of shares of the class being affected shall be entitled to one vote for every such share held by such
holder. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;&nbsp;&nbsp;&nbsp;The
provisions of these Articles relating to general meetings shall apply to every such general meeting of the holders of one class of shares except that the necessary
quorum shall be at least one person holding or representing by proxy at least a majority of the issued shares of the class and that any holder of shares of the class present in person or by proxy may
demand a poll. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;&nbsp;&nbsp;&nbsp;The
rights conferred upon the holders of the shares of any class issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of
issue of the shares of that class, be deemed to be varied by the creation or issue of further shares ranking in priority to or pari passu therewith. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hi78301_commission_on_sale_of_shares"> </A>
<A NAME="toc_hi78301_2"> </A>
<BR></FONT><FONT SIZE=2><B>  COMMISSION ON SALE OF SHARES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.&nbsp;&nbsp;&nbsp;&nbsp;The
Company may in so far as the Statute from time to time permits pay a commission to any person in consideration of his subscribing or agreeing to subscribe whether
absolutely or conditionally for any shares of the Company. Such commissions may be satisfied by the payment of cash or the lodgement of fully or partly paid-up shares or partly in one way
and partly in the other. The Company may also on any issue of shares pay such brokerage as may be lawful. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hi78301_non-recognition_of_trusts"> </A>
<A NAME="toc_hi78301_3"> </A>
<BR></FONT><FONT SIZE=2><B>  NON-RECOGNITION OF TRUSTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.&nbsp;&nbsp;&nbsp;&nbsp;No
person shall be recognised by the Company as holding any share upon any trust and the Company shall not be bound by or be compelled in any way to recognise (even when
having notice thereof) any equitable, contingent, future, or partial interest in any share, or any interest in any fractional part of a share, or (except only as is otherwise provided by these
Articles or the Statute) any other rights in respect of any share except an absolute right to the entirety thereof in the registered holder. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-9</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=163,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=967033,FOLIO='B-9',FILE='DISK125:[10ZCL1.10ZCL78301]HI78301A.;9',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hi78301_1_10"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hi78301_registration_of_empowering_instruments"> </A>
<A NAME="toc_hi78301_4"> </A>
<BR></FONT><FONT SIZE=2><B>  REGISTRATION OF EMPOWERING INSTRUMENTS    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall be entitled to charge a fee not exceeding one dollar (US$1.00) on the registration of every probate, letters of administration, certificate of death or
marriage, power of attorney, or other instrument. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hi78301_transmission_of_shares"> </A>
<A NAME="toc_hi78301_5"> </A>
<BR></FONT><FONT SIZE=2><B>  TRANSMISSION OF SHARES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.&nbsp;&nbsp;&nbsp;&nbsp;If
a Member dies the survivor or survivors (where he was a joint holder) or his legal personal representatives (where he was a sole holder), shall be the only persons
recognised by the Company as having any title to his shares. The estate of a deceased Member is not thereby released from any liability in respect of any share, for which he was a joint or sole
holder. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.&nbsp;&nbsp;&nbsp;&nbsp;Any
person becoming entitled to a share in consequence of the death or bankruptcy or liquidation or dissolution of a Member (or in any other way than by transfer) may,
upon such evidence being produced as may be required by the Directors, elect, by a notice in writing sent by him to the Company, either to become the holder of such share or to have some person
nominated by him registered as the holder of such share. If he elects to have another person registered as the holder of such share he shall sign an instrument of transfer of that share to that
person. The Directors shall, in either case, have the same right to decline or suspend registration as they would have had in the case of a transfer of the share by the relevant Member before his
death or bankruptcy or liquidation or dissolution, as the case may be. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.&nbsp;&nbsp;&nbsp;&nbsp;A
person becoming entitled to a share by reason of the death or bankruptcy or liquidation or dissolution of a Member (or in any other case than by transfer) shall be
entitled to the same dividends, other distributions and other advantages to which he would be entitled if he were the holder of such
share. However, he shall not, before becoming a Member in respect of a share, be entitled in respect of it to exercise any right conferred by membership in relation to general meetings of the Company
and the Directors may at any time give notice requiring any such person to elect either to be registered himself or to have some person nominated by him be registered as the holder of the share (but
the Directors shall, in either case, have the same right to decline or suspend registration as they would have had in the case of a transfer of the share by the relevant Member before his death or
bankruptcy or liquidation or dissolution or any other case than by transfer, as the case may be). If the notice is not complied with within ninety (90)&nbsp;calendar days of being received or deemed
to be received (as determined pursuant to the Articles) the Directors may thereafter withhold payment of all dividends, other distributions, bonuses or other monies payable in respect of the share
until the requirements of the notice have been complied with. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hi78301_lien"> </A>
<A NAME="toc_hi78301_6"> </A>
<BR></FONT><FONT SIZE=2><B>  LIEN    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall have a first and paramount lien on every share (not being a fully paid share) for all moneys (whether presently payable or not) called or payable at a
fixed time in respect of that share. The Company shall also have a first and paramount lien on every share (not being a fully paid share) registered in the name of a Member (whether or not jointly
with other Members) for all amounts of money presently payable by such Member or his estate to the Company whether the same shall have been incurred before or after notice to the Company of any
equitable or other interest of any person other than such Member, and whether the period for the payment or discharge of the same shall have actually arrived or not, and notwithstanding that the same
are joint debts or liabilities of such Member or his or her estate and any other person, whether a Member or not. The Company's lien on a share shall extend to all dividends or other moneys payable
thereon or in respect thereof. The Board may at any time, generally or in any particular case, waive any lien that has arisen or declare any share exempt in whole or in part, from the provisions of
this Article. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-10</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=164,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=1017458,FOLIO='B-10',FILE='DISK125:[10ZCL1.10ZCL78301]HI78301A.;9',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hi78301_1_11"> </A>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.&nbsp;&nbsp;&nbsp;&nbsp;Subject
to these Articles, the Company may sell in such manner as the Board determines any share on which the Company has a lien, but no sale shall be made unless some
sum in respect of which the lien exists is presently payable, or the liability or engagement in respect of which such lien exists is liable to be presently fulfilled or discharged nor until the
expiration of fourteen (14)&nbsp;clear days after a notice in writing, stating and demanding payment of the sum presently payable, or specifying the liability or engagement and demanding fulfillment
or discharge thereof and giving notice of the intention to sell in default, has been served on the registered holder for the time being of the share or the person entitled thereto by reason of his or
her death or bankruptcy. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.&nbsp;&nbsp;&nbsp;&nbsp;The
net proceeds of the sale shall be received by the Company and applied in or towards payment or discharge of the debt or liability in respect of which the lien
exists, so far as the same is presently payable, and any residue shall (subject to a like lien for debts or liabilities not presently payable as existed upon the share prior to the sale) be paid to
the person entitled to the share at the time of the sale. To give effect to any such sale the Board may authorise some person to transfer the shares sold to the purchaser thereof. The purchaser shall
be registered as the holder of the shares so transferred and he or she shall not be bound to see to the application of the purchase money, nor shall his title to the shares be affected by any
irregularity or invalidity in the proceedings relating to the sale. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hi78301_calls_on_shares"> </A>
<A NAME="toc_hi78301_7"> </A>
<BR></FONT><FONT SIZE=2><B>  CALLS ON SHARES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.&nbsp;&nbsp;&nbsp;&nbsp;Subject
to these Articles and to the terms of allotment, the Board may from time to time make calls upon the Members in respect of any moneys unpaid on their shares
(whether on account of the nominal value of the shares or by way of premium), and each Member shall (subject to being given at least fourteen (14)&nbsp;clear days' notice specifying the time and
place of payment) pay to the Company as required by such notice the amount called on his shares. A call may be extended, postponed or revoked in whole or in part as the Board determines but no Member
shall be entitled to any such extension, postponement or revocation except as a matter of grace and favour. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.&nbsp;&nbsp;&nbsp;&nbsp;A
call shall be deemed to have been made at the time when the resolution of the Board authorizing the call was passed and may be made payable either in one lump sum or
by installments. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.&nbsp;&nbsp;&nbsp;&nbsp;A
person upon whom a call is made shall remain liable for calls made upon him notwithstanding the subsequent transfer of the shares in respect of which the call was
made. The joint holders of a share shall be jointly and severally liable to pay all calls and installments due in respect thereof or other moneys due in respect thereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.&nbsp;&nbsp;&nbsp;&nbsp;If
a sum called in respect of a share is not paid before or on the day appointed for payment thereof, the person from whom the sum is due shall pay interest on the
amount unpaid from the day appointed for payment thereof to the time of actual payment at such rate (not exceeding twenty percent (20%) per annum) as the Board may determine, but the Board may in its
absolute discretion waive payment of such interest wholly or in part. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.&nbsp;&nbsp;&nbsp;&nbsp;No
Member shall be entitled to receive any dividend or to be present and vote (save as proxy for another Member) at any general meeting either personally or by proxy, or
be reckoned in a quorum, or exercise any other privilege as a Member until all calls or installments due by him to the Company,
whether alone or jointly with any other person, together with interest and expenses (if any) shall have been paid. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.&nbsp;&nbsp;&nbsp;&nbsp;On
the trial or hearing of any action or other proceedings for the recovery of any money due for any call, it shall be sufficient to prove that the name of the Member
sued is entered in the Register of Members as the holder, or one of the holders, of the shares in respect of which such debt accrued, that the resolution making the call is duly recorded in the minute
book, and that notice of such call was duly given to the Member sued, in pursuance of these Articles; and it shall not be necessary to </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-11</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=165,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=968378,FOLIO='B-11',FILE='DISK125:[10ZCL1.10ZCL78301]HI78301A.;9',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hi78301_1_12"> </A>
<BR>

<P style="font-family:times;"><FONT SIZE=2>prove
the appointment of the Directors who made such call, nor any other matters whatsoever, but the proof of the matters aforesaid shall be conclusive evidence of the debt. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.&nbsp;&nbsp;&nbsp;&nbsp;Any
amount payable in respect of a share upon allotment or at any fixed date, whether in respect of nominal value or premium or as an installment of a call, shall be
deemed to be a call duly made and payable on the date fixed for payment and if it is not paid the provisions of these Articles shall apply as if that amount had become due and payable by virtue of a
call duly made and notified. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.&nbsp;&nbsp;&nbsp;&nbsp;On
the issue of shares the Board may differentiate between the allottees or holders as to the amount of calls to be paid and the times of payment. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.&nbsp;&nbsp;&nbsp;&nbsp;The
Board may, if it thinks fit, receive from any Member willing to advance the same, and either in money or money's worth, all or any part of the moneys uncalled and
unpaid or installments payable upon any shares held by him and upon all or any of the moneys so advanced (until the same would, but for such advance, become presently payable) pay interest at such
rate (if any) as the Board may decide. The Board may at any time repay the amount so advanced upon giving to such Member not less than one (1)&nbsp;month's notice of its intention in that behalf,
unless before the expiration of such notice the amount so advanced shall have been called up on the shares in respect of which it was advanced. Such payment in advance shall not entitle the holder of
such share or shares to participate in respect thereof in a dividend subsequently declared. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hi78301_forfeiture_of_shares"> </A>
<A NAME="toc_hi78301_8"> </A>
<BR></FONT><FONT SIZE=2><B>  FORFEITURE OF SHARES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.&nbsp;&nbsp;&nbsp;&nbsp;(a)
If a call remains unpaid after it has become due and payable the Board may give to the person from whom it is due not less than fourteen (14)&nbsp;clear days'
notice: </FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;requiring
payment of the amount unpaid together with any interest which may have accrued and which may still accrue up to the date of actual payment; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;stating
that if the notice is not complied with the shares on which the call was made will be liable to be forfeited. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;If
the requirements of any such notice are not complied with, any share in respect of which such notice has been given may at any time thereafter, before payment of all
calls and interest due in respect thereof has been made, be forfeited by a resolution of the Board to that effect, and such forfeiture shall include all dividends declared in respect of the forfeited
share but not actually paid before the forfeiture. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.&nbsp;&nbsp;&nbsp;&nbsp;When
any share has been forfeited, notice of the forfeiture shall be served upon the person who was before forfeiture the holder of the share. No forfeiture shall be
invalidated by any omission or neglect to give such notice. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.&nbsp;&nbsp;&nbsp;&nbsp;The
Board may accept the surrender of any share liable to be forfeited hereunder and, in such case, references in these Articles to forfeiture will include surrender. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.&nbsp;&nbsp;&nbsp;&nbsp;(a)
Any share so forfeited shall be deemed the property of the Company and may be sold, re-allotted or otherwise disposed of to such person, upon such terms
and in such manner as the Board determines, and at any time before a sale, re-allotment or disposition the forfeiture may be annulled by the Board on such terms as the Board determines. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;A
person whose shares have been forfeited shall cease to be a Member in respect of the forfeited shares but nevertheless shall remain liable to pay the Company all
moneys which at the date of forfeiture were presently payable by him to the Company in respect of the shares, with (if the Directors shall in their discretion so require) interest thereon from the
date of forfeiture until payment at such rate (not exceeding twenty percent (20%) per annum) as the Board determines. The Board may enforce payment thereof if it thinks fit, and without any deduction
or allowance </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-12</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=166,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=671662,FOLIO='B-12',FILE='DISK125:[10ZCL1.10ZCL78301]HI78301A.;9',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hi78301_1_13"> </A>
<UL>

<P style="font-family:times;"><FONT SIZE=2>for
the value of the forfeited shares, at the date of forfeiture, but his liability shall cease if and when the Company shall have received payment in full of all such moneys in respect of the shares.
For the
purposes of this Article any sum which, by the terms of issue of a share, is payable thereon at a fixed time which is subsequent to the date of forfeiture, whether on account of the nominal value of
the share or by way of premium, shall notwithstanding that time has not yet arrived be deemed to be payable at the date of forfeiture, and the same shall become due and payable immediately upon the
forfeiture, but interest thereon shall only be payable in respect of any period between the said fixed time and the date of actual payment. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.&nbsp;&nbsp;&nbsp;&nbsp;A
declaration by a Director or the Secretary that a share has been forfeited on a specified date shall be conclusive evidence of the facts therein stated as against all
persons claiming to be entitled to the share, and such declaration shall (subject to the execution of an instrument of transfer by the Company if necessary) constitute a good title to the share, and
the person to whom the share is disposed of shall be registered as the holder of the share and shall not be bound to see to the application of the consideration (if any), nor shall his title to the
share be affected by any irregularity in or invalidity of the proceedings in reference to the forfeiture, sale or disposal of the share. When any share shall have been forfeited, notice of the
declaration shall be given to the Member in whose name it stood immediately prior to the forfeiture, and an entry of the forfeiture, with the date thereof, shall forthwith be made in the register, but
no forfeiture shall be in any manner invalidated by any omission or neglect to give such notice or make any such entry. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any such forfeiture as aforesaid the Board may at any time, before any shares so forfeited shall have been sold, re-allotted or otherwise
disposed of, permit the shares forfeited to be bought back upon the terms of payment of all calls and interest due upon and expenses incurred in respect of the share, and upon such further terms (if
any) as it thinks fit. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.&nbsp;&nbsp;&nbsp;&nbsp;The
forfeiture of a share shall not prejudice the right of the Company to any call already made or installment payable thereon. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.&nbsp;&nbsp;&nbsp;&nbsp;The
provisions of these Articles as to forfeiture shall apply in the case of non-payment of any sum which, by the terms of issue of a share, becomes payable
at a fixed time, whether on account of the nominal value of the share or by way of premium, as if the same had been payable by virtue of a call duly made and notified. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hi78301_alteration_of_capital"> </A>
<A NAME="toc_hi78301_9"> </A>
<BR></FONT><FONT SIZE=2><B>  ALTERATION OF CAPITAL    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.&nbsp;&nbsp;&nbsp;&nbsp;Subject
to these Articles, the Company may from time to time by Ordinary Resolution increase the share capital by such sum, to be divided into shares of such classes and
amount, as the resolution shall prescribe. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.&nbsp;&nbsp;&nbsp;&nbsp;Subject
to these Articles, the Company may by Ordinary Resolution: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;consolidate
and divide all or any of its share capital into shares of larger amount than its existing shares; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;sub-divide
its existing shares, or any of them into shares of a smaller amount provided that in the subdivision the proportion between the amount paid and
the amount, if any unpaid on each reduced share shall be the same as it was in case of the share from which the reduced share is derived; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;divide
shares into multiple classes; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;cancel
any shares which, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person and diminish the amount of its share
capital by the amount of the shares so cancelled. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-13</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=167,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=586613,FOLIO='B-13',FILE='DISK125:[10ZCL1.10ZCL78301]HI78301A.;9',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hi78301_1_14"> </A>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.&nbsp;&nbsp;&nbsp;&nbsp;Subject
to these Articles, the Company may by Special Resolution: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;change
its name; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;alter
or add to these Articles; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;alter
or add to the Memorandum of Association with respect to any objects, powers or other matters specified therein; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;reduce
its share capital and any capital redemption reserve in any manner authorised by law. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.&nbsp;&nbsp;&nbsp;&nbsp;All
new shares created hereunder shall be subject to the same provisions with reference to the payment of calls, liens, transfer, transmission, forfeiture and otherwise
as the shares in the original share capital. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hi78301_closing_register_of_members_or_fixing_record_date"> </A>
<A NAME="toc_hi78301_10"> </A>
<BR></FONT><FONT SIZE=2><B>  CLOSING REGISTER OF MEMBERS OR FIXING RECORD DATE    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.&nbsp;&nbsp;&nbsp;&nbsp;For
the purpose of determining those Members that are entitled to receive notice of, attend or vote at any meeting of Members or any adjournment thereof, or those
Members that are entitled to receive payment of any dividend, or in order to make a determination as to who is a Member for any other purpose, the Directors may provide that the Register of Members
shall be closed for transfers for a stated period but not to exceed in any case sixty (60)&nbsp;calendar days. If the Register of Members shall be so closed for the purpose of determining those
Members that are entitled to receive notice of, attend or vote at a meeting of Members such register shall be so closed for at least ten (10)&nbsp;calendar days (but not more than sixty
(60)&nbsp;calendar days) immediately preceding such meeting and the record date for such determination shall be the date of the closure of the Register of Members, which such date shall not precede
the date upon which the resolution fixing the record date is adopted by the Directors. The Directors shall prepare, or cause to be prepared, at least ten (10)&nbsp;days before every general meeting,
a complete list of the Members entitled to vote at such meeting, arranged in alphabetical order, and showing the address of each Member and the number of shares registered in the name of each Member.
Such list shall be open to the examination of any Member, for any purpose germane to the meeting, during ordinary business hours, for a period of at least ten (10)&nbsp;days prior to the meeting,
either at a place within the city where the meeting is to be held, which place shall be specified in the notice of the meeting, or, if not so specified, at the place where the meeting is to be held.
The list shall also be produced and kept at the time and place of the meeting during the whole time thereof, and may be inspected by any Member who is present. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.&nbsp;&nbsp;&nbsp;&nbsp;In
lieu of or apart from closing the Register of Members, the Directors may fix in advance a date as the record date for any such determination of those Members that are
entitled to receive notice of, attend or vote at a meeting of the Members and for the purpose of determining those Members that are entitled to receive payment of any dividend the Directors may, at or
within ninety (90)&nbsp;calendar days prior to the date of declaration of such dividend, fix a subsequent date as the record date of such determination. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.&nbsp;&nbsp;&nbsp;&nbsp;If
the Register of Members is not so closed and no record date is fixed for the determination of those Members entitled to receive notice of, attend or vote at a meeting
of Members or those Members that are entitled to receive payment of a dividend, the record date for such determination of Members shall be at the close of business on the business day next preceding
the day on which notice is given, or, if notice is waived, at the close of business on the business day next preceding the day on which the meeting is held. When a determination of those Members that
are entitled to receive notice
of, attend or vote at a meeting of Members has been made as provided in this Article, such determination shall apply to any adjournment thereof. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-14</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=168,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=865652,FOLIO='B-14',FILE='DISK125:[10ZCL1.10ZCL78301]HI78301A.;9',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hi78301_1_15"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hi78301_general_meetings"> </A>
<A NAME="toc_hi78301_11"> </A>
<BR></FONT><FONT SIZE=2><B>  GENERAL MEETINGS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.&nbsp;&nbsp;&nbsp;&nbsp;All
general meetings of the Company other than annual general meetings shall be called extraordinary general meetings. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall, if required by the Statute, in each year hold a general meeting as its annual general meeting at such time and place as may be determined by the
Directors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.&nbsp;&nbsp;&nbsp;&nbsp;Extraordinary
general meetings may be called by the Board, the Chairperson of the Board, the President or by one or more members holding shares in the aggregate entitled
to cast not less than fifty percent (50%) of the votes at that meeting. If an extraordinary general meeting is called by the Board, the President or the Chairperson of the Board, such extraordinary
general meetings shall be held at such time and place as may be determined by the Directors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.&nbsp;&nbsp;&nbsp;&nbsp;If
an extraordinary general meeting is called by any person or persons other than the Board, the President or the Chairperson of the Board, then the request shall be in
writing, specifying the time of such meeting and the general nature of the business proposed to be transacted, and shall be delivered personally or sent by registered mail or by telegraphic or other
facsimile transmission to the Chairperson of the Board, the President, any Vice President or the Secretary of the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.&nbsp;&nbsp;&nbsp;&nbsp;In
the absence of a designation of the location of a general meeting by the person or persons calling such meeting, such meeting shall be held at the principal executive
office of the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.&nbsp;&nbsp;&nbsp;&nbsp;A
person may participate at a general meeting by conference telephone or other communications equipment by means of which all the persons participating in the meeting
can communicate with each
other. Participation by a person in a general meeting in this manner is treated as presence in person at that meeting. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hi78301_notice_of_general_meetings"> </A>
<A NAME="toc_hi78301_12"> </A>
<BR></FONT><FONT SIZE=2><B>  NOTICE OF GENERAL MEETINGS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61.&nbsp;&nbsp;&nbsp;&nbsp;At
least ten (10)&nbsp;calendar days' notice (but not more than sixty (60)&nbsp;calendar days' notice) shall be given for any general meeting. Every notice shall be
exclusive of the day on which it is given or deemed to be given and of the day for which it is given and shall specify the place, the day and the hour of the meeting, the matters that are intended to
be presented, and, in the case of annual general meetings, the name of any nominee who the Directors intend to present for election, and shall be given in the manner hereinafter mentioned or in such
other manner if any as may be prescribed by the Company, provided that a general meeting of the Company shall, whether or not the notice specified in this regulation has been given and whether or not
the provisions of Articles regarding general meetings have been complied with, be deemed to have been duly convened if it is so agreed: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;in
the case of an annual general meeting by all the Members (or their proxies) entitled to attend and vote thereat; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;in
the case of an extraordinary general meeting by the Members (or their proxies) having a right to attend and vote at the meeting, together holding not less than a
majority in par value of the shares giving that right. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.&nbsp;&nbsp;&nbsp;&nbsp;The
notice convening an annual general meeting shall specify the meeting as such, and the notice convening a meeting to pass a Special Resolution shall specify the
intention to propose the resolution as a Special Resolution. Notice of every general meeting shall be given to all Members other than such as, under the provisions hereof or the terms of issue of the
shares they hold, are not entitled to receive such notice from the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.&nbsp;&nbsp;&nbsp;&nbsp;Written
notice of any general meeting shall be given either personally or by first-class mail or by telegraphic or other written communication. Notices not personally
delivered shall be sent charges prepaid and shall be addressed to the Member at the address of that Member appearing on the books </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-15</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=169,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=767490,FOLIO='B-15',FILE='DISK125:[10ZCL1.10ZCL78301]HI78301A.;9',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hi78301_1_16"> </A>
<BR>

<P style="font-family:times;"><FONT SIZE=2>of
the Company or given by the Member to the Company for the purpose of notice. Notice shall be deemed to have been given at the time when delivered personally or deposited in the mail or sent by
telegram or other means of written communication. An affidavit of the mailing or other means of giving any notice of any general meeting, executed by the Secretary, Assistant Secretary or any transfer
agent of the Company giving the notice, shall be prima facie evidence of the giving of such notice. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.&nbsp;&nbsp;&nbsp;&nbsp;In
cases where instruments of proxy are sent out with notices, the accidental omission to send such instrument of proxy to, or the non-receipt of any such
instrument of proxy by, any person entitled to receive notice shall not invalidate any resolution passed or any proceeding at any such meeting. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.&nbsp;&nbsp;&nbsp;&nbsp;No
business may be transacted at any general meeting, other than business that is either (A)&nbsp;specified in the notice of meeting (or any supplement thereto) given
by or at the direction of the Board (or any duly authorised committee thereof), (B)&nbsp;otherwise properly brought before an annual general meeting by or at the direction of the Board (or any duly
authorised committee thereof) or (C)&nbsp;otherwise properly brought before an annual general meeting by any Member of the Company who (1)&nbsp;is a Member of record on both (x)&nbsp;the date of
the giving of the notice by such Member provided for in this Article and (y)&nbsp;the record date for the determination of Members entitled to vote at such annual general meeting and
(2)&nbsp;complies with the notice procedures set forth in this Article. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;In
addition to any other applicable requirements, for business to be brought properly before an annual general meeting by a Member, such Member must have given timely
notice thereof in proper written form to the Secretary of the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;If
an extraordinary general meeting is called by any person or persons other than the Board, the President or the Chairperson of the Board, the officer receiving the
request for such meeting shall cause notice to be promptly given to the Members entitled to vote, in accordance with the provisions of Sections&nbsp;61and 65 hereof, that a meeting will be held at
the time requested by the person or persons calling the meeting, so long as that time is not less than thirty-five (35)&nbsp;nor more than sixty (60)&nbsp;days after the receipt of the
request. If the notice is not given within twenty (20)&nbsp;days after receipt of the request, then the person or persons requesting the meeting may give the notice. Nothing contained in this
paragraph shall be construed as limiting, fixing or affecting the time when a meeting of the Members called by action of the Board may be held. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;All
notices of meetings of the Members shall be sent or otherwise given in accordance with Section65 hereof not less than ten (10)&nbsp;nor more than sixty
(60)&nbsp;days before the date of the meeting. The notice shall specify the place, date and hour of the meeting and (i)&nbsp;in the case of an extraordinary general meeting, the purpose or
purposes for which the meeting is called (no business other than that specified in the notice may be transacted) or (ii)&nbsp;in the case of the annual general meeting, those matters which the
Board, at the time of giving the notice, intends to present for action by the members (but any proper matter may be presented at the meeting for such action). The notice of any meeting at which
Directors are to be elected shall include the name of any nominee or nominees who, at the time of the notice, the Board intends to present for election. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;For
matters other than for the nomination for election of a Director to be made by a Member of the Company, to be timely, such Member's notice shall be delivered to the
Secretary at the principal executive offices of the Company at least forty-five (45)&nbsp;prior to the date on which the Company first mailed proxy materials for the prior year's annual
general meeting; provided, however, that if the Company's annual general meeting occurs on a date more than thirty (30)&nbsp;days earlier or later than the Company's prior year's annual general
meeting, then the Board shall determine a date a reasonable period prior to the Company's annual general meeting by which date the Members notice must be delivered and publicize such date in a filing
pursuant to the Exchange Act, or via press release. Such publication shall occur at least ten (10)&nbsp;days prior to the date set by the Board. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-16</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=170,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=41373,FOLIO='B-16',FILE='DISK125:[10ZCL1.10ZCL78301]HI78301A.;9',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hi78301_1_17"> </A>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;To
be in proper written form, a Member's notice to the Secretary must set forth as to such matter such Member proposes to bring before the annual general meeting
(1)&nbsp;a brief description of the business desired to be brought before the annual general meeting and the reasons for conducting such business at the annual general meeting, (2)&nbsp;the name
and address, as they appear on the Company's books, of the Member proposing such business and any Member Associated Person (as defined below), (3)&nbsp;the class or series and number of shares of
the Company that are held of record or are beneficially owned by such Member or any Member Associated Person and any derivative positions held or beneficially held by the Member or any Member
Associated Person, (4)&nbsp;whether and the extent to which any hedging or other transaction or series of transactions has been entered into by or on behalf of such Member or any Member Associated
Person with respect to any securities of the Company, and a description of any other agreement, arrangement or understanding (including any short position or any borrowing or lending of shares), the
effect or intent of which is to mitigate loss to, or to manage the risk or benefit from share price changes for, or to increase or decrease the voting power of, such Member or any Member Associated
Person with respect to any securities of the corporation, (5)&nbsp;any material interest of the Member or a Member Associated Person in such business, and (6)&nbsp;a statement whether either such
Member or any Member Associated Person will deliver a proxy statement and form of proxy to holders of at least the percentage of the Company's voting shares required under applicable law and the rules
of the Designated Stock Exchange to carry the proposal. For purposes of this Article&nbsp;65(e), a "</FONT><FONT SIZE=2><B>Member Associated Person</B></FONT><FONT SIZE=2>" of any Member shall mean
(i)&nbsp;any person controlling, directly or indirectly, or acting in concert with, such Member, (ii)&nbsp;any beneficial owner of shares of the Company owned of record or beneficially by such
Member and on whose behalf the proposal or nomination, as the case may be, is being made, or (iii)&nbsp;any person controlling, controlled by or under common control with such person referred to in
the preceding clauses&nbsp;(i) and (ii). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;No
business shall be conducted at the annual general meeting except business brought before the annual general meeting in accordance with the procedures set forth in
this Article, provided, however, that once business has been properly brought before the annual general meeting in accordance with such procedures, nothing in this Article shall be deemed to preclude
discussion by any Member of any such business. If the Chairperson of an annual general meeting determines that business was not properly brought before the annual general meeting in accordance with
the foregoing procedures, the Chairperson shall declare to the meeting that the business was not properly brought before the meeting and such business shall not be transacted. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;In
addition to any other applicable requirements, for a nomination for election of a Director to be made by a Member of the Company, such Member must (A)&nbsp;be a
Member of record on both (x)&nbsp;the date of the giving of the notice by such Member provided for in this Article and (y)&nbsp;the record date for the determination of Members entitled to vote at
such annual general meeting and (B)&nbsp;have given timely notice thereof in proper written form to the Secretary of the Company. If a Member is entitled to vote only for a specific class or
category of directors at a meeting of the Members, such Member's right to nominate one or more persons for election as a director at the meeting shall be limited to such class or category of
directors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;To
be timely for purposes of Article&nbsp;65(g), a Member's notice shall be delivered to or mailed and received at the principal executive offices of the Company not
less than one hundred twenty (120)&nbsp;days prior to the meeting; provided, however, that in the event less than one hundred thirty (130)&nbsp;days notice or prior public disclosure of the date
of the meeting is given or made to Members, notice by the Member to be timely must be so received not later than the close of business on the tenth (10<SUP>th</SUP>) day following the earlier of
the day on which such notice of the date of the meeting was mailed or such public disclosure was made. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-17</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=171,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=968583,FOLIO='B-17',FILE='DISK125:[10ZCL1.10ZCL78301]HI78301A.;9',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hi78301_1_18"> </A>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;To
be in proper written form for purposes of Article&nbsp;63(g), a Member's notice to the Secretary must be set forth (A)&nbsp;as to each person whom the Member
proposes to nominate for election as a director (1)&nbsp;the name, age, business address and residence address of the person, (2)&nbsp;the principal occupation or employment of the person,
(3)&nbsp;the class or series and number of shares of the Company, if any, which are owned beneficially or of record by the person and (4)&nbsp;any other information relating to the person that
would be required to be disclosed pursuant to any applicable law and rules of the Designated Stock Exchange; and (B)&nbsp;as to the Member giving notice (1)&nbsp;the name and record address of
such Member, (2)&nbsp;the class or series and number of shares of the Company which are owned beneficially or of record by such Member, (3)&nbsp;a description of all arrangements or understandings
between such Member and each proposed nominee and any other person or persons (including their names) pursuant to which the nomination(s) are to be made by such Member, (4)&nbsp;a representation
that such Member intends to appear in person or by proxy at the annual meeting to nominate the person(s) named in its notice and (5)&nbsp;any other information relating to such Member that would be
required to be disclosed
pursuant to any applicable law and rules of the Designated Stock Exchange. Such notice must be accompanied by a written consent of each proposed nominee to being named as a nominee and to serve as a
director if elected. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;No
person shall be eligible for election as a director of the Company unless nominated in accordance with the procedures set forth in the Articles under this heading of
"</FONT><FONT SIZE=2><B>NOTICE OF GENERAL MEETINGS</B></FONT><FONT SIZE=2>". If the Chairperson of an annual general meeting determines that a nomination was not made in accordance with the foregoing
procedures, the Chairperson shall declare to the meeting that the nomination was defective and such defective nomination shall be disregarded. This Article shall not apply to any nomination of a
director in an election in which only the holders of one or more series of Preference Shares of the Company are entitled to vote (unless otherwise provided in the terms of such series of Preference
Shares). </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66.&nbsp;&nbsp;&nbsp;&nbsp;The
accidental omission to give notice of a meeting to or the non-receipt of a notice of a meeting by any Member shall not invalidate the proceedings at any
meeting. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hi78301_proceedings_at_general_meetings"> </A>
<A NAME="toc_hi78301_13"> </A>
<BR></FONT><FONT SIZE=2><B>  PROCEEDINGS AT GENERAL MEETINGS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67.&nbsp;&nbsp;&nbsp;&nbsp;No
business shall be transacted at any general meeting unless a quorum of Members is present at the time when the meeting proceeds to business. Members holding in
aggregate not less than a majority of all voting share capital of the Company in issue present in person or by proxy and entitled to vote shall be a quorum for all purposes. A person may participate
at a general meeting by conference telephone or other communications equipment by means of which all the persons participating in the meeting can communicate with each other. Participation by a person
in a general meeting in this manner is treated as presence in person at that meeting. If, however, such quorum is not present or represented at any general meeting, then either (i)&nbsp;the
Chairperson of the meeting or (ii)&nbsp;the Members entitled to vote thereat, present in person or represented by proxy, shall have power to adjourn the meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.&nbsp;&nbsp;&nbsp;&nbsp;When
a meeting is adjourned to another time and place, unless these Articles of Association otherwise require, notice need not be given of the adjourned meeting if the
time and place thereof are announced at the meeting at which the adjournment is taken. At the adjourned meeting the Company may transact any business that might have been transacted at the original
meeting. If the adjournment is for more than thirty (30)&nbsp;days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given
to each Member of record entitled to vote at the meeting. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-18</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=172,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=340977,FOLIO='B-18',FILE='DISK125:[10ZCL1.10ZCL78301]HI78301A.;9',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_hk78301_1_19"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69.&nbsp;&nbsp;&nbsp;&nbsp;A determination of the Members of record entitled to notice of or to vote at a general meeting shall apply to any adjournment of such meeting unless the Board of
Directors fixes a new record date for the adjourned meeting, but the Board shall fix a new record date if the meeting is adjourned for more than thirty (30)&nbsp;days from the date set for the
original meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.&nbsp;&nbsp;&nbsp;&nbsp;The
Chairperson of the Board of Directors shall preside as Chairperson at every general meeting of the Company. If at any meeting the Chairperson of the Board of
Directors is not present within fifteen minutes after the time appointed for holding the meeting or is unwilling to act as Chairperson, the Directors present shall elect one of their number to
Chairperson of the meeting or if all the Directors present decline to take the chair, the Members present shall choose one of their own number to be the Chairperson of the meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.&nbsp;&nbsp;&nbsp;&nbsp;At
any general meeting a resolution put to the vote of the meeting shall be decided on a poll. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72.&nbsp;&nbsp;&nbsp;&nbsp;A
poll shall be taken in such manner as the Chairperson directs, and the result of the poll shall be deemed to be the resolution of the meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73.&nbsp;&nbsp;&nbsp;&nbsp;In
the case of an equality of votes, the Chairperson of the meeting shall not be entitled to a second or casting vote. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hk78301_votes_of_members"> </A>
<A NAME="toc_hk78301_1"> </A>
<BR></FONT><FONT SIZE=2><B>  VOTES OF MEMBERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.&nbsp;&nbsp;&nbsp;&nbsp;Subject
to any rights and restrictions for the time being attached to any class or classes of shares, every Member present in person and every person representing a
Member by proxy at a general meeting of the Company shall have one vote for each share registered in such Member's name in the Register of Members. No cumulative voting shall be allowed. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.&nbsp;&nbsp;&nbsp;&nbsp;In
the case of joint holders the vote of the senior who tenders a vote whether in person or by proxy shall be accepted to the exclusion of the votes of the joint holders
and for this purpose seniority shall be determined by the order in which the names stand in the Register of Members. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.&nbsp;&nbsp;&nbsp;&nbsp;A
Member of unsound mind, or in respect of whom an order has been made by any court having jurisdiction in lunacy, may vote on a poll by his committee, or other person
in the nature of a committee appointed by that court, and any such committee or other person, may on a poll, vote by proxy. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77.&nbsp;&nbsp;&nbsp;&nbsp;No
Member shall be entitled to vote at any general meeting unless all calls or other sums presently payable by him in respect of shares in the Company have been paid. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78.&nbsp;&nbsp;&nbsp;&nbsp;On
a poll, votes may be given either personally or by proxy. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79.&nbsp;&nbsp;&nbsp;&nbsp;The
instrument appointing a proxy shall be in writing (whether by manual signature, typewriting, telegraphic transmission, telefacsimile or otherwise) under the hand of
the appointor or of his attorney duly authorised in writing or, if the appointor is a corporation, either under seal or under the hand of an officer or attorney duly authorised. A proxy need not be a
Member of the Company. Notwithstanding the foregoing, no proxy shall be voted or acted upon after three (3)&nbsp;years from its date unless the proxy provides for a longer period. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.&nbsp;&nbsp;&nbsp;&nbsp;An
instrument appointing a proxy may be in any usual or common form or such other form as the Directors may approve. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81.&nbsp;&nbsp;&nbsp;&nbsp;The
instrument appointing a proxy shall be deemed to confer authority to demand or join in demanding a poll. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82.&nbsp;&nbsp;&nbsp;&nbsp;Other
than a Special Resolution effected by a unanimous written resolution, written resolutions of the Members shall not be permitted. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-19</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=173,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=105553,FOLIO='B-19',FILE='DISK125:[10ZCL1.10ZCL78301]HK78301A.;19',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hk78301_1_20"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hk78301_corporations_acting_by_representatives_at_meeting"> </A>
<A NAME="toc_hk78301_2"> </A>
<BR></FONT><FONT SIZE=2><B>  CORPORATIONS ACTING BY REPRESENTATIVES AT MEETING    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83.&nbsp;&nbsp;&nbsp;&nbsp;Any
corporation which is a Member or a Director may by resolution of its directors or other governing body authorise such person as it thinks fit to act as its
representative at any meeting of the Company or of any class of Members or of the Board of Directors or of a committee of Directors, and the person so authorised shall be entitled to exercise the same
powers on behalf of the corporation which he represents as that corporation could exercise if it were an individual Member or Director. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hk78301_clearing_houses"> </A>
<A NAME="toc_hk78301_3"> </A>
<BR></FONT><FONT SIZE=2><B>  CLEARING HOUSES    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84.&nbsp;&nbsp;&nbsp;&nbsp;If
a clearing house (or its nominee) is a member of the Company it may, by resolution of its directors or other governing body or by power of attorney, authorise such
person or persons as it thinks fit to act as its representative or representatives at any general meeting of the Company or at any general meeting of any class of members of the Company provided that,
if more than one person is so authorised, the authorization shall specify the number and class of shares in respect of which each such person is so authorised. A person so authorised pursuant to this
provision shall be entitled to exercise the same powers on behalf of the clearing house (or its nominee) which he represents as that clearing house (or its nominee) could exercise if it were an
individual member of the Company holding the number and class of shares specified in such authorization. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hk78301_directors"> </A>
<A NAME="toc_hk78301_4"> </A>
<BR></FONT><FONT SIZE=2><B>  DIRECTORS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.&nbsp;&nbsp;&nbsp;&nbsp;(a)
There shall be a Board of Directors consisting of up to eight (8)&nbsp;Directors, as shall be fixed from time to time by the Directors. The Directors shall be
elected or appointed in the first place by the subscribers to the Memorandum of Association or by a majority of them and thereafter by the Members at general meeting. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
Directors shall be divided into three (3)&nbsp;classes designated as Class&nbsp;I, Class&nbsp;II and Class&nbsp;III, respectively, which classes may include
Directors appointed by the holders of any series of Preference Shares, if any. Directors shall be assigned to each class in accordance with a resolution or resolutions adopted by the Board of
Directors. At the 2011 annual general meeting of Members, the term of office of the Class&nbsp;II Directors shall expire and Class&nbsp;II Directors shall be elected for a full term of three
(3)&nbsp;years. At the 2012 annual general meeting of Members, the term of office of the Class&nbsp;III Directors shall expire and Class&nbsp;III Directors shall be elected for a full term of
three (3)&nbsp;years. At the 2013 annual general meeting of Members, the term of office of the Class&nbsp;I Directors shall expire and Class&nbsp;I Directors shall be elected for a full term of
three (3)&nbsp;years. At each succeeding annual general meeting of Members, Directors shall be elected for a full term of three (3)&nbsp;years to succeed the Directors of the class whose terms
expire at such annual general meeting. Notwithstanding the foregoing provisions of this Article, each Director shall hold office until the expiration of his term, until his successor shall have been
duly elected and qualified or until his earlier death, resignation or removal. No decrease in the number of Directors constituting the Board shall shorten the term of any incumbent Director. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;The
Board of Directors shall have a Chairperson of the Board of Directors (the "</FONT><FONT SIZE=2><B>Chairperson</B></FONT><FONT SIZE=2>") elected and appointed by a
majority of the Directors then in office. The Directors may also elect a Vice-Chairperson of the Board of Directors (the
"</FONT><FONT SIZE=2><B>Vice-Chairperson</B></FONT><FONT SIZE=2>"). The Chairperson shall preside as Chairperson at every meeting of the Board of Directors. To the extent the Chairperson
is not present at a meeting of the Board of Directors, the Vice-Chairperson, or in his absence, the attending Directors, may choose one Director to be the Chairperson of the meeting. The
Chairperson's voting right as to the matters to be decided by the Board of Directors shall be the same as other Directors. In the case of an equality of votes, the Chairperson shall not have an
additional tie-breaking vote. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-20</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=174,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=412809,FOLIO='B-20',FILE='DISK125:[10ZCL1.10ZCL78301]HK78301A.;19',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hk78301_1_21"> </A>
<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Subject
to these Articles, applicable law and the listing rules of the Designated Stock Exchange, the Members may by Ordinary Resolution elect any person to be a
Director either to fill a casual vacancy on the Board (other than a vacancy caused by the death, resignation or removal of a Director appointed by the holders of any series of Preference Shares, if
any) or as an addition to the existing Board. Each Director to be elected by the Members shall be elected by the affirmative vote of a majority of the votes cast with respect to such Director by the
shares represented and entitled to vote therefor at a meeting of the Members for the election of directors at which a quorum is present (an "</FONT><FONT SIZE=2><B>Election
Meeting</B></FONT><FONT SIZE=2>"); provided, however, that if the Board of Directors determines that the number of nominees exceeds the number of Directors to be elected at such meeting (a
"</FONT><FONT SIZE=2><B>Contested Election</B></FONT><FONT SIZE=2>"), whether or not the election becomes an uncontested election after such determination, each of the Directors to be elected at the
Election Meeting shall be elected by the affirmative vote of a plurality of the votes cast by the shares represented and entitled to vote at such meeting with respect to the election of such Director.
For purposes of this Article&nbsp;85(d), a "majority of the votes cast" means that the number of votes cast "for" a candidate for Director exceeds the number of votes cast "against" that Director
(with "abstentions" and "broker non-votes" not counted as votes cast as either "for" or "against" such Director's election). In an election other than a Contested Election, Members will be
given the choice to cast votes "for" or "against" the election of Directors or to "abstain" from such vote and shall not have the ability to cast any other vote with respect to such election of
directors. In a Contested Election, Members will be given the choice to cast "for" or "withhold" votes for the election of Directors and shall not have the ability to cast any other vote with respect
to such election of Directors. In the event an Election Meeting involves the election of Directors by separate votes by class or classes or series, the determination as to whether an election
constitutes a Contested Election shall be made on a class by class or series by series basis, as applicable. The Board of Directors has established procedures under which any Director who is not
elected shall offer to tender his or her resignation to the Board of Directors. Any Director so appointed shall hold office until the next succeeding annual general meeting of Members or until his
earlier death, resignation or removal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;The
Directors by the affirmative vote of a simple majority of the remaining Directors present and voting at a Board meeting, even if less than a quorum, shall have the
power from time to time and at any time to appoint any person as a Director to fill a casual vacancy on the Board or as an addition to the existing Board, subject to these Articles, applicable law and
the listing rules of the Designated Stock Exchange; provided, that whenever the holders of any class or classes of stock or series thereof are entitled to elect one or more directors by the provisions
of these Articles of Association, vacancies and newly created directorships of such class or classes or series may be filled by a majority of the Directors elected by such class or classes or series
thereof then in office, or by a sole remaining Director so elected. Any Director so appointed shall hold office until the next succeeding annual general meeting of Members or until his earlier death,
resignation or removal. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86.&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Article&nbsp;85, a Director may be removed from office by Special Resolution for negligence or other reasonable cause at any time before the expiration of
his term notwithstanding anything in these Articles or in any agreement between the Company and such Director (but without prejudice to any claim for damages under such agreement). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87.&nbsp;&nbsp;&nbsp;&nbsp;A
vacancy on the Board created by the removal of a Director under the provisions of Article&nbsp;85 above (other than a vacancy caused by the removal of a Director
appointed by the holders of any series of Preference Shares, if any) may be filled by the election or appointment by Ordinary Resolution at the meeting at which such Director is removed or by the
affirmative vote of a simple majority of the remaining Directors present and voting at a Board meeting, subject to these Articles, applicable law and the listing rules of the Designated Stock
Exchange. Any Director so appointed shall </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-21</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=175,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=690594,FOLIO='B-21',FILE='DISK125:[10ZCL1.10ZCL78301]HK78301A.;19',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hk78301_1_22"> </A>
<BR>

<P style="font-family:times;"><FONT SIZE=2>hold
office until the next succeeding annual general meeting of Members or until his earlier death, resignation or removal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88.&nbsp;&nbsp;&nbsp;&nbsp;The
Board may, from time to time, and except as required by applicable law or the listing rules of the Designated Stock Exchange, adopt, institute, amend, modify or
revoke the corporate governance policies or initiatives, which shall be intended to set forth the policies of the Company and the Board on various corporate governance related matters, as the Board
shall determine by resolution from time to time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89.&nbsp;&nbsp;&nbsp;&nbsp;A
Director shall not be required to hold any shares in the Company by way of qualification. A Director who is not a member of the Company shall nevertheless be entitled
to receive notice of and to attend and speak at general meetings of the Company and all classes of shares of the Company. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hk78301_directors__fees_and_expenses_1"> </A>
<A NAME="toc_hk78301_5"> </A>
<BR></FONT><FONT SIZE=2><B>  DIRECTORS' FEES AND EXPENSES    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90.&nbsp;&nbsp;&nbsp;&nbsp;The
Directors may receive such remuneration as the Board may from time to time determine. The Directors may be entitled to be repaid all traveling, hotel and incidental
expenses reasonably incurred or expected to be incurred by him in attending meetings of the Board or committees of the Board or general meetings or separate meetings of any class of shares or of
debentures of the Company or otherwise in connection with the discharge of his duties as a Director. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91.&nbsp;&nbsp;&nbsp;&nbsp;Any
Director who, by request, goes or resides abroad for any purpose of the Company or who performs services which in the opinion of the Board go beyond the ordinary
duties of a Director may be paid such extra remuneration (whether by way of salary, commission, participation in profits or otherwise) as the Board may determine and such extra remuneration shall be
in addition to or in substitution for any ordinary remuneration provided for by or pursuant to any other Article. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hk78301_powers_and_duties_of_directors"> </A>
<A NAME="toc_hk78301_6"> </A>
<BR></FONT><FONT SIZE=2><B>  POWERS AND DUTIES OF DIRECTORS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92.&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions of the Statute, these Articles and to any resolutions made in a general meeting, the business of the Company shall be managed by the Directors,
who may pay all expenses incurred in setting up and registering the Company and may exercise all powers of the Company. No resolution made by the Company in a general meeting shall invalidate any
prior act of the Directors that would have been valid if that resolution had not been made. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93.&nbsp;&nbsp;&nbsp;&nbsp;Subject
to these Articles, the Directors may from time to time appoint any person, whether or not a director of the Company, to hold the office of the Chief Executive
Officer as the Directors may think necessary for the administration of the Company, for such term and at such remuneration (whether by way of salary or commission or participation in profits or partly
in one way and partly in another), and with such powers and duties as the Directors may think fit. The Chief Executive Officer may from time to time appoint any person to hold such office in the
Company as he or she may think necessary for the administration of the Company, including without prejudice to the foregoing generality, the office of one or more Vice Presidents, Chief Financial
Officer, Manager or Controller, and for such term and at such remuneration (whether by way of salary or commission or participation in profits or partly in one way and partly in another), and with
such powers and duties as the Chief Executive Officer may think fit. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94.&nbsp;&nbsp;&nbsp;&nbsp;The
Directors may delegate any of their powers to committees consisting of such member or members of their body as they think fit; provided that any committee so formed
shall include amongst its members at least two Directors unless otherwise required by applicable law, rules and regulations and the rules of the Designated Stock Exchange; provided further that no
committee shall have the power of authority to (a)&nbsp;recommend to the Members an amendment of these Articles of Association (except that a committee may, to the extent authorized in the
resolution or resolutions providing for the issuance of shares of stock adopted by the Board of Directors as provided under the laws of the </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=176,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=366047,FOLIO='B-22',FILE='DISK125:[10ZCL1.10ZCL78301]HK78301A.;19',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hk78301_1_23"> </A>
<BR>

<P style="font-family:times;"><FONT SIZE=2>Cayman
Islands, fix the designations and any of the preferences or rights of such shares relating to dividends, redemption, dissolution, any distribution of assets of the Company or the conversion
into, or the exchange of such shares for, shares of any other class or classes or any other series of the same or any other class or classes of stock of the Company); (b)&nbsp;adopt an agreement of
merger or consolidation; (c)&nbsp;recommend to the Members the sale, lease or exchange of all or substantially all of the Company's property and assets; (d)&nbsp;recommend to the Members a
dissolution of the Company or a revocation of a dissolution; (e)&nbsp;recommend to the Members an amendment of the Memorandum of Association of the Company; or (f)&nbsp;declare a dividend or
authorize the issuance of Shares unless the resolution establishing such committee or the Memorandum or Articles of Association of the Company so provide. Any committee so formed shall in the exercise
of the powers so delegated conform to any regulations that
may be imposed on it by the Directors. The Directors may also delegate to any Director holding any executive office such of their powers as they consider desirable to be exercised by him or her. Any
such delegation may be made subject to any conditions the Board may impose, and either collaterally with or to the exclusion of their own powers, and may be revoked or altered. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95.&nbsp;&nbsp;&nbsp;&nbsp;The
Directors may from time to time and at any time by power of attorney appoint any company, firm or person or body of persons, whether nominated directly or indirectly
by the Directors, to be the attorney or attorneys of the Company for such purposes and with such powers, authorities and discretion (not exceeding those vested in or exercisable by the Directors under
these Articles) and for such period and subject to such conditions as they may think fit, and any such power of attorney may contain such provisions for the protection and convenience of persons
dealing with any such attorney as the Directors may think fit, and may also authorise any such attorney to delegate all or any of the powers, authorities and discretion vested in him. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96.&nbsp;&nbsp;&nbsp;&nbsp;The
Directors may from time to time provide for the management of the affairs of the Company in such manner as they shall think fit and the provisions contained in the
following paragraphs shall be without prejudice to the general powers conferred by this paragraph. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97.&nbsp;&nbsp;&nbsp;&nbsp;The
Directors from time to time and at any time may establish any committees, local boards or agencies for managing any of the affairs of the Company and may appoint any
persons to be members of such committees or local boards and may appoint any managers or agents of the Company and may fix the remuneration of any of the aforesaid. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.&nbsp;&nbsp;&nbsp;&nbsp;The
Directors from time to time and at any time may delegate to any such committee, local board, manager or agent any of the powers, authorities and discretions for the
time being vested in the Directors and may authorise the members for the time being of any such local board, or any of them to fill up any vacancies therein and to act notwithstanding vacancies and
any such appointment or delegation may be made on such terms and subject to such conditions as the Directors may think fit and the Directors may at any time remove any person so appointed and may
annul or vary any such delegation, but no person dealing in good faith and without notice of any such annulment or variation shall be affected thereby. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.&nbsp;&nbsp;&nbsp;&nbsp;Any
such delegates as aforesaid may be authorised by the Directors to subdelegate all or any of the powers, authorities, and discretions for the time being vested to
them. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.&nbsp;&nbsp;&nbsp;&nbsp;The
Directors may exercise all the powers of the Company to borrow money and to mortgage or charge its undertaking, property and uncalled capital or any part thereof,
to issue debentures, debenture stock and other securities whenever money is borrowed or as security for any debt, liability or obligation of the Company or of any third party. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-23</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=177,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=44281,FOLIO='B-23',FILE='DISK125:[10ZCL1.10ZCL78301]HK78301A.;19',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hk78301_1_24"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hk78301_disqualification_of_directors"> </A>
<A NAME="toc_hk78301_7"> </A>
<BR></FONT><FONT SIZE=2><B>  DISQUALIFICATION OF DIRECTORS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Article&nbsp;85, the office of Director shall be vacated, if the Director: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;becomes
bankrupt or makes any arrangement or composition with his creditors; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;is
found to be or becomes of unsound mind; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;resigns
his office by notice in writing to the Company; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;is
prohibited by applicable law or the Designated Stock Exchange from being a director; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;without
special leave of absence from the Board, is absent from meetings of the Board for six consecutive months and the Board resolves that his office be vacated; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;if
he or she shall be removed from office pursuant to these Articles or the Statute. </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hk78301_proceedings_of_directors"> </A>
<A NAME="toc_hk78301_8"> </A>
<BR></FONT><FONT SIZE=2><B>  PROCEEDINGS OF DIRECTORS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102.&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Article&nbsp;85, the Directors may meet together for the dispatch of business, adjourn, and otherwise regulate their meetings and proceedings as they think
fit. Such meetings may be held at any place within or outside the Cayman Islands that has been designated by the Board of Directors. In the absence of such a designation, meetings of the Board of
Directors shall be held at the principal executive office of the Company. Questions arising at any meeting of the Directors shall be decided by a majority of votes. In the case of an equality of
votes, the Chairperson of the Board shall not have an additional tie-breaking vote. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103.&nbsp;&nbsp;&nbsp;&nbsp;The
Chairperson of the Board, the chief executive officer, the president, any vice president, the Secretary or any two Directors may, at any time summon a meeting of
the Board by notice to each Director by telephone, facsimile, electronic email, telegraph or telex, during normal business hours, or by sending notice in writing to each Director by first class mail,
charges prepaid, at least four (4)&nbsp;days before the date of the meeting, which notice shall set forth the general nature of the business to be considered unless notice is waived by all the
Directors either at, before or after the meeting is held and provided further, if notice is given in person, by telephone, facsimile, electronic email, telegraph or telex, the same shall be deemed to
have been given on the day it is delivered to the Directors or transmitting organization as the case may be. The accidental omission to give notice of a meeting of the Board to, or the
non-receipt of notice of a meeting by, any person entitled to receive notice shall not invalidate the proceedings of that meeting. Notice of a meeting need not be given to any Director
(i)&nbsp;who signs a waiver of notice or a consent to holding the meeting or an approval of the minutes thereof, whether before or after the meeting, or (ii)&nbsp;who attends the meeting without
protesting, prior thereto or at its commencement, the lack of notice to such Directors. All such waivers, consents, and approvals shall be filed with the corporate records or made part of the minutes
of the meeting. A waiver of notice need not specify the purpose of any regular or special meeting of the Board of Directors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104.&nbsp;&nbsp;&nbsp;&nbsp;A
Director or Directors may participate in any meeting of the Board of Directors, or of any committee appointed by the Board of Directors of which such Director or
Directors are members, by means of telephone or similar communication equipment by way of which all persons participating in such meeting can hear each other and such participation shall be deemed to
constitute presence in person at the meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105.&nbsp;&nbsp;&nbsp;&nbsp;The
quorum necessary for the transaction of the business of the Directors shall be a majority of the authorized number of Directors. If at any time there is only a sole
Director, the quorum shall be one (1)&nbsp;Director. Every act or decision done or made by a majority of the Directors present at a duly held meeting at which a quorum is present shall be regarded
as the act of the Board of Directors, subject to the provisions of these Articles of Association and other applicable law. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-24</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=178,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=119145,FOLIO='B-24',FILE='DISK125:[10ZCL1.10ZCL78301]HK78301A.;19',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hk78301_1_25"> </A>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106.&nbsp;&nbsp;&nbsp;&nbsp;A
meeting of the Directors may be held by means of telephone or teleconferencing or any other telecommunications facility provided that all participants are thereby
able to communicate immediately by voice with all other participants. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107.&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Article&nbsp;85, a Director who is in any way, whether directly or indirectly, interested in a contract or proposed contract with the Company shall declare
the nature of his interest at a meeting of the Directors. A general notice given to the Directors by any Director to the effect that he is a member of any specified company or firm and is to be
regarded as interested in any contract which may thereafter be made with that company or firm shall be deemed a sufficient declaration of interest in regard to any contract so made. A Director may
vote in respect of any contract or proposed contract or arrangement notwithstanding that he may be interested therein and if he does so his vote shall be counted and he may be counted in the quorum at
any meeting of the Directors at which any such contract or proposed contract or arrangement shall come before the meeting for consideration. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108.&nbsp;&nbsp;&nbsp;&nbsp;A
Director may hold any other office or place of profit under the Company (other than the office of auditor) in conjunction with his office of Director for such period
and on such terms (as to remuneration and otherwise) as the Directors may determine and no Director or intending Director shall be disqualified by his office from contracting with the Company either
with regard to his tenure of any such other office or place of profit or as vendor, purchaser or otherwise, nor shall any such contract or arrangement entered into by or on behalf of the Company in
which any Director is in any way interested, be liable to be avoided, nor shall any Director so contracting or being so interested be liable to account to the Company for any profit realized by any
such contract or arrangement by reason of such Director holding that office or of the fiduciary relation thereby established. A Director, notwithstanding his interest, may be counted in the quorum
present at any meeting whereat he or any other Director is appointed to hold any such office or place of profit under the Company or whereat the terms of any such appointment are arranged and he may
vote on any such appointment or arrangement. Any Director who enters into a contract or arrangement or has a relationship that is reasonably likely to be implicated under this Article&nbsp;108 or
that would reasonably be likely to affect a Director's status as an "Independent Director" under applicable law or the rules of the Designated Stock Exchange shall disclose the nature of his or her
interest in any such contract or arrangement in which he is interested or any such relationship. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109.&nbsp;&nbsp;&nbsp;&nbsp;Any
Director may act by himself or his firm in a professional capacity for the Company, and he or his firm shall be entitled to reasonable expense reimbursement
consistent with the Company's policies in connection with such Directors service in his or her official capacity; provided that nothing herein contained shall authorise a Director or his firm to act
as auditor to the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110.&nbsp;&nbsp;&nbsp;&nbsp;The
Directors shall cause minutes to be made in books or loose-leaf folders provided for the purpose of recording: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;all
appointments of officers made by the Directors; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;the
names of the Directors present at each meeting of the Directors and of any committee of the Directors; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;all
resolutions and proceedings at all meetings of the Company, and of the Directors and of committees of Directors. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111.&nbsp;&nbsp;&nbsp;&nbsp;When
the Chairperson of a meeting of the Directors signs the minutes of such meeting the same shall be deemed to have been duly held notwithstanding that all the
Directors have not actually come together or that there may have been a technical defect in the proceedings. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112.&nbsp;&nbsp;&nbsp;&nbsp;A
resolution signed by all the Directors shall be as valid and effectual as if it had been passed at a meeting of the Directors duly called and constituted. When signed
a resolution may consist of several documents each signed by one or more of the Directors. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-25</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=179,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=15073,FOLIO='B-25',FILE='DISK125:[10ZCL1.10ZCL78301]HK78301A.;19',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hk78301_1_26"> </A>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113.&nbsp;&nbsp;&nbsp;&nbsp;The
continuing Directors may act notwithstanding any vacancy in their body but if and so long as their number is reduced below the number fixed by or pursuant to these
Articles as the necessary quorum of Directors, the continuing Directors may act for the purpose of increasing the number, or of summoning a general meeting of the Company, but for no other purpose. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114.&nbsp;&nbsp;&nbsp;&nbsp;A
committee appointed by the Directors may elect a Chairperson of its meetings. If no such Chairperson is elected, or if at any meeting the Chairperson is not present
within five minutes after the time appointed for holding the same, the members present may choose one of their number to be Chairperson of the meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115.&nbsp;&nbsp;&nbsp;&nbsp;A
committee appointed by the Directors may meet and adjourn as it thinks proper. Questions arising at any meeting shall be determined by a majority of votes of the
committee members present and in case of an equality of votes the Chairperson shall not have a second or casting vote. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116.&nbsp;&nbsp;&nbsp;&nbsp;Meetings
and actions of committees of the Board of Directors shall be governed by, and held and taken in accordance with, the provisions of Article&nbsp;102 (place of
meetings), Article&nbsp;103 (notice), Article&nbsp;104 (telephonic meetings), and Article&nbsp;105 (quorum), with such changes in the context of these Articles of Association as are necessary to
substitute the committee and its members for the Board of Directors and its members; provided, however, that the time of regular meetings of committees may be
determined either by resolution of the Board of Directors or by resolution of the committee, that special meetings of committees may also be called by resolution of the Board of Directors, and that
notice of special meetings of committees shall also be given to all alternate members, who shall have the right to attend all meetings of the committee. The Board of Directors may adopt rules for the
government of any committee not inconsistent with the provisions of these Articles of Association. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117.&nbsp;&nbsp;&nbsp;&nbsp;All
acts done by any meeting of the Directors or of a committee of Directors, or by any person acting as a Director, shall, notwithstanding that it be afterwards
discovered that there was some defect in the appointment of any such Director or person acting as aforesaid, or that they or any of them were disqualified, be as valid as if every such person had been
duly appointed and was qualified to be a Director. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hk78301_presumption_of_assent"> </A>
<A NAME="toc_hk78301_9"> </A>
<BR></FONT><FONT SIZE=2><B>  PRESUMPTION OF ASSENT    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118.&nbsp;&nbsp;&nbsp;&nbsp;A
Director of the Company who is present at a meeting of the Board of Directors at which action on any Company matter is taken shall be presumed to have assented to the
action taken unless his dissent or abstention shall be entered in the Minutes of the meeting or unless he shall file his written dissent or abstention from such action with the person acting as the
Chairperson or Secretary of the meeting before the adjournment thereof or shall forward such dissent or abstention by registered post to such person immediately after the adjournment of the meeting.
Such right to dissent or abstain shall not apply to a Director who voted in favour of such action. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hk78301_dividends,_distributions_and_reserve"> </A>
<A NAME="toc_hk78301_10"> </A>
<BR></FONT><FONT SIZE=2><B>  DIVIDENDS, DISTRIBUTIONS AND RESERVE    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119.&nbsp;&nbsp;&nbsp;&nbsp;Subject
to any rights and restrictions for the time being attached to any class or classes of shares and these Articles, the Directors may from time to time declare
dividends (including interim dividends) and other distributions on shares in issue and authorise payment of the same out of the funds of the Company lawfully available therefor. All dividends
unclaimed for one (1)&nbsp;year after having been declared may be invested or otherwise made use of by the Board for the benefit of the Company until claimed. Any dividend unclaimed after a period
of six (6)&nbsp;years from the date of declaration shall be forfeited and shall revert to the Company. The payment by the Board of any unclaimed dividend or
other sums payable on or in respect of a share into a separate account shall not constitute the Company a trustee in respect thereof. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-26</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=180,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=559320,FOLIO='B-26',FILE='DISK125:[10ZCL1.10ZCL78301]HK78301A.;19',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A
NAME="page_hm78301_1_27"> </A>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




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




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




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120.&nbsp;&nbsp;&nbsp;&nbsp;The Directors may, before recommending or declaring any dividend, set aside out of the funds legally available for distribution such sums as they think proper as a
reserve or reserves which shall, at the discretion of the Directors be applicable for meeting contingencies, or for equalizing dividends or for any other purpose to which those funds be properly
applied and pending such application may, at the like discretion, either be employed in the business of the Company or be invested in such investments (other than shares of the Company) as the
Directors may from time to time think fit. The Board shall establish an account to be called the "Share Premium Account" and shall carry to the credit of such account from time to time a sum equal to
the amount or value of the premium paid on the issue of any share in the Company. Unless otherwise provided by the provisions of these Articles, the Board may apply the share premium account in any
manner permitted by the Statute and the rules of the Designated Stock Exchange. The Company shall at all times comply with the provisions of these Articles, the Statute and the rules of the Designated
Stock Exchange in relation to the share premium account. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121.&nbsp;&nbsp;&nbsp;&nbsp;Any
dividend may be paid by cheque or warrant sent through the post to the registered address of the Member or person entitled thereto, or in the case of joint holders,
to any one of such joint holders at his registered address or to such person and such address as the Member or person entitled, or such joint holders as the case may be, may direct. Every such cheque
or warrant shall be made payable to the order of the person to whom it is sent or to the order of such other person as the Member or person entitled, or such joint holders as the case may be, may
direct. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122.&nbsp;&nbsp;&nbsp;&nbsp;The
Directors when paying dividends to the Members in accordance with the foregoing provisions may make such payment either in cash or in specie. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123.&nbsp;&nbsp;&nbsp;&nbsp;No
dividend shall be paid otherwise than out of profits or, subject to the restrictions of the Statute, the share premium account. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124.&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the rights of persons, if any, entitled to shares with special rights as to dividends, all dividends shall be declared and paid according to the amounts paid
or credited as fully paid on the shares, but if and so long as nothing is paid up on any of the shares in the Company dividends may be declared and paid according to the amounts of the shares. No
amount paid on a share in advance of calls shall, while carrying interest, be treated for the purposes of this Article as paid on the share. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125.&nbsp;&nbsp;&nbsp;&nbsp;If
several persons are registered as joint holders of any share, any of them may give effectual receipts for any dividend or other moneys payable on or in respect of
the share. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126.&nbsp;&nbsp;&nbsp;&nbsp;No
dividend shall bear interest against the Company. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hm78301_book_of_accounts"> </A>
<A NAME="toc_hm78301_1"> </A>
<BR></FONT><FONT SIZE=2><B>  BOOK OF ACCOUNTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127.&nbsp;&nbsp;&nbsp;&nbsp;The
books of account relating to the Company's affairs shall be kept in such manner as may be determined from time to time by the Directors. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128.&nbsp;&nbsp;&nbsp;&nbsp;The
books of account shall be kept at such place or places as the Directors think fit, and shall always be open to the inspection of the Directors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129.&nbsp;&nbsp;&nbsp;&nbsp;Except
as provided in Article&nbsp;52, the Directors shall from time to time determine whether and to what extent and at what times and places and under what
conditions or regulations the accounts and books of the Company or any of them shall be open to the inspection of Members not being Directors, and no Member (not being a Director) shall have any right
of inspecting any account or book or document of the Company except as conferred by Statute or authorised by the Directors or by the Company by Ordinary Resolution. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130.&nbsp;&nbsp;&nbsp;&nbsp;The
accounts relating to the Company's affairs shall be audited in such manner and with such financial year end as may be determined from time to time by the Company by
Ordinary </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-27</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=181,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=934639,FOLIO='B-27',FILE='DISK125:[10ZCL1.10ZCL78301]HM78301A.;7',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hm78301_1_28"> </A>
<BR>

<P style="font-family:times;"><FONT SIZE=2>Resolution
or failing any such determination by the Directors or failing any determination as aforesaid shall not be audited. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hm78301_annual_returns_and_filings"> </A>
<A NAME="toc_hm78301_2"> </A>
<BR></FONT><FONT SIZE=2><B>  ANNUAL RETURNS AND FILINGS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131.&nbsp;&nbsp;&nbsp;&nbsp;The
Board shall make the requisite annual returns and any other requisite filings in accordance with the Statute. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hm78301_audit"> </A>
<A NAME="toc_hm78301_3"> </A>
<BR></FONT><FONT SIZE=2><B>  AUDIT    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132.&nbsp;&nbsp;&nbsp;&nbsp;The
Directors may appoint an auditor of the Company who shall hold office until removed from office by a resolution of the Directors and may fix his or their
remuneration. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133.&nbsp;&nbsp;&nbsp;&nbsp;Every
Auditor of the Company shall have a right of access at all times to the books and accounts and vouchers of the Company and shall be entitled to require from the
Directors and officers of the Company such information and explanation as may be necessary for the performance of the duties of the auditors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134.&nbsp;&nbsp;&nbsp;&nbsp;Auditors
shall, if so required by the Directors, make a report on the accounts of the Company during their tenure of office at the next annual general meeting following
their appointment in the case of a company which is registered with the Registrar of Companies as an ordinary company, and at the next extraordinary general meeting following their appointment in the
case of a company which is registered with the Registrar of Companies as an exempted company, and at any other time during their term of office, upon request of the Directors or any general meeting of
the Members. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hm78301_the_seal"> </A>
<A NAME="toc_hm78301_4"> </A>
<BR></FONT><FONT SIZE=2><B>  THE SEAL    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135.&nbsp;&nbsp;&nbsp;&nbsp;The
Seal of the Company shall not be affixed to any instrument except by the authority of a resolution of the Board of Directors, provided always that such authority
may be given prior to or after the affixing of the Seal and if given after may be in general form confirming a number of affixings of the Seal. The Seal shall be affixed in the presence of any one or
more persons as the Directors may appoint for the purpose and every person as aforesaid shall sign every instrument to which the Seal of the Company is so affixed in their presence. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136.&nbsp;&nbsp;&nbsp;&nbsp;The
Company may maintain a facsimile of its Seal in such countries or places as the Directors may appoint and such facsimile Seal shall not be affixed to any instrument
except by the authority of a resolution of the Board of Directors provided always that such authority may be given prior to or after the affixing of such facsimile Seal and if given after may be in
general form confirming a number of affixings of such facsimile Seal. The facsimile Seal shall be affixed in the presence of such person or persons as the Directors shall for this purpose appoint and
such person or persons as aforesaid shall sign every instrument to which the facsimile Seal of the Company is so affixed in their presence of and the instrument signed by a Director or the Secretary
(or an Assistant Secretary) of the Company or in the presence of any one or more persons as the Directors may appoint for the purpose. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137.&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, a Director shall have the authority to affix the Seal, or the facsimile Seal, to any instrument for the purposes of attesting
authenticity of the matter contained therein but which does not create any obligation binding on the Company. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hm78301_officers"> </A>
<A NAME="toc_hm78301_5"> </A>
<BR></FONT><FONT SIZE=2><B>  OFFICERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138.&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall have a President, Secretary, and Chief Financial Officer, and may have one or more Vice Presidents, a Manager or a Controller, appointed by the
Directors; provided, however, that there may exist a vacancy in any such office from time to time because of death, resignation, removal, disqualification or any other cause which shall be filled by
the Board of Directors as soon as reasonably practicable. The Directors may also from time to time appoint such other officers </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-28</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=182,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=451607,FOLIO='B-28',FILE='DISK125:[10ZCL1.10ZCL78301]HM78301A.;7',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hm78301_1_29"> </A>

<P style="font-family:times;"><FONT SIZE=2>as
they consider necessary, all for such terms, at such remuneration and to perform such duties, and subject to such provisions as to disqualification and removal as the Directors from time to time
subscribe. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hm78301_register_of_directors_and_officers"> </A>
<A NAME="toc_hm78301_6"> </A>
<BR></FONT><FONT SIZE=2><B>  REGISTER OF DIRECTORS AND OFFICERS    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139.&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall cause to be kept in one or more books at its office a Register of Directors and Officers in which there shall be entered the full names and addresses
of the Directors and Officers and such other particulars as required by the Statute. The Company shall send to the Registrar of Companies in the Cayman Islands a copy of such register, and shall from
time to time notify the said Registrar of any change that takes place in relation to such Directors and Officers as required by the Statute. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hm78301_capitalisation_of_profits"> </A>
<A NAME="toc_hm78301_7"> </A>
<BR></FONT><FONT SIZE=2><B>  CAPITALISATION OF PROFITS    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140.&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the Statute and these Articles, the Board may capitalize any sum standing to the credit of any of the Company's reserve accounts (including a share premium
account or a capital redemption reserve fund) or any sum standing to the credit of profit and loss account or otherwise available for distribution and to appropriate such sum to Members in the
proportions in which such sum would have been divisible amongst them had the same been a distribution of profits by way of dividend and to apply such sum on their behalf in paying up in full unissued
shares for allotment and distribution credited as fully paid up to and amongst them in the proportion aforesaid. In such event the Directors shall do all acts and things required to give effect to
such capitalization, with full power to the Directors to make such provisions as they think fit for the case of shares becoming distributable in fractions (including provisions whereby the benefit of
fractional entitlements accrue to the Company rather than to the Members concerned). The Directors may authorise any person to enter on behalf of all of the Members interested into an agreement with
the Company providing for such capitalization and matters incidental thereto and any agreement made under such authority shall be effective and binding on all concerned. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hm78301_notices"> </A>
<A NAME="toc_hm78301_8"> </A>
<BR></FONT><FONT SIZE=2><B>  NOTICES    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141.&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided in these Articles, any notice or document may be served by the Company or by the person entitled to give notice to any Member either
personally, by facsimile or by sending it through the post in a prepaid letter or via a recognised courier service, fees prepaid, addressed to the Member at his address as appearing in the Register of
Members or, to the extent permitted by all applicable laws and regulations, by electronic means by transmitting it to any electronic number or address or website supplied by the member to the Company
or by placing it on the Company's Website provided that, with respect to notification via electronic means or posting to Company's Website, the Company has obtained the Member's prior express positive
confirmation in writing to receive or otherwise have made available to him notices in such fashion. In the case of joint holders of a share, all notices shall be given to that one of the joint holders
whose name stands first in the Register of Members in respect of the joint holding, and notice so given shall be sufficient notice to all the joint holders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142.&nbsp;&nbsp;&nbsp;&nbsp;Notices
posted to addresses outside the Cayman Islands shall be forwarded by prepaid airmail. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143.&nbsp;&nbsp;&nbsp;&nbsp;Any
Member present, either personally or by proxy, at any meeting of the Company shall for all purposes be deemed to have received due notice of such meeting and, where
requisite, of the purposes for which such meeting was convened. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144.&nbsp;&nbsp;&nbsp;&nbsp;Any
notice or other document, if served by (a)&nbsp;post, shall be deemed to have been served when the letter containing the same is posted and if served by courier,
shall be deemed to have been </FONT></P>

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

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=183,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=675607,FOLIO='B-29',FILE='DISK125:[10ZCL1.10ZCL78301]HM78301A.;7',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hm78301_1_30"> </A>
<BR>

<P style="font-family:times;"><FONT SIZE=2>served
when the letter containing the same is delivered to the courier (in proving such service it shall be sufficient to prove that the letter containing the notice or document was properly addressed
and duly posted or delivered to the courier), or (b)&nbsp;facsimile, shall be deemed to have been served upon confirmation of successful transmission, or (c)&nbsp;recognised delivery service,
shall be deemed to have been served when the letter containing the same is delivered to the courier service and in proving such service it shall be sufficient to provide that the letter containing the
notice or documents was properly addressed and duly posted or delivered to the courier or (d)&nbsp;electronic means as provided herein shall be deemed to have been served and delivered on the day on
which it is successfully transmitted or at such later time as may be prescribed by any applicable laws or regulations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145.&nbsp;&nbsp;&nbsp;&nbsp;Any
notice or document delivered or sent to any Member in accordance with the terms of these Articles shall notwithstanding that such Member be then dead or bankrupt,
and whether or not the Company has notice of his death or bankruptcy, be deemed to have been duly served in respect of any share registered in the name of such Member as sole or joint holder, unless
his name shall at the time of the service of the notice or document, have been removed from the Register of Members as the holder of the share, and such service shall for all purposes be deemed a
sufficient service of such notice or document on all persons interested (whether jointly with or as claiming through or under him) in the share. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146.&nbsp;&nbsp;&nbsp;&nbsp;Notice
of every general meeting shall be given to: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;all
Members who have supplied to the Company an address for the giving of notices to them, except that in case of joint holders, the notice shall be sufficient if given
to the joint holder first named in the Register of Members; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;every
person entitled to a share in consequence of the death or bankruptcy of a Member, who but for his death or bankruptcy would be entitled to receive notice of the
meeting; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;the
Auditors; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;each
Director. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
other person shall be entitled to receive notices of general meetings. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hm78301_information"> </A>
<A NAME="toc_hm78301_9"> </A>
<BR></FONT><FONT SIZE=2><B>  INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147.&nbsp;&nbsp;&nbsp;&nbsp;No
Member shall be entitled to require discovery of any information in respect of any detail of the Company's trading or any information which is or may be in the
nature of a trade secret or secret process which may relate to the conduct of the business of the Company and which in the opinion of the Board would not be in the interests of the members of the
Company to communicate to the public. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148.&nbsp;&nbsp;&nbsp;&nbsp;The
Board shall be entitled to release or disclose any information in its possession, custody or control regarding the Company or its affairs to any of its members
including, without limitation, information contained in the Register of Members and transfer books of the Company. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hm78301_indemnity"> </A>
<A NAME="toc_hm78301_10"> </A>
<BR></FONT><FONT SIZE=2><B>  INDEMNITY    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149.&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall indemnify every Director and officer of the Company or any predecessor to the Company (which for the avoidance of doubt, shall not include auditors of
the Company), together with every former Director and former officer of the Company or any predecessor to the Company, and may indemnify any person (other than current and former Directors and
officers) (any such Director, officer or other person, an "</FONT><FONT SIZE=2><B>Indemnified Person</B></FONT><FONT SIZE=2>"), out of the assets of the Company against any liability, action,
proceeding, claim, demand, costs, damages or expenses, including legal expenses, whatsoever which they or any of them may incur as a result of any act or failure to act in carrying out their functions
other than such liability (if any) that they may incur by reason of their own </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-30</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=184,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=352310,FOLIO='B-30',FILE='DISK125:[10ZCL1.10ZCL78301]HM78301A.;7',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hm78301_1_31"> </A>

<P style="font-family:times;"><FONT SIZE=2>actual
fraud or wilful default. No Indemnified Person shall be liable to the Company for any loss or damage incurred by the Company as a result (whether direct or indirect) of the carrying out of
their functions unless that liability arises through the actual fraud or wilful default of such Indemnified Person. No person shall be found to have committed actual fraud or wilful default under this
Article unless or until a court of competent jurisdiction shall have made a finding to that effect. Each Member agrees to waive any claim or right of action he or she might have, whether individually
or by or in the right of the Company, against any Director on account of any action taken by such Director, or the failure of such Director to take any action in the performance of his or her duties
with or for the Company; provided that such waiver shall not extend to any matter in respect of any fraud or wilful default which may attach to such Director. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150.&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall advance to each Indemnified Person reasonable attorneys' fees and other costs and expenses incurred in connection with the defense of any action,
suit, proceeding or investigation involving such Indemnified Person for which indemnity will or could be sought. In connection with any advance of any expenses hereunder, the Indemnified Person shall
execute an undertaking to repay the advanced amount to the Company if it shall be determined by final judgment or other final adjudication that such Indemnified Person was not entitled to
indemnification pursuant to this Article. If it shall be determined by a final judgment or other final adjudication that such Indemnified Person was not entitled to indemnification with respect to
such judgment, costs or expenses, then such party shall not be indemnified with respect to such judgment, costs or expenses and any advancement shall be returned to the Company (without interest) by
the Indemnified Person. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151.&nbsp;&nbsp;&nbsp;&nbsp;The
Directors, on behalf of the Company, may purchase and maintain insurance for the benefit of any Director or other officer of the Company against any liability
which, by virtue of any rule of law, would otherwise attach to such person in respect of any negligence, default, breach of duty or breach of trust of which such person may be guilty in relation to
the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152.&nbsp;&nbsp;&nbsp;&nbsp;Neither
any amendment nor repeal of the Articles set forth under this heading of "</FONT><FONT SIZE=2><B>INDEMNITY</B></FONT><FONT SIZE=2>" (the
"</FONT><FONT SIZE=2><B>Indemnification Articles</B></FONT><FONT SIZE=2>"), nor the adoption of any provision of the Company's Articles or Memorandum of Association inconsistent with the
Indemnification Articles, shall eliminate or reduce the effect of the Indemnification Articles, in respect of any matter occurring, or any action or proceeding accruing or arising or that, but for
these Indemnification Articles, would accrue or arise, prior to such amendment, repeal or adoption of an inconsistent provision. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hm78301_financial_year"> </A>
<A NAME="toc_hm78301_11"> </A>
<BR></FONT><FONT SIZE=2><B>  FINANCIAL YEAR    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153.&nbsp;&nbsp;&nbsp;&nbsp;Unless
the Directors otherwise prescribe, the financial year of the Company shall end on December&nbsp;31st&nbsp;in each year and shall begin on
January&nbsp;1st&nbsp;in each year. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hm78301_winding_up"> </A>
<A NAME="toc_hm78301_12"> </A>
<BR></FONT><FONT SIZE=2><B>  WINDING UP    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154.&nbsp;&nbsp;&nbsp;&nbsp;If
the Company shall be wound up the liquidator shall apply the assets of the Company in satisfaction of creditors' claims in such manner and order as such liquidator
thinks fit. Subject to the rights attaching to any shares, in a winding up: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;if
the assets available for distribution amongst the Members shall be insufficient to repay the whole of the Company's issued share capital, such assets shall be
distributed so that, as nearly as may be, the losses shall be borne by the Members in proportion to the par value of the shares held by them; or </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;if
the assets available for distribution amongst the Members shall be more than sufficient to repay the whole of the Company's issued share capital at the commencement
of the winding up, the surplus shall be distributed amongst the Members in proportion to the par value of the shares held by them at the commencement of the winding up subject to a deduction from
those shares in </FONT></P>

</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-31</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=185,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=589778,FOLIO='B-31',FILE='DISK125:[10ZCL1.10ZCL78301]HM78301A.;7',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<A NAME="page_hm78301_1_32"> </A>
<UL>
<BR>

<P style="font-family:times;"><FONT SIZE=2>respect
of which there are monies due, of all monies payable to the Company for unpaid calls or otherwise. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155.&nbsp;&nbsp;&nbsp;&nbsp;If
the Company shall be wound up the liquidator may, subject to the rights attaching to any shares and with the sanction of a Special Resolution of the Company and any
other sanction required by the Statute, divide amongst the Members in kind the whole or any part of the assets of the Company (whether such assets shall consist of property of the same kind or not)
and may for that purpose value any assets and determine how the division shall be carried out as between the Members or different classes of Members. The liquidator may, with the like sanction, vest
the whole or any part of such assets in trustees upon such trusts for the benefit of the Members as the liquidator, with the like sanction, shall think fit, but so that no Member shall be compelled to
accept any asset upon which there is a liability. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hm78301_amendment_of_memorandum_and_ar__ame02830"> </A>
<A NAME="toc_hm78301_13"> </A>
<BR></FONT><FONT SIZE=2><B>  AMENDMENT OF MEMORANDUM AND ARTICLES OF ASSOCIATION<BR>  AND NAME OF COMPANY    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156.&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the Statute and these Articles, the Company may at any time and from time to time by Special Resolution alter, amend, change or repeal these Articles or the
Memorandum of Association of the Company, in whole or in part, or change the name of the Company. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="hm78301_registration_by_way_of_continuation"> </A>
<A NAME="toc_hm78301_14"> </A>
<BR></FONT><FONT SIZE=2><B>  REGISTRATION BY WAY OF CONTINUATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157.&nbsp;&nbsp;&nbsp;&nbsp;Subject
to these Articles, the Company may by Special Resolution resolve to be registered by way of continuation in a jurisdiction outside the Cayman Islands or such
other jurisdiction in which it is for
the time being incorporated, registered or existing. In furtherance of a resolution adopted pursuant to this Article, the Directors may cause an application to be made to the Registrar of Companies to
deregister the Company in the Cayman Islands or such other jurisdiction in which it is for the time being incorporated, registered or existing and may cause all such further steps as they consider
appropriate to be taken to effect the transfer by way of continuation of the Company. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>B-32</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=186,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=258717,FOLIO='B-32',FILE='DISK125:[10ZCL1.10ZCL78301]HM78301A.;7',USER='BKYNARD',CD='23-MAY-2011;10:06' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<div>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="95%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:95.84%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="white" face="Times New Roman" style="color:white;"><img width="680" height="880" src="g201833moi001.gif"></font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;">Dear
  Stockholder: Please take note of the important information enclosed with this
  Proxy. The issues discussed herein, related to the operation of the Company,
  require your immediate attention. Your vote counts, and you are strongly
  encouraged to exercise your right to vote your shares. Please mark the boxes
  on the proxy card to indicate how your shares will be voted. Then sign the
  card and return your proxy in the enclosed postage paid envelope. Thank you
  in advance for your prompt consideration of these matters. Sincerely,
  UTStarcom, Inc. 52-2 Building BDA International Enterprise Avenue, No. 2
  Jingyuan North Street, Daxing District, Beijing 100176 People&#146;s Republic of
  China SOLICITED BY THE BOARD OF DIRECTORS FOR THE ANNUAL MEETING OF
  STOCKHOLDERS The undersigned hereby appoint(s) Jack Lu and Edmond Cheng, or
  either of them, with the power to appoint their respective substitutes, and
  hereby authorize(s) them as proxies to represent and vote as designated on
  the reverse side, all shares of common stock of UTStarcom, Inc. (the
  &#147;Company&#148;) held of record by the undersigned on April 25, 2011 at the Annual
  Meeting of Stockholders to be held on June 24, 2011 and any adjournments
  thereof. THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED AS DIRECTED. IF NO
  DIRECTION IS GIVEN WITH RESPECT TO A PROPOSAL, THIS PROXY WILL BE VOTED &#147;FOR&#148;
  ALL DIRECTOR NOMINEES, &#147;FOR&#148; PROPOSALS 2, 3 AND 5, EVERY 1 YR FOR PROPOSAL 4,
  AND IN THE DISCRETION OF THE PROXYHOLDERS ON ANY OTHER MATTER THAT PROPERLY
  COMES BEFORE THE MEETING. PLEASE COMPLETE, DATE, SIGN AND RETURN THIS PROXY
  CARD PROMPTLY, USING THE ENCLOSED ENVELOPE. NO POSTAGE IS REQUIRED IF MAILED
  IN THE UNITED STATES. CONTINUED AND TO BE SIGNED ON THE REVERSE SIDE Proxy &#151;
  UTSTARCOM, INC. C Non-Voting Items Change of Address &#151; Please print new
  address below. IF VOTING BY MAIL, YOU MUST COMPLETE SECTIONS A &#150; C ON BOTH
  SIDES OF THIS CARD. + + IF YOU HAVE NOT VOTED VIA THE INTERNET OR TELEPHONE,
  FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE
  ENCLOSED ENVELOPE. </font></p>
  </td>
 </tr>
</table>

</div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>
<!-- ZEQ.=1,SEQ=187,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=971903,FOLIO='',FILE="DISK127:[10ZCL3.10ZCL78303]20183-3-MO_ZCL78303.CHC",USER="VRIVERA",CD='May 21 18:16 2011' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="95%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:95.62%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="white" face="Times New Roman" style="color:white;"><img width="680" height="880" src="g201833moi002.gif"></font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;">Using a black
  ink pen, mark your votes with an X as shown in this example. Please do not
  write outside the designated areas. X 01AWEG 1 U P X + Annual Meeting Proxy
  Card . Authorized Signatures &#151; This section must be completed for your vote
  to be counted. &#151; Date and Sign Below B Signature 1 &#151; Please keep signature
  within the box. Signature 2 &#151; Please keep signature within the box. Date
  (mm/dd/yyyy) &#151; Please print date below. + Please sign exactly as your name
  appears hereon. Joint owners should each sign. Executors, administrators,
  trustees, guardians or other fiduciaries should give full title as such. If
  signing for a corporation, please sign in full corporate name by a duly
  authorized officer. IMPORTANT ANNUAL MEETING INFORMATION A Proposals &#151; The
  Board of Directors recommends a vote FOR all the nominees listed, a vote FOR
  Proposals 2 and 3, every 1 Yr for Proposal 4 and a vote FOR Proposal 5. For
  Against Abstain For Against Abstain 2. The ratification and approval of the
  appointment of PricewaterhouseCoopers Zhong Tian CPAs Limited Company as
  UTStarcom, Inc.&#146;s independent registered public accounting firm for the
  fiscal year ending December 31, 2011. 4. The frequency of future stockholder
  advisory votes regarding executive compensation. In their discretion, the
  Proxies are authorized to vote upon such other business that may properly
  come before the meeting. For Against Abstain 3. The approval of 2010
  compensation awarded to named executive officers. 5. The adoption of the
  Agreement and Plan of Merger and Reorganization, entered into as of April 25,
  2011, by and among UTStarcom, Inc., a Delaware corporation, UTStarcom
  Holdings Corp., a Cayman Islands exempted company and a wholly-owned
  subsidiary of UTStarcom, Inc., and UTSI Mergeco Inc., a Delaware corporation
  and a wholly owned subsidiary of UTStarcom Holdings Corp., pursuant to which
  UTSI Mergeco Inc. will merge with and into UTStarcom, Inc., with UTStarcom,
  Inc. surviving the merger as a wholly owned subsidiary of UTStarcom Holdings
  Corp., and whereby each issued and outstanding share of the common stock of
  UTStarcom, Inc. will be converted into the right to receive one UTStarcom
  Holdings Corp. ordinary share, which shares will be issued by UTStarcom
  Holdings Corp. as part of the merger. 3 Yrs 2 Yrs 1 Yr Abstain 01 - Jack Lu
  02 - Baichuan Du 03 - Xiaoping Li 1. Election of Directors: For Against
  Abstain For Against Abstain For Against Abstain NNNNNNNNNNNN NNNNNNN 1 1 4 8
  0 3 1 MR A SAMPLE (THIS AREA IS SET UP TO ACCOMMODATE 140 CHARACTERS) MR A SAMPLE
  AND MR A SAMPLE AND MR A SAMPLE AND MR A SAMPLE AND MR A SAMPLE AND MR A
  SAMPLE AND MR A SAMPLE AND MR A SAMPLE AND NNNNNNNNN C 1234567890 J N T 1234
  5678 9012 345 000000000.000000 ext 000000000.000000 ext 000000000.000000 ext
  000000000.000000 ext 000000000.000000 ext 000000000.000000 ext 000004 MR A
  SAMPLE DESIGNATION (IF ANY) ADD 1 ADD 2 ADD 3 ADD 4 ADD 5 ADD 6
  ENDORSEMENT_LINE SACKPACK C123456789 MMMMMMMMMMMMMMM IF YOU HAVE NOT VOTED
  VIA THE INTERNET OR TELEPHONE, FOLD ALONG THE PERFORATION, DETACH AND RETURN
  THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE. Electronic Voting Instructions
  You can vote by Internet or telephone! Available 24 hours a day, 7 days a
  week! Instead of mailing your proxy, you may choose one of the two voting
  methods outlined below to vote your proxy. VALIDATION DETAILS ARE LOCATED
  BELOW IN THE TITLE BAR. Proxies submitted by the Internet or telephone must
  be received by 1:00 a.m., Central Time, on June 23, 2011. Vote by Internet &#149;
  Log on to the Internet and go to www.envisionreports.com/UTSI &#149; Follow the
  steps outlined on the secured website. Vote by telephone &#149; Call toll free
  1-800-652-VOTE (8683) within the USA, US territories &amp; Canada any time on
  a touch tone telephone. There is NO CHARGE to you for the call. &#149; Follow the
  instructions provided by the recorded message. </font></p>
  </td>
 </tr>
</table>

</div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>
<!-- ZEQ.=1,SEQ=188,EFW="2204310",CP="UTSTARCOM, INC.",DN="1",CHK=4642,FOLIO='',FILE="DISK127:[10ZCL3.10ZCL78303]20183-3-MO_ZCL78303.CHC",USER="VRIVERA",CD='May 21 18:16 2011' -->


<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g402696.jpg
<DESCRIPTION>G402696.JPG
<TEXT>
begin 644 g402696.jpg
M_]C_X``02D9)1@`!`0$!A0&%``#__@`\1$E32S$R-3I;,3!:0TPQ+C$P6D-,
M-S@S,#$N3U544%5473(P,3@S7S%?0D5&3U)%7TM?3U)'+D504__;`$,``0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`?_```L(`I8"6`$!$0#_Q``>``$``@("`P$`````
M````````!PD&"`(%`0,$"O_$`'D0```%!`$``0D-#A(%!P@&"P`$!08'`0(#
M"`D1$A,4%1DA,5G8%A<8.5%35WB2F)G1UAHR-SA!6&&1E9:7MKC3"B(S4E1Q
M<G9Y@9.4L;*SM;?20G-WB=<C)"5(8JG()B<H*4-*B*%$1V-FA,'Q-#5%1DE6
M@H.H\/_:``@!`0``/P#]_``````````````````````*V]P-GITB#:_C[U[B
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MR\4YVNR-EA3E69X<CQMR@P3"2[&,[\+'>\>30VY99^);S95(EG+J[`5J*!A*
MRN@QMO&&WTO9.0N4>/Z2DJ-G<?0]6V]M*T9LBQ)<K=2FRFK$AW1;?&$QQNX'
M:^<S<>:DKXC+RC]337_V&_&825ZT140RC9SAF)=8=M]O]A]:7U.%[IU6:KG;
M6R<_:\MAEJT6R6G(;S78?V5<<!-!.J\3&P9G,A+<J&4$G@(7^9]8*H+A<!.V
MXHL)Y/+B,7%4Z>CO^'O_`&NGO4KWZ]_HZ.GHKT=/3T=X>0``````````````
M`````````````````````````````4[\BD%R+*^W_&)(:1K>O[!0YKK+>P;Y
MG8B1Q10HIR8@2%K4^(G95]6Q*#W:F-VG<+]<*,J9B".45C*4G)^99KCH9+D2
MYJ`(_P!/)L9,K<E4F0K`*[KGJUL#JJ<8;$T])+T;XU*6MPE%/>"<ZMG4>/&D
M\E:*H0PN]L*;3CQ0LJ\45<D#*C7OB1$A&R)J9FORS22`5J`];..UH&..I70=
ML('AN#(6?LJYBD`M]$8!\U&+7CC8A\.1^,Z5C+CD5`L2DA9/%$="3G.JOIT8
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MO4`RUHMMM+>"'H26GUI!N8KGI[5LJ"889:3=3MD;LJ4GO!KN1.<[I1'0^H(E
M5)NM=#*)M8Z[U&$W@EN1HIC8(L%>1LB=K'J'K<Z(5UY?V*7.,UX2'L6F;E[.
M;01/GPX=8\*X=6')M0])MUY5<TP73!3.TJE4U6;5SBJ9/&#2`CXUQ!-(RMWD
M)4_0VE45*):=1;[`[<4($Z*O:KLCM9VR[&Q=G]KNR^DUV#V7U[L/LFO9'8W6
MNO?\KU8[```````````````````````````````````````````?+D/$\.2[
M%E-%L>6VEMUV/(8PV7VVW=/4UK9?DMNI2[HKU-:TI2O17HZ>@<.V)#]FE/YT
M7_.CQVQ3Z^$X3K_^)+_G!Y[8I_1T=F$^CU.R2_1_:#QVP3_V83_G)?\`.!VQ
M3Z>`X3I_^)+_`)P*J"==X3A.O17IITF2]>_ZO?R>$>:J*?7PG"=?VS)?\X/'
M;%/_`&83_G)?\X';!._9A/\`G)?\X//;$A^S2G\Z+_G0[9$/V:4_G1?\Z/JQ
MY,>6RS+BOLR8\EM+[,F.ZV^R^VZG32ZV^VM;;K:T[]*VUK2M._2HY@``````
M``````````````````````````````````/S77:#Z>;T<S/)I@VV@!A3OBB[
M77C?K'V-]%E(U:U+GDB;+W.BJ51/4T[K=%KS,H?9M,E<G5532U;.M]&6F7<K
MN`/#AXON`/N2Y?E.'<`>'#Q?<`?<ER_*<.X`\.'B^X`^Y+E^4X=P!X</%]P!
M]R7+\IP[@#PX>+[@#[DN7Y3AW`'AP\7W`'W)<ORG#N`/#AXON`/N2Y?E.'<`
M>'#Q?<`?<ER_*<.X`\.'B^X`^Y+E^4X=P!X</%]P!]R7+\IQADC<"G#\BL!\
M*Z9H'`A-13&<ZCY`WA27%3,5.DV^I&2AG%6]R7VVY2YC%BS8[JVUK;?9;6G1
M6E*TGKA4K6[B5XZ+KJUNNKI[!=:W75K6M:U9*=TUK6O36M?VQ:``````````
M````````````````````````````````IKU0].?Y<?:Z\7']Q;:"Y0``````
M1[+7T+I&_>&\OQ951H!PI>E*<<_M/(*_$E.%H(``````````````````````
M``````````````````"FO5#TY_EQ]KKQ<?W%MH+E!K=MX_YJBW6^5W_KQ&N>
M7I@:[=PJ+0C\GAP'E):KVY2RR\91D0PM-JQV+S?:YA<<R`QK7&W<[]6D8@S"
MR^C&5W$I%JXXKY8X_+$62==CRQ3!'CT>VSV-:EU!C93A53UN8VJ$$-"4Y8;>
MUD/R`NXI%94T,\^HKIA;;*<ST[(H,ZJ.OHS9Q9%%$3U_9(UR9P\5<*[&WG7[
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ME8O661SE?.>0,A-"/;NQEO!'TFS;@UZQ,&4V9*^-D$Y%7FF^B#`2%IK,Y:R.
M.C6<2NA)LC+;B.MITX6WF[!>+71G&RT1;4TEA/5Q-62C!AFE-T1'LM?0ND;]
MX;R_%E5&@'"EZ4IQS^T\@K\24X6@@```````````````````````````````
M`````````*:]4/3G^7'VNO%Q_<6V@N4$>RI&R)+C$7&`X5%S)"8N=K+[U5FN
M-2:3H3#:,M)K@3#Z(XDC)B4$H\354DD8QF"U]+JVX[\-]+\.7)9=JFM<<NLC
MQ-*ZO([?<LE.=V..3G#(3I=CK4+%>2[)?@TAK6^6X^R[9QMM!66B?A!%;K`(
MMO`B)Z<D$&ZEJ:;86<%5!74,,OXN==LQEF.;,Y)QOEIA'DFQNSS;+:P6FG&S
M$B.KHDLB]1>A,B6M5X[48\R&$9915)+,J*LNF<\DG%O)*U;'UC^IV\6^J+Q4
M9>5CZ0_D]0G=)F!KRH:0)(<B'F=K(G)CL&/GXPE'(1R6Y<C/JWHP95[51[LE
M_F&7DT\Z&@81G$XG,I+';.KC<U]=+R<<DU4I7;\DNQRNM?7WZV))4DIR'R4@
MPM'NOTC-'LBXD:)%6<^8SB6,"*NCDR&#*FN9A-F0&H>;;]3K7)?]-O&_K<FK
M">XF@3>[`<"#*R'+;45V8\C:7G9ZLC0(T=7#+7;14T344Q/CQQ:_,-G1DY&/
MD(&D913FVBN#%C*/5,).?!@;:XF]5&?'3WAQMF)I2H;D>)BT3O6*L,UO?(RE
MW#@C)-A3,_<Q$P:S'BDEJ,1)"8PE9TIRB4Q*2>GD%PRDWO(@1<Y;9/T)49&)
MM8$]+2@]7*](M3SQ>/R[C<=BJB-)56(]MBUQ.%`+Y4RQ42#SJ95*I[K2$U9*
M,UR*=A)TK#6-NQ'0UM,VA$>RU]"Z1OWAO+\654:`<*7I2G'/[3R"OQ)3A:"`
M````````````````````````````````````````IKU0].?Y<?:Z\7']Q;:"
MY0``````1[+7T+I&_>&\OQ951H!PI>E*<<_M/(*_$E.%H(``````````````
M``````````````````````````"A-]H'(;K#R4;E['Z^:%E-N8JV@AO3IH)2
MUBVMAF!3;67=>TN92KB+&D9^EEE85+%+-)A2TN8M()I;!:G9+\690H:KV'*7
MHV>7;Q)?_>4:P?)(/1L\NWB2_P#O*-8/DD'HV>7;Q)?_`'E&L'R2#T;/+MXD
MO_O*-8/DD/%V[7+K;;6ZO"7WK:5K7_UE&L'@I3IK_P#PEZ@C*-.3ODTE^Z0;
M8_X9#"Q6+I/=T./;LCD2US2>U<@L6J;1S)!?MDR2W;(J2JK$>LJI'KQ`YUV_
ML?+=UN_HD[T;/+MXDO\`[RC6#Y)!Z-GEV\27_P!Y1K!\D@]&SR[>)+_[RC6#
MY)!Z-GEV\27_`-Y1K!\DACSMV[Y=G0UG(VJ<*MI*K@0%I$H<OY(M8C%I2Y72
MS:=:9NP6M;%=FM+W&J9KL5N2R[);96REU*UI4;I\9,)2+K;Q\::0'+B.50).
MA_7**X\?B(25DQ>*);J:[8)IBR1+K**:.I*GA+G,.3'8=3C9DGGI3J\&?)96
MEU=Z````````````````````````````````````````````!Z\WZEE_U=_]
M6HK9XX/U7?'^$BVH_K,`65``````````````````````````````````````
M```````/'3^W]JOQ!TT^S]JOQ!TT^S]JOQ!TT^S]JOQ!TT^S]JOQ#UYJTZUE
M\/ZG?]2OZVOV!6UQP5Z,N^/A],BVH^I6O^DP/4%E/33[/VJ_$'33[/VJ_$'3
M3[/VJ_$'33[/VJ_$'33[/VJ_$/(`````````````````````````````````
M````````/SKKFNBQNWRT\@\;O[:O>2+(_@&!=!E>.63K7MY,D`M0DK2\C[`Y
MGTI*+>82\32%`^JY&(W\E3MY+&9I?@S5RY,_7K:X=E>XN1E]?9RY_"<[.?*0
M.XN1E]?9RY_"<[.?*0.XN1E]?9RY_"<[.?*0.XN1E]?9RY_"<[.?*0*\+<8U
MI6E=[.7.M*TZ*TKR<;.5I6E?#2M/-)WZ5'0('!A!#4JN5:VXW*FVJN=R*SS<
MU6_R0;&(]7$\%_L;M\[%VJ>N%^VSE6^PB?;==/\`7U-2[$+=F&LW6,74]_W%
MR,OK[.7/X3G9SY2!W%R,OK[.7/X3G9SY2!W%R,OK[.7/X3G9SY2!W%R,OK[.
M7/X3G9SY2#%'UP[1\W&4[W`G[V<MO9Z(U7(KD:F.3/9PQ@H=3$0^>)W9L%7/
M9;FQ6F2^*[)BNNZC)92ME]+K:UMKM'Q#/5Y2/Q?Z$/R0G8Y'T^'=JG##@=;Q
M>*XIN5TN9>4V>0,J2TX%]9,G%585E`Q?=G.J*@;,'#6:Z[+GS9+ZUNK8V```
M``````````````````````````````````````IKU0].?Y<?:Z\7']Q;:"RO
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MH);"XD/,9=)/,H-G!B5T[)F<)`N6QG,YU"Q6&;LBP3P%,V(UF-)MIK!B+9<9
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M%DPY*6Y,=]EN(2U]"Z1OWAO+\654:`<*7I2G'/[3R"OQ)3A:"```````````
M``````````````````````````````IKU0].?Y<?:Z\7']Q;:#?C="`%':?5
M'8/79&<Y5E+<Q1.\F(A.T^F9%I/;BZMI67$B+"DD83!3.J)I%6L)YU$@7-%C
M!HC:8Q%\^+/=COIT,;-'8!PRA=,$SMJ+F2I-R(LL<MIDQ\_'$_B:XX5]RHSM
M>3D5G8N1ZQ<J&AU/M-N([31RS=65.PCE65E=-8S64@C%],TSC^=AKCYU?TTF
M>)=>M@B41$DI'DM`6W_(+0+9;6BVG;C9LBP/+"-'V!^QG+2$[SC;4$=RIB:U
MEE$2L[F*I;Q)&[BALU!R)QA;*MLRW7,X'1`VPK[4HOTHCJ3'W.&%36Y.5$W6
M39B=955L!1^*\9.O"['=;%\H1NR4677TWSJRZUF%L*TZ&2GK+N2W$Q(LCSA]
MV"9L8D>V-FKZQ,<?Q#QQLYBGE$^[E]`=YC2*1GFX9)C-ZN54BPNZ&W&&Q$?K
MJ)'BLII)-TG"2<D%L+H:3H14LHD&=B3'''+AZ0L)_`VX&9K"<CNT^DMO8&8Y
M'.6<6G:WK=L>XIRD%BP/V1'V+`\&_-B2N&T=<<=AV)\69Y.F15E>9*BRW`F,
M],U<MX3)8LCXDB8B6KQ1YINO"+'R6OE<SGLJCRZW-[<NS3:?B4K4BG$K%:->
M,<^9G-MS8L.%T(J[DR(R84(MG-F5KK3-A8RV*W&TCVK@Q=9,>11),DF9ABF.
M<R@^70LLM58/FNS)["D1>4*QT0=:&;7&MAQGUAM6,X]0HKX<V)(5%-`.IJWF
MT6V7XHYQG1R3R\&8N0?$+\F#9*3990Y325!T*+[9+`DCC:QZ;J;.[,3X\;RB
MJ6J<L%",B.QO%'*D(3D:EF2\PHVN[&5IBLUUHC>6XN()Q51A/66'DU]N)VO6
M7&K"3P=Z@D-QV4:#`;:`<9M3T7LU/>M[O4&XM*#D/GTB-[&DA8&JB$$AX*^)
M;<)K8J6OH72-^\-Y?BRJC0#A2]*4XY_:>05^)*<+00``````````````````
M``````````````````````%->J'IS_+C[77BX_N+;07*`*A=WMS)29K,Y"*0
M>LXF4X-(M>HZ?F-?4&Z@N4NYY0E8FY72G))M'7BQS#D:S193=13)FI;L$VN+
M3TS8+#Y3$UK\2AU<@[S2+IWMP2U@ET\J;'H\RQ(1DB!U9I,9-1Y917[Y\C;B
M$W%D@I##)WMY5:KDQ.O"^F;(!%G-Q02TQBR8C*"8\U$BD5M^Q*W_`)*R3:ZU
M!2B^1T%A7ZB:PR(EP'(R0PXOD1E2[+NUDW:_+YEW.9W*23@(-S%:TFJ;,7Y5
M=6M,()?$N,AO+RLXB:(=^]C\QVO#N+1&?5F-*D?)LQYH7R-M0?6%BI6`J@3O
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MZXL=3%;+=D1'LM?0ND;]X;R_%E5&@'"EZ4IQS^T\@K\24X6@@```````````
M`````````````````````````````*:]4/3G^7'VNO%Q_<6V@N4`:D23IK$D
MK.Z951YI=RLS-D(J9T53VQ+3RRBE7ZG1HKN!1C]5QK[75T%PHQ\@GO%TMIQV
ME#]UKF;^1N$L^0I8W++3_P`2YH3JTY$N0"*['RLL*\EKL>N=SR&KR7*JO,EC
MAB-;\TT4*[:FQ5>YV6&0:C!R7&G!'F-F/%!),Y94UM00BA,POKEZCP7M!M6W
M*JH;A5V$M9G.W",4DD=U%Y,E,BY2F2%I"<DJQ\LW+9%Z%SQETIT@/-YN58=Q
MK+F=#N./%U8G<KKA->42V;H"G&OI&4:C99-T!MI1;K/B]KPLWRJ\K.MQG"<6
M,J84.?&JR,RRO+ZBM**$A2TVD)X)Q=24#E^`VF%B5N7M7;<1N]3FXU].'BMO
M%=<47K)XR_%"4E1R$<,KS$F(.<W-CWC.3)6N3VXDOX@AHN)\R-#\>OM=+HQ`
MA@SNM`[<8L>$RHJ=3<E9-3(K1I.?$XL%,.M*7WYC)G5I;\T[V4F4=>J>TRL?
MI\J*<39G/CC55EE/817`T,,CF6U:\3C<*DF^IK9M&P=AUE6&HC9$"Q6PH<C=
M-O2F1'#82VHW2F?-0R=N(I>"F.IQ3.=;Q7'U=3,W&%184<F.S*H*ITX=RVTR
M&+J4DP1[+7T+I&_>&\OQ951H!PI>E*<<_M/(*_$E.%H(````````````````
M````````````````````````#\ZZYL6L:2<M/(/)#^U4WDE./Y^@709(CE[:
MUZAS)/S4.JT0H^P.%])JBX6$@G$A//I61]M_'4E>=R&:WY\U,N/!UFVF;97N
MT<9?6)\N?P8VSGR;#NT<9?6)\N?P8VSGR;#NT<9?6)\N?P8VSGR;#NT<9?6)
M\N?P8VSGR;"O-)&-*5K71/ESI2E.FM:\8^SE*4I3PUK7S-]ZE!T"!SGP0ZZK
ME&MISRIN6K8<BLS'-1O\;^QBQ5NO!`[&[?--=HGH9CM2Y43LTGVW0C_6%--[
M++=F%</7\75=_P!VCC+ZQ/ES^#&V<^38=VCC+ZQ/ES^#&V<^38=VCC+ZQ/ES
M^#&V<^38=VCC+ZQ/ES^#&V<^38Q1]<Q,?.-E.]OI^B?+;V>MM5R)!&ACC,V<
M+X*G5-$/D2=N;/5L7VX<5QDQBMR9;K>HQV5K??6VVE;J;1\0S*>4<<7^A##D
M)IN1BOAHZIPPWW6SGBAJ;:=+97DQGD"RDBN!`62Q-51U9/,678#J<H%"YPKF
MMNQ9\..^E;:6-@````````````````````````````````````````/'1^W]
MNOQAT4^S]NOQAT4^S]NOQAT4^S]NOQAT4^S]NOQCUYJ4ZUE\/ZG?]6OZVOV1
M6UQP4Z<N^/A],BVH^K6G^DP/4%E/13[/VZ_&'13[/VZ_&'13[/VZ_&'13[/V
MZ_&'13[/VZ_&/(````````````````````````>#PCAUS'ZY9[JWXPZYC]<L
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M7+/=6_&.?A\```````#6+=E]NN+M-=M),8BOE0'O'>LL]OIG+N#"5,YT5U-&
M*7:X&\K82Y[`:)9\J:KIQ,[CPG"Q@KEOP6V&,&;#=?CNU,C7264W9'C#<ZIR
M5<A]%-Q,MIKJCV*]-8L);L]8;R:HG:X,5VJ66[%AJ:,Y:X\=<EW465MMI7HH
M,V]`+(OC*^1;[^=8?).#T`LB^,KY%OOYUA\DX/0"R+XROD6^_G6'R3@]`+(O
MC*^1;[^=8?).#T`LB^,KY%OOYUA\DX/0"R+XROD6^_G6'R3@]`+(OC*^1;[^
M=8?).#T`LB^,KY%OOYUA\DX/0"R+XROD6^_G6'R3@]`+(OC*^1;[^=8?).#T
M`LB^,KY%OOYUA\DX:DR;KQ.[.W"U6@1*Y(]^+V3-48;4O)X&#KHUISN#`K0M
M2!J,^Q$4;-7<)<@2S5DQQ56\&8@<O/\`6DOK68K0IDM,;;>@%D7QE?(M]_.L
M/DG!Z`61?&5\BWW\ZP^2<'H!9%\97R+??SK#Y)P>@%D7QE?(M]_.L/DG!Z`6
M1?&5\BWW\ZP^2<'H!9%\97R+??SK#Y)P>@%D7QE?(M]_.L/DG!Z`61?&5\BW
MW\ZP^2<'H!9%\97R+??SK#Y)P>@%D7QE?(M]_.L/DG!Z`61?&5\BWW\ZP^2<
M'H!9$IT?^LKY%O#3I_\`+C6'P5K2E?\`JG4^I]F@U5TZUPG2?(H=+W>_))OV
M76478[;F)2F-ONG6=-(W->"]HI;AEEYL^#/JV?OR*YAI,5&S+QRW-9B4%K(>
M/X"I+"9L)X-JO0"R+XROD6^_G6'R3@]`+(OC*^1;[^=8?).#T`LB^,KY%OOY
MUA\DX/0"R+XROD6^_G6'R3AXKH)(EU*VUY*^1:M*TK2M/-SK#WZ5IT5I]*=Z
M@P=C\7)B-JO*YB<@G(,V:R$_W-*3SJ0?6M=W;]_O*I"KF<IKLK58SU@RJU2R
M'7"1'L5**]CT[!(%>NYNN9SZ`61?&5\BWW\ZP^2<'H!9%\97R+??SK#Y)P>@
M%D7QE?(M]_.L/DG!Z`61?&5\BWW\ZP^2<'H!9%\97R+??SK#Y)PU5W%UPG2`
MXH:SW9'))OV865K8[4:)3>-P.G6=2(VM>=-HHDAEZ9L&#!JV0OQJY=I/I9S(
M)R[-?B3UK&1/YRIW"6O)Y]JO0"R)7I_]97R+>&O1_P"7&L/@I6M*?]4ZOU/L
MU#T`LB^,KY%OOYUA\DX/0"R+XROD6^_G6'R3@]`+(OC*^1;[^=8?).#T`LB^
M,KY%OOYUA\DX/0"R+XROD6^_G6'R3@]`+(OC*^1;[^=8?).#T`LB^,KY%OOY
MUA\DX/0"R+XROD6^_G6'R3@]`+(OC*^1;[^=8?).#T`LB^,KY%OOYUA\DX/0
M"R+XROD6^_G6'R3AJ3&6O$[O'<+:F!%7DCWXL9,*QAJL\F>8).C6G`X,ZM--
M)YH\+%M1OU=S%SY+#6,V[5$P82!.\AUU4Z[F-4-X[2^VWH!9%\97R+??SK#Y
M)P>@%D7QE?(M]_.L/DG!Z`61?&5\BWW\ZP^2<'H!9%\97R+??SK#Y)P>@%D7
MQE?(M]_.L/DG!Z`61?&5\BWW\ZP^2<'H!9%\97R+??SK#Y)P>@%D7QE?(M]_
M.L/DG!Z`61?&5\BWW\ZP^2<'H!9%\97R+??SK#Y)P>@%D7QE?(M]_.L/DG#"
M9*TEE-IQX_'.E\E7(?53;K+=BZG=E/36+,6[/1V\I*)*N?%;JEBNRX:&BV*N
M3'3);U=E+K:UZ*C;/29]NN4=-=2I,?:OE<#WD366!'T\5W/A*ELZTZG=%+2<
M#B5LQ<C@*DB^526%$X=R8298N5Q7Y[K"^##AMLQV[.@`````#33D9]+YWJ]I
MQL__`('OH3S!_P!!F)O]F;`_%!&$I```````*XIX],OX^O\`8)R"?TZABQT`
M`````!XKX/X[?Z:"O?C,^EXD'V[O(_\`E^;'BPD``````!7MR9_2\1][=WC@
M_+\UP%A%/!_'=_34>0``````%<4#^F7\@O\`L$X^_P"G;P6.@``````(MG#Z
M#,L_[,W_`/B@LB!N.;TOG17VG&L'^![%&Y8``````TTY&?2^=ZO:<;/_`.![
MZ$\P?]!F)O\`9FP/Q01A*0``````"N*>/3+^/K_8)R"?TZABQT``````!XKX
M/X[?Z:"O?C,^EXD'V[O(_P#E^;'BPD``````!7MR9_2\1][=WC@_+\UP%A%/
M!_'=_34>0``````%<4#^F7\@O^P3C[_IV\%CH``````"+9P^@S+/^S-__B@L
MB!N.;TOG17VG&L'^![%&Y8``````TTY&?2^=ZO:<;/\`^![Z$\P?]!F)O]F;
M`_%!&$I```````*XIX],OX^O]@G()_3J&+'0``````'BO@_CM_IH*]^,SZ7B
M0?;N\C_Y?FQXL)```````5[<F?TO$?>W=XX/R_-<!813P?QW?TU'D``````!
M7%`_IE_(+_L$X^_Z=O!8Z```````BV</H,RS_LS?_P"*"R(&XYO2^=%?:<:P
M?X'L4;E@``*5&Y^B$N*MXHQ-QM":)D=K>4>R.U[@:FDN[[G0#_8AG*3-=@+B
M#KPHI)WL4Y@SE#/8AS-V.:P9BV;K>?#EQV=WW>SC0]D78;W@^^_DUAW>SC0]
MD78;W@^^_DUAW>SC0]D78;W@^^_DUAW>SC0]D78;W@^^_DUC6O<[FHX_I>T^
MVMBA@/+81;?<FZU3Q'[)1;]%MYTNU9=SSBIV-QLI%5-6US))2=VS6U(B1H?5
M#I),)U,4,*!PH3QYC&*68NYT..)LQK'K=67_`+"%E="8K.1U4M;H;OD8H54D
MQM)9%0*]?P:VY"^:I8Y@SE[LQ?)E+Y;L=<A?-FP78\M^=]WLXT/9%V&]X/OO
MY-8=WLXT/9%V&]X/OOY-8=WLXT/9%V&]X/OOY-8=WLXT/9%V&]X/OOY-8[%$
MYV^-%><K0:F"6)B2E5]O5GQXV<SMTSW08Z$<>#^<2<TVBC&G2\X!06RD9%IP
M*I!-+F5=7(D[,N>E^8QCQ69+[=W=L]R]>-'XW1)8V3>BJRF2Y)`;<6H!M"8$
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M];<>`L6*E\67.8,9\F/#@P8\F;+?9CLNNI8KZ*6"_0N^C.\V]OH;O.-]$CYX
MW:%R];\YGS$>>-YLO,UVH\UO6_,;_P!,]INT7;_J/^:=J^SO^;"NHKS[<8YX
MJ5/$I-G\V3.EBYTF;*Z';Y&2ILF;PXS)0V5,X-;<F`R6-%\N+.7,8,F3#GP9
M,>;%??COMNK[^[V<:'LB[#>\'WW\FL.[V<:'LB[#>\'WW\FL.[V<:'LB[#>\
M'WW\FL.[V<:'LB[#>\'WW\FL:>;Q\RNADRPTT&G'+JV$<"^D[2:520>(7:-;
MPI/669$.W4+RG(2Q0TM:\)Y++5`8S/<"U1/Q&+U15N(VIJ,24%4T4)9MP^[U
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M`+"&5==8KQ1THM=H;OD7H:4E-M*A%/*]?SZVXR^&IDYGP%[<QC)B+XKLE,AC
M-AP6Y,MD3:8\U'']$.GVJ44/]Y;"(C[C+6J!X_>R+9HMO.J6HSN9D5--N.9(
MHII.N9U*4>UBVFGB-3Z6=.IARI>IA/.&R>3"8R[*=WLXT/9%V&]X/OOY-8=W
MLXT/9%V&]X/OOY-8=WLXT/9%V&]X/OOY-8=WLXT/9%V&]X/OOY-8]A;GJXR,
MZBAIAB6YE1<CA<C8:*8>=6ENZS.0:K[R<":UFT1/N9UZ^HS=2**J^KIJ9@-*
MRH2)VF#>*F7/92M:T@W]"]V4NX.-)>FM_P"I[!>#)?;_`-:"9J?Z-U.]T4IT
M4\%*]-:=^M:UOZZU;ZN3^6R_YQCSM<S<8K7<3T=ROA06JTT13<CD7#^<S8GH
MJ"BD\RBKJZAEQTRW%T],(%\YT\9NLKC*E,&8QFK9AQ9+[8?6-H]>T!FLV0EF
M5&XFLF0F2KR0RG0:,JN-%<C$0D@@OJ3K2SO8=<>=$P(BJF*V,[7J+#:>HD#9
M*AG"<+WY,*([T:D*91>.)\Y-([C;2@;157`5S+^8_8XR#P2H^/-(DEVI7;-8
M>A-]KJ*S#+*12BB[,#I54]!RHUJF:PEKIUCF4([EMME'='3L374WSR@YTDNH
M)QHW;2JJRW";:;N3,I4Y84/%E!LN8@<05TD9*X3*6K%LQ$YCQ&+*V"0.HQ_K
MK^]TUK_RV7O4IX:U_3][H^KT^#ZH=1C_`%V3^6R_8\/Z?O4[]._7O=^GJT"M
MF.GANR?5_P#;9?J=^O\`I^&E._6GAI3O^`>>M6^KD_ELO^<.M6^KD_ELO^<5
M`\V=E+=28NZ*W?3^<;E?TU]]W_7:A>G^E=7U:][P5KT5KWZ4Z.FYBO#Q8?PR
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M_77_`%?_`&V7ZG12M?G_``4K6E*U\%*]ZO?#J+/UU_\`+9?J5Z*_Z?U*]ZOV
M>]X0I9CK7HI=DZ>_WNO9>GO='33Y_P`-.FE>CP]%:5\%1YZU;ZN3^6R_YPZU
M;ZN3^6R_YQ3=J?3HYGN7&G?[VNO%Q3OUK6O>0MM*>&M:U_;]6O36O?K6H]&E
M%M+N77FTI6MU/2UZ_I;KK:_2P.WZMM:5^KX/!X/4H+F.M6^KD_ELO^<.MV^K
MD_ELOU?_`.\00F;*P0M-ATO-)DE$4FNR9,OAIV+1+(LF22!*F%S$&698"G?B
M(W7EG42=ZHG-<^D78ZF2"^=+))VTN>S68*X(C[R:C+SDJTDJ>V&:7K.P[\Q+
MMLHE["I52/N5+2E,X>-DRZ:21E=29KM3T9<.'<",KG6RO%DT^:S)1VS#(44;
M&0A-URQCC"0TITYD$BSE55+8>W26;*H\B8U+/'ZW0FO$4DT80WR61U(XSEHK
MASI3F)%;CJ*;.E;\.;)-]+,=>_2Z^O\`_FR]_I\'1^G[_3T5Z.CP]'>#J,?Z
MZ_\`ELOJ]'>_3]_O][O?5[WA"MF.E.GJK^CU>O9>BGU.FOZ?O4I7PUKWJ!3'
M97P79/4_5LOAIX:?/CSUJWU<G\ME_P`XUXVYQVTU5V6K2M_3Z'^:?#ER5\,9
M.FG@K?6G[5?J5[]._2@IR_\`=6O]PO\`^`L7&ZC8[:ZJZU5K6_I]#_"W@RY*
M>",FM3P4OI3]NOU:]^O?K4;#]:M]7)_+9?\`.(YE65XUA!F')#EAXI3$9*>H
MH:2><S@.&BJ034G,LDFXW21DUCLSTPF%QP*:8A)5F2VWLY84D],+UR'3Q7!E
MPB1MG($B18N;\D24CL];M3458[5+-%W`?JFN'&YLR0;M+8D[-EOQ&\#,=YC]
M);=>7+M=P9S=A?"D'[\&%D]X=3E)L);P2IN:JR@+IW`30S:)D<"R86[3+)QR
M3C4T9+2THVL*K>LCS+B?)AT)Z>9;1-H9+'$<5\"3=::KL6TG<TWXW&^[6:X$
M]R-IU-U`=S<64A1J;(K#9=*?C5FZN$<EF3IS)JTFY+#J<:ZFF,U@K6_'6O47
MTMR7J,?ZZ_\`ELOU?!_I_5^I3ZOU`ZC'WOTU_?\`!_RV7_/]KU>_Z@=1C\'5
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MUU_\ME_S_5Z*]'JTI6M.\'46?KLG\ME_S_5^IZOU`ICLKX+KZ_M9LO\`G^Q7
M^.E:?4J//6K?5R?RV7_..-^*WJ+N_D^=N_\`;9?4K_VQ35PZ^'E/_AE]X/[6
M*QW/"992[4F4>FMWT_G)'7]+??;_`-=J:*?Z-U/4IWO!2O36G?K7IM^ZU;ZN
M3^6R_P"<.M6^KD_ELO\`G#K5OJY/Y;+_`)PZU;ZN3^6R_P"<.M6^KD_ELO\`
MG#K5OJY/Y;+_`)PZU;ZN3^6R_P"<.M6^KD_ELO\`G#K5OJY/Y;+_`)PZU;ZN
M3^6R_P"<4]<[UE+>-Q]5I6_Z9#0"O?R7W>#?O6FG^E=7U:][P=/17PTI6D&?
MH7KTCC27_5[!?E0S.+_!$4_L%5E6"IGC%",D2:W(L3R0Q$@VIY,V).*JCP9:
MXW$\R?RE\)DQC)8#BG@RF\F`OGS6%[,EV+#EOI;CNT2U6;\S.!*TV:$A0,^(
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MISMP(2:N/67&<D92CX57@V#*%)K034N/)'UDY&G,3E`S@4ML?-*O('*QB23;
M5VD76DDY7,<<K4=W'$8;2>1FA.+M9%JOT=1EIE<6%-N;B+DPLB:K2+'L*-ZO
MZ)8ZS.8PP&08>F`R5=^=H-G,Z2IVA"APLX\B&0N72YJB7ESIE#.%6J<QY^UV
M?,0Z[;=V'ER%NM7W9D*?^;3Z4F+O;^<;OY;<+#I.8KP\6'\,OH__`&LJ"YFS
MYRW]S;_10<A7?MZPY.P[&Z1;%,N/UR2V9!CJGE%E9`9>9+,/U(;<T0]E:""\
MV\VE=21<3N3T!X)*,3=".E*=SC+(BWD7$=(6;4DZ5LAN9HEFY\:O9C:3#3J\
MW;YY`==MBJQEC5V35Z-B)8[W&B&5U8RZ#N9V$VGA<!2,8X5'0;;"2Z%C.565
M0NTT_,IK=,U1AVU<`3=DVOK-VJS-E=CRHN+6LR(^C1\\Q7=IUM5&+<>]QYUH
MT_L!PJAEQQC($%-6]?4V),[`2F^^:'#[<14HU)&/!D:"9J:UM>M\8CS0JT&O
M'NT=A>,]E%&2E=W$MD:/A`?#$=/*F9>,E)BFVUB;B!;#8LZ3+-5K.<>^%]&7
MD3<#E:J,R&$_TA?=:[E$.0%O0T\NN]DT)&Y+P1WDT)&MD.YK;5GC;SB_9U`V
M-25J(WI(J@O2JKHF.%7!KFG5:)FUAXGRW4^F-P87O&RD]'CC6:=<I1)R<+C4
M5<Q7'L:@RM8CI"#L'>BS0F)K/E:5$S?N#G6ARGK;DS/DF29#`IJ0D3U1>;J7
M1B$<S%=K%BAR-AQ/YO6D4S8S5*$=Q8SVG9"\Z;MB#$07//D:9CFQR-/2I);/
M)PT;F6/G7HF:O;+LDYUF[U'&RL3_`":,ZRZ09D]+(GS+8E)5*I]Z`G%KM`%-
M>J'IS_+C[77BX_N+;0>G2;TW;FT_W:_Y,#M%S0XW4K6VZE._6MM:4_;K3O"F
MV-HUGUED)YUP6(/>&?/(G(6^-@&A+:4IM4S$F2#I&V6;VQ6=U+"]F<15PI#J
M:Z477V2=COS+9G"I/(HDY$JW.SE7,[B$P.R&W8M;6;Q+CB@A3D&%I:T)@B&F
M^EFE5L)K6E1RQ\X=NE9\Q/3J')B76_:KH4TLU&++JBC)*+=D4E;M>L4S(IF^
ME=K=T_V^L,,!I)&'9EZ:V0[LMHC(\;(<W/\`935VF8+092Q+.*;H16)79$@-
M[+L/!D,)[F8*]'J_);H6GE:K&WR00U^3K$A)61TL7P;R+.YZ,5%D1N;@,J('
MC,&IKSEU%R;.J!99;*'?$VW[/VG;WGCM><L#[7T;!("CKJ;5%2/2S!27=F(I
MLAQC%[*+E<Y4G*3?CS?5.:>0R]F/L^NOI`G])0]N<:7.R=E9VP&NA>=)#541
MSZC)A1[VJ3=52D8KT:*3S()]\-N[/';)7H:M2G*_%3$HY(\6M>.2XXB9:T6M
MJSYQO1_`V>*<I'8G`B*Z9>G\DLKN)<;[[Q$Y+14EUR>U..YSL5JR0ONLJO(S
MX4$G*1R+CTDI%)';+>M$6;,D>19(C(F*D@UHW=E]E\,2&).?1F2W8;U[4YA<
MRY!F0P]E=SO!V+1`O'RHDD$JU]KQI[)1`G@1G!C+F$^S%;NN-=]NOI5=EO:_
MS3_ADZ13?_[JU_N%_P#P%BY#47Z576GVO\+?X9-8;$#2'D7B>3)IU%D1DPZW
MB;OD@FZ(1D5L-$XMD6W:[<\,SW%\QGVJ37%7)@24Q7<B0PE%%0C2P:((]JT=
M3[59234^\R?+8WB+/^7578^3*0S(+)3%;6Y+BV/D"02K82'V[GEA\^%>6[DY
MODW,K84!,*5?3?:A!67U9(N75BYP9L&`NUR!%?6M)W+JO(AW3SCH0C3%V@AO
M936W71`:B;.6MBY%JQ)VN\G-:%8X9"^U'9';I<BI&D]13*JNU;V\Y6B=*/1L
MJ5K?;2U=G;6.W`]&_`5^L^_R9E>ZZ\8PD_&^IW9ND"._%+7*>C32C"/5]A:H
M2^TY-),J.4V:V6J)S40)^+1Z4PM)JK+-;R!8\$^0+'@^6DT7>TW;R:D0<DMC
M7+2K*S;VM=RVFN_0[#*47)FQG:MQ/R!\&I<7MK<I&BQK-Z74V/R+_P`.TC=,
M/EQ]<,LEUNQO)3V38S<=F"1%%/<DX)<6;T%979J7D*;,E4]I2'K4KQM("O-J
M<Y4"_3U&A^B'L7#$\EDUPI9-V;'+#L+.XSG>&5O*+A57T]XH<;'DFQ(C9=6D
M*&8UUTY#VZ@0XOKM-P34B-6-N(YS.XNK;1F5]&4YW9\TN)!Y(;G"B'9M/-5T
M)"CK?1O$59OFR1Z/'@>M[>L!(4I.N/KM_P"DJG3T=_U:_:Z:]'_R_C]7OCR*
M9=V?3=N$O_>4?DP-(>[:_P!.?XCO:Z\H_P#<6I8N4`5JO4K,4*[TR_.:/!3]
MF..)GU'@:,&V;C(ZT3"ND2W!LH;(N,RU':F.ES-BUO(;R0)P03#??>0P9;1`
MVA.$JYS2%=A2;EG&U^`Y81'MQ+V%V`8<!/7<^Z\$\KK74D'*C-&Y2TO>D&E%
M4QD65)`6'(1-OIPI*7@S(:0K*>-'P9%8\0(IY6O4:-3-IOLT<<^RS,U::DUQ
M[&<]-W?S%),)22[&4:AI!DB18SETC$FR.FTMICNI)L&ON=)?66NH2'%)98(1
M_P"9I_2<MN!HL-4($SSQP&3H@Y)KLSV(0I&^V3"Q8]89[AMID\>R">J8\KG/
MZ+1(6US=2:LJL\WHC,64+:1#=I&M$DFH.!J.8NZW"Z)3<+'D-(;R/L@YX8W=
M;\FS*W8H(;&8E##$Z:ZM&Y5<6PYQQ1`QG0JP-(J9)<=;1(C[>+O<3M<EVPKK
MQOA#PK+9>R.;)YXM2VB\&LS(F44!(QEM0KN.['C'F6]`W'9.MCAF!BJ3]BIR
M[%*964V<AVZ-[#,Z>+%-[H$NEG>IL9T;+KFN]S7(MQYJIG#(#7?<J,(JV&>K
MT6U/9/C6C/;R-E_+79'S\S.!VZ5Z3&WR;EZ6RLI$,6Y#7*2^A;0VMHOYO7A8
MU.STG+#N11Q,PDC1JY#2?D64*PXNVN(Z:MT'&_YR[]S=_144S<.OAY3_`.&7
MW@_M8K'=\)?TI,H^W\Y(ORVYI%P``(`GC8EH0/6,D932UUXR)-D@XHNAV,&A
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M:S8BV2^W-DLLNRP`%/'/!Z6X^_;'Z`?E^:T""OT+UZ1QI+_J]@ORH9G%T,^/
M]7BB#IBE%`32"RMQO%S_`'\E(RIF-%DU9/LQIJSF+)!XV2I><)%52]+H0RGB
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M(19+9Y=;7E5LIZ8V'`YH[<B"^$)LN;.D+RNV54NJ)Y`SBQF[2T#LK:N=)U<^
MRRIKW%\>N*.-:9P7]<L"*\W,N-M_S-)4=>9JDQJ;95[27F.CUL,I3<)UJ-.K
MA+N@Q(;E;"UF4#L=H&9+5369'N2+3M-*+AX_*!RPLDXX_/I]Y2.Y,5\CX;LJ
MRCBA6.GG&)=%9ZB8DYBNV5S2>PDQZL7$O-JCA66Z7-*1<NZ&T:5^W:O()JV[
MI<0X,(.]Y)$E.!V61X117I"TUQ\1P29EAQ)V!P18K.1\1\WVPAR>:AQ8POTE
M'RPL$G6=1B*Y:42\QU`5RA3=.E:5ITTKTTKWZ5IX*T]44_\`-I]*3%WM_.-W
M\MN%ATG,5X>+#^&7T?\`[65!:[(QF1BK4K=%2:T5-XYU9M$R]CY4E=,;9)'.
M+Z:7<RL;R(1,ZJ'3:2W<BF?2$@M0I:LJ^`BFFE1))F3"D5J\@;E/:1Z,(YE'
M:Y:B"&2$Q(1M=9*`U5]YNM?02+?FM<A%SKK\+FF_9:C,,LX<C#J6?N?M<CEC
MSI44Q5P%RC<-+>>3HXY,(5P-A-MV+=;-BF05B>-A(C*-A.,K:V0*(42;C/[4
M1J/MPG;R&3,V&T\'DUT9-SN%P6)R`3<BH?)XSEJ6C*)XE-J9OEK,MIZB?17>
MX%>W`?99!M$TZ-Y',J,GUD0P^BS&/0P0HU;3$PI#FK&$BG$U8CFQQ)M49E.)
MQ&3)9ND>VV3!\')YI0H7MVJ+*RLY<3GK$F)+/-6)ID<Z=:>GC,\$V'T<^I(4
M?'R:4X)`=#"=L?(#>4<Q9;RR@C&8Q-)Y5^=2@5]DN;_1@V-0D3:^'R!N8D^2
M'I',20NU3!9P1V==\R2W-*1KXT&2[;'4V;7+&U$65E>])DJY?:61?9!5ON:W
M*VU!;3<*,;S6L[2'#9BJ=LVBM')B6B[13HR7X/37R[%R4)%4RS\6'M'#9A?&
M5=4BF%)B-1G8GA1:233@)KC3SK2X?*-.C:425=B(ODV/YHCQFRO%KI1WM'DA
M-Y,=;0=2'FKG35Q"5R]I@B=PURX\)G!DK96[":)'BY513CF(RGJ)0H>*F2V*
M`TR?'B=WA>NL&1N-C$R&IK''4^XGAC/*]SI.JT@2=)$;8VKD1[L-J*73DRL:
MJ"WD7+3^0T9HK%$RB3@H4SJ>;6:7N52&FCKQL_*['27JK/N""VWR6W(]<D72
MP64'JY-/21PI(R[5-0&@H.`G$B*[Z(K:=$E8R?:%KF7&@8%LZG*2R0(9;)F&
MXL[N9+0=)DMA)F'(UV\OYRF#)7-@*YEI&(J>4OARW5K7+BP9#=V+'DK6M;[+
M+;JUK6O2*E]4/3G^7'VNO%Q_<6V@].DWINW-I_NU_P`F!VBR*=9N(0_BB]#P
MD;U=]3E*B-#$7)%;<M21EX*S==3T4%1;R%[J&2[<:#$8SR>:_D+4[*SIZ!<F
MD[L1Y1*Y<>I\%[93_LJQ%/82(8SC50@<[,KXC!AHR^Z'&BR<XF#%\K.&'GU/
M"B<N)9&PDDZ.-HNER-J(J)IA>66"F$%.]^EW8N8662P^!.3J-9M@F`'J<64*
M/)?D0GHMGD)CN9AS9<WD<[N?GPXF@FL5PXV7BL=*,[U-&?K(CN2\9HU&UKZ:
MYI(>3@3,I)0+62ZW^373AVD3IYJ2"[''7"@-ET):<E0O->5<=Z"['PZHU35!
MB(>:/<"J]L))]LES-=S>9LHH>8Y42[L3L[2XS1+(8D9@[9L%^RA%#-;YT@NL
M[96`C6R6MLAHUV:U$D)A-VZ.\3Q)F<"C0J?(KI`I*T>NQ'Q]AX[E1LN!0L,D
MDY1:JC0]#,-;63EL,7?DNQ'&4>GX":.QCR@)`)N)T+"%);Y0(;F8U"TY3:64
MS);$SFRC-ER-Z0#S(CM3(GU-[MUG8%91?#24G.5;B7L?#FU<$SRXUMIQH\:J
M[@26BV)&PIJFWG&V<KHB][J"XDLR56->Y4E*P/V,'4I-I<(H3]:.99;9XPGW
M66'[:&D^XYB^[,]NW6;7Y6EYD-IMNY=39`A%EX4%TJ2JCI)G#+\U1_#EQ[(I
M(I0^>+Y$+*_R[@LPV$3%BAC2LJ9=<4N.V'RGT3)N!$&O\G1E%<HGUI#4)'CZ
M:I/J]*M9?\[=HLB`$AM*TBN9\O+`3.H312T[`ZDG+7*L*6+$5+9JF#YK!BN)
MWGL4U7VUR;*RAMLT"K34FVW->Y3CAA-HZXVN^V.[7$GOB`(SF3.HN-G2$A-U
M:13!4Z_,Z8G7ET^Y,5$@H24RQK+D,9[,,G[=?2J[+>U_FG_#)TBF_P#]U:_W
M"_\`X"Q<7J77)35#6SK5UEF6[7Z%K,=^2R[+99DOC)K68[[\=N3#=DLMONMN
MOLMS8KK[:5MMR65K2ZFEL)\JT-J,#QO)NR2D5BIYO]HOF3C+49C/EN14%JQ8
MT)\MU_S/E==2*R5$HGMY+="DU,SU6E>B0GLW"Z"QQ7ZR@%+G`:XS1R>,5DRP
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M\-B)%V>C?-&V)FFTXNHV.Q$7M<%<H7;I0E<O%S6)RXG`53:-\U7!,[4Y#-0'
MOC;IYKR\G*[8<S6M=>%^%VZ[;8V0R=8N79LO2'O(69`Q,Y@NPM$[8<+]/M!Z
M+"$XTQOI6?,III,QG(EC?1'.2G4,AUTJ<>[RQ.?"HJJ55@8X3FL[)EQA+B-0
MGJRZV.T^/C;O[#7(=2%E_M0[<DV$W8BH;@QM_,H*;<7T],ER"-M8&V=O>!2$
M'KF<YQFI,>+ZE5193Y:V$PUI?;&1W16_&]:\D!K^;./7XA83A]K/1J9U%LKO
M:I9(D5BIY+.XL%:&JO,&7DQ<;Q2>F>QV,TW1$^613C_B]Q/*0T&'W-?M)Z%=
MK1?.>#S(VY6,M2HZ#9%PQFX#1K`EGR*-(I-Q$D!/8]CG7[%F1N3$,B[(.K6)
MIX'\>?3,89U^+ZP<C5^(K)P%$Z4GQ#YY-*.Y:;I!$4C9=Z1R\$_&=(G<R*I9
M$C-A1%-5,6&,1;17=GTW;A+_`-Y1^3`TA[MK_3G^([VNO*/_`'%J6+E`'1.@
MPJ%&XO'$.Q.R+91&4S2/8KT,]J[U,N2SYB-BC4E6ARPE>9LQV&KRG29LPW7W
MX+;\EMMEU<<&<GD)NV&->WI-:C6-)%FC75K;`*370VA)[L9S=Q.*!''LR<8R
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M+W)EB9@TF8V\=?Y.-&.W6]18RON0+26$V=;3<O<:ZT[0J4^Q2E?L4_\`^_\`
MS_;J/(XW_.7?N;OZ*BF;AU\/*?\`PR^\']K%8[OA+^E)E'V_G)%^6W-(N``!
MIEM#K8XY5DC5F?HU54$K+NILH.QZ-9`>9I2(,9_-*4HS<D02>R'`L(J4O+#5
M/&VNY<3B:;O3F\XLB,Z&TFE%!!4D)85[,=?$D<5<HR;+<A[-+#SB0K-\R.#8
M7.[T*Q-<YQIL=H2)I:G:AQ&UV4],B5A<2Z=CS"W23X=SD4V>V;GPJNYTETU*
M:I-(;A2^*,?#I*B2[2#@PWZV/QGYF#$T:O"%G:<E=HL-WD4C49OZT2(^SRDQ
M$8N>M>!4RUR!]O)YY'5B#XCE<=T;N=49YQ437<D6C:@ZD6ZX/+:!W*J5&>95
MFR=3<B-A?9R)G)+Z6PKXGAJ.BC+7#BFFVJ5F/`IQ/<Y;2)9?6DVS(N8\&0R;
M/IF164MY0`4\<\'I;C[]L?H!^7YK0(*_0O7I'&DO^KV"_*AF<7<RW'J=+D6R
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ME0DR/J%4XNJQ*]EY=4DU-,%R5)`N(K"9B34,K>VS.K<R\73W8"9$OH:UM?D3
M`VVYK=%CQ)OQ\1>TG`GL'5.")BA6)UMI956!W:@JR\XB,T.VR92QH^T:+Z6:
MPX&IE2DFBPT%[<""-$*L:68JV-D=Y)QZ9V/">"'3A6-&*RXX:-&U5O-YO8F!
M0VT&\@+3BB=N4;A)U-6/W)9E:S5D\^YGPP$EB)2[A9*7*+2U`3XVE25'A%\G
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M/.LR(ATPNS$9DM*ZW'9A,E!IS)L'(FSB@SU"M65B/,VYGR=+$CD66]&`<;KY
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M'/+39.GS$=^:;.KSRZ71:\'0ODG$AGFFZR*8;89EOM`FL,%T=Y(>HIQX3N[]
M@VI/LKQ2]'K!K7U_5L#+28H44TJS&DZWN]4I71JO>/74HISQQ+\A.3-:L=G9
MTZPO<G8K43KI"TQEUW>7%+&2_<_;FY,\U,^V4$C<ED/C'A,L1QT4HMWGR([@
MFIA%\KB9IHYBN)R8WTJ3F*\U$VK/-!7NV:*IJ[A:"L:0:6#15'BA&3?SMDR_
MG2_$PMG1L#8HZB+/)F&HW4-F-5IE&RG96@V6S8HD<QQNGW8;/KV)36LB^Z5H
MOA4"[=+("&CU<:H>G/\`+C[77BX_N+;0>G2;TW;FT_W:_P"3`[18'L?":I*I
MF"7JUSI8J^==)T09M:)0_?7`FN&E&8^XJ>[4/F[<>>I#S11E*+T)I2E4N8Q)
MKCM1#QG#>3PFJ5P*)=.L4&YW>UXOEMZM>"W(\7](J+!Y5'9N1`8+PDUP+CV>
MN!F.JY%L=Y)A+$BN1<D'S`*"@HIQ!:53R`04"T>Y;679`;9XIHN:B;%22GS'
M,I@C$+-T)8[<Q'[8TR7*"/QTR`^9(@K(NY"K!)Y#!U<7I!6R\F9DZY,L7TK"
MG%V_B:9DOE.F,82N(.,&W=$61N3U.J?2(VJGL4N0-VQ:KH3_`&>6G)Z3R=0I
M-;9R/*HSP3SKI>YS!1*,E,#?P4;;(6[T,TY&U16/3U`NDJ7"[@U<Q4=:ZY6E
MI3K`MZRPL8<5B9<ZG(3>ED3EW,^7AG;R<A)5BDFMV'6FTD8B22<)?-D/.A;-
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MO_\`=6O]PO\`^`L7&:EV79-4-;;++^MY*Z^POUO)6VE],>2D9-:N.^ME:VTO
MI9?2V[J*W6TNZ.IK6E*U&CEO$'$5(V+1C=-$W51B6M\P:P%%.E8PM6L+$FJ<
M6S/CI6ZY:1YVNR/)/=C4349OG[DSM(4:]YHJH-Y46LEB]C]*MQ"QDMM!QQT<
MG6;"T?G(PVAA5G-U.PQA3*PXMVUE2,)FD9JIRVK,)84UJQO/J,B58Z45[(;4
M&\VU0TW5?,Y,!,@9Q["0_HBW8EV8<&S]TN28^'DNHT\MR]-=Q=C&"MC?GB6F
M3,9U)..`@U2;S62,=+K,*-.*R:HX<Y%FQC8D,,D4N36\0S9,>E7CO94F/R:I
M0+RU*;,D&6'SKW*+?7VYB9!C!%$C:RI1Q!CQ<:B6M-)33G$DK*`JKC?D9IR+
M8[4)UHJZJ$RF%O9KRQHIT3_XV$!^.@Q)F:?YE29?P(&O15NR"3)QF:HW71KH
MMSLL-YS8FDH,8RV5=/>9/928F:^F`LDS;%RL1P)2$T$9GG6PAK1;Z<_&RR%-
M8GHLNS9.*W%^U+&M0]CHD.++9+-V3'SDAK%`IZ3^WI%L$W<TE9:CHFBEEAFM
M5838][=M%FJR4V4?&CFTY7Z-/XQ&D9>#4DY\SQ,+]EIL%C*4;D!5)QRGJ#J0
MRVN4C:R-8BY4M.9N-*R&&XS9;D1Y7**1A2LB])SH.+BMAR-<JF,HA-^KVDK)
MU44U149;Z?CFR*$`ZQ:[XR[R\RN<N4:FI[4=;1CE<Q^9]NH&?*YUD@\5<V]<
M^?/<D*2A0G>B)#=*8+R>4Q=&HL9FG"YI.:6'2[HS<#*D=BJ3A</F>Q/?.E20
MJNA<.'NST)#2$?"N-Y5=9TXUE4HBE<Z5G(I1KHS'BEYS/D,5Z@L.(I1;$L-E
MTOHPOH6MC,UG5B2R>05).>;<8CO<3Z1'NZ#.5OT<!B1C#F>;S5%]<(KA$BY#
M;E.FUE)-G,!,SAT7W9]-VX2_]Y1^3`TA[MK_`$Y_B.]KKRC_`-Q:EBY0!&LN
MLAR2+'ZZT&C)CHB!P*EZ3>0?[.2F>MKJ/:G+2<J'"F))?C?<[7/I[@($S3<6
M\!]'RYZHJL?O2CB4KV$50G5Q)/$JS\#;*9HKDV3<QJ)X<*L"`XU=BDRE)JM[
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M;V46BU"?\6/&-HP:D,JQ!@=E1VJMRK'F"-&:EM.9X_>J`\&H\T\P?ZVF)6?"
M@Y$&QY-+FB:<0*'3^14.%214N;4\V`L5S*)G#@LQYSV4J2QX29;(;RVWF+\!
M3#B*X;LE<9?%CQ6V64^T<;_G+OW-W]%13-PZ^'E/_AE]X/[6*QW?"7]*3*/M
M_.2+\MN:1<`-9]Q%6?T36R55+5PJVS\\X$5/LCQ.="N@()134#+C1"BJEHRR
M[;;V<FOA3;F=:(1P:>F$PRL<A&&OYL"IIMU4RV6MB(>3]!:[=<Q!W%-DGX[;
M5O9XV?C:<X[8$/3QKNIZT:VQO.2W!$NI"(G(;4<JJ[6VJJ+XBV6&;G=[*?#?
M>#?,6/)42++%RWIF1RCO]KR%-1]X1!+TPP^\YU;+3U[,,@G'1I]-=6>O&9"V
M\++@.D>(5$UR.Q2=]YN3$Q)=UQMP'"[[6&TS\N=323A=52Y/+<I\?G3$:OXN
MG.M=09`@MVN-G($<O".W=&KT?I[<:%M166V\RNL-5JR$A/W+)\F-A!S871G8
M1..DQP/=)EJ/2;Y:UN%O1%#O(;*R,\I5)3SB>RDX69+_`"@&41B-QQP,C,0O
M'^IAC7[S,,5POETM9BT-YL1&5;#\>O4VXV'@QD3*O9+F996+$DH5GEJ<G:G(
MRR09+3UP?F5T86SM<OR":QOUE)":QD[4.<"T"2BHH1EVI*:K.O,=7UINN6/B
MYYF(&9;0U.ESA2V^;)&D[)UL9<G9ES,EJJ#(UKVAG)!;\*L!P/Y](Z(TEEW4
M?[JU%:.U:`UE%):B0VV@X78Z&L\6:V%#(S<3>IFE1\(R0THWRM3/F5$C?S5S
M8%O;00JU9H:US?O170:<A0M>V787>217(VG(JMLW;C5+4IO*I([B-I>?"KMI
MUM=IO9HJV,ZV'FU6^Y4I23"^P8IXYX/2W'W[8_0#\OS6@05^A>O2.-)?]7L%
M^5#,X]N\LT3LJ9M]BB`NNEJ->!I.X_XI5EUA7K"6\XVU%F=PQ<]MSI\;"FD'
M"JNG+&6.7*^FX<?2/;<JQTUHE5W$USZ0JIJV>Q9_LW/,5:6QI5_Z92;&N)2D
M5&.MMNLQ565N3X)-70Y`^P6P1#*T"Z8_6LQ&G(3X34$AE>R\H20CJCPCM-PJ
MR6W'W(5K-(K.$R!R?;'-Z(YQ?*6RHI2%F/M0S&_C'4E]JO96C5T:W+VL95UL
M1`S.Q.D))PY93OVHPN.*UG`7,E:'8Z123U(M(EG7,/8_5OGDWGZ'G](."0GY
MJJ=C:-MAYD@9<5R$?2B34^PTOC3/<@C$D?+:WI4?JM>D,I6)TB!Y-INL]QKL
MB)]^9VMO*T'#869F:'UGEVVCP-^4D=#.:QY7A$;4Y!':><"@V5=:3'84U#@#
M5?8EB%L#?9,_*Z0B>;A*G9T,=Q&$Q_O`L2J@$7<DF<A@BK-4UO\`;?2<DJSL
MXIG^;7B39)/G8Q?=)E.S/=21&XN)-="=GY.245QF4HP6HYV@2D!"8"MFPF4I
M9*WJJ2@J15%.*^-+)YJWW)R%R,KJ>MNP<H.5IL)XPTU^1/,[DC"64C,1=G,[
M22'IH0%#)EB:4Y43I^BWM@[TEW-"18^4L:^?C]83B*JSHVE)/?;72LO<?+AL
MRG,F8LR0I:PVNF!8XY*I$<)A=;JP?QO.S1%XZPFV8C8DQG3RJ)#3,RXQ)U74
M!6-);M?A%`<K;QNUMFG*F4,M4=).V^4MNW92'Y19CJA]LFHM>')E#37@AW.\
MRQ#V)Y1HU6&@1DH34]7$^TAAW8I?1J%)/BY/7FRTVV439#C<S232[44UYZ7[
M[PKLZ_7]-.BCM2ZJ1A*VLB7;5,FQJJ#,.,7,A.#7!Q-`FTGB>9MKOD=.:[F:
M"R87XG=YQMR$\&,\33Q2%!MN]VMI-8*MD]'-I]*3%WM_.-W\MN%ATG,5X>+#
M^&7T?_M94%S-GSEO[FW^B@Y`(0V8D)S1)KE/LJ,I'QN%Y1I"LJR`TV_EPYS.
M-=<S+83@<J"C7ERM*F<]BFJI90E?A+TNS9K,UV/%;6^^T4)SW&$MSQ+.N\10
M=+-Q69Y6XHG_`"(C2Z;F>18XM:\V*\U:RGD;;(H@1Y53H\GDTC3K?#J;[2S%
M4Q%<:.94HURK28P%-3*%,7C1Y.EL<DY]5<TI+$;0\V.2*>X\6IKI)CJ66T^7
M8K:;063:VF$F1L?/$HSBUDRG(CR>4V1<\S>=Q$RDPQR?BUG(3%>;Y1C;CVTX
M]DAB33#;5=>Q[^7B>^9S8&3C&QK?PR"JDI13GVW94?:?YP+CC["LJF5-U^2X
MNM;Z>W&!:@E8Z,QAD0942^MJ"QA?1C?G0J07R_H3<V!^*)]Q&XTV*VG@UM/1
M3K;D/OA@0?L+(L8L!R'S=F##C4U6K3;:6B+BU;>9N75U$4EG.8R&SYFENZP`
M*:]4/3G^7'VNO%Q_<6V@].DWINW-I_NU_P`F!VBYH`&C.PS]<--K]+H*S9L)
M2+I2Q[%/B0>O8K^LNE6A9ELQ18<>G#5;\>&Q.4#[U69$/D*W5N6,46V$#>`V
MA7+A?+^<%&8\]DN-1\;9XIG4$&*E37TQ'UZ=CGJ5W$X).FVG(BF4:$ON%84N
MHP1,I1O&*2L17BSL=6<J\_FQ(Q]%=-<J+'#/23VS!>0G\W(>.QE)$H.^.&>;
MY@,2+O)#-TA.K-DTLT[>+><!A@Q\1E];5TA[9=3IVDEOP^^"\T)]K$8N6.M@
MW3':<B,EL(3B0$:R.8KVC`:+'<KZN/Q2.V*FY^I<8G6$DN0PZ(NO:<RR!'D#
M2G'+!3[*GT-!2[&<O8Y84$%LG+TYM/YD8750FC&5!R6JMM%O?MIW^GO>'O=_
M_M=[O=_P][O=_O#R`UWVZ^E5V6]K_-/^&3I%-_\`[JU_N%__``%BY#47Z576
MGVO\+?X9-8;$`.-]>BGAZ.FZRWZO@NOMMK3O5I6E:TKT4KT]ZO14?FS1I[>+
MC,<7NP[P=14E*4L,WD7FA\H2JKK":UKWJS(B6U1GL5SM`JX$;"N(,&Y4DNSD
MA&/W8<Z4:;9]=Q7I;M/JJQ?]\=\J$^R<M1E#+X5M=62H;(PYK%)*%+EC7>11
MCQ9DV/T_E2;KHG<2*=F#!G=#Q<3XC(ZW(O7JOE@=N$)65,5J&==+;2"[FA76
M3?M_1IKS$Z(WW="6.2#>C_%:DHD@/K`\GFXGNYGOJ;M;+#J:[NSJDQ-AF7K2
M,IPHLFTUP.%?CO-<EK;D1U50D.2\D>MA8M'U*V9><OS[!:L7M2R[$VNXUHNW
M$>;413AU708ZF,XYF&A77-]1-7Y<A9.D%OOY21\I+/?@L.FH8HLX25JT:=1L
M[;$`"F7=GTW;A+_WE'Y,#2'NVO\`3G^([VNO*/\`W%J6+E``:#[&2[G:FU>M
M<>NYTI[*@[)#6UVQ,CK2MGPIR2I+6NV2"L;325M8SWX<1%OMQ,D]XRDJE\N:
MN(WF8:6<-X[TY(.4NJ"9V^SFU?0+2[`=[`=+:DC=?8V0\!=_'W$ZKGIK0]>3
M.,=76&Y(IDL\_DIN)T<M]BR*NFV7D;&.2;[,R(R[23,1XSO5'#GDQJ<INR!D
MY6UW.G6&U%>9R4&>EJS8CN0KCD(R"PN2Q"T@8J)))8W,:B@*IC8-FK:NX8ZR
MNQS0VV&S([!<!5U.DRP[SZRC]=&7+?/T@MV-7D=RZSD$+&B\=QV5&W@3',<5
MEP]MQO#/6ELH)S8<-)4O3&G1H88R;LN-S(I(3PM*%E`XSUNQ63SQ1X%K6=,'
MHZU==W!C);5,Z\T]?MLG!%<5+1JZ_.9\[Y3AF$Y>PM7.H9>KS*E(V=$I.>.R
M)W/G,FL2,VTI+/&,I]-,9+]X0'&_YR[]S=_144S<.OAY3_X9?>#^UBL=WPE_
M2DRC[?SDB_+;FD7`#!9*C5E2\R5R.Y#1+'"T''B*85=)N/*J94Q1/4B2P0RX
M5%$/IBN0,DE1-(GRAM.4"ALN:*X<N'/9=;W]?7/H?JJ]"6`H[8MHXS.-W.Y\
M&G"LO>1S[U7'"_HWOAYZ9'6_<SQJ]GBDN>*:EXX66RZE]8;!UDI:"VLJ/5);
MJ$53^)70S4PE<KU*P\DX,*VVB#6.D<;@>M$JPJF1&G0(074U(JY[DQ$?I>%4
MA-BRDG(I1/D>]B$2S;R.N]-QTPU]"SH%J*XTI31W%#24X2RTSGRQE@VO.1\K
M*XJHLDR(C2X\SRDY%%TF7`=>"S*#;;4@UD(PIY)`3GDV&PXTASIZHW$4P1ZY
M6X[=.%XFO$5R%DY9QNB^5,[A,JKMD105E@_-N-E6RFM'ULT\<JQG<3RSQNPE
M-2<EQVB]B7&>W5]/422VE%%#'E31TDUC8J\X'.UXRQIKA=:5,"*XEF]WR"HJ
M2PG3\YB3TF3`=-*CM/9,MTAO!-(.MQ&.FTT9<93`MX<Y=2QT,C'4_CWT^2#&
M8RD0NE(]#45MN&3Q)(<S\2T=38K+9AF.F3C5D,@ZRZ.K.UD,`WF8[(DI2(FI
M,9S/NM;3:>"6CXL)/'L=&L7,6(6WD:D?HE45(,+C@<ZC>94UA?65QS.M7-+K
ME<KD<SD45=R.9Q+JN<,'E5=7U925#N:^WKYJ^S%ALQR`*>.>#TMQ]^V/T`_+
M\UH$`_H7\X5P\'6DUF8R7Q7TQ[!=-F3/BQW4Z=GYEOITVWWVUITVWVW4Z:=^
MVZV[P74K6\.UGL;$^S\D%\1(J[5AIDF2O*)8_9AL<+=2%,\KH!)=*VYNQE2Y
MMG5AP7MTR:Q7F4?$YG&5*9;"JR=PY/J)-:.TY)*H2>WF:0121_MH32"22@%$
MPHI]-]U%$JGER^,F7/TNR7W4.X<%AFE;[JTR]-UW3A3#B"-H]79#<B4=6UA7
MDI7***WF>3Y7'H52$I+MS]H60R4QR*J@F,..FYF.J9U`832)I+93%)85U/"0
MJ?43)B^2:DFI6E:5*(%:7=-+NG`E=_JK:V7=/Z3O]-E:V5]6VM;:][O#YBJ,
MR4_!;@));7)%\>/%CLPEB**6PX\1<K@)8<=N/#BQX[,>`D5+E,5E+:6XBI?"
M7LI;AQ8[+>PS8VX8L+69\:+GQE+:6E+,MJ=EL+64KCNMM+VW]5;AMI=APW4I
MBI92E<6.M*=-EG1UI1"8Q`C5,(H[5)IUUZEDJ0*)Z(6)5R+-^7(KWU*8,.,O
M6Y4OS9KU*[K?2?ORY;C=<U<E];O872&64Q4P%4QLEL-+;+:8BY)&PXJ6V8<)
M:RVF/%BLLI;87+X,%M.CHMPX<.*G1CQ66V^F]OL/)G435Z*T[S*N5PD54Q>G
M(=^=3)%RM".`FH9KL%<ATKA)4H4PES5V7#B*TH6QV6X*4QTZQ)9<?HKEL=B<
M01BZT5;!9E(YC'5/QXVZT2^<L;R-MME\-N+`A(Q\^13SZH23[,.-2-IB1><Z
M[C1TK$2J\YKS1;/J3%U,.?#EK3?WC<MK3%FQ9*TK=NS#-U*=%E]U>FMME]:4
M\-:6W5I3HMNK3J^8KIZ>+#HI6O1S+Z/]/V*=>E2G37['36G_`.D7&6*)#J+?
M^>E/G;?_`*47]2G_`-J.7;$A^S2G\Z+_`)T.V)#]FE/YT7_.CUY3B7GQ9,.8
MR1RX<MEV/+BR9RM^/)COMK;?CR679*VWV7VUK;?9=2MM]M:VW4K;6M*X4Q&4
MP(V;:"TFB534U!:I'M.V"5QK`:\SR!AR&.UC;2#!G+E-$F^@DS':=OI./-V*
MC(A<FD$K<9`I@PV9/7`VJXS.&N%$KA.7VWF\5<:;7&:OMR79;;S./HZC/=;E
MONR6W9J7UIDNNOI6EU:U'5&&^S,RBJKF`JB)SD6$F]$..I,Q)))T53ZXNMX<
M-B_BQ=LNI)UI9E)8\N?+@*YL6')CPTKBLI3VM-$9C%;J4TVB314!O(A7L1-2
MDVXJ7*E\=<F3/FR=3;DZK*9-FLQ@Z>-Y[LAH^?,FCQS-G-F<^;)D7;$A^S2G
M\Z+_`)T.V)#]FE/YT7_.AVQ(?LTI_.B_YT4[:FWVW\SG+A?9=;?9=KIQ;UMN
MMK2ZVM+D#;.ZE:76UK2M*VW6W4K2M:5MNI6G>K2H^;2S-B+\N?-G?GR8\-EU
M>->VV_+?9CMNNKK`[Z]%+K[K:5KT6W=ZE>GO5Z/!7HN2[8D/V:4_G1?\Z';$
MA^S2G\Z+_G0[8D/V:4_G1?\`.C"W>T&,^##3/.'$2,J3&=!5X-)5PGL99205
MW`GJ**9,IYS#FMRXL*PW%I<:Z\3NK>36FTN*Z*HX,Y(_FQUR/K+;[%[!IA1.
MPNN==[$ZA.[&Z[ZYV/T=:ZO_`+?4=7_VAP,EFP<Q&L!LNAFL)Y/O23N$QC3<
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M[LTI_.B_YW_YB/VM'\;LS`LDV^F(Q-.6G0X'AE2[LA0RFD%UV*%ZTZ#*,3,W
M9<2/A<+C,J3H5B9"F$H:<JRMK5<-IU5.Y,N0'$5DJ)>I0^E-<Z5KG)&;BQLB
MC&2]QA-,XSB?GNP9L5^*[,1.8<)HGEK97(5,XL1@O=CS8[+Z>W.ELXUCQXC*
M>V\^+%F(&,>/,42,MF/.E7X\J9FLLR8[K;,J?EPXLA');2EY/)BQWEKL5V.R
MMO4H+38[;75URI1=+P+CA)H:2>4>NDNR,;?;&(WC;38(W6=10@VD"]26#:2A
ME;<9`FH+:VHV8JG54[GS9CVQ(?LTI_.B_P"=#MB0_9I3^=%_SH=L2'[-*?SH
MO^=%-NZ>;$8Y<^$R_!DQYK+:\E%MU^*^S);;=36!HUZ*W6774I7HNM[U:]/?
MIT^&G3].V5]MG,YQ'WWW6V66ZZ<I%;KKJTMMI2U`U,NK6MUU:4I2EMMUU:UK
M2E+;:UKWJ5J+B>V)#]FE/YT7_.AVQ(?LTI_.B_YT.V)#]FE/YT7_`#HPAVLM
M@O=29RTX2J<;6F"OY'(TE?&<PEU)&/FTL\@J^(N;Q9;<ER:X&^J**"X$O+7(
M06$HYE+',&2[&6RX.VHALBW`D%K4IKVX$`K4DA8;2*+3$BE*W%+JEDG'UGK:
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M`$HOZE?_`+44Y\.O3T\I_32M.GF7W@Z.GZM.O173II]CII7_`/2.TX4#1;!J
M3*-,V?#BK7?WDDMI3+FQ8ZUK;NS,UU:=%]]M>FEM]E:T\-*76UK3HNMK6WKM
MB0_9I3^=%_SH=L2'[-*?SHO^=#MB0_9I3^=%_P`Z';$A^S2G\Z+_`)T.V)#]
MFE/YT7_.AVQ(?LTI_.B_YT.V)#]FE/YT7_.AVQ(?LTI_.B_YT.V)#]FE/YT7
M_.AVQ(?LTI_.B_YT4^<[9PKFXWGS9A,E\M]VR&@%*68\^+)=6OH^M:;NBEME
M]U:UZ+;J]%*=/12M?!2M:?57@"X<+JUK7CZU_P"FOJ)#CMIZG@M<U*4_BI]G
MPCQW`'AP\7W`'W)<ORG#N`/#AXON`/N2Y?E.'<`>'#Q?<`?<ER_*<.X`\.'B
M^X`^Y+E^4XU>W?X-^)F--+]NY%8NBT'-E[,+5[8%YL]QIB8X<:DWW2UXD=ZX
MWEQ/R97%FQXSR0KD2:@3R7XKZ8S!?'?U-:VB88GX&.(!?BZ-UM7T%@4^JJ[!
M92FI'LZ2XJYSB@?;"4;.F\]<;DQVW9C1K-ESY;J64K=DR775Z:UK6L@=P!X<
M/%]P!]R7+\IP[@#PX>+[@#[DN7Y3AW`'AP\7W`'W)<ORG#N`/#AXON`/N2Y?
ME.,E9G!CQ*QZ[VJ_F7HG!C=>#(<B$[VHX$Y+<-B@AN5LJI1;05@C?E<>7':<
M3%4B4.EKLF+)CIFP6=7COLZJVN[>S.I^NNX\<X8CV<B5IS+&Y=RI;QP-%XX#
MIA)Q.9%+J15+6;+"!XAGH<)%UA3PX;NO];ZV=SVWX[J74Z*_^X`\.'B^X`^Y
M+E^4X=P!X</%]P!]R7+\IP[@#PX>+[@#[DN7Y3AW`'AP\7W`'W)<ORG#N`/#
MAXON`/N2Y?E.'<`>'#Q?<`?<ER_*<.X`\.'B^X`^Y+E^4X=P!X</%]P!]R7+
M\IP[@#PX>+[@#[DN7Y3AW`'AP\7W`'W)<ORG#N`/#AXON`/N2Y?E.-Q-4-`=
M.-&Z/FFIFOL?P522JMVKZ\PQ-2*U<WF3[<^9SMG504U&N2B1YH5KL.F*N&EG
M;$SU=+^JMZF*=A^)'C@VPE-;FS8G42))9E1QDD1.6WN[$];SK2D2;:461$,N
M9R$EPB7NL34DH6(%ZVEK+J%\&.V^Z^MM+A"/<`>'#Q?<`?<ER_*<.X`\.'B^
MX`^Y+E^4X=P!X</%]P!]R7+\IP[@#PX>+[@#[DN7Y3AW`'AP\7W`'W)<ORG#
MN`/#AXON`/N2Y?E.'<`>'#Q?<`?<ER_*<.X`\.'B^X`^Y+E^4X=P!X</%]P!
M]R7+\IP[@#PX>+[@#[DN7Y3CC=P"<-MG?NX_=?K>GO4K<E.2WI^QWW/0624@
M6%ZP/Z&&C";58$K%?G(4BVF/-YEJQ3YE_,5YANQ>RNRNT?F6_P"A.L]E]?[!
M_2=D=<_Y05N]P!X</%]P!]R7+\IP[@#PX>+[@#[DN7Y3AW`'AP\7W`'W)<OR
MG#N`/#AXON`/N2Y?E.'<`>'#Q?<`?<ER_*<.X`\.'B^X`^Y+E^4X=P!X</%]
MP!]R7+\IP[@#PX>+[@#[DN7Y3AW`'AP\7W`'W)<ORG#N`/#AXON`/N2Y?E.'
M<`>'#Q?<`?<ER_*<3=KQQ(\<&I\IHDV:[:B1)$TJ-PDMIR(]VHGK>!:323D2
MC*(N%RV0ZN'B]MBDDFS)`Q6XM?=4OGR6V765NK<)6VOT!TXWDHQJ;9Z^Q_.M
M(UJXJL7S<DU(U5L^:SM-YH^UE4]33JXZ*_F>1>S*9:YJ7]KBW44LZF[JM.^X
M`\.'B^X`^Y+E^4X=P!X</%]P!]R7+\IP[@#PX>+[@#[DN7Y3AW`'AP\7W`'W
M)<ORG#N`/#AXON`/N2Y?E.'<`>'#Q?<`?<ER_*<.X`\.'B^X`^Y+E^4X=P!X
M</%]P!]R7+\IP[@#PX>+[@#[DN7Y3AW`'AP\7W`'W)<ORG#N`/#AXON`/N2Y
M?E.+`-9M3]==.(YS1'K'$K3AJ-S#E5'CG:+.P'2Z3E<RT732JHLWV'SQ_/4X
M=+HZ9AS7=?ZWULE@MLQVTMKTZ2//@QXE9"=[J?STT3@QQ/![N1==[K<"BEN&
M]07'*YE4VMKRP>OQ./%CN.*:J>-G3-V/%CQUS9[^HQV6=3;3&NX`\.'B^X`^
MY+E^4X=P!X</%]P!]R7+\IP[@#PX>+[@#[DN7Y3AW`'AP\7W`'W)<ORG#N`/
M#AXON`/N2Y?E.'<`>'#Q?<`?<ER_*<.X`\.'B^X`^Y+E^4X=P!X</%]P!]R7
M+\IP[@#PX>+[@#[DN7Y3AW`'AP\7W`'W)<ORG'=-O@CXBV@XD%V-K0V"49Q-
MA;27&@*Y)+<=AM+6T)1+*J2HEKKW+?93.24"98UBZY9DQUOQ6TR8[[*W676V
M@``--.1GTOG>KVG&S_\`@>^A/,'_`$&8F_V9L#\4$82D````````````````
M```JSWK*/N0-G=#X"0)NFJ%67*RILZJ/L_!CWM8#J7ZQO#R6OM1/-K_:E7RT
M2R2RH93^4GCP66F,UN*N:Z_'CKBO@'<'6=]:JPM@G./MWM\UMT-*;-6$PNBO
M_8:UV,U927YM-#$=NI'<;=RLLCC54Q6:;M7$[.7N-8JT[*MRX[[,N.R^V\BR
MM:TKT]_]/DI_%2^ZE/M4IT#D```````````````````````#\Q_&C//-1R.Z
M4PQN4B[3Z(14FS#:_JEV$J:4RB[CR%YA9*=\<9>ON`EM,@EU#MCG:655QUQI
M)2A;$=L*7=?R8+\]^]OG,<WGU]6@'O!9<\KT/.8YO/KZM`/>"RYY7H><QS>?
M7U:`>\%ESRO0\YCF\^OJT`]X++GE>B.Y>U*YF)LB:489>6]FB6-H2Y'+YC!T
MY$;1"62"QC;D@-=5:*YE23V7;4YA)J>)+6#61/-9B9O!@.6X<N<H:Q67X,F5
M-O7KFM:K=0&PE[U:#=K6XAH[?3ZF="I<SF;B2(F%4HI>9S>B[LIE,9"Y3'>8
MOLQXL=V:Z^[%APXZVXK.Z\YCF\^OJT`]X++GE>AYS'-Y]?5H![P67/*]#SF.
M;SZ^K0#W@LN>5Z'G,<WGU]6@'O!9<\KT:X[-27S!:9-:,)>DO:/265V(L;.:
ML0R[&2T--Y*8#D4&]/,],6)%<ZCNU6V;=I%)4$DBZLR@4R9VXI8\F;#;;=99
M7HZK]!]M:UI6M?UU]/XK;[K:?_*@Y```````````````*T=G_3#>,K_XV/\`
M`=N#M.5OZ2YR?[>-*?RW==!8OC^=K^[R?VEPY@``````````````````````
M`H#_`$+UZ1QI+_J]@ORH9G%_@``````I_P";3Z4F+O;^<;OY;<+"WW'\[7]W
MD_M+AS```````````````5H[/^F&\97_`,;'^`[<':<K?TESD_V\:4_ENZZ"
MQ?'\[7]WD_M+AS```````````````````````!^2;B=EI_P-^A3F/,T6NKS$
M2!&,/[3O9K.JJ8WEG$BJB#L_+YJPV:2W6F+#=.D;<-,UIW"J)V?!V-=DOI=@
MR6V9\?Z#9&ME%<GB/XK:$^O*/4K/#BB\U_,C-B(E]86\K.E".$8RHUJ[8^7,
M"<HNQ$<:JCGCA,G1!)675.(S=)J>$N;P5GLJ>=\%;1C3K:=,=\N;$4E4FQGU
MLI'</M'7)$V(3F$18\GJ3D.:N-I89K5:3X/&GE6-SKRCE9L7'Z>83?<Q:+U/
MS3+.,ADF_3K:M^3;L1"R`D[$'YKAI?T`-3$:6<T8MJ.#;VE1.V-5HF4G"[FZ
M89#>>3"=Z"03#S8>,;%_,TDMUZI*N4--HH:(W8+<:*[K;!L><]P=<'2J)[L>
M[]<Z\H\<RJH-Q"3,2AB)'VY%TEQHZ*I)5#)NCT.3W74&:EXQDQ&70>@IVY#B
MPJ',S:-*%>DUKY1GLH:XPRN.J))?V%=+>U7A^4]F9F:Z&TFFWD209$U.LVFN
MID2"J:A-1*0LR"904U1J5.)>9MJ+Y:A%(0WD3*.9829P2.397/G8=23VKLB)
M:W,1+7=SHZ/<]6:HG"\>;/O1TM=@O8EVNPY\3E*,)(9ZH]M@T]`O-YH<:QUO
MG3)EQT6;;BWR-'E(RR!;&A9IZN2]C4MD;DH]J7D>*DA,EMSFWSD723,ZH<\T
MRJ5S8&HKM^.8US+IY(*D7D2/7/9B%$1P*F3.\KV3)S0Y$FNZI,8S0RQ<[D1H
M/6>E#4HR]3:ZU50XR]I42%#<X.",'<UFZ=6+;$1'2TAQ,+)(C><;A03DD(1@
MH1)F&*I($@*T1O\`W6D&%-Q=A&@X,;IDR.B*AQRQ?%<9HN./&\6;,@[E/>:6
M"H.E2="@C$G&HHUJ\R67::*'UY6HBD3:T;2THQ=ELPELVU_Y*,&QRHV$5@P"
M][E9(),4QL,FJ#WCPD9@Z^0)EFR!DLP5O.*A0G)R*E/K7^0E5<5&^;1L]&/:
MA*;>3'$[U(TPTV/N;.O5:CQ;7HK3IW[XW*]%:=%:=.[4+=ZM*^"M/JBW['\[
M7]WD_M+AS``````````````'KS9L1?%?FSY<>'#CMK=DRY;[<>.RVGANOR7U
MMLMMI]6MU:4IZHK-V6.%#?(7QF7%3)<S2R_=NRZN#/BS4MOQ00V:9++JXK[Z
M4NQURXZ9+:_IK*Y+.JI3J[>GNN5V^W'I6Y\E]UMEED[:5WWWWW4MMLLLW<UU
MNNNNNNK2VVVVVE:W75K2E*4K6M:4%AQ90(F,EY?`<*9L]F0Q2_#B,X,F6VN'
M+U.6EV.S)=?;7%=DLIDI6VG45OMI=T5NI2OW````````````````````````
M_.]^AK68TY%X"=36`_&VB/%D/9M[--1WM)RIA1:;KF;+@V1FY*7$%=2#^+.1
M5$A6331DBH$#>'*6-E<^7#FQW67UH+K8OUNB&':JV9B(*X545EM(#,-K[BD&
M1WXZ<#/:V(_B;3327:_G<YW,@-A`N5%$RC-]"5DU*35`\<4RI7&I&,IN['$_
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M#$7R:`]LS:=2U$)52>T:MA6<9=7>L3DLR\S6NM-LMC,)V*.7EQR7K,Y-.1F1
M."W&4>,V.H8BYML9G%I)0'LS69#*FN**2WF9)K0G1H(QI`6[EPP654J7XLF/
MK)6\R13#)9-,T3\$P4XY=+<;8\R).%TY)0"K_*R:URZ`])';IN-'>1/N-1)Y
MX664)YIRU!R(4,O)WV8&=#RBQV=C*N]V$*('8+G6RQ[.T+5[5J/)92)#0&*V
M6K(ZPIXU-O$R:^MIZ,;=3:B[%%U7:@QQ5>M8U)#3(<*8F$;?24U;'O2.BWF>
M.+=[>P7E[>T=FH>O#Y?ZK*+ICDLK/I;<4/.Q57<CB>1:\ZXX`6%!PPPK9B!%
MR%4GLN-EQ6559J76)]F--4%-1-6X\F4\9KEQ1KZ%ZF,IYLZ0&I#R4@.UBX5H
MLAJB8X7L6L-%%R1G#+^4D[$VUSU27\22)5=CGDEGDWX1<I5AOMP+3K9&%O+:
MD:.Y-$>7ED-J-=%H%C]FD,J6U&9N_P`93:;J=G4E99SDD=(W1A(D0+9E9>/J
MBTIYL1?%9;E/JRD>435]+LQLWGSWWY+KJ<?SM?W>3^TN',``````````````
M8R\V:U9$:3F83Z;R.[68\T%6:[K:[A3RZJA.)NKI',FK*(L)INS(6/IBF0,Y
MRATIGLNQY\&6^RZG?I6E%NLFLFN7%/LBS(J7-:XA1XMDE7.1_IKN^FQFSJ2B
MS%A]Y[KZZ;[(R@1;A1V=N%;-CL1->IE<BN=PS&W2"/$$E+=\R(+959:LFWPE
M."6#`JFVYPBM&V+PS`L)48QQJT?0FH[5C9645//19:45MQHO6OF;4SF0VBU=
M"XM.*F%KQTUFXMR4\5!';+34E,M`_'-QSL+4C*_YX<D5P"R-I9^*IF&1B^O,
M?(C$BB*&"E7VFVIK[$91+1T/,IL]HYZU4'A)"RE)[RG&0+SK]=95*2B[(93)
MM*```````````````````````!0'^A>O2.-)?]7L%^5#,XO\'&_IZ.]T_/6>
M#P]'5V]/3]CHZ>J_[/2/SY1`3E(JPN*>1'JP99?3UAF9MSU_;,^VV,X7\YFY
M*BU$VR<</8XX"#?(GE/)F7YB=9=);V#%@ORYT132CF'"7;V"XT6BB.8EWHCB
M2U["@$=C-:M==DY]FW86"8YAN/&])"W![Q7I`ARJ!'TZI1%R9V9%#>F1';4D
MS!G0G+>IP0RE"59$0))44R2\+;QENZ3K-SHVRL%OQS'.UK,3DK=":996B#69
MZIE83SC":>8MU*+_`"*JC%&SF/=L\FG;X.OK`K2*Y;$).9"Z17(W91F3F\[7
M6RY-99GE+:KV=36>J?.KWCUMLV6661?;>4(T+OUZ.'51YNB0X^E)M$EXEE9B
M:J;RQX_(RALJF+*:;1FX]8=?J^;;Z:@.3JC<4L'%R5/9=;K)+N3;Q";F.1IH
M<""X7@BN-HE3J2I:*ZTR+#2#(CW>#+3G;>U<&YOGPMA<N-IC3MPTRN9H7-QI
ML"B&TTK/[2VUKHTB=JXY')LLK;".67])%*,6I.D8I4:.B,]E4B58VQ2LD,&F
M9165)?CVADBLK#X<"";,0?>QKWQ?$9DPPC"^7*_H3LZ>I[_ZZ_HZ.CHZGJ[N
MHZ.CO='4=3T#F*?^;3Z4F+O;^<;OY;<+"WW'\[7]WD_M+AS`````````````
M``1U+<2QQ.T:O2()=9Z,_8VD-OGVN\6DOX+\Z8M(JCCI9G+Y+L.3`<)F<.2S
M"=351--$U9'5"I)72#Q%4(DSF#3_`%DT%38.D0Q,,KS?*>V4N-QLF8EA21IU
MR(RBXX4@&PQ@R$X[;5Z04*$E5YN3&33+YHG15*>>E.IU#;F9^JN8BWTM,P6"
M@```````````````````````"@/]"]>D<:2_ZO8+\J&9Q?X`^`JE)A+,H&":
M<1*YU<[115<Q<H7P95)0M)E$ZT\?R8L=EYPY:GD")&ADQ7)GH3)E2U,G6"^&
MRS[NIM[WZ6W]+\[WJ?I?!X/4\%/!ZE!XZBS];;X>GYVGAZ>GI\'AZ>_^WWQY
MZ*>I3ZOU*?5\/V_J^J/%+;:5Z:6VTK3IZ*TI2E:=-.BO?Z/JT[U?L#X\R8G&
M#1(]G($\QU-J9JGG,I7!D-$:G,5N`WV&8OLKE+=E8+;<)GK-]G7\-M,67JL=
M.I'W`*?^;3Z4F+O;^<;OY;<+"WW'\[7]WD_M+AS`````````````!XZ>_P!'
M_P"5?Z?`%:TI_'_'_0/(`````````````````````````/RI\0,E;\\=O'AK
M[I[)W$3ND]GQ$5LG46W,PGSI]<U%+S<2\_)$3^U5SCV-1EBM"B8ZRA(YV8F%
M:]GES76.O%JX<MUEG=(MO/$O\@7W\:1>5`'=(MO/$O\`(%]_&D7E0!W2+;SQ
M+_(%]_&D7E0!W2+;SQ+_`"!??QI%Y4`=TBV\\2_R!??QI%Y4`=TBV\\2_P`@
M7W\:1>5`'=(MO/$O\@7W\:1>5`'=(MO/$O\`(%]_&D7E0!W2+;SQ+_(%]_&D
M7E0!W2+;SQ+_`"!??QI%Y4`U!W1F3=?=Z/XG@]#XIMQXENLV[TTE!=D&2GEJ
M9G9S99L,[*QQ)KS4E7$RMA'*Y<M<#<;1^\M@2T%0S9L]MMG4V4^?_1Y92M*5
MZ?UU]?XJWW5I]NE:5'(`````````````'Y^^7.3)PUKV/UDV\AUZ23B9VJT5
MR]/>T4'MIQ.G,RIUUH0Y2UWBF8##A8995M;"D[(2C:87=,[&7C2.844XTSU+
M%;<;NRDR^/&N3O9UXR#-_'<R('EMRH\%UWWT9;LXKD8N]R-LE-1/:'"]EYD1
M9D=[/.HIP\SB<4MN^3'P@8EC.F.`G)$27GB9@GDNZG=A?Y/FNG26WFJR8B>,
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M@S)I6,I=B.49!8+!)O\`:A=24:M=Z(-K=1G$S'JGJ**M68TO&5<!NUN&G3)#
MTC-IN:78MMA:1U0D9O=D8XWRAR5A::D74SQ*TF6?+<)IR0Y"APF6*JI,^63D
M[+0LH8BYY/(G\!HKBDX``````````````````````<.MX_6[/<V_$'6\?K=G
MN;?B#K>/UNSW-OQ!UO'ZW9[FWX@ZWC];L]S;\0=;Q^MV>YM^(.MX_6[/<V_$
M'6\?K=GN;?B#K>/UNSW-OQ!UO'ZW9[FWX@ZWC];L]S;\0=;QT\%EGN;?B',`
M`````````````:P/W7@W(<^H$I.!PM53CDG`<NP"Z(F66&95KW@WIE<4;+[F
M-G77>\2Y$N5MQQHG(O:+*RU$N>3%E9[*/6YJDZEZ_$GAT:\?:X:6ZV1!-"FW
MFWIUMU'NW91T2"SCLFNZ2G'%:@X;&*R'`IW2`U+TMKH#*5D2-DO.7N4CJ.R6
M*S49(QDRR77%DF6--#YNAF>)&6HNW#66UJ1+$WK>R#MUFS1*D*3Q194>J]>\
MY/1HVV`N>14^RH=E)_7YG@[F%ECI>7BA]4<A-I/=M%'&H7C2K9349V:H:#[,
M1)G<+NFQ*VUWP7)O?[QCC4A3F/%"#7V*V"3YGEE9>>O"&ZW^[I:B-F=IS:`I
M8F'VKD,JA+Y912CC?4$JYW)/5PCJI)VV\&RS&AB9VNC-M0D".=E89VUB31B<
MM.968&W\=O!$<37?IQH[4R;*BSLP2Q(S:0TQUNAS9$<EG;>(W%-59:)&L5S'
MV_E/CXV*V!BV)6_/.Y*,])5C3;+6_:3*\T/7BQHQOFKK$ZBCT9<=M.(RDR'3
M;63G,XBV52?KM5)#=KB6,I\R43<:.C)[;24&V6REU+:=76E;NBG55MI6EO55
M^>ZFE:UK2G3T]%*UK6E.BE:UKWZ\@```````````````````````````````
M``````````````!XK=;;\]=2WI\'36E.G[8X5OQW=[J[*^IT7TZ>G[%:5Z:5
M^S3OCG2E*>#[=:UK6O[=:]-:_P`=1Y``````````````````````````````
M`````````````````!6!O";E1W;,:+Z_L6?9=@!IS`J;+*3_`%V%3#`3WBN8
MXQB)+<C52JJD@Q_(J<42\"TH93IS&31L)HW=9AQW&[<-EV+)!&WD&SCJI#."
M<F5R$[P.Y>:LT:O(_F7D9QZ[+;(<*'(6T$.1H[$5Q)B'K8V%<P04VD\%PE6J
M<O)9POFS83)<WBRX;:B[2RM:TKT_KKZ?Q4ONI3[5*4H.0```````````````
M````````````````````````````````*T=G_3#>,K_XV/\``=N#M.5OZ2YR
M?[>-*?RW==!8OC^=K^[R?VEPY@``````````````````````````````````
M`````````````K1V?],-XRO_`(V/\!VX.TY6_I+G)_MXTI_+=UT%B^/YVO[O
M)_:7#F```````````````````````````````````````````````5KT4K7O
M]ZG3WJ5K7O>I2G36M?L4I6M?J"M#9RO5\AG&76VEW13T:_36ME]O1_YAVW2G
M3U5M/#T][U>_T=/17H[7E:Z?07.3HI6O_GWTIKT4I6M>BF[FNE:]%*=-:]ZG
M3WJ"Q7%=2O54I2[II?EZ>FR^E.]ENIWKJVTMK_%6O33OT[P]H```````````
M```````````````````````````````````#''@TF\_6HY60[$W&L-=WH*LV
M7$E9<QHMC441<(YTU4)7&2.<J=+4,DC.;%0R2,ECA:ZZF<H9+F<>+-90WJGJ
MO!'&_MFS(ZFAC)JH<?:BZVAHGN\Z78^5AR.S.]"V8ZX]49PHY'.IM5$V/*MY
M,MLCN1DM/12&S3`0KB-I%-EMIN)-==F/(`]-96QK0ZT7:EIF92CZ1U5M,)NP
M:WT\^OR+/DG'UHHN1U$L2M5'4DA:<DDKSE022B@82"FF%6]C1SCT<RVW6>VG
M`X4O7GC8X]RFK&60)W?*1@:LY3KA+6J45M-^/AVQ3KU'F#,5/($,,?,Z7,O4
M=SB(9"I12EN8SM,:C)\@VJ*@A$VQ'Y-K-5.M<```````````````````````
M````````````````````````!%DV0I%VQ47/*&)F9Z8^XW?B71*<C<5*F<-F
M>S"9P*":IIBFGYR:NWG(WE<H0<#3=C?/ICE:3F3$IR-M43%M,(GL&G^L^CKP
MC:2L,Q[+[".7;>38Y05&*];G&]6RFM['#$-Y:6%3:CD3B1M1+NS9.4$S`03Y
M]V&S525.04Y&2D!MMAAMC(OHJ]8F````````````````````````````````
M```````````````B"7YYB6!<$<F):>J6RL,LRVQ(+CV]4H8Z'/*TEG31!DLY
M/['PYO\`I)=,DC=I>[-UHMBL+9LIC-BQV5N&)[%[40[JLBL-P3,JN5&2I,DQ
MEPTR\S=8;U?F=8E"1U7&@Q^S:D62AKQX@HO!<RXT9%-*18HE9%+)B*&E`KDS
M8:9,.S[LPZ46S34.M^>23RP*3(32[.,ZUSO8XE>Z0B<@J#=/H92U@WEUE$QE
M8L?-[D7D\WG1V7D1RY=X'4,RNMW$J]!%7(+KG-2C<G1QGEA<ZU*TD02:4L\#
M3*BH*;-$2%W!ED",EIPKC*3D5"<R"8:RXDTHM'D])55XI8A(JHHJQTB4,]0P
M.2'6.4(W)3*QS4P+</G'$K-6Z3K=>9P),]/6&Y(1N*G18KJ"@Q"N=((M1_IR
MHWG0K*!0NE(%R4JJJF<+H:<;4\7UO7D6UC8$B3O%KA4Y4N=VL35:[]GS`WX`
MG!WI,8L%[%%M1:CW7'`TF"N(QQLK*6V7,K8SZ"<6,A)+;B^H*9<D61S^3!MT
MP7ZRY39#2DF.'2A/=@OUN(SO9CP;"F566ZZ&PX2&!41%Y$5263*54$M43S.`
MX2-X,EV/-@RV7VU[]:4RT```````````````````````````````````````
M`````*UI2E:UKT4IWZUKX*4]6HH?Y"M>7_R3J&Q,21XA-9:;L$QR9C*)7\?D
MRQH9XRWE5_,G,2;*Z'C3&<[\J@KP;B0860L)K&IH"F1SO>56I;4ODSJ!C#J]
MM-M0H[N\9?%K/Q>],9TG/+DWXV6S(Z5G)854G&^PS$VD3F#+;;/(6-13\ATH
MTI1;K@J63,JBF9%=OVIYK$;+%5#`<I^A2(67*S:N?QB8Y";LG*:M(AA>8BF@
ML>K%+--DY6@U$<LT[4;*X'5?4T5<)%W*IA7M6\V16L<5;\V`G6EQ/'6;PPXR
MIJ+=Y+ZV8#%F/EZY+S)>[HQ9K<>2FSSCIBSXKNB^EE],66[K>2RM+NMY*ULN
MZB_OZC<4I*5$;C-C"2J[$QM%D$1_N!N!(,JI3I8/6LIN(6COKL<<D1M'9,O>
MUY4I8XK;+3^')>R;K#17'C:63HQ*E5BR-)\6]LTS>#FR=>G^!+6G@EZI<7JB
M_F7>QL[@F-RQ*90MI:R;;`%BRX4QL),_(K!S.-2C=OR*R7TVW0\[49`548M=
M?0NH7I<=:7K&B:.ZN(VFCCJ[M8TB&V<EPZY,ZI575E=JD2'6>RW0:N+DLF![
M55**-KZ2C":D&D1X6K:,:14;,1O3"NZ(````````````````````````````
M````````````````#`&;%$71R7<I2/HX8C%*O-:4'*[RS.:2`V,#J<:M2M%5
MPN/$B)Y'&MKJI2ZM%)84[32D?Z?^=F<W13HBXMIQJ.20\;9)ZN:[%&WA=F%^
MXF\5A2-2Z%B?1:EMI9ZXT?"V;$[&[R]MEEN!SV%K5S#;;;3$?LZ*#83M>1[`
M[5]B%^UO8G8'8/6;.Q.PNL=C=B=8ZGK?8_8__(]:ZGJ.M?I.CJ>\([8D(0S%
MJ.X&]&42QK'2"ZSIU2="(Q&,V&@D.-24K;[%%274YO):<35E%0MR9+3Q\_A,
M&SEMU:&<V6E1'9/3+4!/)8$TAJIK>13BJC@6"Q`I!L8%B)=6+*N)<+*F`GA:
M]A;$HEUK!@6,!['BM-8E3#B4<>6TYCLSTDE&AB(&Z_7!*C?BR.D*3G;CPX75
M(R.RFVF/MSX2]N2POA<3N))N!P+F$M;ER6EL*HHF\9:V^ZW!;CI=6E?J8$31
M9%&!<*Q=&S!C<LYUP\YW*783.;K/+N%RJ>?,:4W"MX&ZFIN%575$T8SF3ZN>
MLSJ!W/FRYC)G+DONNK((````````````````````````````````````````
M``"CA]S7R13GR&[<:NZK39J["4=:O1+J:][S,QZX/::'(ZU?8I,EDT?LQ*;:
MF^,2Z640\L97=:PY4\]>8QJEEMN3%V+DOSR)YS'-Y]?5H![P67/*]#SF.;SZ
M^K0#W@LN>5Z'G,<WGU]6@'O!9<\KT/.8YO/KZM`/>"RYY7H><QS>?7U:`>\%
MESRO0\YCF\^OJT`]X++GE>AYS'-Y]?5H![P67/*]#SF.;SZ^K0#W@LN>5Z'G
M,<WGU]6@'O!9<\KT/.8YO/KZM`/>"RYY7HZ)SQIS;MAMN%QYMXM`S>)`0EE;
MO*X]"99PWFK4A+-J52UN;)MY=9AJ8[%ZQ3-6S)UKKG7*8LM;>MW[F<<D^OK:
M?0_4;8Z3<2#@D&;M?XRDQY86NG&$ENXG&[FX4556Q%3#1Y3,D4VTSGOH4*YU
M`YDPXJ4MO,9:TZJNZ@````````````````````````````````````````"F
MO5#TY_EQ]KKQ<?W%MH+E``````!'LM?0ND;]X;R_%E5&@'"EZ4IQS^T\@K\2
M4X6@@````````````````````````````````````````*:]4/3G^7'VNO%Q
M_<6V@N4$5S9,S`U]C%TRY)ZOE168T\*9V>9+$3:H?-J*^N)C7;2$D)A''E-J
M:ZYW2MHK;0$W!;3(?658B4I?BMRW9;(8;FZ,7+<DLR(59O2BQ9%>SHE5GI[=
M?3".(="2Y#L>L>4'?8>6L)Y0;N9,O9\@M\^WG`BJZR@.3+13+I*EGN23MV/;
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M'$<2BRU#)G;,J1RSY4:5BE@[6K.=G/A`37&A*!Y'S9+C9"_(G*I2AO%EI=0H
M;NR%,F6N;'6@SS$H$,^>A7"<*Y3-<%QFA?&8PWYJE[,UQ>[/3%;?7)7#:8MN
MP79:6UQVYK;L5UU,EM;:?8(]EKZ%TC?O#>7XLJHT`X4O2E..?VGD%?B2G"T$
M````````````````````````````````````````!37JAZ<_RX^UUXN/[BVT
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M9SB2UG?I>8Y&CU'AXK/&M9*$%R`U:$V6U[V639R(],SB?>)R(U%UEJ9!?-N/
M/%ULO$4YR#ZWKQM3WA>\R&6U&L".F`I/?T]*:;K8I/Q8;S2;YZ=-3=:(F39N
M*VDV':CHTF,:9H9E%;5;4HH;53;2GMVR&UW#AE"Y71%ST'^-;:;"?623O/1E
ML.PG*^U?$^FK(KT6+?/4PKO'#K+IRD;`O@BKM)41CLH,:48%>SRP-)8O<N$T
MSIN77$E.XK(2%8F*D5%>)79;/!\G1*[&W#SIDA6U&PQ=$,WW[$3*12X]<*OH
M_'NJ*S$)R/"K.*$3C(0'NTE*1&\]:%%%!,HRMB7C,5%YB1$ISBP&-])'A&.Z
M\?S''+"C",X:2(ZM;[N:*6;;2\BT-Y(_7BURG&J)YWJ(\HED;SRG0K4>1QJO
MHS#LQL925'2^([*3042'88ME$>RU]"Z1OWAO+\654:`<*7I2G'/[3R"OQ)3A
M:"`````````````````````````````````````````IKU0].?Y<?:Z\7']Q
M;:"Y0``````1[+7T+I&_>&\OQ951H!PI>E*<<_M/(*_$E.%H(```````````
M`````````````````````````````#\]+)VSU:U9YF^4C+LSLC`^O.-\Z[<:
M=&5?-TN,**[7=<VT/9_S0VMFKW7D2B[<A4746JQ:F=E7)M%9-N.4PVGBU<EA
M7=<.*WQE&A?ON8%^7@=UPXK?&4:%^^Y@7Y>!W7#BM\91H7[[F!?EX'=<.*WQ
ME&A?ON8%^7@=UPXK?&4:%^^Y@7Y>#E=RW<5]G4]7R2Z'6=5;2^WJ]MH(LZNR
MOSM]G5/JG5V7=%>IOMZ;;NBO16O14<>ZX<5OC*-"_?<P+\O`[KAQ6^,HT+]]
MS`OR\#NN'%;XRC0OWW,"_+P.ZX<5OC*-"_?<P+\O!A$F<L7%RIQT_4]/Y'M$
MCIXZRG<5)DRVVL#YC)LUG;BIB+E2V&Q]UR9S)C-?9A+X,5MV;/FR8\.&R_+?
M99=RX4O2E..?VGD%_B2G?T?5]2O>%H(`````````````````````````````
M```````````"(7EK]!,B+>1ROZ%XF>[BRE2Q+*O.^-F4YEK(3)4OM)E,BJN(
M9\_>6*VY,EI;!<8KBP4OOIBLLI==2N*^A%U5^MIU_P#P+1E\E@]"+JK];3K_
M`/@6C+Y+!Z$757ZVG7_\"T9?)8/0BZJ_6TZ__@6C+Y+#UY=1=5:8LM::U:_]
M/6[_`/ZEHR_6U_\`NL*\>/;677%>R[Q46X!A-6HD\B6T"2E]LXH8"CVN2BES
M"[$3"/9K>S]AIY7J\G8Q,OUHOAZY?UO';U518EZ$757ZVG7_`/`M&7R6#T(N
MJOUM.O\`^!:,ODL'H1=5?K:=?_P+1E\E@]"+JK];3K_^!:,ODL'H1=5:>#6K
M7_\``M&7R6$Y(2"B-='3&\VT=+;Z`BDBZ:CHB(G$TE(2DXICIB*D$U,3\!8B
M0)EL5*8\!4I@PX,-E*68\=MM*4';````````````````````````````````
M````````````#UYOU++_`*N_^K45L\<'ZKOC_"1;4?UF`+*@````````````
M````````````````````````````````%-4H[R;UK^[.Q6I.GNJ^NLIDM:XV
MUV?SV>DW;+/:&S9S)L,0D,XA)R&BMF$).+G;$NZ.%G&>,9U`C6VW,1OLQY;C
M%]F#LO/GYO/K%=`/?]2YY(0>?/S>?6*Z`>_ZESR0AX\^CF[^L6X_^]X?_3ZE
MSO?_`.H0>?1S=_6+<?\`[_J7/)"'&Z9N;O)9?;31;C__`$UMUM:TWZERO1TT
MK2O_`%0OJ>I]@:^:^HO-5`5\Y7)^G.AKC\^O8V5-@C-#F],IIWF>S295OUN:
MN#L;4C/VRQ(O:*O4K.3L.]0[*_\`V61ZQ7K^PWGS\WGUBN@'O^I<\D(//GYO
M/K%=`/?]2YY(0>?/S>?6*Z`>_P"I<\D(//GYO/K%=`/?]2YY(0ZM<G_FP;R*
ML+ZCHMH+V`AI*FLG>Q]]9<S9ZE$D@843-N#%Z$.RF3/?@+9+<-EU^.R[+6RF
M3+BLK=DMWKT9V./;?:>ZT[0J;4*,90GR%V#*QQGD5?.O$VT8>B$66,J*663)
M%,SJ>$A=GZQ8=S)Y/(8I;U=Q?%6O4TVL````````````````````````````
M`````````````4UZH>G/\N/M=>+C^XMM!<H.-]:VV774\-MM:T_BIT]_['JB
MH5O3A+*A&_*TKJ,U./&K0'M.ZHZB@U;C81;/%S51H1UYDMO-A.MN:-^$]<K+
MTF+E:FWL7<RVHI:LGD2Y_K!5.KC\7TV53]T9=A1*V[D$RDL/42/MC6G:_D"(
M+&1=(;LGS81NYT=^T08P25[+%.)I1^TFLJ)Z0OI;E)H9!17R#DQ.\[G7+]3(
MDWRV>B:B/'$MH$G*.U)I^Z&Q3)\/3\X8_P`,57D-A9W4XP=^W6K,WPZPE1,E
M:&)$55M/;:4SSI1&78G449*+KC$:ABF1ON[9^SEB4SV9V)2)KG59<!&0M26<
MQ<1&:4`VTWHC[BSC,^OL=N2]_I;)56O2QOOF&%8T\;F`:D]I86^KDKVX^'"Y
M$QP-A,S-N<FB@NM%D/G-!A%.:TOR_GULAY9NF9$,%E_8Q$G\_KF[&&]"-&;@
M<+*;":\6Z\W,D/A-0WGG4V&V;:+35:LF.=IQDL16\^8?*SR#I,YM8W"</1<V
M'BNR^D>>F@$S2"HQ?N<<TMDEOL,QE:64@_C1=WXB;Y8*FJ&F&BO%FG.M+QQA
M.(KE2+[#M4=CSVQ[6DLZO,&L;/.()WEB`7RVRSJPOA"N<T6K9<C>M-=V6H+4
M-+3><".I(RP3R*C5;BH1,&SB2<3>K3[3AS:01[+7T+I&_>&\OQ951H!PI>E*
M<<_M/(*_$E.%H(````````````````````````````````````````"FO5#T
MY_EQ]KKQ<?W%MH+E/`-<E;;?7!"1GJX%>76@GHL<RLD06^5(R9.V%6O,+@.(
MR>A1JL7]@75*O)9/N5LDDM"K;<</FW,VRQ6S+F<"/8=P>:8BTY8JNO[330UF
M,UC)=:C57>K\7,BPE(:ZZ&\LH[2B5P/]OIYO$VWJZVLLJ+=0V,XG>WEU>;&?
M`@%4=03K$=+[![64S.I\:2K>_P"4*LY"ER2H;D-LU5U#"LG'6](6AM+-/I_M
MK$43;#N99;#*)N`^Y3*#A)Y;\!Q</'4PGF4U0S=G^EN:;ZKI+=JBI<-LPX@'
M<<7Y295:+J3CL32,/K19VQ$GM_*YE!4.-E%CEQ8<;C9*"@9DI';:YE-*R:G%
ME`V<SYNC;^@>G#6RE\S=U^C])R$SK"4$WL,DHX[$DQ%3Z=,EQ=1&PU4[L2,6
MC5\O5S../R2583(LLZK9;&V63"F$F6+QQ+D'<>L7*;M)2;'<:(;CVU>.1:56
MP32'$I.J3GXV5=(D=9>S/9;/HHN$@Z$)RH3<DQZ2%'R*BJ*:Z45NR&\'!B7D
MY'6\.:-O571J7F(DKS6BV'Y%8#ICVUCI[@2[<3G1G6P*R;GE8PEF5O$HFJ.0
MF?E[`:D%9-J)L^?5Y!M..59.'%^XR;NV48$61W%EKOMC]J([4\W[W7I*>E4G
M#EPW.9^N>A2CB=ZQ?ES9KCJ^MT($ZJBEDNZ^=N*X;\]UUV*E:2$(]EKZ%TC?
MO#>7XLJHT`X4O2E..?VGD%?B2G"T$```````````````````````````````
M`````````!37JAZ<_P`N/M=>+C^XMM!<E?2MUEUM/#=;6E/XZ='?^QZHH'?>
MINQBADVB<91J34:+.SE[U7V2:L6(2[#>!I2!`\7OO3!;?,BW453N%P$S!-'@
MZ0S9!`//5MN(ZII+<QE&S=1;+X#D.S)KQR#2S&4L-=894SN)_*#6G)N34D*,
MD-HS$4YNN_=&$'UJD^8"17#(&!O,LHT]?6](>58*ETV/KD!&,6,)\D'2^+$(
M]9\6SNNV_LC/Z1GRVH]V)4YO9&#EB:<7R*UIK1FHRBK7GB*\A#0=<ATIFE%G
MI#&6FT2+L1C/%:3T%OOMO/UO/Q7>!]4;R]A<:UGLVH>Z$7.V;]BUAX;$Q3%R
M!*V[Z^;>:U-3?5&A'>KRYQ^MO'$;BP1J\)5-1[ARMW<=`O6&654D?"NM!5L5
M#2R;;,5K:D9-QC&1[9:44QN+\%.C9"1W"W9Q83L?,<*TH+ZY!B:VE:+=?FA>
MP&[-[-V175)!5\ZXRYCG1%?I(U(+!0UQ\NEES9"SD:,@1<\JVC2U'<H1MR(,
M/<$BP7G+T5+&I3FU=4D..\*6KO")'CGF=(EPJ]ZMM<<C?M4V3)J4GEVF[E!L
MU4%Y!760P+U1)--HZ=6&W!#ZC;<$SLWBR-%FR9'C-LEC4>0(76(W>R`BPNR(
M,L<>96WJB::F&@K1%+7Y)>I8T_E3`LYFN[3CB<D@QMECMX$U".5=<3*]'5%&
MW*&RM4H*6'GNX6V[ESCSW6=:\W4C;]^&E],W%8CSU(:4'R@[%3)-IE@E6:P%
M1Q&CJK1'RK#"44%26S#M:#GR+*X54/TXQHONM:1CY1Y-=Q-]<:ZO<U#2LN8F
MR7(O[,D)21<=D%H%6VX5Z\HS7$J&E"Q#+N+"W7)CH0-=GMI-+5(Y#?.6OH72
M-^\-Y?BRJC0#A2]*4XY_:>05^)*<+00`````````````````````````````
M```````````%->J'IS_+C[77BX_N+;06+2I.:6P9)A.'"6*PW($XJCSS(.(U
MA-7I:(R(K0"KIDMY+-Y2MF;L-))J3=;25@Q9+*G7@]&P6,Y2R9<HFR^H^O\`
MNA+LX0DR-RL4<L)$U1DHPX'NF%SJ^X<$LL;6E(37>H(L[NVEQ$RWU]9<I!N)
M3D.P\V4C`JM5MN?#C)/-[N%),I!N6VWR':F.;"YKB<@+A%29C8E!W/!O+<6R
MNB.AN)$,&V`4DK&JMQ39!=7L7&Q25HT/9FMA*F'0>2'XU5E+1CJ8L%C5</=_
M*1I2QL[LQ.&1GA@\Q.*9LKDSD8'GQ9+E*:YN0LUI]MP9T>,CUBE?"YPX44Y+
MM3JFO,DTS&%Y*EV)KWVJM<H=/(CITUS<F)#ODZ]*PQFW,[E=1I0CV1LZ$IM+
M#(C?A]:<#14\+/,ITAMQ#D9W-UGN969F1>2D4ZM$\RF8PI>6\]9B[\V[BU@Z
M.[0;*ZRMQO+Q/5]K3XJ*<;++5<T/6%9"@,HKJ+YC]T-Q0:J*YF6KF#23DP44
M<S6RUS%E-*<I,LLI!XGE.=%L?O\`I,,1!,B@UDU,D";X%1HO-R0V,2*_"<:H
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M_P!4:`\*7I2G'/[3R"OQ)3A:"```````````````````````````````````
M``````IKU1KT<SW+CTTKW]=.+BO>I6O>[1[:4^I2OU?Z*^I7HWVE^#CCRG#6
MR?&Z:QT<L%J4EMQ21SN2[`3<483:VT=!?1#!FJ6,XRZRBKK2C][I=V;%=B4L
M344FU=E)5<%BB3A=DZ%$HVAY\ZVQ[/LSL+7I6:DD-.*F*R<[;;+I@)+D8DMX
M<*=&TJIJ%8^+T6-5%Q*BO%*:Y#2N9:^2Q'2%)6<3>0$A)+:]-SC)3FM*\?$;
M"M'/&J/L%FW#=$F'G`VF.XB\F8XD:$,'8&;$/1O%R`@&H7?^!@LF17Q8XWB9
M2\BHV2B-E;2Z>[7+B3(#DXK(G=&%XEU"69BQXWL3Y`2"MV-2/L=<)7D<.HJC
M-5A&N1BY;<=S2.H13/%E^>TQ5'Z\:QN[S;8K\5F&/%3AQC!Q6NZQT;"S^X,K
MMCYZ1>865#%%F=U8F<[INAR=RA$PZ#$<F%5:R,E?AE!9;#QK=YY,:<5Y<#&1
MDLH51$@[AVB4M#V`J0'N+KZ8?TBXFSNJ\IP>$CKI:UIVN1JY-@4@BA/I&8%^
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M%TS`_6VNYH?6);4$DJ[#S'2&#G=)QP*$?%<RY83+%:4BZ1J?IJUJQ'I7OVW?
MZ3:5KNCIZFG@Z>BGU:][ZHT#X4_2E..?VGD%?B2G"T$`````````````````
M```````````````````````!6[LEQ&<>6W,LJ<Y;!Z[$W[*JR@MUL*KOQR3,
MK/-J"$T\)LNW2!L@PI&:R/FL2L)XWC+YKDZIFMN>_KN;)7HK2"?F?;B*^M*M
M_#QL[_QJ#YGVXBOK2K?P\;._\:@^9]N(KZTJW\/&SO\`QJ#YGVXBOK2K?P\;
M._\`&H<,GZ'WXB[<>2ZFI5M*TLOK2OG\;.=ZM+:UI7Z-7JC1_23A1XS97R;<
MVR!K=F<=(WW@V"BEDT,39L24[0Q\SKF=1LMHOVMEPEV052:*1[K)@]V4?R=D
M7]D&LO19U.\?S/MQ%?6E6_AXV=_XU!\S[<17UI5OX>-G?^-0?,^W$5]:5;^'
MC9W_`(U!\S[<17UI5OX>-G?^-0\5_0^O$36E:7:D8[K:TK2ZVZ=MF[K;K;J5
MI=;=;=-5;;K;K:UMNMNI6VZVM;;J5I6M*VHP_$4=0'%S!A:(VP59<8Q<U$5C
ML-IDC:F?*-YJMXGC((R07.K1Y35C6(B4Q68;,ZBH'#F2EO59S&6^M;JR0```
M`````````````````````````````````````````/7F_4LO^KO_`*M16SQP
M?JN^/\)%M1_68`LJ````````````````````````````````````````````
M`50SERL)43;-2=JK'^D>\VU,@0ZRXI?,BJVM+"AMSM1L)4S%70;8I90./R<H
MZ6+#ZCB9SAI7'8BY"U+T[/3$:RTLNK3#>ZS2GXG'EX_`YK'Y60=UFE/Q./+Q
M^!S6/RL@[K-*?B<>7C\#FL?E9!W6:4_$X\O'X'-8_*R'')RRRG=9?;3AQY>.
MFZRZVG3#FLG1TUI6E.G_`-+*O>&INJ.]$^0+?LK<Z>(?E75:3-MK-4]-GS/Q
M'KKGJGL^1JM:J"G+O;':)/[&<I;M*<[;DB';),+=66[#65#KF7K&VG=9I3\3
MCR\?@<UC\K(.ZS2GXG'EX_`YK'Y60=UFE/Q./+Q^!S6/RL@[K-*?B<>7C\#F
ML?E9#Y3W+I(R62.*2CP]\N1%/3BAH^>.&8>UDLP%21(OD-&S.:ZFV-UU,>`O
MARY;^IMNOK;96EEEUU:6UL@U<V&9NV>NL*;,1ZEN5$8\ZQJTY1:B0\2J81=*
M:@O%*PJR:3<!-&55Q*+*V`OGML.X4Y84R=F:EU,!TQ9T9*ST````````````
M`````````````````````````````IJU1MMNYGN7'JK;;O\`T=.+BGZ:E*][
MM'MG7H[_`-3II2O[=*5^I07(5Q8:4K6N/%2E/#6MEE*4_;K6@\5L+V^&S#3O
M=/?MLIWNGHZ>_3P=-:4_;[P4L+U\%N&O[5ME?#T]'@I]7HK]JH\TQ8:TI6F/
M%6E>_2M++*TK3U:5I3OCSUG%ZUC]Q;\0=9Q>M8_<6_$'6<7K6/W%OQ#Q7%AI
M2M:X\5*4\-:V64I3]NM:#SUK%ZUC]Q;\0=9Q>M8_<6_$(^EG%CI%\C5ICLI7
MS!O.G32RVE>BK85:5IX/JTK6E?5IWAH'PI>E*<<_M/(*_$E.%H(`````````
M```````````````````````````````"FO5#TY_EQ]KKQ<?W%MH-F^4A\/",
M>/7;V2&`[7&PGA'\&O1ZH3T::D:25YKG&P4QJ]ZZ2/E+;[\%J:4+&31NN7%F
M*W$\>>AS!E+=<LKV#^;Y>1-C&!&J7+<JH3;*0#5\*B='<LN=%RJI)%EV/RS2
M4%Q13E#.?S87JF6N]$-.3&=*N!RI)58P$U[JB)G/@K"BDWMNYM!]$9YC229%
MV`D^3L#(?<UZ_/39Q=B-Z[,(Z!&\M*"PUH*EXS=3#&S^)JQYN26JM*U79+"D
ME$BZUJ.)T,I(..!64^]@'D<DHYA3&XR3J0\8WI`>G6&,5?:-Q.MK[(+TRS_L
MALS`[P;DF-QJM!X9'E(4>*6OKK2CS/8JB;M=1IH&W`G/&QNK*@O-;NVAS"24
M^&XQWL2@F,VNSG5'G'RIJ*HYYB<.7,WY!Y#WBZHJ828H=KHV[38&/&TCM4S<
M\7.86L9];;!U,[1)6!=.9"A2?#O(I*2$[UMI+,.,)05(/?\`JC&FR*2T9-4U
MY2L5MO)]6(!9+AA:OF2+876DLU3($5YZ(SDL256JQ:^(O2CE[LCH\>7=7:<R
MDX6-DF^C.M$5VMGSIVI.ZN5+3DZLZT4C^S;X]J0_TA,K?$>%.5'=C5>U[Z95
M^?*E(1Y+L.H3A,)IW*44++$N3:1',R>/C;:1(M>ZRT'FR(G>BFVGFREVJ<N-
MMT-D]85KG(JA&_)0L>35`L8*'2F>W+99EQF"*@5OZG-@IJ+L+RLNG51?F;*Z
M8/1%^%=?IFDO7Q47R,M.`_)RZLL;0%*WF:KKO35QBY$K$B**#B6&,^#:LZU)
M91378[U*WN(F54D\Q:!!LCOAWIB\GRL6BE(>:.[3B.G619(F9\-]S-W*UFH\
MT5P%J*B.AK**>,HSM*7FF^<P'\]B98E.G&<M272F%BV=2U]"Z1OWAO+\654:
M`<*7I2G'/[3R"OQ)3A:"````````````````````````````````````````
M`IKU0].?Y<?:Z\7']Q;:"XA03R"L0.I:H2***:I%#)!03SY;"<(GB)S#>6-D
MSA0SCRES10T7RY,!DMGQ9,&?#DOQ9<=^.^ZVL8QQ`L)P\F+2+%431W'20X\)
M0LO)K+9Z"VR:P43BF=/322E@2B)6PX02R!HR02B&:EY)+(Y\Q1.+EB^;+CO@
MB;RFC4'1-A;\RL:%VC#L5I*O)1-MYHO33K1C%)*6F$!6?Q!NM=K*.!B%L='0
M>1LCI()Z3U5ZVHI^$]=></XKO#'3M&=B,RPT&TP(2>2U#2>P&FM,5?BA(1GI
M&:`WUG([XJ2SC'>;21'@TFL17TLRXXYOJC$6[<LI9]3:N7*=('LN+[DF*-'K
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M;5+NW2W?5`H5Z2IAQK77SM599,9:6U^UR5JXE\I"T,*5RFK6O3`M88\9!ZY0
M73[-\PUKLQJ5J1FJ=5CT?9_,=1?IGRG#;*S>9RAS(W\O85WV,/7B!(M)LI/C
M:%HJ81*-BSG)QX59\?M5NX6*3>UR?<\"C/M2DHKYFRKI[4I5'`72*E,2Q8F)
MV(_9GQ$2EF'(9:^A=(W[PWE^+*J-`.%+TI3CG]IY!7XDIPM!````````````
M`````````````````````````````4UZH>G/\N/M=>+C^XMM!<H`HXW"@F;I
M*6N52-&\WS[R>&S^I6NZ#K0GY5I+1B"LFLJLH-N0&:F++I4D5LI&5EOAU8GP
MY[,ZH6RU3Y.0SU+3EV3%APXUM=K9N!.NR5VV3(C%\Q>V(RCAA0`KQ`W9+B),
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MUN:=B#F2EAP1*Q=C+C2<0:S#*QXHNQU1^9P.G`YS+O<VWD6:^2A#^U[R>$@8
M]@"4*1JN*JS$#RRSTVG#`]NM:W"""V3,+2(QW&<=$XNR16S+&-P.,JB*N%6;
MRTJ*"3(:9)]5>PTPCNXO'3&\CQ%I'K9'$L%U!.>[4C)*3CZ"K&LIQ4:25><4
M#S38ZD8S].2\^Q&>;;[-.6W7Y.LF$++@IERVXJ9;]U!'LM?0ND;]X;R_%E5&
M@'"EZ4IQS^T\@K\24X6@@```````````````````````````````````````
M`*:M4*TIS/<N/36E/_1UXN/#7H__`''MI\=/MT%R?5V?KK?=4^,.KL_76^ZI
M\8X5IANOMR74QUOLZKJ+Z]36ZSJJ4I=U-:]^WJJ4I2[HZ.FE*4KTTH.?5V?K
MK?=4^,.JL_76_;I\8=79^NM]U3XPZJS]=;]NGQCADMP9;:V9:8LEE:VUK;?2
MRZVM;+J7V5Z+NFG3;?;;?;7PVW6TNIT5I2HY]79^NM]U3XPZNS]=;[JGQB/9
M9NMK%\C=%UM?_(-Y^"M/_P"F57[(T"X4O2E..?VGD%?B2G"T$```````````
M`````````````````````````````!57/G$[',W[&2#M`W]KM[=:Y)E1GQHR
M9!PZL[!DXA;;L1XD+.(HQ;UM-PL%</*)Q&Q.M?ZQE-JV;#@O5#EQ0N5J9,==
MCON.-_C4.93W\E?^%H=QQO\`&H<RGOY*_P#"T.XXW^-0YE/?R5_X6AW'&_QJ
M',I[^2O_``M'#)PYWVV7W4Y4.93IMLNNIT[R5Z.FEM:TZ?\`S6C434CCK>TZ
MY-F[7ERC\NI:D.[>3;!34[0[J&D^N=E1W<UJ(&=9[)CU0[-7;^W)SMBH8>Q,
M)GHP]04P];KU6WW<<;_&H<RGOY*_\+0[CC?XU#F4]_)7_A:'<<;_`!J',I[^
M2O\`PM#N.-_C4.93W\E?^%H^8YPREE$H9(*'*-S&GB)TOG)G29K=^F8L;*&L
M-Y<R6,8;XLK;DP&,&3)ARV74Z+L=]UOU19CK5`#&U5@"'=;XSSKYF/X0CMKQ
MDS3#J4"RLX\S<:*9A2DK(MJ1)/22AY2N*X+*FS)9,(8<N7INQE<-O192<```
M`````````````````````````````````````````!Z\WZEE_P!7?_5J*V>.
M#]5WQ_A(MJ/ZS`%E0```````````````````````````````->]MI0<<(:J[
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MEW1\R6[4)M:I'D`V7)..I_23.Y^WSHPW,7MLX"%,NT:/VA2U'I+]A-VM5?,F
M=:R]>75+KUG6-^O.'Y+_`!@L"?!]U\KL/.'Y+_&"P)\'W7RNP\X?DO\`&"P)
M\'W7RNP\X?DO\8+`GP?=?*[#SA^2_P`8+`GP?=?*[#SA^2_Q@L"?!]U\KL/.
M'Y+_`!@L"?!]U\KL/.'Y+_&"P)\'W7RNP\X?DO\`&"P)\'W7RNP\X?DO\8+`
MGP?=?*[#SA^2_P`8+`GP?=?*[&LNX9[DVU5UUD2>"N[6O;W,,6QIW8FP<T2,
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M9G)G,5U.J,8\O4XK/P``````````````&FG(SZ7SO5[3C9__``/?0GF#_H,Q
M-_LS8'XH(PE(``````!7%/'IE_'U_L$Y!/Z=0Q8Z```````]>;]2R_ZN_P#J
MU%;/'!^J[X_PD6U']9@"RH``````!6KR]>EZ;`_ZN*_\<XN%DV+YVO\`K,W]
MK>/8```````K1_\`YOG^[A_\50LN```````````>+J]%.]ZMM/MW4I7_`.51
M^;+1(]S%[Y:L1GM@C<E&OT/I<LFY',$8V-\=*!(.=IE&=+#[CPJ1R/.W8]GU
M<%Q@LT,*C<<N;*1?9<=N*78,]2W9IK;KT*',_P"-QUU^"X0O*T#T*',_XW'7
M7X+A"\K0/0H<S_C<==?@N$+RM`]"AS/^-QUU^"X0O*T&!RGH1R[3)&,CQ"^>
M6F`C;*E5@O*-G@53>,=&2E$PUGVVU-JN#"GJ>';'+D3CV5(5CEA0]9BS5*&+
ML>?K.7K?6[LE;^FG,<V$%$;:1RVZ]8DIO(R4A)N//Q?HIG/8GHR>63"5N8QD
MVTI=FS4*E<5,N6MME,F3JKZ664K2RWM_0H<S_C<==?@N$+RM`]"AS/\`C<==
M?@N$+RM`]"AS/^-QUU^"X0O*T#T*',_XW'77X+A"\K0:V[$+G++I(L:K/^3.
M06"M@&!*6\FH>M3TC=%T(1(>5#S3V`F%%8+A4T]^X]@'_F23Z4F',^4G9A;6
M>_/FRVW6G"5V"V[+O!RQ3_/\!P5"M=:WLUXWD^;]T=3-8R3\=[`)R<BM%(V!
ME8C'BPX<K(.J[?P+^9'P*6)0PI_;Q(R&^QKRN-3(7F*',$8^A0YGNFO1RXZZ
M]%*UI2M>+A"Z:TI6M*5K2FVM:4Z?4I6O1ZM?"'H4.9_QN.NOP7"%Y6@>A0YG
M_&XZZ_!<(7E:!Z%#F?\`&XZZ_!<(7E:!Z%#F?\;CKK\%PA>5H(L<?'9RRNJ6
MXOFU8Y9H'ROV(&U*3291O!QG))9++(TQ6,:UZXU))LVPKB4S&?SNFS5,,WYL
M%R=7"=IU!FP[=;BE/T*',_XW'77X+A"\K0/0H<S_`(W'77X+A"\K0/0H<S_C
M<==?@N$+RM`]"AS/^-QUU^"X0O*T#T*',_XW'77X+A"\K0-')1W8;^]FU.GV
MVFQ4<[*D8MUSUDFYE/9B:[)NN^0D=F5Z3@VE]"46^1D.2KU3&1PQFG92JCE7
ML5,G9>2EJ:4OLOKGC9^OWD9V/Y&]P=9]9MP8CU=C/5V(-1'F7+//49(V)5W@
MM;$)DO&EB^JL:ER+C*%@1,L8XZX<-U%JPY:JTLQVI_8-]YV2?0H<S_C<==?@
MN$+RM`]"AS/^-QUU^"X0O*T#T*',_P"-QUU^"X0O*T#T*',_XW'77X+A"\K0
M>+M3N9ZZVZVO+CKKT74K;7_U7"%X*TZ*_P#6T]015%G'1RQ0U=)-S%Y9(')U
MEB6WM-CQ[9<9Z4K=D/N0*I57$83NO[8X^UR3?5&)=A)=G7NQ.C+U1K/URWJ)
M6]"AS/\`C<==?@N$+RM`]"AS/^-QUU^"X0O*T#T*',_XW'77X+A"\K0/0H<S
M_C<==?@N$+RM!T+JUMYG&NV7$Y<G+1KN=L;Z`MKE2=O%Z@X*G*HZ4<4K2G7Z
M[8Y:%Z&KBM"]QCK6:N"W)7-3!GK93#?M-HKL;)D^<9>MVT4A&T<S*\FZG-&7
M72=2D?`EH>5Y+$?WN([G)(>&^XN33ZJ5*78R&/)7%9AIUJEU+:BMO2U`YFMP
M=2]<MI,7*!KQ'ML_PXQ98JQLG&N@.JYI5>B-@5^T'FEMV<;U%[M=;GMPU5>T
M"+V7=2Z^B:6MZ+:[.>A0YG_&XZZ_!<(7E:!Z%#F?\;CKK\%PA>5H'H4.9_QN
M.NOP7"%Y6@>A0YG_`!N.NOP7"%Y6@B><..;EBV'BYU0])O++!!YDO&Q%L6BR
M-QG)"&IWT0'*B.Q.J54\&U^>\O6Q70$^[-2N#+;F+4SX*VVURTRXY9KJAS/5
MNONIRX:Z6TOOOOZFG%RB5I;7)?=?6E*W[;77UI2MU:4K====T?/775Z:U\>A
M0YG_`!N.NOP7"%Y6@>A0YG_&XZZ_!<(7E:!Z%#F?\;CKK\%PA>5H'H4.9_QN
M.NOP7"%Y6@@>37-RF:93OH+;-.]\);)1?LYNJRM87FPVUHZBP6LDD9U15+\A
MY'$0?&*<I*SVYRN:,\*=1/PH13)E[9]ET5,=A.\F<VIY-)GVE93KT*A?5676
M5!KRVOVD6(<<<EO>'B$X)[=;*/KW+TM7YBC#/NQCXU`X958_($K;['0DWXL1
MK)DKGOQV7%\^&VZH\S]UMMW=<==:=5;2O1W+E"KT=-.GH^FT'GT*',_XW'77
MX+A"\K0/0H<S_C<==?@N$+RM`]"AS/\`C<==?@N$+RM`]"AS/^-QUU^"X0O*
MT$4=SFY8?/P]$/W62"//-\Z7SE.S^YGI7:;S"^;CSPNL=H_18]C]M?-%^F[9
M]?\`_P!1_P":]B]7_P`X$K^A0YG_`!N.NOP7"%Y6@>A0YG_&XZZ_!<(7E:!Z
M%#F?\;CKK\%PA>5H'H4.9_QN.NOP7"%Y6@5U0YGZ4K7NN.NO>IT^E<(7E:#O
M>->:-LG'/'(;K/MC,K&GMQZBS!!;,:LFL:%R$%$UY%E?7-FS4<L.,8@[WU:4
MSIA]W6I%F;,Z%.\S8GW'+;BN,Y:1*6[@``````.-W@I^ZL_KVBFG]#[>E%:E
M?N9X_*=FH7,"(=@'^L13!<R2@WRB:?7(XBR07ZDD%BPWD2CY]FM%8<I8@HT(
M&29VTF>RI=I3/D*F,9C#9FKFQ=7=CICOU:29\V&?,<ZB*;(*0R1?FQL.W/M<
MQNI+?E[10G$9CYE/["62:I#EHMW(J<47U@EEQG[C"@L&"*9U!M!L.F\A/6,W
MO?M.W-:GKLJO,&.7`R6IL;)L".HY&4:30_UZ)&G#NVKTU]D+8IT1HV7,O/.2
MV&W62QU&1UEDL"J:Z4C*:QE,RJ=;J:L.$G)\7<F\;J-D?I#P4DZ4KY$A::MC
MFK+^K+3>LKPP[(=CZ;42)V690,S;J]EZY^.:CL;V!S,FTRH&V2[[3[=6#)>_
M,0NNS7)RJ:=%RR(;-NU]%L"DTGL]UHQ6(9+-D6*W8VEEY0._3;\5$UM'DINY
MVQ,[%78S-$+CQLZHNO(AE$#`L%W(@FU#+''R,ZU,Q`,N!Z'Y":&!O8W(HR4G
MN.+'NFK4.M1I.\DQ%R0I52KTJ\RU(U+N<_A*%7]2BBV50@3<*^DJ!YO,UZ*K
M=PM\<K6H,?&WL47EB6<U&!;/-R^;0X!F1P$NC5MY%&9L75,-)#.-8U7##F<\
M37WB<)5R$;&F:+KZ.:5L&;'BOL42U1/6TU/6$HWA/)BJ1**2<=+W=7@.$#Y?
M$;)FL%_13JL)DMFQ9L5W13JK+[:UI2M>@?>*;.:/Z&6B?\+GQC?E.ML>.:+Z
M&.B?\+IQD?E/-L7)T\'\=W]-1Y&G<US^^(\VDU`@]O);4--;8'/.]SQ5EDLM
M9E]$+0_'9%[D;&S4@K$DR[.NF3UJ8:O6"IG$0P67'<&,WEZ"E=:M@ML]GXLC
M>398;"7`Z@V(YV"1X0R)JZCR/V\4\SYV)A:&&B=I<FO$L1+6HZ#)JLYW"<I?
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M=IESOEP)J*V$)SNA/<V*/7RKMM_MIA2LU(0D5?B]70D-3P2`EQY*3X:C7>.=
M`MSW)5BX0<6/&<:6:B_3MHGY"M;ICEA,A-L*,B)DA*RI,+:*ICTB*2&4G4>T
M#'TO!*+`RN)PMXFW['LVDI=1'75`M4LF=2:2H774S(;P83N(IO``I\ACT[S>
MKV@&@O\`BYMZ.NU0].?Y<?:Z\7']Q;:"Y0<;J]3;==X>II6O1ZO13IZ/X_5^
MIZE17$B;8RVLL;D#<]4B.2IW4Z>W-$S`P]JW5G*N%$:L81!)QM8>-GFGPY[U
M10+RAG0BQ5`S)I,IF1<*KDR&K5'(ED<=NV(W,([*R'`U6O`#L/QU`#5V1JC-
MHE(B8M/9`=<T3+'J?&+=7UUX7(R4\S38BPFHDG0LH=S>R.UQ]HS:,30TZKA,
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M6R7X+R:DE'TY53C)DD>P9;IP$>RU]"Z1OWAO+\6545?<5GI(>EOM`(]_PCR"
M0N%+TI3CG]IY!7XDIPM!&I^\T\.S6'4B?-@6.CMYP.F(XZ6'PD(3JHJ40%C.
MC7%[[TY1RHILFIEL)K#DR8[313+?D+9.HRU+F;;;L-_"1GSL`7E=E17&QJ'[
M3*W&N1Y+ZX]FZ^,^(KG;DBL1K.XVCIJ`\2=V?!F0G<8.MY`.J.'-VT)XL*DZ
M>P[\EPKL(\D<_-[4+6?<&6VW%S.AN?C3%4Y%E=JQQ,\DM;4QD+#1DE>6W=+[
M0;;F,.E>9IYRMQ@L(A(Y)3:#189Q\GG7)-$YMMS%D6=CHRY'FF?RV,J0&^K.
MM_(D"Z^S*M/'7)HO&7(2?==D'P_&+&1:'7DA%5LNXD1S'&&>52;D4U<LVD],
MSFLBNXRUC=<YA(R1*Y2]0G%5N7-=RR$Z"KK84)R&B*2%#4HFT<VE;)V*.&`4
MBBQD;&!-M=\N+J0I-%FM*IGMX:=Q`Z@GRJ>8)FK\.;G.0C6U,+M<VKK#W1"B
MW>R,+G,KD8OM'QQ'GDN3E>%H\LFBQ01"^>-,+VE9`766VE!=Q42E(RD'E_&?
MM9F.QS9(FMY<]+;K21JYS2CA23Z:U'#B7C$"3(70R[.=4LG8+N?"DH9F=9C2
M6>UY;)VL9ZK:I:3Q-95.D3"CB[59LBAALUI6E:=-*]-.FM/X[:UMK3^*M*T'
MD4W\LWT4^''^%XAS\F/;(?9R.?3;\+7M_GK^1!L\+@<?ZGC_`'%O]6@Y@`\=
M-.FM.FG33OUITTZ:4]6M/"//33IZ.GO^'H^KT>J```\7>"O[5?Z!3;H/Z9ES
MC^V+TO\`R!(8%R8``````#C=X*?NK/Z]HII_0^WI16I7[F>/RG9J%RO5V]/1
MT7]/3T?J>3H\/1\]U/4]'3]7IZ.CO]/1WQT3L:R`^&PXV4ZTW$LMEVH"RV7$
MDF+S&(NJ(+@332.L)V;*5RX,^/$>3CIDKDNP9\.>VS+=?AR8\EMM]NKD":=H
M<$WQ@7I*\JR8AP7&V2)(10)#,,?*4CQDWDV\CVX[C[29#46WNYL+8:;=:.%Y
M/Y3<2_8WTTQ3K]5IPNM:7O8TM/T=@Q<9C!DS+-+:QY)\>VQ11X)ZC'UKJ)/*
M1I6<TR/5OW6W1U5LJK!<+P>#DQ'FVN-M3,4;ZKD1RRN7J433A+7Q1XH(#-(:
MJ52GU,;.=3G3)S+O=[LE=9J`H/58V'FV--@I*6UQN48AIE8,*K(L4-?LAIH3
M=1F2NM(RYV:]&\ZD5V.#&?\`@IQ':W'$&3FLY'C,KI0I6C:<XN7$TVX&6W[$
M9%GG8]T;6KZLT#3(CUKG6\XFA,SK.KC`/ES.4@WB)-*2#24IEB5E+LQ>O&RQ
MY+S9E.1)SGMY.9Y1`XM?I[<JHK1R3,;$0JXG&7<V1@/Y#0HW26DTR*0:HMD6
M^I0XWXU5DI,?$@66&\J@[3JGB^%R<6\%.;"[L"B^YFLP/0IO2GJV(DML;%3$
M3Y"SB.>G8NG],<YKR]B890R-\<7Y*F,C8LIFQJV1S8K[;<=A;/;11F--L-`B
M;.GR;7;R(W"AY3N*WJ1TLA)A5*+FS]Q$J1)7'3&$ICS&[B9$D5N,7Y+BY0MB
MK9ALR/IZ>GP]ZO1WZ5I]KI\-/LTZ:?:J*;.:/Z&6B?\`"Y\8WY3K;'CFB^AC
MHG_"Z<9'Y3S;%R=/!_'=_34>.KM]7P5Z*]'?Z/V^CIZ*4^K6O12G@K7I&MT[
MZTMB<G)#D@T=+PCJ5("=3C=D6R(S+D+.HH][U9JK'[X;ZNWGD@NAG.=KN]IJ
MV=.5DM90,YLF;*I2ZWU)$74HDHX\+>&EC#?6OZEK\X'U)N5/<4EH$ON^1"Z@
MS[)%=DB-Z74&;L*^I&3+(-,\IB-/IL(-V1%1&8EH1!MIA5JH2>E(V#%ALXS=
MI@T=@%-6PR5),G+,<.A>AAR.^',N=DY6`KK<%NDH]F>K)1@RR3#W9"FHNA*0
M5!TGV4\$+.I8T!,PIUR)G[,.FX'4^*J&#*VW%1.EF>T0@U'Z7DANMK`OQVL(
M*"Z"6YV+>HB;;^!RQ@M&F_2DS=E)JV<2C998>$<WI3,>BNOE&FTC*+D;6XTX
MPC_#`F>-9?GM@N&`VU+\=);P;[C8^)QOB(9T?J5)<BQ:^;C<=YTFY'-/-!0E
MQLNUH)#2DIE'$@J8:[T3\QE2RGL75.)V!%EFKD;'WY,'G=6ILI($7-4LJ,+'
M9!;7FN;F'/\`)S8C=7,1\<6#20O/J.6RGI7F_-O4^T&-B.,QK'DQ,-4OPRXR
M=`8C8\S(DXI;MD\VZT";=C9X+)JFJM6]N&'AL^UVZTI#3C),LRR2E>V4Y.;*
M<8:)(NKX%%,/WF\RHLKN#+C+8=Z>GP>&O3WO!T_QUZ*=%*?9KT4^W0>13Y#'
MIWF]7M`-!?\`%S;T==JAZ<_RX^UUXN/[BVT%R?33II3O]->FO@KT=[U:]'13
M[%*UI6OU`KT5I6E:=-.BO33HK7IIT=^G13OU_:IW_4&D"MHPR#KYF-P)$E2L
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MW=%=JZ[UBCSF!RDGNZ'2I*SM?B*52ZKZ]E6L9Q8.9/7C+C`N@+K12)@GE$:)
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MH2RXS:>>PES>"ZF3#;2N!1AKR:8CC4'J[)EE*8G_`)6(0C=#>,@XF`4-M9I$
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MSN(4PI+D;1U.O.8#4GN3CMCIX.W.[W7*LSN`V\VY%#:GQ-4U-F9T;8G%"4K+
M$S1H?D(AC8F+M`9;KP<;@3<96*\C`0\T?*U8YN2L;72&\51HVR\1>O!AFYV/
MED*=+TS/#62#<QVKA8%JID:N792[:C(I]?I&5I.KENDB^\AV=:1[5VM&ZJ5:
MC45/^G!:E9;U%M+>FMU>_6M:]%.JNK7INNZ*=ZG575K=T4[U.GHI2E*4I3D*
M;^6;Z*?#C_"\0Y^3'MD/LY'/IM^%KV_SU_(@V>%P./\`4\?[BW^K0<P'&ZM:
M4[W>Z;K:>ZNI;7^/HKWNGO=/A[P_/$T=NMFSVGFN7(;BD);4I"FO<N/HF<>J
M2I5#+1?FCV8-Q,VJ)6%&RF4:-'BV)0B1$RI[T5'M<L*3A,R"UG]C=)5299O`
MU$;K(=Y3M@E-WQ]-,E,$B;BR2]5-)'TYXH9[X3+TJ+U/93>66=:L<C-%446"
M57WXN&$\W'9I=9RJI(J5V@;*N>2%L@NY2R*N;5X^4YZKK=8CP9>H;L4VC-LE
M13',`.MSRNT6@A2`8EIPR,W$8ZO78D%RK#6[4W,I$<*W1$17TE%&R\2V&J[1
M\HI]C9[=D@PH&TI,-*Q'`F*AE/)&%%-*GJJA8@?S%<64X2+J52A"JA@*&;LI
M?$=J2)]EX\=ICL4OUSK-G8@/%W@K^U7^@4VZ#^F9<X_MB]+_`,@2&!<F````
M```XW>"G[JS^O:*:?T/MZ45J5^YG?_Y;.S4-7MQR#(UPV^FIYL&,DMY+S"T#
M6MDD9KJ!YZJU]9A+[EEWFK2ZIEVSD57PJG66EF5!V+UK;+FG%GC%OGV4E8K&
MI=A2<>.2?MU+S!DJ/MB;7[`\[.EJ:C[Y^9*08<//-QPXO1;EV>X[2*!)#GN;
MC?OM>GG-LES2R\7VKQ8DK"`<1XY=]4;,GG4M[I*%L0W-\9XR2=$D1N2:M9Z8
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MELLXHO+6))1E6_M0?4BY0NE9%QXS`W3>R>\^!Q[!1U+AV8-@]?S,0O%GXB+<
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M10;Z@WR#`0=C818KVQ+KQ);=.N4MCU=AR9KQKPX;%,K<@)D>D,:%F91%EXW.
M62U.8V(HIZ52+&WG2ERW1J;%P6_7ECC9ERY'[GD`TVWL[B3/0W.F*#C.-:.I
M(4(?>[D))1?/<:-HK4E!,.,1>4RUF4FFNC!5*SY;#%^*E]/L'STVXKBWD^16
M#(C52MBUK<7=<K![2Q5PO5ZJ+M3(^*+<<6(4<83F5966VE'$=34"Q$L6+-,D
M6++.;-F*X>V-V36$YMK*TXK6B#7?TJL^U1BO;'C*5%5(+MI32WC.3<FW6;,_
M5K8$HJ9W%3"G,:Z3W:Y(<,XD=/<+<O=<2R`GKRB27%<JDM/],#$>K3D=F-9^
ML5PI3L9KP04QQM=S(1S&H(R\A*Q7&;359+/8NG$;('BN3&8*F<=:X\V*^W)9
M6MMU*BJB&/3O-ZO:`:"_XN;>CKM4/3G^7'VNO%Q_<6V@ZCD0E4U"&T[2EYKF
M6OYX,4<7W)E*;%3'54R>0S\DL!2U?6XTL5VZ26$4PMY\V#'(2:BEL!TJL9$M
M1>N%!-X+<BS6NF,V\@>PKR;>TFKKW?4/M;$NQ#-IQH3D7CU9*(2P87M"H>GQ
MF:ZD$#*_3*>9D1>6)6DXTWW)5UD%9RL>&%T@@-S*["JNL)6)$^0>0('U^E0W
M'*A$#3D5K,B$<S*4EN.E1QJTM%8WXA&5LM>A2&ZCK_;J3<X[G^EWLZQ5LP7N
MU<8I-693`9*@]D13=J#8SR$HL6O_`%O@;8]R)Z(7=#KFCCJ0L+C-+Q^U+3XV
M?^W\$N*145.MO4L*;:A+;,6G/A>1VS!;E66*6/%%\SF;Q7/BQU_["3F^EW7O
M="&$MQPG'<5PB[7>PB\`(1R1,4_PV:C;>"($Z'WZX;E1*+%$E@2RPE16?Z/>
M=7LZ"X45S,?%#YP\@HCJ3[9\<G)9L(@J\CKRN[->VQ'R3LJ;UUDU!O(N]4D_
M2=`P[770ZF3].J8<3$5NH\>K\3WI[L++C\<"8S5%3=[6DQH+*[$:,ZTN_/"7
M(!L%24V;'UCLAUT+R$_]-&;F;J4Q'(A6;71%L@XSK?E#:>#,JJY#"HE,B&2N
M%;7*VIU7:T[B4/2"K.);P-:06$JMO5YH<HFZ9]E1[)*X[]><R>JPAH3L.ZFN
M4B!S)V0P1V&VZ6M6I:C5)6LTO&\R'B1$`G@DU/<YY-659MK76TM23C;;NRVY
M=B.0Z#WSLCN^WH5BIP-ADR2]>/"=\+6DE<>+V:JI"[V);*Z[6LB<V258>"]6
M7)1C),SO-?8"1D4VGA6NM+2&H.Q/:2@Z2YGL-O-J-W&&PM_(N9*LEMR0M8(?
M5IN9TLD876%^UZ0@]6"@%8F/D,WFOQM\I+Q23VML*G2":))AQ(3T.-T]QI[/
M0<3E2:%+?7@;R'H(<QW*MISER&XJ<)FYQHY7L)(7ZYV<H9*+244H?5:%TU4I
M=0\1Q6JBC985SXJ6'S=G08R5N\5GI(>EOM`(]_PCR"0N%+TI3CG]IY!7XDIP
MM!"M>BE:U\%._44/[7[`H+$WI=DJQJ^&L54(/U+.PM++B.(AAYH,52W,6W.H
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M>1/74+9=6VH@X@X+7J?9&0P7-:ZKK0.YBR`OQ%@.L<[KZ?4+4\G8OT>27BL[
MXZI(B=V-:56V2N64+:IO22JYMTV!("@FF)-;L[FR:;VZ,Y[4?-D;*C%IY/N2
MLT-KT==5'1U@9D6U/H3='FK(8+'0%-_+-]%/AQ_A>(<_)CVR'V<CGTV_"U[?
MYZ_D0;/"X''^IX_W%O\`5H.8A=T;%06R7^DQ:[I88C<D%<,M8@EM-8<1`BKF
ME)]*F=$8R33!FRTMP*[V5BAX@SD@SDP*;I,IZC8@E%"B>=K@S1Y2,PX\P-PR
M^G>W6E@>#Q;$>M;*X%8HEV.%\O10HE--I(]QK)CHH.!Q*5>PD=++=6:/F*5Q
MX,=U;;NB)L6L.N+??QJ9[8U:I)V%',NR;VWS5/Y$1(?JRDW)[FDY*:F<_E9B
M%(2TCV'"J](*,WB+P5BIU7M4%LSVV5:G(+OU]XZ4AHQRL>=]`:&RIRMBI@19
MEQ8B2&@2%9D>JCL/#;-99;";)E%&PL^[526&$@)1>RQ/7\)MR(Y4L8P7YL>8
M1MJ=I.LHR7),7Q1&1]O/B0&_LHV7`W<9O(AY7Y4TL.M`DAF8<9^B<VS.=9=3
MB=^&K6*HR89<SE7W5G(95]:4U$SM15ZM*UXXH^JX$NCUS-G.\L39[*L[;Y&L
M75RZ#G7;"GSU4W$LFRR;>8I7J;3>;'BZ.FZ@RCII7P5I]NGV?BK]JOJ5'D>+
MO!7]JO\`0*;=!_3,N<?VQ>E_Y`D,"Y,``````!QN\%/W5G]>T4T_H?;THK4K
M]S/'Y3LU"Y:MEE:]56VG5>'JJ=Z[IZ*V]-*TZ*TKU-:V]-*]/4UK3IZ*]`].
M$H5+XK,&`OAPX<=M;,>+#BLQ8K+*]5TVV8\=MMEEOZ>_O6VTI^GO[WZ:[IX6
MD"5EA7%84+68R-UMQ+';@Q6XREUME^*VXM92VEI>MN+)DQ6UPTLK;BOOQTZ,
M=]UM=7-AMKH>UA;<GNUX$'`M88LCFR992(,%$3UQ>;;$,J)MOI+E64XPJHV0
MUD<)Y$72#?)8,YM86<+7<.0F4RDD,YDQPJ>Y*H6)+%K/*1U.JO)Y.59.A1R1
M.DQ^D99":4F19"=FQJHW%A,./,BE'_--!F<O(T=K+37'.@OQ&-E4UNJAEQ&,
M:'7-43>K7R0?0X*,,%').[HVCB#+.43(4<(2-B=-(%Q%VZ94I/>1J05QBID=
M,THJNULMRI1X+B0N+#R5:-=`0%A<35HLF2U$.P\52PIX$)MX%IM.=<:V>1RC
M6>C:SLQU*J"0<YIAN1:H@J%;%2AII/9-O:+LQ'L.!31E+,A9S&*]$<K455F9
MVNTVZS$(BVFND$T5$3KC>0H0)V76X[#"@=-*2B<RY,E^0P9/J:D>.J2HH&LV
M<\IJ)TX?/F#!LUGS9,@ZFWZE.C[%*UI3[5*TZ/5^Q7IK3OUKT^DN4*E,=F$J
M6P%\..M:X\6#%CPXL=;NGJJV8\=MMEE;NJKU5;;:=5T]_I%.G-']#+1/^%SX
MQORG6V/'-%]#'1/^%TXR/RGFV+DZ>#^.[^FHPY`CYGMDHX4U%0R9-*=#E6G>
ML)'4W9TC,X7(9L4'$HETLS=F(DKEY8[(<"Q@)8,!50<BBK.$S@O6%92.FLMI
MAQ4I2VF.RE+:4MI2EM*4I2EM+:4I2G>I2EE*6=[_`$*4L^=IT#Q?;@QVW9+[
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MU!3[#'IWF]7M`-!?\7-O1UVJ'IS_`"X^UUXN/[BVT%R-V.RZO3=9;6O>[]:4
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MDQ+N-9E#$5N,692I4SB.%L.&NC:F+4&:G/`2<W'.]I*28L;<J+:8T2;.-E,S
M6791*Q#5--J*V[D+#8O(2J?[;*R"KT*7VM6W/F1[U91RX$,Q)S_EN+8V1%1X
M.E51\""QE5+;[T7RYA'-%XR*K]Y4MB4WE=:=M-MINVWYTJJP:NP76IB:;+KB
MJ6+MPDHJR=+M,6*O?ZBVO?KT][IKT_.W=-?5KT=3=7PUI^EK6M.\.?46=5U?
M4V]53_2Z*=/>I6E/XZ4K6E*^&E*UI3O5K2KJ+>JK=T4I==2EM;J=ZZMMM:UM
MITTZ*]%*W75IW^]TU$?RU]"Z1OWAO+\6545?<5GI(>EOM`(]_P`(\@D+A2]*
M4XY_:>05^)*<+00'R9BQ+J#5^?`7K88QTH<NRX\5;<^+%9=2E#-;Z=3DQX[*
MW4Z,U;L=F.MU*]%E;AH/DDG6U+GF!-@$MHOY:?FXQ7'K#%,D(N6X^R7&S&(C
MR?L,W#^=*SNPJDH[:5D4A*CW:SYPMVY<<B;4V7OS9B2RUR9_<RU[1YA3*+5K
MJ9^)(,&CY:BKV_0L:=F.DS]2BE@[/[-M*Y31=4SU+'\77KLV%0R]8-6V&LE;
M;NXN<3:H>4TJ]:1:*2*5*'EA.N4B%#R434NNV$3:F3N,4,D"Q^F+-84SG,6'
M";ICRV8;\E++Z4PD]+C`3W<Q&>;5"U#,F&G0D,17PYD\XWG(ZFD25%=R,E.4
MR9TQ2CN)(*&X5_(BY\&"\XD-US9BN4SG;RV5)2G;99;W[;;:>'HZ*4[W55ZJ
M[H]2EU?TUW1\]=WZ]->^.0"F_EF^BGPX_P`+Q#GY,>V0^SD<^FWX6O;_`#U_
M(@V>%P./]3Q_N+?ZM!S%*4^PE,"3NP8EW6MO3`WW`_)CU*+S\P'@UT5_ZA;0
MQFTSS2(N&5[W&<S4<>MT\ZWL1/.G&N^FPJI]'DLQZP6R98$EYU/#5"T=6H\Y
M#I,18E;,S,/:IPM>)')KFJRN?RJ"?D63;I@/DWHY'+(4>F$!R7NIRN#+JA>0
M7$ES1QA-KSK;A/%1!J:?B06P%=A&.S.1)H+\*I3C7-CG\BXHYG1`5DUPN!SE
M7"T&4JK.WJK`+[69.9SJHQ))G!N1V:U\CR:([F!K&WD?=V2.)(A^6[G*V9B1
M'%$N&+]Z9#.:D^B%8&S[G>,*S#QP2F2SI[AM,,S#&:#JIC;6SQM^%TMR%6NX
MYY:&T9J45IT'W5<L/$VCGXL78M/J+;[:66]_&^#DHL4-2+7FV]PTY;:T$1-'
MT_Y3KQL<#?=RHK\>$\87N[,MB6Y$]M);O1-SB<;)R^MJ.%^R@?>)%,>*$]6=
M$Z\2;*_[\3%Y(&`P(R-HAK<5TGE+2359R;%XE.0\3W?..<<>P4;&MNV_%Z:[
MWEA12<L><V1>]6\A-$TA("BAT4TB,U]+>:TWSEVS$$-S;YK;.:X6*CAVBDR%
M+F"?3'=6=>VK15&DF&T:<G&VG\LJK0<!R/I`4,YA6CV-GO$$UM7S_P!IJ)>+
M7XV9:<EB%,;:R73CQ=X*_M5_H%-N@_IF7./[8O2_\@2&!<F```````XW>"G[
MJS^O:*:?T/MZ45J5^YGC\IV:A<P`"F_:#366);7>2J.FQ>CTMWMUK@]JQN\G
M286B32:K@B\B^6(^VDZ%AOI3C5T4N32W,VWTU,)=)Z7"<<CQQ)M^$VC*AFSL
MMF^+9J35GB-ML''?%K*,RAL/+&Q3K;TN2>0FQ?>T[:RO37_&]6W(AC`X%]ZN
MQLU<J!7%CD%P$VN98;*28[,(9UF7XVN7]L9:C[1Q#+,#;'$T/7!QR2R-4<.D
M<L1JR5I<B&)UJ,F2_,+\B>6(@P$HH6\<9+9$]1:3G5!=S?.LPBCNDL2:TA9;
M(_2\;HV5/Q5(+XW/@"7UC&234R`=?-A&:\U9'+'R:8Y'KL(YX%5$-F-^Y2NQ
MGEAO,Y"B926EQ9RV6E\ZN<:M<9(BI951-1=Y``4V<T?T,M$_X7/C&_*=;8\<
MT7T,=$_X73C(_*>;8N3IX/X[OZ:CR`CJ7V.:DR*),CDBL9FZ<?T?/5E%5\OU
MSLA#,NML*K?P+&#K5^/+UY+S*-A['UO)9DZLO3K=UM_4UI4Y'6@1J:<^IIS8
M9@MW+%D3<>YC3B88?470^6\:5Y'37O!2NM)AMMMDLFM2180RFX--$NU;@<RB
MU7ZWUY),&6RJ(60S@,_2V^/&:&+MTY]Q&RIQ4KNXYMI),BI\?O)UO968IZ`I
M;A.&XA73204-L=4(0[LTR\T1VJC7D./T$[C=3"=;MAA[N$RVG`66&UL%I3`,
MU:7Q*B:QYL$>K\#PVM/DS'LN8%]R*$E+44+#Q<K]16JYHF(L8F0+2`W,#BRL
MP\Z$5^KB:YRR(7>A=O8%I=S,U.EO2.('7#T2.XL\\%R4M29L1L]/EC5ZYCR6
M,I&GF>W]*;<:E]<&7(7M4TQON5,S./$5Z"N%TG5S#@NS8\=#.;<(`%/D,>G>
M;U>T`T%_Q<V]'7:H>G/\N/M=>+C^XMM!<H`#1>7HP>Q?<R%9Y1$S,XVO=K9L
M?K@HE;KS%I5I/22G?"4E,-Q'\A0JJ&TUM.*Z)G`SW,O8$HS1(/YV=<:Q9RIF
M[K%8&'B0GK.P8>1E(QKU>^8?U!XX-?FV\+'`\#1Y$D+2/:*DR.F0&JK&XEM4
MT'$[&#>8;S2.8,5BVGK!C,DK&'$W\YA0R]:2XF=E\Y9%M4\VN.)QH$.:\P^Y
M7\2<KYQ.6;5K7CD#8>V9:;'QFSQ@IGR;UD1G-A=,K)!55W>:;DMNM5N*N-:;
MF7*O9<O4=`-F41)WR,+B#!)I4W+U2E765"08GS+Y!#,R;(\^;5/ANR(Y&T9C
MY"3&\UB+%V$+KCO5W"[7F\2SA;KF)9'.[,BJ@Y[[ZVHB7MIL-UNY%$TKY$)"
M1T:]5/=/9BG>E)I5/N4#?3DRU[)/5+5-9^JRY+NNY;^F^ZO3=7OP$>RU]"Z1
MOWAO+\6545?<5GI(>EOM`(]_PCR"0N%+TI3CG]IY!7XDIPM!`1U+['-29%$F
M1R16,S=./Z/GJRBJ^7ZYV0AF76V%5OX%C!UJ_'EZ\EYE&P]CZWDLR=67IUNZ
MV_J:TJD(:Q;/2A$VDC+Q-V'8^3=380.8<I9^9WD?4#&S*7J#L!IRK1^ML-%0
MBR,MZ^9#4H(;V3WTVI!*+3B;".JI"8@V8G`D+Q*NIZ<:,U(;_B**W5!,#24F
M3`[]LEXHBFO-&Y8/C+$].,O7#7+/@?ZXA0`WFXR,!^8(B75UE):(RV\GN4F>
M)X$DVD.\K6MTQNCB`V=66]++.\T6OB]>[=4-A]72<D+"T[4)P2%5]'],S412
MO*"$0BIP*9J0$S#KBZS<EK:N_7^JFG8X"2NR#B&@&J-M#VR2-%Y!;DC([81T
MQCMEH&^4O+R!IOF!L/ET*/(I28&P,D\U+L&5NM1*3WY(DIESV)41FQ:J$S[=
M?+S<BH;R9[5&BE<]9;U-EMM:]/4VVV]/J]%*4Z?XQR`4W\LWT4^''^%XAS\F
M/;(?9R.?3;\+7M_GK^1!L\+@<?ZGC_<6_P!6@YCQU-O3U74V]5^NZ*=/V_"/
M'46=_P#26_INGJOTM._TUZ:]/>[_`$U[]>GZO?#J;>FE>IMZ:4Z*5Z*=-*=^
MG13O>#HK7O>#OU#J+/UEO>IT4_2T[U*>"G@\'?KWO`'46?K+?!T?.T\'?[W@
M\'?KWOLU]4.HL_6V^#J?G:?._K?!X/L>`*6VTK2M+;:5I3HI6E*4K2E.]2E.
M]WJ='U/`.0\7>"O[5?Z!3;H/Z9ESC^V+TO\`R!(8%R8``````#C=X*?NK/Z]
MH_!QQI_HFK1G0W2V(]3)8B#;%S2)#:K,2*Z%N.V9#ZDRSQQ9G>3W85O0#[EF
M]K+ALMC3'`1PY\BBWDK+:>QF\./!E+XL)LQO9\V3<:WL!;R_@_@+RC@^;)N-
M;V`MY?P?P%Y1P?-DW&M[`6\OX/X"\HX/FR;C5]@+>7\'\!>4<'S9-QK>P%O+
M^#^`O*.#YLFXUO8"WE_!_`7E'!\V3<:OL!;R_@_@+RC@^;)N-;V`MY?P?P%Y
M1P?-DW&M[`6\OX/X"\HX/FR;C6]@+>7\'\!>4<-6=D/T1'IGR7R!H)K%"$5[
M.M!^J7*%Q\O@NKRLTHJ1VC:D,;8ALJRP7S'VA,;U6;%$Q@OQXTW#8@92V?-6
M^AHX2LLMOR7-_HAB76[K[J!KU/CP(+2HT8.Y'="Y@=28VL!$TXU)N1K.)%XK
M9!OE5102$PRMG$U',ETHNI*R60S'LF#&;421>[(9QZ%?-DW&K2M>B`MY>CIK
MT?\`F^@*E>BM:UITT]$?7HKT>&G37H]6OA#YLFXUO8"WE_!_`7E'!\V3<:WL
M!;R_@_@+RC@^;)N-;V`MY?P?P%Y1P?-DW&K[`6\OX/X"\HX/FR;C6]@+>7\'
M\!>4<'S9-QK>P%O+^#^`O*.#YLFXU?8"WE_!_`7E'!\V3<:WL!;R_@_@+RC@
M^;)N-;V`MY?P?P%Y1P?-DW&M[`6\OX/X"\HX3#P^<B<+\G7)WOML?!+5E!GL
MDCJ%I3&N9)EM':B(Z;EYK21LTJ*1O&39KS?23<D9<3F)XR)BY:L.9LF`U7.0
M*VVXJY8!V<YB];>)/F6Y`#.P["G%\63[KQH!C:%L+M]A+UR9=&"#/=R]5R>;
MF1H^H4M.6OY)[452ZJ]<]2JC0Y:1ZV5J:[WYLFXUO8"WE_!_`7E'!\V3<:WL
M!;R_@_@+RC@^;)N-;V`MY?P?P%Y1P?-DW&K[`6\O>\'_`)OX"\HX/FR;C6]@
M+>7\'\!>4<'S9-QK>P%O+^#^`O*.#YLFXU?8"WE_!_`7E'!\V3<:WL!;R_@_
M@+RC@^;)N-;V`MY?P?P%Y1P?-DW&M[`6\OX/X"\HX8P]OT85QO.9G.QNDX'W
M?P&UUKN)'*9C,?P-0MC-JB*?(%;S-V+8O)EL+VF#&*IC)BQ9LF/#3)DQX,]]
MMN&^X#BLNIW$+2Z[O]%-`(^Z?5_2Q)EI7^CO#\[?'?\`HJ70/531;4C6]_0O
MN$MO:$M?XTC1UJS/8\*G&JH+S2;Q9*4#;>.+4](2N;2,^7!UTF84D1).7X[N
MC.GX+K>B[<OYLFXUO8"WE_!_`7E'!\V3<:WL!;R_@_@+RC@^;)N-;V`MY?P?
MP%Y1P?-DW&K[`6\OX/X"\HX/FR;C5]@+>7\'\!^4<'S9-QK>P%O+^#^`O*.#
MYLFXU?8"WE_!_`7E'!\V3<:WL!;R_@_@+RC@^;)N-;V`MY?P?P%Y1P?-DW&M
M[`6\OX/X"\HX04\.?#4?E5W#XH8#@&,MC64[V3R0QM,*JIS"UXR1&V8;:'"$
M_,XT03S;*EA^*>5<RJ;Y2S!<N82"I"XB64,F12QF,98L9LPYZ-L(\T<7N+#:
MJ5T5YN*/8?WH7EIS(T>)Z&JO(\36-2=@6G@L0D]R.%J(AHSC/N`IGS8U!PI>
M*A/$9OLSW9[<6#+J%9^C)>-:VRVVL!;R]-MM*5Z(_@+HZ:4I3ZXX<OFR;C6]
M@+>7\'\!>4<'S9-QK>P%O+^#^`O*.#YLFXUO8"WE_!_`7E'!\V3<:WL!;R_@
M_@+RC@^;)N-;V`MY?P?P%Y1P?-DW&M[`6\OX/X"\HX/FR;C6]@+>7\'\!>4<
M'S9-QK>P%O+^#^`O*.#YLFXUO8"WE_!_`7E'#Q7]&3<:U:5IYP6\O?I7_P"K
M^`O*.&SG!)N%&^_>Q?+GMS$2"]VQ'4O;$:PY6VAR0GH*4]2-C)U"8,=J=%M/
C;#C=J$7N,K+34#9"A!Q*5,B9G)Y3%Q8U?G*8/TA````__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g454422.jpg
<DESCRIPTION>G454422.JPG
<TEXT>
begin 644 g454422.jpg
M_]C_X``02D9)1@`!`0$!L`&P``#__@`\1$E32S$R-3I;,3!:0TPQ+C$P6D-,
M-S@S,#$N3U544%5473(P,3@S7S%?0D5&3U)%7TM?3U)'+D504__;`$,``0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`?_```L(`M\"F@$!$0#_Q``>``$``@("`P$`````
M````````"`D&!P($`04*`__$`',0```%!`$``0H+$`P)"08#"0`$!08'`0(#
M"`D1"A(7(3%869C6UQ,4%188&1HY49FX,CA!4V%R=G=X>9&7J+?2V"(W<8&(
MDY:RL[6VU34V4E=TDJ&TT2,E*$)(5K'4\"8I1V)G<R1H\2<S-$EEAJ:GP?_:
M``@!`0``/P#[^````````````````````````*UZ*5K\%.D4W,S=S=.8=M]]
M-7X<AK6(\9T:=,&(1I=D:6):9U)5MGB)BTNMW$3HVXN?MC&S)2;FO;RJ=,X'
M87JH^A*98ID)UN*#7LK\Q:HA\4<O\DT?P7@PNK7QV.B/)@UVD=X5P&$61X[F
MU*@N1FBCR>R4]:15LBCN-0R+3<=Y%",$'.@V$_3*6WE$T<*)<]6@]-YBK_CM
M,DJ/]9#,?O',X2+C6XS?TL*3N9-<+*6%UM.*]M.MB(R:X6X8=)-':;B]`74H
MZCWN1*/XJFK+LV+#!W7K>[?G:=H;9.V'X(U/M,:O[5;(ZFE6L]YFEU`4)/>F
MO*Z40J*I!:(Q>LI32)/\TH$BR,44L:M>DG\]A<Z:-XK_`$Q9(A[;MRF\MFT_
M2G66.&8JSHU(59\[;+/*5U]=*Q=KBVW_`)[T]@,HTF,TH8=$ERR^U,BN&4EI
M$%-F(*,SD0Z[EMY4RF$=OJON(:W.D!9V7DS0V=F8RH[VM:,,HNP49+[465YS
M0I/L*K#E,L@\^VE:JE$1Z-!>83Z+V->2HQ7\JH?0_5)`7VX[W<A*^4RF5EM+
MFXV+2]!8_P"427-8(<PZCJ\LJL9RJBQQ-CX4ISBY%(;"JVMF&1DAN.:*2#1D
MDG>^TC&=-LPDXVPN84%:(&"2D?-E%`MAL+W+W3G6"]L=%-7H=CN)GF<WC59Z
M04-T24ZWPTRL?*$#Q/9+JB;5"37;;ESN`BYT:PRDD<."Q&-)"C:7S&KCI?+G
MM+2P@AU[,*CHD-L["LF'T0HA)K(4V0[(;>+V<Z0OY5VCFL=;><2>]FDV3S=7
MVM>E-Y0+V%\ZH56T-VIYZRXGEP9RPDR`````````````````````````````
M````````````````````\7=RO[E1\F3.5-0U;D_YV%/8K:MW:_M=T.O2]+9[
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M5A>B%*=F&-'HSGU1.R8KW`IM-0QN4CZ$=(K&<VCI9HC(AIXR6B',CO%-.P*S
MC94`<CD0ZL+D6SL[<EZ9$[/EO5YI.6-'=!+XD`W;A;3`<KC;:L0D*/<;S.H2
M4]2U5M&:ZHJN1*/)&+@TS:1M?S)(VZD9+Y(WJ+I+IA(4(+VP&,W:3C&3YUF.
M0B+A7V:P'D<]+MF0&9$S%0RBP^WVU%55:R&]%5,:612RK9!8+)M$VE$(J3/X
MXM#-Y%\J_MI=<-8-CMGG-N3HRX%YT/AG,MG*>U,OF61MI%D$DS>!+/2K`18R
MG25D9KK0G.CO&/W"Y7@V4Q'<Q8LOFK5>2V9]99GWTX)Y'[/J.1@DRZ-WG8X9
M;CN8UF-;VLW'5JS@3&>K*$DLA?;KGCPLY'7>3:O_`.-5V\84E'.>:"C;=GRJ
M296U#1^0=6"S^FZ'=8)E?.Q=B@L%=A9.?ZU*SGGM$82R_4AK1TU(_P`TOO!>
M<2NI**ZG1@M.!!9=%Q;-,Q`1C=JC5!155ED5"R4`````````````````````
M````````````````````````````'&EEMM.BVG6TI3HI;;6MMM*?4I2M*4_>
MI0>/0[.U^QZ:V]/1=6M:WTZ>U6M+ZUZ[IK2E*5KT]-:=JO:'FMMM:5I6G32M
M*TK2M:UI6E:5I6E:5K6E:5I7MTK2M`I99;7KJ6TI=T4MZ[H[?6TKTTMI7NTM
MI6M:TMI^QI6M>BG;'Y&"I<WBR8#6#"9P9;*X\N#/CLRX<N.ZG17'EQ9*78\M
ME?HV9+;K>GHKT=-*#SC+X,6*S!CPX[,..RS'CPVV6VXL>/'2EN/'CQTI2RS'
M92VE+,=EMMEE*4I;;0<_0[*==7K:=-W1UUW_`%[NMZ>MZ;_FJ];TUZVM:_L>
MGM=`4QV6UK=;;2VZ[HK==;VJWUI3HI6^M.BM]:4[5*W=-:?0'*E*4^']^M:_
M^-?_`-?WAY```````````````````````````````````````````````!6+
MS%[92_I#QZ3;LE`V-F9)69:]!R`TZ2"AGW(T,>:3Y\C*+%$PLHR8L()X[B*I
M+S/&<%I=5*WXS>+!F_Y:F.N#+'JL6=4%===2W;?C"K2EUUM*UU-V`Z:TMNK;
M2M>MFJZWM]'3VKKJ?!=6G;'CL6=4%]]MQ@^*;L%YZ0[%G5!??;<8/BF[!>>D
M.Q9U07WVW&#XINP7GI#L6=4%]]MQ@^*;L%YZ0[%G5!??;<8/BF[!>>D.Q9U0
M7WVW&#XINP7GI#L6=4%]]MQ@^*;L%YZ0[%G5!??;<8/BF[!>>D.Q9U07WVW&
M#XINP7GI#L6=4%]]MQ@^*;L%YZ0[%G5!??;<8/BF[!>>D1GV9G3FVTE)P-)4
MU3OQ]R7&S_VUUBU^=38C?6V8FN[[T:<I41V0IJ20N.27E!+(FDY/-&LF#)G3
MCE+<^3%E]!O]"]"R_2M;6M:5K7_*OI^];?=;3_90<@``````````````````
M```````````````````````````49]4?^]`['?;&T\^6AK^+RK>Y7ZZ_^?<.
M0``````"D+GB^=NU6^^=\=?RBT`7=8_F:_7Y/Z2X<P``````````````````
M```````````````````````````49]4?^]`['?;&T\^6AK^+RK>Y7ZZ_^?<.
M0]2KKR(W\!<RNJZ6C%C9TJFE3"LH$TW`84#M]<9,A@S'<V#'F.F\E*V%2F.Z
MXP8OI6W#CONI6E/9X\F/+99DQ7V9,>2RV^R^RZV^R^R^G3;?9?;6MMUMU.W2
MZVM:5IVZ5K2M!S'1QJ:=EQGLN(^2R8DS-G+J.3&;+WXR&<KBLSF<)V^W)6TI
ME+X<F/+GQ&*X[\6.^S)DMMLNMNKV"YC`;+X#97-A,E36'$8+&"^7'FP&,&:R
MW)AS8,V*Z_%EPY<=UN3'EQW78\EEUM]EUUM:5K^=QXE8<QIUYLM:?S%\QS$2
MN,8;3>4H7R8L6<SC+5OIGO+X<N?#CRY[,=<6/)EQ67WVW9+*7,!XD:S&RQ8V
M5,&"&6S`>P8#&'+F)Y\F&PQCPFL6.^[(6RWX,F/-9CS6X[[L5]F6VVMEUMU>
MT`"D+GB^=NU6^^=\=?RBT`7=8_F:_7Y/Z2X<P```````````````````````
M``````````````````````49]4?^]`['?;&T\^6AK^+RK>Y7ZZ_^?<.0IFY0
M&V8699UM<K(D_6HA+T9QULRZ4?73=`@2MUJV2BQ9(1@V)A2#SRSFZ'HLE9H(
MYI(JR9-2D5WXV^V'0_DQUM%88R\Y;<,+&3N3(T7+B2[6HX''$,(N70;B.4XX
MUYDQ$15>S5"+)QGB3H-FF8U4P0M3\SI38";"2V%EZ/18KZUK\"ZQU-UFTIE)
M9-*/;/6>0N=T9U$85D#8.'('(9'7NVW8:V[?,<$W"QMEW1KJ[(`P1!'I5I8%
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MK-M0RI)TJWWWD82D605`BJ%L/;FVET+S;NN4C+;?7.XCL%MY'A*W<EYN"*&?
M#:*K7<:,4/6+JNI=06Z[(KRGI-=K:7$8@MFRJ+@?I9BN!F(2LFOPX05B\AK-
MT=V<V?85?-S?KRHYH<>.F$:V1<V6TC1:1?"_LK`VO$EO/#&<MS9F5BS2>IAR
M.21437@A/391&DMJBX@M>4S*2<+X%1.N4U#DY4F76J&I-6U196EEX,A.5%=2
M<+&(1LMF52F8T34/51F([B=[?1CN$V4RE\U&N['2TE"[#ZK--R+K;/I2H:D>
M*0N>+YV[5;[YWQU_*+0!=UC^9K]?D_I+AS``````````````````````````
M```````````````````!1GU1_P"]`['?;&T\^6AK^+RK>Y7ZZ_\`GW#D/1KC
M9;CG+5)N-!15\I7K.DJM)2>K%Z^AYL1G'TX%`L9PUZPQ@PY[.FS]AFQ8\MO1
M?99=3OFTX@?P&"IXD5.%CA/,G&RYHOA,8#1`Q9=C,$C.+-9?CSE,^.Z['G+9
MK;\&:RZZW+COMK6E?6T:K:M3T9*M;Z+:F-TP1-H"=1)3Z$40TETK:FF4@G0M
MZ62\Z=;==:0S$,1?*2MK6A6_%2M:5[61"1<MM]F1(2\EF3-Z9R67IY.^W(8I
M6ZZF>^V[!6E^:EU]]U,MU*Y.F^ZO7=-U1US;7;9\D>3CJ`BFT]3)Y$]2(FDE
M/SDU`AFMMMRDCQ7*6OP&R>6VRVW*5,8\N#);;;;?CNI2E*=K&BH^*POCQ):=
MBL*$[$XK;C(E;*%B&/#>7QDB]+,5*8"F/!DOPXRN+K,%F&^[%;CICNK;7U=C
M)9^-$M;>-JMNQO6W$[K4&Q"2;4:VY.OP9"%:)5"=$^E260J6R$ZT+=)7(7PW
MX*X[L6.MO;4&RW%8J?(JB"BJ))5I6U3*'TI/.EE&VMV2ZMIXN9+9<)RE;LV6
MZM#-F7INR9*]V^ZM?:E2I8D6+DR>#"5*%,.(L6+%\5F`N7+X,=N+#@P8<5MF
M+#APXK+<>+%CMMQX\=MMEEMMEM*4_<4A<\7SMVJWWSOCK^46@"[K'\S7Z_)_
M27#F`````````````````````````````````````````````"C/JC_WH'8[
M[8VGGRT-?Q>5;W*_77_S[AR```````4A<\7SMVJWWSOCK^46@"[K'\S7Z_)_
M27#F`````````````````````````````````````````````"JGFNUGFW;[
MC=G:!-=FHGOB8'2XH#<#1:JJZ$)ED5JL:;$Q5)RT3SN9R&2B*D]<WV@J78\Y
MS-T79;;,6#$8,9,1?+HB[=SF^I=?UG!Q'%+*WWULI=RIPA==2VZZM;:774A>
MREU:4K2E;J664K6G32VVE>BGCV;G.!X#F-_C4H1\S(>S<YP/`<QO\:E"/F9#
MV;G.!X#F-_C4H1\S(>S<YP/`<QO\:E"/F9#V;G.!X#F-_C4H1\S(UDSN3SF"
M?KYER.&QPGL`\[X-<35:LE)V;D\B(C@15MZL!O2<W2Q-0-0G836L9MFNE$4<
MQI-R9<)0P:R)V:ZALKGMLV;[-SG`\!S&_P`:E"/F9#V;G.!X#F-_C4H1\S(>
MS<YP/`<QO\:E"/F9#V;G.!X#F-_C4H1\S(>S<YP/`<QO\:E"/F9$4-LO;D=]
M4W7N(W]Q3,+7MELO<C5*>G;)Q/D(AF6C".UH3EU%>3BP86,38;,/*V8RDX#6
M3%4DM^F\=Q6N(LFJ1@QAPV?3W92M*5I7_*OK^]=?=6G^RM!R````````````
M``````````````````````````````````````%<6I?SZ?*=]OO6KY#T!BQT
M``````````````````````````````````````````````````````!7%J7\
M^GRG?;[UJ^0]`8L=````````````````````````````````````````````
M``````%:?+SM[+&B7'_-.SL'H[!7I28RW"J"TTR4$U?5F+F-RE.L;Q0:S.!/
M;"\V5TP7))[U-'</J>M%,N,T7P9;[36*R\IGB[ZC=4E]->A_<)_12ZZE*UC/
M>+M];=6G3VI`K3M]'3VJUI]6O=#U&ZI+_P"_W"?^+3>+R_#U&ZI+_P"_W"?^
M+3>+R_#U&ZI+_P"_W"?^+3>+R_#U&ZI+_P"_W"?^+3>+R_#U&ZI+_P"_W"?^
M+3>+R_&FH_USZH:C:3)[E9`DGAN,.38MVL1YO@JJ,#=<PCIBK'T4M.($C`UR
MQ=WE#1(@=;;-2E!5Q*AU8SY%[*>,$3)!.RX4S!N7U&ZI+_[_`'"?^+3>+R_#
MU&ZI+_[_`'"?^+3>+R_#U&ZI+_[_`'"?^+3>+R_#U&ZI+_[_`'"?^+3>+R_#
MU&ZI+_[_`'"?^+3>+R_$>-A=IN=O2^R"I!V*4^*5X1-(NU6MFO;I2X6CK;,K
M(6`A.DHHS&-*J$:?,E%FX6,IA$X<SXLY[&=LPFJELUR>>QX\A7-]*=M:W4K6
MO^5?3]ZV^MM/]E.W]4<@````````````````````````````````````````
M`````49]4?\`O0.QWVQM//EH:_B\JWN5^NO_`)]PY=/;Z.W^"O1^'N#QTT^K
M^"O_``#KJ=JG;Z:_0Z*UK]'MUI2G:IVN[7HI7N#R```=/_KHJ`"D+GB^=NU6
M^^=\=?RBT`7=8_F:_7Y/Z2X<P```````````````````````````````````
M``````````49]4?^]`['?;&T\^6AK^+RK>Y7ZZ_^?<*VW:JFR7+'"C?SNETD
MT9QZ%;&N<DRZ/%TE64X'@Q9YUQ0B[C]8N-6QL]9=S::DA+:=B6<J*97B**X,
M]EIFTI7'7#"/;5K8BFC.S\_L^4IP3G4U9AE)E,-:;<^S&E(Z*EE]Y<385#:"
M62WJ5*93V`A<H1^54*W&BZ,T$G`T6Y8EHV(V6-=+?&.I,@5UK;S9%\O["ZMQ
MKKY*:_-D,Q_L[)34VVU=P2>^G@Y/9<P`:6GBDDI?)-9O,UV--"B=POI!<S.2
M6;F2X9/F"BZY64NY/9R"[!I+VVNHW5^&GTQT:5X.9.LA970Y`+N52:;ST)LV
MTQYKF:@X<"^_74Z+L-N5?Z]:9"4P6N;<S_7#!1M1N>3%WK&>66<;6<^)II#\
M,)</Q]JYH9/J[@69!?%CLHL[[MQ426@C9E3"U:-M+9\72:4*&G^[S1?.9S1?
M526DY'Q.`AZG9=Z2MO?L)%^628WO9FO[EFR$H$V3VI=>))?+JQL20(B@)^H3
M?1VDA9#."BG&,NOEM+I58=Z:Y%)^-F&#RFS<)Q2D-->-3S>P:[D;V1<LG)K>
M8\6PV29#NVV96J35-/=:D4D]4XS-VB#+W4BU_NM%32%R9AO:)5QFF=)#"(GK
M,ZL=MQU;SQ0:$LIU0L(TEV(5MJ-7(>G)R-M*9[J?3:/9W.VD-4-+"*G.1MN5
M=9CBJ@GU`J14S#?-+C</'46]3*8E"Q,-%"ZA2X[BSWWULX=A9-@2=-L2C(QV
MOLY)G+)`&K*(2E:09'5FO%S.EG2:"'_<88B'<HJY9%34Z3W,X'4<9Z!8V493
MN<BW?0R4,W)UY;)X#Y*IKGDPSFPGL/7QG/MF1RU)*V`)O:4G6@M=913NZ$V:
M=O.^&ES,W,IPCC;>?7YZR*G9'HEK-RNI.F,XG.8D8^XS[\2;J,.?"8LK?@RX
MLUEN7/@NOPY+,ME,Q;/D+&,5;K+KJ4RX#&'+@S8ZUZ_#FQY,.2EN2RZVE(_/
M%\[=JM]\[XZ_E%H`NZQ_,U^OR?TEPY@`````````````````````````````
M````````````````HSZH_P#>@=COMC:>?+0U_%Y5O<K]=?\`S[AJ:58(B";\
M;;LE6/6T]L[.4CJPT5%8(UJLM525$LRAJIQMKA/*46D/*KHATVC+'J6H%;%9
M),YDY2L-$[ZX1^*WKY!CCBY+A%>B&.%>'$7`BE4J+#[/0S$?$"K;,X#K?+%F
MA<2]0<9=$/E2J@E8?2-<9%1*%5`O;C.EL.>S24_,K1`\N$5K90KKL3<-Z:VX
ML+K,MJ[/0U-70C)Q5<S<BXVIN123\SB0E<]C6%[!'BCG4DQ>RX3:D81#],5V
M:WW9F!])=G"V:3+HMUOG$FXG`TULU(1!M1X_2SB<43E5YL-`Z;=J9@4L2T>8
MJ:ON=KIEAE0-51DE:76[7%B3E$^0S=)F:^:--K/(&O+(BO7!/.J$,,QD2G#2
M,W6)D/GX#OPN1LQ\VY`8MF/.;.1A?AL>"&T"+D3<K?OMN<Y%'I6N57LOR(MI
MAJ>29,:QP2U]B8FQ(?\`5BV-6L39R2616B7<UO0Z"*63P8<=E4QV]%E[M2SE
M3::Z\N+!F<914RE\%^/+L^MNOQAR9G?GAV-LCL,R44F7,X[FFC^KN674]MU9
MJ?*%RI0O0[604YGU]:2>\*9J.`@V*6M\H?PI%MI.F.L34W7R+I);LHQQ&3,8
M"^S8H786:F%DMY':B:B1ZZW_`&R>YV_860RA*AQ,5GS@P.3$G'ZF$Y(6LBRK
M(Q4DIN5Q&U']$_7+5I8<3D="7$$0J#IR2ZF2@[%TFU6_G6\DZM!.PDD.0UX]
MB+U.72DV$8T5(HKL/9/72BHN4F43CY9-N*XAT+-+-2,3@BAUX=;84P.2"UET
M."'5O!'#8PJ4:+3U7LSK=RBS#6-/MR(1ER.XQF>"S<3K9:>>%_KLS6U<5+5.
MF[V,P61&3<+L^/&DW60U2JDX5@LW&JD$D)$+JKM<2J[G.HX$U.PX"F(XX'0N
MK+A6#%F*F506%0^H&;LADUFR74X<\7SMVJWWSOCK^46@"[K'\S7Z_)_27#F`
M````````````````````````````````````````````"C/JC_WH'8[[8VGG
MRT-?Q>5;W*_77_S[AR'"_IZWM4Z:UNLI6G1T_L:WVTN_>ZWIZ?J#YQ[7&YC.
MH^B#QE'"Y5.2\?+:=>T]9JMU9<"VUW*SMC-C$J0#[D(H":JF6ZTXY($D!L$%
M`YC+H#;9R>TB&$_C3KDR_/ZV1'Y),83CMGMQ"#:D>(]+YH=.E4:2G)!>,9(+
M&%!VM4E/&*?ML6G%::CHTFD&I<27M98)>$W)#4ON<*8WUQ\%,ZNTHYP.LKCA
MJ0)KC=]'),=\JS%)#C4=+>/N/E_8]`@)7B%:>Z&X^1";4E847&W,+<?78E*'
M(F?;2591=2>W3\A,)@N7LJ)D<-A>6DE'1_0(>R7*2OZXP4XF$Y)7>S_EN`Y)
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M>74A"BI^+$<%E-=*QN\'TE&]@O3#0Q+2J824ANX&R9/9BS.3NLM4`4A<\7SM
MVJWWSOCK^46@"[K'\S7Z_)_27#F`````````````````````````````````
M````````````"C/JC_WH'8[[8VGGRT-?Q>5;W*_77_S[AR`8TD-!NH"JY%I%
M3<:8>=Y\JK.2I+)G+E598*$L:9:MF2./+:2]6C":6()Z@K8R]B@IDDI'+*)@
MSB2$ZTMD?66]%:=OM]'36E;J75Z.UT]=2O7=/1VNGIZ>CM=P.LIW.F[N4IVK
M[Z=SM_0N[M>CMU[M>WTUKTU'GK:='1VZ]'3W:UK7M]WMUK6O[GP4[5.BE*#Q
MUM.U\UVJ4I3HONI3HI6E:=JEU*5KVNW6O;K3II6M:5K0*V6UIT5Z[HZ>GII?
M?2ZG[EU+J74I]2E>@8ZBM%O-]1<"PEIN+`KNH_B47`JY+\II25,Q7#4L0PF3
MQK)F,U()16MQ1'3+,MB<DE;\F!.*EL>7-3)D@"D+GB^=NU6^^=\=?RBT`7=8
M_F:_7Y/Z2X<P`````````````````````````````````````````````5-<
MX.NDX;6<:$]PAKBP;I/F-QN37UP-)B6.1KM"]PVQQL?$\DKQ2QQ/-60VVF7V
M-QI*V>W,I*6"RZ[%3%@L,FK\);-I?VPCE_IT]'`1)/1UUU:?^\7TMIVJW5K3
MM>J%>CM5[G37]VO=#VPGF`\`1)/QB^EO_GP]L)Y@/`$23\8OI;_Y\/;">8#P
M!$D_&+Z6_P#GP]L)Y@/`$23\8OI;_P"?#VPGF`\`1)/QB^EO_GQKUJ\KW*"]
MGE*4?M?@JD15>$++S7;,FH]O(3J`5N;*X\V,A24VR-3AVXLGJ]5!E.5#6<AA
M"-*15/N/VIBEG**^`R1P["]L)Y@/`$23\8OI;_Y\/;">8#P!$D_&+Z6_^?#V
MPGF`\`1)/QB^EO\`Y\/;">8#P!$D_&+Z6_\`GP]L)Y@/`$23\8OI;_Y\1!W"
M=?+7ORDZZP\X>'5Z:]M=H[I:E3F[Y16=V]3))(H#0AB8D)WN>^]IMAQ):ZHY
M/4;";,V6)MYHW6A2_&6(G3.7"6R_4392M*5I7_*OK^]6^ZM/PTK2HY``````
M````````````````````````````````````````#QT4^"GX*!T4^"GX*!T4
M^"GX*!T4^"GX*!T4^"GX*!T4^"GX*"N+4NE/9I\IW:I^WWK5]#_\CT!BQWHI
M\%/P4#HI\%/P4#HI\%/P4#HI\%/P4#HI\%/P4#HI\%/P4'D`````````````
M`````````````````````````````````````!7%J7\^GRG?;[UJ^0]`8L=`
M``````````````````````````````!7)N?*6QZ;.VGNONNTDQ]$9Z?52>S+
MM?;[B(Q,WI%*B*,4]X)B8C-C'(L:X"YA65%"W&=4C"R8]!*8/0L).M^6N;'Q
M[`_)?X06!/B^Z_K=AV!^2_P@L"?%]U_6[#L#\E_A!8$^+[K^MV'8'Y+_``@L
M"?%]U_6[#L#\E_A!8$^+[K^MV'8'Y+_""P)\7W7];L.P/R7^$%@3XONOZW8=
M@?DO\(+`GQ?=?UNP[`_)?X06!/B^Z_K=AV!^2_P@L"?%]U_6[#L#\E_A!8$^
M+[K^MV'8'Y+_``@L"?%]U_6[#L#\E_A!8$^+[K^MV(R2DH<FT<;%ZOP-CW9U
M[5\&Q?9R],N?+HF8)&6EV'H_3'L6]*)6/:LQA5_7!E4+DTQZ8.DO2&+%0QA]
M&ONK923?8'Y+_""P)\7W7];L.P/R7^$%@3XONOZW8=@?DO\`""P)\7W7];L.
MP/R7^$%@3XONOZW8=@?DO\(+`GQ?=?UNP[`_)?X06!/B^Z_K=AV!^2_P@L"?
M%]U_6[#L#\E_A!8$^+[K^MV'8'Y+_""P)\7W7];L.P/R7^$%@3XONOZW8=@?
MDO\`""P)\7W7];L.P/R7^$%@3XONOZW8=@?DO\(+`GQ?=?UNQ&24E#DVCC8O
M5^!L>[.O:O@V+[.7IESY=$S!(RTNP]'Z8]BWI1*Q[5F,*OZX,JA<FF/3!TEZ
M0Q8J&,/HU]U;*2;[`_)?X06!/B^Z_K=AV!^2_P`(+`GQ?=?UNP[`_)?X06!/
MB^Z_K=AV!^2_P@L"?%]U_6[#L#\E_A!8$^+[K^MV'8'Y+_""P)\7W7];L:E8
MNCN_,=R)-\GMWD$ASUT;`NEE.]_U4-#*&TVU7849-B)D.B`3MVRP7IA/(U&B
MCWJ.`P84;\ZO0V<+9B98Q0CCVUV!^2_P@L"?%]U_6[#L#\E_A!8$^+[K^MV'
M8'Y+_""P)\7W7];L.P/R7^$%@3XONOZW8=@?DO\`""P)\7W7];L.P/R7^$%@
M3XONOZW8C)*2AR;1QL7J_`V/=G7M7P;%]G+TRY\NB9@D9:78>C],>Q;THE8]
MJS&%7]<&50N33'I@Z2](8L5#&'T:^ZME)-]@?DO\(+`GQ?=?UNP[`_)?X06!
M/B^Z_K=AV!^2_P`(+`GQ?=?UNP[`_)?X06!/B^Z_K=AV!^2_P@L"?%]U_6[#
ML#\E_A!8$^+[K^MV'8'Y+_""P)\7W7];L.P/R7^$%@3XONOZW8=@?DO\(+`G
MQ?=?UNP[`_)?X06!/B^Z_K=AV!^2_P`(+`GQ?=?UNP[`_)?X06!/B^Z_K=AV
M!^2_P@L"?%]U_6[$9)24.3:.-B]7X&Q[LZ]J^#8OLY>F7/ET3,$C+2[#T?IC
MV+>E$K'M68PJ_K@RJ%R:8],'27I#%BH8P^C7W5LI)OL#\E_A!8$^+[K^MV'8
M'Y+_``@L"?%]U_6[#L#\E_A!8$^+[K^MV'8'Y+_""P)\7W7];L.P/R7^$%@3
MXONOZW8=@?DO\(+`GQ?=?UNP[`_)?X06!/B^Z_K=AV!^2_P@L"?%]U_6[#L#
M\E_A!8$^+[K^MV'8'Y+_``@L"?%]U_6[#L#\E_A!8$^+[K^MV'8'Y+_""P)\
M7W7];L.P/R7^$%@3XONOZW8UTE/3=N#-Q-58?FG8J()VCK8=+V%+*9%L:PF(
M5<3:58FCU%>J$ID'!CG22\!\N=SG31!133"/@Z_#=BS83F*_%6S+;$``````
M``*T=G_?#>,K^&Q^8=N"RX````````5H[/\`OAO&5_#8_,.W!9<````````*
MT=G_`'PWC*_AL?F';@LN````````%:.S_OAO&5_#8_,.W!9<````````*T=G
M_?#>,K^&Q^8=N"RX````````5H[/^^&\97\-C\P[<%EP````````K1V?]\-X
MROX;'YAVX++@```````!6CL_[X;QE?PV/S#MP67````````"M'9_WPWC*_AL
M?F';@LN````````%:.S_`+X;QE?PV/S#MP67````````"M'9_P!\-XROX;'Y
MAVX++@```````!6CL_[X;QE?PV/S#MP67````````"M'9_WPWC*_AL?F';@L
MN````````%:.S_OAO&5_#8_,.W!9<````````*T=G_?#>,K^&Q^8=N"RX```
M`````5H[/^^&\97\-C\P[<%EP````````K1V?]\-XROX;'YAVX++@```````
M!6CL_P"^&\97\-C\P[<%EP````````K1V?\`?#>,K^&Q^8=N"RX````````5
MH[/^^&\97\-C\P[<%EP````````K1V?]\-XROX;'YAVX++@```````!6CL_[
MX;QE?PV/S#MP67````````"M'9_WPWC*_AL?F';@LN````````%:.S_OAO&5
M_#8_,.W!9<````/E'XS]HN=[DLU"8&W3(GKCDC5O/U>D%"*M!UZQ36LK2?D8
M#T5F8:,&%!$F>PAEQJ)E)RG2]F+';7#@RX\>2Z_+;DZV?'8LZH+[[;C!\4W8
M+STAV+.J"^^VXP?%-V"\](=BSJ@OOMN,'Q3=@O/2'8LZH+[[;C!\4W8+STAV
M+.J"^^VXP?%-V"\](TZ]-.N=5^2U"DSKNVW&SZ\(%[*/K)M):O[`EDC/V6FB
M19CD]7B%9@RY%#THED,.=&]+&T_TL?NR93OJB6K84LW%V+.J"^^VXP?%-V"\
M](=BSJ@OOMN,'Q3=@O/2'8LZH+[[;C!\4W8+STAV+.J"^^VXP?%-V"\](=BS
MJ@OOMN,'Q3=@O/2/RS1CU047PY<]^VO&%=9AQ9<UUM-3]@+;KK<.._+6VVMT
MTTI2ZZEE;:=/T:TZ*5KT4K)WB$VPE#>'CAU>VIF<NU2LG2\UG2K.W`R4@V@M
M;&=19->S/+>I"2>5%HV2P7)C>(WY;,RF:NO-79\UMV.S);AQU6Z+SMSK;^:T
MM':F.I_XZ(Y9D@NZ8T-!9SRUDFM=<J24BR97Y$];E140YC+IAO*H965D4L=Y
M7!BMMP&\>+)2N:S+T2Z[%G5!??;<8/BF[!>>D.Q9U07WVW&#XINP7GI#L6=4
M%]]MQ@^*;L%YZ0[%G5!??;<8/BF[!>>D.Q9U07WVW&#XINP7GI&G7IIUSJOR
M6H4F==VVXV?7A`O91]9-I+5_8$LD9^RTT2+,<GJ\0K,&7(H>E$LAASHWI8VG
M^EC]V3*=]42U;"EFXNQ9U07WVW&#XINP7GI#L6=4%]]MQ@^*;L%YZ0[%G5!?
M?;<8/BF[!>>D.Q9U07WVW&#XINP7GI#L6=4%]]MQ@^*;L%YZ1Z5QL?J@1M-]
M=<)G;#C&,ET%%5UK.7P:H3]9F,8DE--*.3!BORS53'9DSVE:XK+[^FVVZ^EU
M;;^CK;IM\6NRTC;A\?.J.S<M86V7DB9HH2'H[\+02S**VL:P=5%4GFM1THXH
MJQDD3]!)X:VX<RB;OIDKDN]%Z+J6VU":+SMSK;^:TM':F.I_XZ(Y9D@NZ8T-
M!9SRUDFM=<J24BR97Y$];E140YC+IAO*H965D4L=Y7!BMMP&\>+)2N:S+T2Z
M[%G5!??;<8/BF[!>>D.Q9U07WVW&#XINP7GI#L6=4%]]MQ@^*;L%YZ0[%G5!
M??;<8/BF[!>>D.Q9U07WVW&#XINP7GI&G7IIUSJOR6H4F==VVXV?7A`O91]9
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M:SE\&J$_69C&))332CDP8K\LU4QV9,]I6N*R^_IMMNOI=6V_HZVZ"T`<T.XD
MEP/"<C.)/ABQP/\`B.-WLNVIS'7"J?:LNIFHRZIVD2U[RSWER=IT_GH6P7Y\
MUV'!2S'=ER5MK?61/4I'O*FN?VP-D/S[O8?1T`B2RMHC#WD/<&.4^,EHHJ:D
MK#90#ITZY6]0A)*J\(D0YF1,;6K@]&,(Y:C6<R$243+IPIWI1?,F2F#">3B=
MZKDTBK[XOY/.P.6+ZIOPS@V3=*(R(D/&9+C!/++[D5=:UW9LS=F]%/9LA!OI
MS8:;K9MZWGMZXV_$(P4+IWK<,DG)G[D?[^9Y-DYX1ZTX(=QFZ(I(A*()^*&7
MS'^"084?,RQLUI-JH.R-,:@953,:LM/>:"VUF1$Q6R%'"YL;ARL5)<S-;"P\
M<&]XUW4U2EMK-%Y,?8&)%1OR`]G5'C!.97^U$^Y\N]GO4RP%9&:!8\KX#+C-
MYG)@P%TG$E8C.59**B&H)N,P47$K(;S"_9S6[%8[<N78"$L6)@UP4?>3)*[!
MML953*\K-8M1VWU<'6MNIASH*XW,%%FI*N9>1E5(QTN4$XX7PY=FER*BRZS6
MN8DM@%W+(I"Q4CYNYGFV\2X^DS(2,*=BBSDF]3M/N@C<G$S:A:;0RY\O>2*F
M35F2[`7S9+->YMN-52^!0-9]E]?L!9))(RDJF,TT1KCP)B>XW"<:+>/*&6]S
MTQDR:\ZT\^V$4T9NQX%1PDC:*1R9U$MF+62%`=%3_P`''O\`0S?^[Y127U-_
M[R=H;]@LA?GYE0=7J<#WH'7'[8VX?RT-@!>8`B2RMHC#WD/<&.4^,EHHJ:DK
M#90#ITZY6]0A)*J\(D0YF1,;6K@]&,(Y:C6<R$243+IPIWI1?,F2F#">3B=Z
MKDTBK[XOY/.P.6+ZIOPS@V3=*(R(D/&9+C!/++[D5=:UW9LS=F]%/9LA!OIS
M8:;K9MZWGMZXV_$(P4+IWK<,DG)G[D?[^9Y-DYX1ZTX(=QFZ(I(A*()^*&7S
M'^"084?,RQLUI-JH.R-,:@953,:LM/>:"VUF1$Q6R%'"YL;ARL5)<S-;"P\<
M&]XUW4U2EMK-%Y,?8&)%1OR`]G5'C!.97^U$^Y\N]GO4RP%9&:!8\KX#+C-Y
MG)@P%TG$E8C.59**B&H)N,P47$K(;S"_9S6[%8[<N78"$L6)@UP4?>3)*[!M
ML953*\K-8M1VWU<'6MNIASH*XW,%%FI*N9>1E5(QTN4$XX7PY=FER*BRZS6N
M8DM@%W+(I"Q4CYNYGFV\2X^DS(2,*=BBSDF]3M/N@C<G$S:A:;0RY\O>2*F3
M5F2[`7S9+->YMN-52^!0-9]E]?L!9))(RDJF,TT1KCP)B>XW"<:+>/*&6]ST
MQDR:\ZT\^V$4T9NQX%1PDC:*1R9U$MF+62%`:_E?]K&1/L%>/]FE05>\!?O.
M7'Q]SVW/Z^<`UKU.![T#KC]L;</Y:&P`O,`1)96T1A[R'N#'*?&2T45-25AL
MH!TZ=<K>H0DE5>$2(<S(F-K5P>C&$<M1K.9")*)ETX4[THOF3)3!A/)Q.]5R
M:15]\7\GG8'+%]4WX9P;)NE$9$2'C,EQ@GEE]R*NM:[LV9NS>BGLV0@WTYL-
M-ULV];SV]<;?B$8*%T[UN&23DS]R/]_,\FR<\(]:<$.XS=$4D0E$$_%#+YC_
M``2#"CYF6-FM)M5!V1IC4#*J9C5EI[S06VLR(F*V0HX7-C<.5BI+F9K86'C@
MWO&NZFJ4MM9HO)C[`Q(J-^0'LZH\8)S*_P!J)]SY=[/>IE@*R,T"QY7P&7&;
MS.3!@+I.)*Q&<JR45$-03<9@HN)60WF%^SFMV*QVY<NP$)8L3!K@H^\F25V#
M;8RJF5Y6:Q:CMOJX.M;=3#G05QN8*+-25<R\C*J1CI<H)QPOAR[-+D5%EUFM
M<Q);`+N612%BI'S=S/-MXEQ])F0D84[%%G)-ZG:?=!&Y.)FU"TVAESY>\D5,
MFK,EV`OFR6:]S;<:JE\"@:S[+Z_8"R221E)5,9IHC7'@3$]QN$XT6\>4,M[G
MIC)DUYUIY]L(IHS=CP*CA)&T4CDSJ);,6LD*`U_*_P"UC(GV"O'^S2H*O>`O
MWG+CX^Y[;G]?.`:UZG`]Z!UQ^V-N'\M#8`7F`(D,O:,R]Y"W!CI/C%:**NI*
MNV4`Z=.N5O4(24JN^)$.9T3$U:X/1C".7]:SF0B*@9=.%.]*+YDR4P83R<3O
M5<F@E#D`?Y14@U)+ZE2"9-['FW$GP]9FDR+27KH--?7TWL0HY\MV4_?C2TL\
MW$I;:R"H'<MER@[TK)8=*I3;-DG'GR%H[^6/R57_`!XU(6<R@3A23(:B*?3!
MA],$B]H:=DO1HV)1]7W;&F0_D6*Q:S4AY(*&N2&65*8%AR8G)D9R,X6@U%QW
MEMYQCNEJM+S(CJ1&//<5J#5EY=5FU%R@<?+92;Y!7$=SU:)A,9Q135"IMQ'3
M"U>1PIY1+PF31_"KHF<O@NM6$^F?+[]G-;L5CMRY=@(2Q8F#7!1]Y,DKL&VQ
ME5,KRLUBU';?5P=:VZF'.@KC<P46:DJYEY&54C'2Y03CA?#EETOQ18X&NTKY
M,CZQU/A%JY&6V;GHVK7`[V[:GFE:]>:Z/53HH.!%L2R)U2O54@N<(VIY,T=K
MG]*EL^7'@%NVVJU^+-GLV6U_NP%_6CZ8S6S/&UV+!60%$VCL.F;)1S5LQ5>R
MN0/)31Z^ZGKD4B9LBC>G3)?-BLD)TTKW*]/=I^_2O16G[U>U7ZH#7\K_`+6,
MB?8*\?[-*@J]X"_><N/C[GMN?U\X!K7J<#WH'7'[8VX?RT-@!>8`B0R]HS+W
MD+<&.D^,5HHJZDJ[90#ITZY6]0A)2J[XD0YG1,35K@]&,(Y?UK.9"(J!ETX4
M[THOF3)3!A/)Q.]5R:"4.0!_E%2#4DOJ5()DWL>;<2?#UF:3(M)>N@TU]?3>
MQ"CGRW93]^-+2SS<2EMK(*@=RV7*#O2LEATJE-LV2<>?(6COY8_)5?\`'C4A
M9S*!.%),AJ(I],&'TP2+VAIV2]&C8E'U?=L:9#^18K%K-2'D@H:Y(994I@6'
M)B<F1G(SA:#47'>6WG&.Z6JTO,B.I$8\]Q6H-67EU6;47*!Q\ME)OD%<1W/5
MHF$QG%%-4*FW$=,+5Y'"GE$O"9-'\*NB9R^"ZU83Z9\OOV<UNQ6.W+EV`A+%
MB8-<%'WDR2NP;;&54RO*S6+4=M]7!UK;J8<Z"N-S!19J2KF7D952,=+E!..%
M\.672_%%C@:[2ODR/K'4^$6KD9;9N>C:M<#O;MJ>:5KUYKH]5.B@X$6Q+(G5
M*]52"YPC:GDS1VN?TJ6SY<>`6[;:K7XLV>S9;7^[`7]:/IC-;,\;78L%9`43
M:.PZ9LE'-6S%5[*Y`\E-'K[J>N12)FR*-Z=,E\V*R0G32O<KT]VG[]*]%:?O
M5[5?J@-?RO\`M8R)]@KQ_LTJ"KW@+]YRX^/N>VY_7S@&M>IP/>@=<?MC;A_+
M0V`%Y@``````#7\K_M8R)]@KQ_LTJ#X%-/OG2=6_N=(2_-HV1?CU*1[RIKG]
ML#9#\^[V'T=`*U5S7_:".YUW(?D(71&[VSN$CQDL$3,B.AQ,U2@^4V-$I.#5
M54-(:$P7E9*K'5&BWF<\B"7@<3'7,+H1EEIF#&!&<99UH&;R'K)(9I>X]"C&
M.M)5:6GLF87@\E1W+BJ@N9RHI#5J7]<2&!MI"(T5U(SK.<Q*!=V'Z*:LAI^+
M`C&$HIDR93V$R4C_`"SHY*,K;6,#8;,TH68\F1?L0S7(QML8V>;L9LY9M2F^
M=:BR]=9)79Z''R:DR^AR3C)/%@T2'B_5=HM=!=A9_IF`D]VJ3(K40'_Q:[?7
MQXVHS8IS5A21&N[)(<Z>LJ3@?S#<QW+FY-&EO-&Q9R+21$3L6%IN>L@HY6>?
MCVQ5)M!FR9<4D"M9.N-(V-E;NS\>FP[(P-R38S1M:U^7F9R);2[;&(^>CB=*
M'&DOQ+LZ0G!NFV,]Y`2H>7G,WG^P46;#2NW%>U@/5"]6T$TF5I:G.@R<3<E4
MN.>4<CK5VZ2-0XG16^G=QTR?:JLE/58^5=;W%H:IQ[E-QSKZPB2,K)I2,WLC
MQP7(1T6]>+:P1;D?DAXU%ONI/4KRBQI<QQ13*<C/.S<Q'6_$KF=3N6"!+CF-
M4<N0@4=/(#/J?+49*9:Z^)+#=S:C1#*FT5TW5Q85*IY1ST;::=)>C93%Z4;(
M2LUX\8K;7LA3*N(#-:R(LY2!DP=(Y%5(04].4<A(Z<*D39LI><+9KRQHT1)&
M<^&ZS+G*%\MU^&S-1T5/_!Q[_0S?^[Y127U-_P"\G:&_8+(7Y^94'5ZG`]Z!
MUQ^V-N'\M#8`7F`*U5S7_:".YUW(?D(71&[VSN$CQDL$3,B.AQ,U2@^4V-$I
M.#554-(:$P7E9*K'5&BWF<\B"7@<3'7,+H1EEIF#&!&<99UH&;R'K)(9I>X]
M"C&.M)5:6GLF87@\E1W+BJ@N9RHI#5J7]<2&!MI"(T5U(SK.<Q*!=V'Z*:LA
MI^+`C&$HIDR93V$R4C_+.CDHRMM8P-ALS2A9CR9%^Q#-<C&VQC9YNQFSEFU*
M;YUJ++UUDE=GH<?)J3+Z').,D\6#1(>+]5VBUT%V%G^F8"3W:I,BM1`?_%KM
M]?'C:C-BG-6%)$:[LDASIZRI.!_,-S'<N;DT:6\T;%G(M)$1.Q86FYZR"CE9
MY^/;%4FT&;)EQ20*UDZXTC8V5N[/QZ;#LC`W)-C-&UK7Y>9G(EM+ML8CYZ.)
MTH<:2_$NSI"<&Z;8SWD!*AY><S>?[!19L-*[<5[6`]4+U;03296EJ<Z#)Q-R
M52XYY1R.M7;I(U#B=%;Z=W'3)]JJR4]5CY5UO<6AJG'N4W'.OK")(RLFE(S>
MR/'!<A'1;UXMK!%N1^2'C46^ZD]2O*+&ES'%%,IR,\[-S$=;\2N9U.Y8($N.
M8U1RY"!1T\@,^I\M1DIEKKXDL-W-J-$,J;173=7%A4JGE'/1MIITEZ-E,7I1
MLA*S7CQBMM>R%,JX@,UK(BSE(&3!TCD54A!3TY1R$CIPJ1-FREYPMFO+&C1$
MD9SX;K,N<H7RW7X;,U&OY7_:QD3[!7C_`&:5!5[P%^\Y<?'W/;<_KYP#6O4X
M'O0.N/VQMP_EH;`"\P!6JN:_[01W.NY#\A"Z(W>V=PD>,E@B9D1T.)FJ4'RF
MQHE)P:JJAI#0F"\K)58ZHT6\SGD02\#B8ZYA=",LM,P8P(SC+.M`S>0]9)#-
M+W'H48QUI*K2T]DS"\'DJ.Y<54%S.5%(:M2_KB0P-M(1&BNI&=9SF)0+NP_1
M35D-/Q8$8PE%,F3*>PF2D?Y9T<E&5MK&!L-F:4+,>3(OV(9KD8VV,;/-V,V<
MLVI3?.M19>NLDKL]#CY-29?0Y)QDGBP:)#Q?JNT6N@NPL_TS`2>[5)D5J(#_
M`.+7;Z^/&U&;%.:L*2(UW9)#G3UE2<#^8;F.Y<W)HTMYHV+.1:2(B=BPM-SU
MD%'*SS\>V*I-H,V3+BD@5K)UQI&QLK=V?CTV'9&!N2;&:-K6OR\S.1+:7;8Q
M'ST<3I0XTE^)=G2$X-TVQGO("5#R\YF\_P!@HLV&E=N*]K`>J%ZMH)I,K2U.
M=!DXFY*I<<\HY'6KMTD:AQ.BM].[CID^U59*>JQ\JZWN+0U3CW*;CG7UA$D9
M632D9O9'C@N0CHMZ\6U@BW(_)#QJ+?=2>I7E%C2YCBBF4Y&>=FYB.M^)7,ZG
M<L$"7',:HY<A`HZ>0&?4^6HR4RUU\26&[FU&B&5-HKINKBPJ53RCGHVTTZ2]
M&RF+THV0E9KQXQ6VO9"F5<0&:UD19RD#)@Z1R*J0@IZ<HY"1TX5(FS92\X6S
M7EC1HB2,Y\-UF7.4+Y;K\-F:C7\K_M8R)]@KQ_LTJ"KW@+]YRX^/N>VY_7S@
M&M>IP/>@=<?MC;A_+0V`%Y@"M5<U_P!H([G7<A^0A=$;O;.X2/&2P1,R(Z'$
MS5*#Y38T2DX-550TAH3!>5DJL=4:+>9SR()>!Q,=<PNA&66F8,8$9QEG6@98
M\=6I"NDSCS4V<I-)28VG9]WY7@I.A854=WN8FM:U._7U(N;J&CM-80LYW'E<
M]CJ5J*2ZB%;<9.]+(4RWY[#&'1,M:.2E*^UC`V&S-.%F/)D7[$LMRL;;&-GF
M[&;.6;4IOGFHM/;625V>AQ\FI,OH<DXR3R8%J0\'ZKM%KH+M+/\`3,!)[M4F
M16H=NWBOV^*PI#L.,L[JRJE8Q2#Q3,NGG`_F(LJRFT.0J/=N(TS*JXE1"ZG`
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MM7*L9OH<1<1W`D)>%2MP6*.).(XC]A8SE.%[#N,IAL-6X#F<L3S&L-IBW)3$
M9RE"N7/CI;ER%L%]]V*SV8U_*_[6,B?8*\?[-*@J]X"_><N/C[GMN?U\X!K7
MJ<#WH'7'[8VX?RT-@!>8`K57-?\`:".YUW(?D(71&[VSN$CQDL$3,B.AQ,U2
M@^4V-$I.#554-(:$P7E9*K'5&BWF<\B"7@<3'7,+H1EEIF#&!&<99UH&6/'5
MJ0KI,X\U-G*324F-IV?=^5X*3H6%5'=[F)K6M3OU]2+FZAH[36$+.=QY7/8Z
ME:BDNHA6W&3O2R%,M^>PQAT3+6CDI2OM8P-ALS3A9CR9%^Q++<K&VQC9YNQF
MSEFU*;YYJ+3VUDE=GH<?)J3+Z').,D\F!:D/!^J[1:Z"[2S_`$S`2>[5)D5J
M';MXK]OBL*0[#C+.ZLJI6,4@\4S+IYP/YB+*LIM#D*CW;B-,RJN)40NIP+C7
M58];*XB*T>YU%.:['EE0L>=W95I:A&FMO3/QZ;#L@NW)-C-&UK7Y>9G(EM+M
ML8CYZ.)TH4:R_$NSI"<&Z;8SWD!*AY><S>?[!19L-*[<5[6`]4+U;03296EJ
M<Z#)Q-R(KQTRR2>EJ)CS0<3BX_L%HEM$DK+,2%=B*<'K^FC-BEG'X#AN.DY+
M,I2?#CR2H?*MUF9*O5+PL1CRU*K=4&DNT]+Y'/'+'Q"SC2"S,7Y+M<;E_/QR
M[DZ<XE.BHZ_4HC(6R,_D)99CK+7UB>I[UGLE**&:J&2PMB7K7$>S8T9)N+5R
MK&;Z'$7$=P)"7A4K<%BCB3B.(_86,Y3A>P[C*8;#5N`YG+$\QK#:8MR4Q&<I
M0KESXZ6Y<A;!??=BL]F-?RO^UC(GV"O'^S2H*O>`OWG+CX^Y[;G]?.`:UZG`
M]Z!UQ^V-N'\M#8`7F``Z2BHDD@@=5%(SA))Z<4,GSQPQ?3'@*DR>#(9-&<^2
MO:LPER^+)FRWU^9QV75Z*]'0*I4;D<>/8'A_>!V1(B-W2F;W9%A!!6KW.L7S
M8QHLGM\MZ/(0G1^M#*WK&K<W70N.UH+;U9B"X#*Y'+&=1-QU6W<>1EM`P=4U
MR]P!C>L?J-3)1#UW7<&\22^Y@>=CN;:RQGGI,_8_9+K*Y&#D:!@^;:"SB=RN
MXLSH,G2)IOH3>R*2LAER%5,VE32>VZ&K<<+>%`>\VL9MG3397781,**@9L15
M-);4?WRRN84AR82>9N*ZZ0BS'DDK(U$Q6-NO*P<>1XED3.WK+E&FQ88G6)MA
MF=V0(8>Z1(+,N5#J-B<:':>]3#)XAB*&,UI3,?)DKCA:\JH$3A10*V9DY0)'
M"QQ/-FBN?'FNVT`#7\K_`+6,B?8*\?[-*@^!33[YTG5O[G2$OS:-D7X]2D>\
MJ:Y_;`V0_/N]A]'-:]%*U^"E:_@H*/CO);))6,GO6KVUQQSHW^3(AI8C,;,T
MGG=0[&9O<)JZRU=1ILV2Y:N7OBC9<M9)L,EUK`V[\I*B+:BU*9<BEAF\^MY(
MG)*KOC5F.>VV4*HD](L8+SC93I-10]9?U^;"PM21'20YB>=&372Z8\R)"B:>
M3-2W&DJN8BV7T4153,>8KRN;D2UKD\5[-<]-7HVTU"6IIFI9XS\<VI"3'K[<
MT:1Z2WA>L4(*RA&W*DKY;!'+E.H#W<#@C?,[5=RED_"GMNUV)AG$[6V95MT9
M.2^`HZ8V!?DA[/%\GU(WN4X4_/&NLDV)^;&R=09J5(]EL@=9^4N[EHJO0V4S
MI:6ZS)T^1-/RB*L/]J-A,0U4@A%-MJ?(%K&FNYKM.QWKJQ1VOEG1DE.=NL1X
MN!FXY"?T)4V2:K45'&EHY@JD'5&!;L4IY#Q_'A0T]L&2-%%6**Z@12C'NT#=
MB%'+`\I;(IESVK%$41J<F%6<1QD+2<7=$8X8TOEU->D=&SF/&E/Q"7F)2Q12
MCS>4C>/$HWY6ZLT27$05$DCIZ')GVR<</PGL])QJ`&Q&$EI*3+<L1[1.7T10
MU^@AS1NO/L@=OF%;?UR(_'<PK,C1I)9XVP&JW%`ID=9QIEDW"B)]%GW"KR9:
MN(*4I'ED_*1)4(.>#&T79UD)2FH/I;LV;-*J;KXYT!GI;8/+BHS)<74-8:K3
M<^,M80M>:8>9:[ZBNHKF1[>^E\DFKRC([=BTRJ2@W'0ORFT8,SWO2"Y?9:"U
MIID"+&S,;"BM[N-SLY+1F>]GDRG6DY&\D+ALK<>7LUK5KEQ.$PGIYZ>=*TK2
ME:=NE:4K2OU*]N@Z2G_@X]_H9O\`W?**2^IO_>3M#?L%D+\_,J#J]3@>]`ZY
M?;&W#^6AL`)?;`3!M?&LUP.R6XNZ^IK.V1V/6X69'J]&,BNYRM1LH>J<JS?5
MUN523II8J4MK:B^HC6F_:WTQ%2"!!IK*:=JLGEHH9QYXY3;RJMYG0B_",;.V
M,75M=&$9L"2G`A4;#S6(>>J$1G:.X"G1;C56).),/'D!K/UUGVXDU5W#A7T@
MTHM)<44)R-Y1Q&U&5SBY)-0&=(CXC1VRL30%UAM&8GHJ'326J&4$\F:_JR2A
M3,F(JFF%U"JB[(_65]%2%)H>EL#C6E,[>4:":Y,A!3M(_JK\AVO2`UUEQ+.*
M6DY0:M\H&'JQC,*R5;(C.;D*5:]\LOM89UJ!>I&H^8Y9[-$PH/5NU7D!6N<*
M:GM<VO+%^=,+^A5^3K4U,>GK')N*0'0>O?S.B\HMLN'Y+=[,5'Y)L1I$W1.@
M(KS06V<;BW666`N)I^.%9*/FT%S*!G&D8%3"=R8K,GF7N02/&MHR=W4B=%5Y
M*2EPRTV7&;-6T];CQ66YBD.9$;71H1Z]BCA2+5Y@94R;5XJTI$RJ*&94&AA3
M'`8HFJ!@AA+F<NOD:?(#M3W?LX](;<T0XV2?H\7='D?.]CN!"F=7><?-6-F(
MTFDH2))2B^D603[F7&RV"I/#8]3#OP-A,N+'[W+CPD=X0C/,>S^@.9;81M5M
M-,5]N*+Y!:[E1%!LN]@R(U;"!E:9[M;RICQFTM5Q)BNAKZ?DLN,IB\UU]ONA
M`4%1OKB8HFM4[L31),#1(U'O%U635?6MA]78A/8WXWUUQ(]K?GW86-X/65$J
M4;[M9QW$LM\K(%7$E7Y5+.0-&4JU-.DZX#MQLK[6>MI$/7Z0=68W7V<]G4H[
M/RXKQ$DN!JMY0/MUG'T"+'S**BNNTT3PGZIA'*F,8]:5+7U_Y,C19<!TX50F
MLM'L6@X7WHS3KNL?A)BD<)R##>G[;V+9SR5H_>S66G:<7IF68]3W$TW2NJ.%
MN/6,G.W4["MMXPC-PFI%[;R:N>/FD9RMZN6<DK_M8R)]@KQ_LTJ"KW@+]YRX
M^/N>VY_7S@&M>IP/>@=<?MC;A_+0V`%H$NSKA9$J0+!"$6],R/L$J/[*AFC)
M/.;1FJQXF;)5TR&]%K#@S%<AK"5RJ[/9B.1QFRUQASOM#,&,M$TBH67Q*UUV
M0VFVSB`AM9#V&'4Z(W_)>0K$$1NEJNJY\+L#-R8[X]79%=DE6O\`2$E`D1Y,
M]"<\BLYD%&$=;[<P9FVSG&LK"L<5%U,U'&G*4C+VMTH+$LN@A%DZL&*=OY:R
MO`EKC-;NAK+'NLNR+^@9;D)JM@@O7J\E8F%B3H\7)1839DKU?3/7@6S45D]-
MSYC*7,%1Y!=;$69KH(5U]Z$WJ4E5`A!553$4R(58:5*+NB$M-[,;2@^\J#<U
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M:\\$EMYI<LMY-:16>U)`8R\F.EE/EM(3Q9[G135AU&<C6<Z656V\OI!W%TXS
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MGV"O'^S2H*O>`OWG+CX^Y[;G]?.`:UZG`]Z!UR^V-N'\M#8`2MD?=Z^!]C=G
M$*;E5N(VN4#0!JK*^!:;,=/UR21C<&R<NS/$5"BY>WUQPX%%M(2M%2:;M-)#
M$(9BA=U&#"VH%R#?N-J'9>G(["_8GDMQ1T:>9V46><V#9A>-%>%Y+47X@O[7
MMI$W2^#3KBLH70G>:9C:3'(PG`>4TY1(%G&B/UDEFNL&%EXMXH:UGK]R/H#J
M8+9=LJ."JT]W/`FD3\,0W$<!RH8741][.PF])9-84-U&EIP(C_:S@)LAWJ*)
MF(XD,C&R8Q5A)>3J75Y4)XBTHG9-;YDF!HZV(U4=,7G(P>47GILL<\E,I]K)
MAPQXJQ<:>T?4;;4(.F-E5(4U]0,HN59RN@[B,(B-0^4O0;UG-CJ2B+&W)<E1
M[#,-S!NE($0MA.G:#-:9S0BL7,U\D#49M^<4EOI:J:DQ-5WF_CU[.3Y*<Z.W
M&^^4?T*EZ=5:4W&WDI*;"TO8/:MCE`CF,HJE5_;<NALM&^.]B]R(]J:834<F
M3#AAK5Z<S\8')15FOE77:XKB:`D&6QG?9M$SJ^6]3/FSB&W[$_"9)ITE57?[
M6)#=3U;JL]%@JEL`A(AEPR+C8[S4(HPJ42D&HHR.V"\DI:*>:YAUMG"^6J4H
M@6G;3;A7E,PU&CZX78A.-"1\=/\`(SKJF9\*&<PR[20LDI."%,T3%(2DM4E$
MA*:)#2OL&GL]3:"6@G3*<<>T.(IY]QT?,F;$5]I.$Q8WE0V=3U8JG9;KMO;K
MMM*X/6W$+@=2@?.1&R9U;>5SQR^V(GO6*WT=.HZ<[F:>>""CX7"327(G'&NZ
MBQ.GI]L+]F`FJE,6(^G&3<%4/D4GG%ML9@XZBP])*"6WKD'517CZ-VN_R<[,
MZ)$'6QJ3RF;,K5EKW>Z,H,UK+3C+1Z_"IMHM%-4#*PW333<%[G/%&0J2+?\`
MR@Z_M^$HHG6/$B3ID:4R*&O=&A:RHS?=AHLVMC)L2H/9SF=!13;A94:G0Y#B
MG3$UEM,*/-6/(V=!3D"]4R7V%9P2CEMS18_\UMN2VW*P7=DMMRX\F'+;2]L*
M=U+<F'+;9DQ9+:5I3)CR6VWX[Z767VTNMK2E8/`7[SEQ\?<]MS^OG`-:]3@>
M]`ZX_;&W#^6AL`+S`&EMCWXY8LU_FR36;1#O=<=1/(;];V)RD#ZHWS*LS&BL
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M/ISP;*6F.=R.^.D:/261S$U="QYGGA5SUQ`HCF+\^L-KMS)TTL@&'9PV$<VO
M#'2G=M,SF1+2EE9S]4VO$T`OPXZ#1/+>I)TF93+CE%J(*(G8UUSIY>K*7'$H
MFRS>9]4HJ04%.><!.&77BUE1Z2I<P2A!WKQMPQ:W622.7*+;BE3QXC;+)2`Y
MO7BZVZ[I`.).8NI.)39&-)9I(P:HD(55XL2]<:GO4!K^5_VL9$^P5X_V:5!5
M[P%^\Y<?'W/;<_KYP#6O4X'O0.N/VQMP_EH;`"\P`'244XBKD#J6I%L1U.42
MAD@>)F+*7X#9(Y@R%C9;-97M7X3!?+DPY;:_-67W4[73TBJI'XY792!(AT>=
M,KH[@TNA)U1(?;R5D;BQ9-KRC&`'^VY(A:#GT[<B]<U*MQNK+/:#>>+S0V^6
M79`839P-[U%:JJLJSE&+J_&"^E!25ZVSTV<R)DQ<IA9OES44JN)83RO)B^"\
MBG+%E1P23D(K9B('110KC,DTI"QOM&.ET^I9GG".16/8VVN+"1&UF?S>ME.`
M%UEOJ*,2<7<CBUD]59T8\QY=1D'4=85V-*9J2,UR#$JNE(&&1?6>31\,@I:@
MJN>/TV3<+/<.0P2M8@F.3<00I$<4'E<JOG(RC)AQZ9722?E22BWE9+526O57
M+).8XHY4K$IVI5IZU-O45"I&N>I;T^<IBH8R;6`!K^5_VL9$^P5X_P!FE0?`
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M5D.5<]]EN&MEMS%7Z];&^.RVEN`CTX';5SW]&6D46SH_M5'VT93`Q2EY*+VT
MN:^)C?D=PL?6ASL]6:D4ZT-;7U2E`TX2KQ:.PS-V'+,ZL@H3=R)<5N<FFG59
M)324J8HM.J322K"]9M#8W@"/)FC=2,(SW;<]>@VR>STQBM^-8O<.0RP"T?O-
M?R1*T3.1EI#RF(G8=<$UKK:*(*=(+K4,ZW5O(^2E<>3HQSHX<:L(V:J/2=7M
M)^LB-&;EA9O,5:0T%"?1F(EQD*$<([!?\J-S*44'HG,UE*5Z*WUDDW&BZ5*J
M6AJKV77:L$CQY6UOAXTBR@78BH]9Z>KQD"/%'3PBC/PRT6B045./='Y+<<LQ
M`T7(0PUSEE-6<CU<ZDJRP\BQA-..K)7!B;*0Q2N&TL,?8VF$B//:/:9[2Z=5
M&Y"*UO'"^U<6LG"599R^1%^&-:H$8#0=!AU(KF4G(WD)%E*,SK@4&2N-U.5E
M<TUF<I%U<DWU1PH"E9=&C:=+/8;5;#VD%7E5UHB07(+LB+R&UVRL.]0PUOKF
M6E!!9:6BM5+,F*766WE$-*(D,=,=M<6"VZZ^Z[*U/_!Q[_0S?^[Y127U-_[R
M=H;]@LA?GYE0=7J<#WH'7'[8VX?RT-@!9W->OE9CDK6B1,KX5&S36B5EB7D1
M`3T1'4"+N<2S%DAP[F(N,ZHW54"R079\H.O*5PH61..>KER6?,G3!0CD3#<+
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M7/%\I+A1R1XIWI1S&G&VTW<BP26;BY^JCV9!T^?,W1`KQA.>RKQ=:IAQL-39
M3W9;*:$8J39D6+Y#:4KQ_+:JAI.180G.^TA_,-K*QHGZ70H^/$<*TBE&*E$G
M`?ZWOH&K,B1YAD9V,2?70ER++#EE:5)<-(K`C"Q(D2575#C.B*-E)+2WDENK
M(R46'DJ.F68:"!C<:H67C:9FI)"H["I\[9D]M+^L;[G[6^)X@DJ:CA"1&:Z-
M<Y+>LJ,UBM<K5YR7KZ]F5*Q)2+M!:M4$%`0'/)3'2E191R6*MV-$R'$1(,)5
MIC&:*^E>.FBS*:I'+BEB?G\['#&$[%9A;5R>UV"W&_A0<T(R3`CKBJYN8T94
MP6-A\,V7G^;<+CQ';7W8O*:8;2'$FD6ZCIQ;0T$\9SP@53:*PV]R9<456,-?
M&=JC%:HJQW#AU1;<",&9FY)38;R^84FPIXWD[,;+0<L0JKT.ET[.HMU1R.C"
MD$'L5++%+()6_:QD3IKT_P#L*\O]K;5:TIVO@IVOWNWVQ5[P%^\Y<?'W/;<_
MKYP#6O4X'O0.N/VQMP_EH;`"Q^;X26'+-^M6QC2R93KFU_.RFW55K4-%BE';
M%\X-E%1'H03<YRVA+`YD%RLR.GJBW'LQ8HHE6TM-K(;(7K^%0)X%!6F2GK@7
M.1S$LTN)N:VVR,XI):D,5:+9R*,>7.YX*DAN6-63)17(1524.J#V65=3)-=5
M;ZN[&^CJY]HMY_I;:QHQ!&CLK<3;55XT,QEFG1_X$L_`&]>O)]1+M5CVJ6=L
M;_S$E3/+"W9;D*9")=P-9<1B*1'U<16J2GHM,UJ^FN!0R^G;=E./CD0W/(KB
MD@],3V**SFV9UXV?/%DMOM4K@*.W76%4V$&XB)>4Q@.9RJ*O(*427EK/FJ;5
M2SFQ4,(IM/3/^:Q'%L\4*U&<*;$0.ASZ[Y!+;B13#4"2P[W0SX[;1A`9D=M=
M1CI_23GS-@L4677*<HQ<HG4XXI*%ZAD5I4/G'RNG"Y%2SX$JP/8'5='F5V0;
M*[4>BI%$[:W+#J-Q-(Z.E([I+X&S(*"4;$FQ>]&@X:>D79'$@HR8@Y5U,+J#
M=<9!PM-HNAMNI#5T.S(9P5_Z=NI\.Z-I=IL([46=&`E3`S,SU+-1`---1C2=
MTEG)SY8)*-#)ZU+1R*:J1O'KT8BN86UQ817HUZJ+DSO5(<#D0%/LH.LLL0TT
MHHC'7N?%UJ17&BWK2TFPPW&P8P<Z0UX&A-I^M1_1]D6\R`F/%;.2^E$")@X[
M+U>KF:;LQ)QYM9TQM46TDYE$MZR.=_;#QIL:T9G68[<\7Q)*40(R#@8S0=;>
M4428'1&3K=ZFKT7:8U7(K6'HA96!&](*!$B1*8EBPR44,JG9E)1SDKC)(R/<
M^G(;V2F-/E5Z,O4VE)*L2HZ,GT><=-)3=,NQ'.Q9'HV"I(PHF7$[55%=\;9#
M&*-U9F9KF\FHZ+?8642NZ];M17;KRX'*M8=B7L\R,B2]-\WR@V%-BQDCH;N?
M,R%(_P`1>I0PEH%SC;*+'YQG*YULIR8OY,ZE1X*!5UGUW$DHMQ:3TK_M8R)]
M@KQ_LTJ"KW@+]YRX^/N>VY_7S@&M>IP/>@=<OMC;A_+0V`$K]A^/-,V'>&R#
MF7)D>+=([(1'K]#JX@HK8:&?"U&_KK*3LEMI*K;45$MF/9UU8<;[=9-QY5VJ
MDF948X1+I28F'4W&H9\!=?&#:HR<YYE9.R$BQ](CRE389XN,\GM%D+B`?C[:
M&+(5C&5(GN;BS@R%KTTO?KQ$KX8SK-FC;A;3Q0E*\_1QM]=-(.+&DCB51FZW
MF^@H.Q\G%;4)IZ-L(S129\:K2([F3H^V9$:#7;K[:)Y%JV'>GOE+DQ567"25
MTW*DI3W;$?NI&2J7-DRFK<R(8U;SPSI<Q=/B$GKCBP,"#RL%(TGK#;;F!Q5;
MJ8VLK.150PWTRPJW,BLDMSTH6P5OQWE#9PEC/J>$[7,9P9H]I''&99Y[6<]&
MFRLE,+-!>O4<ZI/VY/:<=+.::81B7/Z:8!4_G74<_DB^24/*:<.&R2HW]2U#
M(0>;HPV)&`W8U#[5].9XSCJ.Z$U_1IL_),9/>^6=GGHZUI,8L6N0FXH^VTEE
M"FN1HS*H[P0EHHW#C5D-NIJQ$TFIV3,]&=CN/$E2]UE5(YBR]I8XP6ZX+=K&
M$J[!3-=KEM`L2!(-\%I]S63\<8S3*5Z2J/&36A)EJ08?JC4N]T0K)[19KE.J
M39;TB*"ZL'L#A3#22BH>:IN@EM\I,B>'5,*PX)I09T0)\>+H)LAN(*`_'*S=
M8GYJFRV_F:>$\?N;;31&#)CV<)DHE+V985'TNYU*Y:)MXLFM@C^^JW'PUM67
M1%#C1).>+QMB35`AJ6CD'"D-HEC56DF25GDHHZU8RC%BV7UUT/Y_4G+:1L*(
M61+QV7T2[%"MYN[?&O\`KKC@EP[%+]CW5GADV'GA:GU6*JB,D)>%J.%;9S(8
MF9!0;TKHR&V\40([:]"7JUZ=6+5#&IG#2H:M/8L!*.5>-"*2$631&+7?+]:E
MDL;1-+:=&<B=:VE-3BQRL*;VKL*S6"PTQQ(RNW"T6H,G(2\M%&<?23)'#Z_W
MI0I0IG4[,^&<$J6ULBZ0;;K[LE;6&[Z5OOZWK[ZT;*I2M]W66V6===7]E=UM
MEMO75KUMMM.BVE8'`7[SEQ\?<]MS^OG`-:]3@>]`ZX_;&W#^6AL`+S`$>]FH
M6<T_Q>>C)O2RO1&1<9K(F/<^@MAI.K(\8Z6T1<;+WCX\5=A$W8E%G*AKV>XH
MY$$PFN)O+:<D*9,T:)8%%&58"2;Q=8;I&19BCV9)$K;$J"TJ1-#Y]!CEQ8R!
M1@:FS#JO2,$"17B2HY6\R)":TGYEY61L:LG)I.2[UA^&#F0\LX\R#@<'\8;Y
M7=:==B<V2XZ&A/<=P)I1$!\LE-:.E-";+)UA4T=[.:%W<@E5-T,R5$"1GN7,
MVO9=R*&!+6D]NL`TD(25ZBK!5Q^[2N&YGD86I"I[862E-+MTN-Z/6+]S2CXD
MKXXRRRYFE(@X<9<HG6I='FFX;B[3Q&;R=Z)G3<.12SHURKGIFQ3OV-U30-EU
MV`#SZ7<&=M0F_70^EB/U%F-=U,R6;7I#TB08YFB_DET8E&S,S51@RN^"QA()
M=;>8/G4_,>,G"2?D3CT4FIQ>8FI%\4077964W=#$"[%-B=(69$@MUD/(PPFF
MSLSJM;&N5'6IE*.5U0:WTEU&&TAD7D>7GVF-9-26WA?%R(2L3Q([3[3PKIFF
MO>/8^E9[K\!J3H6'!$,(.LFA'&]KHCK2J95,L;1.Y,!;&[,<6)>0UEQM=ENA
M17BK.+W>I;4,HS=PDT(K-`!K^5_VL9$^P5X_V:5!5[P%^\Y<?'W/;<_KYP#6
MO4X'O0.N/VQMP_EH;`"\P>*]/1VNW7II^#IIT_1IW*=-?_\`E>Y6AF".0V2F
MHXY>IN"ZG\P9CU]@[92;9ZTZ<</M!LYEYD1^YB"XT9<TAE"S"A(,^0DWV&G+
M2&KF\TH/!T7KZXC&'YD8BW=@;6;?LP<@*L9F"!VK`S>?SFJG[6I<)R_')=OQ
MT66I329)X[9;W%C@@PG`\G8E(R#?;E2F'F4%E<<C'QD3Y%>15;/<CUQG3VPH
MFY0X(FY^0U',<M:2%5WR^Q2+\]:ZL59+2>C)2[W!)K)<_K@8[K>Z.YW$5C"1
M8E=<;RVNQBGOYO1V\3+9+KBK8C.$LMX8;S#R9N$KH&@R+KVK3&^)7)0MJ9,[
MJE!XQ]!)!79#.GN<TJ/&^JS,Q4]PXF615WVCMZ3,RFBQ(DNK(TDA#R.8I@+8
M#+>R*F^W'R=1S`S/FI[R`F;`R,V([V/V38#I7#K0A-JD([3X9=<>HQ]KMXZ5
M>S83GH1H3D)-6(G;Y@TISI);417ZN&F[ESLE6PX,OF/D$2B)Z>66E1OL\QB6
MO.P<$P>_YQ:[3U^<+:Q/:1I`U@,-]J(*0]91-*JPAR,T=A6P65UZUDVJ38:9
MAYJ!+U&?B*V21_LN_E;U\9:K(F-7;<G6LI@D',:SS)Z@)6"%+C3-F]!U^=!-
MU28:7,#<B@HDOMP8E*CGE8PT&D?C]%=3[)+F9(;"O;@GE#LEEYAC5HR64;#B
M:!1WIERJ3071F;!M6+$ZG390J:]466XG:TE=-5RY7&LH*VVW(M(JV@*"6K)Q
M_,6.XZTV6-?RO^UC(GV"O'^S2H/@4T^^=)U;^YTA+\VC9%^/4I'O*FN?VP-D
M/S[O86'[+;2R`PILF=EM!LYW`FZRZ"OC=(RVDTZIEEB5I#R.!_MV*(ZQW(_7
M*'K<Q]B1\Y7"FX"YG*O+#C9UEEN4LD'$]2P6!D-[X]0=<MP#6QDIR'):I$;?
MVBD^Q>E8HFQ=/^5ZP>K/I3C%&;+N7&]#$+Q[:IKY'+'2LW"#1*,HBU415>ZN
MYBMCO/+./L'E3,'2!)Q2E$"&Q(W0]G2&N$L2T2D-SFFA'N-[:N1WLG$$D^I[
MNB-DN!7:$B*,BI,-X#><LCD['J?:2ZW5)V--\)!TOUG)R:3.W'*I(QS5%N%<
M#6/<?F!YDU.>51/=:5BY!WFX8P9!0FB9H/\`4_,X8QD(@BDY%2E%;32=6X=5
ME5O*ZHKI)=NJ..K_`"SO-HM]I*3EUV;F-7(38]X0F%(0)E/.&Q%6V%NVS-,%
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MJ-:U33E:]JM21JM:4[=*5J6R5[O:_P#`4F=3?^\G:&_8+(7Y^94'5ZG`]Z!U
MQ^V-N'\M#8`7F``B;O%.CGURUCD.4V0035%[%CT=L5E6+5+LB*2><Q2DR(<:
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M]E/*^1C[!-MZ&_6FN&L];C!\\T'U&3ZM25'-6F6]EK342S60X?1C:B>F:`#7
M\K_M8R)]@KQ_LTJ"KW@+]YRX^/N>VY_7S@&M>IP/>@=<?MC;A_+0V`%Y@`(F
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M)G:.'&`CM)\+*&R]96OK).3RB)GHJG%],Z.RWJKNA+8V"1I16),1EEPKF)^F
MDQ`7VDW$]J8D*8,"RZYE+9?;;6Y?OR*J5"ED&2,PG&</93ROD8^P3;>AOUIK
MAK/6XP?/-!]1D^K4E1S5IEO9:TU$LUD.'T8VHGIF@`U_*_[6,B?8*\?[-*@J
M]X"_><N/C[GMN?U\X!K7J<#WH'7'[8VX?RT-@!>8`"(&ULM.QC+NK46,V_$0
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M8G+6+T&C`<[R;">ZVN:QIY./6BS5F.HF.E'=(+Z>B8@G#)HY-!@3XOYMP4:&
MJXC1U@3?J/AVL9U551O/+#)<+<D!H,9^->N>^_)Z(VUU.D^/5E`(8:W8$1;1
MWI0MEHF+*:GID[0`:_E?]K&1/L%>/]FE05>\!?O.7'Q]SVW/Z^<`UKU.![T#
MKC]L;</Y:&P`O,`!#>0I?<AO<N$=94;+1);BG!TR[)OU7Q7FL"HKX8M?T,Q\
MQV2FFR9W!E+):DXI/4'*[[KL76J*>U4IN9;LR2OKA7-6<L;WR9J>E[]/4RB+
M,^XV#N1L<E-1N/Z959/R-F-(3TRBG9#)'L?()5NR$\%"]3451[>DS2*RS3=9
M*8<-N63'0B,YO)5*R/,<E;[+2:=2;]:RQB'T':^#-47(_D^8BQA[E7#LG`,2
M3/%#O3(Y,Q\GI!QOX%J96='\@X3\B)6=LYE"CJ1\[G14]7M):L8_+>_'E:E(
MV'6QLV.]>GW4>&TVS#-JGE9=R-N#$"])C.>Q-WVP]DQ.I/:"NB9&PL*3*(+[
M%>J+=1_QH^'*E9R"4=V[$^Z[YD<[H9*>=H6,M'VXE#8'6"5XMSNO,]2+!E6!
MVUL$OE76Q'->FMRBF@U<&MLAMLR>N;:`:=;:=S16E="25AN^DZ6P4[=*5^$`
M&OY7_:QD3[!7C_9I4%7O`7[SEQ\?<]MS^OG`-:]3@>]`ZX_;&W#^6AL`+S`K
M2E>U7N?^O]GPT[E>Y7M"OPMQP0B>;S>:$ANR79B:3)@^6M?(_0I-=Z,IWL:.
MYP;A9ER5A1W*WFDV'JJ+:\RB1-H%5MWN9S&FXWB]"#:M2:YS><QBC/XO8E9*
MD5=*3,NR)F14^1(CEE)DM;?3*6G&E2'#VO"QJLCN4LA'HROCDQE<D'+B@T'@
MFJ3'/(JEDR8UM,341<P8U"F9(?''!#>6HA/IRS)-Z!!B@V73&S'4W`WUMMMV
M36R4?^.DO$%!9:)Y[I\CNE3DMU+\D*B4[TY'E)7-XZ2&@N1*MS)1G32IP[:R
MG&8CL!*?&P;3:>"`XZUM>*0UY+2B&*4XRAJ2E258:+R`8-,D^:,.2+'.ON8N
MUW:ULK47C3;<JNV'4;<B+>2*$O=2MQ*Z[2ZG/A/7'U/2%V2%K9U9>AQI/YOI
M)E:MVU*1E9*R9?888BB1)IUJK$#"7VQZGDBBBC'4M11\ZBHL]S.=LJ^Z5S0R
M*7&V9O:ZN[Y7-%=@IGAV>I"4*NA"M6,TBP>5B$HR5%'/4:'_`#43ZR"HQR+)
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MS-Q3MI=CS8E!N.M%+.)H*N*^ZJ684'*G9L&=/<I^F/`FWI!JZTV\L,Q"BD@4
MC]:(O],OB[,XGJHQ&B)LI$%A+D!.942J;E.QQ'Y!TICA<"<J$V*V&Z7O(KZX
M4+XRY=84L9F/B[QFQ.1Q)K!B8LS6%`3Z=<?.G:N-W6UGI,SJV!R0F6C4O"I,
ME(4CRNI%X^O;V",&\D/5<SLY[N-\M\J0Q855MN1*(NC'*-X:DZ^/YT.YZ.Z.
MRBRYGXM0RX7<JY5]WELBVL:\N,R[X5.F<!%Q%2F.Z-W2;,N%KXBQ?`7(K&?*
MH9,6<S?7(-1O/C3TFD',>,NZ#4Y4,JJD]EA6,8GG)B485U.0I6;<YNHZKYD=
M[$,JH8-S&TD&3"&0_<8];SU+&5]MT2#ZJKY3VV&OJ'KLS'<V7XVXV()SM9[W
MER1VXM>KCL-F4Q\3Q^V\Y,>-0<!LKG4G_=6[(X;S9<QB,9KK\V'"7RWWWW=1
MVZ<Z[O=X/F0'`QC]SWD8_%:H[G6COZ2VPOGU*$5%05HF/DU-L/)',H1N/U!7
M6##9,-^Y*R)]RRL8[;K\*JH8S.,J^@NI"V3M)'H<2L=F)MQ<U2IE+<;Y0E1/
M3(7DW-,T9&$M90W2G*Z4OM65C:G(15V)ITHZSKM7'&M*RTH&W(O7J/J$KCHT
MR1&=GCY+A!'*LLS%TG0IE;GKGD#,F=B:97K;(<G1WCPF'?ENPM%X._'A5E-%
MP7XRMMI8DFDK2B02*$,/7<G&]I:[GDY'\XH035-S.Y>..QPY\KODC"EJ+S5(
MJ/P@N/JYM%7F7;!9_.:*5(TR7:^R:,7=SM2?2M7*M*IT@1-ELHLTTB3`NQU<
M62<WK4CB34Z=2Z6L+3G>3D=TUMYG&([9#Q?3X?*XY'2Y2T=,VJ>29*6HJIJU
M&-H+1]*YBR6S4!,PRK4J4HFG:4IT4H2-4I3X*4+9:4I^`4F=3?\`O)VAOV"R
M%^?F5!U>IP/>@=<?MC;A_+0V`%Y@`-63;#C'V`BI\PY(Z?E46<_D+.B*V,KF
M]*J!._T7`>2UI'.=9?4@O-Y9)IS@0%&VR^].6TP@>LMNN+TMKCS-@AHHDB9)
MQ7R!59GE5CM#BUUR24-.%.]<C-;*NJK**DY&O<N&6PFD,"NLJSAL32"786(.
M!=73A#)9ZHYKLF&J>E.L2TCOI#5XI2E-/D:94389T^J"T[CAW-.3;,(IE`EE
M&5<[BO5FF_TBK<0BY!S-`\@J9<@D)Z99FHFE<92GM*ZC:^VOMW2,685R<Y)"
M5V\X9'P)+L?*.T9+<C6(D4M$=,F1XEN8I'TB.LDEI2.FU<[T:ZXO'$]$0R2B
MH'"J,EX2F217":'';LEJ2S%^%5DV<7*A.*0W)C+^EL68LSVN09;&:R.7OORY
MB;;:+;3ZV$2^?/FSFUQ8<S@-7T.+QC'CW<`#7\K_`+6,B?8*\?[-*@J]X"_>
M<N/C[GMN?U\X!K7J<#WH'7'[8VX?RT-@!>8`#5DVPXQ]@(J?,.2.GY5%G/Y"
MSHBMC*YO2J@3O]%P'DM:1SG67U(+S>62:<X$!1MLOO3EM,('K+;KB]+:X\S8
M(:*)(F2<5\@569Y58[0XM=<DE#3A3O7(S6RKJJRBI.1KW+AEL)I#`KK*LX;$
MT@EV%B#@75TX0R6>J.:[)AJGI3K$M([Z0U>*4I33Y&F5$V&=/J@M.XX=S3DV
MS"*90)91E7.XKU9IO](JW$(N0<S0/(*F7()">F69J)I7&4I[2NHVOMK[=TC%
MF%<G.20E=O.&1\"2['RCM&2W(UB)%+1'3)D>);F*1](CK)):4CIM7.]&NN+Q
MQ/1$,DHJ!PJC)>$IDD5PFAQV[):DLQ?A59-G%RH3BD-R8R_I;%F+,]KD&6QF
MLCE[[\N8FVVBVT^MA$OGSYLYM<6',X#5]#B\8QX]W``U_*_[6,B?8*\?[-*@
MJ]X"_><N/C[GMN?U\X!K7J<#WH'7'[8VX?RT-@!>8`#2TWPJ@30C,ZQ0S7);
MKB^1FO+T7.G%CNSYVE(C0HHE2"GZ4IFPV'TQ9;RXYF4Z4V_)BN5&>ZW`G%S)
M$X9+'RN`VZ8ZY&'"J/-1C4H8=KBF9I;&.%4JZ7[FM4)S9+>)M9LR/4N8=-Q>
MU=0&\GD&^CY:%K"Y5!34M*J5N*)Q/%@UBY^,31=XI:<C."`$(VF)[5D1BY29
M9U2*E8EYDRK(&>5WRSGGZD/,A>_&HKR<;.R$6;KVO<".@O504G.W":0L*1XV
M8R-\<>>G<D%%PH]H62EZURO5^2"X<YASO\L>7'3*,58H1D8RKJ1!W%%)03'S
M%18@RG4VS1O*V5M(24/T^C9CB$CFR6?17K$P8OD`Q(Z:2QW+:7%#,U^CW#3*
MH&\#$@^/U)164-I$3ZR=4UI455I;4?5IZ.16432BXC:4V\)G)=C0"V;/)0`&
MOY7_`&L9$^P5X_V:5!5[P%^\Y<?'W/;<_KYP#6O4X'O0.N/VQMP_EH;`"\P`
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M82B:6?S^,YL9P\X<65-EF`#7\K_M8R)]@KQ_LTJ"KW@+]YRX^/N>VY_7S@&M
M>IP/>@=<?MC;A_+0V`%Y@``````#7\K_`+6,B?8*\?[-*@^!33[YTG5O[G2$
MOS:-D7=:3<2O+;H#KNTM8=>N3+6-.BUE*SO640J[-%5-UKEAQ[N4^ZURIE:-
MS@6RF,5RNI&KRME<%E2Y>ZPOUV2W'96DL?8R\[7A0-/_`(O$SY]P]C+SM>%`
MT_\`B\3/GW#V,O.UX4#3_P"+Q,^?</8R\[7A0-/_`(O$SY]P]C+SM>%`T_\`
MB\3/GW$=Y(2.<B.I\UM@DSR.ZF*9W8GLV>E'%@T"H6*M;L.L)->]WIE.RSAD
MSJ_KA]4/4RWT$TG^I7H/IS_G.N3TGCD1[&7G:\*!I_\`%XF?/N'L9>=KPH&G
M_P`7B9\^X>QEYVO"@:?_`!>)GS[A[&7G:\*!I_\`%XF?/N'L9>=KPH&G_P`7
MB9\^XX9-8>=?-CR8LG*!J!7'EQY,62EO'F:MNKCRV78[Z4NI._32M;+[J4K\
M/=I6G32LT^,O3A3T`T7U\T_6'V1DQ3A-NN!$./I-0#+7(N'*N/YV/7TR70#:
MHLF$VS!8Y;2%<613-5R7E+C%MV.S-;AQU7:O\87+GIG#*%KQKYR5ZQ(41-!R
MR6X&FD.W1=1>"^0I)LENR3UDNH.(Q-I+*I78UYWJ5,&2XKA]"+4PE[:768;+
MJR!]C+SM>%`T_P#B\3/GW#V,O.UX4#3_`.+Q,^?</8R\[7A0-/\`XO$SY]P]
MC+SM>%`T_P#B\3/GW#V,O.UX4#3_`.+Q,^?</8R\[7A0-/\`XO$SY]P]C+SM
M>%`T_P#B\3/GW#V,O.UX4#3_`.+Q,^?</8R\[7A0-/\`XO$SY]P]C+SM>%`T
M_P#B\3/GW#V,O.UX4#3_`.+Q,^?<>M6-3^<U>251$4N3W4/(GK*8H))ZS#Q[
M',&6\FJ$LY`U;BS63OUV+)4N9R>AY*4KUE_6W5MNI2MM;`^//511TBTJURU0
M5GF2D)2@N.$UBG'JGHAAN$G'F(*"B=N42R(:458PFX\EIZF*A?*HF[Z5Q5OK
MEZ+Z6VU&ZO\`&%RYZ9PRA:\:^<E>L2%$30<LEN!II#MT747@OD*2;);LD]9+
MJ#B,3:2RJ5V->=ZE3!DN*X?0BU,)>VEUF&RZL@?8R\[7A0-/_B\3/GW#V,O.
MUX4#3_XO$SY]P]C+SM>%`T_^+Q,^?</8R\[7A0-/_B\3/GW#V,O.UX4#3_XO
M$SY]P]C+SM>%`T_^+Q,^?</8R\[7A0-/_B\3/GW#V,O.UX4#3_XO$SY]P]C+
MSM>%`T_^+Q,^?</8R\[7A0-/_B\3/GW#V,O.UX4#3_XO$SY]QZU8U/YS5Y)5
M$12Y/=0\B>LIB@DGK,/'L<P9;R:H2SD#5N+-9._78LE2YG)Z'DI2O67];=6V
MZE*VUL#X\]5%'2+2K7+5!6>9*0E*"XX36*<>J>B&&X2<>8@H*)VY1+(AI15C
M";CR6GJ8J%\JB;OI7%6^N7HOI;;4;J_QA<N>F<,H6O&OG)7K$A1$T'+);@::
M0[=%U%X+Y"DFR6[)/62Z@XC$VDLJE=C7G>I4P9+BN'T(M3"7MI=9ALNK('V,
MO.UX4#3_`.+Q,^?</8R\[7A0-/\`XO$SY]P]C+SM>%`T_P#B\3/GW#V,O.UX
M4#3_`.+Q,^?</8R\[7A0-/\`XO$SY]P]C+SM>%`T_P#B\3/GW#V,O.UX4#3_
M`.+Q,^?</8R\[7A0-/\`XO$SY]P]C+SM>%`T_P#B\3/GW#V,O.UX4#3_`.+Q
M,^?</8R\[7A0-/\`XO$SY]QZU8U/YS5Y)5$12Y/=0\B>LIB@DGK,/'L<P9;R
M:H2SD#5N+-9._78LE2YG)Z'DI2O67];=6VZE*VUL#X\]5%'2+2K7+5!6>9*0
ME*"XX36*<>J>B&&X2<>8@H*)VY1+(AI15C";CR6GJ8J%\JB;OI7%6^N7HOI;
M;4;J_P`87+GIG#*%KQKYR5ZQ(41-!RR6X&FD.W1=1>"^0I)LENR3UDNH.(Q-
MI+*I78UYWJ5,&2XKA]"+4PE[:768;+JR!]C+SM>%`T_^+Q,^?</8R\[7A0-/
M_B\3/GW#V,O.UX4#3_XO$SY]P]C+SM>%`T_^+Q,^?</8R\[7A0-/_B\3/GW#
MV,O.UX4#3_XO$SY]P]C+SM>%`T_^+Q,^?</8R\[7A0-/_B\3/GW#V,O.UX4#
M3_XO$SY]P]C+SM>%`T_^+Q,^?</8R\[7A0-/_B\3/GW'K5C4_G-7DE41%+D]
MU#R)ZRF*"2>LP\>QS!EO)JA+.0-6XLUD[]=BR5+F<GH>2E*]9?UMU;;J4K;6
MP/CSU44=(M*M<M4%9YDI"4H+CA-8IQZIZ(8;A)QYB"@HG;E$LB&E%6,)N/):
M>IBH7RJ)N^E<5;ZY>B^EMM1NK_&%RYZ9PRA:\:^<E>L2%$30<LEN!II#MT74
M7@OD*2;);LD]9+J#B,3:2RJ5V->=ZE3!DN*X?0BU,)>VEUF&RZL@?8R\[7A0
M-/\`XO$SY]P]C+SM>%`T_P#B\3/GW#V,O.UX4#3_`.+Q,^?</8R\[7A0-/\`
MXO$SY]P]C+SM>%`T_P#B\3/GW#V,O.UX4#3_`.+Q,^?</8R\[7A0-/\`XO$S
MY]P]C+SM>%`T_P#B\3/GW#V,O.UX4#3_`.+Q,^?</8R\[7A0-/\`XO$SY]P]
MC+SM>%`T_P#B\3/GW'K5C4_G-7DE41%+D]U#R)ZRF*"2>LP\>QS!EO)JA+.0
M-6XLUD[]=BR5+F<GH>2E*]9?UMU;;J4K;72D,<$KQBJ'HGB\QLBVU@Q&\:L5
MA9U?#&2J3PJN9GM=*;V52PE,CQSY"N(]>G7&L9;)FS7X+,M,5V7)=;6^OT>@
M```K1V?]\-XROX;'YAVX++@`````````````````````1-V<VLPZXJT*M1+A
M:6IZD">WNYV,P6'$)B*4]9RG6;&KLE5QJ:HJS%)L5-$@ED&HSE:^W_VCRJ1Q
M0N*$B2<8OSUNLT(\M^IJ8#/=K\=?&+N\F-=CM9QO)R*-7GH08J1;[413S@6S
M5A8ONGE,F\I=+33>7"3*XLIHYELL*E<64QEQ8[Y[QJ_$:4X[8<F-W$?P($AL
MQJOE#PJF'"74L*.[T%/<29B4,!?.:P83V,BI%[#>+"9,8L9BW+9CSYK+;<EV
M;```````````````````````````(^TVRU=NITTV/@6M/AI,D;5I^&CG'GV6
M.KW?'0-^..-O*</98ZO=\=`WXXXV\IP]ECJ]WQT#?CCC;RG#V6.KW?'0-^..
M-O*</98ZO=\=`WXXXV\IQ73LGLCKRH;]<;JT1G:&CB0B^S/]6%0K*3$,IR5Z
M=@MNX27JD>P+^0H0].9[;L)7TWFP^CY;;L>/KKJ=`L6]ECJ]WQT#?CCC;RG#
MV6.KW?'0-^..-O*</98ZO=\=`WXXXV\IP]ECJ]WQT#?CCC;RG#V6.KW?'0-^
M..-O*</98:O=\;`WXXXV\IQN-L.EM/5"3G0SW"ANIM*^*_.E.!MJZ<O(:G@Q
MY\I;)F3U=),G$\[BL,8,V"_(5,Y;+,V'+BNNIDQWVV^^````````````````
M`5Q;:?/I\6/V^]E?D/3X)"[GTI[$':?M4^=PG7Z'_P!*G:/.F'SH.K'W.$%?
MFJ:0DN```````````````````````````^.+J;;C.X^MD^)6")8GS336^7Y,
M77Q/A19?DA1.TW.ZE0HAS([$9&*GEI2(93QDNE)1(JGD,.7+=C*%,&/!@MLL
MMK2M[WM*O$KX.;3K\1#&_NT/:5>)7P<VG7XB&-_=H>TJ\2O@YM.OQ$,;^[0]
MI5XE?!S:=?B(8W]VA[2KQ*^#FTZ_$0QO[M#VE3B4Z:5]KFTZ[7_T(8_1V_AI
MZF]%?W^Y]`/:5>)7P<VG7XB&-_=H>TJ\2O@YM.OQ$,;^[0]I5XE?!S:=?B(8
MW]VA[2KQ*^#FTZ_$0QO[M#VE7B5\'-IU^(AC?W:.H>X6>)?$2-Y<?'1IY9DQ
ME35]E]L$L:EUE]I?+6R^VOJ97HK;=2EU*T[=*TI6E:5Z*TT5U-[7IX3]#?J,
M*0[:=%*4I2ELZRK;;2E*=%.U;2E/WA=^`````````````````KBVT^?3XL?M
M][*_(>GP2&W/^=!VG^YPG7\U3M#3#YT'5C[G""OS5-(27```````````````
M````````````?.)U*37HX4]=*UZ>U(&R%>U2M:_M[/;N4I2M:_N4I6H^CGKJ
M=%*]%W;[=/V%_3W.GMTZWII^Y6E*UKVJ=OM#Q2^VM>CHO_?QWTIVJ=/=K;2G
M<^KW>UW>T//7V]%:_LJTIT=RR^M>W\%*6UK7H[E>BG[&O32[HK2H\UNI3HZ>
MGMUZ.Y6O=^'HI7K:?5KT4^J'32E:4[?37I[E*UIVOAK2G13ZG36G3V^CIZ!Y
M``'CIITUIV^FE.GN5Z.W\%W1UM:_4I7II]$>1T5/_!Q[_0S?^[Y12;U-[[R?
MH=]@<B_GVE87@`````````````````*XMM/GT^+'[?>ROR'I\$AMS_G0=I_N
M<)U_-4[0TP^=!U8^YP@K\U32$EP``````````````````````````'R<<!*$
M=<W4TQE`3$PXLJJLQ-\"2.F)I<R95#BUE><M51<23A)4J>N5_5:TE>DW$.@_
MC4K"N4C=8;LPWVV;Q=9!TVZS\3K,RJB2Y2LHQ(5.)=B"M'L#B46"H:-2(BR4
MXBJFDF\2\FXRCG<K8*+[ESF"YU'?ZHW*F#Q1Y94J\:+)01">%]\O5<#PIK<6
M@139R=&DVLTRJ8#VL:<[N-YDHS@>2(GIJJ5KZDH>60W(_E=`,YRY%3<=EKO-
MY<#E(I[B(1`E*Y2CG4+?""ICA:-X9G2-X@T1<BH_M;7\JK&K,V1R>G!09L<3
M7&112,)SNA"17%E(/ANR2P75=G758@60ELF^Y,056Y?OMNY38A?,FQ+`Z-`R
M]D8VP3'G;+(>MZBF+F5JDS<K1#!LUR>Q(V<%29Q/P*4:R8L,-*CQ^M8Y:923
M[66L^?*1R9TPEDP5VUW6-SELGJQOFGMM\71@6TOY!GE#6OZOZL)2LM.2!8]U
M^<DFJ.=K&,&(TI2#AE99?D'M]7Q(!FA9(CHVMMBW.0>=3!J03:WKW1?RQ`#?
M9;UTCR)>RT[,YCL"04DLZ)@JBL)\Z:3=L98HN5H,68VVAV*R2]8>H0:.,O(O
MIZ0HW=)0^L(L>+21C/.?U=O)QM`C,R0IH<[+A/'%3%C=_FGV5*GJ9,L4RLF[
MBI^N3-P*$A$)+4F^[XC(QBHG9OD!_)3>M1T=,:A[$JN%EX'$0(HWNZ\@^S99
M[ID).5^Z11Z_K69/<OH$G.MP.=9B64V5$\S12R$J-<AMLNJA)G3$F,.03*[+
M2:RG/+5&VM&X_,MU(42+@<*&WM[QEO7*S\V!C-$HBL/+%LF;9[C:?*D?8$];
M(S%$J[JTB24X4.67.KG5VY/7&U(2;%U#BJVL3+1K&VE3+$*BG.I6MJ:JYX[;
M83BO:N[5<B$ZQ8589Z2(_P!+N.993DI^6JZFVJY)`VFV;C][F3J*B.9O'4Y4
M<#4(M4E>NE#.#+DSMMI7*I==()15,OY*')!L.1D5Y:XKC]U+CB4&W+F\S+;4
MXR:@/EM0D[*:OQ=K7+\?,5>;%LE'59INMUMK9#(9?*F3?JZ:*-"&'^]&BTSF
M<]ZC-N[%O/1OO5NJYA#<#>7#B+;5&=.!O*N)2M;SFR-M,7C*`K8*^AJ*.J8D
MQ=25.B0N$TU:Q):HF'#:>7L.X>OI\ZF]]Y/T.^P.1?S[2L+P````````````
M````!ALA2(PHE9;CDB47HUH[CYG)F5:=KW>RZFMAIMA&+W8[#*NX'"L&2B4C
MI9:N6RII04#1<H6MNI?GS8[*5NI47)FW>JNQ^]G&2W-?MDH*FYPMV9=EU]?0
MHGE9D2`LHB%;I;-B7ZMJZ6UEI3.IJ1<I*J<GXU(Y@PDLITZ6*XL]^?+;96Q/
M<K%ESZC;1X,.._+FS:Z3EBQ8L=MU^3)ER18[+,>/'9;2MU]]]U:6VVVTK===
M6E*4K6M*"'VCG(%HHN0'J+$J)N3J\LRBM0S`;&1X[29VC12>RL]C,9-8IA9Z
M:V"3DSK)YTW&L!DM<WBQ3(KXS!4W@RD[,I0S9BM4[O<`````````````````
M``````````?.+U*33IX4]<^G_.!LA^?=["^UFPK#D<KBRYX^BB-6,Y''Z<]<
M3@9S$:K86U^J@K9UX_5:5D1)(J"I4ZN&C2R;].F,]#*L9,*6>F0[FR9[N]BB
MB+\'KRIACAAXJ2+9GQ/_`-#9S<Q^O?$:P7%3.-W]8F6^N?&8+7W%\]BYZ?MR
MX+KL.2EV.M;:ZU7HKU:CQI*Z`N1="+49+J4Z+B^A9H\9!!MN!7;:-F4*KJTC
M8T*B:J'4%!1LQN]74">?(D)2;Z)4R5*EK.M]3'\W:?;#*S13(TDR`)A6FRDD
MI&8!%K.)AO-226_Z'C2T]_L<N4S'C6!!]#,X4XH[VQ91,MM,82>)2MMSX\5^
M7OJFN\>+<:NZ0RL2M-QG'<CQ1$KD<Z:TTQ=O>L@'#6%%83$63I2Q2P+KL.Y#
MM"B"AF<.=6S7&KJE\M:YKAVFIKUK\Q2B408\)P\SB*&[E1_(Q-IQJQVZ52'T
MN];ZMO),+HZ&3PI[K6O0[?59Q$[,"RI4MI0V=S6VTI2'$!<7&ND$2"M2/3)G
MDM95$B0F_9G?<<Z\D5@RA2B:,7O0@_GW'$,,*1IQHL$C.1'-F)T=\BY%`M6]
M46J*SKS9G'=,(IKCKL01(R;)&"X8)-V%EK&Y8;;Y2,&(618G<.._/EPK\9).
M%!L(,-9QW&#5^)5:A=)/6W9\]]ICKLN2ZOORK8B-"DXZYB378:1+K[1,MRFZ
M2K=0R#\>"`VZ(Z;DP*#EPD,2VOIZ%BHA%?2AE0-V)Q:Q,L]!Q%L)7K"Y"T/.
M947%QQQ5&R^M.<HGD'&KK3$:BLJ+Y%)SX32636E!02#!M6*IIDL7SD"RAF,X
M26;!AREL>+)BQW6^M7M?8'=):A-S0K$KB*6OQ.E*PJNQLRU<M9)B/99C2)$M
MP*"(8Q4?25999:FN^EOKB(VVVVE5+%;;;2F9EVNVFT4=AANMY#0<[I45)T.;
M.C)">EYG$Y32232S+A7<I`L7O6%PPFI*4GYU=1N,J.8BF)Y3(9N+DBV/%35U
M-[[R?H=]@<B_GVE87@````````````````#U2ZA(KH1%AM.1(2W`W7"EJ"&O
M(*XGE%9%6T56*9B"JD+"4H83!!32U,B8SDE!/.E\Y,Z3SYBQG#EPY;[+JB6B
M>/\`%<_4*+WZ:,*G&\^%-%:D!3"O9\JLKZ-/A?4ZI:)KE,CI.TO4::J.<^=3
MT77&6G$=.]B!>-8(-DI=+-`[%2N6L9V)V(BK5^*%^7I?6\Z4UDC*G)1).2TL
M\XG<]'8XCV)&:,=Q\SDG":7GS(KZ7S)-MLMDM\D=6W(NG2Q`D6K2N;-AAWJM
MKA)$CR44WAW-:J:ASE<7<2?K?KY@-IBRT=)XG=-F,L82BN1+MRH3CVEDA"PD
MK=A9?3S2H63[:=AV*U0M&Z.K*3ZLV```````````````````````````?.+U
M*1[RIKG]L#9#\^[V'T=`*XE184D[D2FLR\LC@]:Z+Q[QXIQ"5PE%-12LIK+-
M<U^R/SH*8G%SAU2=%+2.M19;*I94P?O3\C/+X2V7(;P6Y:MV@T)BE?4;AMB^
M!H@DY%VBT];\$2J^GA),5R/#R)#21%NL[G:,D0XXGH_F\S:*B[/+B.HL**L6
M-I04[C:4J*#R>>)&;;/)K-?W:BK-\QQ+%+O77MM#*^51W@XL7"YHOD_5N7XP
M-Z^R0PI@25;:,J1/2#C6'DNME%HF$7!(RNGULU^CK(F4-1NX[$MPJJ2C8A'^
MQ6\^7%-,B-7%NJ[<D0LW5G8K#"+_`(V>:6ZYA)M78O9B)=T(3*J#JC9D,1$E
M1SQ*6CAVMN-X>5[&`UGJVV32/E-?0U!YNU<WHB/3>UBQ"Y$?8\[LZHJT0[)1
M;K&>>$:$E$UAFYH2/,F*1;IS4%J-V(KR2BQVU(@D&*X9?C[BIJIR_C?+/DPB
MC'FNEG3CK;VE(:DKD6D>-DN1L+MV\.RI%O%I'4C)4>+\;J[$;\H;CM-Y;#Q_
M)+>=39=<=MK"[9#.M'`QU_L>X5])Q+[CQLEQE[?2ABU2SR&+.*07!!,7/5KS
M)/\`,!UR\G&I"IKF?E>#I'@IYM-GJ[UCY,V$C8@CS"?SS8ZH^28?MV(470X)
M&*X#)!/4GDUD524VHT4O(2O\M^9IT=SH[73T]/1]#IZ>WW.CN]OX>V.0Z*G_
M`(./?Z&;_P!WRBDWJ;WWD_0[[`Y%_/M*PO``````````````````8L^&0T)+
M9KKCR0&TB/-C/EN+30>+1<J:566ZYVNXTXPDKS?74D[CRDU-'6$PV9(*)`UB
MOP&BN?)BR6UI=VJY]?.-!*B.5&8]9+G>1]BV/KC@4T/1F,)0+DC)#5QKKR5>
MDJADXY;31I;F^4TI!,F(S84QR)U[P8\*X"C)(U..97D&07U:!2E*4I2E*4I2
ME*4I2G12E*=JE*4IVJ4I3N4'D``````````````````````````!\XO4I'O*
MFN?VP-D/S[O8?1T`Q]5:K>6E5`7%-++&5EK&C1MOJU/1,"BE9#Y;TFHXRITM
MDPF+2:F5I9@5$^_)>04\>$M:?+&/2I:N+W_6T^#IKT='37IK7HKW>W7I[OT?
MA^B%+:4[G3W>GNUK^]VZ]SX*=RGP#QUMO<Z.[3H[=:U[5:]/T:__`*4I2E.U
M2E*>:TI7\-*]JM:5Z:?5IV_H=OX:=JO:K4*6TI\->GN]-:UZ?W>FM>G_`(=H
M>A--=!/+R4YCJ=B.+:$6/E44\:OSF*I-BI;;B4<R<7S9;RI,Z=+V^DC*B7P8
MU#,GW9$Z\U4CERE[_?@.BI_X./?Z&;_W?**3>IO?>3]#OL#D7\^TK"\`````
M``````````````````````````````````````````?(1U-)R"Z'P#Q%0)&D
MY[IZH0Y(R.^I_,J[!E'86)F&]$LJKS,[59(-*+7<[L3%LB654LX544PP:(XL
M*@1SXC13)FPW=>+[?;;>+#PDFA_C:P1Y=![;;Q8>$DT/\;6"/+H/;;>+#PDF
MA_C:P1Y=![;;Q8>$DT/\;6"/+H/;;>+#PDFA_C:P1Y=![;;Q8>$DT/\`&U@C
MRZ#VVWBP\))H?XVL$>70>VV\6'A)-#_&U@CRZ#VVWBP\))H?XVL$>70>VV\6
M'A)-#_&U@CRZ#VVWBP\))H?XVL$>70ZA_EJXL\I$YCQ\D6B-]]Y0U;99;MI!
M-UU]U2^6EMEMM'UTW7775I;;;3INNNK2VVE;JTI6*O4WU*TX4-#>GH[;"D.M
M.BM*TK2Z=95NMK2M*UI6E:5I6E:5[E1=^```````````````"DR/M^IT9?+I
M)NC,\8FDH:]22DYTW4.44MLU;[ARS<P(@BV=98A%_*.)9SHRPK98UEDJZV$;
M*)**</)+36,&0NIF[#IHOYW,W]F]C\C.A6F$#8V82CR8917F1L[):XAU<ZXV
ME@S$#HF9AQNPBF513TM-=9QE,8^Y7:J*Q9<L1$%[QZ:PI.:Y7I3)8VY]P]:6
M1+#;@YX3$T&[)KL<B0QT)!5S!TD4/R`X$ZQ6;\=>N;(0HT"<CN-,R85!MQX?
M<!5ZN`F8*F$9!.XC1:_-B*1R#:2N&7"D#M_:&%EZ7SS_`'1%A9@(KX2U5P9)
M"930]?;M:52Y"\QAQ+#<:U+U18P9C&.PCZ%G(Y\MJF7SDL?[-#?S3)]/AHQN
MVMD(J-OB14U,7(O;9MR8T91EEN+!LR02W5$5%S"F8)8:)X\4S$RSLCG.YVWE
M-UPEZ*GHIDM;F]XA;JZK..3S\-IDY,+LBDD=W.'"@'U/,C8UU$C[/<6D%49Z
MXLE$]MODE'V>R_$_<S+67!:RK[+Z.?U*ZR^MOJ8-WVTTV7>V..8!V4B&7WMF
M8ZY)6!NL!WD7&>SL-N/C)'"TZ\'I'KR^5&(O3'1#O-X\]U,N;.4-%[<R<>)G
M3$N0`````````````````````````0\KQY:"75Z;M']0+J_#76>%*U_#5C](
M\>UX:!]X]I_XLT)^0X>UX:!]X]I_XLT)^0X>UX:!]X]I_P"+-"?D.'M>&@?>
M/:?^+-"?D.'M>&@?>/:?^+-"?D.'M>&@?>/:?^+-"?D.'M>&@?>/:?\`BS0G
MY#A[7AH'WCVG_BS0GY#A[7AH'WCVG_BS0GY#A[7AH'WCVG_BS0GY#A[7AH'W
MCVG_`(LT)^0X4X\=`Z5Z::/:?TK3MTK36:%.FE?A_P`1Q)ECL-CQBU49B1LS
M6I'S(;I?(4;[.9#=1VFU4(KF-9SN8LCMY`)IZ0F%\ITT:-Y<)$G@QY#1G.8N
MMKES9+[LK```````````````!\\^ZFMLE[)M#?QSPHS7^B[.:Y[:01N[I,XG
M)'+[:J0^)0U[UH@5$--ME+RZCH2<[4B4,C,D:"EK`F*>9+-YUHN:4K32-A*F
M,^$RG`\U(&Q'#A(SKBV2W))5NW$];7;J.)A,&0Y`944.B=-<G0T2:&I.U%0%
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MU(C4RTHQ-QJ\I3UM=2S,;KC&0*3FU^A*;,<1`PU`YA-.!0*N!(0VPW2BYGL'
MX/XW<T8Z&-1J2-%[QBV24R<=QEE:0I#CQPL%W6HTF;:R_(K04\A9THJ0IG"#
MC82PRE7"9PUSX?2]A!/.78CR5<3)V_@`````````````````````````````
M`````````````````````/'13M]JG;[O:[OT.W\/:[0=%.UVJ=KN=KN?N?`'
M6TZ>GHIT]/3W/HT[5*_NTIVJ5[M*=P:JG&$HTV.B20(-F%NU=<92@VC[2>K?
MQJZXW\RHB*-,=3&#`N-I21W`D&K,F+#G*J2.J$%$F9PXLY8SBR64J(^0]HNP
M(I<**Y5R7-GIZ.M!0JJL(ILAL&^YB1F,IT(F4O`LHR,NF"Z:J.<BFG#A),>;
MR+NIZ)>(ZHY$YPE3*DH&#4UZ6VV]'1;2G1VJ=%.BE*5[M*4[E.GZ/1T=/T1R
MI2E.Y3H_<```````````````````````````````````````````````````
M``1UV'VN@O5<@RU";'6LM^DBN4\T60FMN.Y-E!Q.5PIC:5WBI$$QJQ2S7NYL
MMJ<V$!86U`[>DXT\D03\^4R;Q?L+;HQJ7+9H\CIRBL*SQFU,24=./JZJIG],
M-V"A!-2DHGF4%-2/&\^N^/`4(IY$L8.'36>^S`6*X,N?-?9BQWW4L(:KG07L
MV6Z\6LI85ELNQ"2'*WE<O;FL+JB&O)Q962%'!88Q8#%F$\G'"QK%;GPXLUMF
M6VF7'CR4NLM]\```````````````````````````````````````````````
M``````"N+;7Y]+BQITUI2L][*TKT5K3I_P"@]/GP5I^]\%>W3MT$A-SK*4U"
MVGK2M_337"=>CIR7U_\`A4[?H5NK3]SX*]NG;'+3"O3J#JQ6O=KKA!=?_P#5
M32$EP`````````````````````````````````````````````````````5Q
M;:?/I\6/V^]E?D/3X)#;G_.@[3_<X3K^:IVAIA\Z#JQ]SA!7YJFD)+@`````
M````````````````````````````````````````````````KBVT^?3XL?M]
M[*_(>GP2&W/^=!VG^YPG7\U3M#3#YT'5C[G""OS5-(27````````````````
M`````````````````````````````````````*UI3MU_]?\`&M?H4[M:BN';
M.O3NGQ8]%*_M][*]VVZG_8>GNG;Z:4^C6G[OT.Y42'W/^=!VG^YPG3\U3M'C
M3&ZE-0M6*5Z:?]'""N[;=2G;BIH_1Z.CZG=[O:[HDP``````````````````
M```````````````````````````````````UY+44L"<XR?D.RFW2SMCJ2VLL
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M.O,#'ROI&'FDIVOU[8S<L.0BB1;]#%*=%.CX.T``````````````````````
M```````````````````````````````#3&P,`1=L[$SMA>86YC<C(=Y0O8:Q
M8S)A,6D173#F!5;3Q9[B(7X5AH/QE.`FG.EC/5`-$G"T'2EI:^B'2J@1PY*5
MQL#1S:>57E';5W\FIG3MKSJRKE%2)&V@)QLDM;;OM'4+5.-ITW10#263:M7'
M"J=A2"[<BQG45(^>$TIRAL.N5)&2[`83+N"MMI;2E+:=%*?NUKTUKTUK6M>F
MM:UK6M:UK6M:UK6M:UK6M1Y`````````````````````````````````````
M```````````````'CKK:74LK6G75I6ZEO3VZVVUI2ZM*?!2MUM*U^ATT'BM]
MM+NLZZG7]%+NMIV[NMK6M*75MITUI;TTK3KJTZ.GM=/2//33ZOT/^K=]'][\
M/P?1#KJ?5_U;O^`\6WV7TI=;=2ZVO<NMZ;K:_N74Z:5^"O16O17M!U]G3UO7
M4Z[HI=UG;Z_K:UK2EU;?FJ6]-*TZZM*4Z>UT](\TNI6M:4Z>FGPTK3\'32G3
M3ZM.FG3VNGI'D```````````````````````````````````````````````
M```>*UZ*5K7I[5.GM4Z:_N4I3MUK7Z%*=NM>U0?+]N#NY=&'(9"&Z)/8=EDM
M>(`V1-\:\R038_&S:IF8_G#"C)<I[-*;5SK&)QX:1?M2FQ7'IO&32#QK$V(Q
M<:WAPV)"D;-5WESZDVCBMXH5EU,;,^DTWRV:VM!VMI':ESO7WO'ZU'DX&G+'
MF-NE\.4X[4=R9TXCD.,W)C-)ZWG)E;S!'/D+XJV[^A/2[0W9(S*KL2=/W-"*
M&W)3C)FO>*'Q'!V'FU*RG`R-BE..G2YX>-E\">K-TDJS4I6D5(R5Q6O/&BD\
M:W122$I.)XX/Z6:-:L3/N-S31<[8:9)9NQSMGKLGQ*9;J"F(*W#>,MKE&,AE
M[XF52)6W.P>M>V*CESEF_:43U!2R&;U,D=PFC&')JMBX]<&[RK<Y=\RZ=/#:
M!-8SPTT=K';[$UK,3UB:.4]IX6>#R34I.*)QPDUUB07#98I9B&&PI5W+5:'S
MUILS9>8LRKD\CR#6#K9P=DTJ*5,I$:ER<ZKEC,85:JU(KG)Q!*K!G*25N#;6
MTA)"FZGJV4[.J$4'#'Q5(5KE4HWTLID1U`R2Q].^.(9/[(6W&X.S6I!%SQKQ
M<2"V6RP(QB9SJ9M$2UW;"-GDMHDZR?&\"*BH;<&N3<+^E<S0=#2<[8C9?>3G
MQXW+G9]$\NFG+/HD````````````````````````````````````````````
M``````&`RD4D@_'CO(Q`KM-O2<<1#95D+[Z251P-%"<!BVF(BM+R`BGDM372
M*3??50N12JJE55LA?&0RJ:?@,93>&NN0>-1F2+QR//3):;,-99(?6NJ[#2W*
MQIEFU`OD?#F3#)=8F&XP;Z]]&W%E=ATU*%N(VXLA[*\LG6YUN[%6JA74TH\>
MFV$RP[QFL62)_B=SR'H%LM".Q;ODXRQWWBS[`J<"M5RL=`)'4:]S&KV2LO5"
M=!M5>;AN575AQN@O4ZEHWI`]F(E[HL./)0K99DLPX\]<%E,MN&MUV&F:N*VV
M_P!#NNLQWW8Z7TK2RZZRR^ZRE*W6VW5K;2NO3S3N3=>ME=]9W>[Y8KH3=T9=
M9,LI[;:R$Y$D]'.5BQPDQ81;IQ365`\6=F-00$)-5C:R7)MR[`KW'L&%(R$<
MY:I/2,<Z4[E0GN+O9M7&DHZR*!;=YW0:XE1BOJ/I<-YX_+0)%.*(V\53W,WG
MVD6+QAPH^+U86,V9"3,1!2OJ7(XLY6VEX_+8'03:C8I"TA.2#L#%JQ(NL&]3
M7WH?"S8P'JF,YU*S*S/M*:L)QHU*.Y6/QXP$5E/,LBX'`NN%ZKQI61,CB4"!
MLXO*=E-R,S261(&W3D?9?7"168T8CVBM0W%MKK:YVJMGF\X9L0\)=)KL/#SC
M0EI,PL"1W2V,)9#DXFIM=80Y)R)"4OK%";CLO5<-E@``````````````````
M``````````````````````````````P]_2&P(J:BJ_)/?#/CACH5"=5MY/QS
M(C/:J/10/%DPA54<3B/)J.GT.J1PHGE*FSF'TR>-%BF'KS&?%COC7[8?H'W\
M.G_C,PGY<![8?H'W\.G_`(S,)^7`>V'Z!]_#I_XS,)^7`>V'Z!]_#I_XS,)^
M7`>V'Z!]_#I_XS,)^7`>V'Z!]_#I_P",S"?EP'MA^@??PZ?^,S"?EP'MA^@?
M?PZ?^,S"?EP'MA^@??PZ?^,S"?EP'MA^@??PZ?\`C,PGY<![8?H'W\.G_C,P
MGY<![8?H'W\.G_C,PGY<#V2-OKHTXU=*;[>W,U175Y=4B",B(B-L7#JHKK"P
MJF\*>EI24FD7GG.J"DI'S!<D0(E,&8T<-Y\)8OBR9LMEETLO_7X.Z```````
M```````````````````````````````````````*+>J2"Q<YP\[+DSA?`;)G
M7[J*2.%#.+'G+&B9S<F`RILJ9P9;;\6<N:+9LI<QARV78\V')DQ9+;K+[J5F
M17B4XL;ZWWW<;>AW3=DR75Z-2(&MMI6M]U>BVVQB6V6VT[E+;;;;;:=%+:4I
M2E`]J2XL/!MZ'^*5!'D*'M27%AX-O0_Q2H(\A0]J2XL/!MZ'^*5!'D*'M27%
MAX-O0_Q2H(\A0]J2XL/!MZ'^*5!'D*'M27%AX-O0_P`4J"/(4/:DN+#P;>A_
MBE01Y"A[4EQ8>#;T/\4J"/(4/:DN+#P;>A_BE01Y"A[4EQ8>#;T/\4J"/(4/
M:DN+#P;>A_BE01Y"BI?F`T&T:UYA_5&1($TVU8A1_P"#DLX^4HN^8H@"*X]>
M!=+5-AF_@5$PNYFHUDI:P)ZGAMLQJ)+$=L+'K,>*TUBRTQ8^L^F_'\S7Z_)_
M27#F`````````````````````````````````````````````"C/JC_WH'8[
M[8VGGRT-?Q>5;W*_77_S[AR```````4A<\7SMVJWWSOCK^46@"[K'\S7Z_)_
M27#F`````````````````````````````````````````````"C/JC_WH'8[
M[8VGGRT-?Q>5;W*_77_S[AR$&-J=RRVO,N:X0<026%F?.RUTJ6L54ER2\L0Q
MV?6(M2VF=QQJG/.UGO/&?ER1C;R3\4?LZY.+U4D1!?3AH9-9FP60%S%VCR`M
M@I.^"!-A$!J:YNQ<A_4)],PH[Y.)GE=R27M2K2\UJPA1+,MEO%BKM9CUB4TU
M4\V3557$^%!P(V`F4150V41S.YC&\6GY0H^5`[LI#)%.C=1;26]E`\_4(DGH
M!MY/56C5J5-'C9K"4S%'%(S?<#`1E$EF-IJ@]T!=:A<W>O(RD0*XA)&^>O[:
MC-9>,=R1&DG.T["<@3/$C(+OS`AX9@)L2-EB4LJ(V7+A1U_%>>-M-'S+QHLF
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ML/)*3B*J;:J`^T1Q.&I-62F<NHUQ-'03*D>4LZZBR`RE=!)IF`X=74UT(IY'
M+GBQ['D$@6.^6=);1;S]C]RHKQ9;L2RRVVG0W5#`J(BXDG+:W%5%,4"MU^`V
M4SVTK7'EQ75MK6VZG:K2M*96*0N>+YV[5;[YWQU_*+0!=UC^9K]?D_I+AS``
M```````````````````````````````````````````!1GU1_P"]`['?;&T\
M^6AK^+RK>Y7ZZ_\`GW#D(/;E:X._91)Q,0\U==YA@M=8+[;4D0+L<TEA<:KJ
M=RJ<:YJ.7XDN!"(JJBUU6/O4UR_\H32#"L=N7BQENK;.7$DHOXX6Y^+>5,#-
MSLND[(SQNLU\XRH0Q/9_I+L5'HM'>/W8UP[!K#R="G8M&C:B=E#*Y3+12[+E
M/.LM3"FICB67$\%6X[9GU2>XGMG'`MRX==<ZPJKEI(0HH;F,QA8L@E,A5/@S
MD'<VY#$M+MNUR7-%K):JS7)?&ZNT64FI#;0ULE1TI9=4O5%BAV04B\<TCNN:
M=D7(36-<E>.IMMDJ168XI`B=;<NPL-S+)>MMNN"NEL]^6J]C>*1SC(69'257
MTI$2)-(I*V\8M*J5&VY_5Q+Q9!XS9D9+^CR76M*<<F'E#A'1'(SF\=;SA36L
M[SNI\$;$Z\2`DO10LQ+:@E),G,C91TJC,5$)(4E2-'2UFN<.DWH0RJ)&N/.K
MB)>*^QUQDI$UMMH6KNKFW468U="92AZ&@3#M7N`WMRS#G36_G5JIIV)62]T#
MUD61T=-85)T,<]GPG5U,RUS%#'Y.SCDVV>C]>NP;@?>HZW+SUF5J2:KQ2Y8R
ME1Q:^*B,?U*:.JTH-=;S9781>YP[Z69+??,>.,F4(92%<*ZRW*GJ"4Z,BHC;
M,S\:;A(-G8%JD<D)+#7E61=-G2V&8FH+[@].9S;U7B**XGHDL-TPNJI+J@MS
MX^Q<2=L,/*&\Z8<A%4-)R>F%EXBA9<BW8]KC&[QB&#HSC5_O\_*+P9K6)(JZ
M_%3#AQJ;B.8,IC)::43.,L3S+!XN7S8$\VXU$K@671G)Y'(NX[5I64*#=@I"
MYXOG;M5OOG?'7\HM`%W6/YFOU^3^DN',````````````````````````````
M`````````````````%&?5'_O0.QWVQM//EH:_B\JWN5^NO\`Y]PY```````*
M0N>+YV[5;[YWQU_*+0!=UC^9K]?D_I+AS```````````````````````````
M``````````````````!1GU1_[T%L;]L;3SY:&OXO(MNIT5[5WS5__5NK_P!>
M[X*#EUU/@N_U+_T0ZZGP7?ZE_P"B'74^"[_4O_1#KJ?!=_J7_HAUU/@N_P!2
M_P#1#KJ?!=_J7_HAUU/@N_U+_P!$.NI\%W^I?^B'74^"[_4O_1#KJ?!=_J7_
M`*(==3X+O]2_]$4A\\-:5UNU6Z.GWSOCK[MMU/\`M%H'PTI_Z_=H+N\?S-?K
M\G])<.8`````````````````````````````````````````````(_[1:NP?
MN;!SUUPV.9=T@PY(56]5VM*UQ.AJ7*ES5<Z,\D&ZQ?9BRWW(GWD'&@)*E9>F
MJY2_+<4I@SW92N7-AR59UZG`X@JUK6NN4C5K6M:UK7</=#IK6M>FM:U]D!VZ
MUKVZU^C4/<X'$#WN4C>.'NA^L`'N<#B![W*1O'#W0_6`#W.!Q`][E(WCA[H?
MK`![G`X@>]RD;QP]T/U@`]S@<0/>Y2-XX>Z'ZP`A?KWP/\8#\V;WYCET07(2
MBT(2EN#&O&27;M?MX3N;:&[M58EDARDJGR4ZEU!8JJO5TKBY>973*D:*7'*)
MR;F))!8LGXIH>YP.('O<I&\</=#]8`/<X'$#WN4C>.'NA^L`'N<#B![W*1O'
M#W0_6`#W.!Q`][E(WCA[H?K`![G`X@>]RD;QP]T/U@![]H]3R\2S'>;)?[>U
MQ>5CHCMZ-20FB;6-I-LG.12W>R%TBY&PL7H3GFY70E#(EK*<4-V%U---E,],
M=Y<S@S%LV?#DNLI2E.U3X:U_?K6M:_AK6M1Y````````````````````````
M``````````````````````````%<6I?SZ?*=]OO6KY#T!BQT````````````
M``````````````````````````````````````8\ZG<U6*A'G0]7*@-%M)GI
M?U2<#H6DQOH9#TV:PD2OIU76#1).*>F3ADN4+^F#./T8SGPE\77YLN.R[3_L
ML-7N^-@;\<<;>4X>RQU>[XZ!OQQQMY3A[+'5[OCH&_''&WE.'LL=7N^.@;\<
M<;>4X>RQU>[XZ!OQQQMY3A[+'5[OCH&_''&WE.*]]5]E-=D[<3DZ5#\\PP23
M5R<]<#:*?-RHPRI)7*EM*H,3C1E+-F'!C+*&`JH$S9`QF*9<V/$=+&"MUU,V
M#+9981[+'5[OCH&_''&WE.'LL=7N^.@;\<<;>4X>RQU>[XZ!OQQQMY3A[+'5
M[OCH&_''&WE.'LL=7N^.@;\<<;>4X[9#:+6M5/D4M,V"A!14U0Z434U/(RW'
MAP\H*!\QC*$2)(F6<F4R;.'#6;$6*E2^+)G,&,N/#AQWY+[;:[V_]?@[H```
M```````````````````````````````````````````HLZI**ECW#OLP1.8,
M)HF??>HY`X5,8[<N`T2/[CP*3.%<^*^E;,F`R5SYB^;'=2MM^+)?97M75$E*
M\*_$K?6^ZO'-ISTW9,E>BD#L6E*=-]U>BEMJ7;;;2G<I2VVVVE.U;;2E*4H]
MI5XE?!S:=?B(8W]VCUBUPU\1*`D*BXH<<NHUQ!'3SBF=M3M=FLL'ZE"!?(:,
M^DDI)0SJHIFJ8<5]<!!-)FCYO)2W`4+9\]]F.Z/!31;@5/PS&6P9'1354W$$
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M#VE?B3K6E/:Y].^W_P#09D=K]W_FSM=/_5K7HZ[_`*O2'M*_$G7I_P#=SZ==
MK_Z#L?N?#3_FSMT^K3II]4*<*_$I6O13CFT[^CW8&9%.Y]"O2F4Z*_1I2O;K
M3MTIT=L<O:5>)7P<VG7XB&-_=H>TJ\2O@YM.OQ$,;^[151RV<;F@^L44ZH2?
MKUI[KM#$BEN2GC\1BSWCB*FJU'0725C85OEU9-PK260PGL1%2PVX\9XMCS6X
M35F/'3/9D]#QUL^I/'\S7Z_)_27#F```````````````````````````````
M``````````````"C/JC_`-Z!V.^V-IY\M#7\7E6]ROUU_P#/N'(=-0+5.D3A
M2EW65-%3!;K^CKNL],8<F'KZV]-*W4LZ_KJTI6E:TI6E.WT"FW45`G%.UVX^
MM3GE`LCLR0=8+HR;,Y.U=3\&"*$=*UO9:PT<+E94@5.4(245EQ4*MDY'Q!H8
M%)3*(:Z>/OTFS#2`?3AM%DQ_(*7L;RC/1:A%>=3.D=D0<4C-&<1,D5;LX98]
MU]=;2>#42LN8P:NQD5!PJ)=G9[UPBFVJ.)2S'TO$IH^.\\*IGAI?L49@N38%
MAJ/=IWOJDW&/J/)<9P/L$JE4Z=-?I,C/:Z)GV[-:8!FL^]FZYI8AIMP>W749
M36^]GZ\FTQ'<UV*FQS**YE5;2#3RJ>HYWB79.W6*1]$&Y2)@?^NG)%%;`6$.
M2W!E+*\JG%/79VZ9OE'D/#-*60)%;R)*04R*[FZSF=AB%*-+<9N9P/(^9>BY
MGD^4A&:V5M>09A".MLUJ-C35@V0]2931IO>IJ-8:>1(U*R[LPT-G3[NDS.\,
MA-S.YX(+G466L(C]1I/:5&S%K4Q(Q&/RZ:A1K4H1WP78D233?;VTK4?66&M/
M6_L\V+Y,=156?>Y,;;A1(IS'*L5.3$[B6$XTE."D><E%[.AGJB'&DDL5T1:U
MBR2JN5MXFFV=]:ZZ^;(QEM3%#BPM_9`E':#NOO.U3N=V2K(#M9Q'3%WQ,L.&
M#BJD@NN05XJ;:AB>;T0\R+SJ0<?#4,V&,%]&\TJ&2]U^X"D+GB^=NU6^^=\=
M?RBT`7=8_F:_7Y/Z2X<P````````````````````````````````````````
M`````49]4?\`O0.QWVQM//EH:_B\JWN5^NO_`)]PT#M9.5^LFMLX[$4:69]E
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MAFE$!XFC5S8(-'UHIB[(CC>N4T<34>.6TON0@47C!=/1U/O(T^+C9/2`7V.8
MS=@U#9#=8#CPR920\3IB!V7O=0<Z290D!YKC0CM2Q.5KJ:`1+*R*NM=*43U'
M2WS2%@4BQR[)9WUG<+4EMYVH7<.S6OJ"9?372'TR\*S,,>)>9ULMPX5/.A.]
MO6'7#AN5VTMX458R)2\0]'2U&Q*4:E#>:I(Q3'G493M"<TY7-AA^78SE/,RS
M:21=V*/'RV7GD;!Q>2<*ZAEE^QNJ:C<D95I%SX59)M/TP>J2=?0V3KFP6WWV
M[6%(7/%\[=JM]\[XZ_E%H`NZQ_,U^OR?TEPY@```````````````````````
M``````````````````````HSZH_]Z!V.^V-IY\M#7\7E6]ROUU_\^X1BW5A=
MV[':C[(Z^L=2;:*YYPA>1(D3%MVW*OK?0ZR(V5%J&EI1PHI(\IG;$HFJ9SV)
M/+8<=5#/@QD\ALEBS7FL5>VP_%PL3"[7`<CG%"&O2`\=%7SK2MFHX;><LKX9
M2<<I1'+:`[#Z.FL]NHKUCQ'5XEQM=:;RP>1UMQ-EWKU<9E)NMN3U#-<^ADP.
M>=VYL@X5F,6R\5W<V#=G9.8;<7GFX6:FH\,:EO/6+U-9ZXHLYMGG&]G5>\[W
M0<<:RVF<1)HK;:;.RDU(RDY'2;AQ?Q*;:+$/]AQT2+K@=PLWC]E[0!E/\B6D
M3`Y'PA.69XO?T?3%(R15IT)(;HP->.;<3Z:*,KNLN>?RHKN=)>7I5:RD4Z1,
MBZ%2H36I$E4^0CU\)GLRME=RCL>MVQWJCL=C.D[CI=6G?8@0\>)/:610>2V?
M5;E?,;+N9K%E,G<50""RB*>7$OI\*=7-7IOGF.*MY2A!);+F;K=U0P7SU?*.
M\&LTE)UNN<4R5%\<MUCN.1=9(>?K#EB.B[[-+ESM1&3,[/=#?77[&TVG7.2<
MJ<GY;;IFTVDR1=>=1$%+E)L^R8TO>T*S)'\A*C/M0XR?<H1C'J[%ST2WDQ&5
MZD^MUBRPP7Q(;9S%F9A*^L`TX4IR-Y!4,+:PM50]O-,';,S-G@V1<BA$#2?.
MNNP+*FEG1-@<CM<L=/0D2CF3XJ?C?>LI&X\1G`0/JS<EM576,MI$1'<3+=;.
M;ADVG."Q74LR3"&O'8^X"9<YOK`:9KS(WZ![G1@7:K);SFSNHM(\_P`^S#M:
M:0(X0;DU5S'6:W5F0,<:,-#P'K7&JET=$.XTHGFSXT0KM32'6[8%GM^'MAJ(
MD/,-^N+4_C[UJ<<>&<,AEBQ&&8'M=#ED=<<!?.UF>MI4V5LE%RM9AL951<K=
MCN]MX$YQN1PX5H[A1+C!2%SQ?.W:K??.^.OY1:`+NL?S-?K\G])<.8``````
M```````````````````````````````````````*,^J/_>@=COMC:>?+0U_%
MY-*]%M:__-=2GU:UOK2E/WZUI05,O3?9^.\A$*5!26W$]Q;9;DR?I]`:^^4H
M^LMQL(FN=DW*4\[!NE&(*C;/.C!>EP)(A6,(X+KK=M7#UK'/*[@P$5M>P)>[
M'UL-(>H:8]7%LJ?R2M')5`+K<?.2)HM-D'UZ49,?R7(\XYY-3*NK(PTD@T6N
MQBJZW5_`K-3"ZLBP48#?;JX_\B45<F6MS?77QX*K@0FNINY97$-?@A`+H^!D
M+A=3<OLDF'9)D2K;2)*&,GG7VRNLNQ45CZ^5LM3V]F;+S2%W(16F6Z4])CD3
MYC-3S;6P/;U!G\LTC$41S/F-?-PDY,)"D$2`[,C%-R[FK0UDS%VE'KMLL2)$
M+F,.)THMF?$L)+:<+?\`1E?#M=\\E6N\<*LZ)+Q3I:2,L"1-+$X.6_)&"UFN
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M7TS<.1#V`;I5=PT/YS"XTBEE7*G%:)MA=V-RW.::YQ44B1])*:(9O)UE2IYV
MA8LP,MY(".TY(@Z/]>HSMCC`WIL=:P^M7G%L4[6Y>F*L@F4E_.*Q`:2^L-=.
M;1Q-<BUE*&HX16BL2(EFTC-.&/\`8:U9V(>6NSC)YRZ]9$#(V-CY5R)IQ)R+
M$8OQTN9FGVZM)1K%Z(F/".'0WBA)<LORV^GDAVM@S>5*J6%8Q4KJYXOG;M5O
MOG?'7\HM`%W6/YFOU^3^DN',````````````````````````````````````
M`````````%&?5('O0.QWVQM//EH:_B\;KK:VUIT7=-+[JT_Y/)6G3;DK6E>U
M;VZ=-*=RO;I]'MBM4IQ_()N.^PX?<#E:I.(-I'QMIJ5-3$SI.*0H=>DEOV0)
M(5DC&2=*8XT97Q(:I*<G1XKH[D0G`TG]"SO+("M;C6KE+U,R*?M#<VS#';#7
ME78V8LRFANI:7U%2:Z/'*0WUI(7HED:'SC4K'BTS'0S"90HCR6MNM#<N8@IO
M9"D$FBN-/<>,LC)201UOKQIR\&ML*TY`?;6SH)#5/6Y+U(@V43<AI3K=>PR`
M13T6J+-<C1RTV8S6.Q7!')#*^F<QTK.665?!@E*4O0\R>BKF.BGZ*O$%"W8I
M[$%)=FRC<]AKCT?H?K2.:K?8KQR=V4:N.[/6/:IMTA7J72A54_4NC:H@5_8M
M2BWTK5?R<_$>PW>YY^<"YL7/)@OL3&FV\1/).L1X8],$F+N"]FD_GLGIKE,1
M08=!\ZQEEL^I46GW0K."YI,JB`QK<)IM-))(9)P1)K>CQ"_-@I'27J[EMQ[$
M+D>.1RV+A)NT2FZM1K$K6AQ$,-@FDH29FL+G6XS4)15RBT=5[,R[8<SD;T].
M-43,$/V_Q5QLAM?71B'I;DAZ,[6QQ)[N8Q5[-B+%%R)KQ29I4IO3WXTGHCL-
M!<$7OV]74S3`6W)&N9M5=,29C#+<A!3,Y<2\7PU[</4<NYJL=HEMC-@F^G,>
MDD'"?I,G$:MB,.*0]OVYNID<Y=,<,8*:,VEI%E)`L;N,TTD]#O<$97DV>[+U
MOU**J%^9.[B9@^0$=:;;TDB85I`<KCWF<KB(X3+,1S"F;W^2SJ?+F#&II+)*
MGDK&TC1_,MQ8<2+B2HW5BPN873[H+EL!7'C3BXFT1_)<G89:V7EB:%2;\$=%
M)EI*<9:[.-I2%CC&+U:+&NH*+)+Q&FIJ:XTLJJXWRCN-(-E5!OR6CH[I1/2>
M"Q21U.7L7ZWVMC85Q3TLG5C-G2(&CK5R,4Q85CS@6\$<QZYG&[5QZ.Y=,&SN
M1:=LCN572,F;,8S93N!!9Z*=5,N)P+ZZG)T`.>"ZE=;M5NBEWOG?'7W;;K?^
MT6@_Y5*?!_X?#3IN\Q_,U^OR?TEPY@``````````````````````````````
M```````````````C)N)J5$>\FO#\UBG3`Y3$8R+F:)EP6-!QFFDX[#+(>K>?
M[?,);A(XLQM-SE'(V$DU=EP8ZWWX\-^*V['7)Z);6]=P/ZWW7777;5<GE;KK
MKKKKJ\BNQE:W775K===6M5^M:UK6M:UK6M:UK6M:UZ1X]H=UN[ZGD[^,4V+_
M`+_#VAW6[OJ>3OXQ38O^_P`/:'=;N^IY._C%-B_[_#VAW6[OJ>3OXQ38O^_P
M]H=UN[ZGD[^,4V+_`+_$/H$XAXCD/9#>>,7%M=R4Y&O`LJPJTH^Q$^0+8@H>
M+([UUBBN47!8JG;7-DO5#&9VNY7SES&;'9<7)7%R6*EF$O2E\P?:'=;N^IY.
M_C%-B_[_``]H=UN[ZGD[^,4V+_O\/:'=;N^IY._C%-B_[_#VAW6[OJ>3OXQ3
M8O\`O\/:'=;N^IY._C%-B_[_``*<"6I%7*P'(YYLWWDFR-I*8$LMQLRINU,T
MD,JY[1FY23K:"HJ-%VGU)$4KDQ7(8LF/T<M3-9BRF,>#/@KGNO%WE*4I3HI\
M-:_OW5K=7_;4>0``````````````````````````````````````````````
M```!7%J7\^GRG?;[UJ^0]`8L=```````````````````````````````````
M```````````````'KE972D(AG55I23TA,*^A^F5!4.E4XB7]&RV8,7HQPYEP
M%L7HN;+CQ8_1,MO7Y<EF.SIOOMMKB'97C'_.(Q?Y8MK^]`[*\8_YQ&+_`"Q;
M7]Z!V5XQ_P`XC%_EBVO[T#LKQC_G$8O\L6U_>@=E>,?\XC%_EBVO[T#LKQC_
M`)Q&+_+%M?WH*[]4I&8!7<KE$.&'NT,!4].^M64D9S.="Q%S>*FD4$X;LA;/
MD4+,1C';FP9\-U^&^^VF7#EQTK6['?2VQ#LKQC_G$8O\L6U_>@=E>,?\XC%_
MEBVO[T#LKQC_`)Q&+_+%M?WH'97C'_.(Q?Y8MK^]`[*\8_YQ&+_+%M?WH/UP
M2C&YG/@*EW^R<YDUGPEBQ?"[6[ESF#!C);AP8,&+&IW9,V;-EOLQ8L6.V[)D
MR76V66W774I7.P`````````````````````````````````````````````!
M13U2:2*J7#ILVG'L&,R147SJ2FGBV6E;L1DBH[BP,1.ELE*5I6N,R4,9L&2E
M*TK7'DNI2M*UI6FUO:"^'2ZMUU>/C7G]E?DKT>M]:IT?L[NBG1:X+;:=%.UT
M6VVTI]"E*=H/:">'/P?.O/\`)]<\H0]H)X<_!\Z\_P`GUSRA#V@GAS\'SKS_
M`"?7/*$/:">'/P?.O/\`)]<\H0]H)X<_!\Z\_P`GUSRA#V@GAS[?_N^=>>W_
M`/T!<\HNU^\'M!/#GX/G7G^3ZYY0A[03PY^#YUY_D^N>4(>T$\.?@^=>?Y/K
MGE"'M!/#GX/G7G^3ZYY0A[03PY^#YUY_D^N>4(J\Y5>*CCOU'C;4Z7M;M2HB
MA^3"G)+H"@E7FSDA1*+>!&7=A&\664[&8-JIVRTLHX,>+&9LICIU]N.SIKTV
MVUM^L#'\S7Z_)_27#F``````````````````````````````````````````
M```"C/JC_P!Z!V.^V-IY\M#7\7E6]ROUU_\`/N&C3VP;%3MB6]K"8*NJLEN>
M*G'-"5?B;9O*TKF`TG(A,]P*1IVVY/4HF?3W,Z&VE50C%UBT8O6B9PJ2SIMI
MHZ6T#(?(="D7MUV.YW-6<"C789QQDGHX"4/N542&YG;4K70MGQG3Y#)F+&,Z
MG(6/*FH9),R'U%52L5[I+DZ-;K5B[]'%R#PZV\ZNEFF7.QYTM%ER!)4B,A)B
M!P'WM'4<QR[#S(57PY6S9GL43R"NN1+52C"JS;'8IR`22%I>:*:K-]$5U4E,
M!`?K/=*HOHC?<24JK+5]0:.9*(G,)D^W\CG1<#C0<"Q@PW7W$#"HA&BJL3P9
MZVY<R>9+&[;:X#)?)DRSKZ?_`#?ZE_T:=/\`D]WZG=Z>UW>T'7V_#7Z/1VJ]
MOH[M:=KMT^C2M.[3MTZ:!UU/_F_U+O\`97K>W3X*T[5>[3M#ST]KI[?1^YT5
M_!7HJ-'17L`R)?>LY,)JD7<77=>9#(Q=(]S@:YY#32[Q4F8VI%)$$!2-7W%G
M,4S,=YM%Q^JJ/4PFXRCA3RV0S8I6G")3>'74[7=[?<_8UZ>[T=SH_?\`W*5K
MW*5J.0I"YXOG;M5OOG?'7\HM`%W6/YFOU^3^DN',````````````````````
M`````````````````````````%&?5'_O0.QWVQM//EH:_B\JWN5^NO\`Y]PK
MVF]C2TS-VX0VD9D8K<OQX1UNGC7:0VZQE-HDI#::N^)!AB4V&]DY+?+I9R$Y
M&D8S1@XF>YBI)>QN%'5EYJ*I9,/(/KB/(NEMBH!V$DSCLE^-4Z+:&YPFR3UB
M1<<8I+O9-/68G/#9I.EDNAKSQ7'$CM`^L-5A$RY=TFD-7/IAUVX3Q!JYEE+N
M(*1G'.0[6:0)O?/9`BJ&)F:.P,>0-?CU?V]UYDR-67(#2E-TNQS'UV"YR:SZ
M?26UI*UT4321&SF>S4>;1D%C'2)EY8B&$DZ;T8]DBY+&B^R/K\V?6;M7F')F
M?92;-=GL]7I';ECM'3%#'AT/<$'R@YB$<R&\&HC.&UL[`)Y97H4EL@Y2C?0'
MTB3&R6J_I0CI.2T+`$3C_P!O'!#LOO=1AE91=H<.B7'FQ(Q/OJ9&S577I:A-
MEN5G[BQG@>3-DQTVLU7GF/3&&(#LH9C!,LMIR_A5CSAPT0[S!7=,DZBS.\&L
M?*,W4YVQY$$IZ^[:-V.M>,TO,90>.J6V\KO]OOJ,-@SI\O(RXP(NQ69B"EB2
MKM?79(&+7/*GIF",TBJ>_'L4)=6_CZF=4FQ.>;^B"]_Y\G(#&S\?;_-.AC8"
M;]UL-<=C,@O8HP8;%[\L,6L*8-F6V==CKADRC8_7<2S)BZML\YA*8L!2;W'=
MEF2$(KU\T[F:)'^E.IFP$['*HO\`-O./GNT&D3;LS+C1844+)Q#?CC=I=<,Q
MR=;ZLRS]Z4:9YUM-]802[EM<;65$0K&*2M3)^D&8I243<'*QAC.CENUQV8P&
MU%Y1C1+<NNS)U.BB!I,6%)'+/Z]1,IYY78Z^1/1\NIE59SMA4(7Y&Z=L-'B!
M'3$`:;[11XYH&9LMZNN*4XH06?@:43Y*;#MY#NTN><4;\S3-;)>JBH),I8G5
M8S'OKBXX+;!2V&Z/YU&B,*EM?Y!0$Z-'4KY+?H)CMQNAUM4NMO&/UB,%[,L.
MLED9R\N-9Q*95,1G6MHS?6LRHS59<;]^%X-Y/2W@1(EE/.=2""\62%O&37"*
MB2+T\\\7SMVJWWSOCK^46@"[K'\S7Z_)_27#F```````````````````````
M``````````````````````"C/JC_`-Z!V.^V-IY\M#7\7E6]ROUU_P#/N'(>
M*UI2G37ZE/W:UKT4IV^BG36M:4I]6HK3DC?5;+M.)I`A!A-"1&5,NX:5J"T%
MEV/=69V`PI6NR0H]=4G%,B$TGM52:J2_(]6$A`3*X$XVZ4HME<6)4329I-P&
MLVCK>1)[(,ZPGL,T<,-S%`:9$[M5$UO+"U)[-DR.)T,NI)BE\1"ID&<@/9T&
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MHP.]E+,AI;V:ZV2R9B9ZY)6\10JN6%,QE.N3'.R%]*4#A-RUP)TD`%(7/%\[
M=JM]\[XZ_E%H`NZQ_,U^OR?TEPY@````````````````````````````````
M`````````````HSZH_\`>@=COMC:>?+0U_%Y5O<K]=?_`#[AR'&^WKJ='P5M
MNI]6MEU+J4_?K;T5K]44]-G1&5BD&0/KNB/9OL\WI_N-DV`9[R=C+5GLA2K'
M:;)4IR%&2%CQ(+I9-4!;M29#M:3\,9CRB?2%QI&50L@&T1SH"D8_:5.,Y^R6
MKO6?%6:8^<&WJ[(4#.U`77G"IA>UJ28_UW(2BDLJ`3\)FI"..Q4CY5)SC+R\
MZ'-EE2CV-R6ZTU\)^=/3&<VF63X+G&[+A=2,NB-9NBF,7"8B'62-LB,R((.L
M5@V9H3VP>6SL@%41`84BMQ19[+E$K(SLC<D1;:P7?[3(XR+K.2.Z7"I.'(>U
M*1X5B2Q#$(Q-($TDC-L:Q+LW!3_.L!@'F:FS!&<KOP[*T($%X@=>KA5494UY
MEXJU97;!M)7L>(TZ$A13+,>!NKJH4.9\_>,J<W"LZZFDO9]LJQ"&+-3GJZ,\
MB16Y%=:D#8"!-B5>=I8F0Q1GRDRV[@5-BC+I7,"X47$%QYH\/%,.)@'T=%=+
MS)J/MU[C4DC`P8WQ-248379*B_9[;B<B!>9X%6))@]X,C<=_2*]WU'KRC;!)
MR`XKW"RC+^)7LE_HCX3[LAQGX+%5N^I3J6DXM(^)-;%AO;0MN5KKRB4Q()U%
M3=2X_34]H(S').=467ZVGO)#G2V>A%$Y(:+*1L$:1PW&*CHY/`DW5S.JU)P>
MH">AJ*M/H!2%SQ?.W:K??.^.OY1:`+NL?S-?K\G])<.8````````````````
M`````````````````````````````*,^J/\`WH'8[[8VGGRT-?Q>3;6G17N_
M-7_0K_EW?4'+II]7\%?^`=-/J_@K_P``Z:?!7_5K_P``Z:?5_!7_`(!TT^K^
M"O\`P#II]7\%?^`=-/J_@K_P#II]7\%?^`=-/@K_`*M?^`=-/J_@K_P#II]7
M\%?^`I"YX:_]&[5;N^^=\=?T*T_[1:!\-!=WC^9K]?D_I+AS````````````
M`````````````````````````````````!%7=;3^+-\M;)!U9FA1>R3'4D9V
M8;6U*.E\JUWF1-L)]MJ16\;0EXXD+N!.,EW(U$G-DSW)9C)4O9ELP7%\]V,S
MBK>NX+VG?==?=RA\V%UU]UU]UU>2&1ZW7775K====6K;K6MUUU:UK6M:UK6M
M:UK6M1Q]HM:/A0N:_P",@D;R:#VBUH^%"YK_`(R"1O)H/:+6CX4+FO\`C()&
M\F@]HM:/A0N:_P",@D;R:#VBUH^%"YK_`(R"1O)H1'@KB?R21L3NS%3@Y.^9
M+&VM>90AUG,/*F\A\F%%8PDOO6R+Y:7;W$<R)!C$J'+72\E7$0SX2I&TLD8R
M1*N+)?@O,9I<>T6M'PH7-?\`&02-Y-![1:T?"A<U_P`9!(WDT'M%K1\*%S7_
M`!D$C>30>T6M'PH7-?\`&02-Y-![1:T?"A<U_P`9!(WDT.O;P(PFIN2.UV1-
MZ.52;$N,Y2CF8D)A3AN\Y)1C@Z]XK=)!WLY07&:YV@;3%&U/5T^SK<EM"Q["
M7,&[")XEFS>CVWJ4I2E.BGPUK^_=6MU?]M1Y````````````````````````
M``````````````````````````%<6I?SZ?*=]OO6KY#T!BQT````````````
M```````````````````````'BZO6VW7=WK:5KT?N4Z16$<W@V8=DJ3ZQM?\`
M1E1F%IP%+IB%5Q_J&RL41CC6GBG1]'DAJOJ:UG.C'%?"FDTZ2$8GC-F#%WIH
MU@.78[+,5N.MWL/9/\AO@RORV('\G`]D_P`AO@RORV('\G`]D_R&^#*_+8@?
MR<#V3_(;X,K\MB!_)P/9/\AO@RORV('\G`]D_P`AO@RORV('\G`]D_R&^#*_
M+8@?R<#V3_(;X,K\MB!_)P/9/\AO@RORV('\G`]D_P`AO@RORV('\G`]D_R&
M^#*_+8@?R<#V3_(;X,K\MB!_)P/9/\AE/_Y97Y:\#^3@UHQ=^]U9(=$PLYJ<
M:JB978(D).BZ1\)W<2#B!8@\%2-F%+1,HEFLK?NL5R5[*DIIF\A_%;BLQJ!D
M\FUQURI^6^[9?LG^0WP97Y;$#^3@>R?Y#?!E?EL0/Y.![)_D-\&5^6Q`_DX'
MLG^0WP97Y;$#^3@>R?Y#?!E?EL0/Y.![)_D-\&5^6Q`_DX'LG^0WP97Y;$#^
M3@>R?Y#?!E?EL0/Y.![)_D-\&5^6Q`_DX'LG^0WP97Y;$#^3@>R?Y#?!E?EL
M0/Y.![)_D-\&5^6Q`_DX'LG^0WP97Y;$#^3@@CK/L-O*0VRY'U%&X]O5Q=69
MIUY-.MO>RWAM+]9J@6T[AA/3DSU8.(60BXO55#*)SB].IF/%@)^J?J5EMJ;(
MF+[YW>R?Y#?!E?EL0/Y.![)_D-\&5^6Q`_DX'LG^0WP97Y;$#^3@>R?Y#?!E
M?EL0/Y.![)_D-\&5^6Q`_DX'LG^0WP97Y;$#^3@>R?Y#?!E?EL0/Y.![)_D-
M\&5^6Q`_DX'LG^0WP97Y;$#^3@>R?Y#?!E?EL0/Y.![)_D-\&5^6Q`_DX'LG
M^0WP97Y;$#^3@>R?Y#?!E?EL0/Y.#5[,Y`=T7^_)BC5L\:ZB8=D$.1HM.1RI
MO<.$"1(@M/B/&Y*3?PI1_*W:XE<OF9[K13)LSAMQ6%C^;.0I;EN+9,M=H>R?
MY#?!E?EL0/Y.![)_D-\&5^6Q`_DX'LG^0WP97Y;$#^3@>R?Y#?!E?EL0/Y.!
M[)_D-\&5^6Q`_DX'LG^0WP97Y;$#^3@>R?Y#?!E?EL0/Y.![)_D-\&5^6Q`_
MDX'LG^0WP97Y;$#^3@>R?Y#?!E?EL0/Y.![)_D-\&5^6Q`_DX'LG^0WP97Y;
M$#^3@>R?Y#?!E?EL0/Y.#:.IVV#YGQ\3[%<JP&I:_P`F:_JD9E7"W3,EM&4T
MY73)49>=ZMQ53'&T")`ECKC)E3),^0,8*Y\)C';?9DR8<EEU9N@`````````
M```````.&3_]WD^LN_FU%=&@O[8O)7]\6?/R8=3A8T```````#Q=W*_N5_\`
M`5[Z9_/$\I/W;[&^0%I2+"0```````!7%J7\^GRG?;[UJ^0]`8L=````````
M%<6I?SZ?*=]OO6KY#T!BQT````````5HZP>^&\FO\"?\P[C%EP``````````
M``"*^X>Y<$:*Q!V<=B%UP-]@W/%H,+`9:[*=4@KAQU/I1O26PDD&PS4Q77CV
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ME#W01Q[_`$G;SQ#=O/-*'N@CCW^D[>>(;MYYI0]T$<>_TG;SQ#=O/-*'N@CC
MW^D[>>(;MYYI1E$>\[_'W(\IQ-#R4N;!-]YS;([;B:.;9"U*V-C9`77Z[<N;
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MZDC;,DA3AM$UI,CDS@T@VN/Y%=GIFI6L\4'%`T5*13D,).?&]8U=:=:04["I
MW(7(X%*PO<14"F:^7ON@CCW^D[>>(;MYYI0]T$<>_P!)V\\0W;SS2A[H(X]_
MI.WGB&[>>:4/=!''O])V\\0W;SS2A[H(X]_I.WGB&[>>:4>Z://?QYO"0HNC
M,NM[$MUR3%)S'A]A9G[J%LG'S>59!D5;P-]HH&9TO&.49`3LZJIF+<=F0Z?P
MX\>'&8-9*T+EL^2RQ3;+:R%])X#?&RVP;@4VQ$L>9&OA<ZTCME>>"D5S/%WH
M3&;^(HW6R245M2R'G*XTDAZ&1)YKL5#-3&6EN#%DOMK2KU0/Q\6UK;=AV]I=
M;6MMU*Z&;>4K2M*]%:5IV)>U6E:5I6GT*CQ[H(X]_I.WGB&[>>:4/=!''O\`
M2=O/$-V\\TH>Z"./?Z3MYXANWGFE#W01Q[_2=O/$-V\\TH>Z"./?Z3MYXANW
MGFE$-M?^:73!@;+;XR4Y4G;$HU)REF#W5'!W#I#M>=,+"*S]6HHC-QF31`M%
M%YI(R$'DU%E-M+*EA7.:Q8,1\E89(&,1JLR?=!''O])V\\0W;SS2A[H(X]_I
M.WGB&[>>:4/=!''O])V\\0W;SS2A[H(X]_I.WGB&[>>:4/=!''O])V\\0W;S
MS2CO(O/]QVK+J8K0R+.R+=4I&?[*C%K'7KISLTQV\:>DA.`DV&FD&W,ZXV24
M),O55@_@+X\I\_@Q66^BYKJ^AX<EUMEVT>SD0:<0'(VRT\KYYL1'%*8GJST7
MDU`6'.>3B2FX$EKD\A=!0"AY74;LJRMIQ>N,D5S7X[,UQC)2W!BRWVUA^Z">
M/;Z&+;NM.U6E::';=UI6E:=-*TK2)>BM*TK2M*T[5:5I6G:J'N@CCW^D[>>(
M;MYYI0]T$<>_TG;SQ#=O/-*'N@CCW^D[>>(;MYYI0]T$<>_TG;SQ#=O/-*'N
M@CCW^D[>>(;MYYI1#;7_`)I=,&!LMOC)3E2=L2C4G*68/=4<'<.D.UYTPL(K
M/U:BB,W&9-$"T47FDC(0>3464VTLJ6%<YK%@Q'R5AD@8Q&JS)]T$<>_TG;SQ
M#=O/-*'N@CCW^D[>>(;MYYI0]T$<>_TG;SQ#=O/-*'N@CCW^D[>>(;MYYI0]
MT$<>_P!)V\\0W;SS2ABZH.XY:**`G*2SLLVK7(Z6NS4U4>&F6S[0;]'`\ETB
MVVZ2/.)R1HF(J=ZHK"B4)X<AT[ALNR9.BVMU:=`M-V.V'BW5*#9+V*FE:.MZ
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M:R5F4T5(N7'9I9M(UT`J><"N204?$?75Z,4])3Z'E91)$2]YPWAMRF3&+#CK
M?ER6677E4KT_AK3\%:TK_MH/(````````I"YXJ=.MVJ]/AY.^.NG:K6E?GBT
M#Z-.W3]VG;%V]F.VM*UZ<G;R9:]K+EI3MY+NY2E]*4I]2E*4I]`<O0K?AR?Q
MV7],?B8R%2F&\P:,6EL&/K?1,V<U=AQ6===;9;U^7+ELLMZZ^ZVVWKKJ=-UU
M+:=-:TI7I7*J-9C+Y;U4E;C.>B^E<ERIBML,^@W=9F]+WU,TMS>A75I;D]"K
M?UEW[&_HKVAP)K2"HY;,">LIQ[/DPW&,>$FK8#67)@LOKCOS68L!K)DOQ6Y+
M:V79+;:V4OI6VM:74K0<49=;[C+7'6^MIJX4LRY<%YI'6"ZH7MS8,^4MFPW9
MR!LQBMRX3.#-@RXZWTOQYL.7%?2W)COMM]QZ%;\.3^.R_IAZ%;\.3^.R_IAZ
M%;\.3^.R_IAZ%;\.3^.R_IAZ%;\.3^.R_IAZ%;\.3^.R_IBC7FLLI:\>&/HK
M=[]EJ/\`-7WW=V.9\_RKJ]/<IT=/<[?1T=->GV'5`WO>A?[KK0OZG_:ZB7X!
M=OCQVUMNKTY.WES5[67+2G;S7]RE+Z4I3ZE*4I3Z`Y^A6_#D_CLOZ8_$Q>6*
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MD_CLOZ8>A6_#D_CLOZ8>A6_#D_CLOZ8HTYT;*6M'B^Z*W=OFOXW_`)J^^[_X
MC.7N===7H[OT.CZ'P4'+JC_WH'8[[8^GWRT8`%Y%N.VO37IR=N^^O:RY:4[=
M]W<I2^E*4^I2E*4^@//H5OPY/X[+^F/RSW%RV'*8,9Z8,&&R[)FS9C-^+%BQ
MV4Z;K\F3)EMLLLMI2M;KK[J6VT[=:TH.C551K<>'-55)4Q&,V0N7RU5,5,><
MQBNK9DP8;ZF:69<V.ZE;;\6.MU]EU*VW6TK2M!^15<;Y[-C+$EM--F,WHWH.
M`JL%S&;+Z7KT9_0\6$U?DR>@U[67K+;O0Z]J_K:CPE+K>7:FZ(JVFJ]2!PTG
MGJ)BP74+B1\EF]+G"1NTF:SU+'"F?_D#)7/3'G+YJ5Q9L=F3]B/<^A6_#D_C
MLOZ8>A6_#D_CLOZ8>A6_#D_CLOZ8>A6_#D_CLOZ8>A6_#D_CLOZ8>A6_#D_C
MLOZ8I$YX+*6ZW:K=%;J_^\[XZ_FK[[O^T6@_Y5U?A_?[73W*='Y]4?\`O)V^
M7V#1_P#GZBP79)N.VJ>1[>3_`/@BE.UERT[A;%3Z%].WVNW7NUKVZ]-:UJ.[
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M?64MX@MC>BM_[8^GE>WDON[FY\`4_P"M=7M=NO33N5KT5K3II3HO-M[E?KK_
M`.?<.0````````I"YXOG;M5OOG?'7\HM`%W6/YFOU^3^DN',1WVY:!Y_ZK[)
M,9+0+W4JN^!9@;:4VL1"U4S+RLLQVY""2DX$Z_'EM.F3ZGG*%BA:N.^N4UDP
MV64K?6T5F0NI:M;+ZZ\6L)V$XXE0NHQ$GGG1'!,FB+:BS8Z2]-9`C&32[S0D
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M_M)$6LC:DNB]_P`U.)0V7IGN3L:\Y\U[8$J3)'<GMR5<')+%ZF00H\;K*4JN
MG0S99!BMF2>2.HCC5K[EB4&4J**D^6M@P6-,L:P)RBS4]!*%#UJM>B`HSYK?
M\<>&/[]EJ-^;F?1WNJ!O>]"_W76A?RNXD%W6+YFO_P!S-_2WC]!K*:6[<[X@
ME)J6)6)=O<L=/=`QHN<MA.X%?*KM=5(84S*4,VWES5A[-GQEJE\UEV++7)2R
M^VM*BF+6@]KA.NEO$=K[>58#[5JQM':*]HCM+(YARL@BP]0Y&CC8(J]FKCNQ
MKL>Y6P\E`U&4@9%,LD'B+[7RK0.Y*+ZMA*Y?6,J'M5+Y<YC5<\DM&.DJ#5]H
M'D>0X@1FXCO^!$<QQH,]H/5RQJ8;A;$8;*^AM]SOJI0D7QXRE5S(9IG)Y#UM
M];(.)SMDZ`8^>$:(<AZ\M=T157BA+FM_=.4AJHD7SKI\M[E(<1(K>V$CHQF4
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MR*F65V(:8;V29"N6<&1.44S:FK.YNS*YLO"$7R5+S`DQJO:;^275]7))L;M]
MGJZF?TO>%QE@RMA4$)>-W87<X6WCRI+X;1`D799@J<35A$0F\>+9S"O?"`HR
MYTO\4>+W[]?QO_G&<H=4?>]`['?;'T^^6C``O+M[E?KK_P"?<.0](Y4DLO-Y
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M)TQ%.MW(VZF,EN-G,HMG;LVZ7+T`F6(UB[2O>&"0EG&X6C)+JQ/8V];TPE(2
MHG>O2&D!$CE))'G/)A)V^G5M[/&=<WYLO%9=YL=N0-*$<LY8B-'3W-O0P9P/
M3(K/!*B9"27=16PG(UJ@,Z,DAZ1_G6T1@'$):DJ;$EQH#L(IZ!&Q;Y+MJ"\3
M-J3&Q(,:+A"2H'TXFMR'S4>%<9?667Y:W$B6`98UB=J5ZHI^;+7.V'X^,#:*
M/57+RJT'?"$BF5\RHDCA5,;6\]>]R]FS>TL4Q7(DQ,)_,]8W5WJTL6TO#&K<
M:2ZN$M?XI6)NC^2KU1%7<EQ)]IU4\O'KF14E,*,]81E`HJU;R0YK?3QZ^4!2
M%SQ?.W:K??.^.OY1:`/QZH_]Y.WR^P:/OS]18+M4S_!Q'_0RG^[XAWAZ1RI)
M9>;RZAG2)13)K*.J)1I./X"YDBH%U$CG*9B1PL;MO*F"INS-7!GP&;+L&7'?
M=9EMNLNNI6A;3QPP:^-!^)>`"Q=FJLB-VL+-%TP[Z31+'W'SOA:+W>WMB[G4
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M*VM@Y,D,G*L7Q6AI;O\`5,PHPNTF^T&B@.)A'5)3:RP[2$KS"GN%CUN1;H[.
M_DVVK(0,9F=LO:-\AIWZGH<\O!O*\>X;LNH4\(6V\(PHY-<'J1].IAP[@=+;
MDR0FB4+R"IDI$2Y"@=ZN0AFR(ZI5J->0<3;A;*D]IV9&;\F^/GRR</(_L-HJ
ML(5D:M9J.!R-=(T^5=KF$^#*VDN#->GOECN@N0BDP21D@FW',W,U3"TBX7H8
MPJEE[5*]-*5^&E*_A'D4A]4$>][8?NO-#?E>1*,XY\?><>0?[GUR_P!H4$6B
M11^UC'?V"L[^S26-@``Z*HJ)J(FJ"RLJ!%)2$DD;4E144S9<@G)J<0+Y#9X^
M?/&\F$J3)$BN'*9-FS.7$7+%\63/GR8\6.^^FH8MV/@N:\ZN5BN4V8]SB$F)
MBZJ$D18PY3Q9N+EN>Y!=%")BA<V8:B_0H;]0G45PYVXM5*&K4Q4-7%LU+,Q;
MDGQV[W8_&*UGLV'`\8O/("9(K91UDD?6V2HNE"Q.=N$'.G%\MYA&-K;=SX%Q
M,+G;,64XE9L1[%;<7R67W9SU]G;_`&=O:KT5_94[5>WVJ]OM5[5>U7M]JHY4
MK2M.FE>FE>W2M.Y6GP@`"C/JC_WH'8[[8VGGRT-?Q>5;W*_77_S[AR``````
M``%(7/%\[=JM]\[XZ_E%H`N7=KM0&"T'2^G6>N3&LRV^X'8Y%*PDH*5Z<@-P
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MFXW$3`<*HJ$CI)914<JJ?+IB423\!U4,78[\ZD<PDRV#$9/&+L.*[,>SVY#&
M:[%CZ_-?=CLZW1\LRS`\*+S*1GD3PYW]+"FY"S$9+,CM8D"1WOF2\"8K/A73
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M?-%B*X1)G,!HZCG3B<55R9-3*X,F3.1-FTH\24BI8SCQYC!`X4-X;+RYG!DR
M8'#4S1U/\>I,IQ2N&'&R%M2=B.GJAM!<38-W*C'>"^P740-H+L2D-PIAM&=K
M7748R74THGFKG3\F7'9>7R8<N2H3FM_QQX8_OV6HWYN9]'>ZH&][T+_==:%_
M*[B07=8OF:__`',W]+>-62#.,414G/1:D-\(310XY99F0I`7EDUZ50V2T<%^
M2S`K.E5ZVXFBT5KRYVUODCN7&I.*Y,5:(9-0JFG*8=#*N_VLS;*EL[T<,@1_
MG.DV,IDTB08.FUEKYI%DF4&C#3-7<:`X8^(*MJ(IR0_6>V%!1S%<6%K&W`GY
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MK)R6XCI9QKK>0+'`72C+>2\2G@D@@WLYTE6R^$'`CJF`XW2IEJN,N1+7Y?6T
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MTO\`%'B]^_7\;_YQG*'5'WO0.QWVQ]/OEHP`+Q[\MN'#DRW4ONMQTRWUMQX[
M\N2ZEM;KNMQXL=MV3)DNZ.BS'CMNOR7UI99;===2E=50I.49[#,/#)D2K:@X
MV497W8V"ZP?:CO:.3.N,5RJC-=I+$DO1!;JW=ZANI#66^;,^IM"=RHE*!8L8
MSU*Y;K?VDZ:XVATU&I*0UXPA9I=DUNPZP:XD!QK1=7D-V%%0ZWT`X<0DE3)M
MZU4P(JC0NK.0PD(E3&"PE<HT.FBA;/\`M&IQA/!,PRFT6B<0#3X+79SB@Y8V
M6HW?:AA)F\Y&RUT(KM;[>>A6^F0C7(5P.,EARY2GI0\6QW%#!7-DTU(NVNL\
M2/8RQ'JJKJ>ZS[L9<=9L*+"4NNT@J/>5$TRNLYDXW(SHY76ZJN5T)A7,HV(&
M%7-*%F"[#E4BQ:IHMZ-[@[/&N#`UX=VUN0V7;\&866H2R]7>G1F[\"E<UDHK
MDJKN%Q,9.9]L@93R03)YZ+)%4:UR\CER1JU5)E,),SZ#OC&WVJ<SU6+4)$S&
MSU;C]ZCD1R-39C(<)$"]YG*:R%?1\F?.03TTOEOR9*YKRI$G@R5KB*8+,7<O
M1$/(<3%*])3;SZ,7,DT<[<G%;CJ65.X\.(X633%<%3)$L;Q%\%AK`4OPX3&/
M!BMS67V8[*6]<LUVP2JHU*-]$+>K"GD6E6I=((8:*:QGQTQY590NQ%;:'5/-
MCI3'E435<IS)92VR_/=;T4&-OQR1_%#*=4G/#"61FFP$!9>+E6"+:/+)M(0D
M$CF5%M6QI3=25)>.>D$\IG/&<24GG#UV`MDOQE\M<?0-=05M=`6R1IS)T./Z
MQRK#.2&&X7*W%-M/%D.M(;,HH%[GC9UFFD_FZUW)ZT7ZA8#A]H.O"EY6\X;4
MY6+IBD8.)"F6*;XR*Z5B5BB#E4B.);4$]15B*/D-X+%,ZE)!E,)JJD4(W9*&
MC!!,-K:,5/G,.*\N3,*R;A,9,>0\5MRTI\\7SMVJWWSOCK^46@#\>J/_`'D[
M?+[!H^_/U%@NU3/\'$?]#*?[OB'>`:#DJ2X+U]6FBO/C"4:KAFV0FY$S<6D2
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M]7BQW`<L;#S*0VH;3OI//Q.]TVZV*46MZ<HR$Y%6]DXTO.I)QDK>B9T504<K
MZPJ."J-ZB>F[:%AOACJC.?37;3\;*3GQ(SF3"+D0\J\RUEEKU"2EBQG"9D^V
M7<AH#K;Q[+BNQ9KR"ZCI:N6K6RALI@RTZRF=`*0^J"/>]L/W7FAORO(E&<<^
M/O./(/\`<^N7^T*"+1(H_:QCO[!6=_9I+&P``5[\IL1R5..CDOQY%#=.O9SF
MEF&W0J1VFG\*:HRE'4=SI&DB2Y$Y`WGSEL%QV48K:KQ8I1/,9\)1:,+N-#.9
M+"JEFNI65R=M9^;M9_7?J*GS5==#NBO(T3D=\LIMRC&+P<1Z7(3;Y"%M9$,J
MMMUM.MUO5X2TVT-]+;#221E29Q:.J)B]B15E[-\BL].]-G9G;6/*5HDR;.(J
M0>V'XBVI6AB/7P31Y4A]>C$W'4^&I53%V/K<ZNGL=IKAE2D1<,XTBZ'G:DD%
M18RM=:P&BAW#FQ(.Y\DL1K.`Q.V[38?KBG'26,]FHG2M:Y#CLO!SU.S8H(>U
M1ECR"]TU^6.1EYHN5%?*IK41DZ0(W6@TV)*B.LH"RY<)=Q_2RTD'(UFJV6SE
M7%]SY6ZWT9"RN5UGL*FZ'#D1TTLG7KCD4BQ-/+J"^K7%JJ"P>P$"6`VHF#)C
M$4+8\EN&S(0`49]4?^]`['?;&T\^6AK^+RK>Y7ZZ_P#GW#D````````*0N>+
MYV[5;[YWQU_*+0!=QUEF3%?CR6VWX[ZY;+[+[:76W6W7WTK;=;6E:76UI7HK
M2M*TK3N]H4.S,QMHD=[<@L@L&(Y@4&<\]O-/WRHH;,26O?(4UZX1_`,2QA-^
M&(4YR*.-,6EA,<;:4,V9H+YQKJ[]:S?6DAN4/>N1)HIZ@=6OVWS12X[78*:.
MUKH56=Q]S@TD]P32[V$H3Z?Q/7=^`)>QP<:==Y[$VTR5UC6QG2$U(T3%S-D3
M670DS66^I%S.4L8<)S@1B2?R*U$!7/&')$^=8I12YU/QZU\LHMZ,YRULV(=$
MQQ8]&&KOC`V'BUC<.P-1GH;V;L7Y%5;DDS#;=O>#>640DGR8B-3!F\C1+NDY
M7%*V8JA;`ILM$7IR*I;^=36?+@3XVES5J3(@EWV%37BXX674M'37\T'TLZ[I
M+;Q-7&WY`BUR1W+ZVYEY*2GJ<7WWKAMZV;;-A3+NDHV=LKW$W7'P\R.WZ&YE
MDE7(4D1/=!9O<CREG0E.4C3=4RAN&21=&DM`6$\TTW.8]$SL=&6'(:.J.6QB
M8&-)45<CD=[?6,)ZRI"KHU'<NJ[H+QTBY7>[(6>6*9TF7$1[F&264;7`N,*4
M$ZS,TGBH,9"7UU`7F1'QI>2LK8,F%AO1[W%9.S4F+[Q-L*+IK:#>D7520[]8
MKHL7,;3<\2;ZDI!5%)CRE,N!JJB:G(EKW;/8X5"KC?ZHX&BUT%G2$PWQC)J#
MX-MYS6-I^Q2L@.>/8X?4.S9A7G;*:O"UK\),QO'&">6FQ$I223DJW9$9Y*2\
MBPXZSUJPS6PY%!O8#Q9YIAE*<:$W4:].73T9G>?D.->126IJM@>:W[&Y_2&&
M8T1'#'C51U[`NR,SIGGJ05IGIV`\YT4QC/8VZ^6Q7$J*>-.;-Y\_>0R+N,P0
M/V%H4K$.[%1?)FR$B)VN$Z'(TFKD3UPG2=FC'[_R.-PO_7%V:7LMFNX@P4\A
M(-RTJ&(BVT14U3F%J(B6U5)SQL@94ELV.EC6$V];-'BP0I$A?7&/-=)!@N:X
M\4$`ULF^\3DD$PVEQ)*(SGV[F!59#47G1@D)UNE4D-98CD0'MEO42JA8:1#.
M4\KN2J]?E(9(]\UO^./#']^RU&_-S/H[W5`WO>A?[KK0OY7<2"[FRE:X[Z6]
MJM;\]*5^"OHF3H_VB@Z<->9IE-!Y'V4V$&YTS4E\@NGFX[)8*VIXD1/V`U\A
M%&U&?;1BU,75HRE-\FCNA0@:78P1Z+9HJT4V3D8[ZYCI,B>45RR0V[V9[;8Z
MM+B%&>N$U8'/F=VM2ABN=S.Q1Y(":52ML("DF06RA%E=0**UM$)EL!7=+K<:
M4JE6MF4&PWBC46G>O9B&).@TMP=O`CF',S&B@[2TCU"D'EY0V%ALE!ZY\UD6
MS##"9GU8]#63D@^N,Y0Q+1I=+Q`IK1_.ZXIRW9/0#C";]V#/?C"A!FY3<05]
MI=B_;=W-:1F]HX=7L=92>;DPH4TG-1ME&-L,[SR&:F9LK:XED96IKZ2<J,E/
M5HL1`E'.UIZR6N9*CETD%R:\%I$ZNB2^)`\\4B1425HVT4EGV6E\@G,M7@G7
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M&I14V@DV2:H.\N["QYN(Y5`3%]7L)8L1=]TR%B!4HADU`^4RXZ=7/J9MXB:'
M(&I2]JSLZX2F+CR+1Q#K:93^**A!B;>,">'X:EBD@94N6?4O"W)7CS'#RK%"
MRY%T\S#[(1'XR+$Q"..I5;3@^L!@/8^]<3KO4(^?<?W-E[+S1+8GV3;Y/(ZR
M:/:1R87JUJM]QN/$;9JW4]?B13BED2E?/D3SWIM%)8["^0S3CSI?XH\7OWZ_
MC?\`SC.4.J/O>@=COMCZ??+1@`7C9+Z8\-^2ZE];<=;LMU,>/)FR5MQ7UR74
MLQ8;;\N6^MMM:68\5E^3)=6EEEMUU:4K\Q&'6':1Q0A$S(NB[9]D53HCYDZ.
M]MM:075'5"\C2Y/AF7--%`WC8,D):<:="K>?-K3,729@T9::AFS)KI46]CR9
MB=_OU.-MPY"E[7PY-4![(NJ0XTW$T$F]#DTNNXS<6H^N*5J^UVK,J,Y$C`_2
MC9Q/Z/\`8,W,Z[(;8S-U8<JRK+K:?K/M6$NQMV(6%-J.]^VN6T>M6XEW#579
M&"KJ^N/MUV2"X'EFRM=,WMFI/FQGKUQR94Q.3E3+KXZ&(KR0HNHE)JA-$>*;
M/3"V5I$X:=!@_<5OJQGT]#6FMC#8KF>-6;O-`4I/K.W"&$UB:\?,3$[:.=V+
M63.:*79":=122\%A(A:HKA^IBWU.2CF$H<O*U9S7!&ULEHO(TW5I@;?J<OJ4
M`[_10RB26KQJ6U,GED3SZK%]52K7+VG\RNZGTS&Z9:""C$U*UAG855"<MYGB
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MYNE#BRSI455;`[=^F=KVSG>M*;R>J]$+Q=,E5UW145?=#D5U]013K7<J`EMJ
MYXN/"?;R33`E+>9$*(U<)'4.#0V0VMICEF.-5J;\N]9'7G3DP03'&^O64K';
MM)\)206YIY0K'91F-M.BN1W0;E!AO4NHXW#8[\LGGEMSN%RIJ8W+4[9\9:VR
MLB;\ZW[*OQCOE4..O3O89`E5UDG^IJ+3BV7Y"FR*)<18V5&^IOVE;VHAMPP]
MV6S:H#65D(R<;!%04BJ4?Q)1XK@7/%\[=JM]\[XZ_E%H`_'JC_WD[?+[!H^_
M/U%@NU3/\'$?]#*?[OB'>`5P[GMV1I?F;4.)V7%C\-IS`V/AC9USR_F*H^"(
MDUI1>J/<B[&:<7[%K(O%9%]"4D)11$`RV<::XB"Q;<F+6;*E+^%+H^O]E9'.
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M=4.`'8504^+MNTUM$IN1)<3X^<QHS:I,#8^(TZ2$)1@^17/4JQ,AM3>[45$H
MRC.%2>K7_+;.)MOITVX8.T^NT<R*R5&*-.$AVHT6S:VD,E%,XR<V9N47[GU3
MG0BDJ3E5$APY6W9:XH\?C3/GVFP9<)LMW^J+XL1K4$7;P7)#AEF+VJ^7;$T@
MP:Z5@ACO<462?B0:/!G+.*VRU023YYJK;C;*W@P&:Y+22\@K1Y-5RU+#F&I>
M_)D*%]N`*0^J"/>]L/W7FAORO(E&<<^/O./(/]SZY?[0H(M$BC]K&._L%9W]
MFDL;`&IYSFN/M=(D?LVRFK945A1RWC3B<1XL3SJ)VI?#DPE2I%-3RU/1SZJK
M*1LBD))''6RIM2/%"]<F*S)=EL]7$TUEY24WZWSD=27&#HCA4;R4XV[)22W2
M9B^]SM8@[4PZ@K3/=;T:3G2J$3UQ`XIH#B/E"2ZGJR(8OM/)ANRSR3GEDG)_
M<VM],"[A?K7B-B32<-F"!2QL'&?(3T?;"0\"<JVJ.0T87,2_'B]8HIF9,+6X
M"EZ<8P&3?IR['@S1Y/*C413BJEMARR`H$EMJ(QMK,:U$4'-AL=#D1$',K9"B
MXO(!'`DMD@L7N]QWYE+$<PM1(5#J006%*P@E']82OL@S8CDB&HK6$!ZN!VSJ
M9DU-8A9IIB4HE<BU%T9+\L*2(L&5!?2+DM0<38;"SB:=;L&8BIJQ;TF>.I6*
MM35-N-1S8G(@MM6-HZPT%9Q-E(<N=E.KU,+/!M6JA$J;SHSA3TA56D_`JH9@
MS5)6:)2JJI.!5+F,!-4/8:8C.;K'7?E*O%KM4JU'2L$7&D.U3./9)PHN=FM(
MRU\C:L*H;J-YUPJM%EIW6.+/F:F!)0EDH9PMQPW*YU%K@3+57(K5=*OPX#-B
MD0N+F35218Q:<+UP&#E+\F.I7!F]$]#S&:9,.;'4OCNNS4OQ9;*V==COI;[$
M!1GU1_[T#L=]L;3SY:&OXO*M[E?KK_Y]PY````````"D+GB^=NU6^^=\=?RB
MT`7=8_F:_7Y/Z2X>>LLKT]-MO[+YK]C3]E^[VNW^^'6V_P"3;W.M[E/F?\GN
M=SZG<#K+.BVG6V]%M>FVG6TZ+:_#;VNU7]P:@=DO(2'(S<B!$PE7)*3G:3D?
M^!J6J&-.O(,)J'TE"4W0LJ-Y0[A3B1ASN%`;*&7,8O3*XJGC=2..\@@N`ZF5
M?H/,BQ%*(EZ4%G7.6VT8QZ0//D$8;7.N",#YJ1X`BY?16[*)1'64MSF4M"DE
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MI3M=/3T?A[?[O;%&G-;_`(X\,?W[+4;\W,^CO=4#>]Z%_NNM"_E=Q(+NL7S-
M?_N9OZ6\=3(E)F52*K.4@3R*Q(H<($U*\MAN/E2*AD*YCQ/`;K97/B*G,Q$E
ME,E[,E,.?*4+9,EEU^''=;W:664IT4LMI3IZ>BEM.CIIW*]'1T=-`ZRS_(M^
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MQ>_?K^-_\XSE#JC[WH'8[[8^GWRT8`%Y=O<K]=?_`#[@ZRS_`"+?HT^9IW*]
MVG<^C]$.LLZ>GK;>FE*4I7K:=-*4[E.GH[E/H4^@'66=K]A;VNY^QIVNWUW:
M[7:_94I7]VG3W1'V3-@4!D.!U,E#2<[V?S'B)7G%TM4B<Q)61&8!6US$FZ<-
M*Z@5RI1=3?;E::\WF@G&<Q?U0R(+E5#)DFF-\WFRX5#FY\&2A%D&R&Y'PP(E
M<$^1_$$@-:+7_)D?DI`+DYW2K5F+$`XEV+F.IYRNHM7*12DY&M4<*JMD%9+0
M#2S<FYL]<,G3>R.8<F]EP$F86P]I`=T<;"OI0*X)5CUKXH_RP+':1(M$R2K5
ML_4\RDIY)JR5Q$GBLE2[;;N&V]27L^(ID*T,;\19VCU8]:C4]>$8X)B>3#(O
M=!AW%*;+47,J8CK;JX:U1;4XV8-KZ!BML,4H\$5&.HYA-+Y5TM;D3Z5K3)8H
ME-H3*S\3S:!C)E*8UQTM)=33Q>I18;#V83E566^F<X"5_3<37FB[D)80%3#;
M=E+7F2-32>9.)IDD<,;*ZVWHK3K:=%>W6G13HK7X:T[E0I2E*=%*4I3N=%*4
MZ.CX.CN!T4[5>BG33M4KT=RE>[2GP=/13\`I#YXOG;M5OOG?'7\HM`'X]4?^
M\G;Y?8-'WY^HL%VJ9_@XC_H93_=\0[P#Q6EO3UU:4Z:4K2EU:4Z:4^C3I[M*
M?"(G2A(T3O2Z86P=C=NS3?K"GI\B/!%7DM&-I[<E1(:Q23V`W$;.YTDXDEI&
MM:)XH\"2S@S%<C,P+K2.&#Y7(Y,68CV(-V[AN:(\A5W&W8RV`[YOAMJSFVXA
M=<@,FLE$&$\6?@?Y`\H(!95M-9J)S6ST4%\XF8#B.FW%5&ZU3-$B.10OS].V
M0UV5DUV+23.T,*20PB3;4WRK)TH,0ZG,M/>F+'G:)]UGRJ]E+-TFZL&;%G;A
MI7RD\*]AR8\B5><MOMK7\CFRNN)"QMY3\]0F3QO4@TU1H9#<J,$O8[4Q^J^1
M`8RBV[\R_91>(O-=P945IFTNILNXU?%D34?(<.X[\-OMF#+3:?#MDN/+*6)<
MA1(L)*:]VKFRV&#1!-=B=F7&*YB9BW#@QJ#<>:#ASFDM0PX[;<"HF.)MGK,"
MVVU8MAVS2E+:=%M*4I\%*4I3\%!Y`4A]4$>][8?NO-#?E>1*,XY\?><>0?[G
MUR_VA01:)%'[6,=_8*SO[-)8V`(];6-=>>VODHLYO1`PY]-.IO6-U1AF3#::
M08\DM=:5DQ.>C37CJQ;D2BF!49QA>L*&%'#G)X5*PCD,%S&.VN#)3RB:.[/1
MHC)1"*&_*BI`,(;PZFS9KEKE,\W,]^S5'44LQ,6VUL&TV1+2X^G22[%U2[K3
ME.*8TD29%E93$)JO5&QJB01<C3:1:-3=XO\`:99B4JR9&A!LWR$XM-T_7>/Y
M`+2FS%6NJLXL?<B?988<^IZ_:I)KJ*EVBRI9:+T8"Q%::L/HLL,T\Q5)&;!=
M3M-YMWR3H/LZYG!L<HM^+RRJG/Z5H[>:#EDM<A;+())19G(K'NQ2A?&LP,Y9
M370X(:=,8LU??99A;$I"A),+2`M(46Q@]EJ,\RB1:WZNG2'9]S[&DW2[]<6F
M\#;+V4Y%W7GV-I(\>Y5.5-=-LX#EMI0='MR2N*Q9]8#<87O*/X:=#0<2<CM)
M&1HS2'*S%->3%(U81PR--%=N&5*VERVXM9FNM)$',[6IH24Y4:4XQ/F':UD_
MC:EC5B8$)?SO-7..TSC;,M++6L+L)D&&U#SH9?J=(!A#=\H*[H46IF4=<9TU
MQQ"VG3/B*-&+"4P,SCBVP@::I01W$VBEY/:*5H.U]C:/Y`65EL&S3H?EE'#"
M^4R?=I'";5DI&M;N7'UARS.52L(7M`M@'?&F`ZT-57'"[\>+E>SL<T:OF<8*
MV&AL^_LL:1)'%^*9(Q4E)"8Y:(9))-2\F7D?6=08>T3#P,<E*.3(8>KV7F(8
M^F#%Z)7'97-;99EK;;7);CNK?CMR5I2N2EE]UF.Z^RE_7=9?=CQW76]%UUEM
MU:VT_049]4?^]`['?;&T\^6AK^+RK>Y7ZZ_^?<.0````````I"YXOG;M5OOG
M?'7\HM`%W6/YFOU^3^DN',`$#7-'#P9F_1?80JFDUIGRCJ@GZ^X<N2IHM:UI
M,C>7'/)K,)KBF7)J-Z0W)/39'<*5<M8TT_B3UYD)!(S@RFEM(+&HC,CC$6V1
MQAR/JXC-2""6V4G:?.;55T3!A5708;BN56TAU)*>;-/0ZPLC]P,M(-NU3=6%
ME$FIA(46\YRS%@L,'<BQ9Z=?XL'S2+]H]>HV7(MC&&=@'-%>T4>'"&->7'OK
M]N5&#^9<JV$K[L[>(=FO75;DB,64Y2"8X'*SGDR$H\\F"VBEC..,PFQ[`%!Y
M[*$(R=J[*,:1@FKY*/%Y)1XYC5ZN24,LG2LKD?2Z"DI"LO,"-O6ZU3RA9E3\
M&)73#QW+A6+E!PGVVF-PR95\WU`AQ7UWU0UG@-P*91:7H4@.(8I7%=/KEJG*
M:S'[!0&LJGDVF>S'FM33*@F&<B=9FLIEM)78*9/V=+A(P`%&?-;_`(X\,?W[
M+4;\W,^CO=4#>]Z%_NNM"_E=Q(+NL7S-?_N9OZ6\?H`"!K[C!TMC?:.-D2Q+
MU99;HUD>NMBE=9BR4N:3^NEIFRG'9M2-8;369/:S]L*NIJ*RQ8GFL:8Y$UDE
ML^+):LXO0HM15QJKL=\>\Q03:U(,P[;2IKCL!KV:ETBKN<XAY4:8ER2UQ(*&
M'LHL'&^$QFHJG(E%]6:J.T\9-174BAJA?.:S%5`GKK+Q*NW'#VSNM#57(RCF
M$-K6%&<@*1IO57%=^03N1%EK..ISK:)D^UR%DN0*XG;&[&>=[!=JXR51BJ)9
MXH+-MQ--[E$9F65HC[V7;S.,.B:H]BY)4FNTCMIUK0X\G7)!N4Y(,XRI9$3&
M3:Y6,P##20UA6IDPIY%<JX%6IE:*DU1034Q!.KBS^NC,&N'6G3S6F!G<>(J+
MMBF%V`S'492ZUN2*.5*02MJ^61<E;KKLJ*05\IP@CYK^MOS)A4KENLQW7ULM
ME8`"C+G2_P`4>+W[]?QO_G&<H=4?>]`['?;'T^^6C``O+M[E?KK_`.?<.0`*
MX'9#K]0-JMJW2D$2"DD;=:G13&;$65<R>34-O2M"&38,D;:3N54U,7SB2BNE
MMS.D.AN'\*.<NS&6R^B=A?*H8TLJHP3<'%;L&X(I(,XSFUZ]="7QXZ'Z@%5,
MPY'F<3\LA:B3I24UMY5.WQ-8IE6HOIN(CZUK\97,X""^G%+3J>5+XL*K@[3L
MXV-M'2Y*H9_/K<JLAF.3E5R,V155W/O')S]9_(LE.U5;*;(#>PQ&>2$99C-S
M.HFU7J;).]SIS\:K*;3D($D92QX6R3R1MZ&;31[.NKDHJAS7&^,];G#KN\G,
M>270]VVXCQ"/]"Y3U,F<ZH-U+B#(5DAZ%59U(C@CQ]/%VE#1B,DA-C<D@1U>
MEK*D\+!-&8A=L7LB9G&\R.1#5I\VFV%V')-0Q@L+GFFU9.?&3(R$E8PV9S%N
M!QFV:BH3D=1.E]*IKF7U9+R==E(Y+[YL@`I"YXOG;M5OOG?'7\HM`'X]4?\`
MO)V^7V#1]^?J+!=JF?X.(_Z&4_W?$.\`\74ZZVZWN==2M.G]VG0*I;(EV)CQ
MR;VQ_%S>CMP*FS.P21.S36)-<#G:3:5(HD""XCA"8$8FX6LUWIEP2C%RM'!Q
M7;R*J(]$E>;Z\S\6<V0PFU)01HU(?'/L7$4LZRKQ!6@-S0?JOE@0SE6\R@ZV
M.^G:UXSX^):TWE!6=$>M^,W`C/:2#9MT-QQ,QQN>1S^/#'B<2BQ-*LK"CK"Z
M]-`Z?Z*;!/;5+3J9FPQH.C&18_TRTGA9.83FO<:,?>*;&T_Q7/DFN%_**C#Q
MA1AB:6>193B;T3G,+`?SAC>3GQ(#FQ+:<HYTQ:+>T1N'K9>^`'-%:\>UNM<9
MS1"0=0V\I87=(*REEW$L;?KD_LIXFCJO$MJV314ALGT[+FQ4JL+Z>^"&*A;,
M>Q6T<MEOD(Q^Z5'<':O9!1(%4EFOJ-=:8(9&+#4Q3.YLL%')Q>+T>UU3!4KE
M,HV5SSME8C=.Y2Q/(H6,)65,!?(D'TDV9F\`"D/J@CWO;#]UYH;\KR)1G'/C
M[SCR#_<^N7^T*"+1(H_:QCO[!6=_9I+&P```````%&?5'_O0.QWVQM//EH:_
MB\JWN5^NO_GW#D````````*#.J+9":T1Z4PI*KY/9DQE1IR#:*R`[U(N2-J6
M=/:[+FT@Y7`=PIQ#%G/'\I1(3#AC&2)8,QLU?CMP%L63-DLLKK/W5YPFV5OM
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MBYSIY%![J^X3>^2??BYSIY%!7JKWA-K_`-I)]]JO33_HYSIW?Y%?O?5ITTKV
MJA[J^X3>^2??BYSIY%![J^X3>^2??BYSIY%!7JKWA-KVJ[)/OH^YSG3R*[GP
MT[E>Y7M![J^X3>^2??BYSIY%![J^X3>^2??BYSIY%![J^X3>^2??BYSIY%![
MJ^X3>^2??BYSIY%"OW>SG&XY>1E[\9D!ZHS`YGU)Z=R[:`2.90UB)),8Y6QH
MM:3SQ-<4;5EW-M*2;\I0PNI>.PC:<].F*&:WEB^:S#GNQ6R]4IJ11&X;=HE@
M_?=B(([SU163^6W'?ENQ$$?<&"50_EMQ8Z79,MV(F4SY+<6.V[)ENMICQVW7
MW6TKIRO57G";;=?;39-]74I?DI2ZFNDZ]%U.ONZ+J=<R++NBM.BM.NMMNZ*]
MNVVO32CW5]PF]\D^_%SG3R*#W5]PF]\D^_%SG3R*#W5]PF]\D^_%SG3R*#W5
M[PF]-*^R2??33_\`+G.GT?\`^RNY]3N=-*5[M*![J^X3>^2??BYSIY%![J^X
M3>^2??BYSIY%![J]X3>^2??BZ3I3_P`&4'NKWA-IW-DGWXN<Z>10>ZON$WOD
MGWXN<Z>10>ZON$WODGWXN<Z>10>ZON$WODGWXN<Z>10KXY#^>'C3Y`6UJ3KU
MK#,[G>LJJ/(UH8ZB:`K0_*3,+9D)J[`-PXNF_5MU-A,1L=Q/#FP5M+93UADS
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M>^2??BYSIY%![J^X3>^2??BYSIY%"LCF#ZH(XO=Y=`Y2U?UQFQV/"9))D76.
MYHMU3AB5FB2/V,[:"'GTOUS.!S-=-1"/I1MMI6.X_3AW#4UE+V$RUN4T8PX[
0OMTM[E?KK_Y]PY````#_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g201833moi001.gif
<DESCRIPTION>G201833MOI001.GIF
<TEXT>
begin 644 g201833moi001.gif
M1TE&.#EAJ`)P`_8```,``0D%!@L'"`X)"A$-#A,/$!41$AD5%AL7&!X:&R$=
M'B,?("8B(RDE)BLG*"TJ*C$M+C,O,#0Q,CDU-CLW.#TZ.T$]/D(_0$5"0TE%
M1DI'2$Y+3%%.3E)/4%524UE65EI76%U:6V%>7F)?8&5B8VAF9FIG:&UJ:W!N
M;W)O<'5R<WAV=GIW>'UZ>X!^?X)_@.H`@^L"B^P)CNP.D.\QH?)5LO);M?-A
MM_-EN?-IN_5_Q82"@XB&AXF'B(V*BY".CY&/D)23DYB6EYF7F)V;FZ">GZ&?
MH*2BHJBGIZFGJ*RJJ["OK[&OL+2SL[BWM[FWN+R[N\"_O\"_P/6`Q?>5SO>>
MT_J]X<3#P\C'Q\C'R,S+R]#/S]#/T-33T]C7U]C7V-S;V^#?W^#?X/K"X_K(
MY?O5[/S=[^3CY.CGY^CGZ.SL[/#O[_#O\/WE\_3T]/CW]_WT^O[^_@``````
M`````````````````````````````````````````````````"'_"TU33T9&
M24-%.2XP&`````QM<T]035-/1D9)0T4Y+C"`\B]6F@`A_PM-4T]&1DE#13DN
M,!@````,8VU04$I#;7`P-S$R`````T@`<[P`+`````"H`G`#``?_@'&"@X2%
MAH>(B8J+C(V.CY"1DI.4E9:7F)F:FYR=GI^@H:*CI*6FIZBIJJNLK:ZOL+&R
ML[2UMK>XN;J[O+V^O\#!PL/$Q<;'R,G*R\S-SL_0T=+3U-76U]C9VMO<W=[?
MX.'BX^3EYN?HZ>KK[.WN[_#Q\O/T]?;W^/GZ^_S]_O\``PH<2+"@P8,($RI<
MR+"APX<0(TJ<2+&BQ8L8,VK<R+&CQX\@0XH<2;*DR9,HU;E)R;(E2C=G7,J<
M2;.FS9LX<^K<R;.GSY]`@PH=2K2HT:-(DRI=RK2ITZ=0HTJ=2K6JU:M8LVK=
MRK6KUZ]@PXH=2[:LV;-HTZI=R[:MV[=P_^/*G4NWKMV[>//JW<NWK]^_@`,+
M'DRXL.'#B!,K7LRXL>/'D"-+GDRYLN7+F#-KWLRYL^?/H$.+'DVZM.G3J%.K
M7LVZM>O7L&/+GDV[MNW;N'/KWLV[M^_?P(,+'TZ\N/'CR),K7\Z\N?/GT*-+
MGTZ]NO7KV+-KW\Z]N_?OX,.+'T^^O/GSZ-.K7\^^O:TWE>"[GT^?KYHL6K[(
MCW3F"AA',0ERQGZ%J*'&(##5%QA\*FQ0P@%!*$+@($184,(#4,1QQ(&"$`C?
M!P&":`A\042X$A0HQ+&2@G^A$$4<:F"081Q@<!@'%S:>L6(<'7P11Q(>Q,%!
M3&[\-X@6*X40D_\:(:@Q8(<^QE&BBF!`H8(@8.SX)(MU,3AC$B=("0()7L2A
MP@<79'&&"A4@$0=\'ERAHA994-`$&""(0`2,)W!00AP@J''$$R2H@,&5;I`0
MP@Y21DC"!R2L(.4'(YP1!0H3=!&$C5S"Q>"+<4#1@AL@Q-$%"5PPJH0*8!`0
MI2!U8A`$?""XH8(2<7SP!1$DQ(%"$RJH("D%+,0APA=%,*K"$D<<T40(<>RP
M@AL?W'@"$0RLM&6G<KDHB*A?2&!""!*<L:L&.WQA@2%N0*%!BH&*$),20;0P
M8QP>`*!%'!DT$<<)7-A[8PM$))%$A.!&<`((&K3P)[=VJ0"J#SN<"M/_&4UD
M<`02.W"1XB!>N#"(!FJ0P&1,3?C@0H8&HN`PH#$!+/`7*PR1!!(_A-HQ"46J
ML<,0;T(L%WPG+!&'$A(X6<$;5ZBP`P__JG!JT"I2<$0<2&P0QP8E`XW!%T&$
MB<(2))P1@A;RQE$"%V''08(21Q"110;_GN`&!4RCX$.$<42QH]!N_:`!""#L
MBS4(&60!A@8DM-""%CT44B<('?RW@PIGF(`NC"UL$*8*;F3QPPXQ\;#O"GYB
M?;4/>>9\!.)<-''UOYP"OM>$E^!N.V.Z0S)A[Y$`O_OPQ!=O_/'()Z_\\LPW
M[_SST$<O_?345V_]]=AGK_WVSPB_(";><R]^_V'P$>$!"1M`X0:C'2+R>R$Z
M!@T?VU37/XB'@\3?NWR)MA#T&6B`VGXFE(7(#1!X`Z11^Q8(GS<8"6MN:J`@
MB*"!F.#/?@N,PX!\D`7Y8;`0%QR$SQI!(#5`+1$K4`-,UG<('PEA7_!AP8%P
MUP(0A``$7!C1(\PG`A&<S0<?'$06!)A`]Q$"=_#YP1F"T,'PV<]#)63?C2(4
MP@0.,8CW.V*T."0?!V9P$#NPD8$0X08UT"^$1LRB&B7X'R5$4(M('(0+1K`B
M'841A(8XP\)*8"/\O4^-OGOB(=0@J?HY,1@F.((;?D`!+93J$I4J!!3"=,A"
MI$U"H1)!T$JFAB`IXO\,]Y*$&C2IB"ND"#Y:R&$A/&"XX)GI"EP(4";.$"0T
M'H*6BO`7$8;P!@X80@VE,L&]FO`W0G``"VO2@"4,%((-@:%:GP05)TIP!2W(
MDA-HJ&6H3(#%/(;R$1ZX9AQ,&<1P!DT%&<+=%5S`A5Z)HDE=4"4DSL`!&XD`
MF.(\1`9VL+Y':J*2BW"#$Z;Q*4&HX`AA4H/C.$0$#OC+#2U@)8U.,*M!J.L)
M<2!"!XP6A2O=28\5%80:M#"$$\0D"R7`E1<L@-&PO4H00T#!?X+P@15E+`HD
M:(((#.=2$9YAI/5R`PL8U04ML`!H<4`IKD;*@AYHH`MQ:(('A!`'+41!!/[_
M"@('ZNBD+.S`!6_X`@9>)`29FLH))(C"%8[5A!'D\`PH(`$:W+`!(?PTJB7`
M`HVTL(-1$2(+)$B"J;*``JK>"`1#()6*^JHM$I1-12V0H:D^P*M!Q'*<;GA#
M%/2#`A64[%DPC,,3*J#0(ZP@0E!%`PE*<,T0H$$0A?N""9[@A;>-LX-@($(3
MX*,F+4I,@R/0Z;[`0-']J,%'3=#`GLZP6C4P31!7(-$)_J,%#X"5$"?H`0JP
M8*`W1#2';]`H&,X`U9%&50-`4RUKXX`%VYK*`T1X6-]4@(3'MG>I7#B!OU@P
M+9B,M*3Y[$(1KJ0$$L@I4'$8@D.EU`&8%!=&B)6K_T@Y$*$FE*")@O@!5@_Z
M6(5*5H@IA5$6CH"Y<0861OD=Z`X^T`4P6``*3DJJ;;N0A1,8=A`6[J`3,&`D
M=4'!!$L(KB#()DT-/7)];X"KB;2@!#X*X01.T@+%5B+5"(&!K_Z[0@?=4&0W
M=&$'FS)!12$:!"V\(0LKB6664A6AG@HB"GIM5U)#?(9]N<&::X6J+=!)(PT0
MRDQ)J'$<?"!3"YR!""W0*:"T<`1&P4<-%0P;&"X`ABRTH`A`+%RC@Z:%`R`!
M!?74@!94L*<,Y)9TCR41"JJKAB60LJKA?,`.7A<'(:`Z0$^0:0&0<`((/($"
M75`!!=PP`K]E8-1)^`("?/_P!`^\H=FT5`('0-"$!8!!T?#I01&:@`!W7<G4
M1$!!%CS@!DPU80*!54"]>I4!*!"A6B"89#4]\`40="$)"O#V_T"T`V!1(`H/
M4((;),`%$+2`FR@(PK-\=80?2.J@33N#C'9`-_BL*@X,4,(96O`!$S)*UK06
MA!:4R:8H@"`*'2?U#XHU"!"\%@H>@(("?`#S4>])`U'(P!5*X*,///"<+`-Y
M"-X`@A$[.E1V\T`6[,T"(HR.KH+8*A%<<(82@$$$3R#U.560!0;H,0M%2'2I
M?I!6#:@@0DY`@1LXX$@N-#T(_`SG#I#PA@I$@>*<9L`1>"!#?BM!V:1CP1&N
MD&C_5AF`Q'0KA`4\$`6<JD'</)/T!;J@:$TSJ@-$4`($[-F$++`X!'(2!$*Y
MH(`C:)?AII3/&42-@B2`80!72()G^=V$+B"`=!2]`H^'5*(W9""_35C!!*(`
M@:O!!^5>*/H72";2#7R!`R%X0H.O8+(3R(EH`]W/!YKP@Q:\(0$\\($"E/`!
M9QW@##^[PI`\T`0E=!M=7X!6$\(D0@:HX`HCR`+'_A4$)61+1"=P!'3$`"?@
M!41P:]`U`E$%.JRG!(!%(R2`+4)0.[``'RN``2?0`(IT3QB@!$[P`&KR!I#6
M!4(P`BIT!>E3!`^P(R[W'Y#&!6"0`.N2!1H`!4?P`!RB_P4-4$:%%2'M!"C`
M%`178`%(!3/1L@3Y]3\BX`8,L"\>`$Q"<`45@%110'4+(%KKX@-?T`(BHP0_
M<`1`I`4`TP`B6"I9XC9'X`$1<@):H`6G)"5(T`04,%^Y,DHQX0).T`*]0@%[
M0@$P"#7_L02^=`)=X`*%B%$-IP1S:"5!,P0B@`4<IP*]\@-)H`3%H@:$H@;0
M1`)=@`(NX`9EE`%*T`05<#D:Y$]<X`-@H`!7<`0Q]09#0%4+L"\B<HIQ8`*]
M4B*>90+\Q"D>X`$AT`!<\`4,4&L^J$E1P`",$@1$\`7N5`C>X@8-L"]O$W,W
MR"%1T`)J8`%7<"`DP$]E!"UQT/\D(""$%Q`$(*!(.V).A,A.0G!/!](!;_4S
MHJ6-%="-:G-'1!`"D,@!4?`G9^!/.EA&)D`$C^@"&]`%#/`&;B"*<M@#JKB0
MP&0(1/@O+9`%(7`"*'`&+IB06M`"7M!N1R`!7?!("$8T7=`"&)4$_G-\+0`&
MV0),#;D$3P""@C`E;L@%ZU)N.V!@G=,%.Q@'/L(%&>`&(A!>-Y,S6K`"<=4H
M08,"&9($.T!TA%`K&$!5):`%+K`"&,E-7M(^41`F;J`D#]`%:A`!4=5^0=(%
MK+42(S"*$]`W\.(&+F`T_,,`7\`%-7@$$=`%XM@DZ[4"2:!VT\@C0E@!-Q8"
M$-6*$>+_AH2E00>U+KB``AL2$\RE!AG0`SL@!)4V`2N@`1TT!!!P`C3H`SQ`
M!+(4*'6B`D_U!12@`7>6`:9Y!`$2!=P$!B@P!'P#(B8H`D,EA$&C)*'"`EU`
M?\"EB;`U2BT`9J!2A5,3D.,$!C-#,'Q#`B1FBQ)G`AZ`4%"%`ER0A"1B,(R"
M(G7X6*+2;[GR']YR-2V0`6?B*P'#!2NC028P!)'#B.7C`:;Y!"7@+SZ@!/0B
M4KU)(CG#`@W``PW)`[,F!,4"G8.``K.V`BX`!B007D+P!LXVCJ\%(]7R*U(2
M;C'1`@YP=(!R!7?UCTZ9*SIR`"_B!:2V)PGD+6?P`?!A`DVP_P$_<)H;>BE5
MQ0$2L"\BR@/("80BL)Q"F"@-(%B"D#8`,Y^BJ4F7-"7D65T_&@<MT`!!`"0^
MT`--D'4:!"W'=YL!^`%;V@1.$":KIYE(`'=<`)#B6)4^L@(FP`-!X`2U4B>?
M650L(%:C<P1:4*%&"!^KM@,9,J.#D(UMJD$FDYD_HV="4)U'P'(\4`(D4*9G
M*GK$0C)':3,'\R8G$'-.^94SRB15R20^`C`]V0,*-PC!HB(_(@3^8R9'4`+P
MT21@@`5'0$59Z2`=T`1(`#63%`>GR0(;*E+5@@4:T*=_2BO`]!\K\&DS2BM&
M>GV#1@170@20>B6X201`!%"E4%""H/]:;@";&:4&'`!5.`0%.90!9*<B1+`C
M-=4!Z%I48)8NU:(&[_IF5[(FX994"MAQA7,TK10G<<`"3<`%5P(?9W!/?PE,
M^Z($A@,%%9,BT.D?*W`ELZ8$88(%7(>FU4(";D(P);9J;A@T_1>@C!@H'R`G
M*_`$A&J$O]4$5Q`D6M`!_Q*?+4!5V+JFH9*P"58L7>`$OY6E&EM5+*!V&'`@
M(G!O,#$!8+!51Y,$U3)NA$!!Q0D"5#D$0/-(KB4@U<)G03`$GJ5(9Y`T@W!/
M0<.C09`B6:!)+2`"Y/8&)("VAO!;"RL()Z`$FH2O*Y*-;K`G+?`K3C(!9T!'
MXTHJ#WL%11#_51@0-,>$+RFI!>H:!Q-0<')R@%!CK7]KI6-3)!G``R)#>51+
MM="UKZ0&M$W043"R`2L!-SQ0G!JD203"I%<#!9GH`?-J:5]PK[0)F^-J(X28
MLQHB,O`A*IVHJ(>;40$BMN.$`ET@`8I*!*BKNA*G(O6$M393M!PK,$%`540#
M-,E"E8/0<8_EO"UP-5'@+_#A8BNA!A>@!*4REF"@@$#8'TF@3$T065>S`DK0
MJ8QXHP8T"&A0*E=0*OBZ>J"(`;;202"P*J2*+SD$L4'S!!L`-6N;5";`7.Q5
M`D3@O;5`-.FD0;XT1R00)"1P`N)W!4M``3L`FR0`:E<R"![0`R:`_\()4$V]
MHBLEH`(<X+,_=HIJT`$N@`%7HX;2M@*&%C1'\`$L@`&:Y94J(BOBV&#2I@(6
MP"%/L`)_JD%!$@5>L`,*T`(8T`5KMP,6T'E_<C=0X`,?$`00X`,D\!]Y5;:J
MU`/-PBA/$":PJ00>P`+K<@(98D["]"-\2@)HV0(J8`)9L'P[0`%G8)^B!<5J
ML`$M8"<KX)\1@BX:H`30X@*K52HMP`$KT,DC4,)Q,`(JX`&2"1\C.8[0L@%O
MT`1C_$CF5#4=-5![8S(NT`$K0+^"8$[%"Y`=8,:U9[.\:*5QJ;4>-,BXA"]H
ML,,]'#3D20&=TP0]L`&C;*4?H`)7""1(#/],CG5T:;@#"+`F62"'+?PC'J`"
MM7(!.S`!*5(!H>P$/+`!DDA7+F`!>Q("J2R9VP3$E%P!#O@PGES*3\`"/W@&
M-ML">@4G)Y4!+C`!CE0R**P`44#')@##<>#)*!"4\'%P6;`!C=Q*1/D#^SK"
MI>Q),,(!Q`P&!U`"']`#X^H"%`"QO0)I?:4`4*B;<8`N+'7)@Y8SO"72%4#&
MOC2^/2"<>256$:U70;,#&^`#%G`UJ.P!_'343V@I36``*M!N/]#&#T`$IB=:
M8IFD*?D_GH3*T:R'*/``1X,!.\``36`RGI2&5MQ'#0`T"CW$5_,!G_H!0R#4
MM_`%?:1G*JPM2=#_8E!U!7_W)DZ`4830'VJ0V&#P!6[@(V>`,D]@7#[R!E#E
M!@XH(!G"!4D@3J2])"_5!5<0)5TP/T@@2VJ0)67R!CET("V`!$Z@9VX0:##"
MVHE;9UX`'X0=G0)B(*AM*O-3VD)Y(%P@W`?R6EF@<6C6+F:I08FM0<>-($J@
M5\.=V3#B@)[]9L3T)E"@!#NZ!#:UR$<$55_@(ZT=*FC`VOO!!5UP5YFM'Z&B
M<83PWH)PV?V]W3<"5?V!-4`T7H5@V6^B9\T=5:%T7!JD!#-2WD0BLV1\(\KM
M!DTPWD>2VSV35$E0)A8>$U^@!)=U!A#^+?JM!J$M")WW*FH`5>&]VQVD_P8@
MWC?H721>]B8Y=`32Q-]G\.$W`B.4#551\!]=>JA14.']C5$__E+CI`7_$=[C
MA-Z$H.)RTE%:L%LJ`N"Q+0A?@`1@@"-H8*)$$MK5[=WY<]U2+B!)OA+=G6P@
M5-X=]"9'GN,WPI`9Y0-7("=NL`0F&DO9/5TF=#]Z%LN0W3?X=R"VVP7QO>:G
M70@%^-]S;N)0CN8?`1\E\$T,X:TZ1`0$MPF<'@JA?@GZ?0JC/@A0\(S,\`."
MK0AH$`+50GF/,"3\(0+^Y`Q%E$9:!$B!Q.NG<`0P[NNZ?@BGKD/&O@B5E.M?
M]`C>4^P=@CLJL+B<'CZV1#5Q1.S8+NS+S@@`U?_LPU[MO=Y-76!\VJ[LW:3M
MF)3MR"Y:&-5%B/!,^73L-\E%B4`@\+[KZ-X,SCX^_%X]^WX-288)*E1&IC!&
M_2X5`XSOUE[O<4")7E@_:"!8;X!`HF79$K_KJ,0%N>JJ\G[P1=%%_Y$@(G4@
M\4,E(J0&C\KQU?T$W*0B^63@;I,%[=7?#Q3P@P9$*P(&^R'R'F\4:O`#0G6!
M1'`"$MTT(3`"%&2&A+,G:T<"&W4%^Z7*5Q`$&1#;'P`">S((-#75X^H#/D`R
M>)*.;\`"+$`!(H/*'FBE(*`"814L$K"X/5\4M/0&!O`$63``/G,$2X``N>)+
M"JP"_G(LRPDH38"M9]#_A2J0A!XZ`DY-2$*I3"0K-OY"`E`@UV<``;66!*[X
M@P<(!@%P!D]P`7%?%.+JR%OC!EP0!4E0*H.98)KHUQ+0:!A%B9VJ\1K``TFX
M`2!P`A)`11IT!"3@2R2;(KI_`BRL`?^!M4)P,YH?(6H`R(T[2N<^^CAQF>(8
M*&<P8@B3(DNPL-9DEF![,T0`!A5PQ\?[`=8$!D:"TU$`+8GO,;EB3?U!2C0Z
M!&Z$!#S[!GDK*0Y*_4$1D("@YA$7YZ%V=D74$_=D$I>D1G(4%]+U@Q)GH71T
M1+03AZ+"%1(',BD21=@D$G=$$4<2E<5J"GLT0C@81,1[I1$7Q-)%$G<VB*5&
M_ZB\S-SL_`P=+3U-76U]C9VMO<W=[?T-'BX^3EYN?HZ>KJS6HJ9"J.)VQM4T
MF?7Y=%BBT1+G#N(A2A,E9S*08!%/0Y0S)/BM`_%A!X@X2D"H4<A0PPYW\-QP
MB=@D#@\/AKA\0O.NQ15U+%NZ?`DSILR9-&O:O(F3Y1MI.W<N\_DSCL^AUX#F
M/(HTJ=*E3)LZ?0HUG5&94Z-:O8HUJ]:M7+MZ_0HVK-BQ9,N:/8LVK=JU;-NZ
M?0LWKMRY=.O:O8LWK]Z]?/OZ_0LXL.#!A`L;/HPXL>+%C!L[?@PYLN3)E"M;
MOHPYL^;-G#M[_@PZM.C1I$N;/HTZM>K5K%N[?@T[MO_LV;1KV[Z-.[?NW4>U
ML!`*+`EP9U6?G7&CK'ARGG'D$5+.[,U4+4*&1Y]FE&@SH&">+_\^7,VB:$"A
M6[^>'=K.)B&?G_&^G5I5%LG,!Y5^C7YX'LN<NP?/TWOGJ1<4?,N)9UUY!1K(
M&VD5$%&,!`)RL],($WJS$Q%!#'@-%"?$I`8KV!B3U$Y!^`#<%>]0^$P3R*GC
MXC(D`J=ABN_8M]P5F."HS8P-XA;%!'&XL.$0*G2G13)?G(&&%B1XX8\2.V6A
MQAL[[/`&&!8\$4<6)"C!S!$>0.G&#BZXH087S6GQAA9-D-!%'"=@0L0&4#C#
MQ0C]?*$%"A#&T<0(0_RVTQ/_W9W!YI7(98%<DLJ<H8()57;1PX9"H-"=,D]L
M`*$3&'#Q!0]"N#/$FF^J&8<*+G31A0E@<!G'%2_&H44)8*9)Q`GO=2%"=8":
MH$4<6#3J!AA0D."&F$X0$D0)6KSGY1+,JK!#J29V((\*I7H'Z89?<*F&<&^N
MA"@)8%S!P;)Q1J(KK5\NXT1W:B2ZPZ+(<:'&J\@V1VD0:""G*JLE!*KFG,H$
MP0%R1!RIS!7!NI&*%B>$%(0'R%V:::Q9"!7QQ+0F`P:33GZA#!$<1*'&"$Z,
M@*JR;_0+#*;-N?!!G#^*MI,**GPHQ`E9>/#&"<OV<,02#`213"E@O#&!&RH$
MH00)_VIL@*\'8.PPB8DC1"&!TU"K`(4CQKBQP`Y!/!#'#CY$L;4AS(#QJ0H^
MM#`!%`\T\44%']T8QQ"?].")#TO@XL%[)-PIE`9.$`'"&PR<T`41+8!1@H!@
M?'`%"%I\P0$8#IQP10A-^.#"&PJ8W4`<*Z!P!0--H"!(,1\\^L'5>!MPA`D)
M3Y#%!D=PX4$7(&0!@N&^3=`$#Y!;`(82''0!`1%N6+W#0!MT04'6CQ`^>C\^
MA8#%$9^0@,0)071AX0E?',$`$4IHP`4%Q+M#A`_U4J^]$)_X$/@2Q!0."RZP
M8`)'0(X:&N`SB[6`=0R``@5<<(2)F$D92"!%S[+P`0%=@?\80RB!&S20!10@
MH0D3&8(+OE`Y0EP!%TU(2!8FMH*0$,UH2"/$RJ)0NPA`<"(^@!P&N&:"R+D`
M#,@20@N4(**;B08,!@A)!H?4A!W<Z0<C?`5P?D"$,YS`#;,+(`G><`LM[.`"
MRN"`FKK`!1&IX`?].,,(WM"`8`%M"$>X0@;.4"5FG.$]/=A!"W#A@TV@Z`D[
M\@<K2G`L0I"`"R9X#PI2T9SN-.$#<)3C$+)@@6U]`0-4\L<(W,``,$C,'R$X
MPP."99$GJB`))0"%%I3P"86-0(P:\`(#WJ"&$PRAC9#B$A)VP+`3>($%Q%#3
M![^P`B[]0`E+"($6:*8"96YH)U#_<`$7/J0&$+P(75$XP@/D`0%<J*`%HVA!
M$X1T@DE\@8AN*`$/DD&$68[Q(;"``BX"V"X4=($%K=R)&^)("36HT@D2V%@'
MWE"CG40!$T_$&G`^4*8K'.$'M$(!%C#1@2%HX0+;*H4;6M!-BFIAG%.LHG>:
MH`$\@C)8&5S:])[`NT)<L@))$(+4DJ;$T/P3E>^!0@M<$)(?)"$)_/$)%,QV
MA#<T#AA!V**8>L"#`A*BE(100PAV<@2-%&,$`MW)1&JT!`ID`*?/&<$'1-!'
M:052"11]PHIV@@(EJ"";S&IJ=QZI#!=@``4B$,1./K""'?P`DK3:@`2ZX(80
MQ"X**U+!_Q&^6(I(O&<%K`34#GBPD@QYH(]->,*'P*""&@'L3F?X0/'DU`5S
MQJH"*LC`%W:@S!%R@+,FN%,0IAF':G(!$W*"518R8+\LQ@$"BU`!"7;0@RL,
M@3\HN)-7D[&"!@@!"9LEVJQ4H(1V7)6I)^C.";@`5&6@@9*1)<%[L`O9K^(V
M"A\Z;10<L9,8<G!#MGC'!UA@-N?&@7_O&,(T3]"!5`A5"?Q91A,H<+VE:E,+
M%%`!!][TU\`&(15!B``Q<JK3!FR,`RMIP1/HF"HE*`&WS1&!!M3@AK'&@65O
M),)OOH"$,FY,"%#H0#),<(1W:,$BI"C%&X10!#"$Q`/6.MAOQ/\'V^`HX4-'
M*&3?-@`F#"1#!%]0`4M7$@<<QH$+VNRQ!]2DA&`58Q(+3"Q=KS"(Q'[APB)P
M0P=6`@(E.,(+'^`M(8P8ARXT@;%Q`(.?,)&%)+2@5$?H00LVYH'7WBD#<0)!
ME:L35R6L(,^$A%!H@5--SC5'FRJ<B!H@1-T-J&$%DX""%FIT`@@IH0DG4$,!
MP9`!'NPIQL`1`I3C(.4X4%D%B/Z""U*Q$ZL20IL<+L62A_T&_P*'SQOH<(R1
M\X0*?"(([\B""G04APX$:PG!*A0'^$/M+JUQ$MA-PC2GQ*6(K$BQ'8@3"9;@
MB$*`^5MQH@`6,`P:-QQ@)4?X0`LPX`;_[/U``8*T#@JZV((2F&!V'O#!!W=@
M`0AA];Z#2/@))E+G#V3`#1P@1,*6H($F5*`'&#A#<H&#!`T0`0,G6,&R?+`A
M#?2``A_R"1@.<&^+S^X(&.@!`L3,!0P$@003F)&86F`!`9W!`B[P`)@N$(0>
MBX`%'JA7QPN1I@N(@`%/$)$&^EE5C5`@S,0X@T4VL`,,:*$+,J<`&)9@@1X<
M``S)I,0:$0"%-VB`!`B04@8@G@0O9.`'[0,.%R;`A1*LP`/]4(8(5-`!%GQ0
M#3;M`@9V(($O#&$1ON#!6!7H@14@2R,1'\X7#+"QA"^\%3V?.]@>-8@X)"SH
M(EC`$WK,@3<L_R'76Y90$ABOXN<TL!@<2#M!(G"&)'"@!128$!RK<X;B8V`)
M8)C`P`ONDRM0H`<<N'TN(B&W]HF("(RG0+(LP`,-M).L^-9,%%[$A2-H4`GX
MVB,SU&"S+"L!.6>XDQJ00%B$$'\"$@5)P'])D`5?\`:HPB:`X@;KPV\!Z`1-
M@`99@"]]]AYN$&89XP_[HG])\P1-T`4X=05(<`;(D']:('\RD@2PP@510#)"
MT03+LH`"^#*L,C%GL!/5PPQN@`0K@7]"H2;_AV5G<`0V\P1.P`7%D@Q&J`5>
MX`5@P"H\0%%$2`C-PP47$@62U![)P1[%D`H0,V9Q8G]]=H1;!FTFZ/\/28!E
MRN`&'A@%^T<((8A87X!3-8B&K-(%0B,@7+`>.`6#6[:"RV"'A."#6!:(*G@A
M<1!$AI@$D)0%]'<(B]@%1W!OJ#*$1Z`%HI2"@RA14*(%L])^H^@-2;"(U\!V
MWG,3.W$"/1`%N58F%2"*YF`B3Z)V4=$%&:"*VU`"/@`%O.<2*=-%I$B,Q+$-
M"D(@`,(AZ'$=RX@?RK`*T%$5RC&-Y.$,:L`"()`I;_`!P-:,SX",RO@3"$-8
MZ9&,"Z*,Q:$=#`(H(F".RWB-*Z"-\!@?ULB.RO`%`"2.R;B..,(CQ0B0`2F0
M`TF02C$5_R@."(D3"FF/!>F0#PF1$2F1$TG_D15ID1>)D1FID1O)D1WID1\)
MDB$IDB-)DB5IDB>)DBFIDBO)DBWIDB\)DS$IDS-)DS5IDS>)DSFY%VXPBSHY
M&&X@'4#IDX.Q$SR``2,@`=+S(?5XC]\X'.4Q)9]@%,]B9PMR#PF"CEEIC,P0
MBBIP(3W!C%H)EDSYCH30:L_1AO>'"^L(*9%`'E@VEOY0E0`BC4ZICFF3EF6Y
MC\LA"C[@!3_0ABB`!EJYE7#YE$.R,<L`!1RP`1QP,BW@?$WI'3LQ!$4&CV[@
M!<^$#6-I%$2@/4Q)(Y/0C#O1!>]!%.M8%%M9E\K($(>I#$MX<GJ9'MJA!H6T
MFH3@F6(9%/,`'`>Y_Y>3&0=$4&17()5+<0)<`@46P#;/499`T9/`J8P>(A0^
M878"=1Y&P5[7.9W,V1QB:1X?D$V+>)?Q\8S="8[[Z%4"$CO;Z890X@QF%P<Q
M>)K!-HQ&45K:V9#<*1^LZ(V&Z`RB:!\D\UTMH%]/A([EZ9]Q,%[@`5?ZY1T_
M0%%Q8*#L"!UH,)CFR8Y0P`*,E"#5*(XF0E_Z&1^WQ2$OTES,X8;1@9#3Z$_)
M\2+E$8/7`2P$ZI0I>I[W:2#O"*(=NH]!$*%&`:#$@8QEF&5+N10J`$F.Y0AK
M9B[^\&\HDC(4L"Q1``(K@%/)UP*+-`)2`PP9$`]/T`*@\PY$D"E*@`%/,/\"
M08`!(?$/F14K).`#&A`G7V`"E>,&0\"3#J<$#9<A$M`"W&$"KA('2Y!5%+43
M7%`!36`""$-?/N`!,>9/21!!7-($+4`*/_`!2W"G/!D$B4`(!EA5$+<LRF<1
M9Z`$&[`$:F`!$I$T![8D)=!=;@@%;F!N&0`F3X!^7Q02?L9H608"\'-@:N*H
MM.8/(*"F;,H"SF0L@!(G1Y`T1[`QWW(&"M<=D,`(7/`$QP4<T48*+M`#C_>I
M'&`15R`$&O`&O^<#?=IX>78G(D@12_`&*M`%.^"-)&!KC>H!PD&:I>(&11`K
M(=`";A"L^_6HS>$!*C`":5EKOD("0;`!WE(")$#_,DM`!!H0H;@I`9/&!<$2
M!!DP!%<@42`0#\K0`R"P!"70`_`3GQ$;HX"B`3?2L?%03:2``B3@)\#Q!2>`
M`6"R"19+""@P`C?;'&_R"2J`.1<1!&<0$@(;?XH312!T,.]Q!5GP!MF(!>=*
M"/OW!!)!"$88!%3V!E'S"=GX+!#R!40`!4M+:V[P!!JHIF`2=I+SK9/6"@W7
M'_)X)U"0!"++DQ`WJQ-!I[$Z!'Y*"&(2H35[L]0D5Z7S"!]0A21``5Q"`JWD
M/*?5!!80!"%AN,N@!4FP`V<9LUO&L1S@`H12(JE"J1BP07%0`E=P!J0@6'&@
M`5_0`S\`6E9U!ME)"%DP_P!8T`(,<`8:H`6>)2=9U5=1@%]_TF<6T0!!`#PB
M42IP(H`'``5(M&(BV'&YXP(K`)]"(`1GL`$?U88C((*#,`$EX#F)^0:%HP&-
M5#@MI#KMX08&@`1NL`%Q0`%<55E;$S4N\`ZYUP7#N`)6.GVL$`Q@0`!*@`8_
MA`42D#1?,#LD4+XO,C8',`10(`%:D'1#P`$7(7M)@`4GED%H1B)RE2KR>S3/
MBUQN``*3%`<5X`A&B@0ID6/EN[[O<0)+\``\("`?=`:9VP(5H`8EX`0D\@/;
MZW9:@`O>"[[B>X7W"\-6,DOD1*.$<`'FM0%*^PXL(+^S<P4;\`:=LV0E/&E@
M8_\^:@`!8L8,)!H'%]!('U!E"\$*$]!=#I"87(`M*P`&07!)&+!B++`"$Z`&
M%<"O@*("7T"]40,+KOM)`FA^BQHVC&B\XN$(&"!QL)`/%O`&%.`JH=0LN/8G
M;H``/.`&/%`J%L(ZJTM$1*``6A`%!'`%06`!P-$"$`("EM`#7`0%$R%[;D`!
M34HK`@`&68`+HUPFN;P!:-`"/A`"\C<(,]RU%F/!=H,<.T$"6<!\:F`"3?"Z
M<2`$*+*#$-)7)T`!:C!V/C!7%K"Z$MP%X&,Q++")I+`+-@7*P$$"%2`GW)PP
MU>(#MOLA,$<BU.8&1=>Q7T`*0X`BR#$$!]`WON@([R;_G%F``6]@`G.9$SE3
M`4@I*R'@!NCW`PV0"F@0!1;@!2!W!6]P!1B@/PT@(%H``<+R"T1P;VG"`4GP
M`1#"!03@Q]399@\0)^!Y7X-+7R%,""?$R]$D>[_`P410`AB`!AJ0M-391=?F
M`1""5\.68I,`+"XP`G5R3VI0<JH3!1Z@U7G[OV`<!RQP!46`6U;C#RA&IT,$
M`;C41:=5#%(SU8CC1FX0`7&23N_@1I&@!E>'8H=0LM99LR9S86[@TQ(:GMX,
M<[#VL:IH56](//"P4.=UN:A""%/G79CP`QN2+RB[0,#``4SMU%"-!D/A`@7Q
ML3^P`UQ`3O0*'"<3G%&P`R)0_[&X@!S.P@FC1-&S``HD4">3>U?]"1Q!X"L8
M0&Y(T`%4R`!9T`&3<`*0%+Q)"PR;0%%0P`,N\"$D2DU#A#:5'7<?#4E!L`AH
M@B9<4-,@`"&UQ53K$"Z:K`'4G5I<PL9\'2<<P`)#``'B8X'OX&=912L24*S*
M@`5SA7'O000NP%L<7=\I<G7.@G@2^AY\'`</0+<B`"EZC2P0T&@3`CDL@`D^
M<`2GRM165`@K,`01<`0.#@Q,33+%(C6QUP+]AMU#T`%$0`(=<*+*#1PHL"%'
M52-?X"<<E@Q`GB\F$-N?%5JG70(J/@0?$MAIL@'U(*G;[61)\7I=RU4/UH+A
M,@%1E_\*K\@!NSP04)`T"U4,$X$%7'!XGTL$,G,%']!NZ\!5/:98NJT$3X`J
M?);64%`")D)1'M`!P#`Q>X9+*N`ZA(`&O'Q;#'/5D64AJ'4E[%&$/28XL8I7
M)/(!L?<$+O`#:DQ5Q9`!)W`EN]7FPY8T9]!7D$Y?@LW+)I`$DQ;84C,1/3$"
M'C!T=$4MF%Y5>BY9N=4"0E`"2+`"H#,<CO5.L!ZKE%5SR>$#[>,"^`TA&&`"
M+L`#23;E[!$%B][H.W@"R!Y$5`Q>B$,)[Z$$GE`]3="&1X#.P\Q;I-9*O]X$
M.W9>`7@P]'5:V"4"2I`$4,`0CD18[J``64`$2&!NC'`E^%W_'0IE350N-1RP
M!'V>*>`M+!0@YS+SX[CE`A%G".:%6M4.#+[2S:50!*L&*5KP0L406D.."?"I
M#.1#4:>%9O&F6")/"(#N<JU4"N^1G3M<5QM155S%RQ81Y":A3,PT,'OV(NZM
M\DB-12B@=+A>5Z"@`%B`!-NL!%V`2/&=,W=B$C4265B``;/LO6_`<B[0Y,7@
M)XG^?E=?F[CZN?6@\-N](DN!5SOAZFZ0:ZV=Q7'`:$>0"AL@!+-S!G^Z\S$_
M$5OH,26P,#VU`W+V*(IU]"Q\)VM#"%K``,5BKDDGNVJ`0Y+P)K$2!%>S7TOI
M]^_!`0.?*MX(GAQNZ2B"!*+Y3RMA_P'#K@*+("I:X`$F0%'!FT2%\'(@0%$_
ML*'8=`%J8,ZMWCB@WSE>3E>LNRF,T,%7!?HLH`2X``6&,`AKU`JB*?/:]`$A
M$0M=<%@_P'L[@002`":@+VHTF@&*VA^_`04`.T7K[@+[Q?9<PM2F#PA@.W$^
M)W%O<5<373\6<2I<+5HN4'&6%C]Q'EP[/G%(1Y9Q:A8B<5H9<6<?9QZ/07%'
M32%/<1=9HZ*(0;!Q(&>/31[`+6<CP"A1EE^#/3M'LJXN+CNUO(=Q3RU=AF<B
M;AAH<2[`L2-Q340J2W$EZL`J/7$B0Y9GJ:1N(L`G73L\\^J-"F')0R4>751<
M<0,B6P@BL/^@H%#5$-N.";@X-(E#H@F*,VHHZ"MWBH$;,!O45/2P<406(B8^
M5,)"81"B,R146@(A#E$)+I3B_$C2A$0<+)X*5NK1I46E'T1*;&SAQ(0;"\!`
M./'$HT711$18`*2'[03!%42>$&RRXDBE"F"&)"'B0NB*,XZ6B$A2(E'2.$0F
MQ$FR8@4[$DJ@.6E8")NHQY`C2YY,F3(B%<HLZ23B08.*."@VM)``)4N%$=)"
M8.@5)\K$,PVQ?#F"H06&'B>`N8YC0HNE-QQV&/+EYHJ'#Q_<6,J2H00&(H!!
M<&@1Y\.7,QC4E!!1H=('$!EJ(2(BG46<$/"4(2*Q@@2R+&H\B,#_`,:2FPD<
MII\'!@;$"`U@A'"=!<J!\!DV4'S@`0M77*""!R=H<2!G)(CT&P9))/$!!^;9
MDQ-!OJBQ0P@<)-<0>1H$H08&)YA`8`9'Q#=??:J`"$)QWS4$!@2`40#9&0QP
M$1T'*Z!#`0H2-&$"9"IPH,$1U<01Q!%:6+""!RBTH(P;)(S0G2;@56+)CH`)
M=D(DG*@7QP@@R*>*?!A\\5MU`K4P'W08Q"@?5L:=\``86DR$B"5""&')/J!I
MH80'&WR&WB.9N?$=!EH<`0L+&$#P0Y1!&(H(&!GL0!UL@'V@P43VE4#"!6<0
M4=MMN<4!Q@<G2!#*(1^$H(($8)!0'PKP_T%HJST@1N&!=%)RT(X''+@3T6=G
M@&@)%`\HER`(#?V``0D3N#%"3Z<T`-X1#%D2Q7<D=.&*$A]8,@$2HN"D!HB(
M6N(#"2A4$D0]758@7FO'N:*"OD=TT<$'*&PF70MO?)=!)?U"H0:MPR+"`@0B
M;``,"218H,45%9#@RA,:%.'9=X!94$&[75KP[Q$-S,>%JRU8,,01AI)0@I65
M]>SSSY6I,:AF8W:!B!M:J*$&,&=PH88E7=!HW]-O4(U(U&Z`-/4H3VNF]2@W
M<:'<U&!(#487<;@AIRINO,%%.6YP(771B`@-MB@G=:V&<FHDC8T:(ZAA="Z:
M.7W2(6<HY]2/7?\H]\47;R3>M:Q@3#X*?V@_]K3>EG@!4M5TJ\)%Y&XL/8K?
MHNA]4^.:O5'ZCWV-";GL>UM^B!=&NZ&<[G$\'OG>]KT=_-Q@ORZTT+QKIH;8
MFJ&.]]AQ>$'C&<`LW_497@@-^F/)VPW\V76'C[?<:;^1!19Q+&'([M"KDO@A
M78//?1?`O$%_UG:/T@7PA2NMM&9\,USJXL6\-\C)#??CW>L(9ZX.B4XY!JS<
MW<RE`C6L;7)-JQHPLF:)$I`$=)S31>78ES;A/:9I?-O=T]#`O/@-+FXT0F`Y
M!`<\1*S`"5^3H3V<MHR30,Z"M5!7VNCWF"&HJ#[V2USB=G<_H#GQB5#_A,S0
MHDC%.57QBE@\X0:>Z`8/9&"*601C%L<8&41$H0&9<`P6Q4C&-5JFC4ZL$FW4
M!,<Z0I&-N@`,`_X%-"@8!8QX!,,$C&+'0CYFBB2HQ*"&AL>_72`('ZC'%!'A
M`WE,TI"8O&(C,\G)-KI!"4]\PP[6!L=-JC&4<,Q"&CMI1U.R\HH2N@(G3>G*
M0B8FBF=P@L^&=H8=M.^5=70"\9YXAA8D@3)9P`4PE\G,9CKSF=",IC2G2<UJ
M6O.:V,RF-K>YS5IRTXW?#&<5O2G.*)+SD'<LYRS5.<9)XK%N?P$D.^=)SWK:
M\Y[XS*<^]QDO5_SLG/P,J$`'2M""&O2@8W3#_PY<H!PN8,$$E5B"X[Z@!A74
M@U1N<$;5N'`$%CQ-H;Y$J$A'2M*2FO2DZK2A6R:"@1`D00%J:`$[-/"$$T2!
M"#^0U"-\D`1@&2`*1S"$"MQR()0:]:A(3:I2E]HS-62@"5%X0!=2Q!LM!*H=
M4/#`%9`@@2_DI"(6Q<`A1C!5J#X`%P!EJEK7RM:VNA6:3A55$+Q`UCB<``MJ
M0($2>/`%#/#`!430@@GFA8@C<``@<5A!$S[@@A8$04AOC:QD)TO9RK91#1I0
MSA%PDIY'6.`+6FB(&I+PA1(X]6DH&()85^&&S,:")):-K6QG2]NWMH`$)U#6
M,-I1BR/PR!<L\(`*W/^PQ1:8X`3I.L`)0$"=]IQ``X"!3FVG2]WJ6I>@4"#7
M*92SOQ+^1@D;0=JT0G$%%%R!'=-"@G+*=MWVNO>]\"TH%):4UOC:][[XS:\Y
MW=@%Z%Q2OP`.L(`'3.`"&_C`"$ZP@A?,X`8[^,$0CK"$)TSA"EOXPAC.L(8W
MS.$.>_C#(`ZQB$=,XA*;^,0H3K&*5\SB%KOXQ3".L8QG3.,:V_C&.,ZQCG?,
MXQ[[^,=`#C*0WW"T^NK3R)9%LI"77$TN>;$#/@#%*?,XJ`JJ49Z2&8\DIRS%
M6(1BD3W#,C9ZD(&YN5+,Z,RCFAV#B#;C39E99O,IUT.U..P`K6L^(47_V&7_
M,0Y*"13(S!G0D(0OI[G+99SRT+2@'"RX&=%,CG3/9J6<:S!R,JR0,Z0E0[W*
M7/H:B<[SI2&S6R)G&<V[#'686S,<78RZ,H-#A$VM*,5=P`*R7.ZS714II2,@
MP1.OGK.GT_P!I?DSUY).]F30`"(BK(`%(7C:%4"P@2YTH:>/NE$6-A*'_EHB
M">8300MTAUXEC$UN7U`""NIE"25T`%$JP-<1G(`++FPD"!E0P1N:<(0-],)5
MAIJV1T7!!0LTP0UV0M]-7>OM."C!?"$8MQO0ZX0N"..8JE!"$$(`AB\@`0-=
MX$+$=:?Q3;1@&%U0@G#<\(.48.,,*`"0E$``2BZH_SO:WOJ2$USW@16X1`TZ
MJ\\3=F`*?*_`#<=U0RW`<(+<J$'E'/`--K`@[M)M((UO($$+A,""%40[$<Q]
M&A1.\[0?>`"4HH@"NXY`,N@P'0,5IX`3FD`!^@4]&SLH010LD!-E^YU8EC@"
M`[[``T]H#`HC.`(">K4D$AR!!(/JH@%#T$4O).$$:MAB'#A0#AX0H0D'`,,(
MZ-MM5_R@!42`O`66X(3/.!X*?2G!$31`@B\P``Q.T,`;-,"7,T"AJ%U4@P]X
MD/F\5D`+1_.`_4#P!@]\X?+$W4D3$!`C2VAA`%^(PE`5$(7X>$$)AC@`$9)`
M@"R8X`A+,("4?(`%/FL""?_&XLL;1'"%)(1>W#_PP1<,D=D2_``-$)`04.`-
M<4`!(H`&2A![2$`$/M!::[($6B`"44``4=`(>-,!EA=[&X$(GK<$#.`%A5<=
MOO<9`!($2O![P8`-)``7#K`"4'`!:_($*P(;8-`*O!$%QE"`)*`%&P`&02!=
M?Y=L.@$88K4;2N,#LI<*N]$!`0!GB74%1'`$7&`(;U`"61`[(M`U04`410A\
M2V,"7:%+/]A\'"$YZJ(AT-$/++"!39`!0K`##5`_YS$OP,!3+?`9IJ801%`$
M6D"%):`%A&0"3=`MHG`%FJ<"+=`!<0`%ZT,"7B`!7N`&%?`&4/`$2F`49W`"
M*%C_-\J2-B:@#$W``TD@5E#@`DV@`7Z3A;_P"(OB`T'0`%K``:&@-%^@$4@@
M!&\0..TR#C[@"$.XB%3X#2N@)D&`!$M`BBWP!1;PA@Y@#,7P"(['`><@:Q-!
M`M"Q`U7S=`22A6KP#1?@B@V0!1X0"LSU/DH6A#!&*E(""T_P&2+``3Z``A"Q
MB!,Q`E#F&$_@`OJ7!:C2%K'S*%*2(9GP!(*B"AI@`BW``SL@AK!P`D$5!UE`
M`2YP`D2``O71#T&1"!_0!$@@@Z(``D`'#*6X`V)B"?GX`V#`CY8P5(%(&(ZA
M?9:P`]:XB`<R5,,1;6>0!98R"BK0!$6%48]0"9EH1/28_PT8@`'S%Y*/D`0@
M4&A-8`S`$)$N4`)*D`2PH(J!YP&#0"IF="`1$A2[()#9X`)>P!(=^30\H`!$
M("K@)4LK:0VP$`H[8`%!X`&`HS0YP0&)@4/'D#8^P`"KA(Y,IH[74(JAM8@C
M,(\2<1Y<H`%R>`8;<`ZH\":YB`8AH85)H`29L(EQX`Q"\0]C82@P<TPCL!$F
M0`2QT@__$`=%P`*F@`8AM1.2HDLC@`4DJ462F0JMD(M*HP$^^1A:8!+],8_,
MH0JL8"-+4W^"D0200'I7`0PN0`)<002:B7=*H`P>DQ,R$0<:D%7`L`/>``PB
ML!%4N9/,AQ7S$!84(0J3>0;0A?\9V,!3U:D-[JD*.Z`&=:$6CC48\(((^;*.
M@P$&T+4B#*$TR9$!3P.>@?,&U`$%`RJ83#:$A>E1+"(RKDB3U?$&2S`('WD@
M+3`"&&`H/8`!)3`!F)D$FXF'<>`$&'`E[H$E$``=7@`!3X-O+F`!/F`"R'`%
M\4$"',"@JL$:Q'$N(-`N`P,9!F()'YH!L#"B)(`!OSDH6B`N4%H$O7!;&%`$
MY1(B9W`%3;``((H%:#`!LC0>()`B/8H!;C"/VA"1(D,<5]`!?C(;&V((JVBC
M%!`$6.`QYS`$TK$#6/`:TA(''QJBH*$F3=`!+5`/BZD"\Y$))\`L0Z`&';`J
M<G(9^@+_"TB@$B*P`@]P!B;P&1=0:*9BI\C0`1P`"ZL(H4+6-:_S.F?`:-2C
M0G=3#HBP.%"S-@A4.9&G.Q]E.5_0./71-_QC-VX#!O@#0*=#-5Q`2JVC"HPV
M"K_$`F)B/VOC-A2U0!0D.-(J"EUP0?:`#1!Q!C0B0:(0K'7C-Z_Z-("R0JOS
M/:-S-\?*05^P0%\P.J"S/;_QK<IZKN_S.M9J']:6KI8#/*]Z.OBC-N[3.ZS3
M-?8S./G#JA)+&9*"E+162.<89Y!1L0#U!.ZG9GY&",#F1`"5L=5DLA.;LF7D
M`IGC3&RD9*+4LDX$!MP&1<ETLM>T2;2DLCS;LS[[LT`;M$([_[1$6[1&>[1(
MF[1*N[1,V[1.^[10&[52.[546[56>[58F[5:N[5<V[5>^[5@&[9B.[9DZ[4H
M6[9H:V%NX#GP$T:_E+9P>V#,(0(/D`0ZQ64AFT<P>;9QV[>6=0+P$I%I\QN3
M<SCV,#2\\S][Z[>,"V"R]F51``9$X`9_10$``08F8*@[(%R]PP,5L`1<<!Q=
M<`4L@`6PH`:!V;BJZUY?D`$8X`.1XP%N8`!*0"8HX`D@,`2?`25@,`"^D2Y<
ML@0M$!^`41>K>[SNY09.\&XX<1_U`9(`2006H`(?T`%9X(L5T'0221VUIP)X
MAKS@2UL*-2BR5T$5`9+UX@/@^3:M]_\F]WH&1_`9E=0#;QN^]DM9\-@[&A`%
M.>%/R2$"H8`"1#<8@+H^]/$&Y_<97/``U)$%?'N_$$Q08+`R&``%;I`PPW$"
M"#0"H4*HG0$HQML$()`G6D`=<?!4:P);$;S";=4VG@8]]>LZW!,X4J+"+'S#
ML[6S7Y``U/$&F8'#0'Q?:M`$#QS$1GS$2)S$2KS$3-S$3OS$4!S%4CS%5%S%
M5GS%6)S%6KS%7-S%7OS%8!S&8CS&9)Q@CX9L99S&:KS&;E4PEC`EW7A<(1`*
M_/L!7_9!&BMLN>8&L'#&:,S&6.P38B("Y]`%0_`!V?,%%-`$3_`G"?''5&2#
M@`S(\&E7PP'_DXNX)%+";QU0-7<H-#Y(!&^P`ASJ!2JP=%VP`EC`=&YY0J;0
M!1)!(TO`<9/LQ9>1&2:@R;LQ"AD@"84E`L"!HB'P!@]``L9R!"9P=-U9`D_`
M`A20!!)P`CX@5C\R`F[0`-3P`-%!=[93RUF<#!UT#JVAHDPW`8H(DT*2(&\P
M>%K@"G$S!)F`!2P0;YL'':AR0B.PSK@`DB#@&U=@P]Y\Q96,`KV`R=>AI#W`
M!4O"`QE@`C=RSI]1:7T<J?<6EV!D#/&!""#I'@'=Q8^[$YF!R2U@PH01"5V@
M+%V`E><R"D<P!.8A(=0*H$=PT3EA"G/H`;XA!+C6T5B,!0_@`R.@_WF9K!D3
M4`(\0`%GT`478%A$,`(4H`:=^`$[``)!``Y!`*6*);)Q4`]W]G+%UHD;X`9'
M``([P`JMQM-7++GFECI2)RM'0`0TT@1@<`5#<`8X*'5O<`0/-PI#4`M:P!_U
M41]'\,/F\P;H`Y&-%@1GX,-HW=A5A`3#Y-ACO+.)AFJ-5$M%+-F:O=F<W=F>
M_=F@'=JB/=JD7=JF?=JHG=JJO=JLW=JN_=JP'=NR/=NT7=NV?=NXG=NZO=N\
MW=N^_=O`'=S"/=S$7=S&?=S(G=S*O=S,W=S._=S0'=W2/=W47=W6?=W8G=W:
MO=W<W=W>_=W@'=[B/=[D7=[F?=[HG=[JO?_>[-W>[OW>\!W?\CW?]%W?]GW?
M^)W?^KW?_-W?_OW?`![@`C[@!%[@!G[@")[@"K[@#-[@#O[@$![A$C[A%%[A
M%G[A&)[A&K[A'-[A'O[A(![B(C[B)%[B)G[B*)[B*K[B+-[B+O[B,![C,C[C
M-%[C-G[C.)[C.K[C/-[C/O[C0![D0C[D1%[D1G[D2)[D2K[D3-[D3O[D4![E
M4C[E5%[E5G[E6)[E6K[E7-[E7O[E8![F8@Y,;I;98UY/90[)Y92QF+U?J_9*
M>0LTWA1LK71H)/OF<I[GZ:1J>7RQ=N[GDY%6#VSF[?3G9^;FA)YK;?[GRY3H
MA:0&75<8DCZ\PP;_Z-(TZ*KKZ">EZ?GTP$>``I'^;+,&32$```9```1@````
M$(BP`U,R`13@6DE@%.JR;Q-`&I#IR=B@D)]P3.V,#H2D`NY&`1%`2$VP15K@
M"5J0*4'P!D>I`:ZEOJ,`>8,H`4]P!A&@`16`&11@`1`PE10@`6AG5Z!T!3O0
M`P`1'YGS!1*P`12@`DY@"E<@!"M2`1!`2$HP,,A.!$/P`!X0`4ZP`Q)``1,`
MB!4@`<D8)PCW!B!`[![@`A'P[^AE5Q%_$AE@`1+0"TT``1Z0\4<P`1;@`+^'
M=D]0`1;0`$+P\1,P$25P3#W@&SX@`7#AH*>@(A=0`<4^)T]@`1A?K_]N_PA+
M0$B2@O$U&P>AVS8<T+(Q;P%HXYN$^C0G$/%=TP,<#P&_!R\[``8?;P$/P&TJ
M$.ZP\`'AS@&-:0$1$/9<_P-OT`$08`A/T.W6'I,`,0+F3`&A=09/(`%)T@[R
MX`-X+245,`%+\O;>W@(?8`$:\$5=E#E-$`$]N"FQ,.X<`4I]5:\,<_@2,/%?
M/P&N(`2P/@'3?/%-!TH],!L34`$5@`8TG^R60/4?8/4J`"\\(+D@W_4K20$0
MD!0Q/_/^+I&'G_AO$`02P/3<Z0E!0`'U(2F!OQ'++@'R</RQO@2QONWQGCX3
M,`&'X0E^'Y-"D'H.AW'<T@%V#P)HPP)NX,SACO\V743P'+`%&E"OYD&I$I`S
M[(`(2G#]H-0%%C`!40`%W8[R@'!$,7$29^@&0A'QL6,2E]34DA1WY3)$8>$`
MI:(4]Q;7)#'1J5(A$13W,9CA9OCY!&!04&`0(-%JF*N[R]OK^PL6H=#0@`"B
M*Z+B0M%TU.K&H%6"`NWC(Z&TX*;FD3LB$F<=IP*@Y?:@UO4`E8#4]&1X5)[E
M2'&"U/`NTI#4"C41AP@%-0Q^_'B@10D&"ER(,("B!`J#'4$<G#'$XT,<$BM6
M'$,"@(@A-4<6<AD2(<Z3%6`,0')B*`B&)O-.?.F18(4:"R6B*`'#P(5")`&"
MN/G@1L$/)TVB!$&PXF+_.`E--*#X8H#($`NMNA!Y\.$,"@M1CIRI(,30D`90
MCH!!0<&)`H6H2&3)P@#)B0[RM&!1T1(2O%P.E1!Y4T)#$PA'D$@XI(!B@XN?
M6)2+@R"+H2=Y46!P<^`8AS=!J'((80C+#ZAJ*/S8R$6%A2M'OABB0.((@BL.
M?#QY<@4!$2$7U"S8<82+"<6,E2B(=,P-`@LJ6R`(<J:!$@D^?C10@\%!G!-0
M=)F(V_RADBA-]DU*$C(.F`9!/&`@@=H'JD]=`!3B`H!1'[R1`$4/2%6!"%!@
M`,4*9"5QA4(4:#%!75RL,$$4(/Q`DQ99E&#(%4_I1(&%#M+FQ6TE:)$!%W@=
M_W$"!EX]$$(6383``%,,'.%94@W$D<%E:BC0PPX,N%'!/0O$1D$4))3PA$E"
M4%"-#]]E\"-YAH2@P@X`O"'$:]4A(,09"FC6@1L6F%"6&G&XD8`/[V01H!L<
MQ"'"!T0(H(4%J,2177<-N"%""4AD4%%;;TW@!'>0R1F%"0&0=@01W9"@0@MD
M'8%&B88$ZAUX(^AV10,]/*'$)[J@@$`##+S*Q2^RSDIK+I\,48"K!T3A2APE
MN.`""9X,&P0#MQ"1@2$:G+?-,8;(U@0(1\0!P@@JQ.&!$DJ,`,8"2"0!AB%)
M!'!"%"Z`X4`K)@B[E2X4?+%"$$E@8$@%J)0`(A$0-/^AQ!D(Q4&!2/)-X,8&
M5[`@;`DG=)/+"?D^H`0*.YS1#KAJ<=`$N5>@\&8#6L2!P0E-N>%Q'!/XP(`%
M7Y!PC@]*?'S.QY]4,&T6$$3QP!OS41:'!4.,IP$42\1Q@<!'[#LM"O4D`0((
M36``A@H<JR'!"@:8<$4+9RR0A,7#$D'=FP[$*L0&283MA@,?4Y!6'&J$,,(*
M<92\T;4D0U&!`EV4H*9(;D2A:MH?8R#"TU^TD,$32ZAJP;0-7,&=$EYTP4`<
M7SCP!02:J3%V'&4G0<$CCR5!0@97Q*%%`V^X04$)#%-P!`D!0+%#><.>(&P0
M&BCQ0!-)N`FV(2:8T('G%;C_?4:,T8KTR0XQOM'%`2JS7#+;AO@,,A$[9""T
MNB!6\/,)7:P@K`HFP'+"%==^0O+'&83P-!@M:*"XJAE@'98*=C.@F04"$W$\
M3+FM`5&8``/`D($#Q(ID7^B"!*(0@5:0H`4N&,$X-(*O.-3G",D"6.QFMP->
M^:H%/P"`$(ZP']0-Z@T/<`$'W:`!D=FN94KXPA<.<($NL"P:<>""&S`@,"%T
MD`)).`$%GG`&E#AA6@Z+PR4.\8`?_,1+0ZB4&VZA@4IPKQ/^4\L0C^`!D3SN
M9$OXV"[.X``%,,``A:B5&]^X"S=$(`$'0(VJ-M*"'C3``S]SA0-:H$$7*(M9
M;QO6_PH0H($$-.$*&_A"Z%C0$;,<@`(0,P010J8"'W3!6>OR7-@,L0$B@.`+
M1P!DS])"`F$=P0`6D,`5('"Z@+EB`E49#S4F<`8+I.@3)5"E`3(PD3-,T@&=
M\)P'2F*"%0A2#0W0C`8:(`&606`"!F`!A4Z@OW-(X`$[&*!F#.&!6$$N"@R@
M@`'^=+VTJ``!F.A9'Y'`R@/M@``*`$@'&@#,,ZQ@6JTA7@E4T`,P#+,3JCI"
M`C[0`C5PP$WU`9TG2':Z"@BL"1[P`@:8^4T4\',=(3N!"=1P`4@,0`.XP&@<
M-."`#"C@##N8Y&<,P8$#'$`$+)2``WX`A@1,H`!I>8`&0O]PA0^X20@=4$("
M)("`\H`@"3P`9*G<X(8)D,`'UT,"")Y4KF'%H9-!P!@K(?"Q*0&*`KDD"75:
MP0)$[FA8%N`"")[P!4)D\W%Q`!],(9"`9*65`A?U%8@H$#XN&,D!Z4)FEX9%
M,F>F5`%@:"E?<;$!:"+`#2K@IP,T`UA+ANX$DU##`Z)@`0Z<X`03T,PY&%"`
M(+C5$!/L`0,<``';I%*#QS2E!:R*51%.<`<?P!3S4'<D;;;R#1XP%CC>!`&;
M_B"NV%1!8G.!/<\)LF<B(4$!=I`$`U0``FA0@06%<+PW/4`"#1`""WJK`I%0
M10-QL`Y?0=9'(4RW<2.0Z0AJRDW_K>;"!01@@`)2!,<`U^H32S#`@6SE*Q>T
M`$0(5@&O!&((#*C@%FK0R">:&(0C_.``)4``%\`P`0G8<%"Z(,(&N&"`'E#,
M321PQ!`NH%4D0(`Z@KB-2$P`HB'0JV,?F\!O=_"`8Y2`!5`@``D8\%N/.I$Z
MM)L/+M3B`22<V`""%!QUH:@%$?C`7U\(,@O-*#8P^RD.$'PE&"@P-,;]3&%L
M_1]U/H$"$(`A7%T\@1=8``XU$`($6C"`#YS,"R+`^$T,.-T//'"V0Z@-8`*S
M3@D>(@$SGL""G+M":3WP`)"E90D*P(65L6=G%CCBCAC8P1?4T#Y#:`$"9V#&
MW&!6:-K._RMSX7H`!C1`+RTX8'7VV/$H^+(#`W2A5TT\=*()<SQXDF`NH4`=
MCT`4A+9Q(3028`$8'M#E`55/8(T+0O%,T,8+%\)3).`""U``A<<0@0-]GFZ8
MKRP^4>^BBR#@@0M00Y"/=3$@U)FTVQP0A0R@@`$LH,#F'I"$87=A`6X2`;#(
M0[#Q.$((V0((P)0`;`4:XE<M6,$2!D!0U.WZ#8L.@1LR\-MWHRX"U]9(,^.P
M`S6@/!ZA\^#'/%N"#=S.$4%`VZ*WVH(F"``)[0WR5@OQ"2#2_#9*0.BI4^T+
M\`S@9W<4L-5_D0&Y(1@$^K.P+J#T)@E\X`./V<`'0-"-3XC@&/\^V%YYO!N'
M!T``=0,@@0BZJ<&Y6\""'EC3DO*N53<$`$17'/LMXA""8PB!`"@0@1#V^(&(
M?X)./P/!"42`"@`.:^T:S'034'`&`9!@!'B7R1$R;8$\'P`+`*,`"DC0!0\#
M13?C>`P"/`#NU1E`,Y]H0@-8\(`@W#`.2YA[+B!0EP6HX`,L:MT)&?^!)YC@
M&)^`P&M&<(6MG<<$7ZDKZ$4?@B!$H?1S;]X##ND3QI>`"PLX^^'ER*OE0Z`#
M(NB7`DY0`1"\H0!>:,(`B*\`'C$!@;-[<?<:(J`%+*``*@`"IQ,'R'<(MU<"
M+1`%!Q`'O*,&F6$(0(9^IQ<'<:80;^#_+UW0!0:P.DEE`8;W@$2@!@#P!4@P
M+5NU`&F5?G$F$D$P=XC";P^((<ZC$3T@)N9#"1/P!!:H`@"!`(:'"Q"8`%&@
M`@OX`;P"`JB!!`S@`YU&`L=0`3[@@18@+.QS`*<317AB;@G`@"(T",!G?R:0
M@H8`@8!'.?BG?\)Q`$[`/V]R`+R7"FN2`&I0`L=P`7+3-''P`X\A=F07!Q'`
M@@%@1ES'@'%P`%07!UEP`+IW.AH`'A.``MSR)K<W05%@`'&P`IG6`A7``@OP
M!A;0.CWP!H=8=A-0`M5V`"CP`4[PA"LP%Q'H`22P`[L(B:A`)]7%`,NG!0MA
M`JSHBG%P"KHX_T$_(#"]@@]/=G73V`M:$"Z[<`1-T`R\4$.&P`7X\C%9@"EN
M$@_30AL]T`I@0%5R`B@J@#L]$"+PB`5$=P8J(`(P00E492LM$"L]A"_]>`0U
M,UHC0`0_L"[]^"DL<!%(0`0!]28\0(X!2694U7]JX(XC`(]D%@1:`(]7,`EN
MH#4:Y%$E\`4[$"Y!T`+=E$1OX#S_]`9O$)*>H`8[$#)JH`4D<`9G$`(AYP.\
ML@3@)@)9<`0F,`*J=0)QIHW3\@D]^0BVT1[4D`4\$`=8H`06>7E"``5A<P7Z
MZ`D[$`(_DP6C19(]@#O]>`8MD(X[L`,H$`+3TAXJH`9OH)`:U`JBE/]0^W@1
M/<`K9B%]E^>`3-F5N,,"7^`"+[D"3<`#U\B2(2`244!59\`"+5!,1P`%:L`"
MGY!0*[-^<:"7GJ,&/R`LQ(<[8#F0T^*8<3"7;K`#;J!#W02#<0`%(M0##B@$
M3:"20\"2#H.03'D$<@*4>SDM;E!!31`'$IDU34!5'ID+('D1O'D&?2D"M(D[
MJQD'3I`,Y#B;(:*/;QF7+O`%/%"2X<*<PV*1A5.<TX(%'),$I@F/W[B9G3D$
MUYB-VY@$O/()9XF9%T$$;D`$"H.3;]*2@UF89Y`6+%EN(DD"4OF-)'!S*A`"
M4=`%HQ4"2R!])/",JHD[+D`$TQ(1@!(5Q`?_E$*Y+E*I!3@6*]D)H-,9!"DW
M$B)$C2\*HS$JHS-*HS5**V#P`=C$EB-P`B$@`KEAHV\$!<09I$5JI-1X!&!V
MI$O*I$WJI$\*I5$:I57G"W?T"51JI;N0I56'I?K5I;9"I;TR+&'JI;/RDKIP
MIF@J*U<JIFTZI@@VC6G*IIYPIF2*8*K"I:J":G"JIF\ZIVUZI5GJIF_:"UTJ
MJ'>JIF&*IWS*J'2JI8`"IU;ZI5HUJ;S`I?KUJ']ZJ&3*J9F:J(QZJ9%:J(\*
MJI:ZJ*0ZJ%^*I6PZJ9J*IHN*IXI:IH!*J;6:JI@JI;FJJ[O*J[WJJ[\*K,$J
MK,-*K,5JK,>*K,FJ_ZS+RJS-ZJS/"JW1*JW32JW5:JW7BJW9JJW;RJW=ZJW?
M"J[A*JZY^I*2&JMY"J:(Z@IRFJ:.NJ[FVBM;&J^2"J:P&J^O6J_W^J[INJ_]
MVJZ:VJ[N.J>!VJ]T:J_Z6J[XZJ]Y>J[\ZJX(ZZ7L2J\.^[`1J[`&FZ^$FK`.
MN[$/^Z]B"K`92Z@5*Z>U6K+RNJ[JBK$:*[`!^Z\HF[(K2[!CNJD?>[`L>[(<
MF[,QR[,D>ZZQ>K$=Z[(3.[(V&[3H2K,]N[$=*[!E2K1+V[1V.JY32[6\^@9P
M4+59^ZQ7J[5%>@,X4`-5$`<Z8`,X8`-MT`8V<`,V,`5Q4`4U<`,Y\)(Y</\#
M81L'5E`#9FL&<3`%-L"V<6`&95L#8Q`'.>"W.!`'8Y"W=DNV:XNV@FL%;@NW
M<OL&=&NW>*NW?.NW.B"Y8$NX9ENVB9NW-K"W??NW@0NVD?NV<7NUEBNVC7NV
M:;NV;;NZE.NZ=SNZ>TNVIRNXG^NW.2"Z8/NZ:AN[:EL#JCNY<UNW8HNYI*NY
M?_NVGENX:PN\BINYILNYJ'N\DLNZE;N\8TN\C[NVG!N]@QL'./"]S:N[FPNX
MQHN\<1N\=MNW9ONXJ>NVFZN\EYN[X&L#Y+NXOFL#U;NX8FNZ;:N][VN[Z0NW
MQ3N[G6N^Z*N_U^NW!NR^W"O`P@N^CBN[T)N\WAO_P<Z[NQ0LO70;P/$[O+QK
MO[6;O\P[NN+;OP[\N0HLP2]\P-R+N-;+N.&;MF9+N_CKP2P\PR)LOH9;PCA,
MP!/<OG6+P*VKP!I,O+3[O]-;Q/L;PNV;PAU\NWWKQ./;N380`S$``S<0!S0`
M`V!<!F50QC!``W%P`V4\`W``!S,`QF),!6E,!F-<QFM,!FDLMC+PQ3+@MC`@
M`V&,QV:,QF!,!7%@`VX,QW),R'4\R'=,QC&PQCC`QW'@QS$`R%5@QX6LQVF<
MR&T<`V\<QV",N),,`V><QFLLRJ3LR'0LR#`@R7D<!WL,QGW\QX$\R&*,RJJ,
MR&S,R*7\R&4<`[-,R>=[_\E^#`,S$,A@/,MJ7,N@#,RCW,BF7,BI?,C0W,8S
M``-B^\IQ4,?.C,?0;,LP$,IEO,FQS,MI[,OF/,VN/,?@W,ED#,V6?,N8_,7,
MS,F[/,Z?_,NM7,W#;,BK#,R#C,O#',F>',W_C,[-#`.GS,[9S,K!_,WA+,O]
MO-#='`=RK,FZ3,@T`,;^[,X`+<RP/-`A/<T:K<RP[,?/+-+G/,H>O<XGK<T4
M'<\6+<DH7<[>G,N<;,V3_-+O'-`F'0/M7,G)#,;Z/,^T7,XP#<\?'=$$;<\Q
M`,=P\`E5C;5Q@-6>4-6&L-57"\=>W=5:'=9D'=9@;=5FG=55?:5C_=5NW=5H
M??_5<0W79<W6:BW68;W5>(W6>8VU?8W79CW79WW7>UW8==W6=DW7BDW8C+W6
M<)S8CZW7=?W7A]W8DBW9@UW9D!W88PW8=_W9BYW6;]W5ALW9IIW6H7W9FLW5
MCIW7D=W:HTW9L>W7M-W9IRW:K"W8MDW:F,W;G"W7MYW:N2W<F^W;JIW9?&W9
MR8W:L*W<KHW<K_W;L@W=8]VUUXW=V:W=V\W=W>W=4"JU`P:MX1W>:_K=5U?>
MS9K>X[K>O]#>YPW?\2W?\TW?]6W?]XW?^:W?^\W?_>W?_PW@`2[@`T[@!6[@
M!X[@":[@"\[@#>[@#P[A$2[A$T[A%6[A%X[A&:[A&\[_X1WNX1\.XB$NXB-.
MXB5NXB>.XBFNXBO.XBWNXB\.XS$NXS-.XS5NXS>.XSFNXSO.XT>Z.E`%Y$$N
MY$-.Y$5NY$>.Y$FNY$O.Y$WNY$\.Y5$NY5-.Y55NY5>.Y5FNY5O.Y5WNY5;>
MM<UC+!$``61NYA!0YF5^YF2.YF>>YFR^YFVNYFC^YG(>`6Q>YW1^YVD^Y\F%
MY@^PYWS^YGCNYF8>YW3>YGC>YQ+PYX%.Z'V>YX:NYX(^YX<NZ6X>Z94NZ(6N
MZ8\.YYV.Z))NYZ->YXJ^YW#.YHP.`8#^Z7;NZ:Z>YZ%NZJG>Z*T^Z)/^Z;E.
MZ:>>Z;S^ZK>.Z9SNZ[@.ZYA^_^ND+NR[7NBTONJ.CNN_?NF4GNBRCN:JSNIR
M#NO(SN>'/NV6#NK:/NQT3EZH<=WD<``&(`OHCNZTH.[LKN[OGN[PON[P[N[T
M;N_O7N_U+N_SON_ZWN[XON_W'O#Q+N_^SN__#O`(G_`'W^\+W_`*__`,+_`3
MG_#Y/O`0[_`.;_`7'_$4C_$(;_$3O_$,/_($;_(%G_$I+_$@K_(>O_(DS_$Q
M?_(?__+Q'O(:?_$W+^\!L&-9^PD]UP$;P`$:L`%%SP%";_1%C_1'K_1'S_1(
M#_5$#_5/G_1/[_1-/_5%3_14O_10G_5>7_5)__5CS_57;_5B7_9>?_5A'_58
MS_1G3__U:__V1B_U7:_V8"_W:"_U<Z_T=O_U>8_U?6_V@<_W;H_V8I_U6]_W
M77_V8\_V?^_X;`_W@@_Y0E_W@._W=L_W0W_XE-_X<U_X8,_XA(_XDM_YB2_Z
M@]_Y:?_YIK_XF+_VKO_V&N#T$M;CMX_[N>^LE7JK[FVIHSJHG^JF4GNHJ`JR
MC1K\QC_\F/K>S*_\Z\W[O*_\N)K\H3K]5?K\T]^IYGW]V^_[?=JHT)_]X`_\
MY(_\SO_[XFW^TN_]V-_]Y>_^X7_]ND__]6__4YK\NVJG?THKI^K>S0\(<8)Q
M;X.#A8>&BHN*B(F,D)&2DY25EI>8F9J;G)V>GZ"AHJ.DI:;_IZBIJJN9CI.N
MJ["LL[2UMK>XN;J[O+V59UQ>75QGOH)G6FJ#7<5@7<]=7US*<<[3@FK!T%U@
MV%G%R]K$A(-JS]V&;ES1AL!=;L?K\(S(RL_E7/-QYMSDQO\``PH<2+"@P5DJ
M!!P@4*#!D$BR4K$`D$20FP,HXE@`<`#!`0,`B,1I@F#```E-XA`!8``!`@,!
M,`@:`0#$(#<-/A(@P."A("X9!A!((%)0EPP["X30(DC%@`)*F@XXP`72Q*@,
M!J2,<P1`%Z-!"2@X<K"LV;-HTZI=ZZE0"P(6/&`P8."K/TD1/[D%$#6.&P4J
MXIS(8"&!!`\5HOQ5P(.$6#=0+&Q@_\!@`X;`;^8V0.<&P@(-'#ADO2((`P$-
M'AX0V(IA``8/&@98$,3B(V8.+IDVBM,"P)(X$`QH*)1$@%T+IU-K9<N\N?/G
MT*.CZEWQ38D!/_R^<6,WSIDSA=2<F>?&C9KR-_5I<D'1HH(5Y)0`:$&N:U&G
M?=T\<*!/BP$,!Y#E5P/\"2($`/`M$4!@<401@`9Q*#$`A$T%\)L*!2@P&TXN
M5;5;;U$]L,`!%1TA0%5-+"B(@QQ(Y^*+,,8(G0H8A*!>67OUE<1\9R#`PP00
MP*."`0=0\-4(`<8A&A8F.%",&A"4L$F.[@4&SX[TP=.$`")H48@;B*CAP`/*
MN(4`$@8PZ/_&F//(!U\'`6`Q2!/*J```6?!D,4"++!B00`-O8+'`!U1!`F(<
M#[PD4Q(!?.5!G'-2(^.DE%9JJ2X9!-#`C0?M198:'MP)!I$6T(<"`!_4)H%W
M"%BP(PEQ'$C6CE&Y@DA>@QSJ5P*813@?.6]H$``"&/B@CWX%$D(!F1,\`(]^
M#1RA1!/"1A&'!@R`8X@*!V@;QP0RL3#`"0ADH<0!.QA0E:V\\14'@1@($$6*
M7V60[5V7YJOOOOQVXH$!$7!:%@L$//#``0#(Y`4!&QQC@$UQ^.#N6PHXX$4U
M!F1TP@&28K)717Z]1PZ6AJ@!`@("`*`!-6LZ*P@6`;`0!P\!0+'_#P0(!!``
M3T&4)I.M%6QJB`8/\"9`"P8LP8(&2C1JJ&]Q,""!?Q\@X30&,AF":[]<=^WU
MI!P8X+):;S&``0LK%,,%`1X(TA5]<701`!+>35#`0X5L0"8%%RAR@@4:9*!!
MX!D4KL%K\!0R$<A_]2H?W(9P\8,&=UJTWSP[#+!#%"ZHN*8#4(!``*R%:!#D
M38H7\%4A8""00;M'U(@!"/3BN]=O#30@V,,',)7!Z8)L_?7PQ!=O4"'(*VD`
M!&4&WRGLB71QFE$%R!QW`&1U(0$!-A5"Q`!/*+"#(B50@($%%IR/?OH5:)!X
M'#^TMRM\Q/U:R!(A>"B]FFP28H$!*1N6_P3*XX`"?0``/N'``'2#!@KT(`XK
M`$#/X!&%`;QN(DT8D@&4X`2G,>)0N8N;`CITK04>@P(^,)X*5\C"@H0->&DY
MU!L0T04!],PO#/B`('P@KSATX`"MV4H4$#`!!'1G$UH8`*QB-0#'V2\.0P!`
M"D<2`!Y8CDQQR$*16K""%B#'9F-21A0,0`%E!$$`*B@$#P`@@CA`P0`6*-,(
M`M"SB4"A"00P`!2<`("+H<=Y('39QA+`E"`$8`6%Z`$`1N`7@;7PD9",Y"?4
MD`0E5#()2ZC``1X@K4HJX0CH((CBVN,(N=&M$#L`0`AVP+`X7"$`(P!#`;+V
MA@H0X'6>Z(P`//_@`0($H%9Q(%DAOO```Y#`,>JR2.Z4P1ZR%$(^@6&`T.(0
M`@"<P"\22!B2#F`7$&C*=">!QT2<<(4!Z$X^7SF97:@D37MXI"INR.8%MED5
M5O9%DOC,ISXGD<2/T,4`"F"``OY)I,H)CQ>9NZ=1-N@/$W2$`XXZ@,U60(`;
M]B8CGXA,0"&P@_<M07/^X(($$*``"10%FP.,`P8>4`QXG`$"<9Q`2KT#@09\
MA0L>6(`"(G!2-)2@`93Q@(<REQ((0&`D=8G#!A;@+:+&00(S70$WC9)3!)A4
M$)U3Z#ZWRE5)]I.@"M`I01%VTH*81Q;GT=IYOK160J25-P%X`KXV81[_\S3B
MK>G!JT6HH8:.^>4\=KW)6]\`V$6<1PV...M?W5J(,^@P'8A=;/`Z5IX__O6@
M7<VL9OFE!B(<X;-'2`(%-NE9T`[A"S'"U16.(`$&.)(YN,*L(D1P3=D^8K.X
MS2T^7_A:2Q6B*P?82B27X%?=&O>X^YSA#)47@3(ECU]NT`)JD4O=ZEIW>+R]
MKG:WR]WN\J(#!I@I6I8+K%L1(GG/)>]RE>L\]9[7'\B[E7S+^][TSI>^Z`56
M\.Z;7_3:=[_M->]Z`5S?^,)7P/4E<'_U:V#Z,OC!#8[P>_&K8`'_E\$6;B^$
M'2SA!?LWP""F\(3=.^`1<]C$'CXQB3?<X0R+_UB]&>:OBA&<8A+3F,4N;O&!
M%9Q@%*/XQAZ6L2@RU8#B>O?(2$ZRDB^A`@M\H+<"T<(1EJ"$*EOYREC.LI:W
MS.4N>_G+8`ZSF,=,YC*;^<QH3K.:U\SF-KOYS7".LYSG3&<T(\%F72N$G?Q)
MT#[[^<]CI0N?`4UH(A7ZT/\<-*(-O>A&,]K1D&ZTHB--Z3]/NM*8%G2F-QUH
M3G/ZTIZ&-*A#+6E29WK4ICXTJA%]`-<,[U2K_F<!^CQK@M::T+.^-:)U_6=>
M.[K6OI9UH8.]Z%P7VP#$%K:M&ZUK8R\;UW3A=;*CC>QC3[O:S][ULJ4];&IG
M&]#./G2XP4UK9F^[W/_0QK:RH7UM:E^;V\<6-KS)K6YOL]O:XD:WMN4]UI@,
M[PJE+<(1!'Z$TA8<M`0_.&@5KG#/)CSAGR6XP1U>\(=_=N(+%[C&!\YQB!M\
MX13O.,A!^W&%;_SD'(_XPD6N\I8C/.4P)[G,67[QE<><Y@PO^<AK3G.(]_SE
M&8>YSW.N<H_;W.<;GSG#;8[QGP?=XBXO.M!W;O*8ZQSI5E<ZTV>>])MW'>HO
M![O2`Y[UE6/=Z#RW.=&='O:IGWWJ8Y>ZUJ/><.$N^>YXS[O>O6;C$'=XQAB6
M\8!S?-[!:[C$,"ZOX/F[8`P'?L?]17QZ(=SXQ,=W\3P.,H[_&WG.'Y["%Q[_
M?.(Y#&30/WZ^G8?\YPV<WQ'[%_,^COSF5?]ZU>/XP:Y7?.8%3_G9H_[T`"Z]
MX1FO^PGO_?C(3[[RHR,+\C+"^8LH\2N<%WWJ+__ZV,]^06RK_>Y[__NZ<,87
MO``&Y`6A!5F`!!)68/?@\:`%.XB_8B)QAA6(I`DGT,V<Z,,%%;0?_``8@``8
M&P8P%&`2*@!04?B2$`"@(NF0``,``!(X`&UD?(6@!0`0`7%@)\[D%W%@`@$0
M!T8``";@@7-E?`*8@BJ89%`B`1R``1T0!TA`@DW@&1W#!0_2!!P0`*1Q$Q#@
M`$/P61205(S@!DI@+3(T""N@`&^`!DG@(2L8A5*8_W<8J%!'H`!5000!H'\-
ML@`5\4IEA1/39$A5`05'H`Q@<`1@T@3I)T-1T`)?T`((0%A-\!5/(%=#@`+:
MP@4[T`1GH(93&(B"N%E=<``?,`(_@#QI51O=P%[H82).X`_0H@7<\$.H=0$`
MP!1=`09?```5`#U'$`!B8P$,((,`$!@1,`%V$@`14`Q:-``,L!%,P7V#6(NV
MJ"^H!``D=8K^``6MQ`A@\`!"@PCZD0#_1`#9$0?_4A7%`0:CTB*'$@$,X`5:
M($TC\2L>,``M<`8F8$*B0R<6,%6W.([D6#Q7H`*D02CSH`8-8`#IUP0KL`,]
M,`^4(R`^J`"#LU03@%H<0/\`FA@`9P`&`]`P&.0&:=(4".`K,K,!_L@5QO%4
M61.*1U2.%%F1_-("`9`2:K"#5O2!#6@`0@(`)``+.#$V*Q$8#/F/SCB0[?($
M4/`K&YB0CZ-4#1F*8'`&`]`V,NA!%MF3/ODB;H`%0Z`,!,,4IR(2A1`$DM$V
M)UF$!#(/Y;20!%`5-BF0!`DU!\`@*B"3OY*27.$T%E`!A3`$#_F39GF6;*%G
M`"!7%*`[4'``$-`$3:`$Z@$&#:``1``%2>`MG?$`2""7CR*57/`&8>.,!`"-
M[M(`K0@&$%`T2_`K'%``58$$`_`5L4$$7!`<JX.6G-F9!U&(!]```.`"<4`3
M("'_@>E'#D'`$1((`$(@B0H0@1(H``A0%4TC4`P0`.0'`+/!@>UR``S@$L'$
MBQN1?D60B2-Q``&P`""03)[YG-`)$$U@`B8@(#UP`BJ0G7IH"$=0`MG)`B<@
M)S?1`BB@`BN0G5`X!"/@`U$P`GU%`BFD!"%`&F[0&-)R35H0`E'A`R50#%=`
M`N``!B4P+SP9G09ZH)FE`CO0#4,0`%"(H!`:H:CP7,&W&X57?2A8H7?!+O!U
M6XA@`@#``/]"`;0HH29ZHI3R!DU&`20P72CZHC#*+R4:HS2*HN;E,1"Q"S,Z
M)<>WHT?FHZ,`I%JC%YP@I-:7HS6:I#A2I-?%?48*"CY*_Z%/NA;F\`5?T`7-
MPQW1@*6+H`YH4(3)H`MG\`Z3=`V'<*56>J7>H@ICZJ/.`&6LH`[:XHR:D`U&
M=@CY$`=6^@]OT`_',)&6X`Q;<P96NJ:I4*57"J>+L*=T%0U7*BEOP*B8P(F<
M@`:.Z@6&6C)YNJ?F<*>7P!W'T@6VPJ7ID*>28`[[HF<#\!(%<P+*<`2KBFP4
M0)J&,$<AL!L[(C..X`A?<$,X&@EJ$`1U4CF:X`@1=$H6X0`?,6O^-J2#D`1X
M!@H8```/.JD,L!HGZ*P8.GV2$(H5,`_HDPE=L`&:4E:*T`4`0#<=H1Y3BJ-<
M8``,,%W<`J?#])K74I:,\`41(/\4#5`$@R`$@'H)7V"ON^$4+V$`%V"NVGH3
M+J&HB_"NK!H!)J`,;M"PMZ6GOLJP".!(T/I\$!2KK=HQR6,G%7$`!S"<O7*D
MTT<"#BH(4#`!IS%=7Z`!!#`!UD(.$D,67M`!(/`!'\`!]*$&)]``3721<*$!
M&P`!",05!"`!@:.<2"D(%P"OADHRC,".L]&N',`Q<1`$$"!7'$H)'Y,.$*``
M@G,XUU1]7=&!*KNPCZ`"%-"(VPH)4?`12Q0+'GL$1.(3&9`U'1H)2,$!$#``
MXKD(<A,5'>`!]-H6E<`%QHA1*J``BJH&L2@(O52MAA`4V=EJI#$1ZV*A$1$>
ME6LH!%#_`1R`'`9`&ICE!A[P9&V+*URP28.S`-;D%Q^@N%?;`+.1"*SKNKLZ
MG&RK"`0#.!N030J;E!!@,Q[0(E`0`1FK"4-`0F>P`)\!`!AE&@SIMU#0``1`
M-UF0@*(X`!.@$BK#`4O;K@9!'8*@!000&&\C""0Q`?/@'P`2O+Z2)86`!JFI
M)SIY#)#J4N#16*EY7E>PC@R`1;`@'NE0"`6<#E>P7.I+C)?3",_RP$U!2MY!
M6?L0P'X12MOA'5^:#N6G"&#`*7I6)"YC6288!VB@P:XT#Q]L$>W06VB2`!0`
M#UC3#IY:#0-@$WJBJT-J2O`U#_-7#BW52+<")C%L@A>H+1]\_P8#/`A<@``,
ML`!5H0()\#YG(++;H09)I),=0`#O8*A<,``8)03:J%+)],$*G,&*T,99E)/9
MJKX1,P"W2@AN8,%NX,$JC!YJT(.#,!XK7`AKHY-:@#,7XPH*7`C\*\-NX**&
M4,)J"3(?XBYQH`4%T"MP_+=#[!U1O,=XO`@K,4*:&!(:431=4+0EH#H-4@`O
M@2=9H`5>\`/8.@$,H`9HL`'V6"E4$@=E?$TS2!^E8T*\@0!ZRR#.0S(;(`)O
M-``KT!D*D`!!PKI^P@*%X`(3X`-T-`(@\)8%@$AQL`,*,!0]L[4,T"U!@*TJ
MZA(5\!5)P`!9L`$`0`&H]08A`(%QV?\NP.07_6,(+3`!ARS'2M`0!4`?W'(`
M(E`,2L``07``)K`#%"`$'1$"USP!JQD$)Y``7X$"(\30@O`%%6``#?"\`T("
M+3``I-$$!U`4+<``W<`M!A`"7ZH$"G`%'3#/J!4"#/`52H``J`4J+0$?:@NO
M!/`0Z8,-']`2KOM\36`M:H``R'RNO_0MX]L$"I`%-TT!%Q,K"V``.Y#-5V``
M`M+2;O`##-4%"!`51]``!9"5@M`!(?"6[:L(4[P`!'!-D3L/*\#.7Q%/*A`"
MYL0`TOP&'G``/#!"R,PZ!V`!#:P,2,.]+LD`$FT3!QT"U"`$`Y4!HEJV"@!#
M@"0_E.M:<2#_`B7Q`'*U`P=`'WLM$A,POAX0UP7(("9#`!3``SOM#](3@Y/\
M+3?L!A_@$0\`!6]0M@A``5G0`#U``1*@!A1PPS)H-P]092)M`,*\"'1<QF><
MV?5D`"G1VD@U/AS`S`LAU$[P`$UTN_BBBG-1%4+PD!H@`&#`!97CFR```B2`
MP:4!(15KS0$[*6YA02`0`A3@`.[\1$%0F<KB`&K0+#<RDQB``!J@`A.P0-SR
M`(%!,R0P1Q<R`)_Q!(02X1,@`%^@!@%P`4<PA&#P`PC0`#:22F1Q*AXP)*MB
M(A1@`B#`BTT@DD2P`$63A'[Q`#D4X!J0$BI``!B``I2S!&`0`0AP_P$N"0`Q
M/@"D":NM<@2L9`$TDI$;R.$9\`0W[@S6"P6)@EH>D,D:8`"A)`A/```]@`4`
M,#YG<`"OLR:OTS11/CZP2@$E<..!\=ZE7$\!<$Q:CJNNH9@J)1-N0*Z"7H&0
MD(M@:[A33;TR*`!Z[DV!T07A=009,!]O(.<#<D&5(]]T<Y='$"J_D0$0+N$#
M\*#O*E,<TP)9O(%0/B03L!T/4``2(`(>T-F!T4L5L`(2L.J)`&NE4@Q)<)<<
M\`4?U>1Y.>L@A>D4P`((8!,D@``0P`("$\%Q0`(*X$:+1`2=#0\4D`!.0$0X
M5(H;D.H3SA2I=`)!8(RL?ICD``5331GD&_\$:'+##O4`.X`%)AOM;D`9;P`&
M!``!+<"]1*!)&*!5N0+@`FXQ<>`%9"2';6,G6+$`"JE2ZBX`%W,P0B`"`=`P
M)6,METN35?$#`+E&9$'O42%7[%$=A=`$`V`S3V#'$P!+#AL=*T`D)B&^W2!,
MDUX55R``,K,#`7"S(P,`,J-`I%$$\"V0+:(&"B#R@0,]RHC2*H'@28!:$501
M#8!%!5D`'Z!&`!`%+QD8:I``\$%)RD"N9[!&E+P=.#,``D``2SL1(I$%`D`6
M5Q$'%U!D$(3Q;B((O2$2A=@PO2$@V7@&]-X">ZP,61``6<(`D*.JJ!4!)!H'
M(,``?6K*&`#XD>O_*VB/`/#!D),)WW\A\H(#"3OB`ZN9!!XP&U'PYH(0`@2P
MU=5'F1AP(\MUN.^B.SD^^N[K+ESPS7'P`:XE-P^Q.+XL`!71!'+2%8&A0'+R
M/:M3"*DL`GP4?W.H!@8P]C,#`"E!(,7`OC'H0P0@)T6`X.F`Q1$(`1?3CTRQ
M(_3S^752BD[!C`,0D`-P_I4<%8#@%J>2\.:6I!;'0:`5AT3`<-`4I_;@\.8Q
M@!5'--`5A_&0N.,99QK71<!QVA6@%-?0$-<3<.0&EIBZRE6P$?=6*8L$\(I$
M<K8#D/1[:OH6QV)P(#`P(`$6AS+`%9<DH,9##"NK!-"B2+!))`#V%;!#_PFA
MT=R\R+W!&'<$@):\S!5@V;,6RIIIH&#JB`$#+)(1848OHL2)%"M:O(C1%$$?
M7;@<(2`A3KESSTAQ([7CRHX`*R"*-!<''S<D`<Y\&>!+RX$'&#(,F!"'X*LX
M'0AP.Q+@DYH5$Q00>,7`02*"4)K`1!7@R1.8;A2H,`5FA`0$!\[T*/@LCIL'
M#:)HT9)E:D$N`HX,$M=`@84,"@K$60+`A49Q<3)8"$J8PX`O:A@`0.`!BKZ?
M&#``.`'1300(2J!@,)"E&P`H1`*$;K#@`E\#+\^I\1K3J+X`[0SPS$``(;UG
MY7:X07"!`H:[0Y,D==D,S`,"5R0^:_4J5FM*L/]!R.[Z=1CI`)()_@N`Y-</
M"@P(G)/I2,`G5@-657#`@8&^J]!A/1#$196I18V0?DI[RA=">!#`5_@TD@1,
ME2C0DP(&O,&!`1:$`L`78+3G'&("Q0$"`X*$-18"W&`R``JFK"6+![(A!<89
M!ZRBCWJ_/*>?*59%)PL6!`3```E?Q)&?+_EY<");<?!0RBG>4;11%UI\!-0&
M!E20`00`@)$,CM,=.-\90A14V'``,F-/'"KV5]-9=FD1D%H:,G.&`3^8XHTO
M;BQ@0D9Z[LEGG\T\XP*8<6BPP'3/:+!-'!9,`T``!TP@"#,)GI</BV`(D),!
M%`01Q!'=`6`7.HW0](7_&PX@X`,(KL3!@"B(-7'&`"R8T@4`34`!P*QN)/#5
M%09`$$0%`R`C3EJFWG?*0`"$!Y!=*N#%@`\_'#%).;.^"<IA!(6ZR"=GH/"`
MHV``YH$002#1R"E0'(`````L))@:"*C@@0-JQ2(MM2_I"AN7P]B4&Z='1#%1
M@K.R0,`!\RC19C<!<".1&A$8,`D]:*C0'U[D<,5K4`,TLNM7:AC@@@H-*&L7
M0,L@RH(*`5"*)L2T$N`+$@8@\$`<7Q!P;2OA-<!`(EH,T($I*AYUW"E9E%"Q
M&PUD$!N"`(C\``,]_(#$)!&VT*D2;W1!-).$N<$``V]H84`$05A@P"=N+&)!
M_R)K77*F(P%\\<8#\SB\GBGY%?W,"AH+HD6'`$3@!MB[$+`WBG&X(*,;B;"P
M+'+,"'6*!F9W8`#71RR3Y3A;YO/OC:94-E&9ZW#S`3M>U!)',N$I^\HS40S0
M-`(MJ=&`!6/Z"7SP?J+\"Q=`_Y6K*5'H%8=.$ZB@`@L4&/"$,_M&;;<7<4P`
M]1D(V`E%<RJ494I1,_$3A#B4AS>"A]"(HP`(IOR0U%;G_/;5!Z4H1NQ0)SH@
M%4.X01!+XL(`[`*%-E&@`8*X0O481C#$^"`.8$#`/%9`/J(0X`M>\`$V&*:$
M6IWC#$]83^`(\(&6G0`!%A"$"!QP`))8@(%Q<.!TL/]3&-GP0`"E.@#X0N,&
M`/$&)LI1&)`$P`-3D``!:%#+[YX5!"<V(PN!N<LDI#,2M71L'Q-LPLM^@0$(
M(.`<<1!<>*SR!"J>8QB4FHF,3O$W,!X``D%<@/SB0+_F*(`$IZ``U,Q$.AFE
MY0H`X",J$/"!.`3A8[,AV!MFV$#)G*`46FA"(BC0."$B)CR<($`).$2`3_`G
M=@/`0`"2B"),D.XX&%#`CT20I)G!Z`L36,`9WN"`^T0A"&IX`RT:,8'A=$$`
M452+D?8QB28T0`EL$L@;-!DHN[S!>++0QB<J&3N-76^4-+%)`/CX!03`*")'
M<X2M0`$!5`@`'BHPP!DN5ZS_02@@4DY#2%=,]#OAZ7.?%6'!`"`@`0DT(`"K
M.,(`'!"!L;2)(`]Y1H*^DA:##:I2#U-4`WKPN`&HX`0`R),*$!`IQ63L##X`
MP`B.H(`#QN$$!E"!&_R!&!+LH`#SV(=KYF6F`+C`!P8H`+$V1(D'("`"1(U`
M`XC%+-AI0159L`H)`H608:RG!0-HP`XV4)"/AK0F"?)`$SYPS@T@8`<>`$!#
MU0*!!23":`-HSD<.L`F'C8`@0)'H;TRT@@*A0!J-\*<*3```$TT`4LV8E"F2
M4;2<KD!P7]D!Q2!RA@0@`*`*@,<IW``!`Z#@5+T\GK74@@`39>%F')"``5HR
MBP(<_Z`Y+PG!#A(0@"9$`0`82(($6#(H1OK'>HHSA1+^*8A`C8`'O0`M1$%Q
M444D:K>7]8D'5J"`RJWC&%99CW%$`%4@T=0'"#!`(C#`@"!H@0%W/(4_'Q#0
MA7"#0"W@Z0&ZT!4)G$$""E"#TU*DVXI2#I.G&M$SN&``!A#5,?#@G7R>I8(F
M3`\;%V"`$-C$R?NBH@"5G<#=;L*!*X`A?O18P3\3Z@""-H\`&>C!`?R".2PF
M#U%'J1`N&4<!<4YD`XE:2P4@=RT/,&`'W[/>D@2A568DHP0F``\_CXSDB`P$
M`4`KVP9&A0`',&`!$I#,&S!P5#@]@`*1$HD`SN&!`\PDE/^#"+#D/J.P)K+`
M?682<S<(`(:W'6#'",#H$!(`9Q^LZ@TE.(`/&\$PP3BM)5F8W@1:4``LE-1_
M:IE`DQG0@++0XA4`7@88)J#1.(S@9A)`4-LT,H`//,``$X0&F\/\"1<HH+NE
MUL(#_)PG9D"A`/A\1B>2>`:>I.4-))!&I[TL:`9\Y0P:`$D+$.`M-&N@EPPX
MC/489MDS-(!(E,B`-(Z!F*$X=+*0[IQ+E,"`R0Y!+9OYBT[5P@#48F$"#(A"
M`[[2/)R]\Q<E,$`">/P*$R3@`"R0@`C:S(TDD#DM`$[D+S*`K#CTV@`:X(;3
M9O6,=IH-!`88L_:LIX8,((#)+A#_A+MC"X58]AH!$H"8B1'`@"68HIT2T!%F
M?!SE!B1``^O1`@4>Q8(#0($441S"`#`#@0B\X0-N%KC;?#"`$ABT;ZA8@)3+
M=H1G:`9Q:ECBQE5>Y@B,=AGDIF,<H""!`RC@%9=^V1D$\/++[:1L#-B`R?W,
M@%>X(+:PD,\2OACF@),9#$59`@>&LYLVKV<(!S``!M9ZA05,-ETEV;/"$T[O
MPI<@GTFNO#XEIX;,]](9FK?O*3)/#\EU6?1JV;SD3N3YT@\0]9?=/#"D;E]@
M)$+VI=]UYG>-ADBE7O2R?ST].J]Y0[A^\ZK_1>;I2?PE$?_TJ#?6[5M/?-1W
MV?AK3;WT_R,%#-TC/XC+)_W7,0,@[Y<>^JT?D^PU/WU3:/[S<DN]Y[G0A7?>
M<V;_3E;LA\]]-`B?];\?_5JI#R#6EWVU-WY*MG[L]TS1AWE=EGW_AWF*-"?A
MUWG3)WJ8=P;NEPB@)SG/``R_<`47Z#`R0WT'J'[_9U\.>']=!GJHAX*"P"DN
M@7G!UPPGV'RF0@'/X'DK>'IGH`6W5!C.%A$;R'X,>'RAEWJT]R?/9WE+N(24
MQX2!QR=.F"$5L6M/:#W)\B92B(56N$\<>`'%Q(43H87,4`0`<`%04%)#\`9-
M\"RA<H5A:'EC"(52"`80(!E4F&26P0)7H`$9M"=RR"=U&$$4H?])$0$&'J!9
MED,/6@``#J`$-O-)<#B%DDB)E8@1@`B%EO@G2R@X0#4\FE@1AP"*?4("`6"*
M'"`Y"5!(H\B*>G(&%0,\F`@17!`N[P*&E&A^%`2+G\B(DH`12!<``$`!3->*
MQ6B,QXB,3P@&4?!_R>B,3^@&6?`6`7(%Z?>,UQB&8)`%63!OV.@G;H`%Q$B(
M;Y$%UNB-YXB.Z:B.ZZB([.B.K"B+[RB/\TB/6!B/%J&%@,B![1B+4WB/@9=/
M^[B)F5B/]1B0!8F0%_&/":ED#.F0#WF,N0B1$TF1%6F1%TF16I`$3=`$S,1/
M9W`$(M@,V&016J`$',F1YM@G7,!HO\#_D7%P!DD@CGH2!4I0/8O8!$N0+G$0
M!8A`#U>@!"J)D4-)E$5IE$?YB2@```/@+@<`;V^XA0WY#/MP7%@X2=C7D$K)
ME(U2`3\2E02YB5?9#+_!&ON0)_K8#!\!`/\&($30+H_Q$*```%O@$A(``(U0
MA0.)E'O)EWWIEPS9`BC4`DN4#[*H2>4@&/G4`C0DAD&!0HNE*N75F!;!`@M`
M@0^0,UQ``KN8$1%7`$K0C%]@&XL%`050/8@HDD.``MV(AW_IFJ\)F[$)BLK"
M=7,'#V\`!D_`FFYP!=P8(/8%!5H@"`DB&)0`!5Q@+!F0"&`0G,TX&%P7#+.G
M!5"`??"E!D[@_Y5JT`5RLYWRE#A0('66$$1G@'W3Z9PG<@58,&]N4`*V-"8J
M@#N^%0`856Q=T`51H'OO]#5!=`2L!9-1<`3G*9L#2J`%:J![$BA#40Y?,00[
M8@#CIA8<$``"D`"2\1LG8!D#@%$VI3-V&0`>0$#R(P2J)0`/@`T^-C:8"62F
MN`#58T`[X!B/13DI`RK9T"-+^0$#Y``;\Q5?0&,!\`"#>"(2&@`5&@<4``D`
M$!I2!S1K]09>R0$(0`+5@(J#<B5G``!#4%8%,&Y>4!X!H`!">J!C2J9E&IO*
MPDM:8`&N\`;`T00@D`")T`$!P`)'@!J]]``*4*=5LX;)PU)#$`0$,/]NY1@'
M$D!'01`M6-@"`2`"/M`#)``35S``FTD!A\$%.^$#06!X;](LT!``&*`$(E"C
MT@$8L\)1/"`$`J`;I\!>=EI?44`HO'19#$!M]+`((*`$&B``C4!C[7``#M`#
M0<!"1V(K37``@&>FR:JLRSJ4S\`"!8!G3/EO/S`7`@":`Q!K1(`74A$'0P``
M3H`KOF$`,)(!R/H&CJ8$<?8[SQI=`W``OA$'L(0T8'`AOI`--0%3=&$7VP*3
M"N`+*G8.%J`;0=`$7;8SV5JCA("5(6,YHW0$,J(8](H3IP,U;J`]9P!I`LJL
M&\NQ'<N."",!)W`$19`(*T``L>`8'$D?J]+_`-S:"EH!`#L`!@$&::4T(W&@
M9P"0`"#`@(@Q,!"@`*S%`0<0"PJ0%+$"(S31#P7!)LY2`.N!`?-`JC'[!@LP
M#[G(H>H4'BB0`!38`'OS"_-6-S0A2L-R(=2&.F\P!`VP<5ZWD!X+MW$KMTR(
M.?LH.#WP%G@3)]?"!973`*ZR!=\:KF>7`5AP!?%'#U%0`A!``".`A8&R#$]@
M#8*@`09P!%G`!3^2'S"R#V91H\/D+`-`,)BE`;BT,><@#V#1C"Z"6@#Q$"HP
M3V-9-6OE!`4015RR6Q$+!@206*A34BL0!;DDE'-+O,5KO$<&*.(@"$.$0"[`
M#3PA"`CS"4(5&H+C_T`QRRK#`0YN>`8G,"=N4`&K^IRF\`$!$$6+BB"^(9H2
MD`B+H`8P%01&1A`FDD#_MJ/(<PY8A@V:<Z*_`+UEE`^PFWZ0LP(#)*$/P0$%
M$'")HB(2B[92"P'`\+?#>[P5;,$73(AWP4G)<G,?8+0_XJT44%:.JP:9%0&9
M,!P/A;,`4*[8RX'AH@+E:R+6(SBA$@6%QQA,IC^RP`5D40$:T%%?IZI1&@`/
MP5(4P`&,JT<*\!)?D3[R$%A8J*T34%:&M%?I)VT`$%``X#N#$@`9PPT9<"5@
M``![4ZE'.JGXP)@8S,9M[,:G$`0/4#UCH@480`$4X#\],`$2L`)R8PDM0/_%
M[]0$#A!%;G`"$O`\8_(%(Y!0)O`[0>``<XRS$#`G23`!PA$:`(8!*P`!)Y`6
M/B`!M44!D\`#'9`$$8#':K$!\P`%A/P+24`!$^#)$>$#>]S'IN`#%Y!/74`"
M%6`!)+`>)S`!/]($$?`CAWP&\S7#),!'5^`!#Z`"M7QQ;TS-U6S-H:BB<$AY
MJ9!82/FVUPS.X;RQ4K>CL_>'78@*&.*-WSR)XNS.[VS!F.5UH]@%!V!P\(S/
M^:S/Z[B"H_@&(+C/`2W0`TW0!6W0!^W&[(S0"\W0#>W0#PW1$2W1$TW1%6W1
M%XW1&:W1&\W1'>W1'PW2(2W2(TW2)7V1E/=,8-G_D$J6EWG)#%(HD%#Y.RF-
MTG_BA"F]TCD-$1*9CRSMCQF"T\[@TC)-U+D8U%\YD#,-D)-9B`!YTRJMB!*)
MU!F<+$9=U2[1TD2ME^UL/3=M?D,=U5*]TWH9TV'MTV,=D`IMTI<XMVK]B6L=
MA4T(UPP)!AS9OQ2T!$W0OR1Y(DF@GV]0%8,80E^`DAVI!F=PDDW@!"'D!HGM
MG\GB!(JMUZ8`E-67!"?Z!D]0V-43!1&TAHT0!2@9V?^'V!Q)G<EAUSBY:YK-
MD:SU!I'=!$^@DE<0VY%2VJW=#(@=V2,"DTB0."<YVGYCDR@Y;V>0U_-&VX6]
MO)KMGVK`D4Z@DZ=0UY/]_Y-+X`30O9Z1[9\L"=O.F=PHF3A-D!900#"PS9%/
M\#MJX->G4$GC+1E<4+"F0-YQT`3I<@CZV3SB[0SU+1&ZC8,IV=B%W1R%'=LU
M1.#.S0WS;0I+(#/)?=>?QY&\G=Q/D*Z_QY'I`M\HJ03(K=C3-]TG&I.1XA%H
M$.*FP->TC=ZGP-]P--S]RY(:?MB)3=V4<.%S34$1X"X($"INV2@'$)=B^5\U
MJ@8@X"X"\!!N,``N0!`$8``"0`Q6,0`3.C5G$``$L)1:EQD*(`#!Z..<4*-W
M$1IJ80#O8N6L$<LG0@!Y8@$`L.7!N*1>'N5<?*)N&8P($)?&)`!AWA6FZ"[_
MMO_GIL@`7'=9(.#D`5`!VJ.M<:X;M@8`5DYB[]2YE!/G#;`)'!7E3CYN3]``
M[@(!V#`![Q+G7(`&%&"*`0`"0D,-IC@`\/`%./X8;G@ZC>+D0H`*:VZ*IYX-
M;!Z,#1#FIO#I!;`C5[("`A`IEQP'1LOG!M"SR7!<;6@*%!`2SKX]"/%S?O/E
M:Y'G:`Y^]*"M"O!.0S"A7]`*41Z,OJ/ER?Y(H!Z,48``:FX::E'M7AZ,"K"3
MRC-02TE&&<J49Q6A[F(><0!83.[D#U&^Y7ZB4/``[A(!V+`/H$T`0+$/$'.5
M;J`JP=B5:D$`+_<,6@D`!S`"&[^44GZ2(?\NX?$VC?+_[R8=<:"A!1`P`+BI
M*7!Q`4];1I;)'N&Q$DC`!6+L!'&0`"V@!EI``@QP!5?P!K^5!%IP!<RX,SP`
M!H$JF60S`EUP!100NQ00`11$,LG"!5&P`,`<&AKP1UW1$AE``5Q0]-5X"@)W
M!%V`%%_A!05``6]A`1MD"D[@();E-%,?!20@`)*Q`",`!N`F`568#"T`!@:5
M2$DP`$D?!2;T9C))$$F$%/V``&XA!`<@/]`5!5FP](D``</X$0_P-6IJ`6C_
M!B%0Q%B"O;S``UW@!!EP`&Z0<]+H\M-W$$K/C!P2`$7`^O"P`@G@%L+*EGYC
M^ET/#38/"O/0(U2/!5I@?AB`_P"$Y3$5(`CE6OV"@`&^H*>TTOAWG_<GDFY8
MW0U^9A=[E0`2VP-4?P5>\`8,P/>]B0K''Q?"9B8#X.<+\!5>%`(>00"D#PAQ
M@FX1"$]>)`!-<1D46E=1:H)O<4<`2U\?`%QG7"0,5U=N/@`M8$<!('%O$!-=
M1P0-<4D#77$0"EIQ2+6"*PIQI"ZG`A]Q;@HKDW$L"E=:(8IQ*@I169!O2@-(
M7$D0$I67F0"Z@N;GZ.GJZ^SM[N_P\?+S]/7NU&=Q5T*[`$J"70R<F*;`S:HX
M70(DB:,`A2`M'\#$2:!"D(H$!F<)L&6NBP`D@EP0^&(.6<4X*PP83'*I14%T
M)@]BP/\P2$%%"S314:)ERPV"$G&(^`-HX&2)"R`F#$J@+(Z7`$?B(&BJ),`_
M<Q@:9-P1X$N3`!S1)0$KR`.#.$H`G-F!49`&I1<S"JI:;H<+K#F1<3#W88&;
M+P%`H@4`I@6"?%>(4)*9<^E>01\0Q#&<40.%=#/-4<N(08/4D^JN(&AQ`(H@
M%@8,$(ECP0*SU*LM>)X*,+`@$Q9"*#W&5-T1`P.&Q.'0X`"8,PH/\FZ*+C/O
MBAL,'-"%H**&!QF)!*%$24N`%H,@T'2>[LB`*W'`!)%$D+-605R_/`E0EX7&
M+B((9!$TEN.*!'%HX`![.PQ`G3*+Q77,`YYM=DX2&YUFP"[_`:"G'GOV9*CA
MAAQVZ&&'E`P1``,AH!<'"0KD0TDCT[0%D`#_'`#>8L<D8]%+NQ"@@0<<8'`&
M&%`)@@19E+C!@`=1-"%!#Y-8T``"/RA74T4K3@!%$TM4%Z`"'GB0P4F4\!)$
M%#P\8`L)AQV4007',*!"55RT^0$43Y00P'Y:(F0;)6<@,)!!72@RWQ!0)"'1
M0?WY(EE::QV@Q!.PF("2`3QN8(QYMM!(B7-0#,#/2H2!,4`+4#B1`0)N$#%B
M"%BDDX&532P2A:?'S**6"XY"040!`S5'$R4K'-"$$U!(L$$<#4#0)09!2.D"
M`E_8I&@$2F'@F@H(2%!M!E(UY=$__T:JL,0F-2)H3I@&3."!&Q"H8``87QA@
M09<6F);LLLUNFI>T&3S`P`A2V0?!7F_0:$X0!$1Q4+`!2G!E$P9'4<`!'%Q%
MB8)]#D2)%XHT(8`74OZF`@$D(#H`$4]$\<$#7BB@L9X@T;:PB]9.RJ,&QM`B
MQ!-+-,#F%04@T,$_!G]H]-%()ZWT.CY`$$``RE#06!R94<,=0@`\`44`IM$8
M4WM"$C#!V`_\F%PEO81GP-,#['"0$@10@&%)TE+2`0%L$V"?!@A00,$#(IR#
M1`%X`_``>E*?D]FL5YQ!P%UJ0+#V``\L@DQ37`BP4'<`@$1)0E<.4(```*RV
MV)`<88M6`/]K#3!```>@8-`*!?@MP05Q>#!!T8(XATJF%/Z(0`$`$&!!.4V3
M;M\Y'1000/&5$$DA&@6^?H`*O&=&"0L$"/`T`1Z\\4`#?CO``SH3J.(!=M,\
MH&H2'ESKOC\>T"2MGJM!(4#C!=SE!D6^J0X%@F`^`H`!#`:(@-\:L`@'D(\"
MYF/,4BI2`0\4*`H-&`8`?!`'+BP``@P@6AQ.\)*+`<,#A5,).I0P`0(`X#%@
MTT+G#N*1)H1``IJJA'0:\(!R'(%PWZ-`%(+T.:M\1CD.HAI-4N*W";@F"03`
M6P$^D`^TM!``'5B:%K?(Q2["HTA7P,`!U"`$X\CD,@HJ8A/44(#_Y:DA'_]K
M2A(390XN!&D6`8A3D18@`BUH80=9JPESSA%'-5&`"]?0T@6XI9-9#.`(6L#"
M!!X0AR`<0$540R,"8D6^8RR`!%DXDD'^=Y*$1&4Q$P@!#06E$"Y<@3T[R:,O
M#C"8M1A`"R5`0*M0XB)!]"!M8*"1<_K$05`=4``_:((!P',0-X01`8=:T2&S
ML)\S'*"8_6@4+G4I)7TM#`%7R`(7)N"9WC12"P1H@19(,(!%Q,4"%*@`3393
M@0I0P#/WXX(!%(8M3EXF)CDT3Q-2^8%Q'7!/4Y)2[_9U$PVH`0%FJ8@$//.%
M$8A``*>,`Q0(\(1:J8"6EG%E.<ZU"D\$_V`18'L#!51)"2XH0E4<`<-*`N"!
M3@5.(TG0`GX8X`8*J**EMJ'-&V9'LVOA2$@G]8$!HG*0-WBBG5Z,JE2G:C0W
M2`!SEV@"`)B*3F5@2RX)60@#)*4/`RPB3PJZSSG"*@@B&)!NI7SD((0*D[HI
M,:$X60>$_",9EG#U<7&0@/-@AP`\580E%2ED'+)PTG-D@`'L6<$`P/"5L#PH
M0G$PP5FJLA8$#/4!"\B'U9;QE5V>(`*<R<L"/..6!KP!,%%AP59O@;D`F&ZA
MA%0`:P-T%A9XU@T.6,#<<`LLFLV&2NDHD`L+4`"'?!0M$VO0H@A`*:GTB@@+
M&&H+GW:`PAZQ:/^TN,($#G`"K9IM(7!5AW-(R1K7M("ZRNA``]BCA0%LKH-0
M$X0:&G`L\J"#1W/M55H?&]D!G&$^IJ5D5?:#0O0<`;,7X2U[N&<++27(1160
M;D;"1)8.`&`_'7C,_R3%.ZJ:^,0H7D8(`A"$*ZA@`%E0@P$@X`0GC%<B*]BD
M$YIP!2[(]0<`"`(4)F"`?"!@>;_(""V(<"4EP"N=5_@-P!9CI#D]004`0._E
M%.I)<V6`D5O&``4>MD9$$4`(5YJ``M[0)QK;V`!JN$+;N*`%7D0%@&_@VQG>
MP``0)*D5)`T"`$Z0A2`$('"8XC(OB'`%($<)%6MIRQ``<+Y^/J$)2LC_QR2A
M8.C`K8B1)]I@%K`<)1]'Y0P,4(H(6!R%D:%G,1G(R6(2X8-1;Q!LD^:@P33`
M+6#AJ#-QZ'.2FO`$&OF-FEJ@@&N23#4"[,5!&'!V'$`@+"=``$"SV@&=:1&5
M!?@Y5GK4"!BP7.-0I7/85^#SMXD-:S!+*S-@>$`;-3KH)%$@RTVMP%)5!@#3
M8*#7Z2#%"AI-`.&`K9(`0$&A`U"R-TPR"D$8@"H>'">;[F(`<>(EPE&`!4.7
MS$@@N`*FSV`8'F/9-#DF-J;=L`2,QR$*!%`E*51`\-NF^.8XIZH:*@"`IW$0
M+0UX7@'0B^77`<`9LU4#!YY'`'`U5Q`H*$!V_P+P.M*IX`P#*%P'JC@(!GCO
M>2*@\M.+YH:QQ\%O@^`5U9[VM`\?1"B%:_I<&M#SH<>A!`(X5!PF4`$W&,`A
M"!'`"(QD]`GLYQQO.$'A+)`/2V2<I)9P80!0((DBJ(5[&>G``-30`@!X;P``
MX,<2%/"\"F`([7Q:^O-(`*C9#L8'/>UY`)AT#K2?XPRJ!X`(#'("%<:A`P8`
M6>TO0XG>9R2>P7[=\^`LB"L`P&V4$`(`NH#Y?M#$^-:/0Q,8\#2[VTGO3B0\
MU0$`%$I88BT`P()6X97UME>`S\H'@.]M[_>!3.`RDP$`E1`&```T`/;GH`43
MP';G<W;XEPYO,`(]!_\`#1<'49<1;G`"H`<`<B,(3:``_<=XX9!Q'G8%:9%Q
M)U``!2.!&0A'#%!UI0!(H$<`/W`QL@=Z2J!5&==YBR`""P@P.9>#.MA%:'`%
M6&!9<88%CP<&UG`-6J`&D3`)CQ`65W`H8&`B<8"$68`%UW`&;E"$6"`7YA`*
MU"0*Y]"$ZP"&#S%28.A*4W@-<B&%6'`%0!@*')$%NK`87``%;I`%)"$(7/`$
M:O`(US!<'1$*5:0&=*@./;B&(R6(;_"$BZ$&3W`<4$!-:\@><?9*`3A2@C"%
M7G@,4%!%;Y`%"C.)CV<.?H2`6H"&@J"(^G4(Z#"*IPB%HW@-U`2'YG`&@ZC_
M7U!P'%%0)%$0)ZAXA1D'BI=8#BU%AWSHB7J'B$08A;GH3+'(AHL53E,X4JRH
M#R3!BH)XAPBQAFB@#LR8!8LQC>G@3%1X#D^(#HA$B>:@!FL8B+4(!E#`!8*8
M$>4($.LX"6M(35%P!K1X#6%!A,VH!O$X"-9P##YX>#MXD`BY1266D"BVD!GB
MD/8`D?,@D0S9D!7I#A3911FY-!MYD1[YD1I28D4SDHC72"15DEP&D1W)9>IP
M->O@DB;9#B*Y#.Q`DC5YDR>Y#`:SD2J9DQ.)DS'YDC2)D@C8DD!IE$-)E$FY
MDSHIE%]TE/'`.U+IE$C)E#X9DS/)DD.YDB#9E5[Y_Y5@&99B.99D699F>99H
MF99JN99LV99N^99P&9=R.9=T69=V>9=XF9=ZN9=\V9=^^9>`&9B".9B$69B&
M>9B(F9B*N9B,V9B.^9B0&9F2.9F469F6>9F8F9F:N9F<V9F>Z9&+P96?>9$P
MJ46B29I>=)JCN9JLV9JN^9JP"99OD`1'T`1,=@;8F)10N8=(:0Y18!`VN0Y?
MH'>+!9,0>4!/J91$F8NZ&0='N`Q=X(?IH3!%F1[$.0@&N2&\61)*<`1'0`3[
M00G(J958Z9S#Y09)0`02H0:AB)$><H7IV)X222-@0`08(I[7J9H"F8YQR(V[
ME)SUP)4]"1/4^0Z=R)+P^?^3]:`&V7F5[3">Z^!,]#"?RID%:2B?REF<7ND&
M0=`"$;`#31`$NA:2&D5B[F`"TLD.!N$#4;(8'L!U[ND#(XHT)S!<7Q`E8``"
M!K,$^1)HX#"5/]"BMY=%&T()3T!6E"!>0=`#+N`$!\&BY!FE)=!1Z8@!)[`#
M[Q<%#7@T#GD&DD($7X`%6TH/'Z`"&,(D(AJE4:E?7QJF)1../X!['"F</?HA
M:M`KRU`HRG%I;G`LC72G[OF00=$%7#`C$1D'/S"CY\`S;U`RX`D3M'<T',!U
M3S"F,CD<,`J2:G!303`$9S!247"=ZI"$44AL)Q&J!T&';H`$V[B%74,)I/H&
M3L#_'ET0!40@'(LA`F?PFX,`,>8`!6K@!DU@$)WZJ7&P9[H)!06J!BAU#,.*
MAPWJ!H.H!*HT!$33!+:@!A^@A91`!*Z!%H^GK'$P!,T"!ABRJ;UI#DKP>%]@
M(LSZ!.;R<J`!$%%`K@]A"YLH"+MZ#ODH"+O(`M2Y/<RT`S_0!2J0H&]09H(0
MIN;0!.UY>Z8Q"%!@,.YX#B$`!5I@I@4ZJUMXG67F!A^`(6[@4$0@!,9Z#$Y`
M(SKU<IDZ"#2Y&"$0!5JP`DB(#EW@`6#`>E2:'A&+#LSJFQ+A!BY9)+XJ",!J
M#DN`@ZB:#DH0%E^@,)2@!DYJM-<IB/#A-@>Q`["W>SV[_[0=88F+)1&LZ`9'
M(`F4((NE2B-*0!(AL`3Z&IK'VK/GT+3*00G%6@[HF0\[@+5Q(`)NNU8:8!"E
MZ)L%F@Y:T*Q@\)_86@+;"*LK(*VBV)^-XYSEH*MT&*S-N8-GH*.5@`$J@`'H
MP0(G8`)=(PA%L!I1X`-"X`$ET$/#@0(>4!$L@`(D<+@<D`$9&S]G<+!08`$[
M<`%G$`0?T+JZ,`(K0`+ZZ+L6L!I\(0(@H$IG\`$MX!!*P`$:``4AT`(#<006
MH`(64*OV,6[GH`(EP`$\D&<\T`+@00(JT`,E<P0@<`*K4:.T"P(4P*$;X`8F
MH+?QTU$JL+/FX*UQ4*88$%LG</\!MEH$5U"`^JH*S7<79X"GJP`"WML$8*`!
M*C`!=[$!*N`!30&KR!4'7X`!+F`!31`%&G`"'<`"(4`36-`!*@`>/``")O``
M7!`%OCL!_>D&&,`>;N`&R:8"%Q`5(\`")7`&78#!$V`?/Z`!+9"_Z1`%L0L>
M/<`!'"`75_`!*\`#:D!Y&D`$6M"]!=RWQXO$]?.W@C`"*D`"\$(!(M0%%'`%
M2'`!GWN$'J"]:+$!)\`!*]#"6B@(/F`:^6NP+J`&&S`$8?RY3&6!&(#")^#$
M+Z?%?'L,YLL"X+$")D`";`@>+<`/+=`%(#"]:%$_8>$#^>L")4`"`/P&((`"
M)@P&&1#_!"40%1K``Y;,#)G\FR?@!AYP`AA@#"9`5JM@`C5JI1O`R2=0`K\I
M.R"0`4S2'1^`P-1Z`E%1`M',K!M`!"%@H1X@N@8A`BB``5#P`4*0!3]P!<H`
M!2J@!;$[R7&P`QYP2#Z@,$00*Q80SNA1`O4#!BAP`KNK!E^\`^A!!$@@7F=P
M!."\&D=0/_R0#D$``B)P`EK``1EL'S[@Q!:`(5D@QE%!!!'=M/$3!=2*`JOQ
M`<Y;`EW0<)17D6K@P$0``1K%`M$KPJ!62<WR!#NP`A[@@$>0!`-!!#*M"J!,
M!)1T!=R2!6`0`FK@`;JP`5_0P=-0!%'@$$B@`BRP&BI@<()`_P%,0@)=$`3-
MT@)$T#/OW"Q7W001H%$5D45@?1!G(!Q@$#X)T"KK8@'-@@)-4`*2X`%J$`(]
MQ4$<X$<.L0%HT%-NL*]!(*1OIP%?`!)-0'FN\=5(P`$@L&''ZL`:-1";>PY9
ML!!+<'4$X`9<(`)#4!%$(,%:(`$D,`+;J@*K@0)*H`2R,`+J$X'HX=50G=4C
ML!\?`(6;O0Q:@"I>^MFSX,^AW057C`$_W,/I`$HG8K#&L`PDH#`B<`0E@P):
M8$UN@`8F0-Q*<`((-#=)`!Y-,!`?T*J"H*-'0$DXW=9B+=LGH@I45)(_0`0N
M%;S6/4):``8'X`8M?7MA5PVYH[\*`_\"'54D"M`J(E`GEZVMP:8"8+`#;7W6
M#H`.4-`"9Q`X9[#3YM#9V@?AJ-+2;Y#@?7ND#:ZCX,0:0=$L!]&I4D'=4``P
M7\`!(I[BW]C?;S#?'H`$Q_)*1P#3[1W60Z`RVC?>@IT[E30$+&`:!GX0:G"_
M\+("'>4#M0G3%S["^J`&1*`8>W$"7=`"'?4#PJ&C\]W#'."-`#P)06`0(-`$
MJ(+<:J#<;I`!&,(%(?X!.9X/'.#F0EOF/!PE)7`%X)T%#J&?6W0&JA0'0C`0
M3S`,$2`"'Z`!F-36.-T"S?(#L7W3IO#H'E#$3<$#%.`#;R`":G#$(_3EEYX$
M2B("&]#/"M/_UHO!`0IS`ERP`[F!`50N*9\;`AI0W\WB!LJP`E%P`KDY:AX`
M`O]=242``A(1!2%P`G:[[$NM,"A`9RSP!1R>!!-P=974T,M`!)>A!-[+`UKP
M)X,1PE'(4O)ZK(G>L-Z[`U_@&;NK'6J]"DDZ`FK0!;:@`J;Q`TFP!$#1!!5Q
M!&>`O''P!#S@`LT2!$0`X0X(M5%(`57DWU)\K-0\`2+``2<`!3M=\.@:!R&`
M27R1#T_`I'6:.QT``ANP`T!!:%QP+&>``D>02AI?\<O0UB"O!B,@\CIZV@>_
M`SUP`;Q.Y0,A\)4@\@OK`TGP)N<,,!*=Q)<-X'$N"<C^`92=`;@:_X4.#+]8
MN\Y!T`02C@1+8.LAD`$^X/-7`P4NH`6`1W/*\=F^VP6]P@)*8`+F!P)82_=F
MRMP]7Z<NGM&9U00K]0$><`4HRMQ;N!=/#@(@`+I!,`%,8J]N@`*\7O8^(/D.
M>.0@``9'#`)7K]56=+`K8!H^H`1)\.LL\`8]P-6*S@_&0.LN8!H,_P9*70$@
M\`$8@`5?0`$D$&ZWQP(CD`%/T/$D\/$A?Q!7L!<9[@:V3_@S'(6VW_A1L+\:
MY9U'T`/->I!1>U-"T"Q0H&WEQP7`.:XWO;=AWIU1\OU:("F'S0/"X=]JX+N4
M%Q$C5.OG?P0<]$:JW.W*H:L.2'V`\!1WIO\V%!17`C58N!+7-1)'Q/(35QGW
MA1'U5>*FX19WTB6B%>?S4U*YTW2B1G(6A\*EI1)'\JGF5M(1%W1HN1,WY'.E
M`>:THV42Y]9EZ$%J>29B&45[%F(9U[3QU;33A1('IA+D$_=$^U997:E^HOBC
MI'0(1=LD_7I$M",81&3R"D64;!^.5((R8M8@%4(.J0%3;Q`)-1XJ@5"3K=*'
M?$-V*"+XZLP5;"JT:`DW3@@E-6<BJJO4*XX:$6]&H,D&(M*A)SM:""(4,^*]
MC,M4G&CR086:G"6Y6,,6;2)4$4M?@7E528VG."Q\-*IU!HF')"T\?%GQ4XT0
M(1FC(%.&J(NE)AS_OASK\F$9B2\=/K7P6ND=*Z@YB?A2)X1(G)R@CM!RX^6+
M"350J5FKZ.B,&S45@B1II*6%BK0QSWQAH87+B4@G&GFPBC6KFQ$E7"@*(H]6
M%Q(R.7L>$B<OBBX>>1&I2;%2%S5JWOR0\-+2&PU'U)SX+%%-WC@A7JEC=V8B
MYC-)K&U?#B)+'%5<3/BX232^_/GTZV<\@_F'.2>K*6@ALHLE8&B`WPHM-%$*
M$5]8@(8'ROA'1`GE.&*!&BWT,-$.)C1AP!DJ(.B#@@RJL`,2'Z@!@2^5=/`*
M"5H@<1$'31#!`R\7>:!$$@ATL8(U"@#S$A1Y[4!!'`CL<$61&'@`!@5X_QV1
MI!L<4-1B%EQP$,=K<5B0A1(Y\6#02QK`F(1C62HS@19![#"$$%KP9HE6LG3Q
M1@=9[#!!.Z6PD*4*7$!R3185>@#G.DQJD84;1)SX@!)'U/@$;]6IP,(9$W@(
MXCXM?($`%ME@80$77&3P1!:\@1&"H!XBP]L96(+@0Q`,N''$)Y:<T(*E'@H2
M':YG9+!$3B0D@46KJ5[@H0MOQJ&..E=@X"$M',06AP9?3-@$"TF<Z,&,-3HA
MJ1I97"%='"9@(X$0G=2"1+&#8%;)&1IH@1D';JB0JP7DJN/&C\^"8<%_&\2A
M!0)O"`%!'$+<.*,YT46Q4<``Z@F8!ZP$L,2B1O\BB0'`6@QQXHE8QL'!&T.$
MPRPO2HW\`1<8_+<1M^5"@4H<&R1!3!08J,%"$$X0X!0/VU*41!<5>'@$"T>X
MJ\8!BOFJKR5N7-#E"5=<Y$`22R#@A0HNJ$&!A4(XIE4M241QT0.*7:`&!U!:
MX`8("FJ@AD'1[+P$!$J@@E^U2C2A@*UQT#P(EAJ<S0$2JU6+,]P6C.#QE@':
M1WGEEE?B!B5Q.($@%P9=80()8&3T@P@N-*$$*4TX$<<2)+B`1!R@4P4%ZW$<
M`0)`0F#$@PHM*\'%YH(H,8(*;IA<P@X#61($1D1X$0P(/6S.NAM#2!]'%$&8
M8'PE(9`K=0LB'/$-""S_@$"N""N`$/MI'Y#[@QO-1_*%N5FL0.[5(ZAWD9X0
M3X0&$IR`?''(@@E&H(8H("@(L;D7"4H0#B^Y0$42.0$1?M"%(LB$$DUX79CB
M10(3G,L@02!!"[AP!01U03%9P,4."A*)X#4!"F]P`0IV4+]L'$$$(E#,"C>H
M#1'0P@N*40,E[L4"#]R+6FIXH4&(()=LJ($''TB"&\QQA9(8Q(C:"(%N%).1
M)GCQ$_.SQ!%\H,`X>"X8'_A6YQ2#A3<T@8+G4`P+%(%%+<J$CCT(427B-T48
MQLD#+4"?[$(W.C>T8'"+?`,1L,>YC+S!:EPH@>BR$1X4&.8*'EB!"`C1`1:\
M_T]V)W"%_#('$S>$9W0@U`);XA`_+91@!)H)@OPR\D-QK&\@N+/%$4)P`N,Y
M$E:5$",MLJ@%N_4`>DW\0.RR,9*$Q,$H+3#)]KK72Y:8P)6DY)D)7#"0'1!!
M#2HP)!A(`((F3#(C0?``C9(0.RZ"`04KX('@?BC/]6D!#&`<AR$O.)9*M``X
MERNH00^*4,L-IUK!2VA"L[`=^2P%)]2J'!3,D0TO\,FA'.VH1QW*KQ*\X0P8
M.!A\/HK2@Z8Q.BF-SQD8TU+[1"$<ZIAH3#T:$Y;>=*<9025/*7>&#[#RISM]
M@TZE<]1VL#2IS<K>!2J@F)=$9ZE$D6JYXD-5+AC`;O_9:"IE4A:'3X(UJ6--
M!4:,R@O;=;5<5+WJ6JV*5:;*!ZV2U%-5Z2-7LC)+I^H@@@4J,)`<UG4^1RTL
M6+%ZV,'R]:[Q$IQ;WSI7Q-YG&E-=*V3MPU1G/48FE'5K6RE'U\KI]!-M2JQ5
MY?I8I%IVKZLU;5E96RY55E6OB94L8_7D!@8LDJB\Y>U#>HM5C.!5N%E!*"ZR
MX5C@*G>Y@Z@H<Y_+4^(NUPV.E2YTYT/=ZVKWIVB@[7:_"][!/M>[X2TO3\EK
MWO2J%Z3U0>UZ"[K8]\IWOO2MKWWOB]_\ZG>__)4O4]7`!;9,E:4\*RN!>=#4
MVTEW,VX`4FL3?-O,>M:N<5C_@7#I>E3FP#:RJX4KA4W;+.=^5AU-0!"'>_/A
M#LOG8YY51P_4$]^4O>0,'E9'$!KZ6+Z^H@=G33&%8VS9S[(U#CT@!8D11%YU
MV-,'TD5K@`];6:5VU;"RT\#R?MQ6(=O5PQ36\)93]N3;@L&=*>.!<%$`A2!\
M8`0A$"D:4/`!6PS"5B/.<6TMP4T(TX<+A]!,C6C[G]LMPP<8$&J07SMA/2T6
M5T]@`1=,G-_O(*-FV(7T7?53+L/HB0A">,/(Q*O<)B17/BKX"&A3>@64G1K3
M>E5'J=D+!660%0K.G8]-XV,"4U,NBR2K]7-IG3),6VY*&XE/K%/J#JXRU]6Z
M)LJQ_^4:!!=D0TMQD,`0W/`%#5SA%1_8@316`P)?<_39I]YF$CK]Z=82(87`
M00$!@A`!!5@7V5DZ'07<0`+T0M<-/`!!\!)%,/F)H`DJ0$();M+@'6S&*?=X
M@Z.4((@.@H\%&'%!RP8!4U`HA01-&$'PSH""0[AA"TTP@1N$H!1,J@`@D=B`
MKKF0!10(X@L((=B&M($1)W2!QL$XP>BXT&W!2>D0)8=&)6B>;UDJ028O4LH9
M3`4&-81<.4'7!@G4`P8N[``80;!7RAKL;X)=@02V"P*)P"A'C'RA?D1`@68X
MT&=RL!3D+`>ZPK/1\2'P:1R^(,(&!!%U7I0@"V=`(0D$L?\Y#P`'"A8`0X-=
M8"L5\``%X*L$$53P\UF`$29]X7@)$-3@%C@6Z=8[P2N6H/:HGT#D7>"!N@1X
M$U,M/1M$T(`B`F]V<1:0!$N(#]B#%X)6$+?!&XEY$EC.[P^0H@M'6,$;>O*)
M,XA0NAYBBQO(;`E1B'SKGS`\&"+U!3=\#/(N0+`V3D`*+8Q=K9:W<IWBWFE'
MB.`0[&B"8!__"7IF@RJ5L``8^=]KEX!#%\`Z6B`"B_0%D?(&7Q`"UL=]8B<Z
MD1)%V1`%H$$$IK<,/3`"HW8&B]0:`=1Q'S=UT]8"1\`;"L`ZV38Z7^`!!@$&
M*61R0Y!R6J`&*P!&45`!/O`&;@#_!6[!$DKP";260D]`"2<P$/JV7"00!%$`
M-UI"`C"H!0Q`([2P>DIP`EB@`#P@)$0V!!.``EJ`0">0*+OP`RU`/)6``IY2
M"2ZP`V_P`"[P2V\0`EAP!#WP!C_2`PI@(@Y3"1K@!$1``E$P`E'@`<1%`25P
M!AMP+Q.0!&"P`2>A!%@``HQG,XKB`F!@`F`P`D^``A^T&$U`+UT0`D<("A2@
M!&```F"@"E]``%%P!+##`,TC`E=`0!_@!"B0.C9Q`E^`!`KP!!A@&QFGA%%P
M`6^``2*P!`I`'AO0!11@$)^@`DN7`5EP!&*X$240.^E!0.WP=QH#`ISX08("
M=+2`/D>P_X2#B"6#IP0<X`40<`0>``+)>`91L`'XT8@:\`8J<`11L!H]D@4.
M8&2\0'D>\`8H0`%0\`"QHPY(,`T:,'!3HC2IIB<F,`%S=(D;:(;5\@0F0(MV
MR``GX!07I'"OL0,?%"E1@"4FT"4<T`43@`37IXJ>6`G#>`&ST0K>P0LMD`0@
M*84[0`LCL(0EM235`"6KH4EE"%8?T`0^P"?C$PW^X38NX`-+,`T6,#X+\`,K
M@`)@L%4F$`%-X!^A"`):H`$AH`0+(!<D%HB%."Q9LI20ER9NHP5*,SVW$@14
M&0<N(&V6T!W]!T;AE@K4\0I:L7,8T`4JX`,MP(A-H@51&0^08/^52+``B0D)
M5A4%+<"5U9@!M1`BFYD14+`:+="&;QB'L[B-EG<$7)`$33``P;.#@P`!$6``
M/J`$`$`"&*``*H``J&`"'=`"`)`$9X``//`C8!``+?``]C(`4?`&"Y`%4*`&
MV[8Y&Z5>V.8(GN`*L"`+N1(X2V%3*C`$$K`9C(&*TU1-7I2(ZS$19T:*00`<
M#$`*(Y`$'N"*$'`&#[`<#Z`-7.4&H^,Z34`@S6$)&M![JM`"D!`38`@*$$`*
M%P$"0X`%%_`#(5`KTC4<+B`(9)$RH:,P">$"&\`%%;`,*-`#%Y`]&U"?B9@$
M&($O6A`"!U(D4.`"7;`XS%(_79`!;H#_`8<`DBO`.C]P".H0$3D!F`>B+%U@
M94?P`+;2G]J0%X>S&9;P`Y3@!)MB947@C-."$</!`H+P`^_(HU>@825P!'*H
MHS/T`"X:$%<&F!C:`KR14]D3#A30;ML"<0^P+Z"`"ATP!%=0`4F@!:N1:QS@
MBA%PG_&Y`\ZS/SN``9:P!`02$#S".CZ0!$HP"CM@HEUUHQDP$S.!DSLP$>+'
M`&^@'7$`/3CJ!AF@&!B`IEQP0U&Z#JOA!GFA`J0H!(ND!DTP#;7@!1J@&!/`
M!6#@`V#``.=@`:70!3X1!TC@`QW`HZ0(H&<0$":Q&M:Q`])V!F#0!0I@`=&!
M!HP!.>8(5GT9_P<4\$KD>CL?T`""<!$L$0<\T!-PRB=JX`2[NA>^&@?`>@8.
M9@E0D"NCVJE;`7`Z%`[^$`?P&0<CH`3TJ:3S=CL!X)KJ@`+Z"04-X`,#<`9$
M@`!$EB?GLA['&JP84"D+<#M%P@$L$`6!TQ8TM5Y'0`$L0#>`^86AP06M@D`A
MH`Y'P`&+=`V5P*K35`(\@$9%``P*`P'Y-DWM.01O0)#FL@T^4)):``+J$'QG
M@&0"E0%PI@T4P*DITY=/`+5+%Q-9HBCZR1TSP0([$`1B*@*-HB?H9QOO8@D?
M$@D>`+4E1@OO*@)L<049`+5#P!PBT`!0`*H\T`-7$`33\P0SNAHOX?^R,.L&
M(5`_(,D/O"!@XA"-?`*84)"V5^`%&/"W.-D"&*"U:#`";FMCA^`$EPBZ;*(&
M3T`!Q^HGQ>&>H0`+5Y"J)=""<J@&&0"O0>`%)3`Z`L&7K^"O.R"VESM3P5$_
M*K`$W::V:3E-".(!:1L$+70"2L`#F`"UJ8FSS,("#2`$8M$#/5`K<U$!C3J[
M7KJ:'.`#YBLX.?NRGD`5-I$-0O``*@`Z&%>RD!MNJ;IU02`7+/``#K:\YJ(%
MQ9&Z6?&]O6"[Q-L$6<`W.7$%8!"W+R6Y28MW%*"^)H$R.]""RT`P%4`WT=#`
M1Y`$0>H]PK4!X!-\,@$^J"I6(O`!(M`#R,O_"[XP$ZEKN[4J:)_I`C6;'=BP
M6/K("TO;M)^G`:$[9%IP`,&C*.:B#&H@`2A@`%_0!<5*!$52`J@P!")J`A@@
M`9>H`)%0)&IV`D3L/WFK7FA04I[F!E\8'%V0!2U`HQ*AHUL:!#R;$SW@"YV8
M/="9$TT@%Q0P$.^0,@;+&-D[#76CB1:A2E<+,03C<8*@>"F3`;&3$)5K=@23
M;V4)#`XJ0[2H#8V:,J'0`HKQBBGS:K=JJA&<)^&A:6@C$]6A&$J0%`8!!?]!
M#\C0N(/0J'!,2["0K(H!GMG``@%C,^KAHRV0!5V0$VI`!+8RR5Q0&*5L"4(0
M#D2P*7FA!F>C"!R@_P1!S!#3='FC<P)=8Q"I_`8@T`F?,$X>X"FCI`X<X"E=
MRLG*&PZ`N0)>\@E%@),^S`'!DSH55@%?8,VU_,BWTY\8P`.+Y`5<E06"T`%*
ML`-<D,JPD".-\`5)D!%JT*A2(GS964QRX;<\.Q$AK8@(],Z14#>J)`'"Q4G+
M4!$K,!"?H,UJ]$(8,0)=@(BWJPU8$`XO)3M@P`+`03YNI\&5,-$D,\[/7!'6
MX0.T0(T)'`1\4E-=VQWB^A(<H!Z]*UPB<!-?<&_+P*DY<=6WLP,\T`_AH'6%
MF+`^'1#DHFP'\0U#;0L[LQ[$]1WA\`.*L<AG*,VC5@D2L!I$(`#RTP#:X/\`
M/T``8/`%Q8JEH*`!<=`!`Z2?)*`"9U"L1R"B8!`!#&!IL7IGW^4&&]`3".`&
M2G`!/;`C8+"C0[T++=#%[\`WJ<(`+K`"/Q`%&H`GB5(1?L4#6S',"ZD!>%$)
MA5@\)WM]R?V#8+:C(J`O%-`#&8!C&C`!++"9,A<':,`!F-H$?OP&$A!4;I`$
MH40!UQ`Z_-H"8NC;RJP.)O`3ODT!2'`&!E`"'^">&"5$'$`+#D("/0#;.R`!
M7T`$YD!P5!Q%G=`3"_!259)M/B"%>G($"9.N+7"L.X`-0M0!Z:!&.SH"$A`<
MH2-MZN`J/$`!X*8"'#"C$D!H'C(0&4`""*`$E^3_(D'PH`]@#A,`!1I(`A7Q
MCCN``#!VX<=Z`I-*">K`!1/P!8`Y>#X@`C\^D8+PCBQP-+=CX1S.`E)2"2K0
M2;;PWE%50!/PXOH;X0Q@$!FP`W^:K%_GVRW@X!=1;#EK`3L0CZM1WF^NC*D8
M!P=:`EBR`B<+"98@`DG$)XD0)]_],AAR`CFA);G6.E?`-[MP!5R`HVO.!2$P
M.HBN#E@P`3T`+3R`#2.P`AZ@<*B-`3"'"GRN#BY0`HU>"DE>"4?@XA;02%F"
M%3L``3Y@`<#A`4$`H$.``:WQ$XJN!1AB`CDQ+8C`2Z#08XTFQ&<PVY;TDR<5
M!<IP!,>]'5.BV1[`QD2Q_P0#\``!4"-@TP`&<)<`H*T&$`P)LP('``$+H*T(
M\`$/$`KL'IY]V``]ELBOM%Y?<`1GH`6O\`0ZAQ%7L$_+T%!1`(3,L`Q?<`:<
M\S>#<`11!)+9@P1R<08U>A!G$$5<0&*L\P8-!?*D^BG!B078!B790`)0$)RF
M*ES?3"Y/\`F$YP7=%_#+L`1+X%AN@"!G4/$9)5QN@`3D,E-9\/-8(4=.P"\[
M'WU!?Q4R`3U1,%3,!P8#3R>7@!%@H`0[AUP3Z#FOX//,4F(9@07!B;NKS?/(
ME3JCL_3JP'SDT@78Y@6M%P1H\`ESO]I1\'1JI!Y0`(25H`6$[%AA#_/-18&0
MG?_W&,'PHR=<AL\L421'2(9C3_#R,H]+2^,(6P\\@XDS@S`]+P'P5W\&-Y_U
MED"+CB<7;A`\H\\%I?\2C<\LED\M;Z_U4J0$X`/XW9?WMZ`&]3/RRX`10"\7
M('_[V;?R/G]D_/+Y:B`74=^O@2^MN%3TV6#\S!(%GS\(`U%BXK(<F*/]LF_\
M7C#\I1`;#^'PK+\.@:\%0K>!Y^#QE6#\9;]G3Q!'E8`&34`N+4%=`R$2H``(
M)EQ=<6]74&I7B7%G6'%Q&!B/DX\K7)28F9J;G)V>GZ"<44.8/D>AJ)X>:*F:
M;ZV;4":%L+6VM[9!)%T86KB_P,&>74W"QL?(R<J91&[_N$1.RYPC([2>*P%(
MF5\ETL&OD^"=XIBOXN1$YTKDG.S6F>;AE#]J[=;LY.[@[I3@743OY`E\I,_5
MN%K\\B4<&/!-$`Y1[C$<R*_?IHH'+QJ<^*XB1H(<%P8$R7&D18(?/^T+E<]3
MRH\%1[:T=6Z3FE,>73:TUX60179N0/C0%,6G-V4I3WY#>+2I/9WESN4,-Y,F
MRV-5H<+"E[155J?>NE[\.E$L6'AGG9I-R[:M6Z1OXZI<*[>NW;M>-Y+$RS<9
M7;MNDNR,TP1,'&=9'`U4PV*)WL$6"T]*4J^3&S=*F(*47$[>E\PFE;Y*XJPD
M)B6@XU%*<@:*X4E(3D2,0X2%_XHLF=2X:%%Y28]);G"_RE)::?'#F$-30IU1
M(#@PQ0C^.//HC`_5\"X#W"LRSI?;D["P8.&ET'&!;K0=%MPR,$C2H=VY64D)
MR7&@["VZIP7?-"8BN#DWC`H_3`*=)KJY4)D2/%"B16EG7/*34G$<2.%+D6F1
M6D8SU732?'L],I]]G0DXT!4J4-<7+&=P8%`)4-#BPU"8.#.$""H^ULXK,-+"
M08X(LH"&B\J%0D*,(5+"!2ET;0"D2A2$H%$09ZCP!"U*:-"$!6"\H8$'&5Q)
MC@@]["#E#B<$T6`<+ISP"!<55*:)%CO0XL8*0T(I)5-0=/.*&P/\%H<2!)PG
M3Q*GK/^)RBLJ\/:($Q,@L8(%@S*Y28O5$9D)IN#\J%$F*6[B*2=G;'"IJ9,X
M^50F$`11I"9N8'`$"6NJ4`T[(?3`PYEI"@IG92$(L6@<3_AI#`A/;"<-HT].
MHH(:'C2;B@?-K,@B"5[X4%D403BC0D1-"!&$I8.JUT*#?X+QPQMJ^"`A&"WX
MQ*TS:C3AV!!*L#!;'"1H$0089WQ1'3A9:,#%+MH^`D6WP%5&G1K^5H:OOG$@
M<<IA60"4Q`[.T-O"@^QR$40];@AQY2,\.%$"D$IHXX8:4:1#R1<FG""P&FH,
M$='+/PC\K;.&G:"%%BILHD4+C'P0!XYQ?/"&"Q(@'04%&<C_^<@5+`A,!`B3
M%'QP%PG'L?!Q--L<!\Y#7'&V&DDX]G)U9^^0611%B_B`FW&LX(`S\SX"-G4K
M(#V?&ES0<S8+#U+BQA`QOA%",:_XX&H<(W2Q`PN/*''Q&T(`=`;79SAA`MC;
M"L'NGCP42UW?;H#1;1"F3Z(&!KA%(<1Q_08A<,47/Z(&PML&<?HC.ZC,LGIJ
MG*&[11:<0C+..:M]MKNKD0*%FV=D@#0F7"#]^=+4>?!&%E37$X($.(77PLW1
M^\U#OI1<L?[::<>1N!LYELQP'*FO3)`0C7/8&]R`A=N)K![)TU871G88`!:"
M<-U20P9JQX+7G*T7)O"73[K0`^J\_TQ;7_"!BM3P`U^4RBC60H4:)J`"%'2C
M"2,X@IMNHP4+(&$"Z>L!"GB`M!9.8E+/`H$,LW`&#!!A`F=XP@>$<((S7(`#
MFNO`$2#@BT=TX`,N`$$7I*0&$90&"AJHH0I4\,(8HJ`T44`!([S(0A)0(`Y!
M\,`1'``&(;`@"'4"4Q!@B`(47$&-'.`!"CCPAC:^,4TN*$(<4'`"'TC`&:\0
MY`Y\H(4'\$`#4@)'$!`U%!1@(`H?.$,2(K`"#7S!!4@"B0<&X8`0;*\S6OB`
M&I36M#.`P0E%Z\(91J"B5QR!6A8XPR]+\X0P6J"/990A)./P`T3]1@48\`$#
MLM"$"/@``O]#X`+V1A`K(E!+F[38)0G4<"<0N,$)9O3.!Y1P`GCAB8TJ($$%
MW/`!06J`$B3H@0H`XH')$08#3H"D#W7(PSB`@`<?^($;2/"=,U"@A=U8PA+;
M*8(XJ*"1$2!,#-W$@@JTP`4J$$&=7@&&7CCA`T,@07&NZ`)3^:`%>)3=0UU(
M&!(<805@J.A%'5D<01:4`R!H00,L^`@*+`$)!7K"#GA@`6G&2(XHV!<MB#`+
M%/P`<_BPGRQI"8+D[?(,;ZBCL";Q2R)00#?19$`4U&`!(G"@:+ZD5IQ:@($>
M,$`+1"C0$035M!W0E)$]P,`2U#@"01Y!#5PS:%`VL(*'NC$.'@#_P:1:\`$W
ME2`(+CC"&R003PM\`0-7^`((=J"!TGSV"B``@0O$!P8/*&&<29#`"9H`@B28
MP#`;2.E:+7"R%*+"#0I0FP?4,()B:.`)+>#""C*S@\DA]A4><`,17.6,$G"-
M"&HDP@@F21@MG(`0*D@"!-1F2GY%Y!5MM:@65M`%**P@G"-X0W`A2]QB<.!B
M4<">%^?+`6@)K`1-"($N)5#$H9R@3F"`@@NXP+4N@$"^C@!!@-6`!0J4JA#]
M]=V#^:4$!N#/`_B$&(AK%@<A#*$)#XC#=U'YCB20(`XSHJ<B-3$"*`3E$1C(
M#!34^(BN4N()YN."%M3XBC.(0+["K6\<_S:@'GY!3&DDX-H.CH!BPK``G&=@
MJ"^.P((N$)D1*/!!$K(0A!-TL1@9<$(/.BGF(;SAP?,-P:SBT`5:QB$++X:6
M15,9AR5@``)#&5?37D&")(#X)K.;`&[F.UQLQ8$%0T"!&N[Y!@ZXH;AQR``4
M6,`U+;T!A5W=A44A%X?TMD`)`E:#!'P"W"2+H`EO\(`/GD7I#K#B;!L.)08*
M-`*IQL&H24CJ#B@;ARDWP4U$,)4XW-#?*_R`"SRF\1-N#`G0@.#607`5.(`<
M!P&O0,J(<L&@OCSM;G=!!5(>PHU)$"`UQ(@+LJ2T"#;VA3R#X`Q[,F<%7)4`
MW&S`#19P%0.ZP/^%'7RA`VZX`@7<P`"U;:"+;SA"@XMCS@L4B`1<X$&!=M@$
M"%C452KH01/J%(47R]*WJ5##OQ4;`A"0X$B6V,&5LOT(-.PI"$=(@K87>0HB
M6,`$(@B""?85`NI<X0,CJ`?3HCJ)HL<A9DW`8RJ-/&EG=#6U+P=-&AG!S=)V
M6PTE,(P*EL`!:F10!+YXPPDB0(0HN,#+:W2#UTVPI1*,X#8E>(6/XV#SN!8-
MWP9ZP`A(T`#&Q`@,^\3<Z%@\B28@<3.)Q00)L)?8>S\=KE^WQN=(,`$P>'<2
M5/=Z5UL^>-"`H0$B((&'57"*9BKAO4K%,M=X`((,\`"<U3F!$G#.3L3_NKS&
MI+7[$81@.B^N7/>8^]XCZ/8(H3&>$<[X@@:R<`3A;?@(@3S,82CP@#/(W1DA
M^)W1/9"BBAI4#:0_4@M.<88.6"`SX.@J+\6&MVX;O05E'\$)%*-RJ_M^\F76
M13WF,(D%.R:`&TP'$A30!$=0($ZP`U/&3$C0!!5P`B3@`L41*\*2`9.D`=*#
M"?K'")4'+)5!<^"P>1(`+ZV'&JX"!9B'@F#``J=`<R8@"_7A`1]@3A6E=D=P
M>SS&>K-P?EKT?4*(&S_3!%Q``29P=['D?_/7`YQ%<8CE"]]%6B000[5A41H@
M?$,P.;(T?R@7"FA@?B*`6(:!!6J@`EW``IG!_P.DP'<=\`HGP`751PL_\P-#
M<09=0'=/AP4B0`A"X`(\Y@$"0P)J\PH;4`PJ``5?$`(<`WKC1(:(11U:L#M9
MH$9=4(:2"`("HWOFIP@D0!U<@#,4@(>QY!WA9WXGD`1NDG!@T`&/\`&WUGZO
ML`,N(&Y&1@MEA@9G4`))X`*!1@2[IV*6TSCVHP&5T01;-@ODT`+;$RO4$4J7
M1PM,,PD>4`QS.&2T@`9)MXF4N#N[V(L;$R,_P()BXP)@,`M>-F<C=V[PM5`J
ML%!F&`>*@`+%H$N=\P9EN"<G@`35\`5*\PI1<"LAX`8M<%X&A20[4`1*0`J$
M5&PMH$:!425#D'=[4O^&'P"(+K`"*O<(PV5Y:$@Q:A,%$""%6@1'.[<!T<`"
M0O!B3Z<BN;@T\\@%46`":N`B;W!RC/"0W])$%C4;5R!NT94$0Z$$2S5SFM,@
M9_"!W78*;A`$/W`"LI()+"!NAX$!T:@BU3@$Y'*-Q.@"5U*.1R!N2H!Y7EF%
M,4)S:)(^6E!:8)!TRN:+.\`%F50"!Q.+OX,SDAB*%J4V37`%+^:*U7!^XZ2'
MI=8[X<>7*-`%+7"/9]"%<6`"T:!+,953F1>&H'!A<5!:/3`"2A`!:G`"61`%
M&@`%#"`LKR!20G`!S#04SD`"5](%%M`$'.`#8.0$&:`N)+`$%G!TQ%,"2V#_
M`,(!"1^`!)Y%G-8P.Q+U"*7E`R2@!*OF(T1P`O.$*LU)`DU@`%UP`BX0!!80
M:]2Q`QX`!1\@0TWC`AKP;_<4!QP`!AI`!.C6;<V%`,NT77'D!"\&!IJ2`=(3
M!4&E`%N"5W6"=BH0#:^``2(`!:1P!!4`!1CP!&]0)X_P!0>`*,6P*T(0A,5"
M"ZIBC460G5H@FR.$`4T`8IOI!LX)G3[A@<L7`B<0#3QP!$=0)T_P8N]9`AIP
M!"/`!1@@-"]69*9R`K-PG="91,=%`5"0!/<6;X_P(R/0`AJ0`<"1`3<E);!)
M"T_P`-/UG42@-/:9`6Y`I2K`,?=D`DJ06-?)F[XI_P(:=P!QT)E*``%J8(_=
MI@)*`(N3H"7.V004(#`'Z@%)4`%H4`+=:0$08ITHZID4H$3R&00(("?;-022
MX`&&<2036@'7=!D5L"7C40P],#(+B$58H@!00`15!`5Y-E+>4:%4QC\A('23
M,"H^4""=0F7:J0*>.C(5\`07\*.0]:$$<&[%,"-QP`4#8(Q7L`'>Y7$B]0,/
MT`3O)2LK("4G`%/T.5P=R9[04JDQHDA&9"O9VE\=T`100`%7T`$(J0%(\`&5
MF@5@]`04$#,-DB7PV@1GP%OUE&ENT`3Y@9F;L*^/T`3.4)9^21U0(#<2<AA#
MT`*&,323\`0JPIC;03>.\?\&KZ<%%DM6/J`$.?($KZ<8$;@<1W`R`CLH*Q`@
MCY`%ZS=MT;$$SG`$&PM60L"P@U(:M0&Q,:(&04`$7A0=`JL&NM(QL*,$&;BP
M9X`&5P*PAX$$^_`$828W=X8;3@`S.8($/`"!U,%E;K,")_@#/.`"VT$$-,L(
MO56R76.G31`108"RFH,D)?MZ`>(&O?,&3<"Q=^8%7>`(271G*^L&/=`#5Y`$
M"08<F=$$Q4"T)AL@=%,,*-H%+!NP.(-S>U(=?UL/$$L)2]`"!G<8'<0Y-'L&
M/,`#EY$97]`$)X.X98FQF?&40>"R)JLV3V`8?ML"*$N/I%"6M>NQ*Z`V)3.V
MA^'_LP.[`KZPND-;M#2+N)?["$FP`CZ[?EH0!8:1!;[`F&_X)KK2F(]P2X?!
MM=6A)CL0MO.3.:7AL&>[!$V0!5?0L-/K`DCP@5DP=N<+O?;C"T%A-6*;,6K@
M$$$0!4WP=SS0`\X`!F!+M`+K!HY!&/OJ#$Y`'81P!G\['P?L&%?@*DW``LI"
MCT10LI<;!2O@&.2[N'[3`MN1&>CKKR8,"F^`FU83%UT`8D(PF$<A&[_PE"=<
M%RU<8C`\+#6\PYY`PRO"&'7S"4W`C#Q<Q%MA(B;Q!MU1"!["Q&AA$&X@`1<<
M(DU,%4GBQ"@1%2#A<UXD$50,#UF%%CO@"$F!'4IL'C]1_\4J\2DD<<:K4B(M
M@1%FW`_T81%<?!YN_,04<2&?L@\=4A)US,=Z4<?Z@"%(;,434@[W`1EK[!%<
MT1FC]"1Y;">`2@LUL<0ZHAK841:3C,59;,2@C)E_$<JD;!6E?,JHG`JCG,JL
MW,JN_,JP',NR/,NT7,NV?,NXG,NZO,N\W,N^_,O`',S"/,S$7,S&?,S(G,S*
MO,S,W,S._,S0',W2/,W47,W6?,W8G,W:O,W<W,W>_,W@',[B/,[D7,[FS!93
M02%[O,E5$<@E`LA>;!"7_,Y>/,?QH1$PT1&"K,^73!97;`]_S"'R,,^?K!-A
MG%5Q+!KVO!)=L<E)(L=)S!W\S/\0:FS0\FS1_ZS.@5S%A*S/B0P26;'1'ZW.
M%,W(($W/KX+1,9'2Y]S28.'/+AW3;;'*I/P$&.!R&E`T(R`PI)D\%04&()#3
MQ1$%'/`!'A`14>`!2NTH]!C4IP`&&X#4'Z`%-E4)>;@!,<*S2CQ.TW480@0M
M'>`!%T`$LV08]58:;G`"'I!]:<T!'B`"TJ,&+9`!)^`,4("#1_UT8>T!%A`C
M)E#4(J"VD],$[%HA'B`O'A#6%W"P[[501Y`%;BW6L5D"T?0(-'=INJ`!498!
M:*`$&]`!'9`!HK0!'R`"%M0B,7(C2CPZ)G`&NX36)$!4AW$"'<`!(6`8;N76
MY44;7>S_!CVB!!Z@`1&A`AD@`B/0FUK``6'-6W%0`DI-(^$P`LJ";QIP1I-`
MU$;-NZ'X.6%M`@*S`\J]`>84!TG``1R@-L1MW,BMW'Q]!6V9W9RPB)$9U@]*
M$):Z4`*#6E1J#6F]UC1"<RWU`1\@&$FMV%?B!93=(+SJ<AGP7K'=U/LM-BI%
M&$%,<T>0GH*Q'!ZP`:#Q`T6P!!NV4,[V)1K`-2+\"%;R""U0-/J9ED2`!F&&
M`2%``D;41<Z@U<NGU![@*$7@UAR@`5UR`AD``H;1XZ5M&$!-WZYR!G3E)D-@
M`2Z'`9,C!%!.XZZ"!G-=UYC0`IA#"=CWUD6^`4J]/\"]`;RK_]8=H"A1$`(1
M#M1"G;T<@"0+)=NO8-,X[>`\_7!=#08A4-V&<A=T`@(!8`*D@0`1000```9=
M8`"0]0`^$`!%<^,*@`()<`#"=``[(`&0?F<#T*,$(&X3(`E1LC0.8#\#(#T-
M`!`,8``X,P!@<`)<HP8$P`)G,`":^RU?``!%DP7T*2(*($\!4"<(@`(@<``.
M4`\98``K\``>1P0)<`(*8.E'<`!7RUYO,.S%S@#\LB>R7B`F(`%3=0!EH@)@
M<`2)?@0$$`=%8`#5S@7RI0$NH.O=5E%N4``VQ0(%8`$[\`8HX.B[H7820`($
M\$B3T`"DT`"LK@8&8)H]<0!H?0"U>_\8"6`"+6``+F("@':+*@(%`8`;4#``
M@0$`+4<`2K`Q#-``+7#I97)E<9``)&`!`&"5CZ`%`?``I:$!CK[IKT`$DU[I
M7?`&!]`%7T``.X`!`W!/%*`!+]4@YHZ>`\`%2+`##8#R*K\#*7($DQ[M590)
M$4`*"%`"^E1%;G``4CKV0A\`GB[SP/7R`(`T+1<'$^`!T#X`PL3N.V#M")`!
M\>X"7K`#@D[H;J"=7Q``=#WK<6#N,PCNKQ`"-CD`)D`"`$`(O@0`004`!0("
M<P@`'C\`LZ/T+M`@%I``]2`!D\,#'K<#`"`L''!;"9`$/6`!!J`"5\`%!U`/
M)U`HCT`$",#_`Q,@`&I4`O[>`FZP`P;P`PQ0`?PB`2-@`!+P!EQ``)K+O)#0
M`#Y@`!_0!$RE[-%`&$4?^]&0[,LN`7*B!@PP`+O#(\I?`.!^`A+@`@\0``!1
M!"(/`@.P#@CP\@$@;EK0Z;>/-!OP`(#P`Z`2%W<$\%'HAI!5Z%BHM0,B8)+D
M=G`51P2`=@(2I_'@$T#X]GB*FJJZROIHFC30%>?FT(@D<.;EH-9`9,CB2&11
MV)#45%&H01'GX5'X@Q`718"R<!8'AA`UXEQHX7,V@=#4]!!W<C*;L`/6X.;(
MA9"@UN6NV-"XLXP?IP3P%<4`F#AG"C19@BQ.`R3''KGAEP3`F14F_^*8XC'A
M"P(G%C4->P3!PX0=<89\-$4$@BD?),Y5=+-@Q:R8A=!9-'6B(IH'/3IB`">.
M'(2'7[[8F^5`RRE:2H\<B(,B':H'0<Y->/.`9)P0'S-D*"3,82U#"*Z9VM$`
M0I-9#8X8DHGRHX80<1@4;:`F#HNG&7R9BE.!I)L-3PIY!?L1<;)/ITQ9<,M`
MJ4,)`Z+4_2*B6Q`$[]@V(G+`C8H2<2CXZA)`"<)"*%7&\5$Q#BQ91#,_B[8$
MP#(B%SJ68/%$@2D4:TT%+L3#11P3Z1Q412$A#@:_A3P`^`'8ER$(<4HP<,8@
MBM%W*A:\T_*`O'FPO4%-6)[N;P84<:ZT1/]!&HR!+NW>F=*2P$!-</#."NL]
MLH("[S1QP$!G&."6*4HP$($/CYA0D7Y@L$":&PRDTX!6(6"@4#[1-?.,`FHX
M4,1;A8``@00#,;7*;$C9$H`:*J3#@%M'`--*D$(.Z4H<MW`QRP,E^``"`6!T
MP4`<'Q#@@1*L:2*!&U=4IH0$9Q"!`"$']!0'%P<H50(`))FB`@1CF?*#!D=@
M\($+1$2'P@0^M&#`#F<@P$(+*M#S0`0M?,%`9P\MX88&X#5Q!0<)Q*&".8[M
MT*4:5Q`011,*[+#"#F\\!"D'T9Q`FBEJ2"#!!H\<P0"H.RQH@`1YP;H#"R1Y
M0.(LIIC080*$J"'_;"$J2,"#"M@!6X@)+;T3YQ$7?-`"$<O8A:BB#4CFB!L/
MD,`#LE`AJT)5CFS`01P7\'!&`(49PD!>&/2*JZZC-H#%+`PT4D@$0VS0$C,%
M>+#$(T0D%!:V#'31A`3#9+`!#R@X<08!2%CDGW3TQJJ"<D<@O$PJ%?C2``H^
M_-#9JA00Z$`4(19BIF0/->(A&"JT5($/79PPP!E*?!HJ,[UF?(0`2*KQ@,M:
M<2%0$@\XL$02RYA2PJ`%.*""+(6`83$V:N3%K`;I8M""=!HD:Z4R0TU7B!H,
M/$&!"A1TL4`7B.:E@HIE*L`"#Q@<1<0$7R*0#G0]E!M'"P)@,,0[)R1"_P0!
M9V@4J`IN\*"@KVPFT-DLE.I]P@-_84"?*1^HT$+(.'T2N8X@G+'#`$J`X6XA
M1S1PQ@.,9N#,`3S`?(`735;9M@)/-#`$6TK]Y8@I11^M)),#H'%S'!M0:261
MVF]?8P"T.8`!"!884%2B;NR@``#`F(($`0X@,$P2!#`0``AJO,%`P7&@YDL0
M``C1D3,<@#0="<+93G`$"VR@;"I@``@\0``_':`9&CA#%R*0A&*D1Q$04``#
M#&"9!RQ@``U8BPDZX(@+<&`)[H,?61X(@E$]@`$D7$L)*O(7(03`,G\Y`@)`
MP($0O.,,"K"`\W[(@4]8H%=_<58<B$4(-RB`$/^48D`(-$"(&S8K'>\(P@9Z
M@(($:H`D"BB?HB+3$44\@$X-2`<+&"`"#<BD(T6(`+'X@X`O%`()`5#*!>B%
MQ!AZ2"F\0%(<`*2&(#A`5>A37T?"$@<AD&@!7@##`1H0``LH10,3&-$1O@"`
M"#UB7K9#P`>2J(F0\2:-CWA,'!Q0@`%D;A804$);)A`%".@/-6Y1WA,9<(;J
M:0`!!SA`57P(@@XHD8F.2(+WGI@T718"-4U(@@9^4`$A].97I-&"!P9P`'YI
M`0!60@``7%6"EJ1$#0K(!"=#D`$`6L`D/MA`\I[H`"1H<@(F6(86\/*Y\R!`
MF1)P0&?:A\G75?&*5"3_P@/.J1<#P+*;"?#`!S*@AA5PAI5YZYRQ,F>";DCG
M(S")PA7(UQ$6%.`!!2"-"@R`@`$0@@MEW&,`KD`!!#3@`)9AP%K*%`"WN"!]
M,DE)'("H+VZE\17/1%KX+""YT3QQ!PP`0-FXA]7M,546;L.1!1_P!2(<L3/6
M4L,9\F(M-V1`!!9A`'WJHR(W0(`"NW"$!:ASR`<00`E?J(`#DD>"#B&`'0<Z
M)`/>P`$*3"`O;'&"6?5U!5@AJ06A*80$CK`$6YU5$PE1!`,BN[#NX!`21XG+
M*4X@`04DSR2/.$%[LF#"#BE`.6Y(P!PQ=*'8C*`E_WF`[/KJ`+>4,5OWX)8I
M_P;Y1(%(E7F%R%WHW-"N7@;A/1I33+>V]40%\&L'!)"`;[/@AB",U;I!0`:V
M%!!,"KQC9!V!22^1<(WJ>L1@'PE"R%!QU[I``;K=LHL+(`"!+#Q`*E?0FR_5
M4);J44`(6AA')!-SCM>^RYFTP<>`"W&%:$CK#1)8F6]4@(6UJ#5@4O3%$4A`
MHA*0QKD0R`M[_T(!8Z1%E"`P@`:.2H&O_),\&_TGWF89.+6RM3L$M$@0\I*%
MJ((`NN>Q!TH219`D?+1SIE@!YQ)7V3A,P%Q*($`$)!```.)$B&=XAPE&P(N>
M?&$`TJ7`&QK@6+-\",,,X()8#7&`-X3``!-8P`+4@/]<55#8,T8"@(Y.\`;Q
MOL$I'LVJHUMA(UIDX@@#>%($H@``7[C@0)`TK1-"&8<>X$Y*W!G!!"QI(<?@
MU5O:B(,']<@L=K+#R8=L@#0&D"5%)*5;NW[`5_[DBR8`@`M)2(AIKXLD\)TC
M/I`PZ)4Z?>LKE,`<8?G+$PR@%`ND"P7N>!#-%#!'F[P!)Q4)2'&2Q-,X+`"]
M^+N+HG8M%J5D.)BC/04)`A`;$-P8*W2)PV$TT9[C8A<%HBL$!3YPA2=`@!V9
MCH,+H#S?,RS@=PSP@E'><`8!$"*_XSZJC@7PTW]#>Y5G8,#O]GL*5V+7(0MC
MIP'.$(0&H($9W-&U4D+GDM+_),\#"5CT2>+PA'`"IAN19@`88CYS#U![&?Y+
MA"E(X`*5`AH"43QJP5L0'>84XMZQX;@W?$&!U'1$!?BFU'4.Z>P&GJ>NY2'K
M,)[0<*T?=P#TZ3+UBHSVC/W)+2>P=14;;:`A(L`7GX9"(4P-A2APX"LXB0].
M2+.#`#3BHH5XP`@4(IF5R)P9%1BG+UK0`$2UX`I*0("45TZ03'0DT@[(UQ%R
MA`(5G`$`+=ITHQ^-^R(=`DF+R,0F+)CG'0@``FHJ8'0*&(&:#`#0$4``!!#P
M!"Z`6@4%8*P$S.6(#!C@'1FHK`C8Z@8"L*!=#TBM#_3#_2POHA''14`F,%T5
M%P1`_P((:(D0DM^1UTL``@DH&";J`P!)X`(#,`$,D`A9L%'Y-W\=I`08,`SC
ME`1*,'\1D`!2!D$[A23QH``(L%BS4`!2@0*X!@'`Q`($&`!`X@@:4%G=-V[[
ML68`Y@!7,$,2D`#9(T4-`&:)$(+[UP!:<Q8`\%-=<``,T``/8$@4$#)%,'_T
MMQ8ZQ0!"!X"J1UEQ('P/M29QH(04,`#I<@E=((3O,`3#M@$'X%W+T`4&T``$
MP!BE$3+ZUWQ0X`]:B$)N,`"9P#P0D#P&H'KM=0#YH@(`T`5OT'P/H``%<UP*
MX`!/F`G?%P<04!4/H@+^(`$4:"47B`"&M'NS<":->``,&/\'01`=[(0,IB`"
M+?%\&VA(9?(`#4!#/1$"0[8#0%@(&$"&#K`,UV<(H.8\H'8(;G$%!Y`7)T``
M[Y`%E26,G1$$^,<SE"*"=M$$`O```9`(C-AQ6C``Y3=;#A<`OJ4_)U``5'8.
MWU@(D4=_`:,&!6`N2Q``7E`(U-B.;/4&%9!\0L@`#/``@=B':>0&$M")"F`E
M+7"-`!`$E,98A^%!]`<%1^``5Y*)E^!ZAF8"G\`"`0`!`:`5N8>1J'`&3N`?
M43!$3>`&;L!#5]`$2G4&>YAZS=4$>;&137`-7``%Q^62A8`%9N$(71"3^Y.3
M7"`+;P`%7^`&4-`$3]`$72"2IH#_DW_Q!A[Y"$SIDTCR!B3)+R?Y"&?P!$_@
M!#.)<C[)'T,)*4]D&55YE42)D_&5!5J@!DYPE3,9E$V@1VV3E?$5!U#`CG'P
M!6I)E&X`!EF)DM.4DUY@>$L9DE"`E2MY!6HYDQ81!41Y!:9PETZ0E1ZE!E'`
M/&!`#IV3!5,YEC.YF$TP$*9P!B"I"#E)DB9YE5OID4<Y"R[)!4/I!#GY!4V`
M<H60F<VUF6>5E:C)6(YP!=?`E*<0!2PIFE:9F+Q)E&_9!4C2F[29!6IPF[-`
ME`.ADATY1''97*I7F].$)!M),4N1E<BI-9/Y%UJ`F(:7!=?@!L69GNC)ECF9
ME+/PEX9W_YW3:9EK>1Z08@H\Z1!"29:*69(W*9^/@)/-(Y6.H`:)Z9.,I9_P
M8$A?\`2.V00<J9B-UI)R69IEDI,IN9A$J09<$!O3J9C"^09?`)6=HE09B:(I
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M2^6H5EHDB.JIF^H*9GJL>CJD7UJKR\H*6"JHL"JMK?JKU`JMQNJJ5ZJM;YJK
MQ?JJR?JM@/JLRNJELSJL3!JK;3JMDLJN[>JN[PJO\>JBD5JC]"JO]XJO0)JO
M,`H%.[`#1S:7+L`#/1"@7>"OG\D#A:$&/T`$/?"9/A"69^`"2.($/K`2;A"9
M/\`\Y)`*7."O.R!B0>`".]`"]T00+J`U47!/5]`"/N`&;Y`</^`#+#"9+C"R
M-!L%`@NP#K$65^`&2>"O*R!B2\`"VI'_:/X:!-?@`X3Y4\WC`^\"<QO;M(_@
ML3QP?K/P`YHRL@1K.R,KL/DYLF<5*C^P`SR`E`=;"%`PLCP0EHY0387`L?N#
MMHFF:$%0%5H0;!<3!Q%Z/D'[!'T+*CW;`B[@H\!Y!A;T!?[J`CWP#@;+#FGK
MKSQ@>$_P`T?'7$?@KT?`/@+;`X;D!D3``C^E!CU0MJKW!DM0+8Z0N"UP;ES@
M`HP5M0;3`COK"&!0+49Z/E*&"D=@M#_`CF^0M3G+`[3K"$?0`SQPHD;FK]5R
M!+VD!N='!#?;/P*;M6#PN&\`L8]@,RB9N#/2`UK`LF4;E@M[NX\PNLM[#6?P
M`RV0+X8@L#Z0_XHPLP,]X+!E$KE*\!=1T`)9NT<"JQUR^[A@L;^,A;WOH@F%
MZPK\FPI/X+*0(`3_T3]E.[5P^[<]P)+BQ1HQVP,KD);%\;3NNP.+>WOL^BL)
M,`$`X`PG@``;(``$L!90(`#>]5G2L9`[,`\)4!%.$`NL@0#)$P';]P:5IF)<
MTSD@T&]D2@0#$`(-(`"9`#\>D`%4I(E7-0'I(`@64$1?0`(:X#X;H",&<$H8
MI0(<B,+,=04]$$REX0`@@`%500(`@`$&\`F7@`'$AP'G2`0JX`R528"FD`7;
MUQ$A<,3/1@`8``!V]`9.,L8L3``<00$/H&^?$`4#L`$X"`4?@`$",/\!;!4%
M"Q@>W;'"`T``[X(3`C`0(/`)4#!_,]0(Q122Q%02YF`"IBPE)M`N&^`!C_$%
M`8#+=[4($S`!!2"7K:4&XT=I'Z`!DAP`$3!#EE$"H3P`6=`F6@",5T(!$-``
M5E4:$6`!`&!TI5'(!%`VUH@!`^!^<?#&W1=#I<$`&@``\LD#`HEAE64*01``
MWS1DS<7-`U`5.`HCP=48$/!RLZ"&!/T%8TP!B("C%A``M`>FBV`!O,(#+'!E
M1*`B\(/)*_`&")`!=KP(Z:##6C,+BO4`>[C1Z=`$.:("!\`!HLP1(V``UH$=
MXSD`CI(!9Y4`#$`!$++-#+T`THD2!-#-*I'_Q!]@``%@(5>L`!1P#=><S<``
MPS)L&?8,0?VV9E=1"(ZH"E```,G[(N]L.[((BG$`/P@05&0*`K8,`!9R4HH"
M`M?S``1"`I^@!@-0$8^,S$*$KS:Q*6!`$=F5#A9`0!;P%5Q``$'P`+Y`!(F"
M`5)A<(WS?(MI:RBP`F=`:^)V"I`4-YB7"BJ`#%]@`!RA`(^(`&7C(4!B$QUA
M$U%P`$;[B:/'5FSS'P=@G@&P%MAU"%^P!%J`!`!T)4%P29F`'AF#V09#(F#P
M`/1A#7_-3A617RG8$B4G95PP`+J+`8--(C;!3LSF<(/0'>E0`8/M*A#0(%`P
M`,EW!,O@`MY-`I4-_W%YU3E(H"!O8`%2MJ5GP`%?$`)@D`00=MVS^!5:QTZ#
MDK2./8N^,`31P#9:D!I-$"":@`NZ`&@7('L&4!A9X"X"I!0?H!48@`#=,-PI
MF`Y*4`%$<V,E<&.GH`8>\`:B1J91@``+T"*K4@!(`DQ_S=K_NS\M-BJHX"W+
M4R:;J`&)@'HT<@A@H`3FT=AII`6?P`%.9SN,71$"G@`\X@N2\`A:X&S-4N)0
M$24+'@"N300D<@8UV!`CY2%5@0:`$@?Y!29OD`&#?6,94!%*8`%==`!C(1UX
M9:`3L!^ID#ML+AN\K`DD,A9O1,#+4>&BPP4;U"T+@-HOP0`RP5[[NARD$?\%
MPJP"%=$$!#`$LY<]1U!P(9@!6$H!'A!ZC]`"'G`$&7!-2<`=)"![4/8K'WHE
M10`!4`#KF=``/P"'0(UG&#LISE27*#"'4U0(**`!4:`$AL<LRQ$PA2`$(-`%
M=!'%L!4'"?(7%D`2"Z`%HO%R1:`&XGX*@9$!,I$%M(9;17(P8($,Z"5535``
M%F(!)Q`%1^`%:L#3&`<S;`94H2[+G&X`%C)V1.@&)R![8J<)+=9GY$`A6+@,
M#>0."/\GQH"_7+``2M`$^)L%`P`"2;";VHL!^AL%2U#2GKG+V5,$"YD3>TL`
M0I`%5W`%`>H-`!0$"M#FOJ!#6;!XGO634"8!_MK_<]Y`$@G`./&E!3V"`.R8
M!;2^'*7=F&OJ1$3:!1-@WXY@`B*@[+,@`0S0$O`>,%,/"0>P`=C'<KZ>!&?P
M!J/]2I#Q`T^0]OCS[2LPT!.`ZF_Y"`VC5&]@]PX@"R6`T@-?&A#0`X%X)4D_
ME-\NZ/&@!FPS!`)`\];R1`?P!$K@3VV4TF^)`NF239_X`!T/\.<`*%G0<>8.
M))5.ICM@`1*`P*8P!%OF;+"B7?I4%S2S+X]0-24WVF!06.I`1<I.>F'2YO:>
M!%Y-PA'EYU^Q`@>@5Q[@!EV@`-(9$?(F`'`A&P"@'%T:!!PP[4-P`2"0#K+.
M^QDC=Z=P!`9``0H``5[@_RT.D%I6\A=J<`!=H,=8\A=T_[+%HA<'4(")H$7P
M`0AQ;W&$A7$=`0$`8"L>A1@6;P\/"`@_AIA="F<\$G%:#&Z%)B:"F$06A$,8
M<0I@.P</!!UJ<1L*$PH^8`!'<:*$70*^6@I?A$B+L`\#'K6C*!PN*BIG"&"$
M20%1&",B(22>111Q)2@=+2HH9P<1$@U@8`<0$0U=<4<.`!%GF/Y)`@8`J'8M
MF[)8!)SY*[0AP80`*N)H8*#``(HX%G80<H.@6CL'`\ZH<$0H`[DH%``8N!)'
M!8<X#BYE"55(C0D"`%H8&G1%019_HG8HT&+(S8,F3Q"H<0-A"(,H#\"H*$'(
MQ/\)0H.:2-B!0.>@0D8;2%B0),Z'$O+42'H@04&3.`TH63+HPI0A$!.>F4H"
MH&Z<%0<:)*SU!5$O0UP0"*P0A\';.%UZB4BPP&*A04<,Y&(01XF!"`0FG$D"
MX>L*`V\\.`S@`DP";''X<GE3`B<+R)MV>,)(Q"XA-1.P0/CYM9"&'>R@Q`FR
MP>615`R(JG%`],V@$BK`1`CR`(H#8!L51/Q[8(*$`BLDXE*@<:'[]_#CNQ^$
M0L.5)OU.='"BH#>7`$H0<L0#@Y#`0`/'_$(=)DY`H,`25UP@01!QC%#-`J(,
M8@)5X`V""B$H,-9`=?YH<,)Q^`QP3QSZ_8)`>G%LB%7_C%2Q2()O@PR"@0I<
M./&7`L!DU!@1*O!S&29!$`""!02`X05-&G)XY(=Q$$'.`F"PL`%_OO!FBC5(
M$**%*,*$^5^`^#@01S1/+.!+CN6H@$4#&+2@!@!H$A$!<"Y\\($+$%1)#@DJ
M7-%`!BV<@:$I6C20(61GN'&%!%?-5R4$6CQQQA<`"MC`FAP\H<";[F&`PGVB
M7,`"$0NP9$$&&RT0!1@/-O&3"D`28@$/;FCQ!A<?I%+!`R(@H,$GC@KRQA5O
MG$&$`5S,J`4!/?@V)0/%/6$`!QP$4-8"7Y"0P0,BU6C"C<41XL-N18TXHQ(1
M[##!+]&9XD8#1*P0`1H;+8B)_X;'%E4OBQPXX68<:OSD10NYBKG`$U',AL!M
MGRBEP0JL_F3($1!$T42T1$`P:41'!.`%(2V:>A]DG>(#@1M8-#L$`<XJ:8$!
M1%'06[HM<`#%`D+X`\8"%8!`0$1!8'"&`QULT-A/;C"@,2'8G<&`&A5X,`%X
MOXA7%8<=Q:&SM?*5;;9\@YQ0BBDG7'7"`?QBL'8&QWH&Q0/C&4544;+XV$`"
M/Y6P@M6/MOUOE:DLEXJ["QVA``/WJ,%`T&HLH%/4%!O^E>&*]N;>!3M_<@!+
M6@SPECUQ'%#I0AI0X,,."_P`1K)IKVX($1<04L%%#)RQ`E5O]V.!YX1H0)4U
M`7(Q0/]9<<A-"`:P6L7B`?T48O@&.6$T]TO=44#!W?@P9C@'`/0P.WA://!H
M"('&D<%5D;I'!"N/K`U]C*4$_QX&G@\"NMCS<EP_CA`2+R1+3`B(PB<$<(4C
M"*`?*LB`%PZ``A^8(`%GZ,)W-A(`"FGA`'LK'@7.H);J$>(,&GB#$I1B"A4P
MH`<]F``(X-(%+QB`>BHHQ1GZ8X@G7(0%QS+A+QX00H11P``:40,1P>*`:!U@
M;7K#1!0^T!)RM&MO:HN1`7H%``4Z[E'I>Q0*(M&2!32O-][[BH<21X@/%0$`
M67@#T!"F`)T,SRX8J!$&7M)!T0&K`J]C@$;NF"X11``"#-C_VE(*<80#N,`'
M'@C4<^+``@#,<$%"4,`S-%0-SB`A`!+@FAL6D+FKC#(B=SR;*E<)GQ"$X!>#
M",$,K<8**`0@`QD@@`(1X(@>`.!D;C``<2XS@2W&80('J,59SA"`#7@@`VI0
M@0%"H('QM'$`(,```"AT``M\H)I'BLRQ!A$$`'P@%_UPPP`J98(#@,`#&(BF
M`41@``^D"Q,0H!`P1C"`$#`@%<%DR1'P1#8N`.`Q)R#B`#3PS&BZ,P/C\5`_
M&;"G-S3I!%2DI=@>\,T91J&9#*#`(`S:)5OBL@!/B`,(9LD`6)E"EG&``@"N
M\H1;:D"7<3``%KQW!0/$80@/4.D,_V7:`C`T$YY'X!0'/L"_+Y2'`@%(J02&
M8"UR!LHZ<?@H!C2`4J'&P6HN/=QV[#+6+`1`)Q-(0`@.<",L&&"3<2#!1,FA
MA@BT%`!%X,H@@KF+`'#``QHXPPX"X($"B-0430"`8AP`!9ILY`$3@,"--N)(
M`0F@"PE@"0D`()(#A*">:NR,7Z%UA'F!!0'>A&CQ`!`MCJ26!6]8"3X(J@9A
M^J8+!LC``GR@K+T6@"5>U:@'"$"^$1@B"P=XE#4D\`$"4.@!%#+K;;XBA*L.
M0@A!?<,&$+`<<TZ``=B`KEVTFH&NMH"P!,"`%@*`4`5L-`08"%IQ@HF%.$S5
M%!9P&F3@./^@KQ+@`F\X`/0&T"53@,`$8""`*(KIAOFNDQ`P56<I)O``$&P`
M!%QCI8;-UH3'$*+#A(!"#T31!!?L(%JOP(8:?*!`-P1!B"'VP2">(.,X-,$)
M;NC!#G9@IROLN`54+407>+`#%RQ!$$+X,?$*,03@"N((+?!!]=[@`^7$=,<\
M5H./=_`#O2RD"$5T,9`S]&)!^,##B-G!,[[PXM=E.0H[=L&2NX!E;+C8#4]X
MC(AC@^41V[@%YOO-#E9D8Q.O",0Q]0%X0/R&'UBYQ(/^11#P_`0W7((+O6$T
MBW.\XQ546L<[8,%;LK!C9K&H".[1PI(+'6D;Z[D']RP$$8HX:P'_]08,/7"!
M$@9QAB"D2\Q$`(9@7?`6(I`J"3AV<POX!>4R%T(+/`B"#XB`0B^KH0>\*H1@
M5Z2&((!A"/W@@@O<`&<N9S@.5U#!6Z)`DHTDF<>>BT*0WS`$)2^G'U1^RQN<
M;8@S_`!-.SG",Z*@P#AD@0C6.<(/FI"N7J>+U"XH>*WQL615&\+BD'%!+:`L
MY386D=6$;K8:N(`<0H"!MTK8L:C_5>83=(G*RB%G%[[@N2/X(LG$]L>-+3T(
M*/P@78U.J:L%\8.4(J'/L=ZPTI>^$Z8[_>E0C[K4IT[UJF]D!^>VNM:I#H55
M;UU`0O_Z%S0`@A*,H`-_Y58'/#""#W#+_Y7<`@$)/.`!$I2`!!A(:=*COG>T
MD6W#;E#SUP=/^/@4!ZO*:OJ,%N^/PQ_)%&I$_$XD#_E86_Z>0$<\G%@I><=;
MZDA8#>WE/=]TZVP^\8^_#.DQGWK40W[QIX^\77(4>M/_`L:'^]?JX=-WS0-]
M(937//!=OW>LQD_WN9^1YVT/_$&`X?(X4OWL6X^),YC8!2W`<IQYC&47>+_(
MU\?^#E901,QO_O!];SQ6?J_^]K/_]$UW@Q#?#_N_?U[QT9=^X35,>?PSWO^N
M9W_I5S9)5X"@AWS*EWR'0WK#9W@(^'H*J']^1WT3F(#^!W^]QWNJQWX'V(`"
M6'H$"((26'D6F/]_]M=^_[=\O!=\595^K!=\YT=U*NB!`[A_-GB#.`AU-6@V
M.TB!.?AT/?B#[Q&$0EB$`%B$1%AX2>B`(GB"_V>$4!B%4F@(7=`$4&!JZ-8/
M7M!AX)$%39`@6_@$4-`/:I!G3M`$6N`Q4)!G;M`%T1('7X"&6`$%&4*'F."%
M"1*''09<;P`%5@@%2]"&;P@%]^"%'08%Q>$Q3Y`@:HB%;^`QU1,%P.6%FD((
M6*`%9P!<6%!?@G`?_/)53F9P5K@W9W!C3;`$:*`&3N`$4'`R8M($47!/>(9C
MP?"&7/"&&X$?6!$%&7(%59@A3T!HO["*H@`&2.&'6)")EL@2>GB&;F#_C&(H
M1*5X#].8B^&V!%#@AVGXATWPC!WFC-`XAH9P']FX!"2DB9Q8BJ*@AE"@!/@&
MATAA:E48C840AWOSB&)X#(]HBBS1B'N%B+^@BW&`!:%X!DI0<(1@C[NH0(^H
M0*5X8^8(&3MG"'I8B;-XBM%"B1^3D'+X53?V!*ZXA:8(#%R`C7[8!6X`D%V@
M'%K084BA1@0G"#%Y!F=XBOW@,6>XB=QXCC'U#':XC[@WA4(YE&>#`@2``-D3
M!Q%`;0?```1`17$@`DTY.BQ"``\``%C2!0-`#PR@`AK0``;P.&IP`C.T`P*P
M``7``[]P-+]P`%-3(0.@``C@"R@P`!+``#/T_PL4\`!A>34F,$-J0`!780$(
M(`$/0`'`4#D,$`!N^08)X``'``"OA#4&@``=$U<'\"L#X`2O@C`&@`1($%3'
M-"]JP"0(\``*%`3LTCP(8`"'002@%`$(T(X`(`$J419),``.(``:\15<P``'
MD%O'<`(L)`(B8!=7```PX@9LJ09ND0"WD04#P!*#``K!:0%JT`0*`)8)@`(A
M0P@4,"]U:9B]PP(#<)4,$"V8,1"S-1[)&1$NP``+<`#B\95]>0;F29Z^<YX`
M4"^#``(-4`D)$`7])396-`2'\0$-<``(L``!0A\%H```<!LG8)7]211FB99J
MZ0:/$P`X\P:/8U<BX/^8#Q"9,X1<P"`!QZ(&"$`A@Z`$\W!6A,`#`U`9&L&A
M".`&',%=)2,!LHD?3?F4,U*7#^$)I0,!;5$7%E`>"5`7.U"C!*`1/>JA87("
M=OD`J!,'0C&?">`#3E4+%>H^!V"8B+D1"9``;["C^`!*$H```9(`8K$`(S`"
MP(D`"0`%1Q`!<5``$<&BOL(D#Y``1T:4A%JH\&$"*.!BIB,V2Q`$@0(%!*`&
M46!;&$`.T@,%!I`H!Q0K%&,"*L`1ES!0"A2H9_`&"S)C"/`6*S``;Y!#9#-*
M,&(X41,1%>!U1G$%7\`!K#`B;N`"G!4$Z:E=074&!B`$)/`23Y!</Z`F5)+_
M`:S``PTP&QH05%2B*T0030HV2::`.W'`!1.0"A<6!S[0`,6136AP!@U`12T`
M`+Q5`K;#`@)@`:+`%`A0JKW#'68!E?\93^B:E[D),HF#`:P@/:-P%5!P`!'Q
MH@%P(R8@HW%P7O)*""O0,!Q:2C-B.%`0-H:`2VT4L"[E`0%PG"41,`7K8C3C
MJ@?;`J`Z6PK4`%B0J[M*(O<R)BX0`&#P!0>4K)8FFH00`1<Q4%_`HJ':17'P
M``J`!CT5*$60.(/0`IZ`J?K((J6@!0;P!.=C"(3T52TZ6UJ@!*F@!=\:([9C
M""NP*%JP0;AR1D#A())J`)+$1@KR<1Q;):Q@M*4*_P_`2A0>P+.&VK>%JB%K
M,P(W,@%*0`1S>0;],$;!<`RD\%4'P`-#\P6(.Z]>$U<M$`3&)#84`@$&<!O^
M:0N)PZ)=P`*O='SA,1XG$`)OT`5A`TC/J!=10Q0K`!U$,3->\`"5TA/]`!@+
ML#<64`(2$#1#D!=8<RP+<!$#B:9'P!A?4:N$(`%)H!5J@+A5PAAB<RSGU`3G
M"@Q&U25!H*<LX+8L0A5[]0`[P%B_(`&=&P<+,!L,P`)28PI@,`R$$`2F]4D@
M0[P6D#NI^XS]4`(ZU!6FD!FAU%RW813G6W`3"PP@BKHAX+_XH[5>\0CT0P3Z
MRPJ_R0,,\(D">R0RP@4&4/\N7V4`/_`#F4L!%!*_LPL7W?A\,QL'0A``:M`%
MBZ(KP$M5U0E"O\`2+I!<X+FY!M!AXEM:T]L//#`JDVL]KW0%#.`%7<``DAL_
M%O!S_=`"/FQ?1[`$5E0!L-*_8*`7@X`KHM`H7.`&)N!>&*!H7PP6Y]%A!"!)
M>4&]]]($:@`&P-#!=&M?ZPLY&H"\;Z`6?AO(A=JX$4P!1Y`:B5`7%$`_7Z$"
M#=`0$*`&3L4`#(``K94`,$("V?<2.H(!;[`5]K!$NN(7'/%(C`D`H?,+F$P(
M+%``#=``!7`;&H``#K"^Y8L!'Q``O.4`&8!,O#.H_^$+5C-.<?`$!!"Q2$``
M#0#_G/;D&,$``$Z@!%9DK>"Y!$XP``V@`$%U!`CP`?+)DE!%`&51G<:`#)PU
M%18P!"U`OL7<`*5Y$6H`REWP`#_A`P`P66*2``GR243A0-%R!,K,``9P+"O@
MR@=P+(X,R>\X/R#@`Q_@`5?1!%=C*H2@`CEZNJQL``OJ-"ZT71(`8WB<S,M\
MT%H:3Z/R//330@P@`G'Q%X^<`"_C$J:``;GS`+BLRT7[.`00((>"3%>1!;13
MS,?\*"6CGBCC")W\!A-``BB``N$0&P3``##M!FH`L@'0'JQ<``\0`%24&)2,
M`$3!`0-0`)RU`ATPTQRP0AX@GRDE39!YUH8@QMV*`)2L_\VI$1@$D!Z#H`84
MP-1.[0E)H,P*\#)&L9V?B=(=JY0[8`\1T%@1T0(?L`)9)\B4G8-1@C(W,C:2
MT@(#\`0C0#]4O284X`)N^@GI>09VW#7C00(LL-A?L2.-T04;,`(3,$S>%!XE
MIC.MAM$LHKJ81:L],,.U4+XGL`.*=B\JL`&(R1%JV:UNB0]T'4(HW$;$6P''
M@@#-#<*C00Y8E<[@J01-$,GQ@`\OQ!Z"H!9-8`(&D"#*XR/XX%XGL`)*(`$@
M<!5AS`!!8`&E<2]=P`$B4-MQ@`8,$(K*(W1'L`"U`!#YJP:ER0IDZ0:26T6D
M#7!5H@$B\$XB4`HH@-_Z+0IRK?_:*(-A7@!!HUW:Z8+'%LS@%``K&5`!0=``
M)(''A:`"$^`#+<`2*%#B99%07V$!$=$`Q?T#.NH8,ZRC#9#<%%`+H/`HFCLC
M3:`B@I"X!/(\$2$!*M`!':`"GD#$\9"FR]("._T++()A61`OBM(%J"T*&0`"
M1+`#K3KE<5`!.[`$+[0`[4&6:C#B1V+18YR>9HS&/)#G>@$<5\X!6HX/$E#'
M=M8`=!RTB/U3K``Y&_#?DW(1'M"@DUW9FJZ$4DL($*`1%)`$&N`5#P#>4]XG
M$?P!015&1:$`G<H"66``V,`.8=+$DZH`1KT#ZI-5`X`&KBJ+KHXRI7!*<6ZK
M_O(+]J#_3M5"=_6+IFK0`#R``7GI)8B#V&M7O]Q5K5["#EUKO1["&#Y`,V^0
MJG'@&AKS!I].""/`&.XJ-@.@$X(@`10``AQP``H$Q;<>+4KT<>9+""*0./]:
M[>XSL/:=-E3Q`:5A"D/@`4W0HBQ0"A$@0_7>UHXU2A;[%8VKZOXPM_-3$AQP
M!@F0`<'2`/T@X[5SL:6@\4X@ZX[K"P,3MV!A#VHP`+R5!1M4"*FT$<[\!0^@
M!I@ZZP=0%MTAL."CK80P`;T)`?+%(I7BKH2#M:'3!`<PZT'<!.00[MA`L$W'
M`F:[ZQ.KMIC`%%!`]-L,MVYPJH7`\9'^!9-:KTXK)INZZ7)__X,F`%T2D.AQ
M``%'4$XMH`$!,!L)@`&^2E4PI3PJ\`4$D'TK\!;,62G&B1$-D-\8X@;/C3TA
M)#D7`*RY\_BR*)C^?IR!>143H`$_`&A?P1%0TY8LL0,`H`6<(@+A?A$D4`"S
M!5QCM1R[,0'S4CHAX`,#<!%#<``^X`)J:=T^H`!G300'H&/54`2!H@800`X?
M@$0/<#4#'``L4$F]X4KM&6(!L#</0!6VA3VM]=QP,E`LL*Y=,E!$H9K@Z0DE
M``&OTP*T,4-<0`##KC@R-00H8`(&!?Z`(!)G0N`6%^=&<')H\O#CPO)6`A+'
M16!R&/<61T%Q&"1Q**$1=*`6IS80%/\WX7FX.2+X!DMI61)WP1"$H>#V=H"%
MB(A@TM-2](9P%;<#P/5%T,+3<A8GL;JYJ3+@TV!QB-$09-'KI@P!<7401W30
MLZ/BY0/0DA&@I3GX$$02H/0UH,6.%4WB1%AE*$X&71@0Q!D"`16$"8,@^-A!
M+5.<$X7B9#&U<4`<"QI\N.BQ:=@5=.K8N8.'#T$)8T0.=?I$\4"6.!P`?/D2
M0$0/!P_B'-&@,:G2I4R;.GT*-:K4J52K6F5ZA(,'$-7BJ'`2AX>&#THV7?%0
M\M,J=B2^B/#@`0/"$37C!%D%1H0&$U\0M8T#I4-7LV@SWEWJAJY:1(IW:.4`
M(N$;$F`R3:[_G+CF45)OW(`X@LC$6A5/#CE9<:@%BT-(-I`R%`4NY#<\.'`X
M<2HV7`M8KJ@X%$7P1@TCEFGLH8&#DL5N0M0M,B(AD=\DO,0)7LT-9:7(.RP'
M[J'RZ=2HB6A%JX;(6B(A4CI934+-D"-*1$C_341$RC>*C9[/D-YZ]FG40@N'
M//%;'`+ML-HF+:RR@H&OV+76)H>Q(\@9>O'E5V6'N'$"7!J@MEUS1Z@!@HA]
MD9:4&RAH($)7>>W5EW;R$:%&"'&<!1<&I8E%ED99>;#!*F>D&-<J+&8R8PE]
M(0C<!FHDH54'&GBX"1$C;/(%"8;D%]9CD7T8'Q$XZLAC7%`,`E<&_PD6>$@3
M\/456S51@+#!"5W$T00*5_T):*""#DIHH88>BJA4*27*:*../@III)).2FFE
MEEZ*::969:/4?DDMJI&G4<U"%:A5+<II4Z9:MM2J3YF::CZANLHJK;2&ZM2M
MM>+:*:N^,A5KKZIJLFJQP'YZ%:JZ9F,KL;G*^BNTN*(ZX:S3+HMMJ98UZRNU
MNO+ZRK>:CDMNN>:>BVZZZJ[+;KONO@MOO/+.2V^]]MZ+;[[Z[LMOO_[^"W#`
M`@],<,$&'XQPP@HOS'###C\,<<023TQQQ19?C''&&F_,<<<>?PQRR"*/3'+)
M)I^,<LHJK\QRRRZ_#'/,,A],:K3Y@`JKM_^N&ONKI]1:RVFJI.XL+;2B#@UL
MS=;V+&RUN_:JK*Q(@^NLTY\*;;/23]^,\\]%%ZLTK$87'>ZT5#OM<]E$6XUL
MV=7^'*S:;(MJ-MM,7[TTUS;7&G?;51];]\VO^IVWX-%._?78TD:=LKC/SJRO
MX_-*#C/E@UJN*.2%1K&##T*<T@18KPRQPPXNU-4%#Z<<DD7I.ZGA`P_3%)2)
M&T2T4-HA9P3A`CYQ(*%Z'$GTH`;L/OBPDU&^HW+1-$OP'L0C:ERQ`P^F=Y5)
M%YW[@/T;091V^UTL=`%&]=,L7SOOH+&#CQM'M+#$)FK\<,KNH*:^NA/?-?&$
M&\<CGQ3.]<`'46#_GO5:`(4HL.`'06!!%*)0$#=\3W@[Z,$/]J2%(1Q""W7A
M4PL8B#L);@(*/S#*3II0.NPQ[WBOBUT/CI"0+[PC.SY8DQJ"4`0?5,9[!<R$
M%RJ(O2.L[SH5)"`J!MB#Y&6"<YX[!12*:)PW-*$%ZWN#$()@H56D[GAG4$,+
M>A`$V2GO$$JH"Q>(IQ$G%,1[I6G=#GQ'A"Y\00@;7!_U?J#"\#70"UZHBQ`?
M<L`.4K!T/C"*<8[0OMO1K@FTRP3U@K`Z-^(#=M5K04&.P`,?#/$03SR@&Z"P
MOP3^("5"T`(*"3E&RTRQBD/H00_62+II"/(01S`.$7QW!1<$(2$?:J4/_QIY
MQX2X\80M\$$0+%F)':PN#KMK@7&Z\([S98*1J`C"#HZ`.8!MP@0(D```/!`'
M$5!B$^:H0%P2-(^UG"$!$XB``=3`!0%HP`,6P(9-&I`!`8#F#`I@YP%`8P$`
MX`,#``!#%P9@@0`@8"?[R(<6!I`<#/2@!!D@@`,TH`85&.`#&LB`A_)!!`($
M5`(R&@!%5*`!!"3``EI00@"(9('2@*H$!.A)"1MJ@0%XP`""T`(`"HD%`T@F
M#CT`P%I.,(#*@,`$9PC`!0:P4&=Q4P,#(,`5O!``#72``D+$P`,*0`$EG(`2
M;A@`)B8`@0H$0`%J0`(`2A.$B%C(JV`]0A<*</\*$X@$`G$,0`840)%\9$&D
M`D!`%[H0``X@```DN(X`(/``!@3#JV%1P#H7\00![&D341C`0B!0C3=$@`!=
MF6I5KP"0G$8U']STY@<V@@"J%J`T)@"`!0R@(S<<``&^0,`ZB(!0V\8&`P*0
M@(ZN<8@D.",.<4E*",@Z`!0D8P(2,$`U'G"$)KS5+D4)`@`ZH8"/HE2E&-#"
M$8IB#4\<@`(>N$""#E$!!Z#EM12`P"8@L`H*,""?-0&!+#8AA.\JH`+%0P!U
MWXG8>=:3%0]H`#TF=((#P#2C`5#J":!0T#@\%`P9:,!\XX!?C9P``!C`[3`J
M<`!_),.<&'AO/MIYWQ+_>I<""K``]LIY`'W:Y;L)(+`:#%S=]-!UP3PPJNX4
M@``.<",.0A"`!S@04V&`@!(DJ"D`2IC-?YU@$5`@[0HP0<X'H"\.&)!P<A<P
M"PHX`0P-X&4FE&#9.)`@`W%`004,<0(&Q.$#`6@"/P\`AB\X0`UNP$!C+5"3
M36CA`6YVPP)0LY%%N(H(&(C#%Q[@IX<<H`')RP!2V'&!IKB!`35IP6LMH`0H
M**`O1VB`&L!@@`>\@0N,UD@&S!P'%P#@-R50P1D84+P-5#H36V8F`GS=9E:M
M@`%XQH2C45.!FF0!`$O`\`;8\0V-K&`!AEBT(5:@`#(KP0>>Z(($-JOA!Q#:
M_P+(-H0*#O"&##3V#231,`&"\``-$H'9&5A$)C30V#,L`#110(`"UE?L=2([
MV,/>1+&[#(8O&WL%L%[3%?H,8D!W.2)'J#08%J!!+@P@"8>X0`<MT`)8+\_A
MBW"#`G8`A02D>3EAC0(`D$+I.#2@A&J(`);_36=0'\+3<1`SLA`MJP\``#1A
MA0("JC'G04@:$0PHX1D.4$,$I/D);'8STHE@`'RP7"/-X+6?0*Z@!I`YT26O
M2;</4!HL8)S3&ZF`SL>L$:4#%#0*,!("#!1F?)R@`F]8@)&P[G1?A/40RTY(
M0SZP"190P!`M\,01LIV4$_B)U+FF!,2VV=@KD%8%M_\@IP."`(4E5$8+##A"
M`OIRA0&`0`FGT,("E/"$)BQ3!,,^PRP0L!H-/QT$"-@!&"+[$V9SPD\48#OK
M<:][1"@@02?0P!6:8!R-$,$51`BL!7:``0EA8-A'@``$G["J"OB\"YNH0!)4
M@/E-<*$!"A`"&)2_P=8;UBL,<`"(?,UM&J9\V\1E!3`$Z[0$N;<Z*I``>74+
M:C!]G%`31"!039``"F!>KI`/*M`+`J@$5_`!X58!2J`$T04%;L9ZAD`!U,!L
M9\`!%(!8WW%>FX`"`X`!V3`!']``?;$):(``H/$&I14"+\((F$4`0W!_W3:`
M@W`+5V!=I`<8!$`$/,!;A_#_?0:A`(S$`!%1!)Z@!@D`&@^U/DBW"4UP4:^5
M%"9P"^:P`P`Q>ZL35DV@`!B(!!F@!02P)VA#9N1G?E$P"CJ'>DN@0BUV!4O`
M!3S!`-\05O!W"&A@""8`9L(C`-:Q$2+0!00P>]7P?`HX$AHT$G1$@]:W!`6T
M;&V&`H<F"!R`"1>``H5XB&3H%0J0$E?(`#L1=>(0!4KP49G``8G(";@7`'F(
M`N!$3K4H9Q[0!`'0%X-@B9A(>Z3"@$IX!`A0&1+P&YQ2!!``!?S#*9#("1'@
M`^PW,2RP7@90:25P"Q_28!*0`"2G`ASP!J='2PX&`6[0!0>`#@V`;A30<(C0
M`+33_P4`D`0A$`(><`(A,`'D<P`2\``$@`_1E@]<@`#Y>(@NER#D.`$,X'D3
M0@39UI%QT`66M0.AL(>T9``,.7E*X04:$``!@`2<<`0;8'<[P``4<`9<(`$_
MH(W)%GD=$(\E1`(HL`$NH`(H('"GD`4\&0<K@``-N0'VB(\0P`!YR(&&4`*-
MY08)\!L:P``,<`"W0`0;H`(><'E)L0()8`@2B0X,4!084&H'```@L"@2&0$/
M,`!R=`#NQ`!/\`7AE5P"M2,"@!J;<`0/E@D^!1J2\0#\\W1+V90UY09<`&P>
MX7_Y0(X48(Z.V9!(H0)H2&86\`830`(B(`(D0!%)8``3D/\`DXE8)#<2;!<'
M'>"04L.$J(``Y>%@),4*3:`$&C"6YJ%<8``&#@`!):01XV>2$A`!$O8&ZZ@`
M))<2')``$J``+C`2/@`!2;`!,9EMI.*-61(!*;$"0G4$#```$@"5%"F!5LAV
M+'"2#`!.)7`"'``)C<4#$_`&"K`F&J``U&F=S9</)_!:FX`!H/D`#R`!`0`:
MSKD<H((!V)D$&J`$32!KC"=4AZ`&$.``WL2;]F6A[N-@$["`'<@"\-@`&F0`
MOP$"#8`4J(F2O*2&(,F2_A`QH1@%@A@'Z"@,;M``8J<)%O``)!!;('D&;A`%
M#Y!R2Y@/(=![U0!\AR"1:""64];_`@D)!@HPH<&PGMVFE(B0`)`6HV)#!';'
M#A01!`00`A90`(=X`<,VIG;C!CO1!2R0`".1!';&9!QP`#_A:A3P`2*:"4`J
MI$A!`BIP!0Z0`=2P`+4WF0['`7)8!!ZAE-K0@3H*@;_!;D+``,LP!!AP!A[V
M:1N(E@+H;@[AEEV$!DOP@PYU>]BG85EH&R!)HT91H22P``[@(3R*/E>W/O@0
M!0;0`1Z@H!OQJ`<GJ8QJ"*%X!4I0#?,IAS6A`@$X$CM@$"T``A_0`ASW`*F7
MAZUIA1KD"]B&+"?P@`G0`J]FI!&P"!.P!$IP`9_:`1^`!0/P!4?2`.]%H&Z:
M;1A`9PS@_Z,:80$:1"H4D`1!T`I*@`+9=@:5H:.&@`23>`@ALK!&"@'4T(&D
M$K!6"(JUV1DY:J@7M0A=T``^\`"5`:`8"ZY>(:VT^#VE,6K_FA0$:[`3`(R4
M.)^U(PY/4!I($``VZP$3&P40D&D,N`F"FF0&X2<K@`%Z5@1DZBGRZ1$@R0(=
M&#'%%J#^A@@.L#P2>0(](*3:$1$*T6Y*D00,4`TC@!0G$&I+N0!D=@1"ZH=R
ME&R9X)8.56NU\V@1B[6HL$PY-Q*8D`$4\`X,0*W\>@A^^R&GL`G35D!'$&X8
MH`2==8AJ,)5?H&='4%P)H04(T+5?"X4;```]T'5U)V*W8`('8/^/<YL)V_:(
MW^!R:X)T-_&1*P```[JZRK=HIP!N9)8$%"`(:M``;$=KO*0%#E`)`%`3%N!O
M'14'2@!W]ZJ.*Z<0F'`&",`Y"U`Z$P!.WF@"0L4%E3EX$.9O#F>ZJ*L%![`,
M(E<0#Q`%G0`%15&6&G%0KEFW(#5LA,9:E68.76`"8:L!MT`!2]`$GD"[E,``
MP4<"\P9TA[NV1*>U2U&_5KB@`J"S<8:V4I</:H!V+A<$*!"V;O)K;F9R.V(`
M.S%VQ+8(&Q``UOD&'W``GA?!:^=0Z%L)!%`0/5H[1I<):K`H%@`:#C``RZ$`
MX,H`@(<(1B<_#`"N"O`#'GP(>W$(4UO_"0?0M26``&JP`QV(!>%V!&N;ABP`
M!@#0N%3K,)OP7(BP30B@%RU@#A@``AG0`W1*3@6@0P9``14``%>`6!SP`1E`
M1Z^0D2I<&F#032`P`#=U!$CE!0C`!5YPH2E17[QW!$"Q%1F`$`/@;]Q4D!K@
M!F'*#@)``@V@;F&\!!$;;M1UN++W`>5U!(%U"#NE=#KR`'1$`0T0`@BPJ%QP
MH1*`NH?`@>0T`$.``J_U!/305!]``<`P(6>\3A_0!4[6QW^L5X;@!+9%`=0(
M8JMP!5=V!,9[!B+%*DAE"%GP3H,@$A%`!,6L`0T`:()5SHM;SBH``&>PS1J@
M`02P)@D`3CR@_XRH4,))`04!L`$U:0X24IB3\5K\Y,P!@,S*G`E3AL9Q$`()
MO0!T)@(#,`(UB0@&<`44,`'D_!!%P2E<L'3P!0$A8,EV$;83P';%;`$5<,6Z
M?,?;Y0!(D`1%\<V>\`,#@,P!L!:9,`&!%5>'T`K)X,8C,B$5<-(<<%PE]`,E
M'0$,P`$!`!96C+:_\=0@<,WP9,=X'`6(Y0%]G%\08,B0YG`'L,G:00G%[&\L
M()`F#0(=H"-`*@(I'0(#0`(:[08&$`SDA`!'W0*_8,+9'`?S`!H^$`!:G0`W
MQM>RXEU_VH`RC<>Y<P("$(MSW`.ZY:<(Q0ZJG`%K8@C^Q1,&(*PZ(O\QU)0)
M4.`"+K`"-<$[K$T$1\!V2;`<5]`"+E!`6&PZ*M!(<5`^+-!(60`)N3,$7M`%
M->$#Q>,#;O8^\.`$;F`Z1!E!/I`[JKW:*F`[UU@)J]V&&N8"JR-#1A&IR73=
M7Z`%'*`1L-,"1/`EDR0$+,`]S/0#AO`$/I`29I(/2/`$J8<(/0`%NMT"6CI-
MM/,$/7`&/B`0O&T:]@T<+A#@APM'B.1'LU3@FW#@F^`$/<`^'K0#>=B(HY0)
M9P#B:M`[<;`$+.`"A_@%QH<*.U!`;X!'2B$G.]!%+7"(J*`Z3U#*<5#?9]`#
M#KX,BX+:<4+@/-`9/L`"NZ0)R^T$SZWA')3_%"1^XT?@`O!0$%E0%R@@2%$`
MY*QSVST41UW@B;+-22B^)DF!WQY1%[%M%ZO-`IY(2ZLM$.SP.C;NVPQ".U`@
M$"SPQT3``@;NY2V0V]&MX%2^WDGQ!*L-"6KP!`U*W8?P!<D=YPZ^`V^`!`E>
M$+"3Y(;@/S?&.P.A0?%]N#N!!CMPB&_@YS0>*C&N?2S``UV1!5^>"4Y02$00
MJ9M`V\S$`RR`(^1-E,M#39K.WBN395!1[%'A`Y0X+%)Q!+FC.18#W<ND,<=N
M*=3^[(.S+6.C-8H3+MO^-X;3-%`C-U;#+&^PB^"^-GH#!CGC-=R.,UG3[>%>
M[K<2-MVR['ZS'^("_S?NOC?$0C=D4^ZM<N_;_N^$$ROD=.Y?L^_:;NR=XNW?
MKH>,D^T3HC/][BQB<SB+TS7+7O#PWO`;?S:+,_$8WS<URBOM'O(YLS7BCN_+
M(O`4W_#(@O'@'NX1WS3<`O/@$BP@?^T][_,;8^T_+_1#3_09\P7['05=H050
MH+-10$Y0<()0FH=0\`5&JF%(GZQ7H+-.L!-7`/7GG@5VLM]^E@]?X`35\`71
MQTS]<PA=X`56[T-.P/3/#09/$`59@#-1X`9?T*T>G@5.\$"Z-SVLXZM;+^#3
MPR5K<@;)L_AQ@`5=T`0)]`1=K[--0/E1L(P:`0:1[P9N$/E1`/6<M"=G\/_Y
M3Q`,6K^-R_!)39#P1>_ZK]\N-$@`#P``.&P!"]D`H?`%[&P`&M`7I(D*`0$&
MZ]`0YFD!G:\`#!`!"M`>R:]02F0-&I3\$8``#>H5)2W/ZS,$`/"2$GT"5Y>L
M=38`#&E9+$``BT6MM6,`8,`"5QQ.(Y`/(,``"$#_4%!^1/T-R0\!"V"[6>#^
M2`4(<4<`7'%!$G$-*@\,!@HA;@H,$0LA;Y(!"%EQ;W%Q70@,!"1=#`\%"Q1O
M:@89<4H*#08)D)(0"B!Q(`0,"5V>P,'"P\3%QL?(R<K+S,W.S]#1TM/4U=;7
MV-G:V\B=)R=Q3@<J<19$G)X@%F=G#+DF)G%N"3O_9PMQ&.=$`4EQ#%KHW#C(
MTD6#A$Z>+!SQ!U"8"P!!\`GH%\=#@!&>3*@`P\`-L&_HXIQ`X<;'@"<!&X#Q
M`<!''!/@@F5P%8>(!4\9-"1J&$R+`X\J%,1I`H!$G"$8=L9),N"7FP<\!6(I
M&`%A'!<1XCPA\.73`(I,&W1=VE2>`X"=OAR($N=!BY#<XLJ=2[>NW;MX\^K=
M2[=$B3AH$+RE\./-F3=@!BPT!.'E7S<(=H`1BF%(G"L!FOA[XN:PFW]QU"A`
M&X?".090W*CQU(D%@0]N(AA8R(7!#@9GXI10<4:!QTXF1!C.;>)OG!%&.WT&
MLZ-`UA/QK&)(6G."Z@HZ_QDXZ>S1DY8&JU4@6'I``9@C-QEL.A+`:0/.GAL`
M%$VZAX(D[#QVX>=)@XD*+BW5GCP-I);;&0>LP,49:/#EX(,01BCAA!16:*$G
M*C3@`0(1@!$'!P<T0$`]!XR%1`!JJ&#4/)(Q\`8'%&2`@`9O/)6`B$HP%%H#
MA22TT`,&$.`;.B=\\($/(%06QPX8B%9$'"3PML!O<;!@@`,(;*!;/"^!HQQN
M*E9`!`O)`3.=)T<0T``#!WCPQ@.Q&(`$.M^%-QX1&H100A+IK2?`+VK`*4H_
MH*GA0(]QG,%!``'PX$D7`LS9FQ8J4)?$G_+`*<N</A@`@`6K72CJJ*26:NJI
MJ/].TXD*$[2`0([E[*!&%VYP<9(G2:"HPE]J)-#"9'%HX`$)#!2B1@--G$'K
M9YLPBTX%3S:`P@\^="=2"!Z`,((&EF%@@1`:0BGE:MZ`,*N'Q654YG(JK*!$
M!"'$9"9U1$B@QAD5N,+`$LJ2&T>=<:AP0$T9=-'`"3HUL,F)[B6[K'KR0.R)
M&V]$P4(!.7(1P$)$&/"#"`?\PO".#E/<F1`1<)#JRBRW[/++,&L#D@=5Q7'!
M.9V\X8`/*8:0%`D>1`P%&`W@<TX#(9@5U5EQ0'%`;C[J"$PG);`0!`)-<'"$
M&@A@X($%'9W`6T=$>ND)=)Y(X.B79Z@0#P4#O,5:'#/_>6(33@GS!(P6"7B(
M@DYWBQ``"&\H+$A9`BT-T!-/HS/!#IQ$$)&M_8#`P`<>'/##X>Z1)L0#G>PP
M0<RDEV[ZZ:A;V(D(N7!!P-L:!+&#2^RA\```FQ,!`'0#*&M`'!-$E`0`"R%P
M@@\N'`$9"BX8\!9"$5AVP"96Z:+"$`!`4<$1':^FQ@!*H%#"&0/,[L(;MLO>
M`OH0#$$!!*'*8\`9)N0R"#E644"!)T(@4EH%<3`>\I[D"=%(S@`L,$16M!``
MG1P`"X(@1&@28`+D*0\!*-B!\T+B@@"X0`,!V,06`*`$-PC@'+IHS"",I8#C
MM2`)73"`!AZR@CA(`%&IRZ$._W?(PQXF(P@1.4HN=J`!#F@`!!XA(@E`X(#<
M_$`#&CC'%S"R`LW$804)-`$'.(`!<I2``QF`7#!4@!(1C"48/QB"&I*F@BCT
MH(:=6`$1CB`$-7Q@BQ@XPQ$TT`$NGB$)1?R`AX#A!A&H80B;<T,(+!,,%M1P
M*.2X8A8WP,5(>N(*(,C`"5;CA$BNX"TC\$(<HK`!#[E!BUQ<P1NT&,9A["`#
M'H`5&#2@!2UH8)!1R$44-)";4^*1'%$P8@O4\`80G-&'R$RF,I?90\XP\YG0
MC*8TITG-"5FE>M4+1C:+\89KSBT:.3-&.*>F3;ADHYO$V.8WQ0F7<9;3G,?`
MIC?56?_->MKSGO@$9S[WR<]^^O.?``VH0`=*T((:]*`(3:A"%\K0ACKTH1"-
MJ$0G2M&*6O2B&,VH1C?*T8YZ]*,@#:E(1TK2DIKTI"A-J4I7RM*6NO2E,&VI
M.UGCS;F%$YOD%`9"T&E3;KXS)#S5YDZGMLV9<H*>-85G3M$Y5*0F5:=''<9.
MC1K5;S)UJ>.<:3:I&M2FEI.>,0VK6,=*UK*:U1EJD!U/ON`#'_1R"!YZ`Q'.
M(#LAR$X-4.!,$%:#ALDMY@C]($(/>+`#CK45)<)00P]^$0<NH)`+"W%C$(9@
M+37,;@AM34M;H=:)M/J@!TCH1!<^ZX,=%`(A2-C!7L/A!$[_.&$'1/B-$$Q9
M1S50"WFI^0&U].:)+/!`"-TY`@0%T1`NN&"RA8V#$'+#!1ZH)@@]0%YK']76
M'VA&KM$M+!+F)(^]7H$'V54#%GC@@R!<H;<\X$%#E-"#P?[`6F<H+4K>$`0W
M?#>-W6&O>\%ZUO[RTQX2D,#T1CF`!SA`/G$@@`A"<P`HD.`":LJ`&D@P/MQ=
MI@!':8P-]X<`"G"@`BIX`P(F8(``S,DJ3R@*F@"`DB`\0#<<`L`'$-*%#%Q`
M`!+(Q14*[("!["T`&Y```(1PE`$8L0*M[<00@#R`!8,@:28`0`88`$`W*%@>
M!.C"%P20@0V89LL6R$1#E`R`"70M_S<3@$`G(!!$)V!@`@.8``O<8(#SZNX+
M7PA`ERD0D4X0P<@$"$!$#N!A"NQ`!2ZJR<!.8``/9`!4`LM```P0A7E$(`*-
MHX"&O&8M"RC@`@%@RP#`(!XA$ZXT#O``I_W+ZG^V9G]OH``Y,("1-U1`91`P
M0"&8]ID$OD0%K%`S%XJ&'KRU)2I0"1@#0N4-`U!@-;E2&1$`"!.MS"887?B*
M)VC-">S0Z0$>(<%-[C8,_\0!":,3FQH.H!F^L277A6``GAM@+2T\0`UJT`!U
M"+2Y,PBF(@"8DSGFQA2G/&!A`CC#%^@]#"(DY0W>.C:=!FQ$D<3$&^#P-PN@
MD`"*32!'`_\7!B@`T@'(@2D>4+CVP/G;ZI974P*1]-!^8$6$"*AA`@J(!VCF
M$4F-G"$!"H"K4(X`0'PDS+S)>@/$G#6Q!@RA`3DB@@)&DX31^45=V!8`;0(`
MJR)DQ3L+6,(5+.`2(D#@"DZ`0CA)0`\M>*1J2.AX,-P@@9S[XPN3:0(4VKWL
M?Y%-0(P]0=`VP(";K-P32!!`(=S0`"$8=]1?4(#>FT"ENW7A`0MN`-(/LX"(
M/,`R)]A`%IIPWA*@O`!"Z`(!0M`$8N)#!:/_16<5H($C]!),1GD)1BP`^R8P
MUN7`MZ<;QC$W+I@'5Z&N0!`8<(4(-$L!D=P-&"+@@PA`H6C3]L3_!5SQ@`9`
M``%+T)&A2*,$T'4@:4+@``H\<(3]F3XC9OO$QOYU_*4`H+@(@``#$("2(Q@@
M`@U``94U`@,``&]!`BS0/$/1`!*`$A`@!`P0!0_0!6!P``_`"&#P!623!0Q7
M$P?A"2OP.QG0`P^@!!M`9.AP(L:B?Q#0``<`!A5X@<6"#OXG`08P`5SP)@R8
M`/W@`28`!@B0&R$H`0L0-"N0?P2@`:LQ!`P``/82!QN0`!*``"X0#$\@9`B0
M@PK0-KD'#\&"`%,H1L$WAM04`9'4!6^09[!R!/#3`%VP+1(`$#SG"5'"$6I`
M`1^0%<5F=/[0+`32+!!#-0A@`BU(,&?0_P`?D!17]Q+)(5KSIS%K"#K>T7="
M<"<`U%5:@!A!0`!G@`(K<`3C\00@LA`,\(8:``%>H(&KX1$`HP5]=SAC@3"E
MH00_0`%B$A*YXA[K$0!@X`5DTQV=P(9/``%OX2P4LQ02(#K`\1@>$7I+H``+
MT05GX`;#B`*E81G'Z`D*]P97H&IQL(4JDA$800'8R')D>(XZM"HW41I56`$Q
MH0%:(A8QE(41XVLFP`+M(`@"D!5$T'<3L#D(-C')1@0($"J!X@&'=@!7H`3[
MHP(!$#35I@8,P$B/,@#<90'6&"PZT0E<`&[_<@]'<`'#X`8#8!E<,#\J`&P"
M`"NW*&_SF($=^/\O'HD"^U-`"W`.O18'V],6X$-P93%^2Y%P"V<MP)!]N@,0
M`5E`%'``56AQP8`V)3`P).`_YA9RP;")J[$"Z7$&+!`/$DED5HF.8LE,9V``
M%F`!):(50,8!!``%<5!G<2`"]R</`Q`3(/"#!.`1-F@8!O``'B``;'$`&!`"
M&[`^,\(!BH$.N3)($4`"1_!B9T``[H<`4;D!0\4%Q.,)4+"6;4DG`V`D`Y`+
M?\8Z&N"6GM`"@_-_QY$+(7``(_```\`6<"F7O1@`'Q`"M9=G(%`!"HE&`"`"
M%-`W;1$1++$0Z#0(<@B7N@,&D)(M480.0=`8;Y`!X*$`&"`"'"`W&"#_02^!
M`"/P`1K@!DN4*`GP`2=9`18``)KQ/B/@`2/0'6=@8!U@8:,F'B1P`)99&A$@
M`NY)E&/YGSMT!2S``N?E"4N@`BV`%CV0&UO0`@WR!CQ@14U`>3W@$4W0`YV@
M!8>6(VX0!"W0`BI`9#X`HK#B"4W``^@$!43`!4%$!);Q!"W``CP0/P74`HBB
M!`BJ-V>P`R"Z6ESPH2V``M3C"4.@`C[@(4H0?F]P!"JP`VCA5O\R3);%`D%*
M>2X0HP4Z-430I%`C!)MP!@D:##]*+E#*!2R`;SP*HDH:!UF`@F8*!D)`I2H0
M1%`01%H!I"K@!DT`*TT`.0*Z<6@2HRNP`]8"_P8NX"[=U`-J8#$R&BI'\*$L
ML`/F"*"4^I^3.DV76JF:ND]!15,YU4X_94Y=M4Z="D];Y:GI!%6G>DU4!:I$
M]:E3U4[J5*J?"JM+5552Y56UFC-%U5-6I5,UU4TXI52;6JS&>JS(FJS*NJS,
MVJS.^JS0&JW2.JW46JW6>JW8FJW:NJW<VJW>^JW@&J[B.J[D6J[F>J[HFJ[J
MNJ[LVJ[N^J[P&J_R.J_T6J_V>J_XFJ_ZNJ_\VJ_^^J\`&[`".[`$6[`&>[`(
MF[`*^TY/M;`.^[`0&['+]`51<`46>[%7@`47ZY\2V[$R%3"9<``B:P`C*[(#
M@$/KU`S#ZK$LRU"=T/\"!K`F"5`>"(``:[)_IT47F=JR/&M/%],`8$AYBF(`
M#("SP@!9GL`%W)4,HQ4J$VI.'N$$B)4,9T`$RM$-K]JS6KLR<:0F!I`:)P`0
M%A`*]!A.@^"6+J94V829FC%\BX$.GZ@+"V:.6?`[+&"<J;JU>@LS%Z,`B``"
M908%%$"V*)LK'5`3(BD(!>H&;@`&8[9M\:`$!7`&:E!'GO``+H%WH7$&5X`0
M5Y`:]09NU*>9;KD*:J`\9X`$^<4S>]NZI&(E!D`.&F"S-5NT!X"R1S!U6H`$
M^[,#`5``D',$#4`"!L!(JS(Z.V`!;D`!`:`2&A2$']H;;`<.03``'O`!>)O_
M!1.``@CP-,++`#R@@1T``1GP`=X9![7H`0T`-:[;OA'2&@9@`#4$(HT@"0MP
MN^B@9!M0)$>P`9MY!5'0.TCP8B%@%/C6-`<0:T$P`A/P!B*``6_P.,?!&P;0
MH?O3`"[Q`#CS+TU$`8[2`%=PAYMY!%%P?THP,!,P/J;IOBP,(5:2`*Z@`0/0
M`&:7`$8[-PYWB!X0`D3G"11P!$M@=;P1``10"`_0`];'+?17#D06);U1$TD!
M&K>8H44S<`_P`2S0*@A`*'C&`*\0:!G9PF*<%ZU1`/O7!5C``%9K9C=<E#>A
M`@!@`DK@(DH'!4O@?BCP!M%[10DP.AI`#D?@Q4I"_P(K\,0.YP_G,`$;_!TV
MLQ`)H`1:H`100``YXI(-8!B1K&UCO,EWX1HNF`NG60!K@K]S$YUQ``8$<!,1
M,!.-(00.(+?"<#]QL`0&4`+T4`Z7+`+C,P#*]6(^(``?0``GQJ:_@P'W%@(2
M\`$9D&(+D65=@&$,?`*E2*R<7,W5\+(Q"[05L`$8<",,T``)D+.]%41#0&1?
MD))=<041H00YPE.6Q5A)8`)!T`E1<`)ZVGJ0HP41@08]<`7Y@`YGX"A7@`+3
MZ`,G``8I4@BR8EFAT0(FP!;6'-'<@`(`$"0&,`",8@`%0``EQEM\X0$ED&UX
M*]$D72%-T`*$M0,[D-(JK?_2['NKJ%JK62NJ0#4W7T`!T$>C0U55.[W3)?W3
MT$2K6-LR.PO4^LI32%W4RJ#41MW4HM(%J?$O+ZVK0@55CS)=B:*C8W8%5$*J
M,DT,;K!W*,$.KNK5MVI?<'$8MFK5ZT36G"![;%T];CTW9+VR3DVN36"!JL!G
MU-P,;I`!2RL>5!($HR,/FG`-69",CDD$F\/4A$01!61%^O0#070&0<,,U&).
MNG77[2H!"T$"4>`!3>HA5Z`!FG$]A!H'/D`$L94%!QT,2,`">KP`L.(&0:89
M:N`#X/D**G!V/-`"9Z`%KZT$'N"69R`"CG*K"!$%Y&!9DW45_7`&)&!%*BT/
M+@#_V4)018;@5DT0!;*SHQF0&W7*`TAZ/E!0:917V2.`VT&`O;.,`B>0!2J@
M!2G"%E<@`AZRTC3X`:NE!&\Q!);A`DWP!0O1#ZO%V>#Z&3P!2\(2ERN@`%G`
M`"0``3[0!##W`+-$`A\`#$24G?T(*T\``D2P8"JP`1[@`5T``2JP`%>`B$^P
M`2(P`EQ@`2[P%QW0`BB.#%'PGD5@`JPM!%I`!%G@`ET@X$W`/4\0!%EP!`5J
M`4C``TKP`4Y:`D+P`5%@`EC@`YT0!!Y0SUCP`UVPHDAP!20`!D&D`EVP`TG0
M`E'P`4KP!(4U`GB2!2Q@YEK0`E?P`TG`/59$!"!P!2J@_\Y:P#U$T`)04`)!
M<`1@T`%GT`,('JX*GB@ZJ01-,#I7L`(4``42T#8KX`)9\`769P$[4`&AD@%?
MX`;FD@N=@`+8>\DS5@0>X**)$`42\`5<0`$N@`%:0`&Q\Q(2<`*Y`08D\`W?
MH!&LV)CU-01$X!<B4$)#@+UN<`(S^@$G(`(484AGX`2;I`8HP-IQ$`)G8$5"
M8+4F<`08L`(HH`8M0`0\$`3AERA^+@2:D>A70+G=?@X5T`(?,.@FD`7</J.>
M`$1#$01_O`.8A1)@T`0_4`3KWF>/_JW*5PY/H`%)P"=T([A1``%@<`(ML`+F
M97T4,.@(X0%:P`5*N.&<(`$B</\;38#B0<`!1)#'"G`%$-`%7#`!6I`$7G#D
MZ^L$5S`!1.8&6:`%63#T0T_/^&,(0N"D3X`%DK':G1$$1,#T!8I$47`$P*X&
M)P#@;S`"X1[PL74"1Q`$>J1<+3`$2GB:*Q$$+I'H3<`9*,#U)G`&2L`%CHL"
M8$!7C/3</4`$L_4$=K4Y3Z`$5U`"1Y`!*/OPV4K/"*``04,![+P_&L`"#_"8
M8`#?AT@!FQX"7(0.2N``&%!?*-\$$``4)%`$%!#C8%`!(Y`!4)!L']`!&Z`%
M$D`"28$Y%'!=Q@`%X.`14K_G/?`%*!`$)C"A(X`"4,`]/M`C')"2;XAO)S!9
MQ:0&'N#_(=(O`FF>!)8Q)C6&#HA^`DIP!#R`O9VX`R:`2''0`DI`W@BY`TM`
M`BC0YQ;0]X9Z!$V@[&-?YUT`&_MS!+^G^(`0)SA(6&AXB)BHN,C8Z/@(&2DY
MR7C6Y1;WY:8&%G>&=78&]G:F%C74Q/#F=G5&V,451RK(^1:G]A7'!>9ZQG7F
MIGE[I18'UGJ;%2OX9BOK'.?F:JM6C)6K1HRII268U2G(T>0*AEE:[*J%63T+
MEB4HO3F8K;8-5@S655W,BAY5S,V9&FZ"W-TJEL55/'+%H!F"YG!0Q$(391VJ
M&+&BQ(T/%6&DZ)$CR$0?"6ED)M)DR(XJ2:9\.3(F2I<S9;*T_UFS)4R=)1'U
MS'GSYTV=0&-./$DIJ=)!3B@\(++4$=*HB7H4HXIUT=2L7+MZ_0HVK-BQ9,N:
M/8NVJ[1];-M6.Z>&E#JW=.O:O8LWK]ZVF_;Z_0LXL.#!A`L;/HPXL>+%C!L[
M?@PY\E],:16U0-"``8,%FCEK[@R:@8(&#Q2$WOS9,^K5JC6;_KPZ=>C6L5G#
MODV;L^H%KW&#5N!9-?#3LFN+GNW;]O#8O6G#=H[\.?+=GYL79W[]=?#;Q7-/
MSP[>-G?QUT%3=QU^^WCUW<V'QTX^N7?IYX^?UDY<NG'UNM_7%YY>?NWIMUU]
MUJ$7'X')R69@@,8-R%T#"+1@464@L?\PP`,21!"!!!MNR.&'(6X(`00>@NCA
MB"JB*&*((9K88H<NRLCBB!_6V"&,,KI8(X@[JLAAARS>N&*1+_88)(H\$BFD
M!#H*"4&.*?KHHY`_MIBBE#AF>>*37/9())5!6BGFEEYN&6:,54Z99)!1WG@F
MD%.&V6:2:N[(99Q6DDGGC$;^^":47\J9YI5CLLFCG'I^Z>2@>\Y)9IU_8HGB
MHF!&ZB>F@-+8*)HK]ODCF5%R^.8#`[!@82(M`'!$-,V\"FNLLLY*:ZVVWHIK
MKKKNRFNOOOX*;+#"#DMLL<8>BVRRRB[+;+/.$HL)$@!0F"I(JRI1;;;:;LMM
MM]Y^"VZXXH[_"TD2TU:X[:I)H$MNN^Z^"V^\\LY+;[VV*''N5F39<FV]_OX+
M<,`"#TSPO+:82VVWZK);<,,./PQQQ!(W?&^^V_(+P+H3;\QQQQY_#')8"'_;
M;\@FGXQRRBI#/+*^8V&\KLLKSTQSS3;?3%7%"7.[,,X^_PQTT$*KA"^%,H>%
M,;9'#\UTTTX_/>_(WO8,==567XTUN`>?RVW2#&<-=MABCTU5T5]7!C/9:J_-
M=MN'2*TP`$J[37?==C>]M=%Q8WMWWW[_K7+>9Z>5]M*`'XYXXO":/77&BC\.
M>>3Q"FZX5UY7+GGFFF^>%>-[<PYZZ*);'D?+%\>Q,.:CK\XZZ)[S_RQWZ[+/
M3CM*IFM;>.VZ[\[YZ]GFSGOPPB-^>[J.#X]\\G3KW*W7RC\/?=C,J]Y5ZM%?
MC_W3<,,><_;>?W^SX%VC?CSXYI^?LMG4<U4R^NZ_S_'VOY/?/?SVWR\PY9_C
MSW__]<I?+>#A9(#OFLKZ4F7`2210$@N,1`,-IA5_/?`1$Y1*!!EX07H9;FLN
M&!Q:TN:_$(I07.+KE@L``)5]]&6%?*D&"]G2%Q>Z)88QE"$,57A#&^JPAO6P
M(0]?^,,<]A"'.IPA$8^XPQP"L85##"(1EZC$(@[1AU2,XA2+"$4GOA")/)RB
M$X]80QH*48M2A"(7SRC%,3(1C%;<8A6_V/_$*CZQC&VD8QR%>$<WYG&-5TPB
M'KVH1C;6$8]AK$8<CF`QW,5A!0)@0`,RHYG,0/*1CJRD)"T9R4MJ$I.;G&0G
M*^G(2UI2DIHD920YB<E0HM*3H#0E)5WYRE6V\I.LA&0J8TG+3*+RE+6492]%
M><M<BA*7H`RF+V=YS%RJ\I/+Y*4KESG)8S9SD\T<Y31)*4QD,C.6O-1E-J=9
MS&%F\Y?AU*8TB6E+<2;3F^ND)CK-:4U<FG*=X-SD`%;@P;3L@`%.BE*)_/G/
M@/XS`@,5J$$):M"`(C2A)5HH0Q\*48$Z-*$3C:A%*1K1BDHTHP6%Z$(UJM".
M/O2C'&UH20$Z4I'_,A2D*L7H15_JTI3"=*8M/>A)5UK3C9K4HSD-Z4YEBE*<
M_E2H08TI48]*TY>R]*<28,`.OK4*-[@AJE.M:E6I:M6K2G456.6J5;OZU:QJ
M=:QDW:I8H^I5J8XUK69%:U;9VE:UKE6N:85K7<\:5K#&M:Q4O:M>Y_I7O])5
MK8(EK&'=&MB\#O:NA]WK7MD*5[XZ%K"+=6QD[1K6QDH6L965[&/Q^MG$<M:P
MH1UL:4E+6=06-JYNU2QF1UM6S[YVLGX=H6UOB]O<ZG:WO.VM;W\+W.`*=[C$
M+:YQCXO<Y"IWN<QMKG.?"]WH2G>ZU*VN=:^+W>QJ=[O<[:YWOPO>\(IW_[SD
M=8DMSFL1]#:CO.S-V@';"]_X#B((*%"!?>^+7_NRX`1ST^#7'`*1D:QW)T5)
M;X"!`F"C%)@G$LG(2R!RE(T$&+U#<4:":V+A!Z-+O1*^B$I>Q6`*RT0C(B8*
M!3U\88:5N$(3SJ=(6OQADYS$P1]9,;MF'.$8H^2]W_K!"5Q`&0AB(``&*("1
M"U#D(Q?9``!``=Z>RV,79Q<#`&!`D.GE`<R,!S8.,(#>XK6#*Z"NOB?PP2".
MH`)G-$$%Q6C""4Z0!%OXP`3V-4$0XJ""4I#@'7'@010$T845G&`'#CD#F5W@
MBB&TX+PL>*HW1L`W(HR`SV]0@<;Z+&9+(T(-*/]H@B"T$`(H>$+0.W#%(5M5
MNC0/0@F3C@8/3E`-%9ACS]'800GR7#H2V!<%+*",+=Q\`D\+@@MO#@)E@F""
M7JB`0D$X@0I0(.I*=\\-+:@O"DR@AB:08`7/=L$7[GN"7A/B#"LHP0XP<05G
MJ^`$/Q"$FTW@:3"H6P4DX((6''V&=9=:%IJ.`Q%03003F*`;A3@#"<3L"&*?
M`"H4V<$)5M`%0?C`S'&(`@\(H04ZG\#8@P@X"OZ<:VX/N@LMH(R?"T&$$IR@
M&U%XJA+H#&]X5+N^)NA$$TI0`F&/6]\*J?:ZS6R+,\R;!%H(`LA;?FI!$($$
M`S>$PADNB"2H.@Y9H#/_"E80"T/K^\H"\X`!),!U>7'@`)M9@-G/SANS,X``
MJ)H7!(80!P20W0`<L$@3`.`$05"``G%H`@$0L```/%4#!S!``@[@@3<8H`M@
M```(!!&!.S?!\`P(``D(D04!`.<`#<B&X_!U9UL@4@+18`"KW`V`"3CC[7$(
MP`G.!@(%8((#!JB'!0C0@`%`H!@A$($@3D``3-A"!8Z/@Q8"$(`O<,$`F.#"
MZ4D0``P80`-Q8$$!Y*Z`!P3Y"05(0`(,X&DN-,``#0#`!P1!Y:<2`0`+>`,&
M!B"AQ<=A`*^'AP(08!H#@&$'?S\``B@0!0.@`/<'`4'F!A=``$.&3^LG&@=`
M_WU-T'T*0`!7``8'H``%P``#``5'\`"W<'NY!P&K<``%&`<A$`)QX`,`0`$,
M\`!7,0@]```GV`A?P`!D%P#M1@@D`'\&('\6,``1%P01@!(,N``&@`&8T`,!
MP``($`#8H@(&('?_!P4(0!F15R%!H(*.%`=#T($G$``20@">Y@8*<`!F=P#'
MD"$18`"Q(!`(V``!$()N<'@,0'>#H`46B(%A:`%W%@=!T($B\'@^$``KV(*$
M0(,VB(-O$`$`(&Q$R(-HT`4!P!D#<'D%0WN[]R^T)QIG!QS`87:F00`[`R\6
MT"H-T`T#%@T/T`.>D`"M@@`>(`@HD`"F9@%PMPH-P/]X<B=J%@`5$E!WAV0`
MN?!I#E`,70``<,<!$Q`'&`"+%G$$"C`!H4`!"H!J)U`:($>*<9``^(0(7S``
M1W`&`N!I*C``L0`%!'!G)E!_+&!E%M$""D!]4/``#``&7]``S3<`V'(`V$($
M#&!J)6`"T4`($_"+&H`!R]AY<2`$!/!G':``)="'#4!Z&'!G8(``[:8`^&0+
M;N``I[B1<2!PGZ9]&T9U!Y`+*,!W1'`!&T&0@J`!%N`-G8<)1%`!B_2#<0`%
M!2`$<0`!`7!G`!D'$D`A6H``(,<,&O``#V!J+D$""<D"5&@1^.)I-'AY'@``
MKT<$,&D11'"0<8`O7G`&@A?_#1G`=[80DL8WDG'`BP-)(5EP`%V0!'QW`A`9
M!UD6#1TI"YA``G6G!@S`A[:`(1%WCG!GBE^#!<1H"Q?`<%D)DJ\GE,:'``AG
M"TU9#)>!"?+(``'I;UUID128D$O@.%%V%A9F"Y<H?/4R=F6'=FBG&:$H9=ZR
ME@P@9ERG`7R'!0+0!0&(<%\0`*BVEJ7W!?8(`75'`4AP!A/(#%>F!0W@"DJ`
M`"Q7`#[0`$:YA2^I!$E@`1J00@N@DBH@"!50!'&GD8A``A/``F4)`709![49
M!T")9PEPFB<0`A(`!BKP`130!32("9&(+0V``4]0"H-PEO.@`"!W#V=@`#LI
M"PK@_V084`(2\`894)YJF4(/8&8(X)T;V0"S&61GN9SU,%6O8``AH`7`X&]\
M)P]J4*""$`J?=H]*!Y,/`)&V8)!!.0%=")%("8YH4`C+UP0+@&H-QBX30'&X
M0`CWZ8X'4)<3@`!G<`0UN95\%P<NX`!OX`,(P*->&0#+X*',B0D4`!7.H*,M
M2@1\YYX!*&JR&0V8<!D^T*(2`0&5N)X'J:8ABA):T(YJR8=!8*8Y^@#@N)2"
M0*2TX`6QJ`%!('LG*@M=4`!1H)]Z=WX$TP$&$`%A%R^:Z(F?B':F40"H(II(
M$P<5T"H/8(&]62%'(`!JL`,-<$@!$'&V8`$71Z'PP`!?T/\%$7`$Y8@!2G!W
M$><#]84%%L$%6@8`<AH"`?!X0Z@!(1`$*B`"&K"337``:F`"$/"=4(&A@_,%
M$H@M;G``XTD$UFH"=+D"B?I[)*`!3<`!*B`!7D"#Q6BJD_>%GF:6`0D-25".
MSZ`+`8`$`GD"YY<!*I`!44`!.P"A!ND"%```HH8`W)B*H_&*%G&6PZH9!N"I
M\Q4``S`!L7`$!.``#D``3O`$6\HNRTD97!D'W[J5$Z`&$'`$!Y`$+'!YX@<`
M","'@\`#(4@!R:H(73``EU8(%G"0MJ`%":`&&1`$$Z`"2B"E@H`$!/``@;>*
M)P"?M/H$@C"Q6@:R_>H,7?``-6O_9F7:GIH9B?WJ`!`+BT<+``;@9(/@!@TK
MD$3`LA!0JD'JHI3!`9C1``[8GA#)!5][`#<;!U[PC>SR`$'`!0*0=[FJ`!"`
M`!E@?'F*`5I)+V[`#9?;!=+W`%?`!5F@!9WK@NY">)N8J9G*&6Q'+VO9`"3@
M<'S&H@AP!!3@G4J0KZE(<;_I!K6JGSN[JU%`LAK`9.%)M`N@!=IF`'R3!0;P
M9^@U!!YP!)-[!!YP9R>``$JP`@/P#A3@BAE:%">@C*7GG6Q*>B>@F2JP`*=)
M`BW0`AXP`5`0`?G9CES0A++@I'0+#B&)7K0;<0+IC5P;!QSP>-H+`B)``5#`
MJAY@@1+0_Z]C&+[1T`!'X`5:\*H@J9EXRKF@0!%?X`,)8*U'(`%?H`57\`9-
M@)OPX`PF"Z-QP`#XQ*83D+M>H`(4(`+UEVWO1Z^"<`$3\`0?L`!7X09$$`1"
M,`1&)PC]FY<.4:/W@@!J<`%(@`0)H`+4MY41``9$@,"J:J[#*FH4_&D,D`6,
M)P%01PM-D`$!D`5)H(PX!V@#X&D,<`1=\,6T@`4@$`"K>%X,T,`MX,(/P+HG
M\`[0@,)JN0-@L'\PJ<:WT`0V;!'>J#%2176GXIQ8Z50'8`$`D9#+2'V?*A:V
ML'SWIP`)@'^<@0"C#'B%"R^I:;JERQF=^IK=(JHJ3'`4(0$>\/\`?Z8&"`!W
M.`D`_3JKP/D%"]!WA;<NN+S&W8.GE#&Y\%"8A"`$&R"/$``%&P`5=!L`!%``
M%$(!X9FMBC`$,&D+)P"E00F3)B"E*@"5D[D"1/``%*`%#Q"<R"F_2O`%'!`+
M;M``?#:@\)``N6P"3D8!FGD&!>"=Q:D"#^`!5\"J%K"3E,'`%F'/L2RQ%9RG
M&Y$$(``0P/RDA""'_.R=QO>BBEH"31L!D,L`77`&%WAN'R!L>RBL9!@`A<?+
M;K`!%G`!&"`!0!>J=!D$'7":1+#$@C`""+",4#$!!?"+MD"3\(``+@`&!!"L
M?4BR7!RYE%$!8>H)("!L%*`$2Y#&F@G_!;+W!LLL"V5VKA5R`E+Z!A)`TA"-
M<7GZFV)+`BC@!BHM"+5("/\L"$&P`5-:9"\MA&+[!`;@G5GPT1.@H/2B!0/`
M@SS8?:+!V#R(0I=J`*K)B:S)RO,2FZ>H$BY``!!@:B9P`%#@!%%+BPQGS\'9
MCAK`KW%``@>`!%I0`K'#R0Q`!$@0!`50?P^]$2B[&7%P`4EP?$O`"R!@K1<0
MG@S@`4KP;VIP!"Z(U)1[!0'0`EU``@"PDT,``$;7`)3;GGD&`!SP!@S`!=Z*
M`=3MJED``-C6`@6PO_B+$J`-!4W@>E!]!%F0`0/P9UK]!(('!@PPU!62NQZP
M!$<`CA"P`TEP_P1$<!7J.&RT?01%$&?SE=UG``+^S8$(3@2>5@*A+=]M&\A)
M[;O37=U0P0#=<`*"YP8!8`%G0`0%T#T]<`!9\`5@(`&1RLV]F04+P-UG@``@
MT`4[,-\4`'="$`#-*`@7C@0N$`!P-P$2H`5$8(060;YW6]=6?08#L.)$H(%*
MH(PH@`%-<`0,@*(/<.#+S:1=``4)T':V$-TN0-V17>(W-M55KG1FFF8JC@8M
MKC&V,`0XO@`'^0`@(`I*$`!:P+2_)P!GX`4*0`1+4-WOT-SS<@8LH+[J:["8
ML0*5[@(JH-GNDIJK">H,<-GR,@'8RM9V&``CX-!#5@`'D'>"FLMOF_^?57MW
MK:(&'R``1K8S7%```Q```H`!X#"&L6P+0J",#]`!08EF>;H$A8X!<+=V`N#K
M4+``KLOGWYO7+SW?T:`!`T``H8T2)8`";U``%Z<`[R`$UQ<`';T#HSP`W*O&
M#N$&&"#M&D`9)VX``\"'$G`$6@``3_`%0DT!.^D,'$D`O[ZP$I"Q`P``!$<"
ME<CK`^#K!W":;A`"4*COK2KQ*G@+]#X`&4`96F"N0B"E0:#M3O:VW>"SWDD$
MGSP`&Q!D$I#L@K`#!F!J)^&%4`L.@_`$!&```:`!Q3`!=^8&#]"5HI>QTBX"
MQ?`%()LAA3J9E2CRE&'8IPK*`T!]1$!ZQ$?_``"``;&@!@T@`-(.`%W0S@C0
MV3N?[3__>L.."%IPOK`N"$)`>B2@ZD0`R@)@[X60\\R9!0&P!+2J`DCPO82+
M`E]``!,/%6XP`$\-,!Q0`"3H7QLPV6EG^9:_=A<;+U]0#./M$UH0NF[0!8QG
MB"[8!<VPOY;K@K:J]M'`!<%Y"1(1^X1@I"W*^3/NMJ!_#W$P^E[@!1$'`M1Y
M"_L["+8Z^\-/^J]P^B7:#U*E!5F@#?L9!>J@5J._5;0_^L[=^\5?C*B?"0TQ
M"+_O^UX0#/EIJY3QIF[P^K8JC(:X"[3P^KXO[+#@@J(O$.UO_)01^V_P"_!_
M_+H`"&=Q;W%J6FYQ_XF*BXEN75V"C'%GCXAQ7VJ)8%^+:EQ?79R*E)"+9Y&.
MBIB,AEZ(:IR4H)F)CZ"NA5Q=M(R@79:_DHU=JK1J7I.1GL&,CJ5GAXJ;QXJ5
M75Y=8*J6PMW>W^#APH1OA!P&$+3DXNSM[HP<!PP*"@OU"_;X"@P%+.__``,*
M9$=HH$%%6CQP&T@("8((#"`T:""10<0(%2T^P&A1XP,'!HXL*CCHH,E_)$F>
M7-E-)<N7,`VZA#DSIDU)YR`LO/G2G#Q[^_#I8["`G[^:/).V3(KT6].1)=WP
M`E?3I2$N7+1HR8HUZ]:M6+5V#:M+RU1O3]-"951UJ:*G!,7-A.LT+E5)<_\%
MJJ0+ERY`OV[7*AV\Z%R$G81->D#0H*-CQPT,M$A,N;+ERY@S:][,N;/GSY(V
M#'B`&/0W#`$,$"A08'5KUJL-`$!1TK3MVRQ=KDN4\BWNW\"#"Q]^$@0#"J6'
M/SFB)(GSYLZC)U%R1`OQZ]BS:]_.O?MV-^"]BQ]/OKSY\^C3J\=;<AVYW>OC
MRY]/O[[]^_CSZ]_/O[___P`&*."`!!9HX($()JC@@@PVZ."#$$8HX8045FCA
MA1AFJ.&&'';HX8<@ABCBB"26:.*)**:HXHHLMNCBBS#&*..,--9HXXTXYJCC
MCCSVZ../0`8IY)!$%FGDD4@FJ>223#;IY)-01BDCY9145FGEE5AFJ>667';I
6Y9=@ABGFF&26:>:9:*:IYIKU!0(`.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>g201833moi002.gif
<DESCRIPTION>G201833MOI002.GIF
<TEXT>
begin 644 g201833moi002.gif
M1TE&.#EAJ`)P`_<```0``0D$!0L'"`X)"A$-#A,/$!81$AH5%AL7&!X:&R$=
M'B,?("4A(BDE)BLG*"TJ*C$M+C,O,#4R,CDV-CLW.#PY.D$]/D(_0$5"0TE%
M1DI'2$U*2U%.3E)/4%524UE65EI76%U:6V%>7F)?8&5B8VAF9FIG:&UJ:W!N
M;G)O<'5R<WAV=WIW>'UZ>X!^?^<`;N<`<N@`=ND`?()_@.H`@^P"C.L(A^P*
MC>P-D>P3CNP:C^T3E.T:ENX>F>TCENXDG.TIE^XJGNXRGNTZG^\MH.\SHNX[
MHO`VI/`[IO`^J.Q"I>I&J.I+I^I-JNI4K>I:KNE=L?!#IO%$JO!)I_%+K?%/
ML/%3KO%9K_)3L?);M.EDL^ELMNEON.EPMNETNNE\O?-BMO-EN?-IM_-LO/1R
MOO1YO_1UP/5[PX6"@XB&AXF'B(V+BY".CY&/D)63DYB6EYF7F)R;FZ">GZ&?
MH*2CHZBGIZFGJ*RKJ["OK["OL+2SL[>WN+BWM[FWN+R[N[^_P,"_O^F`O<"_
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M]OWO^//S\_?W^/?Z^?CW]_[T^?[^_@``````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M`````````````````````"'_"TU33T9&24-%.2XP%P````MM<T]035-/1D9)
M0T4Y+C!"/*3U`"'_"TU33T9&24-%.2XP&`````QC;5!02D-M<#`W,3(````#
M2`!SO``L`````*@"<`,`"/\`J0D<2+"@P8,($RI<R+"APX<0(TJ<2+&BQ8L8
M,VK<R+&CQX\@0XH<2;*DR9,H4ZI<R;*ERY<P8\J<2;.FS9LX<^K<R;.GSY]`
M@PH=2K2HT:-(DRI=RK2ITZ=0HTJ=2K6JU:M8LVK=RK6KUZ]@PXH=2[:LV;-H
MTZI=R[:MV[=PX\J=2[>NW;MX\^K=R[>OW[^``PL>3+BPX<.($RM>S+BQX\>0
M(TN>3+FRY<N8,VO>S+FS9Z_3J(4>&'KTM-$"49M.;7#UP&BD5Z,63=`U[=NS
M;^-N+5`:ZX.N<^\F/7RV\<_(DRM?SKRY4D>,ICEJ1LW1+DC3&$6:IFA3LT;4
MF$7_TM5IVAE0S,[<ND[M%BA1HGB1T:6KS"Y1H*AYPM5IUZTSS$`272.G68<=
M(YM,D\@GWU&SRR:X,*@>,V/@HHLFU,`7RBWU\8)+&<R$$@HUF^2R"3.@G-&,
M)XE,,UYUNS@R#22-I"<*,XY0DXLG[C%3!BZ[S(>+)]2\!THNN93!BR@J?G(+
M->-I@J(BU!4F33#.9:F3#S8PTX,NT_3@R0_,V`!$,S(8L4L.&0KA2!2[P"!&
M+C"4\0D0U"1R!1ED@/("))&\\$D965`S12)3=%)&#*'PP`,SCS+C0R=`,"/#
M$,S$8`4N/$33212+4*%+G;>\T`@D0U`SAAA@)!+H)XN\_W`+&&108T0C1H0B
M!@R[4!$#,T)T0HT/GOC`"Q`WB!*#&*'T0$TCAV91*B-^:K+(%-1@4<85CL3Z
M'PRZ4)$(-4)`(L0MONYRV#-:MFM3$#@T\^4T/WP21#,XW%L#G#QD>(0C4_!"
M0QBYR'`>$=0HDH4998`2PR:;Q)!BH50H0@4G9]`0"A`\--,Q,T!X4@0S-4C!
M#`U8Y.*L)U(T@H4N-*@70R..(*'J&&$HHHG$C<1P2QAC4--R%**,0<,N6-#`
MS!%$_N!)$+P$L8,H`]\21'7BAG%+#-0^S`@5U(1A1A:.],RD#+I4H0@U1T!R
M!"Y)J^ONW'0W]$.\\SH=!#/YDO^,Q"X[9%A$)$CP(D,8NACL"<)G+-QG#)%$
M(C&AU%1,12=GR`#*#SLTLP,SS/S`B;Y'G)QROYT@T4@5NL1@AK*-1'+$S6$@
M&,,GC/@,-#5)-'*$*&'(T*O2130]9M13#RS*#\]FO777FWQ-S<)8--+S?VB+
M2TT1D!0!]]%UAR]^07=[#*;>).]=P]^!B]*V%+L<7O!Y5R?BN,.12SQVY8I(
M@;$,H>"<QT#G-"(THP9),%TN^L4)*3""=3$X@[(>`0F;C0%GW9%8[GX6--4A
M`11A.%H5B,<):HCI!\B[Q>%NP;Q'B$M:7'/8)BPVO<8]HA$R$(49T*:V[77O
M>W(;GQ#_Z?:#&WCI?$_CV[UHP#Y_02()NQC8_!:7IRSP"7^2`P7E+/<_4?3@
M<SS@1>@X0022E8X&5%@@-3BA.E')P`S/<YNJPA"&1$3,$QO<G0>+)KP1,J-X
MU'`:"N%%M3!XL7GV4V'7-,$(*4S/#%5X!"-RF+FTC8M[WHO;$#?IKA[@#4QB
MNM<-]`6_]A7!$?"3G^*NUC@S/"Y_H-A?%1)QL<PMKW.=XT4!299`&E1!C9Y`
MP@,3)\$84-!F9J"C'36HNUIY$(0\))[Q!HD#41QN>8C4&M<\(0-&@FUA61!0
M#,X6KDM"@@BX&&$0.<G.Y?3@!O("Y>;2=T`DZ*)];4N"P`BF_SB$V>^*D(N$
MYF1IL?]M[E&=D]?B>&DZ3JVQ9:Q[HR(K2+L,@F*2'*3&'L?01VD&\GA2*R0+
ML98(K<F@:YR@(3@?\0@9W,(,,;"D#[VGSG;:5#EW\](NZ)7$4?*B9(!S8BH)
M%D$JMO*56=R?N&I)`R\^ZE'-T-L!SWBZ-:KN91%4%B-J1HUDYBQB%]5=!QN!
M!.!UE!>`%!TUJ3:&0S;BA<_SA-<<F84R8$&2/JOD+*E!A$AD$GS"N:E@+?/.
M>(9I3/A2GSW[Y;X*QH^?]*-&*\V`1?T52FVUS&$/GLH,72:Q!E15(QN_EC@X
M<DUV<_QJ#/#83(V2M6@B]*C>HE9-Y?\Q[ZT*4Z0,%5&%1V:!I>.$J2ZP8$YT
M:G*PR,U,^7BPTQ[,<Y0'+*50#0=9*MK/#)25`2RWV#].[-"ID&J&9\NXOI/]
MDH$.?)G!8*<))$S###A;YD5=JD>R0G,7?DPK)U`(A.09DGF.F*6T3BI#Z2VL
M"N)\*0\OZ5<@)O?!A(4G#T#94\4&511$0&44JUN_+(P!J9.C&"TQ1@-0;!92
M8D1?>5$&3`>Z$8XG)=Q[Z6C1/(ZUK!S%KVQ!BH-;V)8:#RSI\QRF"96.39*4
M7#!?(V%<\$'XR9$IHF%#J<0#0A&?-=MG+HK*N/L%U++\RZP7P4C`S_:RJ@T<
MINNL23,+QG?_9V'-Z!Z#-[P_-FV_M"TD-E>7R!C&@!,&AB1T\JID3*;3R5!.
M-&-RFK<D]@V!]YRN*L]@W;H^3A,"U2+%+.:)S($B")P-W4(1J$`&J@Z",HO=
M[,@07[#:V+4X[JB=/SI(_XX4MS!<I)')9C:]FO.OZU0T0GPC;+Y(N=%GJH'Z
MH,C8?PUURY2MG[9`K.G*-=*[FL5E,T2M/B.<C`H.Y43O4/T\U%Y0M:"X7GW+
M2F<_,NVC0-#EU*YY6W&!8<A>^^;8K)?7F&J/>T%P<+$)0FR#%'S@="%"YX*P
MTR"`HHP\.$(S;@`_YMT""9J@@L#&`+-$@,)FC`C#&5XG`XA1,@S9_WH@*!*A
M,2*0:6_,(,(G2G>#*9`L"[JXFB>HT`B<Q\S'C=B$(UTY!D9P0G.-H`$NQE`&
MH3F""K#=119JP(P/\O4393Q"#VY1@S'<`F&1P$+(<4$#1EB3$ZL+VQG"$`E'
M-)7ENL@"(WBGB23D8NJ\T`V4#TX+5:AB%7\_A2\(CG"Y3(,ZSBC-::CA#&=0
MHQFAH<YI)@_YQT]>-).?1N(/?_G,'Y[QCD\\YB-/>L:+9O.6Y_SB/;_YS2M^
M\H[__.HS#WG(:W[TI%?]ZT]C>\GOGO/"AHU`7D&'%4C@``E`@/(/8($6W*$7
MA8^^]'_R##IX@`$%,``"&+``[G<?`=EO0/\([G#PZ9N_-N<WB6^>(8<)$.``
M"F"`_!=`__K+GP$*,$`!,$!^:@@__0`8@"$Q"A5```C0`-RG`/6G@`M(?_>'
M``2P`:L@@!18@1J!!MHG?PH8?_77@=VG`""X`/''`/#G!N5G@2B8@@CQ#!]`
M`/.'?][G@0NH@?$W@@P@`">@@CJX@P/Q#!Y```W`@!M(?PS8@4-HA"-H`!R`
M)?_'@TZ8?M+P@T'H@358A!PH@T*(?PT@`"7PA%X(@"$`A%<H@U1(A$0XAC78
M``2``E_8AM'G!@4PA2"(?V0H@]X7@T<8?P5`!_[GAGX(9:L0@D8X@U8XB")(
MA##H@##X"G_8B`__Y@$&,']E6(=#6(DB"(,@&'\&\`&.V(DWY0>1>(A'R'W>
M5X0.V'TP2(J8>'_R=P!^<!#$YAL%5WZR.!"QV!NPR!"W.(L)<8+4X(L'MXL7
MT82_Z(G&"!.0F(`?N(`)D`"4V(P;B``@F``*D'P@J'S8QP''N(WA,PH'0(<Q
M>(D/\``00(=6V``0,(X*@([C"`'I2([PZ(X-H`JVJ`JC<(^E@(^C8`J`0(_4
M\`RCD(\!.9#WJ(_\B"6_>`KWZ`H(\0J`4)`"&9'W"'T$L0J`4`H"69`!"0BT
M0!#/8`KZ&)(9.0P#X0J```B,N!`@:0K#P`>`H`>JX`KLL@H4R8TV^1$J_Q"*
M@AA_"#`!P3`,SV`!VV=_!D`"TO`,JE``;$`-/SD,3OD,3^F43RD0JE`!RG>5
M6(D`!W``(4`-KW``6;F56YF5`L"'U-`'!G``D9B2MD@-*A``6IF55[F5"F"6
MP>`!"0"6<JE\D0@'`N$*&)"6>SF7!^``?"`0;VD`%("0"!$'V<<`JC`#$E`"
M>E`!=/`,!Q`'-[F9'"$-5DF*B,@`/4EL&/"-#,@`!I"#U$`+!/`&$7$"`=``
M$*A_!E";^J<`#U"6P4``!&";!9``\V>;:0D`?/@,@8D![J>:!<$"!H"`PNF;
M\7<`$$"2;Q``\F>;O5F;!BB;#4"2;QF$SYE]MO^YCOLG$"U@``]0`)QH<-0P
M"G/8`%@2`M#W`1C``759C)R9GQ51"MNW@5<HFA1`FD-YB09@`L.'`!*@`1B`
M`1F0`1C0D=(``A;0H!E@`1-H`F`Y?G)`!QQ*!W)P!Q8@```P`]00!QU*!W>`
M`=+X`'!PHG'0"M2P!MKG`16@``<P"H3'`@6`?VQ0!QO:H7$@E/@'HS,0B0W0
MHB?ZH240B08`"-2@H@HP`2?JH1U:!RJZ`!"`)2S@@JC)A@81#!+0GPTPGQT9
M`GY`!R3@!OJYIA+A&V[@@H8(H*1IF@Z8FL.W`'D)EF+)D-(``=H'E@*`!]10
M`FJI!OA)$'S@!FN`HX3_%P+P!P'L4A"NT``+$`!^L`("@``;4'XZBG\,:1#,
MZ:G4\`&/&JD%$0<(R@`X*I0(@`$*X:@*,)W4T*EZJ)D'QP$Z"9_4X`J^\:F]
M4)-L&JP-H0([6HKV-YH"H:*EB'VJ^0HV>'\+P(C/8)4(J(9+2:@&@`;_*`W<
MVJT%$8N^$0(&$*LD*8O00`THL*,A\`S!L`'8)P>'VJG1>A`K`*<,*:[D^HO<
M6HQ0"96^H:*MJJ^R6(L@\*@DJ:,-\`#1R:B^D9,,@(#KR)AM*:P4RQ"TH+!T
M^($***?)^HU$::!>*80;JP",Z)G]B9HD0`TD$(D08`$5\+(5X+(O"P$J8*H$
M_P&KD%H0?G``$^"7`O$,;L``#X"0OD&K@.`+K_`*M*"TM$"JHHJS-IL0`.NJ
M"8&OLLJ<"$`'I8F;%"D'X^H`*D"-8UJQ9`L1KI"'(RN:%2"@&8N:S5J$YEBR
M$S"4J`D"U,`&`:``6BF6?`M_`=`"!0$;.$N2K[$!'IN#PP`"U^FEYAF'J`BM
M#""V\0=]5ANU;2E\4_NJ!CNKM>D'KO"-!Z`!TG`*VS<`>H`'`_"PP%JVK-N0
M(SN"QQJ@'6N.;CM\5HA_)/N/G]E]!M"5S[`"[1B/Z0@!#B":&W`04(N+<N""
M\0<`>)`&`$"*"("C10NG!L";P+F!!<";*B`0@]L0*O]Z`%2+$%9[L&FI!]3@
MM6I(`D)I`"M`#71@``LPMJU;OP?AK'EXK!-`;!EP@/?7`'8:LEA8LA2``'7:
ME0(1#</0E`N\P-(0!]K7`<A;J@/A"PXP@K+I`1A@@P9PO`*Q`CNJ`"N0!FD`
M`0<0A`Z0!FO@I-X[KK(*KDSY=ZK`+J49L+@XL-3PO<QI`.CKELVY?0?0`>P2
MOZIKOT9,$,Y*BJ;(D[)+#1,@`,)Y``"0LB%KBB)8LKN+FB-`?'6@![X(O]JG
MC<28O+Z!`I%X`-FYO>.IAO`ZJR&<DJOP`">,`"O`+M(@N"YLN=3@!@+```3@
MI)E;M2YLO@>`OKZQ`>C)M0+_40<NV`"#=\3V"QNO<(F"&+N1V@(D4`*:7`(F
M,'X"$8A6G+O32K<$P`9T``#:AP=^H`=]T`=ZP`=Z,`HM`);:V*B;2PVJL'T(
M\`$FL,F:3`(F``$@^``=N:7<QZ=,B:MJ6`$3R"X.^P"JW,JM',LYV0`'X*1"
MF0`3(,W<W`<N:;CYRIR%7(RO()NN6(Q$[,B0?,2N,*`9ZX`)D+-?C,ZA:(0,
M^0QS2XH$0`=?V0#6W+=BB0`.L(D3S``Y2PT>H+>;BA!O*L?=RP(GS``I"1O/
MP`$"\`#;=P<"\:8(*)9I*9;K&+D,N:3%"]`>/;\*(`'L,LL(T,,",0H(H)G%
M6`?-__D`@T>,ZURQS]"_RSJ#!J"F"S$,'D"G"RBM!4R*!W`*3BP`XOF<OFD`
M&FT0'@``!*``U`D`!R``K[B+ZX<!`7```7`*+8#*!/"I`S$,)]";!```;&@*
M!]#43EV;`6"WU(`':AW7SQD`)(JN````AGS6MWC*:=F1.=VZON$"<&J&;=NJ
M*-#8CMW8)Z`").``'DN%)*`")Z"PWZ?23!D'*K`"*O#9H"W:*H`&_F@0<'`"
M*]`"[+(&*%#:\TP-@'`"+%`">*`'JKT"$CL0;H`"+,`"(8"^JY`&I+T"H'W<
M*G`'IFH*+B#:R'W<H-T"?!"I=W`"*'#:"#$*JLT">ES8%/^+EN98@S/XUME7
MWN5=F^)MAO0WGG7:A;'MW?"M%KT0A%KXSO;'BO@]?U9\WVU;`()ZP[U1B[6H
M$,'XWKB(GW<\;`=NBP,NX.PIC/MZJ!.[$`8>WVLZU+)9`6%JK`W8X758AAN+
M`!;0W19>XFGAF/CW`(YJWQ\^B5EH?WIHEB8^XVP1#`\`G`8P`Z6)ARU.AE;X
MG\Q7X30^Y%Q1O=:L`7I0V5BXY"U>A-=,Y%".%A>;`%MX!S,0FY5LB$UNA&H(
MN%'^Y67Q!D#8D\,0AI1ZB&CNXW6HA1T,YFY.%AQPP@3POBUXYFK>XR"HAABP
MVV_>YUM!"]P)U:/:Q^'HX@TXA]C_]P%\[N>,;A6^80J1NXX,6:3?:(X]CHJR
M:0!>WNB<OA5)CJ</,(%]8`$9*(ECR-\0.`%;W>DV$5@(X>K$@1*PSA"S+A&U
MOG@*4>N;\>@+((T0,('2D**U>0"/BX#0B@!I60%Q0.*LWNQ2<0H2H'T/8);/
M<*D8@)K7RYO9J0`6<`)^(.3.[A!8<`M8`'E((`6Y<.Z\`")9(`I80`VX$`3_
M-1^*L'2>$#2:P`.-P`D\X`BB$`E]0C"5<P2Y0`4C`R#MC@73L#15@`M%@`7,
M8`:\D`6A4"C+0P:BP`-GD`N-(`IDH`FUT@@\T'8[P`F>``IE<P88,@8]X/$_
MP/&@("V]_[4+1"`M00`&O*`(NA`&,5\D/9`(GM`#C'`+CI`BCC`NC,`#@,8#
MH*`)HJ`(D5`&1!(&00`\0:`+.F](6<`,TR`%=B<%2.`CS-#N,U_S5A,&N\`(
MC<`(:B]98I((+>_OFO$,*J"6!H`"A/V+)DD'+8`&:-`"<0`(JP#NX?X03N,#
MS-`,-%!--;`#O:(+Q.(#U!`*,6`$GQ`#4X`+8"`*MV($"0,#8[`(,'`&G(`H
MCE`$HD`-/*`Q/"`\5+`+0/`)/3`-4=0#H4`#/O#X0+`)>-()F!\Q6%`TG'`H
MV+(H9W`&,*#VCE`&9$!<U!`%#^,KMT`&CA`LSE(P0.`P0C!<M_\@!)%P-8X0
M`V03`V,02Y"`!6;P[KO""&,``S/$"74T!>!Q!*ME!#&0"W,B!)IP]=-P`S5P
M"P!QPP8O*KN`>.I!#9>,(*!B'-$%YDR8,6.H88GA"..G,YJH?0094N1(DB5-
MGD294N5*EBU=2OOHA\.!``Q:]%()T^5.GCU]_@0:5.A0HD6-IOSA*0BS9C5V
MB'+*K(JN($JIB:*!!!0-*;C"B$+R"`DU1C+&+(J1B%,B*I&.B*+&@X:H'C5X
M8=E5]<>T731\A*KQ8Y<5740X!:'FB0853C&RW!KCJ8JB*M3,Q#B3*,:C1Y',
MF,F2B)H4&9NHS"T#Z<BG'PII$`E%`^+_XR-NJ4&2D>6165!G(&4!32V,C$5C
M8FQ2Y"E,HBJ-J!V1X2D)#5Q9<B4YK$O:CAJA=MP@F-=3ZUPT@F"%*+&B12PR
M((&)`2K1)FK3CM['G_^HGQ,-`!P(08]7=!*)0/T.1#!!!1=DL$&4]&*J!AR@
MVF$7O(+@)"%19-!*AJ[```6)1L92Q"Q&TEJ+"D>*@$LN47BH89<JQ.N!KQIX
MP.H'7:S()8A.$/-$!L9R$X4,3Z2@C)HRTKJ,$4@@,:.,+,Z@9HK2J)"AR$B*
M&(^:\AJBH0A=:(N$"&H<R>V1&,;H+1+@LA!.!D:,TR2YY:AP[@@:/D%"AES"
MP.6([*;!H;M"_WF9L:J$OMQ*S"DK(N,B][*(KR,'+\64*`*#N0,%"Q20``,2
MU(###54R135555=E%;^D?N"EJ0F=VH4*JKI$+T@JO`)K1+),Q"S%%>'B#I0>
M:)"1*F-MY`$PP;"@:I/6.!%R$R+)X(0*1:2P3(8SSHB!D4>@!$TTTDS+DHPM
M$?+RM:UFNT6(+<_,S9$U>_LMN##"I5,13NYTY+GHD*`N"UT$#4(7:@H-Y=""
M%&T73(C"F(BBBS*BM#?Z[&NU8X]#DN:98?RX0T!7GODX99579CE!#&&5E4)$
M;VT-O4^$Y%7$L4X<HZPS4E2MQ1I>I&%F1:=AAH9F:7BVQTT0HY8*:_^Q*/)(
M1:BP##-P&WG2##)"&TT&3JK(L@RWV"V/B'?'O*4(2(J@-PM([O7M3>'X%=M.
MYO*,3L_J<CGBZ5P('1H'\&9\->+8Q%3/XO8>R4(&4,S@I+Z6+V_00,PWY[QS
MSTF",&8)":+Y*AF24*RK+$+TM:R>@V6KS!;GJDO&O);=I88>G+60JL,2DZ$*
M3:X=.\DRO`67$:X_FS)L3;#4DLM%W0US3%R**/.VW!KA[8Q'L-!7SG[_/0//
MYVB0SL\P`']:%\)%.70JB!F58>*)*I+4D8PM_;Q__#3W7P`%.,`%O8H9SI"0
MS&SULJO(1C&[^HK.J%&BU_V,.4&+RUQ@E"S_O?!%:;%I&H:@%KQ(Y`8R5L/:
M9;X5@T:,RVM@.Q?91#&&+7&"/.9I%-O<!C='T$!N=,L7G/8UI^/XZTY\^T02
M9.`5P`VJ4/"S"^+0AL,P_>D,Z\E?Y'KCD9-P3#]>)&`8Q3A&,O;O9;%*H%-(
M![$-H8XK7F%=$B:XIK*HI7R/>`LUN/,BNT"K@[G;76`LU*/?!:D*ULK"##VA
MK11J34Y=*U?8T"4*LQUABF`2$Q;:]K;;.(9[;/+>E(0HOB(JARUY0I_?UH<P
M]STQ?C2*V+NL2!'VR$!_DCO#QD[2C&:`A&-(^P@P?5D?IGRD&=.81C,.:!]F
M<.R8981F-*4YS4M5_R4(:)S5#NY2.JR@SD-_ZM7.@*46MF`01J$XENV.UI<>
MY(B#A0S>U*J&)*P=;X7B(A<,Q8:E6ZA+>NU2FVS85ALSH4ENO#$#),`G1+PA
MYU]L>83`/J&G7%B'E>^+WZVF%U`Q40R+[=%?I>A3$OM<#0D>F486D#D&*7QB
M@E-PSID4(9PC8,T102"#+I!`A2#DXA92@%,HI$`&,%+3J$=%:E)5\BIL*E"C
MIK/D-Q,I0=>=R()4,*<&8Y0HA$R#%S=R)Q8(":1J$2DRC,S:M^3DPDB2YGGI
M6M?T)*;#[!G47J`,8IR(Z-`CGB]]%6UBPA96N,.)YX8<C<C]:GG++5J.)/^W
MP`(UI#*-,I@)%`&#%B.JQ(S1+$(XS`P#-3BQ"VK(B!I@:$8C.D&%:3BB<DJ%
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M"X)J+PMWQ=="]3J^ONH)%-`!+"L'"T6C7?*^B<@O>S"&2Y2.Q#YGZ(3E[),(
MSDY#*_5I!*`8H0OG@*(95&`$%9@Q!=)BP1G4:$22F:$_*E!)Q(^&=*1916($
M/B4J?K2*BD'A(5Y)H1'<XED=.W$U1PQW:+6[$&N\JCM0"!):1/@1\*C0"1,*
MN3+VW%HC'%$&*8D&2^CJIUM8`]#[4GE>=@4B%J1T-R)R0F_KU9,G"/:G@SEQ
M:-\)CUZHH0OJ30S-^`/ION0S4C>+UM%F("V=R>(19L"E#%*HB!1TH;#["0<4
MN["(,Z*P83%,XQ:-T*RD_P4^<(+KQP<(.2`-;A";'-1*%P?Q08IC8`1/Q&`*
MN`!#*([0""-,$`9G@4%'V.(((;1(!J'@@0P<GI2([T(&.)*!#QP.A$T`(3$Q
MD!H,K@"93DQ!$1I>4B+.\()&Z!K)5S!7#)X'@QE&0@B=6%0,&B(#(>A"DT*`
MA!#.Y!A'?+PW&EFV&&!0G!<X5`RGI,808O`)(\0`X[@00LT5=H.YV"!&!0'"
M)Q8E`R`XI.KX%8-%K)`1+,"`(Y$XB3..H(E`?^0,T_"$#R+1"%Y,`119Z.4M
M%C&-MV"!&:N;PC0:,5-J4$$36=C$&""3BX*WWO6OYXGJPW!,*AB,"EAHAH'#
M</^+T![L#($Z`R\:D8LR]"8Q17"$)XJPB5N,.A1C4%@6;`6&*3##P+)/IA36
MIWUF,`+?D*$&E1,ABB/LV1&WL"`U-+'\30@!%*`0A288'^<S'.$6B8`()&;H
ME=+".Q=(*`-F6`1\FR%JT+A&$`4B<`1<Z(108(1(\*Q&*(++(@)1X(1_<S90
MH(8Q,`+T.X)=:(1=*(,9:B;I&Q,JR#UFD#UJX`4D&(/_&P-F:(1-*+J`880C
M``5&*()<V`2X.(GN8X1#4PB%4(0SF"GT8SUJ:`;6$X5$P`7)2@0-Q(4G9,%$
M"!AF.(-0@+TMY,(N],(O!,,P%,,Q)*EA(@DO*JHT-,/_8%I#,$+#,F3#D/BE
M.*1#QY+#.ZQ#.[0/#U/#/%S#<CM#,W1#060)#ZN/-P1$.\1#123#1G3$1X3$
M2/086LB`"IB`2Z2`2]1$3.3$3<3$3)P`4-1$4=Q$4LQ$4_1$"D#%4?3$5@Q%
M5WS%3HS%513%6F3%5(Q%603%5>1$7GQ%7B1%-Y#$821&27P%`U"!-4"#-&#&
M9G3&9E2#9Y3&::3&:K3&:\3&;)3&:-3&;O3&;[1&-4`#-V``%*`&`"K&=%3'
MUWL%!#B5=605#C!'=!2*/6S#0!PF9/I#>.3'?LR/=CR%<X2)@11(@8P&:4!(
MA!1(A4Q(ADS(@CS(@6S(AUS(_XJ,2)T@R(=4R(J4AFC@2(ETR(G,2(9<R(<\
MR(\428ULR((,R6BX2)4,R9*$B0TX@?N8AB+@@1[0287AO)SD`1VA!L7;@1[X
M2841CJ'\@1U`O*/421Q82C/0+'WTQZFD2I8`R*K$%)H\1Z/0A1VX!5S8A2/8
MKUSPREO8A238+UPH2UX0RX_H@4:8M_K["!^`2UTH@R/X""JP"&G#RK[TRX^`
MB:L,"5H(`5\(@9H<A0H`!#JP`%'!B378``\8!6J(`PS```YX!3BH@!"H@!6@
MAA-`@X]0@QF@AE%H@36P`,X,39AP!0T(R&'X`%.@AA;H@S5(`VKH@Q:@A0\8
M!FI8@?\^H`9`T`!:H(95(`&4`0DXL(!5H(806(%7V(`,P(`/6(4/L$P/N(/I
M%)5Q5`4/0!D2Z(7J]``50,[/'`4Z4`%J4`45,`4,T(`*6`-J@$S)I,S&[`!7
M4(4*H`-J2(,-P`D]V(!G"(8,\``.X``W2$\_Z``-$$95^(!@H`838$Z0V`!S
M/(I<X`&.43:%X`&=J(*TK)&/V%!J.(^/*+6/^`$?5`T1W:]%L(&_A%&J#$QW
MW$J8N`,)>`4"F`!J^``!6(40"`%:F``ZD(,$.`4W<`!JZ``5>(40>-`60``Y
M<(4^$``+^`@,.`#^#(%>6`$%N(-WI`82`(`&!0`6H`8)\`/_#%@`WV0!/W@`
M:GB&!@C(#0``/*`&.J@`D0@!`%"%/@"`%O`#!S`%/U`%/VB`44!46K@#!&@!
M5<``-[@#```$6H``5QA2:/"`VX13!3@%$A``:8"#$*C,/@T&-N#4-WC3\21,
M$HA4-1@&!*``.+6``)C,/H"`$%`%$]C2`X"#4V"`4=`#`-"#87``G*#0FJ1'
MG\B%&K&/*C`#+V'6BWA67,C0C_C0^F@G$\5+:DC1CVB$;=W01L`!0XS1<B7&
M=@33CVB!$_"##6"![/P`6M#/49"`.JB`R8S3.[``-&C/VZ0##CA'#1@%#NB%
M9[``"+@#%8`#:G`#$`!,:M"#$;B#_Q"@3`C(@%/0`%3```C@`Q+P`S:@6$-E
M6!9X`\]4@7G\B&?X@``)`0S``SA8`!8H@5.@`P18@1+0`VIXA0GH30@P!19X
M`!30`Q-8@YI\!5=PA8\X!0CPA0V``#IH@3A8@0_@@SL(!@G`UP;0UQDP!0MX
M@QGP@#A``PQ(SQE(@S50`VJ(!L6DA@V(`Q5(3VH``150@P<H@785"0ZHR:/0
MA1"]B$C!4(ZI@DC!!;^]5FK(UMO8UL2UC8NP)"K``2%4JD&$0T+<1T9<1#PD
MUZWL&,I=Q#YT,T3T0\]-1,SM1W05"0^0`S=@@178@!8H@5=H`!+@`#R@!0GH
M355`V`E@`_\$T%042,\TH``]8(!7,(7:;<S)#(';U`D*F($6T(`P15`,,`$]
M``$ZL$S"C`.&]0!I:``X(`$2:-OM!0E5"($U\``4"`%3"-\X2(-AT%4Y2(-3
MT5>=?8!>T``]X(!'3<9H4`$&N(./^-=6R``]:$R9.`$W<(-3X-GBW-TU0("T
M_0"0!0$46(-G4``Z^(#T;`4(Z$T),(4/J(./L``X`($[L$XS)4BM3-:=L`]=
MR-!F'<L8IH9K#5S[H()G15P?/-$=UE9O/0(I^($:H$)S->)BO$J//,<'4(43
MCH`/6`,5T(,\_8AAR.!GJ``7H(,==0/QI88*N`-I<(`6<(,'T`/_-A@!:G@`
M!4`9"<A9F'"#"4!0#YX`51@%`&"#%DA/!'C3#4"#9WB`.T`#"XB#$;"`9U@`
M/Y"&8(")."@!-P"`/L``2@4$D("`G-W*%:!8.L@`5WC3%@"`4U"##5`&59#3
MCR`!-*"##J"&"4"`I27.394#+&Z!+698$P@&#/!3#?:#%<B`4,4`:K!7:G"%
M!FC.[IV!"5B%-UT#``C@D-#;^UA6P051#1W+$$VI_>+66_B(%>56%=U6D!#7
MS1T@^Z`R,["/_R.J;=.^0ZL5S),L*J@"SFH&Z2.M:0@#>:L/EGK":2"#)/#!
MCY`*SU-"$ZR/+)@"GN3GCQ@#@'8\'"Q=_\O1A0/+CV_E(K>(*4\X`L^BAB\3
MC:LX@L=3"!=\X2D(@T,C"'AF!GFF:$1;O(_`Z(_@A/+["(_^""HK`_O`!9*.
MZ'0FY]9#79"@!1!X!1)XA=A4@SN0VH+4`PQX7?D,35K8`.+T@%ZH`]+TS3MP
M@^UU`Q.@AF#P@%<`"1((R%X`@1\=!FF03#08831(3U/8`#\>AB!5SQ!8A0UP
M4C.E!E6F@Q58A1((!@X`4@\`A!``@1#@@,E$`3E@6#4XA1)03PU@9,3.`&'\
MB+N%`S:@!CA`@5'H`(+4@PQX:C8@S:..@Q8X!0[PA1(8!1+PA=)T6#@P4S](
MXZ'&:UHP7YW=@/^D#0D6YLH;^!9&^(&9R@7@/@-&Z`'-*N[@!H*`^X$L4`1&
MF`)NH08@@&Y&D`(-8\-&N(&?'J"W0#)J0`)G`X/1F#RLP0)&V`0-$X,S2"(E
M&0/RHX9$R`*X0[0%VK"$%@)>``F*>6\DDV_Z#A1$DY]IR)9=$()F"`4D8$N%
M46*3T"3]R`4IBX)0:`8QF;6;S`4LR!-1$(.9`F^+0!U%*&^L:H3(:H[UIH;V
M!H5]>V$*]S,BT(4,3Q@L")@BN(4/?XY0N"+Q]@02-UTY#+TPO,J-Y-R';6&"
M+,@:A8F3!"`EAP8E!XEDQ<B'??`C)TB//$FU/?(:10D"0<<P!YDIYUS_Y`1S
MDD#'DZQ0_$@$*:`"*CCICVCS!PL#CCF#*:`">!/"]<[SJ9!I-W]SHY3H@).F
M6\`:A],P9HB"7="P:2"T(4>"&>\E>;,"_IZ"#5<8*\AQ;EZ=R-C`F'+T7HJ"
M&;=T7+@"A:&"6P`#3G\^#0P#34@$Q#-".2L?A0F#9DJ$7=@!.,D/19BI1H`S
MB_B74`BJQX@L"9.P;;.51%_T1F]V^Y`W%!P-H_1U1#L#3Q#V,`@%,3#`1((3
M"<N%0U]V)3P"+^*%+*AS7;"(7&B$5HNI+PSJ(\8/>>QR>1^)38`39L`"R:B/
M*@`%K"F]?Q?1?[</+/CW7LJ"12*M,-B$*F"]_S-P$VZN=A:4@H(_>.%8)/YF
M>+%2$C>!BT3(,Y=JA&>UC^4`G`U,A.)XCH"Q2>$(F$\H@T68J1EJA+24&XO8
MA2SHA'PW^,B:!G\'>*"W5H*_"&YV>=$J`T:8^3"H>2_)@DC`^2S@!)[W!)^?
M`LE%`E'X#6HP@G\/!5X0+#!L1SI0A5(PA;,W^[-7>[4?A;5W^[<WA;2'^[FG
M>[@O!;EW^[NO^[S7^[7'^[KO^[G_>[6_^\%W>U*@^\)'>\./>U,8A56H``L]
MBCD4"7ND0\H57>\F(_N0><G*@J9/*4>PB(MPA-"B!KGA]:=/L##8^@UTA"LX
MM#,X<<Y*A("#K(^0F__5UPB&=@0KL`\+(^CHS@+2&GF0$`)-T(4AX.8BJ/BB
MUP]-3PPR&`.7@HPR\(A<.#OGR/G.UW=@KP\;[S`L@`331WUKI4+H]P0D<ZD9
M,ANG!_EMRX)%T*SNWZ]ID`(AA+M;``6M4TLJ<8;F!PAJ`@<2+&CP(,*$"A<R
M;.@0X2L&""92/$#Q(L:,&"U.Y*CQ(\B0%35Z]`C2),F0*#N*W-B2)0*3)3$F
M*-""FK2'.G?R[.GS)]"$H*I0:T;E%A5JTXXFI79TRC1J5FY):48-"U)FU+*$
MJJ*+VAA/66Y1([,I#"AJBA0);!;%V5515+1RI?(US*>QU,IL$I-6$:0QFJC_
M-3HC<%>0,%G&?)W2%(NHH`FCEF%$S5.91F6HB0H3:0PU75D^@:&V"TLH+-28
M60F5="E2@51$0:56Y=84JU@%5J8&:@PDPYTCA0D]NO3IU*M;OYX"EYJF(&.R
M)(J:PU%1*5$E<^_N?:$T6KW&DR<OOKSY\>?5HV_/OM=Z^.G;KX\__[Y[^?#M
MHZ?%O[Q_^>G77WW_F6>@@/GY-\QW#3KX((0)[3(%-;=@T0R%NE`QS132,`-5
M;LY`1<4NU+R%!2[45`5&*-1,P<P8G3BERQG88>&)4BZ6&,4T5J18E1@MOABC
MBS3:B,LB;(D!B4`<:N4(+Z%D,9I39$7X&35G-")*_Q;4,**(+E9`-\8N2>5E
M5(58<!C:AE`QHUV(VE'!BXI:48.EEK=TV0B88GY6)C5G)F7AFKI0*%`NK[&5
MR!A4-,/A=A%*.BFEE5IZ*::9:KKII6%04<1@C1[1"#5F2'$$6XI(@<1FC2`Q
M17&:'$%%EY_,2M0M1UA!82Y'8'$$9U(0AH04H,E*JV^W<N:KL+CXFH1IOAX1
MJ2)'9!%$,T;@HDL06QT*83-(9$$$G5)<^Q456`1!%A;JII5%%4)L0HVG1V!W
MQJFI$MOJJ\6589BU06@5Q;CH8D$$N^YN%>^\]9(Z4!54B+L+$&IU^0-;G&KL
M8#31".2Q4M/DE",U((=,D/_((^<D\D`LXT3RR#E*L[)`,2LEC<L#C1S5RBK?
M3')!'7]\D-`E$^2QR039;'1"12?],<L@3Y,TRTL#?=!VD6Z\-==-:A*94IJD
M)1`G.`H$"B?;B;*)VI!L=TLCV^72B%6A.6)5,V"O_;8C?,O=R'.ZT'U8(W8.
M=$O:SEAYRS3-C!TA,XU\18TSC>0BD#..I*@4)%9.\_5`FSQ>]D"@S'NV)E'I
M\E7DDS?#R.64:]YDYUZ#38WH!4WC262[?#5-9+E8V37QQ1M_?(-:ZZ3\U<@[
MOS'SSZ,L/4_14W\]]@0Q,R45V"FBU2V[,(-%%67(/66*H-":18G3-)H6)[16
MP0S_C#GI`EHB56!1'"=I,2-*,[`P)=`T"3J;HP8GJ#$[79!%,53(6/9:1@8J
MC&T:9*A;,\:`A7FM+5"*F$88JI"%WFU&(+I0#%DB099&1"*"+JS>]'IBO:O-
ML&4Q-$@-<9@IY6FMAS=LW@\1XD,;$K%)D;(>#U^H1%Q$01>B*)$/NJ0Y)NZB
M#*IY4RA$`:Q$A&$79^@2&1*ABVG]RXG4P(4,OI*(')B($[@@RQI-PQ9<4.$,
MD\M1&.9%F:MTZQ9N$\(M;G''[%%&C$<H42Y\T")JB$%R16"&)LXP#23LHAF`
M](2P-N&#]E%0%$4`RR=TH1TEDK(A2-1=RX9(PR`:\89)_RSBR9S'0R2><GFP
MC*4.2ZG+AN""*-.("A4$U@E<X*)++FK&)AZF"$\L@E2Y4$T8#*,5P>3H%CR8
M5Q:`-:<<+8('FFA&QHBDM3$DD#=[\8$@W0:5'#XOFD6Q"B,8L1EFE"8TGR,#
M9%;3%"DP0Q&)(-4M")@B,YQA+KL\*$(3ZAU5*K2AW-'%#CYEF2KPR1.!-.88
M7C>V1C137$=(D33"()VR](`*1V`&51BQBS$0!0E%0`)1SL`(,MS",F`Y'4'&
M@-/-A*$19A`%DWAP*C*0$H0CI5<SLC`-/9UL$SM(@E:8\0.3EJ$99&"-ERSS
MR[WL0#4.U>4T%+%(:3#B<8V0D?]`'(%32&!'()UX6*`8L1U0?%`@HE#$<P:B
MB;8B$*[,+%U=.8-7@>`B$8:[952V*JE=F(%.U."%'=MRALTUXPR>8P38IE'6
M@33";`HLYYV81!`O.A:RKINL9"\+-K(^+H8]9.=7+64ADDG!&6?`PBZ8ZA1D
MMI41CN"H+I`0%5%$)0N@2(0>?1,&1RQ"$VHR*&\X09NVDI-D4:EN5`PS%DU4
M`133$)8NB4L-,&RB&3R@0@^\6\]=\.(SHKAB$G*1HD^<MP?-N(5A*N2,,41B
M$8:!;6R[%A4!4H%)66B791J%A41DR5R@8402PE`<2!Q!@Y<AP@0Y0X0R)"47
M02C#**/_`F$)4X/"%O9$$3(LB@\+R\,@GL8N?G`&).15(64XX(.F\>$C?.4(
M9$A"BI(P!BD(*0Q2D!&MNK<5+%`AP>DR#+ZR0%1&'('$F,,PCZGA8R!30\A$
M=I&1$YAD`S,9K@H!(8"+IXL?$*'-07@SG(-`!#GW@"QI]@YNFL$+K>1F%S1@
MX(8XT25#-8,9T_JG6HJ#!2:-010R=<97?@.*)/""0E,0!3.^DAEJ'#4,,LH:
M6!;A#*ML9H34V($CI'%27CAVE:R\)2H+&&LAPA(+V&ET([!SB^),`4=26!MH
MK``*#`U$#&1A+C6,4$DB,*,,,FKBK!W"4%K#.L`*T5"%YI*A_]Q0B!E)$-$O
MC6`4K1AA?%\IMUZF<,*T3`&_@]E@CEZ4[`">>WLI:B):7'2+,KS[KJ1J)$%N
MD3K?#+<91(!@\@BSF40H`A3%T<QL^X)M4%R!&8/2=FBXO9HD-$,[TQ"W0<LM
M$,U0@^$.5WC$Q3!Q*U@\VQ\*#;`(X@G_1>:^N>C![2)XBQKPO.<^_WG.+145
M9B"!"E(HSABT(D9O'[UNGJ`"%0;36:4HU>)U5."LC@`*73`"1NZCEQ0DUHQ(
M)!`4#UM$T(>%!+:02A&1(;N*IB"%*MRY:U:'LE:F8;Y='-@RGL".*,;P=<J5
MD!EF\`V3<;191["E[M;>5%>*PA2E'/\%O)6/2A5PD9NK(*5$7,'"74!A:K[D
M.Q&+P-RWI8(4.HW0+O02/5G*P(G2.X(,+2Q,CAQ1+*)$H1.N<08/BA.A,C`8
M,X[83&<Z49Q<&+=+O)A*4HP2&]@<ZBG`U+Q5;B.0,[#%^,CW]/*;_]@KQ$;Z
MS4DLO>`E5R`P@PR+N,4-!O/"QM&OT/:O/S/L[_C''R1OMQ#%()F2*`S@ZHC"
M__W/`!+3`-X"+Q@@`.;"`B*@*`C/`C;@_^T"+BP@!`Z@!!;@`/+"_QF@QC@1
M!P[@!)(@`)J@+FP@IJD@"J)@;E6@`[)@+J"@!.*8M27):F0![CF#K8'&-&2!
M(QA3%D`"$4;_@C$MB9J`A2-8`64T`A8H7<;$QE9$@E>)@14*Q!@XPA)J212J
M!2.P#V$<7E1$P>78Q2X8P11<CO9%"/E=!AF,P2=PQAB400N=D"*0"M_IX/;(
MDU)@02,04!$*7Q$:4^8)Q!MZ0AS.8>#986B$01Z:!@^R11]N!H<\!R\8P6I$
M`6$8@6HX0Q+LW\;H0@_,&9R98IP%09U1#SN)HBE-@S,HUD/\$BTV3BW"XB_%
M(BTZ@R[&8B_JXBWRXB[F8C`2XS"Z(K69DC`:(R[F(C`"HS'Z8C,>XS).(S0*
M(_]%!2041P!U@FI,PXT0Q56HCT!@P2=LR%6<HU5DP=-I11Z!WEX8_R$<V52E
M#9@Z;D4G&%0>>44\ZL4_A4&+D-QJ\`"Q%$&+4(&8Q`6$%!>38(8B6$9GX%XQ
M.0)H\-U9K`86")I25,$G^)(Y/H;Z#-CF".%EE,%#<D9/&<9$5B06:$*7C(]&
M?M=S.)5)504U\$`+-4,H*E$S>()/_B10_B3:U`W_%:51'B6GT)%ID`B%C!N%
M+,6'`)/%6<44[((5E(@5Z`(87$X6X`)`,I(H.-M>M!6'6`6)D,B,=.56X$*0
MT$M8RD@9>$(B>,_I44YMX$+^18$4T,EN1,@B)$(T.$(B>`)H<$(9A$)I=`8N
MJ$8Q81LOX%93SD5S1*6+\(*CS(A`_*4"#?]F81YF8H;!8IX1&#@F9&;'=DB)
M4D0&*`A!:8";$I'B#_1`;,IF;-:F;/)`VE4*@(%:,J;29%0;<`(1\]S9$9U9
MM.52#LT0;P(1UB"E+D7!)H"!84S!-H(&%?A7EU#'(B1%&&0&A9R!9T#+(MR(
M$)08!74+)_Q:$$R#+C#8&)!!(WRG9VAB&'I">4+">2+0KP$!\""!*`A!^US%
M&(""#[#&)FP"A5Q=A(R1%C%.$8A"$LRAUDU!"QW!)UC!Z25!=$XG15JG3V5G
M(C`"=WHG=(`",SSH$3@HA$HH*%"HEEUHAFZHBP0&$"H%$6S"(DP+^X'!Z0%!
M;EY/,XQ:,PPID1;_Z9`BHW,FJ9(N:4&4B>`]5A6$`5QL3Q9HA3.$4-YY2OM,
MT.^<0;L)A*J`C:ND!2X0E?N@I=Y10>R8RN:$Z<@AP=A``A*`EE*4016(@FU%
MA1D`C_!%""@@P<.(@A38E*#F5Z*8SU(^*2]$Z91.B95BJ5)XRE<X`G9X`J#:
MU:!BJJ%2`:(Z:50LJI02A&B$`4J12GMFE1)-`ZNM*B^P%ZNN*I+ZA)8P1",P
MV/:4R$$H`@'I50D9!#-T%S6$0I_J3A:TT$$4D]9D!4$,!5$RQ!A0(FXAA*X6
M1"3T:D$815HPPK"B#$D>JU*!!8/)Q6$=A&C4&).>*[J>:ZQN2E3DP@[P_\"[
M\H"\SBN]XL#P8(H0B,DI74&WZ((,X&".#`$/V%`8^(`.[4(,,-@BV(`0T4!I
M^-`FT`"H.4(,Q$YFQ@"N-@0/`(N_`JQ`&,'`%I`8&"PJ(2Q;3,$-1,\T."Q"
M1&Q4Z`"P4*S'+BL-C&NZRM*K%5!Q^J:LT=!P[JPK\6PKZ0[ZY>QWR*(JR6+S
M)&W0Y@C0`HW2OM)Q]JP+-0Z1YA_^V5^AK2M/6`M#9,$GZ4(-S&P2]$!!C,$/
M((2?L1T.J&P-;.M`=$(-:(TCT,#E;!4CT$#&,D0/($%HC"U"(('9YE3:'@0O
MT`!;4,$."-';ZA`GS.U-^FW=6JP.A4(-V.S-5O]MYFZN4>("#N#`#GPNZ(IN
MZ()N#?SHI'CM0F!!V-)`BC!/$H3L0*"MVB*NEZ0LUM2`,4W/)D#N0$PN02B"
MWCX$0?[MS!Z![&IAX1K$VCH%#C!NES!/[T;%#@#+(]@M<PI$*-0LYV+/<G8'
MUX(50Q#G3K3B;S[>FJ6B^KX9#]RK;E)#$7SCSUY%V`(NU&J9[%Y7X1:GGS%8
M(SSO_4Z#[N)25#QN8FFC#-QM5`AO@%*MK!6O+M"`G?DF$H3L5M&N=>5$_SH%
M[A:G``M?<4[O35IO`M]O`8'"Y7:O\^Q"7E720/""57RJX=#/0-!P6V2L,[0:
MC/GJ#+=:,^!P@.YPD^S_+=>P9Z3L0J3H0A(?<0O'\&/-,!3KCA(/!!(/Q!2;
M$!-3<;,&F#.`@A>+@A>#`AB'L1@/VZ;$+T/\BO$&;OZ"Q?(V*0TP&",`,`XU
M[D$\+EQL!_#FB/"V&D-`L.L&[N#FR!@,,APG;MOF;G'XD`&/L`*5L$*(0@JK
ML/$H0A"@92,$@12D2"3\P*5=AB:GQ8I)00+=0A`D`9-P2Q*0"B\0P1%81C,<
MP1'DEUT%P9R>D2T/ABX0P2H_5A&\<E'(\G\AP1%8*ZUM0@`Z".N&04Z,R[>.
M01!4Z5X$P?R4W"5_129O,G3\@!20A2=PLRC;LF?1+S-O!1$\<S1K11E0L])=
M_S-A:#+E?N_(A2^E1`4NQ(`,Y+,^[[,,T$`,Q$"+T'-#^(IID`$VFRH9E,C!
MA$8@;P);6%6*5+!2),+EA$':3L,91(8G&,;ALL4<+W"*A.4O#3`H["EAI(4F
M0"YF*1#V(I=:#*\C)%`5'71HD`&=;.S?IM!@\,*-X:]IE,%7T*YME0@H&,8&
M4P$`*P)9.-I(=TE1_])/00?DXG0C8*\B<)`9P$5,^\8D4[+=:<<F),6TA`*%
M0%6N%(DNE.=L-$.WC(8T=$L8,$D0.$-O"`PC`$QD`!,`M;5WK6=<<UIE6480
M\,)=:YDN4*2*X$C6Q/!VP,44+!*$>()J%*&A@(4B\/^"L)Q!1D%+(X3!-``+
M=VE9%Y<U,SA+D>S")ZWU>@J$)X@)95/(LV)VEFPV87@V:!/%$8SVM1YPDS"#
M$9@K]O!"(@PW<1<WPS'<&?CQ^QX!481"#,B(#U1,)P`T_3(T64P!P^9"#&`'
M\BH%#0R&1:^&#(#&%="`:<3Q[0J$#9Q>(L2`5@PP&;@W-?B`&$BU=6P&\-H`
MA3`P->1KL#[W?!OL=+<(3D?P=7/B/7/WXCJWC(0W,]#`'&:!Q#XX(D?%>JN%
M?`_P&,A`X\@`4:5T5."T(Y2P?F-XB02!F*`PYGKUIBBEQ6';4E1VD:"C76R>
MFEXEYV7!5QB7&$0&.<EAR67_3%DZ12Y8`5]:2$6#0H^#A6'BR!E`0B(PB7_E
MB"@!,X^-SR[@0%-`B&9R`AD0)DHJ^1F-A6KL0N8EQ8L_I13(N%W0N(:89>RL
M!0)].6ATAI@7TVR9N8O7N%+06([(2HJ>Z)V<`0HC7/:,W29PPB9$PH%N@B8D
M^J-K0B2L>.H2A2C0`([,V6700(NHL=B2114\;P1SM]E.0_RY\6K4P&:(P=Q2
MN)<`\`ZT'0WP@@!W21FD<&+8]TT:1E5?CI:_=(^IQO9F.A%L.EGP`+3L0@V0
MA13P"@U@AT3?`@TDD(/70%J$`<-VM/,*!`[(>HD,\*W'(@V83TK#A8AC;T2]
M=(D0_[2*LWC7S%11+%IQ^"`2EN,F>-4&-446A'54Y!$5P`5P5+,9#.%7R#DU
MY`)X[3LZAH$F7&;`:T6-P.-#JB7N`5-:U)8W%J%MN.]"706.@`(9U`@=AN@9
MA4%A\QW);<\V_J%+LCR^;T)"'J+'^T;(`]X8D+Q7GCP/SM,@*D5MM<6T3`@C
M@1BMC](+E0G458'2+SW4-;T44.ZE^+=S)Q`02#=U6T&_2K!39'<,D(H1+.[*
MIHX8F"TSC/=6F'?9*^P-J/?I*8(,T`D-J,88<"]]WXG$GEJKQ,!7W$!2M'>)
M2'T,4'W%<`)U[X`F&KB)0,L]>_WBB@*`CWTT/'B$FS<O)/^LBZP]-5QX>S/#
MRG;)A@\I#1C+5`-+(U1LYN^WWO=W4H`"][J[QD3%E(]/(%*.O)<C)."[<PG$
MOHMC7*/C%@H\%]*)P2OE5H0VO=S^=3E"-7MAB4Q\BN!>4?Q`%I0!$*1%%.`[
MQW\'L"HBO]'AK.9"&.@@RDL3#P)A[0=AO5_%)HAC7V)!6G#_8`3>]X<_6XS_
M#L[^=]6-*/#`&%CT+Z$:0%!K-F4:-8,'$294N)!A0X<.>9U)E.A,18H2)R92
M=(;70X\?%X8Q0PW7#U'4LF2A)@H(+FIGPE!C5D07M3)2J.T"`HI:&"K4IATY
MR0B+P"*-J"4Z(C.()FJ<D!B4PHG_FJ8@S*@=242M49%FU*HPH@8J2<$JCJA]
M^K&+&I(RU")=17F&I$F4*EGFHD8E)J\C-<>,H:;K!\\P54@""46-J,`CMZ@I
M6LJLJ4V<U*90M8I5*]<BTZ8101KJ2$&^8X.PE4*FJEPQ=&\=^0J2=FW;MW'G
MUNWPUL]F5'3]G`9\BD'@5$SKFO(5"RXJ;+'<PJ(W3*@P)\MX&N,IJ5B@49@[
M9YOEUI6:U:]3VS[FT\M(9R!QI4O-+RA/G[`F64JM^6Z'!36BQI,R.A%,E#!`
M42F7+$0I:I?F?",.*`GW4BXY*KZBPJ6D%!&00`,15)!!!R$42,)I"#)H$RIN
M\424:9C9_X&NWPKRST;;=J&BBBJPH`*+'K'8$4@J]*KQQB.13%+))9ELTLDG
MH8Q2H6:6<D0EV3Q!#`E>1,%IBEQRP8D*49A9*@M.@NH)K2)>ZE"V1=Y*0I=I
M]!K3+Y0Z:8;-,)!B\PPWIV'DK2-XT22F*4XJ:`K(J.#EHK>HX,E()4'Y"0M/
M=L$I#$?*M"F1:8Q@3#`CIH'DRF8\*2J)740I;@I<=%EJ3&9"Y<694"S%5%-.
MERKCTU`9&;74*YU)%2B9:OV)"D_&#,H9*:&-=K=)I:U66FJMS5;;;6US)(B_
MGB*B")=`(8*(DT0Y(@CN8JM,ER1^0&J7*7X0BQDJ?J!KN!\$`_\EJES4=2K6
M()!B)HIZ9<*7+F>J"$*P:;+X(::#;D&"B#&FD:*99I)@;#\GQPBBBH+*"`*Y
MR()`XBM&OF7+6W`U,9=<<]$M(@B><%$W$O58&^.'D6TRN2!%4EZY96I>KHD3
MF1%JY`@B-G'N*96H$(S;VWBA(HL?N<8B):ZS`.[JL<DNV^RST4ZR&2/7/LB9
M9PV:9C:@YI;[(!COKKONN/6^&ZNX_Z9&FL`%4@@TH&J<1IICH63&2,</:ML@
MR05B&VZ!GBW(;KZG?)SMSR,'/:'##V<<V[038L8,B2IJO:+57V<+]=EIK]WV
MVZ.<5/>&$C=\H=/]TWSVW>^VL??BD8__&R'@&6>(>=PCO\\^^SRA?OI//)D;
M^NVY[][[[\$/7WSO;X$AAO/13Q]]&!9;?/SWX8]?_OGIKY][9S;A9)/]\^?$
M?__WIPG"V8^`!33@`1&8P`0RHQ&.<`0D(-'`"#8"$@YT1",&J$`-;I"#'?3@
M!Z&$"_3)0'TE7`P(49C"%$HC&H([B/N>!,.%R%"%-6S2-$`A"AWND(<[!(7V
M;!A$(0Z1B$6<'2_"$!@EDD&)30Q#38P812GB3@\M0,,56="+5:R@%Q^1QC!P
MXP8Z-&05*AC%0=[@AH4\`XQP>(-MGM$"/]`F&+@9QC.H`0<X3%%;O"!#&5IG
M!D$.<G5F((/L__B82$5R:W$H```"("D`5>`!`*IP84.D\8$QTM`C"+#`)1/R
M"@"HP"#!$,`)0$F-9W3@#M1XP`-L$XP`M`"4+5S("690F\6M`@.T<"4$4LD0
M6R[2/[O@4=?`YK6MB>UYQ'3F,X_$`@;T8AC#\`4U[D"`51B$AM)PGRH`,$9N
MNL^;"L&C00!QBH.<$R$8J(!!_"``0!@$CXL#!`#Z0(U1E`(ASQAF.1,R#`2H
MX9+L!*4IT>!"@,[0?2T0`!CWN4Z%2,.@!H4F;9B1"$8H@A$;W:@B.`I2120B
M@Q<UZ4EOL[@5*,"@=1#`-E>`@`K,DQIQ@``#TD"-$D!2#W?@``@D(/\-.3R`
M`6M8'!M"L-(-U#&IU%#%!A3`@5=PDQIK((`E5;"`9P3C`PK`@"5!@``%Z($%
M)*#&#$B@`@1\`(RJH,`#V-!+%P;C`#GUP`PXH`!:/H,$#&A`3M%P@`2XP0TA
MR``(`&$!/+K`K,,XP0(F`(AG0&`!$/"%"DQ`C6"00`$5,`4U>+D&"$"`#_JL
M``,F<$:4!@]UFFMF\Q`RS.2-[K6KM>V25&H`"V#``AG`)@!>H0<"Q,$"$J"&
M*4XY`WRJH0"II0,`+#"#/@0@!"T(P!K."H`2H`$`;'#E!JAA@0?0`0&^/<@H
M`C!&"'R`&APH`!LHP(!GJ,``%3B%!HR[`@#_H*`%X:1&!2``AP<88*H&&88!
M<CH!`ZSA`P$8!AT(T`<T("`8<C``!*HH``R\00\'P&,),$`-A[XA`P:@!080
MX(%G6&`"U`B!`-:`@0,,8Q4"J,`;%O!)#6#@ON"];4-TT8,@#)G(1"8"D7L`
MF1\OF<D(68$!-+"!#'``FP'H!0A`<%Q)3AB/=`B&*P0P1C<0P!4N?L#B-F!<
M-1R@C@Z@I01(0(OTZC.?ZWQ`"((Q@#H,0P!J1*\>5A$`/5`#`R%>00*>(0T%
MQ*$7<[[#`::Z.+HF5`(>H`8@"$"+.%SW%&"D:RYC"D8]+`",)Z!R`\SZBE:N
MN8X8V,`S#I!05:2W_]%C1(%Q,>"`.VRSR0HI%BB`'6QA3^^'V6*&4V2B"6DT
M@B)0-$@H-F207&3G()W`BBXZ81!=?")09Q!++C:DBXF<P=F]-K>-5,I2A-2!
M`*?(``,D0($#C`(-"E`&-5JHBC!7M0%XY("EJZH`:JRYB]&EA@1"0(M]<_($
M$G##C%M!@'D^HP%N6`4`!LU;:JP4CP'NA0`&;0H$%)@:!\YII:GA"@18T@,`
M",`&>O$,`^3R!)^DQJCQB`%+.\"LYPQL%UW="P,,6AH0:$&MJPI,4S````9@
MP;D/P@PRF*$,92##'PE)]3.,`9'0*@@N9,"61O"`&4!@Q!D^<Y`IJ,0@S/^0
M0B2D@)1F]``MFK!!0<00!5T`P52)8+9!&A$%1R2BZU`W/&XX;I`6NO05&PB!
M-%PQSYCBT0VJ`/,8UV#<]K;8Q<!,`YO#^^80O"(`<J!&'^A`3FP>P*M.G?,I
M!'"'5@B:T"%6@;HAP.C24X,.)IYK70]N:95;TA>G0`.,I5&`A)J`RC<7@#HE
MD.4&A(`:KV"#--9@@%9SP)1J?$4!=(]YXSZC%WT(P0#4"?5;Q("$,G#_^]M/
MPA@LIK9)NL4.VI,%).C""@8ACT%V@8G^)A2*@QE.HA/^Z"EVP"6B@#Q48A>N
M8!&\8Z-@Z_`LL#:>K`72``U88!CN``!Z(;!.H07_Y,L/`$`-/E`./FX%AL$-
M@*FFKDL/`F`%J`$-M.^_:&F]J`$"[`L"-.\@>L$!!""GI&$"(*`42."A8&\&
M@B$#/FGR=M"['J`!9L`!$J#,2LD`$@H"+.T53,P-"`RYXH`:#`#/3D`##((/
M`&`-Z$``J*\$#,`/3@``GH$-#"#U,B#$,(`!1N$$`N`52`_S@*D"+*T%",SP
MID$7%%$7<F$1'5$1<Z'^E"1=&F$:Q@`+=($(%`$+Q.`@-@$4-L$I%N<,'.99
M.&(,4.4(-H$9P"`,;N$'$B'N_HXK=J`*D.`D+C`7/6)Q6D"P#@`!)*D/R.P9
M-J``#@"[J(&^#*`$H($:_SX``.Z`#CB/&EC```[``[I(#12@U1*J`K*L#QC`
M`"3@LQ("!.;-(%9!`@J``<90&C8`&D,@Q%B@WZAA`OQ,`HJ*`4AN&!0`N[RQ
M^A1@%:(!Q:X1CU3@!-&@^9Q1`#+``]B+%BS``!8-M,*Q%SS`MUS!`@A``;QK
M%0R@#JB!#5H,$!1``1``&:&.%[(@#+(`#%IR)5,B)L$`$[,%%#8%$A8A"Y0C
M%XB`_J@!#(X@"=B.%Z:!%\I`)43F!SZ!$VXR6&*#$]""`D7%&>9$%ZWR(<BO
MFJK)FX)A<:3A%>J(FVBABPSL%"@*C("0%MQGJPP,CX(!+8?A%2S*()2A*]?I
M%?_04K,L:1CJB"TUBZ+H0)U,X1`/(AC<LI[L4AIHP9?HZ12>@8W6R14>$RV?
M03(/XA7*K)KH"2\+$X_\\AG`T@)OP?UH0`9*LS1-DP94DP;FKUH*`A2V`SBF
MXR=RH3AD8CIP`0NP(A+>0A?0@QDXH0P@(1&LY!881"6&QCM`J@*OLCF?1+88
MB0$.8!XA8"Z;A),4`CJ=$T:8@1>\TSN[,SQW83PE,4E$@=R00R?9;E.>8@*I
M8AJJ@`KV3Q%PL0S,(!)LDAG"`!=BHB`<H0>0X`PVH0>HX`B0PCD1-(%.@01T
M+OT2-&UB!0DD%`FD8$(E-`F20`J.(-JN17A`(W%<*V[_$H<9OJ)T/M2%A(=O
M2%0@NO-R'O1%[0<[871LFL$1(@$2-"$2=/1&>51'.65&@31(<\-]M%-(LT47
M@H`(CN!IS*4(GJ8(S.4(?D#)M(5XE,=W_H-WC,=YC+1+DZ1(O11MIN$6R%04
M;L%,S;1,R?06@.BBRC-,X31.?VP7D$!KOB(+I$`*8H(3I$`WF\$I=B%LQ&(1
MJ&(7L@UBF,'M*M0,=H$[G(,*J.(,3@(7$H4:5A%-\/0(G.+K)J8,]$(4<.$,
M]$+<T$1.:R@82N&<5('7S.84PK(A7J$5TF88')0AGL$L<4,:''.U<@$'=H`'
M?G4'@E58A94'<``7JX4``^4G__3.<0QF&B(!%3LD"31A&A`D$7"`&G)!+'`!
M"++M7M#B%B`A8W"A3)C!"H)@+'9&)NCB#)PA"7AA10UB$8Z`+82@8S;A%CJ!
M"J(A"T+!$S;55%%(Z,;0"\<P-\!T(6S)GD`2.R=21G7*O!)B#5Z5-A8'#F25
M-MC@55L(#SQ,F*C!#P[@FD!BF+[/DA(VD:9A%WAA/%WV95N6%ZK26FS2.((C
M%W8A48L`%`IB%QK!-R=G&A(A"#:!%\2"$1JA#`J"05;"11;!("Z(%$$5V31A
M$UYB&N1D%Q*G#!H!*;)`"'`A%*@"#))V,.9#8%&H!1H@&5\PY@S";0T3(92!
M+$N.+/]]@8WRDAIHP3/),FY=C`95B6X-8KP>DQK<5AJZ:'%,S7#)#X]6H0'*
M#'$7)RNM::ORTFV'X0%HZB`TDQI\H9K.J14@]VWQ".<"U\`,$XQ(LA?LDG3?
M%G'/27*K;^56*U:.``ENUT*7%'<MAD.C)4$,8@QT04*G("9J\V882!>0@A&J
MX!:XM@Q$`2FP(%#U(@MX0A0\`1*LMBJV3A/*`!20;1'TX@RF(0BF0`KT0EN?
M"#'.Y`P\@2IN@0?88AK.%FT_R!<4P`4>8-!.0!RWZ0%,;P-::7'`<1FIP0W$
M"@6H80,XP`(:(&/#ZXU6`+Q6X``>0!5H@0%@[!DHP``4F)O_)L`"(``#I*$$
MV(L.WLD@%G<"0D`"@JH%"*`!>N$$"@`#GJ$/&@`"2F`#/@#`?*D7)2`8XH``
M$"`57(@-$(`!!@T$)D`!YFCC8K@72J"&GX$/%`!Q*\``4$D%+&`#$&"?%.`$
M#J`$2@X$"B`#@B$8'*`$&H`#O`D$#,"-:<$`:O69OHX&:B"/]7B/]9@&*M7K
M5F)BII<*G*$@<N$D[D47'$$75$(7%$$,S""'CB![?@8(O)8G6D04.@1I%N&)
MX(XGN*(F/D4*>L<1@*`*?J`9JL!H$04HYH-^[1>$%B<-`(#ZW$`!5.$$6JP!
MQG`#0-(@(``%^N`!>D$-^B">?($#_R"@%S#@Z19G!GQK`NA`#PS`%%H`EC[`
MK$H`!(:A`?A)<""`F_MQU%S,K!27RAX`YL;+%1C@%.B@WS;@#4QAEE[!`BJ@
M%QSN%1"@%TS@!)[!`5(/G0B`#]X``9XA!!3@#LZI%!K`%.C``8CQ#48!`:C!
M!$*@FUUA!N+P!"J@%`(@#OS`H%D``AH/!&"M!/3Y%.J@.BU@#"G`DE!*;IHA
M43=F8TCTIF?Z38\D%*+`:&/""$#A%G`!%Y(@%_*S0ZB`$2R1#,[`*8!@$2XH
M)ZX`)3`9+:1`%&*E&?XO!]95$1;#7:-@4J87:1I!)Z?A!B1E/IIA8F+Y@V@!
M`5JIJ5:!`?_2<8]\F2XC0%87IQ=F`*I\(0.>[@3`:W%4`0+\0+Y6@(Q[01]5
M8`LMX`00X&"CP0'&,+&?80%.H0*(CAH6MP$"6`4FB[,;``4>X`1"&H\D`+L^
MX`0*FJ-#;`*V:7'6@,JDX0'\(`3(V'WP6;1)V[3MC0(P0(SOH`70<!4FH`ZV
M\1D0H!0\0(W\X`%>00'F*<!.X`%0H`%0Z=5J5\B"X`>\^[N[^P>&C`>H5%J,
MB0J4EAK(H`JV9AJRQ*RYHQG&H`H$0Q/0!10BX6^4VA%<0A<6`Q=2@CL6@2U<
MQ"!`02PZ06@1HAF\@QDN""OR%2BX@R2\HZT]Z!D8H)5*@(P?=Q7_(,#T,J"5
M5.D!^(D/AH$"6@`0$,`7-N#IF`\A+I+*5B#+:$$!7D$%<JH"3H`/W,!!'T""
MJ>\#/``#ZDAQ+8V7J2$#5B"T5\`""'H4](`!P&@"5!L%Z&!_Y4"A*R!R:^J3
M:MO\4.D@:"&_G/P-`"'*5\P$>/P55B#$1F$"]$`!J@D!3B$$$FJ87X$!Y@@"
MZ*#-^^`-\@D.K-.9<.$&<,#0<2#1%7W1:P!9/\A:=V-Q&J&\+7R#9*Z5Z"``
M[D`#*""\.$"X\,"%-,`"Z*``^D`!X,`-`L`7+("4&%3Q!@X`QE`/!$`./@"6
M:BX84``#``&VN>D!(N#1U`C"S.H@0(P:_Q!@CQY;&A"`#NB`#T/<#PP`CQH@
MH3@@X0[@MA/J`5H`+6ML#53@`-R1C&VI%Q+`V:']#OR``*@!!3+`#R2`KP4`
M#X2\%`B@FMH-#@A`#R`@!)Y!XJB!`>!@U$K!`O3@&3``"T^*.V^ZX6>:IB&G
M2N_&1+$E1:_T(8YG(7"A37^G(5ZDTB_<`VC*#;Q15OV@`E1`!>JL^CJ``L;H
M#2:@!43@%5)`C=0`<`W"%#:`,>.@`CY`G?B`SY_A`R8`#1:6!-I\!1;'"\5)
MMFGP`P8-!;P+Q$(0X9YA%%2,&DA@C%H@E]:``CQ@FUI@`A3^#EQMCE0`NX8)
MQ'P!#:R^%#@@&O]\(01B/ADM@`30>!5>C1@MJ04JH`0,<P/4*01:Z=9*@/PL
M0.%-*LC"N[N'#+S%F[R9,UMT&N0M_S92%BN?77"YIP0D%D:=@1.HQQ-(OWI,
MGWHX'EJ:87$2,1(-@A=R88!*Y_)GE).(]"`6%M:I"B$@5J%>B*JZR84^T+L2
MHO>+-/>#"3M[7_4F2L3,F2&\$OIC*Z8'@P>$K`=^H`>T?_NU/PAVP-&O94JY
MH@>P0`H2M0>JX`CBXR#"8,)I__VA91@4WWMZ?SM/E'0^]$2MI2`^(:DC8RL`
MPA,67E2H38NRBQJU341$&50(,:+$B10K6KR(,:/&C1P[>OP(,J3(D23_2VX\
M12OCJU;23DE3^)):+U415?6R^.S4,XC25,6D]NJ5Q9\4B6:<V?&E-*/4<NZ,
M&$UCU)$V(=*B:3*KUJT1I^7ZJBMLV%QB=7V=QI7CHEMAJ#%*9#`+KH+4QH`R
MV(S3IX=I^_K]"SBPX,&$);XRP.'BRQ,@7A$0"I/:F@<1'ZBAQE09!@$5;E*[
M<R`81!`?,/]].5GC2Q0''C1`$_'E*0.0J4T=_&!-4VHL)A3^[5<7CQ[$B0\O
M_J/'CQT.@1NDXLC(KD9PFX711?=,*(B>/#G_#CZ\^/'C[PAX()I6U&<WG[UZ
MN>K5*@1"W>]D,T&::&H2V#3M150:$/0"`6S4_UB0P#"FA1`"-;Y`],Q^[&$F
M6C`1-N7*4SS1HJ%"PTCCA@0*]?+@,/OYTB$@<=RA`!RF-:7,*?11,\Q-TO@2
MU3`*#O.>1,%XYN%--=(HI((>[M<?-:Y0@X8%Y#VYT33-3-D,,U1>.24S:#EW
MRQ2,9.&((XI0HPL8N]!UA2[<>0=EFVZ^"6>;+X50@@1U2--`*=1D@(8I"BBP
M`34KA/#*`;ZXTH`"%#P#!Z`+T$$-!&Y0\X$!'1@)5$H;J$"-&A9@4!L)&'QP
M@![4\/&``;"%2$T?&5"#P00-].'!`Q*D]%(O$R@`02JV44.+!!)4X*0)""A`
MAQ\,///,`Z=,Y$<&M_]1$P*@"@13Q[$G!+.`'WN^88JLI4&$QK$M_(J';RI@
M0,T&;OCQYQW4Z,&``G)$&@<>!SR#!@5Q_HM+#3?4(/#`!!\L<`W-%8:67=0T
M(T8B1R@RA2C-^'!&%F<HA%9W?/T+<L@BCPS2,`RTTD*@')RK@"IWN-&+`*6L
MX,%AP?@QPS,(T&'>*6OL&P'/$#QC01R_*@0(`:-`0\$H%>!*30D(T,(@-0JX
M4$H!H\1!&1_L5B#!*2Q$\,P:HT!TB@K/2("":2=,X`NQTJ#P2AH/^(+`*<H2
M]5(&D\:$AP&KK&!`+V[<<8H`KVC00C0(K++!MBT`V8(I=QA@)"T,]+)!`Z__
M0`"(!'?<X1L$<OA!604E3``I'1Z03!Y:NOQ`!!%!U%[[[;@3\<,MW]WBC$*W
MZ!))(VI.PTDC=T7$##.P/P]]]")?'L<)"4A#1P9W0-`4&R$84`H+'M!R@%!Q
MD&!`'7)0ULL#M%!0_0,H/'#"B[084+\*(=`"@2D+OKX&"ZCB`0H"00OH0!D]
ML$L"::`&(!*P`#80Y0XF4,`*(.(WR8A(%2H`&S4XP(89-(@HKWA`;:C1@@:=
MX@`<0@,'6.@&#OB!>VX@@`1,99I7M"`##=C/!]6P`0NX00-\2$`(/M``>GT@
M!`AH!0<"T(";W(%33)'>8*1DI2I5R4K-:UZ5MF3%_S"*<8QD3`L)%"`!"!A`
M#T3#`*="P`%7*&`4+?@`^8:!A@E\C@X(E$D#:%&!.*P@`WIX`Q\BDH'Z48,$
M!%```IRDD*IYZA5_I(8!N3:O5R6I)6@@P+E>$@<&N")RIMD`;-!0@6`HX`YP
M:``UY/`I>4F$#NR*3!HT0`U3((!S)Y"1*X+E`4X]HP\E"("W,),;/5S+-&LP
M@`G2T``4R#$.?!Q%`PX'AUY8(`08.-<I\%#&PN""!C4@ISD1=C`:+,PY8)R&
M.SGVSJY4,9STK*<]*3(,`QBM78'Z``">);\^`&`4*MC`*P(P#`]PP!0"D`,=
M`."&$E"F`7#``P-*80%YO?_D#0!`P0KZ,`Q5C((!@/C5!Q)C-VH\``0/+04@
M!*`'#U2`&@UH8!HJX`H(M&TG)Y"`*AA0OY>H88T/L,`H"`"("OKQ`<]`P65,
M4X+2_*04`G@#"01P"@:L@0X!>)8'"F"JR)F"`#@\S!W20``?C@(`:.`#`(S6
M`#:P(3$2<$$<V'7-HU+C?/<$S"Z.(`4I("&P@HU"$I(@!<0>`1<?ZZMC'PO9
M-XUB`Y[10P:D<8</[,0/$T`!"?SP!A;X8@/#6(4%2'`".NCA`R6PP+-"("\4
M3*`$F)J!!C00`1<UA02B><D,SD6'!JE"IF]H2@DPL(9SA0!2P0C!!$S@0UIL
MX`/_*X"-4DZ@`168@#<5:`$)=I*!Q)"@!"]*`Z0DX@8*T&P8=Y#`H,Z&!@8H
MR!09J,!3%;*&":10*"\9Q@9&T0L,K&)>&+``.`%17WG!MEU;:U!DMS*-LDAX
MPF!T3B>:029%G,%WTVC$&2(A$4:PZ<$D+C$]YWG/9ZSB`49[@X%`HI\EOF@C
MTTJ*B;4RNR#H>,<\WG$/?/<=9O#`.XM(@B:2\`EF`*$166@+6A*1"(?=>,I4
MAE.-+7+EH\5&(B@>"D>R/!&FO"08"-C`2^[@0QNW*P%+PDB7N;SE*F^E&9NH
M<YTYP0D[;P+/G-`$AK\3"3*4@1J*8`0USJ2+*BCD"D#F_P0U0D&&QLIYTI2N
M-&%6\6:.O`)3EH:3['K0XU#K^`<.J3!ARL",,4SC+0890RZRLSR%9&&=G:ZU
MK6]=DDSC>M=9F480L."#6XB)&L[`PJL5XC"TD&$,O&ZVLY\-;<<V@Q&-J'8C
M'$%M:S\BV\[[#5HT,09F1.(,U*&&)\;`BRD0FPI_UL2@HPWO>,M[WG#:Q6`)
MBV]\3V&QWQD#8Z4Q!D7\@`I5<$8S!HZ$6!\!"4@P-+T?;N*?S/,GT^H03P!4
M$6E$92D<CTRNX>P1,,=9Y*912IBE`I6,F&C+NO:(-"P>QFGL8A>\X,7,;T[S
MG._"U(2)ISN_J)`J!0\BTVC>T/\ACG3(OH'3$'$%#BWB!J;0@;P8X8/E3/%T
MQ[H!YG\A01T40H=G1+TB>ACP1U;AAU>`L^5Q0@LN8B"#N-,@[G2?NPQH$(/M
M\#SI?.^[C6%V,Z%\DQIT``%0V$B-5<#A0:O0PQIB\@P^+,D#AVS**4SQC#OL
MY`Y]H$8PE.$&$^6DI//2B4)>L9,/^6'`"F)62R`3##T(I1>`D(8ISA8,!9VB
M/1KJD8)&X;]A1$,:RE"(BD>1>065(NRP1YNIV.`';TEC]9BA_F=H,@P]`(D:
MP+<\Z?W@/XB\PE2TV@G17O&NDDJC#TN:4QQV<I/T\.$IO5"0:%;1>3J,0"8M
M(;T>7!+_/<P0!F-`@`5H@`48!@D!'NW$%_'4%7X'@?7D!JL0`FZ@`AST!CP#
M`K10`G3`!CI4!RSP"BN@!N/")&YP`H"@`?MD@2?0`BW@!G00!RTP"GX`"'0`
M"'WP!BN@`GYP!VH0`OM$!W>R`F[@!B9P"I/"!Z.@!Q,@?2"D`KT03'2@!BJ@
M!ZJP`G3@!N<R`\^"&J50-V>%`H`@!\&P"N<E!R?`@VC`!JO0`G'@!F\`"+1P
M+JUB`BW@!RO0`B6P"F_`!B6@"D;(AW#8A2H@!RY@)'&P!B@P"EN(`GY@!S!8
M5BNP!FAP!Q8@%,.`4R:`!B3P"FC@!FF`%2.07-``*FN@!RVP_P871`U^8#0S
M0$=H\`9W$`*GP`<[V(-W@`9!&("+P`B_"(S`6&B_J`@*&(''B(P6`0<^0PUL
MD#9R\`QZ<#@E,$J7=P=V!2EUV`OU4T@K8'9N\`IG)1FO4`IX&'UU``AZ(`?R
M(0>P,0KG]0IK8`K)U8IK$`?1P`>EH`?']`SG$@=P,"G;$@S;U0*O@P:KD#,0
M40IRH`=ZL`+/X`HS0`>^<(8*(0=Z<T%I,`Q^0`=HH`IQT)`*H0+/@D?31P<L
MP'TK@))^X`9]<`*F``CC\P$X9`(0B09P(!]T0`+J2`(*`0?9:`><@ADA\`PS
M,"^9)38-1`TJ8`HM^0%Q\(^0H@)+$O\,+%`*;_`N@D(':Z!V<<".[@@I;$<>
MMQ`#95F6,F"6:1D#+[`=X)$%"0$*1T`%&],,5$`%6)`0:,$,6#`FR>B7SQ,'
MI^`B;A`,(XB*J-@">@,()\`';@"2DO$2M'!!H.6-/MD++P,B:^`&<``(@.`'
MZ*@'==`+9VB4IW!>*#0#@'`N\V@T>L"$X5<V>_632\DLG-("AC=%ITDC>M@+
MC=,+:!`'PY`*YT4'KX`SU/`&?J`"?/!XO*D0)$"2D\*1L,%!L&$*#:0')N`"
M*Z`*>-!;G$(+:2`'%%D'5N@'>D(-<&`J:D`'0BD-(/`,_J$'=_"2>M!F**`W
M()"&?4`'X-3_`M_HC6[@/S?Y@7@@FJ1)#:89/=-P"PW:H+B`"[<`H1(JH:)P
M=,"!"T*@"82F:F-@!LQ@!'DA!5LR!KIP!ILP8W^IHG#B!HU(#6Z@!VJ@FC'I
M"BT`"+*X`J4``J=``GU@>)&D!R0`"'RH$&[@"W5P2A]@"BC`>?SI!W@0!\%P
M"IR70F&Y5Z]"`O3)!VE@!R<P"GAP-@KA`7IP`JO00*JX!FQ@"F@@@](0-JH@
M%%&10DNYA5#I8I.R5Z[0!Q?D!FB`BJ4QIV>6!F\`A_/2!RI0!R>@!RA0!R;`
M!^IICWVR+2()!V\8I5/*1S&H$*,0`GU``IP*$1L`"+IQ!Z/J!Y6C_Q`HL`;!
M,`&::`JJT*D?$!--^!DG<`>,^`&C<`=QX`M3R@<M,`*Z23*[T&19D`5@8*S)
MFJQAD`7'XQS5%FF_^#!4H`M8(&O+XTYC`&0KRJUOL@K!T`J)]PR`0)C44`<Y
MX09+PC-^\`P^B!7`X@:'!`A/P1*O0!.N\`K)N0J]0`NNX`NT@'K#X`K!H")6
MZ@>ZT0MO8"J](`>`P",2<D!G0Q/80P?24`H6XBWU<P?21WCW\@QR("\?.X<*
MD2&]\"RK\`P@Z2UU<)K8<P?2,&"TX`O#H+">5[//P#-*TJ(0,H2))PT\8JX5
M"Q$LB7IAZD"FL"2T8"'J*7ZFXBWSVHK@"/\1P_`L\_(&4O0*O?`>/.(+@#";
M8CD>S'`&4*8(4)8(&J8(:7NV9V",P&$F6,`,Y38-_D87BJ!WU,`)1\`,)->M
M?4MI?7H"Z"E=`_9FS]!`?%M=U%`5"<H!3-<1I\`!:79C4=$&:."ESX,69U(%
M!$=P4K"YG=NYN?`=N^`#5/`#G3!L>WDFM@$&0,8+CY8%?BN[5N9Q$L<3()=R
M$,&W,*$'X4<C5:ME5009MQ$3MX%Y$F&RM^MQ%Q$52(&[RINB,6$4$Y<18N9E
MR_N\"D&\=^"[S],,U>8(UQ:^C^`(C_`(XML(W<8PU+`(CG!H8]`(8)!JZ7L$
MNK`)UBIKN-`(#C?_N_WK'%,AO1'16_A41?/T(48"P+'Q%#^;<M&@(&`+9S5V
M&]/R9M:KN_YK$GL''NFK$(ZP"79I:,Z0!500!NI["UF@"!J,P2M,&&(7FR<7
M!V:7$:%WD?("9NBG$+107,4+%,6%$7#09AD1!^'*PD^2"SSP`TG\`T%`'$&0
M'$_,'$4LQ9WF"G6`=I#B"MGT"A00CZH%+'%`$Z\0!VA`"\.P!N\Z#'1P-D+A
M"YIQ@Z]@(3=8?'H@M"^S3[\I!TO2"E=K.$?Y##3A$[WP%!OPLH&IO<_"'KT`
MQ.VB><MXR/_1"T,,%#12(W4@&L_0E*+A!YV'!^"$LK[`!Z+A"A#<K=,@_PJG
MC,JIC,JW8*'?86KN]!,.2'133,M:(0T?0`>$C`)\8`*J:0H;$`P>,'6N8(6`
MN`)ZH`&]8(5H8"0K0$&EX!^E&@(W"`AWT)YL`)(M<`<@RP8M8)2>1\C>^*F)
M.3IK8,XL\`P8<`II4+4@<`<M@`<E4+4NT`O,"<\D,`RPM<Q5VP*O0$<MH`<A
M8,;S`@B#<A.GH`&IJ`H3H`>$6`=U,`/VZ!\G0,K<R@MA@-$9K=$:#09JTB8J
M7,LA;1+\0BV]4`HJ0`(Z>JLDK3Z7<:O^X0:T,'6D1PN<H@?83`UX<`HH(-.Z
MB@>F,`QRH`)L,'4KT`M]#"S^@08J4`*E$`)U@/\':(!Z,'@').`&CR>2'?D9
MNE4'UIRFS>@'EN@!HW`"^\0'/*.9S<@']\@'KK@?IV`T!_1U**`C]9-!J;G#
M(DT-N$!W=^?7=G=W>'>WSO%G,J<+:%%TNJ"^LZS7C=T1L1D"P1"+OK!ZWZ4;
M+-M`=\`"DS*!SS`*'^`K-=TJ;%!<='`*)R#3I7`'_Q<,=#`#97<*,_"O>$H+
MNI$&+8`&E&V:4@T-+!"3]&DTJX&D6ZT0OG`"[])`T#<#MTH+:3<BQ^T'#=22
MQ;6/P:D0<,T;HT,-**`,P[`"TL`!#;0&O>38,D=S-8=S-F=S,P?2@#$-O4,-
MC=`#6"`%5M(#57`$(+;_);H@!8[MWQI!TA\0#'R@!Y98`L&0`8#@'X%9`G+0
M&!VX@:^M`F97`G!0BRT`!R2@"B?@4-6,.,$0!VNZ!G+`!ZKZS<%,!RCP#,Y\
M`JK`,RHP`Y=1`</``6NWW6J``G$0`A-++9,BS!X@#2J@F5-'N-3`B93B.OQR
MA'X`!T^Q"APPQJM@-,GUAM"7!J:0"KXQ"HXKQ6?"N9M;!6$NYF$N!1[M;=0`
M"E.P"(0V)@*Q"^K6#$E@C(I`%_]MYQ61$IAF(>PE>*_P(`#B"W<0LWSP'IF'
MQCI-(WR`:?:J(\%@(=*0$ECW$GYP"OL!L[(G$W<@%"GA!WSP$CZ1(59Q"NSU
M_ZXRH2"TH.G`HA-7&!%L4%+AN"31J`KL$1.JH`9^8"$W$0W1EQ/`T@NM`!NA
M7LMN%]@T8.S'CNR"+6F#P0ALX19C(L+8@6QM*0IGP`CM?>?9;FEG9H(8H:`8
MX5_HV=A%QPR\T$7GCN[8WA?3,`71,1T;,PUA,!<*H1VM)K;JKNW_+7*VJ[U8
MIAK,V^_0&Q)=YN@"/Q',4A01X1[_K0M$<`1'4`00;P1%0/$1__!$P%C.@0M>
M@@5A`A=ELKK4D":'QI='X&CYCO(I_Y?.H`EXIF=Y]O*:L-A75!=W`3&*<`2,
M,`6A<#&)@`4;$Q%G@.\J3_1%[VRY0#NV(VH^MJV_(?\*[S0\D-`(C(4\RF-J
MAVWT6:_U\19A9"%A8*$+NV`60[_U92\>)(?VU9N]B@'P%^QF&3$M<7]R<4;W
MW\%VNVM%[J3W>\_W9/\7>P]//.?W9D_XA=]7N8`#/,`#.[`#BK_XBL_X/'`#
MI6;XE?\7EJ,0KNF&"J$&1L)&<+!$LD1'N00")/`!IW,3.KX")F(@FJ<0<?`!
MP:JXK.4!H/4!)$`HO=`VK1+H8?H,+(#+_4Y-GD<"IF\T:7#[)_`4:FP:=S`"
MT@0L^G->HR\'MY^K:[!$*Z`,)Q`")]!^G[%$]X+\J/6B09SA:M.[U.`"X$0'
M6/&R:*#);>8&MQ^L^_2R(A3_`BJ0*[@?`C/0W&\`$!](A##E1AHU:2="A$!#
MS:$:$"'\.%RCAQJM$"5`T''8T>-'D"%%CB19DMHT7BE5KE3)C-DTDS%E@N0$
M4Q>C1*)..DJDR2.O16=TS21:U.A1I$F5+F7:U.E3J"1[D7!HHI<;#<.H?>CE
MD,VP$W>"A;"X9L.P9[0XE!VF!X4T.BB>$;A#34TPAR?B/)/HI\2S5\^>W?E`
MB]H="ZNHQ7F%IBZU-`9#**86+<0):JTX]-+LBX2?8%T/LL#C$!")87Y"4`O[
M[(,I:F;1`MK@ZIF'4[Z&]=K0RX\'K=18O-FZJ@1HPR1..:RCXAF=%7[<4,O`
M@AH)_\/4&CY0L1@VM6%\.*2F"MGUJ=`.GPTKX>:9*CB'/02CY>'@LPVO>OGJ
M"`)0+P^>D>:#%J@YY8-@5/&@JZ@:_$B7'XB0<$(*@Y#PAUL<C(D9'CBAAA$C
M(D'"DV:`:"2+,$ZB1I,P&!E*0QACE'%&&FNT\2D3:!EF!6DBJX.:$/BCQHUA
M5%C.C^[0<.,Q$EP9,I@97G%(!3\B>M*A%0"AQI051I'K%:U.P0PR.*:3@Y:*
M''+C!`&?<>@4-]#0K[P2:$$!D-TZ:L$BR):CIH4["J0FF&&D4?+'7D9P2(3<
MAO%EM3_YG"$.:5H(Y@0\#3O!3Q:DI$:%/M;H908Y!:6&C?]G2-@@&#S\I,85
MJE0)H9?&I!D!/08=VI.:5>(P$#.^[OM`/[P<(F&47JPKQ0U+5S$!(1)RO1$I
MF'"I`8=KL\46VQJRU6E:AS0AHPQJ%%F$&EZHT*4*AZS(D!HS'($)7'KKM?=>
M?.V%`P]`[G`EC5-0`))!(E&`[10V6D%#E3%)4.R-5UIPDQH4Z&B!#HR%I/+5
M-4R!P`0/2COEV5<ZI8J.5]2HZR`W,CCA(&K>T(..O3!HH0(Y@-R`!!,FWO7/
M[-)0(0V$#C)EC50PZP52#SP(086E'8J#3S0L"`$$:D;8N036EI-FA8E-&"4.
M.OC`>#J*GC%!#S?T@.T@6'F=H(3_JZEI^NF##MJUURV?#18A#*Z>H3(@.>A@
MA=BDNZ,7FR=X+%^BIFEF<LJ;8:;RR9V9%]PRF$EQD41.&B,7*APZ(Q2'S`@#
MB5P@=_UUV&.7O:-6V!`U#@M*P(`]@I4QDAH^UJ"C`MWQ:G+(85QPDIJU,2-A
MA>`V'L4%0$PU\-D[*CB!@E[N>"5-:O10)C8VC&WZ!%JH8N''XQW2F\\T1L&R
M#D%/Z35W"]:#=`3^HO%%T3_U05<680,<6."D@VS*(9UR2`AH08<3#`,0)IC(
M05`5@DJ98'FOHHJ8O)(J:0V05[[RX#`P2(V_>:0$K6"-7S[`@4X]"P5\FMU(
M<K$#'N00_X<YY"$/<?"M:4T#"%G@P2T:$3IG9(%T#AD#*!P"DT]D044UI&(5
MK7A%I)A`8"3`RQOH0`(]G$(:;@A&"5!F`D"@H(N^^H!BUM`6N<!A!?4Y3`-@
M=@(WT,($IU#-*T;!0E.LY@2*N0,<_(4&-*QB&"U(PS-F8!%5"$PX=Z#*,#)@
MPCNLHA036X$:5A$,4Z!&#ZLA`1UNPP<5\,<-=)!&!QS2`3VH0A6OV,`J^/`7
M+*&A%RCP`PDR*;]2JN(9>G!.'#!3API00Q4,*)9V;@,8!&QP%1_8$J30X)I8
MFL)-!U%!750QG5*L9A@;,(4J>%.*4YPB&@[YP!U4H0(Y"&H%=__@&BTVL!Z8
M61$F-^SA#GF`PQW^D%Z;&`,O(I&((U*#$V-@1NF<085FF&X:H!@#%BUZ48Q>
M%`]U>(:OJ/$*.KAA(*<`Q#/DD!%`!,.C(!U25_C0110X9QC3D08<)E:'$)B@
M-*L@P0E(4#Z0CM$AP:##*((Q2A)0:@4F0)L?!$@-0&#,(73P`QTNXS"'4)($
M\:D#"E#@)%^@X01\&,9*ZR!4N_34!*M@`0E48)B#X($$)5C#D'HZ@@>.(`1U
M<0,*5H`74Y3O&6O(IQ[&Z":4=<07TWF%1PV[AI[6"2&'@0TM)M)8A+2@!"10
M!1IXAH+@B#0$?`"$EJC1ASIPA!IP&(7_42\Z#9?PHADIL9Q+;,L,7FRN1C`9
M`RY$IX@@4*$*D_L!%9#@1)@P`@MAV$5&G?M<Z$97NM.EKNMTT8,@_$"[V^6N
M=GL`Q!M-8U[BQ2U,),<+9WSD<M5E;WO=6Y1\?B2^DW7*?.<;DW7>5R3WC6]\
M\TN2O'5$O^MT7W\]HM^F(#@D]I7O>T_B"5!X`L(3EC`H(@P*3D2TAKIU<(<]
M_&$0AUC$,;IA#W[0`Q2?6,4IWH%..`PNW8H7)#(><8UM?&,<YUC'.^9QCWWL
M$`+'2,&$^W&'A^RZ:8A"R:*XQ9*5?(LF*_G%-LI"<T$A!2J<@1K-H`(5JMR1
M9F`A"U,N<IG-_WQF-/\X%R;.;IM_$(3L:C<(1:R7+H#@DT6$81IA.`,SDL`,
M3DAA7F>(<"2FF&9$(UH/<(@#@V`&LW6NDPZBZ4B0@4S@PF;'?42>-`H]'0U,
M;^D[IT6@@$WMB@J&Y!3R.TA^']W@2JLGGZW>=$>VV1$]4)IPZURUJ5]M:EC/
MU](3(S6P#UQ@8Q]$#_(C<GR5@0>8F6+4M<:7Y&I[.=M:;G*7(W.,8-*(1E14
M$8K8LKK818TL.)$:6.`$>!/][C-+(`,4F`"""=P"3Q5E`A;1KZ7VQ-.0G$!@
M!\&`:D-2@E/(80/T-;4+(*6>#P0G)J]X^'X7TQ"/0(#9QV[!:HYLE/^#Q*$A
M!.?(QTD"!QJ&A!8-"([`&>XZ7-"@6S.G.<UIX&)P51D+S4BH,\BP1&HDPHG2
MD((CV`UOI)O9`LMY`"#T0`)3Q*&-O;AF'$YQAV'`:CJ_P;B:,N"'9TSG#J<(
M@5OI8P<6\*$%!<*#*1JP`A4L8!BC`(%%]%`"#PSN(`M10:]ZT0OBO.H`:[@#
M!DS`D5'L=;)J@-H7[W`'`8"&!'7]Y@GP((</.,D-LV*#`5REAP[4!0\H6)D%
M,$`-JRZG`JJH$B"D<8<U(*YE.C70!\K7!SJ`8#DG]1HU1@&=491@+].IPRDP
M<H)@8``#!.:[YD/`0H>4`@TM(/N/3/$!HO7_X@0-<;JOG/XUYSS#JQ68V`PV
MH`)T_H@.KK*7+HAPA",40?Y$D/_\Y1\$WX*+&4"H0@\ZP1-J8(8KT(72H08P
MR)!IB`)J$`4I2CH'[#$+0`$2@(!E0H,UP(`X@`!I(`$,6+@'&`4/B(,-H(,)
M4(,T8!`^8`":\04%H`8.>`,0Z#@6,`4&>`,$B(,*6(5]PP`V8(,*:(4*N`,*
M,`4*&)X".0@/4`$3\"DZJ`-J`H\'H(,[F``Y@(!7"$(**`6'F#X_B$((H(,'
M4!`WX(#'2P`]R``5.`$*R@`1!,/L<`4(J`,)\`,,R#R'``$T*K@*D(8,D(,,
MR)Y5:(`X<!PZL``X_XB`9ZB`EI&#S5H!$#`%"T`FF$$##)B!!H`##'`%!K`;
M.<!#-N"IA^,`)5S#0B0<%I"`0LR>4_``-_``GEJ#C3@!%<"`50@!.D`#%5"!
M%FA%-V@`G]F`"RR%/90`RH`W17`$:MB%,5@$,&B&,6"$9AB"7=`$+.B(,!"%
MA.JV!]Q&#\,`#MB48)``()F.#?"#7@"`'[$`/J``%L"`-X@#"0`;]0"!2!R&
M"0`2.O@`/Z`X5/(%<?2`.N"`:>(#/FBC!JB:&3B]%K".@UB+80`!>O*ER<*`
M4[`J:JB`/H``-)B`TM".%O`##KC(/L"`7J@`%<B`):&F#>B#/@@!.)B`%O_(
M@)$D'#>@INGS`%:CAA5(`SS0R`D`D!F8@*#T@_RY`Q5X`[FP`#U(IJ<S(U/H
M`#J0@(T,&JH*20N825L<!0D(@6=H`<0YB`W0`Q-*@PJXF>!@`308!@9(R#30
M@(G1'@Y0@Q5X@]@#C@]8B!,(F6>0@+.T#@UX!1*8@8J#'&VT%T9@!H=PA$WH
M,D;8LBR@@C!`3(=H!C((`PWC1LP<L2QT"%J`@#\A`6GX21NDB@KP@WU;@U)8
M-@BH*VKHGCM``#^(@&$H.`Z@@[OS`Q?P!<\D0PU(!0ZH`SVHI0],@U+(GQ#X
M2FK``#<`!`YX!@SXR8XHS7RD!@H`!`D`!#EQB!G_B(Z%HP`^F(!7F(`Z^$0Y
M\`#JT(-1$D$_>(-10$2'\`-QM,4-T)($:@$\L(!10`,^3`/\E),'<(466(,W
MZ!EBA`"J0X,2D(-1^$T,R$^8>:3@I(8)X`.^Q$`^Z@`42`.J.`B4!`27W(!1
M4(..T,5A:`!``)@)<`4WZ`,V?`-30`$V>`4#X)H-0(,ZX(,58`-7\$4L"8%A
M$$<W8`#6S$PB+=(?TX#OZ(7\"88,>("TM(!6P``]<$4WV(#-.($-^`#H>X4Z
M5`%I\(`/"$(5X(`*X*,U"`8+`!(\\(!66`,(\(,&B*<-6`T5J(#5G*R\#$*[
M,<^.0`'EQ(P*6*0-`(&)_UD#-``$:K(`5<``%)`##<B`8*@#$=@*/U"-9^``
M#5"#9UC+CC"!!["/#>B].U"`6](`Z\B`%]V`GH$`Y9LI'ME#-X"`0`V+4^@`
MU]B`(XR-/O`#:L(`50"!,-6#-_!&4]`#!/@.%.``"A"?#JC1R5J[3^$`:AI$
M"PB&.WA46@A0:K"`NN"##?BZ5I`W\O,*#;``$1T%`U`,DT.SS3&OCRA,(XU7
MZ"*V:)@8:>"/]4`AP3B(7IB87A@?6Z.%=5J/-LE7:3@(K6@3A"@491"07L@;
MM,@GP=`*7\"`G($9@G63;>I7`5-8C1T?CI4&C04UC640P1`PM$"A^"J49^B%
M@?]%",-X!@J\#S<)CF#06&FH5Q32M*+Q-(V-V$$IED)1CWQ%(6D1683@V$'Q
MUX2%!I4=JN`8AI1UGV<H%CA(4WG-6JW-L6A0L'6%-9F8-6/KB+S\VJ5`,+.E
MK]L(H7H9,I.S-)(PA0=XJJVM6[O%,;A]BKQMKTB[6[_]6\"=%EKQB%=8'E>`
MOE@#,B!3L&?H`S_IV@6C+\A]!C]Y!CX8!3XX!5/PE+P),)``M7S*VU.0N%][
M.0/Y#E/8H(YX!3_(&U.`F<&5!E78V\"M7=N]79*P`.0\!0F0`%=PA=YE/_@*
M@0E(`+1IL#LX7H_02H=8!0M0``AH`<>`B@JP"-K]"#W_>(`&T(,^4(#JI"]:
MJ(`&$!@58(`QD0"B@8,&P%WV;5_W91X%:(@^$#\YB(.U(QNN.0C">*I@&`4W
MB#KEG:SL"1^N&85.D891>(/RR8#F]`,T<(5\?(532*:.L`#8``1:0#4W`-")
MZ(,6X-E!N9B/RD\:(C@_.`4PX8-G\-_I<`46R,DU&(4[``$\B*1<!1XWZ(4)
M6`4,8%)5,`$$H*H'L("T?5\C/F)X:UD60)P8]0"6_(`/8,F%:\T0<('3\ST&
M0(.UE(#>TY/N.`CG-8L=78,'&"406`4%,($^*`$5F`P*=H@*D!\-H(,UR)UX
MY(!3P(`UT("/^$:+[8,'2(,'_VBFY"2[.!B%"J`%(9U;#JCC8@22P?$#!@#A
M(=&]9/K#9Z`K:?"#/20R)/YD4'[`@U@!Y%S)/@`!$."#/ICB\#D!#CB(TQ@&
MS]PJD%@!S-"*.X"`-WC39-JK-6B!'ST(G!JD-[Y(^6FG-:B#&:8&#6@!"W"#
M!X`K7A%'U="#D"1&?4U.4S@!.C`%#J"%^&P!"G`#"5B9(8$`C5V!P?$(54"`
M5U"%2[:($B`:5:BW4+YG?$8Z4GZ53WF#.)D!-X"#,=$###"%`/$-%I!9(-D+
M6A$2/;A'./@`/9"`/O"D>MNKZ0L&SWP#?2P!>/8(_-R*.V"#J,(@#'"!#-"#
M-,BZH?^"@&&H@[4)R1T>E+.8@%`JF_P01Q!`@^I]8(=0!0=0##2X.@P`#/>A
M`%\I25I(#&HH@8:H9Q1"W'R>:JKF,;AKZE%XA=Y=A560@`GP$T0N@0@HSD!Y
MA@<`DCN8@1E0@>,-@0=@@/F=TQ/H!<^T13P(XF1"C!#(`$3VB#BVFSM0@ZI:
M#0D`01#H%`F`F1:0``J,4&P&$@3(`.V8``[P`*UVP>8``>"H"@20`!:X@P>`
M`$`0*>8@@`K`@$II@#$Q@:<61U.XQZJ.;=FNL5[`BYN]"$^A!9YUA5>@A;2H
MVH^ZB*KMJ&E3A>P(ADWBYWZ5AE7HA>Q8!5H(#)[U;>%&BY;_56[8&`:BZ8A5
MD)*T^"B,522$:&Y?D`8I\>T5;J8,GB5>,8P^>(Q@<`554-=5\%>\,.^=G6W]
MWN^D.P5BHY=@*,;KA0I5(&3^/G`$3W`%7W`&;W`'?W`(CW`)GW`*KW`+OW`,
MSW`-WW`.[W`/_W`0#W$1'W$2%[%>T`!FFX&!LS5765D\GBS]PBEC\V]J4]S_
M0C;<+G$=W_&2.-B#%9`?EP9H\'&1]7$!Z=F9D(`Q@0`7,#4XR%^0"`8"F`B+
M4P,'``D>3@J)-ET>[W(21P$(H``+R(`,P``R/W,T-_,SMP`[Y9J8&.5[?`4$
M0(\26('QR0`'\!4TF(R."(8&4(,2_[`(^P0>O3N5"7@&%7@ZCEB!`^B.`ZFK
M5U"!-4B#-9`#H7$3BK..4U``BO1R3]=Q8.R>-1AU4B]U4U\#E2FC8C:)42``
MHGJ`7GB`#:B`#9`&#5#!%I@`$X#M06$`"U`!`7"%$%BXG9DL'PP&`Z@`%#``
MJCN`.7(`%8``.7B%`&"`-/@``F@!!2@?"2B!"G"!5UB`3B_B3R]W!@=+844`
M!5#W=5?W!$``=7=W=D\`.5"#52^)9U``/&#C.X@`:O"%`W@%-^":/S^%!/B.
M8$``BU!$0'@`L^:WV*``93!#:OA"5X!H!G@%%/``6C"`B>"`U5B!USA6:$Y.
M/C!WE/_PW__D``-@``90`)=W^06(^068^9@W@.K`6OP"$A"8@#X008>0`+9Y
M&5_/4BI/^(DP@0*!`'N_-3:0>-BL>#BX>.U0@`W`U5.()FI059TD0P2X^K_0
M@)1+>;*_\-_T@):'>06`^9>'^9I7@)JO^0/8@!70>9FX@P)P@&?P`U<W!5=G
M`\)FI;1TB&%``!%E@.DP`0;84*\(5`70$@B(`S@,G[.^`SUP!7?>>LQ8@?Q0
M@+DC#@QXG+(??0HG0P\X`)=W^[5/_050>[A?@+EOQZ+H!0/P.`]P>>P!`#2@
M`P1P@'']]P60@`<(U/`!@,<X"#7@2X^GA@9P#YP?!@MX@`)`F6#_3TZJ6(%[
M](`&0`#$"0$"H%O2#_\&;T@[./W4?_W67WNUGWFXG_NZ-PKC=A]3J-Q2<))5
M&`5BDX93Z`77VA(%D!:`Z+5*FJEGU%3UHG;J%+5G@%XU/"6-6BN(M%91DS8*
M([5>@(91"RER),F2)D^B3*ER)<N6+E_"C"ES)LV:-F_BS*ES)\^>/G\"1<G!
MS@<#"A0P0*I@P0*E#!@P7<#@P(85%H*BI$.@!-:N7K^"#2MV+-FR9L^B3;N3
M0QT/!IXF/9HTZM&F4JE:W3GQ9+2,(?6T,-AR;U^2A:D='KE7+>/&CA]#CBQY
M,N6@;#T<B/MT:=.D4*4NQ8LAY^+*ID^C_TZM>C7KUI(G<KB#V>[1I;4Y<YY:
M]2K9TJY_`P\N?#CQXI:)OF6*U+/GSE'Q\K8YK`])WXI#EI9FT/<S@M=%]H*X
M5SOVD8GW=C=96F!UD^F-PX\O?SY]RK'=0L6MW"[M!5191%>3*Q_8Y`<:B(T4
MS`G/'%A27W[<X1<U=[`AH4HG)*22*7&LI&!]'X(8HH@CWC049G"AF&**".Q&
MTS"NA.0*5R&-HL(;U(QR0AK!A+0*"VL<Q,8*',&Q`35TI`!(CQ*XPL(*!_9Q
M0H0T]G%*&BM0P\8'P[2`QC.GE(#''2O408T?)]`AS0344?/*"2CT<LH:*P0S
MS`HE1-C7&V@>B?_"*#U"T$LI*-!!HJ&'(IIH<1-M8,<&`1Q@@`&12CIII9)2
M&L`&+00(4P@)3.0*"2$-$\(S*]"Q0JD,44-"+VO<08<;HS1XQPR`M*!,""#1
M\L$S(=#2`B`A*+."'R'YX4<+?<0!X1HSW`'(#&^@<4H(OJ`0C`?#0%L"C-3(
MT0L==\`::PNJN`''7VN\0H(>+I3*:PCM/G."DHKBFZ^^^S+&@1ZG>!`""2&$
M,$+!!!LL,,$">["*&IV^],8'$[7;8QHX$GHD0[VTH%`<>J@RC!LAX<$&'GI0
MDP9&O9#P#)"QAD`'"L=2`T@?=#PSBA]Z")E&&F[4\4HO<E#C!L!TJ-#_!YPA
MM;+""3<'LPH=!YY2*#5QE'+U&\>BL?()IU08JX7\DEVVV6?3E$$(>LC1=MMT
MN!VW'''(00?=>&!``4ZOA!`2+2,4G4;'+3#TZX1N_"MR2'>DH0>0(U@$`H/@
MZH&E'K0@RT<<.0-"KAJGT&(*':^\HBZ[)U#3!]\9<N`*'[$&H\H=+02C!X>'
M/^."'!628!$)JW"%QI1H$U^\\<:_00()(XR@_/+.-^^\\M$K7^%-P:@M^1HJ
ME""-'P2W$E(<)Y!0NRO#$$V-*QZXF8(:(JU=*!VTI%H"2#A"^(PI?KSR@2DM
MD&!G0BO4R%+5,A;<B!IJ:,$)XG"'8:RB#X`P_T$+\D2--81`5290P<5"\H%2
MK`$%*!#,\4IHPA,>J@4<\``'5MC"%;(0AC'L0`P]4!7KR.09PP")-'H1C6'@
MC'`B"<9V2F(0:&0H).\I3"]\4QJ#*`,DA>G+7HB8$1(V41KCH<8P2+B_5Z@@
M([X827IZ04(4HC&-:AP.(`R0@C2H`0TJ:,$:KJ0"-*RA!7-4PY56`$<Y$@!E
M/XD#!T9&G&>@P`-_2LP:&^G(1[(F`RB@!AI(<"-5E&`%!G%#""*DAQ*H`"0`
MY%`(/)`H',*$D>6!)"M;Z4JRE$(!$+%#'"SP@`G`H04/>$`G-]"`#$P-`@]8
M01SXD#H#J`*%?5'E*_^;Z<QG`D4%IJ2&-"W`AA-XP`-T_,`'0L#)#W"`!6CP
M0`<,:0$6C,TKS!P)&C@DC;[$X4#KG.=)$%(3-[1`77I`@QXF\`$*T&$8&ZA`
MA$S`$6@B-*$*#0D%RA0-/]@A:[ZX@QXF,@HZ)+,5=="#0?10!U.$)`VCJ0EA
MKE@>+?KE,-*X'S7JY)>)F`(CM$C(*D`Z#!Z1"J<];.EX[B<-S"DQ&!4XEM#(
M"-1G`)6+VDG(,%3PIJMIX!EL<$`=@I'!/C!@&!3XTT*[ZM565@"DZW3)'1J`
MRI7`,PY]\`#+C`4'$[QB`_;+0"G4H*Y?62`.O0C!!RS0"P\$8W9LV"@&++#_
M"G*M8@(3T$.I0B"!9]!A`B5@0P6XL@823(`-TN"`!#JF@@IP@`'\+"Q7@[$!
M":1ALQ)`PU[Y:H('7,1G8:0#!ZBQ"@H8I`08,$5"+`#2KP(WN&BL`$=[8=Q>
M^.*XODBN<9G;W..:$1`2."M+_#`"-#@`#BJX`PI.8$T&RD$!;`C!G^20`5,X
MP`\/>`8&HA2'[:+`#=C$`X-.$#-55(`6#1A&;-(0`E<\0!4/`,0*AK2I44E@
M%1L8&04PZ0$]0"1+*NB%'OQ+#>)2X!4/*`4Q(;J](QE)%1,PR#-(0``07#AK
MPETQB]&V@5M*(,8R5JR,:VSC&3\``]1="7\%!H$'_V)@8`^H&@9,D`$.3`0.
M$&#!"49QE0[P810ME`8*UB"-$T``#WO:`$@Q,(H*4*.3:T!#,!JP@@^X@H/4
MX$`&@`2".X3`F!4XQ3-,((';F>!]K3H0"5K0L0EPJ9T&FJ0;L+0*,$OC#2"1
M@!XXD+6QMCC2D@;1,^JTPTO?%-.:WO0.K6@3#V1`#P`(GP1*\(8`*`0`?H#`
M"5K!`C]@`#"K:``U,%`H!!`(!&N(@QM,4((UG&`-V@3!,!A`#0_080:3A,`G
M3]5F#_3ASH\E+C4@H(8UO,$$),"#&P!1`3?X2P)OL,`H^L8`7ZB@P!1>0!P8
MH"Y5.,`@',@K!$Y1@7M-.O_?^@;N1.X0!VY!HV@0?E]3GQ&'4;BB8VX`01^X
M5;2LN>%8S7H%*)_!AT*M8%[/Z-@;3,&',NE!U]3,@`HP(C&4I2&9<E"!*=[T
M##W<B),0_T##.=2"8>AA7%I<N!HFT@LT3*2I;Z9DA/=M]*,G"M+S"4''E([T
MIT,]ZGI9)=6QL\5TFL<O??C3U:^#4I'X1NEG[;K4RV[VLZ,][6I?^V-VS/:W
MPSWN<I\[W?.M0RMND>SJR;I+W-Z>'6<G)1/Q.]@%#_:Q5[WP=5\\XUURF%Y8
M(`0<H%E(Z'"*]*6D#ZZ(`W4GTH>#RD0/%*X:UI5H2)6,0A5TP&E/AG&[E,"!
MAR+_.04?:H>@QN,^]R41U4A,P1`XF&)DM/"##E?ZC&@H(R0Q:]9O3?';OR0S
M9F:"D31.<2QI0'@D&^%B0\*LASN<8A@_);[Z_#"14^CA],_H`U,1[A<5L($.
M$NP1OLWTVU,T7TD@>08TGE&*9[C"O:"?(771,R3?,SR#'V`.XA3.`W4'G"D$
M5^G>!-(=TH1$7(G-U#39'92"'#R#"L31&J#+&IR"(86`'*!`"X1`[:P`XE3>
M`JT""<3!&K`!F<5!",Q`'[P!/D78&ZR!"9S"YHQ"'Y2`'.#!*-R!'Y``&K`!
MQ<4!':Q"@:'.1+1`K[&,&Y#`_7#0#'#/0C10^O"!"Z`!_R#P@0I$G!^4``OT
MP<B`'PITDAF"WPJ@`)8<B1[H`0J\`AI480M(0PND8"FD`;4D"YSU@0K`@=50
M8"*^70@0@$'0`@:DP0P,PPBU0@4A8?I1DAK001K8"%>I`""\C"F8P!W<`8%,
MB`H<"PN48A2Z`?@-`PO(00MPE31PQ2FT$^<0SAU<E!^4";7,P"F```N,PN0H
M1!B]P0Q2PQMP!!IHF2_HS`RL02EH@$6=`,ITTAV0P)!TQ,N,`I#`7[D-23!T
MT"JL@1QT$AH`R[;!03"40@M02RN8@AX`@AJL`!SX06TI8CZJ7>C$R(Q04T>D
M01T@H=BL`1^<P+5I4DA\HKK@@?\IK$`2XIL?@`"MU,$&BLLK#`/JE")(?:!M
M[1HNGL(1)F$?2(,<T.`HC((:))/UF,+%W`$<$$T<A`\EY5S.^,$:P,$0BL0H
MD$"J)*$ID`",#`.0'.&-M$`<``*MO,(S&-*552$+&.0I/-`;?`F6Q$$)U$&R
MI`$:T`$@4)X^@B7:#4CWJ4`\O4%7QL&`C$('4`,(T`$<$,A$@&"%U(%4T@$=
M)!#BM"(TKL$HM(`KN`$:N(&LM*,@E4"JU$'\K0!@O$$2TH$=9DE*WJ0?H,`G
M*1$'#`LH%@U'S(D;)&"4L<$^+<ZXL$&LQ$$=W($;M&(+Z($)^$&%I%]LDLDD
MR24:^,'_5:C`*:"`G<@!/Z7!*;0`&_2!*7R`OZ7F,X!>6"KGTRD#Y3W#6=I6
M[)@)&R03(/2"*R13C-P!1A25K`B&P16**TQEA-"!)JZ4&^#!$$%G,#1+,+P"
MA/F"*]`"YC!$'[`!YM`!'F1GD!P+0ZS"_4Q4*D2#>U)#^F6(--0!54K#'5#E
M,\!!A+P"4@Y#=J8?CSSF09U"*SBC^KB!,:E>H;Q"MP'@D0P#MU7:?BYGBJIH
M>\!!<J[HB\*H:C@12N"0=3!2X+4)"7V=@XC$6&V1TR7>C/:HXMT>=DQ1:13&
M8BQ&DGX'X<7HDT)IE$KIE%)IE5KIE6)IEFKIEG)IE]H$X0&I_Y>*Z9CJQ(UJ
M6IVX5'NT1"]@P+TPT"KI3^(-PVZ]U$D41)W2@2E:A\]A`$:0W9Z2::`:W9>D
MB@TYP`,XP*$B:@-(@`>`0..T@I.&Q`280$A`0(/XA1MPA74$@P%\I4FH0H!,
MQ!H\@$J\`@&PBJ"JJMD-`S9&``(80`%,BES0QE$<P`$0@%%4@"P2'@M(0)LD
M@"KPC0F`A`4PP,BL``<PQ$24V0R$0)FH0*$`QOL=`%?0@:UER:\^`PLH*S7,
M@!NP0!B]`@/(P0>,C#3$@0:4B8S@P09,B1O$VJK*ZU?1@@3D*@(\10,T``/`
MZJ5,"K[N*U3`Z@#X(^H10"_$`030`O\#?``&C(8OX0&`^&H5*0`&S(``J`()
M:``U:,"F4D,+($`:W`$#K`$#E`X$4`,*G%,$')L!G``"W)P!:!,!#"4"H``"
MX,$K`(`'J``"'$D#J`$#?,N\$BTTM0`!!"Q2(``!*$`%.$\)D$`)?``$1$IS
M/,4!)-../8,"W$$FW<&O!@,"`&:EBM8H(("*A2W*6,"L/,`P,)M?F`*8@9,K
M2,`A3E<#H('9K@+!@(M?&8`Q/<`=8(#-<<`K'`!&+``@<!.`G6O1.JXK/<,$
MX"M3)`4$R$'RG00MJ$`"["OE&D#'L`0)>,`$^$$<&`DU,-J>2`,#8$#`E)8"
M'$L)=$P$S(#_!1A$7\0M-9Q6-J4FH#5`ZX:`*GP`5_!!!;@"`C#$`[Q!!AC3
M'5#`*2#`*T2#`C1:H[KEXV(O*P$"`@1L4@``'B`L7B:$093"8.+,!@A``N1K
M`HR82DR$'A#`>@$"`=`"(`C`4/;-!&S.S85$,!S`@2C`R)R``A1L*?RJ"A`(
M&I0.RU(`YZV`-'S`!%#3!@P#UE(#`Y0B@61`[Q@`1"1`C8S*#+AH]I+P":T!
MI!!``1S``Z!."P"``0C`LGKK"P>`*NC!!T@`K%9M4J5$V/9--(0`5(31'01`
M!7$O!@A&+S!`!3@`!H"$J$7(7M`"`FB`*33``RA`+[A!J887`UQ%_P@T@+&:
M@B\80"I0@P+4P2HPP`,T@"NX0@%@S@%\G@(D:M&5\!V;4->60'>I`2<%@QL8
M0`,H`!S83(X<0`,D@"M@$QK@T1IL#P^GA"NPWBI\BS2H`N;0@BHD1BL,`YW1
M"`.PW@5B1"<G7S#,9";+6[90WT!0!$B0<D.P\BH81)R<$1[;,MI,!`LP0`B4
MP.@J@`#\'-).Q:T:`/<R@`$`)P`H``140`580`)\ZD],A!P(`.K,1)"%1)C>
M\C:?T$2X@``@P`$@@`(0``:<0E+D:@/@*@,D0/H>@/^(<P(@@#P;P`BSA-^5
MAA_T7$I`6DR57C9S<T"GT2FH,Z9(`$\60/\#M$`)'(`)I$$#3,`:/',!T($?
M5``[^X<UD]0_=P6.GD37N9V2C@<J*2F1ZAU81(-*"30W!Q;=_(E6/`4@N($`
MQ,$J0$`&]$]FF&R;K`(ECX6DE@10K_10FU`O0(#Z*@`"X*L\'\4X(X4!%"Q.
MB$P+V#$U\-9^\LA>3*@K9$@>REXTE-1(Q,E(D,M$:,[[RL%B,"71J(*?80X_
MB01C+0X"CAE&N`$TH@$MW'4%(<@KN,(SY&!#J,&4P(&Z4,.#XD@M[P7Q(2!7
M)>"0!M7SE83J=`3*$%AZ4H,O(")1XS%*E0#2(@6%!0!U2("1D,!;,$`!1'%.
MQ!<><,!V3$2WI8__*DR22+C"N'"58-[S!JB+YQVE,N(1';0"-/9VEN"35!;D
M,*!!'03V!4$H5\17'W``+9R""F#F*<0:'3Q:T=""\*C`*[`!'+#`8;'!&HA)
M8/8!A)S$*+R""1"C]U#=E96@A&Q1"1S+*)0`+9#7LQ:H!"019^.Q'V1&9U3`
M!"2`!!AK&&.Q5"!`!=0R3/1"=J992'Q$N=V<'"!A2/0!;MV!"8C>8]J4_@Y+
M*<0!"B@)&WRB2.AS>O;;'0!FM_5AWD9#I6;$"0B--+03CRC)'>C9*&#)N#3-
MX@#)M,H(24S."B@#XJR`<24C2KZ!A091C-#7R,CC*4Q`TZB`"Q`$>*,B_ZE,
MP!VH0)75S`F\P5YT^?^4&Q=A1!QM-H"3L#1@P(`C1=4(0!T8-06'0'*D-CK)
MQ$2$P`$8!+E("(?8ID!:C2F@`&U30PGH`1XT9$B0@"JTTQTL2`F4.`0GQ/D5
M2E\,@P=80%N;7PF8P"A$P\0TQ`=@$"VP@1I\0.%`CA)Q11KT`AZ4B9EH9,?4
MJ^19SWS7067Y@@=@D'MJP`9@A).]M4'XPI!(0%L;C:GLR@QT(&#0`AU*0PC$
MX`?VP@>\BF&?N65AP`,K-[JY>0GK"6A#Q2YSP`%P0`DT``24@(%_1E,,;4S0
M`0E,1"DT""T,@Q\X5=5DN$*T@!\0S5LV^F_!%?_.U'L<1&(#T8E(F$*$A$`:
ML`$?^`(:"".5J0"IET`I<$`<C(H>S`#)A!&?G`#JA.:!:`ZR3!(>=(PKA(#Q
MA<3#4T.ETL$/@@L<N($JM'7,H\X:"$8:;`\:7!R8N,R1E$(2'@N09$0)J(*Z
MO('PQ@%K*N2QF$+LB=^8G0*K30`DC[OCIGM<',6D3$4!'$4!3*[G=HQ0DT2G
M)T0G>8`TK($?=.6AH\"@4--C<B"D;UXP\,&04\B1+(;HM`F5<51/\@]ZBMZ!
M_+7]D(N5W24=5,@S]`)]?@#*[!5(F$#SHI/+9\1>;(@T&(D;T&.B561/GX`;
M]/0D!4;E>4#<OH(<6,O_,UQ,3LJ?,750M<_WZ9A)=KY!A:R!'7;,_S2.-+B!
M.W7]X]*"<R"%5)S[9SQ%5%PM/M[$)UDZ-3P)H^M!/"J1!R0<"K"6'O1!=E+U
M'20$&N@():%`!X6$#?N%(GOXQWXWCJL`]5$#AV4A'<CN,'P`",2&A(#`MP!$
MGQ`ET%"CYF<-M5X;0GPX(4WA"FIP3IAX!DB%15,E2IPZ16*%JV<L#%([M>)9
M"&ITAI'04X?:G5-Z`(V:6%+%&CT3H>E148*6P6<E0I!X)NU$T5-H(+Y:\V95
M2:E3J5:U>A5K5JU;N7;U^A5L6+%CR98U>Q9M6K5KT;92P$#!@@4*WL:=*_>N
M_]RW!CBD??:LY%&(4P</TQK-,#5IB:_^%0J8FF.I1Q\_'EQ5,N&_D*G-<$5M
MV&#*D2$[]G,'Z^6LJJDI4QV-<V2(JO6\8GL;=V[=NWGW]OT;>'"V$.\0@&N7
M+MZY=.,V9W"@K_#>K`U29[O*E-<[O7!'N^J]:C#KTLF7-W\>?7KUZ]72,<``
M_H+X\!G(IU\?/_3N8,=G!2]UL/_8ZTK``0T\$,$$%5R0P?(@HD,`!1!(@,(*
M+;QP0@4,V*#!#OGS$,0011R1Q!+9PZ.!"218D<46761Q`@=4,HN6%@Q:8Y57
M&D+-.U5LLXJ.8&P",*8?K5+E@X1*"B8I&[EZ!;6P@O\YA1;4^@/+%%]**K`Z
M.J9R196KKC21S#+-/!--M3;[2YHUW6SSS;-<F?$$4^J4AH3$4)"#&E>TI":8
M89[IA197-H"ME>J">04P5PP+)DS%J%%#CQ`86P$U3*D!)"A`?UPETE?\B,.D
M2`T:!A#`GEGEF<0&XX,$:FP+AI9H5(&HE\^6U/495U0#A#N#0/!#5NX&:\HV
M-5P)"J(U"GHEV&%TE3;-:JV]%MMLTWLE5FI0.$6-%8(UB(0U[E!AAF#XF(".
M#U2X8Y0*ELJ)&A!*H*,7-5I8PY<6T$@((D`H\!*B9QXBS0TT3NCECHH``60%
M%?0X184/Z!AE!4U!6P&-&6C_*:$%2KUD`;`[-ECEM!-*6*.$.CY.8R>%6MC3
M%1)82,@[9T_X<8,Z,"YAE3N&::6/44(X89425A@AL192\(,%H$\I084X@BDA
MC2BUW9KKKKW^&JN:#5K!IC4RD`BB%NX(P94U8-;C&8G<.(D..*@Q814;Z;C#
M`X/=8,&/J`QJ@8(Z='WE!$FC\2,8%E:1PQ17WGC%%3G@:*&74N!XY14ZV#!(
M2%=42*4@-%9A8Q4E_6BARCA.P0.-9]QHP0U#O7/##FK>?8,:)Z5A?(53##)!
M%16>.:4%?%.Y8X57ALF;FCBRH\:-.%AX'@T_Y)#&C330Z`6#V,`>G_SRS0>1
MVQNA__0.!3X,FH&.$^Z(8Q4\5!G&#6K>H#B./B8UA7=WJ$,)]!`'SH6@(-3P
M"34V8"/OG``P]4O8#%IQ!\[5`1`H8`,=U"`-5]#!#R?8H$%\@8(WI.$4?&+#
M,]"`AB$!`G-WV,X=W"`-.?Q+AA!A0]GHX#\E=68-,Q#<"99"#5^L(0[/&R!W
MGI$0.@AO(FY80S1\P08_^,&&0=3#'<9T/B]^$8QAS$T)[E`I:I#`#:K8F4%8
MP`8TM`(.RSO%,-1`#1R!(`X[\T`O"O*&4;`@&&OPPQN&\0'#U`Q\(RC)##"'
M1@X8S!1T<$7G0A!)-[BA#G%P`PDBZ0*#Y#$E`.S=2BP`&?^CJ:(.=*!%'9CB
M!CW((74&J8,*5D&"/J#&2:[`@#1*,*00^$0/;V##&_3`!CD0DPZ>HP;D##([
M%?`!#CO<"1OZ4+L$BA&;V=3F-L'R"A:L($S]6H'_#***-_"QCE2ZR$&DL;\[
ML,`FQ!K%,U31`E+=H05#BHG$X-`I:<1A!7B@!NQ<IXI`J<(5]M3#,-!`AU6T
M0J$&@<8:W$`'50B/6!0KB336<(I6G(*>Q")6'%H@N(FT0!6]"!.Q#'('-;C.
M('Y@R0S2,*B&MF(8]GQ&1CM%BS6\`@UI\&!4B$4'%D"1FTE5ZE*9BJUGD("E
M397J5*E:5=]$0S40X1)64V,5:<S_ABK4R6I8JZ.8`$FJ.N`!3S"\])^O2L4[
MWOGJ9;1*#2Y1!3R7X>I9"5-6LEH5L($5[&#1<E<$&9:PB57L8M<SF&#X=:.,
M0>MD62.-4EQTCK'):U5\`9C_1,-7LE*5*<9ED%Z<`E=:&D9/#;,JCZ[U%%I:
MU46-M-&_CL>RX@.09,6ZV\PP%KC!%2Y7@O&Y)?UP*JL@U5>&L0(,8,"5,=M*
M;:;R#`5XJ0*,D\`$&B!=/TB@`1P"&?4^$)D&2.04"*B``A+7"@E```&F.(4!
M*O``%(#.N%_Q#AU*8)5GK!!G3Z*#'J8W7`,?^,"GH(`T7E$[9>3OE5\UQ1H(
MA08YV.04_V\(RBF>:!(WU-8@:O!2']BP.6KT(0Y_T<,H@C$WN\I*&A,.UC,:
M(`%J8.`4*/#`,B4PF`J@!@.N6,$,R$L-/CP``R:I`#5HP8!A<,!&2!Q%DJ5R
MB@I(@Q9N2)1"HL*H59R3P3!6C`:$!H?L/*Y1%7B%&N0@T"PC%7_^.XDJ:#'@
M`B,8SWDF["DXT(L0C&(&D?1)'RB,`3VL8!4;N`,*5B$QI'D`#RB8DRE0,I4T
M\*E2=$C#*$Z`$#]4@`\E6-V6Y=`'%"#D5!5@0!T^H(<,$.L9$HB*+R9@+-U!
M=P.*)`$;/``(5S!@#2WP`"TDX#P_^,(/"O#`CPW"9UJT+P1!Z?]%XEJ@!Q;H
M@8B\BYUB/`!0/0`M!,:350:"X8$[E.`5HBZI0:J6O8ZJX!1EO+.>Z5WOIK8"
MWAPH10CD<.@9X"$$J[!;0[T$AS=X2<1\@@,<2#"*#D2EKB)6X$[B,(-KD^`.
M?GC%!D:!<8/(H15I",FIH&L!"_C!`\22Q@3"Y`H(J%9W%)B!!?HK@3Y\@`6O
M<,`'$$"+83P@&"C"`!\DL$5=X=L4::!>S-(PJOE1(PU[LR-D5$"'@M`P#H/I
MA5$*DLH/=!PU?B[)J+YU!SQDIXOV5OO:O^:=5:!`C</P`RJS]HK(Y4]M,(E#
M'/C44-3$P>K#@-M4)*Z'/MAP@[0P11__.%6"8?0A6'*8X]H`,XQ:?R``KDA*
M3"``F0KLQ`*J&#+UB(<`##P@`Z.P`#4X<%\+?&Y=KDXN"DQ1$%>VM.%ZL%O4
MO;1MW='!1E@?#"U&T,25G"L8D`>42@1?@K;%6P^E8/OTJ>_%85C`%6@8H'+S
M)L5A;.!RDK.C*D(0AQ*HPFX_9<$`-V48B*"!5'IP'QL2*D4_[(0%=R!!IT!X
M;15`9!@<`%4`P!1T#@,0P$IBH@$@(,G&2PVH)G&>P0+68/54(0'L#LD8(`T`
MP0`P0`)4`'1PC`3BX`,>"U`F@!9ZX0,8SL_H(`0&@P1R[`U"X!3R1R@P`!#R
M!PY<0<3VSR#2_X`-[*D$^H`#`*$.9,(43+#ZEE`KQJJOF!!!,@L/;",H5&$G
MU@P0Q(,[@N(5]$`+F4PA](`[&*4D:.&QAL$P@F(5X$89#$/P=$4AL`P/E!"U
M8NQ1^L!4#()H#DG:P,0$54$5!`>A9(4/$F481N&*3&6.>H&Z3D4B^D0,J6$5
M@`4\6J%-]"`J.J6<S#`.GT$/M@PTJ,L4_,`5>F$8Q(,6=`L*5Y$5L46YF(H$
M^*059S$X:*47;K$7?`$7=Y$7=3$7?U$):7%`VN0WK*.+N(0Z$$NOMF2RB*0,
MT\X@$.L)\4H86S$#$``;$>``M%$;#V`;N_$;O7$;M]$`=JP:SQ$=T_]1."R`
M`4#``]X1'N-1'N<1!!2`0]2Q&*U#&IT1'_N1L":@O/81*S*`ROS1(`]RL*!1
M."9@QZZD0.+*.S(@`Q`2-YYA?G90,;S#>6Q#&J+ALP#$@^CJ/Z`E(Z-1*$RR
M*MI$>+CJQ9@1KB!+-88A4GH%LF@R,D`1)FT2LOSJ6&RKK-RN(Y/+K7C2)0ND
MLA`$#6P#$'C'.X;!2[SBD@RB%$S`*G1$-4Y`ND[LOG##%;+2+*0!$*`Q&.X@
M&%9A%<AI*T+`?U*N*Y[A*;UB#<."(:M"($OBN2CR-EZ!`MQ@!B+%._S(!K%B
MT]Q`%:FA%$Q**H8!!+$"I=#R+-3%()R"*E[_P;@HLQD-8A70H+@N<RQJBBK0
M0+*R)>!B0B),X9!`XT<X!T``P?UT!X(4:,D.$3"D(2I6`0(6PY2"@EKH8"*#
M`3*D014``QI$0C'(<"I\;E7*">)VRDM,T%68S-9>K!=4938C(Q,Y9%4@8DIL
MZZU:)0Y,1Y5B@\6*TS!N1P/>8`*D`E2:C3&D`;6>(0U>(2AZ13`D!5<T\1FD
M31.W8BX5DBH($B_18E`BL[].90T20O+LYM`F,1A,@56DCQH\P`W8P`4*@H56
M*#)]H138X'-":!1>`0)H`7;FZ7E8:`:>`0/HP#:`+RCT``W^;N1`(PYHB:/B
MH$:V`Q!,(D>B80VJ_P;J:HJC5,!N`$4%5N"RLJ,/`*,/,,";DD>!R$92*"UH
M6.`SXH<6:L1+5B%X_*!(GS0[WHD%!F,4UD`._``%6F4&\D=TO.1O@B(-3B!,
M@BT[$J:TU,/Y8D(-5H=L^``02D!^GHT@JJ,%TD`%$@,-)J`"T``0-@!%)R!Q
M0D`"@"8#W&!&J`$K52`$&F`F0("1A"($5J`%HJ$%9F`-#*8%3$`UT&`%T.@#
M3@%J4&`4Z`"Z_&#A;N04>F&'5@!HA`9EZF`"LH,6ZBB-V&`%TL`5Y$4%&DH:
M_$5)7.<.**P%<G`$^$P%E*Y99F!A6J`%'*\D0H``5.[$6$`%;JD%Q*699O\`
M)4!@5:'!#89,W@JUHGXB1ZE!%0"!#N2U*P"R*FB!-<2C*NXR0,WB!!P`(FB!
M`HCB&5J`5MW@#DKAB53@%5`@>T3.#VQP"$\`AC(3A)SD8C`V>Y!F#E[AD3A`
M#S[L@^*`F+#ME3S'%$S`%SQ`2_E`!5"IV3[@%53`X4;!^5J@#EI`&EC`7ADV
M#DK,#4R!=NX`^$#'`UX!4SJ(*JG!%"P%9E4@:H?A!'0%!=;@7FE!8F9V#21M
M!09)!?"@I$)@WX(!!?!I%<R1&H:P!.0@#NY@!LIH#<)6#X!O%/V@:+0VF7C6
M=`J4/4:3AC@(H0;L#F1G#7S$279JVH)%7(,A11G_M9A``!`>Z0Y6X0$:(%$@
M(@/L``.2#@5*H0,A0S&IP8U"X*EN".IJ"R5:@`]4P:&R[`[@P*`PX)K\H`YN
M:06>)WE.JX`*#&+1`'9Z!Y_D`((VP$X`07`&R0W(R`WP@(96`>^J`WB0)WK0
MKC,0@#,*D`XT:6ZHK@Z"4R+@H`[D9@;@@&]DR`U6(84,8A1*EGU))>WZ<S(4
MX)KH]0&BHD`P8"(#MBS08)=DY0/`)&X4(NI&089RIWK80.300%=4`!#LYNQ.
MX$!)8J!&P6YDH@\VP`^&H?@2PD9?H0ZNUB`ZXEF%IP5.@538(!C4``1TA<,Z
MHX=RZB`L1P\HS.J"H1?N_Q4-9J<%AJ$7;##+J($%JBF5F@U>ERD.0D#_4L$@
M/L<-3L"HJDY6;$2FM@-ZHX?AZ`!4=Z)4;Z1W-(Z_$@9'-H!45B`$>D$:U$`%
M+BE0@(\%*,)`[E0/O#@$3F/%GF%H4]&XXF9V'%<B/L`-]H@$6D!(02`R5.$!
M(`!<S6T#7*%=1T$!+.!'-E,.5$!BGHAWSDDJ$F(&?.T.^B`G^B!(1-9G08<%
MXM-&>@&)9%(/[(`CJ:$.LD9[H@?XO&U[YB2!AL$$@LH%XHV&*LB.2@(-U``-
M:E"6H:@7)N`!;`0B?&*$T"`$?J2Y3,`R[^"88L+J0D9<@F058`)J7Z(LP9D_
MR_^+*NX``*(D&!#@::D"8/WW+%Y!D<B%GG@6@?6@CKX%C=B@6RPU!V/B%/JR
M%UCJ#OZYCE\A&"BW!)Y!6%\AA4JJ04]@%.I`#=P':?)G;GK!%,P9F=\%#YY!
MD;KW%3"@@^5@#5I!X-0@"TO!,WC0(&I$=SYH@)L-@D!8;A4H,4H5;J5A%-Q`
MX?JK>^^`%BJ6&EZTC@"!AJBATB8EC%T!GR9I%()3A)Z!#U"@!>0`DG<(DEW)
M$PT$H%S!9@WH#=0&#U+E#?@@#?XFIG;L`SJE!:"KU;I-T3"`%BH@#C1@267/
M(,@L`UJA1_4`!!C.4Q''%%A`&5`H(=;`%3[#.XAL7&7_6GKYSA=>AX,DA040
M>0CAX"F*B0ZPNB1ZH0%6`:Q[`01&H=4T,S[=H)`@(P0JZI'>(-),`2:<9*3;
M%A!`>'HX((T10%<V@,/8C(^>,G90H)@FP@_2..#4`%9M;`T@9;D0.`Y42G[Y
MDVVG`@T,P#8\(#VMXIWAN2S235+H``4:KF'I0!I&8&9TYS1`4(=\=&*T5'X,
M8L7B;Q2*^40]0/<4Z`1X=A5.`-X8Z7))H(V'@7>D1P74@'<DL8'>X(.HP056
MU38V`(B?B`3.EVG3]B/2%'1(``U(0A7Z%U`X0*:H)QC28`90M9F>01E6@`5.
M]`16@`[JUE+LX#-"8`T@B)&,_V<$;GPP/D=1N["P2R"".Z8/.`8/N'@&C`<%
M!+D7(B9_M$8]OM9+@(J0'/05?B<:GO5SO$.S#2@R;AP#\``/2L`4/"`$0*`&
M)<`-`"$$5`'C4/H$Y$#4$J9A3J&M0>,$LF936,"\Y2D8?,]_],`5(*6>XL`/
M3&%00*J&#((.\@>H:BJX6R$)I8(.2N;:3/<4^&"<8@*>)*4/S'(G1H&.`O$@
M2D+3X.`4,&P^1\X-6*J>X*`V6F!(H7;]3HP:Y@EJO`01=WA3$OVEV=?7N8)^
MB639T$``D.H_"]*[R0(VI((DCP(PE($X72,SGL$WS4HA-/&K9O.K6`50G@$:
M7MI?4_\P,J[=%W@E,D`CM$SB#:Y]-AWE)-/=#+7S1^:])*1%2?/KVU5%,8A3
M*`K&$CW%(."=,E9+54++X`-#-M*=4`9>2X*A%332-P.GO@%E6D3D#MX@*JNB
M#R9@`SC`Y#+``C1@`S2@`C"``S"``C)@`DQ^`B9`Y#.@`BP``RQ`YBM`H/*%
M,\=N+%X!!&*Y):UJ+OUK`@0@,/\5Q)>]:Z11%01*(.M2*H+A`W#R+/Q3+-PN
M!-J<09P00-S@#?1*0.:J(\=>[-\*K&;CK;#*[*L#V2^S/^HJ[#$S*]7*/YKQ
MK78>)5-RLH;2[GURHU@CKKZC+/2U*A^``'9B/+I;Z1',ZH7_8ZL"HS`;"VR@
M'K#F4D"\@Q82(`1:X`#J5"H4?_%#'XPJ2QJY/C5&XZ_P7O6[8CP>4O"]@O*]
MHC\>WRIBOR2&WIVI#$"M8O=%W_>]Q@_JS-1#DRQJ@AKUP`*R?BR)OPEC`@ZS
M`A"QPH+\(/*GXD.E(NL^B3H`H7/$1%:@'/N[*$FI@B5T`_<WR@,8(%A>P0#T
M_?.3_O?C'ULZH)I$NT]DY<Z&X3T!X[%.85X+!2"DC7I&;=4I:GKT4#M%BYI#
MAV[64+O30DXO::4(#M,SC-HP/P1['7SX3)4;5PL[.I1&:Y5#5RY;2/1([9FT
MF\]>O1J6X:(I@@]7-20HC1J).]3\_P2C]HI:+U-J/)X"2LV#'S>J4$H[I=+A
M*CURJ,%T"&AITZ=%AZD*J<<F!I\$@YU:LY3L06FNG@T[5?05'X*O1CT<3/CA
M!`^#HR%$T+0HM3@$FB:FE@%#X<N8,VO>S+FSY\^@0XL>3;JTZ=.H4ZM>S;KU
MYPQW2+0((8V.J19HXC@,9H(-G5,M]-`IU:+%'3XE4,Q`$0=.B!6J``&BTR(-
M2FI%WTBD@Z;.*Q5KV`QCX4;%,Q=KTK3J3><AFAD:>K&9<0)H'!4G_(QB<>(V
M"H<MC*>''[&5\%L&?JRPQDS44%>"*W(\8XH?)<#!W0JTT$'+"BN,,(P);KCQ
M$&RRA0!-"_]JH`%4'RV`((<I)ZAARH6]:,BA":^$T,(,P2C8PC,5[+?@,\5Q
M`)0<:JAPBAL6\`$>':\HF(8R*J0A8F<3?%#8,[T4IHICA&&0@6MDEFGFF6BF
MJ>::;+;I9F8EJ.("-6Z\0L<H*/C1T&,G#(-!,&MH(-8J=,!QQR@)TLF&*Z_,
M8,H='ZRRQ@K8.42'!"1\$`P==(3PC`=ZJ***"<.H0$<O:*#Q"@8$G:("-6M0
M1*<=$)WB2APM]-)+"VZTU^`=*%AIRIQQG++"'9YR`$A-)5!32F[/(#K#*7&L
M\5,<O<(*1Y\92%;"*3,\=H<'PY#@ZPG!E$+'"<>1$-&U;^!!#1K_IHB(!BVE
MF(+",^R&4"YYU+"@DBFOH,&'&\&XL4(O&IRB2H+!E-"'9)P=5BEI&%CVYL8<
M=^SQQR"'++)HBGTK8ARTQ*$6"3/AZD=[;VQ`#1XJO%&''J[X$6X<<01#BZ-U
MG"#<2`[!\4:E=,B1YQVKH"#'CZ46MT8?=Q1EBD1WR"'B'74XA+*=:>BUAAJ^
MKA+"&FBL\0P;U,CA:AUYTK'4,Y2ZLD8<SY0"R`Q^T/F!*G>XT7<<;[1`(%`F
M3W2'"2]+Q@)>=+!`QQU]NP$"X(+3^2B=JYS`';]P^P%6UPA#A`8;+S_CQ@Q]
MZ`$C=P65@(9G%G<&9I@:CZS[[KSW[OOO_[V'0`?;=<JA1QRMA.#0*2X4?`H+
M<=Q1@AYUH'%'*WU0Z@8:6M\!2!]K+%E676RP710;S].2AAPD#.-!P<&<X`8<
MJLQ>T^4DC!*"V8+1J1,=:>#9&N#P*H=@`!`<HD8+J/&&58``#[E:@3(<0H(^
M<&\->@B."XS6BN[0P0\G.`4)5-&"#3U$>,2[#2U:(!DT%,H-=;B#<$[BPF+5
M+(2Z<8,:6/B!:'`@@RM4Q0A6\0&58.`5+:##&R2$AE6X(0UJ4`4)[/8*$O1B
M3YJQ6%&V>!,N;G$ECBE*QH!'QC*:\8QH3"-F7G80KDSE#FBX#C58=(I1Y.4.
MZJ-#'U0QC%?T+?\5;YB!B'0RC#6(B"$.,84I'C(*:=R&#X]Y`QWV8KB)M,`E
M9'%#6THQ`WDE4B]K&5(OKC2180#")<N:"AX`0<(^5(H6:A`1+6+5"T+U(@WM
M618=XM`W%@FF*'ZHPT%,H8P.=LTAA62:-."0AF'<LCT#`40<TD`+55!C(&Z(
M0QVDL4H2*@0/;^B#8TJ1ACJ,8BH(:0%?UB"'JF7P%2*IF)9N%YHQJO&>^,RG
M/O<)/,74B9^_`PZN=F>!"MR!4PA-J$*3AE`Y3$X",@.H1"=*T8JF43&%P>A@
M;N<8C0ZF%1/<J&<P^L6+F?0A8/(H8>A)#946AJ5A1*E#-`HFEKYTI3+_Q:D>
MW$`5DG(TIT!=B4B%ZAD+$(```DBJ4I>:U`$,0*E.%<``CAI1BUKUJEC-JE:W
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M5K87Z^]NK4O=XK)VM[I-;H*I"UL`CY:\Q"UP@($;X>G^=L'9M;!0,6Q@_RJ7
MN=+@[G5CZMP!^U:[\VVI8'N7W\NXE#`MSNAF8DR8%X-W,S:.+XYGO&/-T'@R
MF6EM9G)\X!X/N3,O)G*-7<QD&1>&QDG^3)2=O.0G!]G(EQ$R9I3,92R/1LF<
M`;.7278:,6NFRV=&,O!>88I3N/D4J(@S*MY,9SB[><YUSK.>[<SG/?N9SWC^
M\Y[Q'&A!YYG0AA[TG1.M9T0/NM!U=G2C_RSI2,,9TI8^]*09'>=#8QK3?@:U
MJ!E]:4]KFM1V[O2F0?^=Z$K3><ZJ/C6KY<QJ0],:U:]>-*YU76M!NYK4L.[U
MKG/=9TO'NM&%+@460[8"`2@``=`^@+0/`.UJ6QL!U+YVM1-P`&YKV]K9_C:W
MO?WM:)<;VPD@=[G#K>UNJ_O<Y1XWN]M];G?/^]KWWK:T$P#O?,.;WO7V][\'
M3O!\"QS?!R>XPLT-\(%/>]T)3[C#^QWQ@$N<WQ`?.,;7K?%^;US<"X\WQ4-.
M<H9G_-_A3D``*+7B-2F&!0-@@`)F3O.:)V`!-+]YS7?.\YGKW.<X[WG.=_YS
M!11=Z$.?>="-OG2D$]WG4'=ZSY=^=*$G(.I4;[K5;9YUIR-@ZCG7NM3'3O;_
MI%^][&A/>]G/?G:UNUT!8M]YU]4^][37'>P\#WK5VRYWN"L=Z$\?N]ZUSO>M
MP_WF?"^\W'^^`,3;7.ABQWG5>5YX!-S][3QG``%8H#LT+$`"$`@]!!X@^M*;
M?O2ECT#I2;_ZTZ->]*IW?>A9;WK:0R#VLY=][5._>]V''O>W;[WP>_][W]M>
M]+8'ON^''WS='S_WL*]]!!XP_>,K__:Q!_[S7V_ZZS<_]=[?_O4CD'WF(]_U
MWA]_^)<_^NE7W_7)-__VX[]Z]S]@_KR?_?U1?W_6D[[__(=\U==_`,A_^_=_
MR`>`_[=_!HB`M+>`#JA_"QB`$CB!_G>`$5B!!'B!_^*7@,3'?,I'?2)H?:8G
M`0L0+F:6)L/`"K"@$Z\`"S`8@S#H@C38@C3H@C(("RQH@S?(@SV8@S-X@R\H
MA#J1@RS("D3H@S4(A#ZHA$+(A$XXA$G(A$E(A*^P@S"X@U4XA4"XA4^(A3%H
MA4_8@U*(@V$HAF2(AB]XAFI8AD7HAFL8A&T(AUPHAS4(AG:(@U8(A5[8@W@8
MA7GH"K3@"[K2"X18B(7H"X1XB(C8B(;HB(:XB)#XB)$(B8I(B9.(B8GXB)>8
MB96(B)+8B9DHBKJRB+#0"BQ8AS+8AW?8A6KH"ET1,LG@"\,0#,,P#(J8B[EX
MB[C8B[U(B[1XB[D(#,-`C/_$*(R^"(R^6(RZ2(O'^(O(J(R\N(O`0`S!"(W0
M>(W#2(C`\(S1J(S:V(S+*(W@.(V*"`R*6(S3F(S8.`S6F(Z^@([K&(SE*(S-
MF([1F(_7B(O`&(_DF(_\F(ZV^(O[J(NW.)#2B)#PJ(^\V(WQR([8:)`(R8^\
M&)#!.)$7:8__*(W%B([HB(\#&9"X*(\`68\6:9`EV8X4>8[:F(R[>!.]0`HR
MB0HR20INUF:F4),U>0HV>0J*)),\&90VB9,Z"90]J4@\J9-!291%&90^V68[
M.92*U&9)&94W"95&F9-3Z69->92F0),[R9-;20J]``W0L)*\^([;.(\,:8[\
M2)+_MDB/M7B05!$RQ!")BYB7>%F)]WB)N8B7>>D+L-"7?]F,?!F8@-F7A^F7
MA-F8AUB8C*F+BWF/>RF9D!F8@TF(O^"8E:F7D)F8E/F7G=F8AYF8@#F:AGF9
MIEF8J!F8NIB9J:F:A#F:J^F7K0F:@NF8B-F)GZF;>]F:H;F;D?F7SP`+<N`!
M#%``_$9M$@=NV/:<U<:<W<:<T?F<X4:=)B>=](:=VNF<T29MT)EM[#9MY.F<
MW%F=T)8`!;``'1`'KY`,I\F8BXF;EBF<P_F7L0@R7**;_-F?+.F?`!J@`CJ@
M!$J@]%F@")J@"KJ@#-J@#OJ@$#J@SW`'#T``%M`"YB0(_QHJ"'_0H=+QH7X`
M"!TZHB0ZHAI:HBB:HH`P"B7*HB4JHB0J"#":HB_ZH33ZH3-*HSJZHQUZ!S-P
M`0'0`'GP#!%:H'4),G=YF46JB+`IF:7(B`?JFU'*F;``BDOZFD\ZH%-ZI5S:
MI5[ZI6`*IKWP#&T@`!;P!\D0#<NPILM`#&N:#,1`#,.P#'.J%W%ZIW'Z#'C*
MIL.0#,G0IW[JIW<*I\3@I[RHIW'JCG&:#&N*IX4Z#,^@%XTJIY&JJ(D*J7WJ
MJ'ZJ%X>ZJ(0JJ(X:JJ(*J<3P#-"0#'N0`0,0-EO:I;V0GQ^SGXJ8#-#0I;0J
MCI'ZCF49#;,(H)&(J0@:J=`0J?]>6JK1D*02>I)ANJS,VJS.^JSW"`O/$`<`
M0`*E6J6EV`NVX)"+"`S&$`QX"0S%P(B'.*[R"9C`L)D?V0N_4`S%4(J;&:^/
M:0S`\*24R(B_8`R_D*W>ZDQ\60R;N8C&@(M9ZIKM6J]Z*:Y/RHS`,)A5&JDH
M``!JTZI<2@RZ@ZP;$0>L\)$1"@Q[$`>9:8BL(`=Q\`?H"`N[]`?(RI_%.0RD
M$`>HH*S]N0IS0`=V0`=[T(]%F@Q_0`=S\`?10+&Y"`MP@`JN":U(F[1*N[1:
M2@RH<``@`)^XB0B8X$SQB`F&(`NXN)F48`BV<)*%D`DRJXBU(`NR4+:V$(^U
M8`B7@(O_92L+K&"V:5L,K%`(F!"PA#D,L6`(L4"PQ1`+A="WO@"NPU`+A"`+
M]5H,LV"W'$N8@&L)YGJ.6'N)<3L+9VN9SU`"!$`**]NLO6"Q(].K@@D!`(`&
MT-"D!?N)BEF)52J8S[`!`<"YN@(->8!4&U"H=T```:`"09N(3JJ+`T0-,P``
M;="[A(BZ(:N+SY`'`D```!``!<`!@YFMJJN:OON8ND@,*W```1``!Z`&R#J]
MK%F)Q/`'`.`&0<NTZKN^[*N^95D""@`+Q``+C6L+QX`),L`$YMH$-2`#-8`(
M`&L$-$`#/H"XA&@,B"`#6V`,BFD,7$`#-3#`DG`,DG`#`^P%_\?P!1!<`Q8\
M",A0"!%,`T[0F,8P"`-<`X50#,`P"?W[O^/:"\>@!3(`P,5@"#8PP$V`M\UH
M#(5PPH3PKHIH"SNP`[T`#+%0`TA<`TT0N80XOP_P`<4)K6.J.[VZO-BF`1QK
MC<,0#5;KCK0(#4E:C8L(IX1(J\^`CL\``@<@N[V0#'EP=1#`"M"P!M(V`Z=+
M#,,:F'D\IJ0``'$0#7-P`7F0#-4XIK5ZB<1PK+X@NF.:!P6P`9,R`0%@Q]T(
M#&=IB-&@%X8(#'\ZJXOZD:5*G'0P`!$P`RR@>4,JOZ8:QK,(QHKX#-'P!P0`
M![+:OK9\R[A\I<3`"@=@NDVJB'_K`_\TL,0U+`-%\`4Y4`.VD,!-H`4B#,2^
M$`0TT`7&`)J]4`Q*4`-%$`1`D`F]@`,XX`4[0`.S8`@_(`1&P`,T8`C&X`,U
M,`@"/`E,?(ZS4`-`X`4UD`.U,`Q!<`/BS`.]$`S%0`@V4`/L7`L[4`-=L`0T
M,`CS?(E#;`8\8`.RL*_&<`8RT`.V@,`T\`-$\`-<T+B"&0UM4`"G(+K.>J0?
M<Y=E:0()4`$(0`JX"`LJ2PIK@`K6^`I_X+)M@-.^@`JC(+^L\`>LX`O0\`=L
M(`>LX(X?8``G;8C+>P`/D`![``T?H``&T`)GZ41V4(R?"PL\\ZK`8`<&@`8P
M2`J#29/)<`?_<5#$BTP*Z-,+?U")S[`'`L`"TP`->E``&D`,<`8+;X`*\#D'
M@4VD0[T*#0N4?T"_/SW7NH@!!K`'+84&!*`&<+HDQ3*+JT"6)9L,K^`&?T`*
M`P`'Z9O+IGW:J"V@TAH'!L"Y]U@,E7##2NRN3T`#E8`,SAP+B/`#&XT#/7#`
M7C#`"PR:O_`+/!`$R'`,[BH)-/`%R)`)32`+*EP,QA`$06`,M5`#3X`,F$`#
M`&R8P(`(ZXP,#SP)MB#"R/`%,D`)QQ#<$6P(QU`)-``%R!`+-/`$T#R,LE`$
M'KP%ZSVNLG`#-<`#L'#1-"`+R9VN]^BT!_#'OQRFGZL[O=@+#H`!_W$0`&J@
MIV]0`)X7``P`M'!0UBK7`$`[`@+@!]$`!Q(;#1N>5!`P"M'@`4YMC=*J!P3P
M`0OP!LGP`!O``"L0#7NP``$P`-+KM!00``(0`:<`"PO```(``BH.!]2@`12@
M`MW;`;``#72``$':`6O,TG6]NYF,"@E@`<_``1+P`><+"Q7PO`OPQW]P`!`P
M#',``"R`!@`P!]#0"Q(@`</("@J``?,KF'-=OBH7``A0!]&P`@M0`@!0`K#P
M``%``"%P`$LDM*F=Z9J^OKT0#2H``7T)"Q_,`SV\Q+Y0"Y=0"\8`!320"?2Z
MPL-<#,%@"S=@!#6@!=7<E]E-!%K@!;/0WO\T0`F(4`G'$`P'+-Z24,TZX`.P
M8`8T(,^O+=[L+0DR<`:9(`-?<`R$T-S',`1/X-\`W`NQ,`O#D`GWG>OWV(VV
M4`0'[JU0L`-%@`,;S;]:H`5W2YC$,`$EL.?0F@RZPR7#\`<"L`*P@``88,EP
M4``.8`=K(``D0"<%T`!WT/`//P(#\`?4H.)M0`P-\`"D,`,!P#8R[MJ^L+P"
M@`(2D`*\W`(^'@T6<`!YL`82:Q0!X`9W(`#[W@(&``)^P`8`(.4?,``:,`H?
M$`!W`"0(4"V6Q\;+2^E_L`<H(.8>0``5@`*H0`(``!XS1PK1P`*[:X*],`H#
M@`)`/@!V/)@\6P#_(4`,`8N+Q,`!%V\'`S`"T=`"!/``);`'+0``+D"ALUS+
MFQ[X@F_+6:X"%H#2NA@+OG#$3<#`M%@,M>#;<\O<0!#0Q?`$.'#$N`Z:P'`)
M`TP#,F`$QL"_0"`#-+`%Y@H,0.`#XUH,DA#"4/#0U\S<'NP%V$[MV4X(V&X,
MF0#LB/"+QE#;DC"VA"C,`/P+ED`#A0`%-7#-`@SZ-5`)^7V)SZ`!),#OSAKA
M(_,,M/`,:"``&,\!K9WBDTP-3]L!&5^Z"V$`Z$\"!=`W<!#RR\`*JP`-=D``
M)3`-,GX*;%_C`3`;`''!CH$["6;`*G`BFB\('X@]P$!,VH<'PTX)B$--_PV`
MC!X*C*+F!@"=BR2B0?MP`!4Q7[V>Y4&`((```0Q&H1R@AQHI!1J(44L#H$VT
M5Q,.'&CSS!>%",_:!,@#K1<L:',`K'@&RY>O82UAH7KV9\$%:#,`K)D&*X($
M8-.>QGG6:^M<NG7MWL6;5^_>EGS]_@6<5VY@PH4-'T;LMQ<T%1?B#JY;K!*-
M)L;FVBI"@Y`Q6\4&_<`QR%@LS<-H<#D&>6NO8I-XG&&EA`8E*#*$5#)"(U:P
M899HB+9%[$L-(C>$U`IF-UBM&SFVX*#Q15*,+\<(R1`=K!@7&8@L^RH6R':Q
MO,!D%=EAQ)8Q(SR0+;D!K)>1);$(T5A"ON[B#?\CI"8&\!EJ!B2P0`,/1#!!
M!1$D1BX+$`#A!`L(0(.:-P)8(YI1#NB`&C@PC(84`SR@AH0!_/#PK&E&&6$!
M!0P8(1H/#""%I5^2T2.`&69@(`0'2$%@!E82<("!!@A8@!4*%FB``00$((44
M`=S0*(`WJ)GQE&@VJN./`%8@AA@T"B!EF%Y<RJ.`"UI(H84RD_G``+#^(*`$
MENB<@9AGXB#@`OFB:6$`5$)H0*N6B"'E`)^V@H65889A104'8JJ@K`#NB(85
M!BKPA9@_!H`C&=4`)+74Q$8U-=7]5&6U5;M@B6:%!6`!YI>[@,F$LF+.-,:)
M&+38=1CRC)'-EB9JN`3_DQJ<0'6K8IX]1I+HM)"!$&0*D:&09[O0#1A?9*E!
MB6AIZ,(85(>99`<:<I-.AB^0N>X+8VHYA@L:$"&O-1IXF,5,O+R-MMK)O+#%
M"!QB`<\88(#980=;\((`A6B:;1757H99,&.--SXPS#\2D"D``@[`()H/T1*1
MQ)-W&C$:$_^(1@X`W/!E@07>N(,`$K"4LRM8GM$#`!?R.(H#5@X0T@`0Y'"#
MCCM@D<"".)JF`Y91!KAR#0#@X)F4:-@`P`XO58`FF1$,.(4E7X`.@(5HGGG&
M3#AIC(;.$IXA9@\!T%`J!`,2L,-C"AWP;S!B6%E``JZ@@>F-9S0HH(4_'*AT
M_X8`Z,AT+&">H2,`..)R-7311R>]=-,+0Y.`/QJTB[5<*Z/7#!J2\*56628!
MSPO=AJ"!AAIJH.$)<^VJ)99:BI%$AD`.D<$0ZY0WYI<??O`6&$IH\&+7&H2W
MV!A6:IGD-]*\L.ZW8VQ)QE[O@(D%AQLP^<ZN86"9I!;S:-CBD-Y]KR&'661!
M6"]VD(->V&HNO4!4`>H@JM/=14`<@V`$#S2,9Z!A`"2`0QO:$`$$K*)S&1+1
M!Z@1!PRQC$0FV@,U6`"`-Z"BA'JXH(P.4".Y/&,/`V@!X@R0@EX8X"`'\,!"
M5I`'8DC@`<2(!AH^]ZDW1&,-GL/2#*<!MCGT0@$7^/_*I,IT)J`-(`59,5R<
M2)$,6#0@`K!"P>6H<8<!9*`!$^C**R+0@`/$X3\M248)!C"#7J!"`P&0@R\0
M$()HP$(!E0N`'9(!#`TL0$LF"`!<*-9`2E;2DI?$9$L:<+=F%<,W32#/*FJP
M`UGTPGY-H,$ECI$966RA"$LPPB@'L:O(!.(WR/!"=RY!`R<@XPOW,@8LPF6N
M8KSN&*31`@/I,HQ,[.!=3J!!)FRQKF-`TQ+#6`^W\`4,V0P"&+.@Q:VNIX7R
M?:$20E#"$G90@R;$@CC'`)<1##@7JK!``;!@W24O)D%^2C`9OC`**]X&J)G5
M(0!IH$8I!K"!%*DA1`/@P`C_`V`!$#Q``&Q@10$B,`,'""`$U-@``6B()@"@
M(!D1X$@O!K"":(P``!_H``!:``TU!.`")`!`!^I&@`:X`&QPB,8&!N"UC;C!
M90!H@`(FD(`:^>)G>2@IZ`[5@:$.@QA!J0`'!("!ED3@`*Q8(1J2D0P3$.`!
MJ/#6:HB!"@8,X`$,L&E+'J"`&51@`!.`1@L`4(=G)..)$MA``[`FU4P6UK"'
M1>QA%I,&U1%V+LS453&@X+L;_"X6U^.!$"@##&%QYC3(N)4LW">;'L@%"#1`
M0@UZ8`OV88\S6]&L$7Q`@TG0DB[!L$4.;)`;)2Q,-KD1@C"$X8MC=*%YQ[A>
M#2J[_[WAV>4'Z[K!#2Y1C(4=`S[`,$839"#;>]G6J<]`10%8``U#8?*!_41O
MQC0T`1.8B59_B(`*[N"`.$3C%!102!T<`-133``%61%!`BR@!PH`M0T*2``;
M/!""9*!``BO!XQ\>@`9HC"`"HX#%!-8@E1(<P`%I\):8$J``%%RL%WY3@7[K
M$(T33.`4T(B#`U8,C!9,>`UHLU$R_@`!OD&&&"B8P$H0B`8'+"`$K(#QA$-D
M@0VPXB4$\,`_Z8+//W2@2"`X!3"(D8<'^+`$%_"%&QZ0AW\.@P4)J$`<*$`'
MQR;6S6^&,V)[(0$(.!D6JAE&+'8`+%@TH0<_Z`$1>%`)8_\,0EU-L-^9?%&+
M'IRA&`_;C_5X0`,A7#//0:#!#RZQ,%GP@!#Z&88L<K,#;P8C.9&A!`]J8(1:
M#(-]0:B!#V)A)M8$X@:3@!</@O`#(.R`"_JI"_LRXP-)?(<U4"!"+X`!BR6,
M\@R_,"`785&!6:45D_M,;[83Q+JN+-,NUJY+5ZR*"JO.Y1FL^!E@P+V59*R"
M*G,YG)/EXRU6!+LNAYO!'I+14AJI+3!D9`4QW"MPN73;9!BZXS*)L0I4)(-U
M65E%-+IMEX7[0LIQQGC&-7XZ!/X!`0^.!DO.-'*GDEPKT#Y3,5XABUV-?.1:
MN;/+1_Z+7L0"Y07\!<)^$?.6N/S_%^R#1<ME/G)@V,+F-"^@+W1N*$.=Z<XM
ML=7.AWXF:+N[YRYWJE:`+A]%#X.\%"C`ZFA5V&1HV^P&\C>`SM05R%Q,/J<2
M^6`NYB]XZV4P*%5!"@Y@`<1P=E6'(L4*'D`F8I27+G+)9U_HCA<;;=SQCX=\
MJ5SR!P8<8`TK>88TH+%Y:$3C))O__.:E\0S/<][TG/=\Z%4?#6E(H_2D[WSH
M.P_ZV$-C]*T_/32>$7O/XQ[VG2=]Z6.?>=2;7OB;GT;N4:_ZT[<;#0=(P![(
M:UALG_WLB3?=).VNF+UTO`*4^L/B386F`3``#6E7C/8CG_%U;[S];WZ_81`(
M"Q(4P``6_S`!&EJ`!A>@@?\S0(,=$<`!%$`7(,`#/$`7,$``1,`&',#^Z[\'
M]#\'3$`$5$`*Q$`*1(,O.P`""(%5R(K#<@GKLS[6&3I;(;G!8+JKF[H6[#FD
M4S1&0;K5P#J9@T&9DT%&8<'"0P54N!B>&SH:I,&9:T%%@X556(6XDXL"2L$B
MA`5;@;DA9$*J<T&GR\$G+$(J[#FF@\(;G+J^4#0CA,(:M,$P/$$HU,&2:T*7
MTPHR)$.G&L,U),(E/$.G2L.8,T,V9$$6S$(<M$(XA,,^I+F>LT,[Q,(W[,,Y
MU(IG(`4T^``(@,1(E$1)C(!)M$1(C(!,O,1*C$1.[$0(>(!-O/]$"/!$2\S$
M4NS$3`Q%4GP`5$1%2CQ%3BS%4R1%3_0`%Q@%I2BO-B1#+@Q$1*1#-Y2[)<08
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MRJWDRJ[TRJ_L2CRX`ST`R[(TR[-$2Z[,RK1DR[,<R[:$R[B4R[DLR[>DR[N4
M2[O$R[UL2[WDR[\\2[$DR[2\@ZP<3,!$S+D<2[],S+M<R\:LR\/42LG,`SVX
M@U.PRO2*!FI0@0!(@*.("=`$300X`-(\BM-$3=0DS=`\3=-,S=!<S=),3=64
M3=&<S=*,S=O43=JL3=@43==<3=,,3MN,B=@T3MP$3ME,SMSTS=X<3>=D3>$D
MSM^43N=4S>(T`-BLSMLT`-STSN;43N%TS=3L3M0LS]V,SMWL3NW\SN<LSN?D
M3O+<3=UD3O>D_\[IM,[A;$_6;,WB1(#R#$_E1,[2S,Z8*-#QG$\$G<\%9=`%
M%<_:;-`(E=`)?<WI3$\(?4WL5-#_--#B#``5H(;-S$P)VLP5&``$0[`$4-$5
M95$53=$4==$8;=$7;=$:M=$;K5$:A=$5W5$915$9Q=$@%5($V%$$L%$CY5$A
M5=(E9=(F55(D#=(>==(H9=$=I=$1`U(<E=(IO5$KK5(?C=$?W5(N)=,E'=,I
M]5(@_5$U75$B'3$BA=$UQ=(L?=,XI5.0L5,P3=(9W5,7S=,Y!50^75,4/=,R
MO=,670`!6($13:\T>(`*@%0*H`!(I=0*D-1)C51)I=1+W51-K=1/]?_43Q75
M40752=543+744.542R752EW55$5547W55VW56K753KU43HW55J753>754'75
M4<W572757G5579U58/556\U569754Q5693U68X555GU64XU65$U6:(W46J76
M3&W66^U6<4W53O558EU5=`W74B567'57<H57<V563U57;;77;'W7:@U6?675
M!U`#1DVOUFL]:G`]@1U8@Y6&`3%8@EU8AFT]UC-8B$78B:78B14]UYN&$!58
MAQU8AV4]CIU8D%58@978CEW8BD79E$59TWO8D279B$58ERW8I938DDU8D879
MA3T)FNV]E]79G-U8CM78H(U9A"W9HX4&GCW_VI@%V9*569M]6J8%6M>+/9\E
MVHV5VH<]V*F]6:YU69M%6;`-VX>U/6E8RH+5VH:-6*==6K6U6I/%6I656[E-
MO;)%VZM-6[Q-V+R]6[C=6KUU/8B-!IK%6H`UW,-%W,15W,5EW,9UW,>%W,B5
MW,FEW,JUW,O%W,S57`41T<T]D,[UW-`57>L#W=$UW=-%W=15W=5EW=9UW=>%
MW=A5+X:5W=JUW=O%W=S5W=V5H*XE6-F]6<0-WHT97HTI7LHMW8W)V,7=S.2%
MH./M)^@E$.<]7.B57@.YWK.C7LWDW6S;7L5=W@(9WN\-T1'-7M&E!1(X`1,P
M@1,X`1+XUP6!!O'-_[;SC:#QU=[NU=_]Y=_^M5W[E2`U4%_V=5\2>(7(Y8``
M,`#[,X``T(F$;8$ZZ`,(J(`,P)@[``%J.(4-&(86`"Q:P!):D)%@&)`X:`&-
M6`-JZ(4)4`53$*$2T0,/F(`'.&%J>`4.E@80'04,D``J<3`>+H60`-%>\(!G
MJ(,)J(`^H`8.@-0-H(-)?0!3B`,(T#`""0&=H(,96`,JH8,,2-C-)($)P``,
M@(,2H`8]4(%>@-0'H!)J``03Z`4.?H89\`,)R``>8P$)D``/&`89GH`KX0!3
M4"%:,`$Z*P$_@(`[KF%J8`,)P`!5>`8,F``*D`,KI@`+R``Z@-0&&`4XB/_?
M_K(`!L`#/=!C$^!,.J"&$M`)%(``#P@&:=B`5:"&%3BQ"8"`G1'17K``"WB`
M41@&#H"`11V%G:&&9^``,<9,`H$#AJ(&$]")`4&#1);E#U#B%G"%9_@`"0@!
M$J8&1+YC-$`!%/F`5]`#"H:`(/80/68!8YYA%E!C2.V#8-AE"$`15BYB54!B
M#$`1:FB!G?'@#)B`.!@!#;[C?UT!*H&#9TY80)B`"3!C4&Z`.VB!1(8`50`H
M51@0-X``#@@&/S!C.@#1A%5CD/"%#>B%60X&&<:`9*:&$Y"`"5C4.X``"I@`
M.K``#`CF.T"!D%@#59``"L"`54B%B**%&O:#"+C_XS6``X1:@3N8X`J``$$>
MH9<.`0%!`T=VA6``Z@D(@1``Z@KH!3J(&A0Y@8AZ`S@JY@V85)"X@PJ8@#N@
MAC6@ZF%PZ3&&`U/F`PN0@$I>`Q8XXXPX8Q:@`U/V@S8V!3N&@!90`9T(@5-@
M`PJV`&Y>@9?.@&?P@""FY5^&@!0F`4`@$#J89)VH`PH^A6&P@`IH`#?H+X=^
M(%VN``=P@U$0(57HZROQ`Q20Z0IX`%=P`50>D$9>Z6:V93L`*0J(F-\=D,XY
M``/H3@#XJ,A]!0:0;CK::2M^@SC@@%Y0A81]A@<`A!%`@SMH`%=H@8B"`%>0
MA@<`86I`@X]"@9VF`P"8_X'T[@5:8.&*?H7UIH4`H)(B?H`U.`7O?@85R(!5
MP!A`D(`SSH!70``]*.?ZYH`2&(8UX&",7M]52`"XYLP3H(80>(,5..$0$`"0
M&)!>*($.Z(4ZJ`!JH`,/6`4(H(57X&8]R(!@X&]J^(!@Z(.(#@8,B(-@>(5A
MZ&4]8(!><("/"H%7L(`[\(57>`8^>``\6&\_4`!3<`,+>(4'4`4Z8``!D09:
MZ.I@@`,,"`999@$0I88^F(!>D.4UX(`L-P428`-JP``^F.)70(&/.@`._P#[
MUH->.&`"604MWVX.(`%:J``Z&(45IP8A]P-'/:\9$>0,J(,!N0,&4`4UP`!J
M@/\`AAJ!5Y@!#^@%#D"H8H;R.Y!GG3AO-RAB$!R0%0@!5W@`/:@`0`AR4WB`
M7D@##)!U5<#H-8B`5SB!$A@%"!B&%=CT9YB`(N]@+/>#"9`&"K!F"`"$$T``
MH*CDF[V#"7B%"FB!P_:%5N`-`D^%$0(`A#J%!C@%$E@!/=AT5O_=.@``O_8%
M`CCA/J=G1[U9J7&%#F+U87"%7C@%"'`<>%?L9W^&$@@!50"`/NB%#"[F/GB`
M.WB&%=AI#X>#5G\@6)<&J:'R5=!T:?!I-G`%,`\!6J!R0!!KEVF`85`!!#AI
M(0>$\GX&!+@#/VAY%#"!9Y``-G@&$LAN.L"`9V``."C_A0:@A340`,ZI$!8'
M@?C6\44M9D!X`#H8ADRFA@DHA1)H`8"_V0U8`Z_O$1SW!10@@5-P`%?(@&=>
M!070`SR`\0HX!3<X@5YX@%9P\FU7<@ZGAD%OA6O>`P`P!558`3I@J!9@@8Q_
M!ED&@3;N@RH_:SK'&<6!@%$`]`,A`0-H$@6`@).6W!;0?`5@@/5.V!*(`SGH
M\P-.V"F>`,N^DF"H`$1';PGP_#7P`%\(@1,F`0('*3Z@@ZK>;#:091MF`&Y?
M;$9?`;]V@X_B;MH_@3>`@Q?F`+@N@0J)@X"FDA.H$#0PY3/6`&J@?15(X0UP
MWP))`S-6\U=H@5A_@#=8@_7F_X/L7@`*>(6/4O:3)G\WZ`.>!X0`[P4,``@$
MJTZ\VJ#"C1]JPR;THA:-6HD5U*1ET%/AE!\(SR928R'QCH0X:ZBUD$@M(YR1
M:TQ0J]!'A8I7%?1XH$/ME85>$QB\,O$*0PLWHZ@1I>9*PJE7KR"\HD:GA"D,
M1!<VM##T)@<3$C?<(?HA#;5G%5QY,'!JA:D,0X<%*_IL`BUJ&MRL8AJG0IPW
MTHBR8-'R#H89:URMDM!+3H972%=1PU#G9H8[%8:YD0KH0P@W3CE04Y7!SX2-
M,UJ@"7#GC4V.=S90`[0!Y9J&<$(0#;$B`S4T$H=)NV.!UHH1'"-FD!;L`=,2
MKR@TK/]P-0.<XZONQH&SURHU-R!RM_!CX5D+$JH*>%A%HNC"IBU"]-H@AP[>
M-QM)ENC%854)-&''-NY#=(4*U*C`$C49`#+#!GJ<P$%3PTCPS!T>R,$:-2'H
MT<()%(V$1@G4Z/&!'E)!]%X`;.BAGU,CW!'`#'ZTP)$T%##F`1J*F:+"!W!T
M110(F>G1DD`IG)(8-0UEX!\U:=!&C0=W:.`!($8]X,8:P^#!VB@6$.7*E&H,
MT\<`))P2TP2-C2('7IJ%``=1)?@EC06K<."'+TQ-,`,;IQ3E$#6G+*!``P2P
ML2>AA1IZ***(/@.!`@:,M!=1)+QQQP$3H%"4-`_H9X%_TG#_<`H&K3QC&%%N
M(*`!`FI0DY,%KKQQ`@IN2.-`""$D1,TJ&9B@0@MQ<$:-'"=DMV2D:WB@R@PF
M'40-"?K)T8`)YZ'@0G8?$/6,!7)(5<(;?I1PBI8<<7@2`A@T4((K"Y00`F,>
M,JBK"L(ZV-0&&ZPI#000$/!8!B>8@((K&M@K!S7!2!#77A^\T>9=#QSP8U$`
M4G,'`R>$($U)1`'"@`DA#!/'`1)@(,T)#&2`@!X;#/4,!Z9P<`*L.'D00E>0
MOL+`!*]]1TTIMHHX:E,80`P'"X!(Q4%J7'D%"`@G1!3B,W@D(-%>"\6UP0,8
M($"+'`Z8<,)\:2``@0>]2!`""'ZX_Z+``PBH0@L#%%@P#';/?$!'`PXPH"<+
M;M"Q'1VL>:8';A/#U/$*CT%:!VN@]@%M"*T,"UDO%/ARPL(;Z7%`!AQ/A4$O
M&)P2#`8GP/3*!$%#S,$#!?CEQ@,P;^0<-6]86U(I".0]C!\;D.`1>JGGAL`&
M!]2!]]?SH8%`!3Q]\!@U'T2)`1__!4B"JA#=H9OIRH65+P-\L-$A22DM@,`'
M&XVK!PAQ++D&_+7V310=),P6`FF84J`*-2`T@,$!5*&""9!@!AP!`09(,)(,
MH.!I&7C&0PH$L14H*P[/*,L;>L$`$GS`%83KS(.,<BX0>-`#),@8!N)@`6F\
MX0$FZ%!F>/_$I@KY(00-:,`,%E4KB!&J!010P,X2)<0A$I$H<A!`:#`%D3C$
M@260(DI-J'$"B1PE&!-8!;[B0HTU=$@%:CB%`3)P@#>@K@*O6,@P]K0*#+C"
M`1V,0!I#`!8WT`92=)``:_`@(DY1PP1@>4,=I:B?%OAE(R:`P(OLMSP+*(`Q
M>UF)AW!#AQ"X(EQ%H0E.N,09JA0(26_Q!0<&50%5<$`"P<B`*3CR#.9P1`W;
M>8MWZ,8F2`&/#A[@""&)T@?</)(]&PG!PEZ#`OV<H@+!J$`K,&#,.!6J%178
M2S0D,)0UH`!44V%E!=I%`@8P<AC/(TH+6-*+")S2%#8,G4W84#C_A<"EDRUY
MA1N$192]M*`$;>$DSS(P#`B,HG*0"H&JTD*3XZ02`P^8``0FQIDU*B8N)Z`F
M'=1P@.JIAC5]``$@UDD-]TTLC`;``QVL=::4U6Y)?3@``-T@%E=,0`/!P&:[
M,&"*]21)GD2Q0"FR<TLTJ,`/'^A%`WKAAV,A@'P*H4!<@$<")AJ5+Q*9#1>+
M!`$C(2EC</B5!%;1@CLH(`TJ8,PP*."'MOBA`D3!@(O>8)&]J*%#-"G,1CB`
M!S6@X0X&()A32N`&%NC!`)K9BS2R20T./$9TF.,3%'<D%CF9$@-#2<,K.H`D
MP!`E`V]8F!\P(!-(W8$S?:#0*IY)E#J$_\`4!PA0"R#0H30(:R\AB`-1UD";
M4='"`]$)"T,0938!U*R(OOWMGBJ0FCV!P`UTW--U".8'!;2@`A+)P`9*0`%(
MT;0$X40!+>`@`6H\(`)%0@#,4K,*!@B(O!S`@`H@$!<V<`92P0A`AX81@5J-
MK$(O<@,#ZMD+%$R`!0W0TU[H`(#JA>`$%K@#+3X0H(W0%`_;G5`K#K`"$T`L
M1#<K;U@8$)<*;&`%:0@&`X:Q"@2\X@&T6)$5/[`"50VC`0BC!BTDT(*F#>,!
MTC#%`S:R%Y@Y)0'A><4,'A`4/B"@GJN0;5BHL8&15``/IBCR!%2E@&'`@0#[
M#`$*X.`*L."J`?^TA,`,]C:*`Y1$%0U`009N>9,&],$5&Z`C!E9`AU8H8`48
M8(D#5#$*``2##@M(@P2<J!`74T,"/VJ`*_"+(5<0A<<*84`)3E"'4S1@HU>T
M,5'TP%P)N`$0"4V#Z!Y@BE5,H`\6Z4RE0V`!%H3X`RH%@!_.1!2NHJ$!=#!M
M.!.R!M9@P`6]6`/H%(`"",3AU&OXE8*S6P&X)0D!PV``"C:@9FJ4FAH',(6B
M3<#H!T0)$$5^0!U.C2,_;'<#4JE:`YKB+R:Y00[YU?9_'K"&";C@%5.[,U$F
M`#$>T\(!)?``:T!P"@70P01@)?1$*/"!$I0)?]2@@`$;7"8,O"RA*KC_E`&R
M)X</('EJ,'H`_RQ@$WXRO"3*((JY6=""9[@8#P``#P10T(!G4#QQ^!I!"!YX
M+@V4@!:G+8&I$8"&*1&E%0A000G\X)N6W!(0`-!,K>L9#!*L&@XWB[:U##T5
M2)^`#JNP%J%V#=RQ^W8OJYC/GNYP"E/L:$]TX!\U1H$"-FRD%SP%<&NZH@<^
MQ$%RSU@#A'[T]Q:@(#7!T`P\P[(&%:22&J88;JG@_HH6M*`IU,!#0DY!>8`!
M@H)Z*@HM5$H-OL=A+Z:`K<:Z,IT^U6$8HT$!15U!!\K`.'-N2",=**B&9[CA
MY$*1@R^DH5(Y`&@DO)_/,TYQEPWTH89^4,7=_SC"AQ^U8O.J.(L*U@!D#*V]
M[7<8BASXUP?,24/XSS@^T500!UK(\_!/C,,)?C1YC[P"#BJ@.U%6L;"3W$$/
M`(+MC7A)[<2%&[0%'9R`Z%V+Z&E9=@2#*JQ`"\0$4?`!14D#&[!`X1V>XBG?
M$_G!8=6?0KC!':3&'?C!*\"6!O)>3SG%4,`!+?@!E[E"!.+!36Q>0HQ"5ZQ!
M7`3#&D1#*9P`;*4"P91":KB!Y%#&*^C%X:D@_A%%'#!:_ZT"!$K@&VB1'J#`
M2*@"P?0"&YQ>GPP7[Z71]$W,J$TAH[4&"]S?1@1@&FW4&8ZA4;#`##3$'7Q,
M+^A!6X1A4?1"LC!&"?_&G68`0E>T`@K>G8?\R!_VR1VPW2'N20$ZA9ZX8!]0
MT,K-&@7ET!L$@_EMD0KPCQQ@H$U,7N7U"00.PS.@`8;H`2U$(`\-`RJ>`!^<
M8-S9!&4TA"FHG`K0PB0NRP.B05L\X3Q=8.']6J$$PQF2'3(FHS(BRA,MHS/N
M200]HS3^5BM(0)IU@`58P`9D8YQ-X]@%PZUXHSB.XSBNPN>1(SJFHSJN(SNV
MHSN^HS<VHZ$T8_D1BCPB%W)%(S[.4Z+(XSUR!#_>XQ--@SXF2@3YXSXJ$:3\
MXT("Y#("EA)-1#T6BCY"Y#X^T3_R8T!JY*%8I$-&Y$?:HT@6I$**Y#R:)$K_
M;F1*3B2,I.0\(>1)8@I,RF1,<F1"$DI%?J1'9F2A0`I)AJ1`@N1+"B511,,T
M"%$S1@-"'J0]8B1`TF-)MF1"RN-1JB0T<:0_\B0\;B57=J57?B58AJ58CB59
MEJ59GB5:IJ5:KB5;MJ5;OB5<QJ5<SB5=UJ5=WB5>YJ5>[B5?]J5?_B5@!J9@
M#B9A%J975B51(.91(B8U*&9C$HIC%L4T,.9B)B9D7J9D,N9C6J9D;F9G;F95
M4J9H=F9D6J9C*N9I[LEDJB9K<F9H>N9HMN9CEN9L4J9KFJ9L+J9M)N9KKB9G
M?N9LJF9J`B=L>F9CAF9DOF9Q\B9F!J=L%F=ODB9Q__YF93)G9N9F;!+G<%*G
M<>XF;EHG>&:G<U8G>':G=&HG:RIG=/XF<%:G>A:*;[JG<9IG>4(G>FKF>W:G
M9L+F=HKG?!HF@`:H@`XH@19H75)!%4@!)U"#(DA!%5#!9#ZH%"@"-7""%%!!
M%ASE&%"!%#0"->2"@U+!+E!#&'`H&5"#*$@!%D@!*%##&3CH&5`#,R"H%(@"
M-4#"A68!->P"C4("-31"B#(#-60!ARXH*#AH%30#-9"!%$P!A5IH%4Q!+I`H
M%5!!&%"#+EPH%>@"@TX!%9QH,U1!@K;HBV*HC%9IAU)#)%SHE4Y#B4J!C]Y"
MD`XIA\;HD2;H+5##ADXHEO_2Z)26J)5BJ8HJ*(.&:(2.:85>*!:<*8=ZZ)HF
MZ(B&P8.>:(H^J)">09U2PY&N:)XRJ9GR:()&`C4P@I>.06,2Z10LJ")X:15$
M*(<^J8-*P93NJ8>"Z(..*)%*`:4.*IDJZIE&J8VN::""JA2(*I`^:#-,0Z[:
M*9(J*9,Z::(FZ)]6J:G:*J$VZ)=20YAR:*]BZ#0T`XTZ:JSR`IW"*8J&:+(N
MJZ;&:IZ.08Y2`R_0*"[\Z(56:ZRJJJ%.@X3"JK?J::/>:*SB*H>:JIPB:IG&
MZ(SBJ;^:*2_$JK'6ZZE20:JNJY@>*I]"J:SZ:YI:ZXBNJA00+*^Z:(Y^*XW:
M*([_6NEDONG#(JNR9NJ=)NF22BR%Z@*-<BF@7FF6)BB^9NNVLFBBFNF,_NNC
M2D&D<JB/5BH57*K+#JJ->JJ.QFN"SBN04H&IMNRU7FBKZNNK1BL5X,`.U``C
M4`,6U(#7-D,SX``.U(".,@+9\L!1$D':FFHHD&T-3&D0U$`-'`$U>$(-?*TC
M4`,5X"T58"G:UL`FN&@-W,`/?"C=QF@8D.T-\,(T\$#:AJTCD"T."&D2X.VB
MLNW7VB@1X"T1H&C?UD">9@'>(H&,%N[?!J[73@,O%*ZIG@'9+NXT!$':E@$U
M=`+D2NX.I.W@7N[7+N@1X*V.W@+=@J[HDN[7ANW8EFTS__QN#?PMV[XN+]Q`
MVEXI[7[ME/X`WNHMW_XNEP9N#01OZ7H"-6PN#BQN+C0NB7XO-3A##U2NV&*N
MV4IOYY8NZ&:OII:NW<(O)Y1NZ[;M-#!#X2XH[:XOXWZMX_8M#NS"Y`(O-5RN
MUPII\:KMJ.HO-1#!#=3`Z(I"Z2["D.)M$LBH]`ZP]6)O#6BO_U+##W1PC`8P
M#MP`!%-N^4YPZ1)O[3)NVMKHX^+`!Y>N\Y+M#IAMX:XM`6\P_VYO#<SKW>9M
MA0HPX.)M%1#N\%)#\2JP+M"M[HX!_,HO_5(P#MQOVB+QYVXPWIHJ"*?MZ0*P
M%+NNV\9NVB(PV0;!9'IO#70QYO]*K@V;;P5CL?%2`RXD[P9W<!`W;_W60`DS
MPPDS:.+&L0JS,/>Z,`Q'L?A.\0T+;PWHL`*W;P_K:>(60?S:<-BB+MH:<1EG
M\.\>YW.*IV_J9W,JIWEFIRO',GW.YW[2)GF2)RMSIW?^YW[>IB]/YROS,FH*
MYWDZYS`KLRO_LGS:,BT?\W5.,RXC<WV^LGVRYRYG\V7^<B_#,C7?\C=_LS<O
M\RRSYW@NYW>.LSCG\GFZ\Z$4,S=7LS;?LC%;,S/C,SG#IRYCLW?Z<S`;J$`/
M-$$7M$$?-$(GM$(O-$,WM$,_-$1'M$1/-$57M$5?-$9GM$9O-$=WM$=_-$B'
MM$B/-$G_EW1=[B11FK1*KS1+M[1+OS1,Q[1,DYT<>`#.U0H)U(I.@X#EW21:
MLJ16^G0\-N5*LR10!K5>_N18>F1(3H12(S4Z0O5,1[6``,`!&,`!$```$(`!
M8'56G^-4A[58C_5"MX`!-``#)(#0>(#N,$!:PUU1G((>Z($?H%T_"C4^O@*2
M2'51!`,>S/4BGL)5*,KT?1]?NP4>(LHIT$%;&(4>X`$?I%'4I)%2$XI=N^-3
M0V-'XLJM5/9OH5U!CL)?WX'EG<(=1,E$^,%C`P)/]@$MZ*)(NG93(^5FOP(/
M5;96!H,>2$.;]21/JN(S2H-2J\)H?YXKW$$?S(=H[YU=E\)?_P/"98\=5"J$
M'LS'/:H"'P1U00Y#=>])'_0T63-C1Q2`6QN`?M`!>2_`^?#/0^P%"01``PC`
M9.#U;ST$'"``,@+"`2#`59,`"+07HO@"?R\``4R;;P4#`82C$M688%'##`!`
M`QQ`4/7"`K3+7>L!;!VV>/<D.:[`=AF*9Q^**3R*H6``>1,`U`G``@C`I3P;
M`C"``-A4H3``$RG`GJQ!*B'`+"7C/=)!0I'=$_6!``P#!OS5C:?2/^KX;!/1
M7O3"BW"X"L`W`72(72D``6S`1I@XC&-Y47B``,3W`XWC*0@`>/.C714`L6@V
MAX]Y4[B6`2@`185WHK``>3/``?B!-/^X`@,HP`(P@-L0"MJTA@'<P3.L`BTT
M1"]@49&XPC`<8_)!"BT`0AL.0RDT!!T\P):,`E_O!1P\0!R10*$7Q2J`]S`H
M0$(``@$`V"FT832<0KNH@B^T@C0\@RJ\P@)$B7LI^DEUBH-K22^XT$D8ARN\
MME$<(RVHPEYX0(8H!+(S>R\T1:3;]2KT@BL\@S2<@G6_35$H!5&\0C`0NRHT
MA"^\0JB_PADFWT:(V#!@^Y8$`QI(Q3.4@N3LR3/TTYZH0AZ>PEZX@N6A``?4
M'5Q7EN!UQ@#`5AT$0$)(`*/1@0$T-E%<WUY``!W<$7K86J;0`;$3Q:KO"2V\
M0B_`=3"TR[?_ESMC],)0N$(OT,(Q&GI1M((6.5[``\*4G4)<U'N#/$!JA#M1
M0,.J2WQ/)L6>#/M$J$(:T<*\RX$$-(B^[\D)@,5>/(,"!,@I$`!8"(WC&4!"
M[`4'=$@?)/@S*$5#T$*[='PP]/0P-'M8`$)#A(4I-(4JD!BNF$(S5@`;O$(`
M`:2K/[R(K7VC#YSE]<+<6,R2A_=>T'D#,,\SE(`T?,`!N#4"G*-KU1$#X(&I
M'``<]`$"&("PL`$#;(``C,0H/(`!;(`T`,($3$".C1A:OP+%;)0$0`"%^-:E
MNW<%<(``V(0:($`"V,1>!`,"W($T^'@PD(X!9!63)(#01<,-S1P)_Z`4`@S%
M7N@!`Q``J$_``3S`R9%$N'2Z*AP`+8#,`:P!I2"`9M!!5D<.C*_!*3"``5C+
MYBC`"0!"!$@`!;1A2S2``D!?\<=%"!2``<`60+0X<,`-M1$9)$A(TT""-#H0
M,B!`@P$!(&H;#D@8QN=`"`,GJ)E",*$!!VH>*B"00TT:-5<,&C"PV/(#2#</
MJ*TP@(#.,P@"4)Q2<``%-:/4,O1\18U-@Y8755"#0(N:'@/!CJ)`H*"$5#D/
MC](Q8,`/!@X3%+BB!N(`!%4LJ:%PX($`'6IW&!0802V.A`T2,1PXA??DA`QD
MJ;78JH=:&@0\J96HH``-7$`(ADTHJ,'"`?\_>`@4*"60@9^<!C`8L/N4VK,*
M"Q#$@9O&`K51!X;)06"`!34.`C+0FG"`PS.X)U8\4PO(@%IJ+#!0P\#X50'3
M+3>`'%:Q10(#=^[L7I&X008!<*CU:4#@@S1:%B:?DA:!`0(]KZZZD=`@Q%%J
M5&E!X)2C/$A`(FH8X`"""+#*0`$+%%C*J&B>R8`-_S#,4,,-.>S0PP]!#%'$
M$4G4L"46"%AOAF$"4*4.`ABH;T"C6BKA`1:&>X8-`_IX90$X>N&1#@)&H0.!
M9RPPP:<T5,#@F3B"4:6@!M;0@P%J)&`A&#F,`S$::N1P*C(%I#D!A&<$O(."
MHWIIX#$`NI),FA#_-*!&C6#88."9!D`(9A0"7+E#@%%H9.!.!>A8A<>C6JB-
M&C\8&`6!5^H0`(]72O-#`FH>0$,5#((A8;P'DFO`#5,"<$,:#CYXLI>C*L"@
M%S@@.&F-4P"=@855B/2#@%Y.H."9"38(AH!3]"C@E18,&(:"-/3`R8,U3!&`
M#TFI^<`#:BCP`-=5`&',J%4*F@"DEN[`:8-;"U#%JF=F^(`:"]8(I@$)?2,`
M`0)HB2."HT+H[X$'*G`@#6J^I,8-5ZS*["N<C!H6#T[EE8`.2*DAH:B65D`@
MF!FB,W28!.ZPZA46FGU6#P6H"0&".4L8YH!7WM@`S5/JD)6`/E2YXZC+_YZ1
M((Y2"'BE#],DZ.,4C],XDP`_JEWMJ&'4*+."HUQ18!@T6CW@#D5'T6.":$ZH
MF+$3"5`@`#Q6.>!5:M:HE0,&*GB@A):^_`""%B!@62!`6D&@CE8(,,4-`TYQ
M@P%ILMP3#CJTON,4JK/UX)69(5"C%RXQ)&&"HZ198YBF]KR;`3WX:%8-`_!-
MS(!52HQ=]MEIK]UV#E%NX`!"6Y$&4P7J>XNU$A(,P:(6KC;E@6$R7@&L9R+P
M8P)"W<!`4@/2:&D-#PBRDB\!%I`ZC@DTP,!\##*80#:XZ'"@I1!`@'LZXC!P
M`"MJ@E$@#H8K\@"]4?0TBA!(H`+#8(#/X!"=8/]4Q"BN>,"K5!`"F0VH)8TR
MBA\:())>Q*%6@CC`!C+@@%-0`'8U6H,T&@"[>/E!`<;1PT!4=10)K,$@#/A`
M`U!P!Y.T)`[1H48%ZH`">6E@!=(XP"H(XX;/56`-*U#`#4_@AP3\1S`8J$-B
MHL,!`'#`.49Q0X%ZTY)A0"!:KG##!A`&@3Z\X032>%`'$,`'N&#`#:\H!5-J
MU1(0""P-'H!`EXQR"A)8H`'#L!A88&4*:C1`-AEH01H2H+<.'`>-_EK%`^-2
M`CQ<28D_=(/W.&""G'#@#@?H0*R,Q`$,/"`8)P!`!2A(C<MDIB`8",`'J$(!
M5]#A`!XP3!\:PBF[8.C_#B!X`!J/8H$>TN$4+SL)&DY1FPI(P`,*H&%+3G""
M5XQ"&I=Y6]PN<@(5'-$_(2A)"!1Y`C0"LR4=2(,;KM8+"/@A`BKD0#`@$(`3
M,(\.'V!`"?`3##<(H`$3\\\:`C"C"PZP@`R86`78P(;X+0U?TI"&&QQU.XUN
ME*,=)=&)#*"`"3Q##W'P60<.$#S0M:P_<+$@IM2R`330X4JT8(`K)N"S%FA`
M&J>`0P#HP(:&6."3#<"?*5H0`(M0HQ6H0UT?]`#55OB'#@]X7W_4@(%3+,`/
M?NB)4?*W5`FH0534P(-;$%"*A^S)9^GZ#P((A3\&#"@$^Q007%S@PR;YPFT<
M_Z3&*DX'B#KTX@$6<<,S4$##!ICF!"0`A)[PES@`#),:$Z!ADW9Y"CILREUZ
M@,"7'J`'%,1O`W>0!@)6L4D[=:4";E@#!EI!!U-8R3V3XH`:XA*=5OAAF@B#
MFU4Y4)2CG*`"&:`&'3[W#`88#B0/<,,IY("O#/0!+G<@`.Q>D0#92"`8,AM/
MQ!!5"JU-@`Z(-(H%%.F`E60`#>-#HKCB4DD)M$F1(5"!]]3`VJ*>1)0KX```
MPZ8'#':U)[0`1(&Z!(@6,I$:JN@#!**C2STT`%E\,$4#@B$-!M@%D'XX`"W0
MX*B6P',"PP#LJ^A8BNADIQ5RB.4)KND2`?AL6"#!`/]UR3<AWPCW2RA`XRD8
M@&(WN*%6I[C7/.,BKU3@`0$H``1NA!B@5PQC%"H0@/!L@P!%'N5RI:C#'QO@
ML];2X6JWD=`K:,@',7F4S6UV,T=1ACT$!>!75G'36_SC@6U9-">;^B$&T!"`
M5=`!`&@(P9I,P``W#(`...J#UU8@`>NNH932"<$="K#E#_$P`2WQ`!K18-0&
MM*`$VS)*+PZ``1)D0-!T$(`;%*`"51`@#C<<QG>HT0L$E,`$`)@)-31``34(
MP`_!$$`L6T``$H"@`';P!0!>H3BC0``%3<H6!-(@@&&LX`&J",$#V!"`/O2!
M`,8)P71PW1(&5$8//($`'8;_00`59,!F!RA!"0P@#1"8Q`*F3>@=#$"-&0@,
M#:90#03NX"MJO"(`T2:`&Q"P`548H`XAN!K''L#D<QGE#@#`K2L,,-HIPEJ`
M&V##\HXR@;.UAI`G4$"M]J06-P!@1I=3@PH(,`Q&PN%**0^!CPI2`12`7`X,
M-LX@J?$&!`#;L@!0:\`'SJDT`-S2U%#!!-R8A@^08)$M6/8"W;""Q5UP`,-P
M[BF^PP'C2B`$HU@`&S90E&.V``!Z<,,.J5&'[UA@35@#0/RD\0`.L$``M!A%
M`>Z`A@?0]([O:P%<J&&"`YA@`@502TYE.5FX6(#K?$:Z3P8O@%ZX(0#;,^X'
MP!T`_SV$!Y@LX.4=(/`!5P3`%18X01Q>!ZO)R]XH?XJ#!PJ)ZP>TH!<"8,$'
M&G[J`JA``B=XQ@,T_6;I3Y_Z&T(95USN``6$@`4Q0@">X>*&"X7E\?\Y@0<F
M)M06?&`ISV@!!]Z`/Q]?J!?V38-L0;**$'C`9_YA34M8XX)`@BEH2`^B`A`^
M(`3`;QA.(&!`H/]JI@6,@PT\X`V([P1FY,#6X`1@!ZQ4P`.N*%2HXDOT(&",
MAQI\@02&P0^B(B0"AE!:B0.H:Q1*2QK\:R5,H02,@Q9*@`/0XRCNBR4BD'GX
MP`-,`"M.(6`4*:*HH>`,XA5,`23T`#U:P&?.J`5Z2I1$,/\Q2$`-*B,.-J`$
MNB@82N`$V*`@V(0$.A`00H`$WL(5/,`-R)#_#@K\J&';.F`%J,+]F`>Q?*8E
MZ&`#PFY9_``06M`HP%`55L`TVHLO-F`%[H<O*L,/0"(8/M`N*+$JT(,%].`4
M0$(-T(,.'J\//$`-92D!!P0/.B`$%&H5='`%&..,3H`JP-`5^B"4ED(5/@`-
M@D(/,BH:6B`$+-#_4$!<7J$$/H"ZE$%4W$\068,.X,LHMJ<$9D0-\`P-+J0E
MTF!]C`(.#L8ED)$Q&B48J6(86(`#5@,--H`%GD$:5&`$W$`-:$$%==$#X(L!
M2R`$>,\H*-`">P$%%*D*[X(#V.#_!-[F4<*P'2L@&JNO(1W2HUI"!0(``01`
M``:"(@-@((Y%=M0`8A[R(T$R)$521-@``S;`?#(``S1`6S[@)#/``\I'`SA@
M`$>R)C.D#XHB83C*%U7I?##``SK@`WKRT]`G*",Q1'#$)D/$#96R*9WR**H'
M*#E@`S:``Z1R*KM(QSJ$SRK.1$`G``,0+L*R=L:21G02\GSK*73R2\:2+6D$
M0]3R+>$2+%<*+3'$+3>$S^J2)<*R+,7R*_,2+<?R*?R21O[O+76R9_J`#U"'
M,?7@,9WJ,?F`,4W#_^0R0\H2`._2*RVS+^?2,A$3,T%3,`'3-J@"+CU$+^V2
M-6@!#QHS_S(A<S(?$ZH>LS`_$PZZXC"/`B_Y$C4YTS+/DC`OT[?`JC*?\CB1
M,SF5<Z/.<CF=\SFA,SJE<SJILSJMDW9L\SJU4T2$D\\.$V_LLD2R<SNE3S@A
MSSS#DSS5<SW9\RE5LS68)V+B<RN'(3NEX1GPT\T`"73V,T3:43_Q$Y#PDS`#
M%"P#5#_'LST5=$$9M$'9,V&:4T.>X0,4``T7C@'DR"<*PC:U8N4VI`]@0@$L
M9S-%,SUW\RB"X0$(A358H*5&Q`)^4$3.4@^,(RZ-0A5B0@$P3.`4``%PZ2X0
MH`$4@`->I27Z8`&$=$0_RD-2=$47;M^TRD&E=$JIM$I'DBY%I/\%R&MF`.9J
MUN!(/`1-5H)#6N*%[B`.)L]$9R<8/,,_:,$`Y(5$("#&-"0X,<05)*`_CT)Y
M5L]G7.V3$,`DXJ`"^J`.&$"4RM1KT!11.8I-?^TR2*T#K712*;52+55$HJD"
M7N$4-@`[]&`8-D`"3",?3W(&JL+4%JX7>N&FX*(5O@,""@(%SLT/V``"-J!(
M6R8C>@$0B@MV9!4#EFIEC*-L](`#.("&6F#X_D,#V$`S$!$"1H!YUD`",F`I
M:K4"3`%-ELHH3N`!.B^0,``"3'4%4("XED)34,"YX&(4+&!.JRM^A@$#3&$8
MOLTN5``UI,&S/N`@2R&CN*4K'L4`GJ'_GXQB_^!"#Q:`>5"`2#,@8*1A!I3U
M%2Q$`M"0@T+`.*85`Y8B;M!+6\./`DY!3R]U9$FV9*54`M!@!GBJ(H*D%SZ@
M!&@%*0Q@#52@5DA@SR+&`;C./TY``#KU)`@`#11'%6XO+(A")$@-)SY`WMZF
MW:`*`=2`T#Y@%=!`?QH@#>*-`]#@V/3@X3``G01#!=P@&A8R!"S`8UNB+'[/
M/UC@!/2`]E!``.K`]A#$!-8``-`#FU;`NIS#%=Q&P9X!?0ZG%.Y``>``4^H`
M!#:&&DXA`3!``KH"`L9O@7KF`=2@!18@_LH4`?R@W="`%@+``O1@!A8@#AK@
M3@B@`[866;RV_^W"-NA*\&P9")L*8"3FTV1Q-W=UMSJ79@W0``&D@018(`XT
M8!@4H`7>@'5F\J]NR@(H*]?(3*'^2C6,P@/ZX\E(R3^>00&*I#:4RQ0"QC^L
M0@$,H%/=P'U^2#;@0%.U["+>8`6Z8A1":P&2HB5>X0Y2<CNV=0,>$YDBQ@\$
M@FBW90TLX!4:X%4D%RZ>H0]6X`#`#P/B@`5TD%45UQ=JQ4CH@`3\C'&';P7B
M3P(F5S!>R)8J@\_&ESB>05'>H@+4MP("1)$VX'V[PA0<@`\4H'X7[@XVP`)&
M9EL!P0^42S82='>)N(B-F/I&00%,0`4D4`\R(`/@8'OMBP4DMOPTX/\$+.`@
M7X$J,L!4GT*YQ&5Y$5(`QJ,EMA<0Y,"XL*0$SZ5,&6#*6D*HSLLN^$`"5N&N
MXE`%HL*F5D$5.@`HGJ\%3("'%6"IMF-@9A8N5("%4:ML[,0"+HEY0!@N5@T.
M[FK$4((/[&4I5B`$:&%3XB#65$`-NL04KN8H*$"4`K87"+8$\O0H5@:.&VQ2
M?L@N]$`"5"$!!B2/]Y@!^M@#`'GX!EE_%=@X,*`WCCB9E7F9I6][_6`40,(G
M(@1+XN`5^L,"RN\-#B!^X&($),YK>A--^B\#N.X.V@,E?`M-_&`5`L"K!.`9
M.@!@6P(/6@@NP"EC-`(#0"#>T"!(BL0`:`'_!42U/4@`W6Q0(QB()>Z`#DX`
MEVF$)VCARDK-3K`N`=+@%`(@_EK#`/1`%08`_%X!`5Z9`53@3>5@55U!*((A
M#@ZF)48!Z^[33@0`&@]`7BAPX0P@*C:W1AOL`-0B!$;*`B2(`&8@2`"!#@H@
MH`<Z>$4WWW!$9GZ-`SP9KNX@1IGYJBF5N((#J]],<=:M8)'I#F)"E#2@,OYJ
M`"ST/SA`6;47`RJS!$QU&#S``CP@KEH#`N2(!1K``0KB`\8C8:*%IS'**"2V
M`325%A:@`QI`E)[!G-0H<!]`Y:1AE822L.P:7>)4&B-)`D:ADQ7F:E()`O(V
M,1(`!*8'\C!@`/D`_P+XXSXG8*100$?_L,&X^2C6H`$>(`1>A0Y:<%#CT[,`
M217>>.$PP+"W6$07NS4<NP\@6[)7R0.(U`&<5!4D``$>;X_4E*NUFSTU0%]:
M9[LY*C\C1D"[1+Q500&F2HSB$<;60`W<V[U9``W48`U:H`76@`UH%@W6P#CK
M<[S]FS^U%Y"DH;]#6CY88QBZ1!J"H;SKLS[_,\`Q!,$#U#C$>\+](\/$^[_A
M\RB>(3X1''36@`7:V[W7P`U80`7NVPOM>[Y1(*X&W/\$_,-#VA14\\-98L'E
M<\#O,P"?X30?'+R!7$&Y9[@C-,AE9SS/$@\`0)5/C01*``7N+<KO[02B_/\$
M3*#*RZ;_?G-)+R>6%O095$#*2X`$2"";I/S*RS`$J&M$NMS(W3R946JXW_PC
M7:$.AIAVBGQ$I,$51':[]_S.YSS0%S1A6H(##(!5!=TFO9,X]7+1>_/--3/2
M_U+2$[W2MQNE%F`I`-W2.;W3/?W3V>P95$$5^E@57"$#4DH/7&'45^$4?`'4
M83W697W62T05#D`!<#W7%6`!=)T!"*"E:3W8A7W80?T4!,``"B#9TX8!R#?9
M"\```*#\B'W:J;W:P=L7ABS;X8`"$&`!T``.ANP-UL"NJQ,\.0I+M7/3K;WZ
MU)WZ\GS6WU-WX_R[U[W>[?W><Q<`HZ'0#V`!U,+_HMH=)%TA^FP#.5!@FT2V
MPP<>1+3G;-0`!8@O7[?R(-\RX&UG%!::W(>30TY!4K^$T/]#CLZS-#'D&8`X
MUW[M/./R%:YCSH>A3YF'-=Y=>T]>+K\8#[H$0O<20UJ=)6K^T25=#W#5S:7!
M#Q8ZO4>S0P#A(.DR%9ST.\MR5QO(R]&S)4Q!D2S^*`P]T[,;.0,7/=P2#62-
MN=5`&=#2.()*U!\]/%NB%22H-=SZ#B1HRS0S8AH,4<.RSZ7O<3$`V.54C3?D
M%+Y+0P!20_0``*A+#TX90V;`0P'!5`/=#PK@)+-21`[?-(K\&4[@*'7,%(0K
M0S#@<Y3!`4Y3?"'_*%A`_WJ-7+DPH-^Z7D.,3=HUI`[26GMC!C4#C2JB+D-,
MH`-YB!MK9]ZK<Q3<P*#L66K8X!DV<&+4(!G=X.=6817T^!GPH`5F,6+6H`2(
M7U.5VSA:(`Y6`0X3I030X!E2(02JL`(&M@3H@&Q@\01PZU,;<KI@>03D@P]8
M0.,SQ)0K`'96X?8`8E0O$B6>]?*SJH\*/=3Z>,#3RH`;:M*H6;2(0@**AA72
MW*%F*@2<8`Q61&OAX14M/\/ZM'AS,:;,F31KVKR),Z?.G3K[9+BXBD0=:JOD
MM,B9406U9RS6?+RSX>DS/W10/'O6@L2P%0QZS5Q5@8(J:15:N)'F2X6*9QXH
M2/^CLP$/-3VO`,%9\8RGWKU\^_JU.6R"5XMO3M!JV,*/S8IR)G#(Z^>$G%7#
M3H08MLH4+3XJ/LKYH$K/`,4S/4B8N&8#&D!S/?@Y18#.,(+/3JEZQ0<%P[\=
M#C!X]3>X\%-T*%YT,V$$AU5U[I"@1D(.B[EQW*BBHV+8'3=H3ND92BT.3!-Z
ME"X-D?<.'#KEJ8&^TZ+%JE5O6IQ2>J+/B6`D3/EY-HQP>VV`@0>FJ/*`&Q*<
M$D$(P-W4%`IK4&,!&AB$<,<,&]0!"`9T2+"&!*LTP-V(<<PT3`9\4$`-(`DV
ML,H$:+@0HQJCJ%!""WIHL(H"<31PBH!"#DGD317YP4#_""@,4X$:$_01AP)P
MX#0,!BM2T\('7`5SPAH5]-(`+16XD($;:V"P!A\A!BB3&O$=Y<`:$.AA0@AH
MC'+"!K2<D(8%U%!P1Y,6L&%<D88>*N`S$'CP03!T5&C!,Q)XX`I.'T#EAS00
MP*&`&WVP\$$<;)C@1X(2T`&!&V[XH<`HA5HTR@=U_,1&A16HPH`;:IS"`!]T
MH!%5?'=(P,8#>?G%@0$*/(AHLR`55Y%%:T!+#1UPE%#=#(16ZX8K<DSX"AMQ
M/&.*7-2XX2H;1EGT#'K4L`$''G[TX9ZN=+AK2@N`%$=''$.YXL$,SMJTP0EN
M^+*"4B6HH0&S-E6P!@D<!`-!_W@D/&.A'K'>2XT$M*!@P406E#+3'1'H@<`H
MH_AIPAULR$B-!Q^YP4&:(;12`349[#9PSS[+=&2J>.CA9QPJQ%%"3B:C#,@&
M@/0RP5QY]O(E!JZX@4(K$SBHQP;41",3!BVH$*D$S]2Q@A\2E#`,&TG?40('
MU&R@!P:^H&'>SWK__$P$:+CQ#`=#9=#A*CB!24<%=_I9PH1I8%`''"SX(7<%
M?H"PLR\3L!E3"QS(@<`SHU+#@2DF6!"'-!.X@C$&>JBAQATA='R87[2LXDJT
M>PM92G%Y5?0W-;T\\X8>:%!3ATO5PI&&*G?L=T<:XX[RT;D3D8#'1DMUT`LM
M):Q"1_\?#)W0B\HKO%)*&BN,8@(U+9]87`GTZNXS!O2>ZP'I=&#@,$VF+."!
M#3S`%1-0!1I*\`&CT*$4'I##["3P"C^@3`\9((U%*E(""(3@`?9Y`.GZ4`H_
M-"`.'\##V.K0`CY\($;4L-_N7NBL/F#`(JN`@#1:L`8X/(=^,<&@!CE8`G19
MP`\%]`#4>F&!5K#A!,,H#P;N\!.9N*(!&_"``TH!@5>D80:TZ,,'2+#$453@
M%%[+`!XPT(L6K.!5,&RC@(;A,8N8H`72L(`K+*`*G-!!`1^PP`94`0&V((T-
M:ZC."OK@M0F,P@]R4``1?3$3"U0@!`K`0QPX$(T*O$)\!_#_0P56P0$ZM.`.
M:/`("*@!@=JY<96K8(@>:G<'#4CL#GH@W@G40`TTG``/W@/$*?!T`E_<01JJ
M(,TS5'`"/;AB0A0A`0A"4`IIX,$4K#'%"DI`BU/,D18D6*;!@C$4.:@`EWK@
MG,\TL)MG;$"#PZ#`8&R2%8MT@)83P``*LC0!&WV`8ZOC``@\,(P05(!^D@I2
MT_I0@2JV*X"O8,$$9L"!#9!`=CC3V?U6B=&_]$$#QE$!!"@@NO;Q,"8%;5$&
M3N%'#)P"`R2``$I[P3\W'+("'G!#1*@%MC5\P"(Y^L`&*$`+-V"``_)*@!HV
M,`((#,,#=?/%#-:8T:CRI9T/`@L$_XY"`</=I`,3>898SB2!.*RA`Q8P2V+R
M9X&ZA:`@$GB.1<!V"@D$R`TE2!P&\'*A#RB#`QY0`0@FL(8T.&5V@I&J86FB
MNY&.]"+16&Q?>.C8G@7C6$MY15Y\`;:;#,\BPPC&JF;P'%<,8QC2F&R`O"(-
MRE0VLQ<<C#1ZH8QG6/9KJX"D;&7;60"5EAJ3/:QO<;+;"[XB0``"KFN'80?V
M1*T7O9AL,'@KC>+2HA46H84Y>7NL8=#"(,^EQBN`(XWM,C<8I7V&;:_[V_1>
MI+N<?45%V&N37D0K&+18PRD^,"'1FK:X7E&&*O+"7)D\H[L&`9![E_)?:F@7
MMZ.]2H`PJ__>"/N,M1(6$AHB@($\5GC#',Y)1?0P@0E4[U"LC6R'3RP<:63P
M`^A%L8M?#&._/,/$%Z%QC&\\L.C&A,(X[G%&*6LH'K_5QT0NLI&/C.0D*[F-
M0EZRDY\,Y2A+><I4KK*5K]Q#L$5+RQ2)!I=Y4I%HA;G+QK'QCLL\9BZ;&<M\
MR6R8QVR<)MM$S5\KLYUW,F8QE_G+;"[2EK^69C;JI")T1K.@@4OG1/=YT8QN
MM*,?#>E(2YI(JG!#O^0@ASAH.M-TP#0=W&`*G3Q#TYLF=:<W+8?U[,0/;BAU
MOTH=AWZYH7^3SDDT(N=J3)<ZT^/2"1[<H&M8;[I?(]%)*UI-:E[_QT'7F7[#
MB&N]:F`'&].<WK0;6).37DB;U,O>M1S<P(>=W.$-RWYUMY.M:2!#6](560,`
M!`"`>,M[WN\&P%%HW(L#P)O>]`Z``!Y@YA``(`#\IC>\S;5N#SN`X`6?MP`.
M\,Z;8"``#&\X``8@@"`9B1IR```!+!YOBDL@X3L1^+XM#N\3Z,0/_@;YP`$@
M-YU,H.(H)P!U2<[N\`A@!7>@@\][3H<Z^-R$`I@0C4E2`:`'W>=,O\,:$&`!
M&E<$!09P"M.%[G.AZX$$`Z"7G'%.D0D\X.I,IP/0[V`!!L#7)AXP0`OPL'2A
MR]WL'CB`X6A\!P%$A>Q+-WL:#L!1L-\$_P4".$'/L8YUGV]=`/?&R2@(@*&^
M2WX[!YB=3C#0`#D@GN^Q1(`J!?_H.`#@(XL%FQ\`P$PJ)2!_-U&%`2KP]9B<
M0`!:12PUW'U1T,]$`A*@\082L/::="``X:Y)169?>^,C#P!NM<GC9ZA[H%$#
M!0`X49-S:F_@4F,4`3C*35YA@-G9V`(-4/=,0F"`SZ_;_'J)?8SA``!H2>/+
MTJ@('U!_:)D,(P%>FS]%Q%P1I_!Z4D<-LY=']5=G>J8&`#`_/!$-QW(5-G$5
MCE5BME<3$6A8TL![>09HA?)[P2<38.,!`L`0OT-F"(A\.G$'S$=F=E81@$``
MT*<7E,5^[')!E/^U9D/&8=0'$R:(@,:Q@(UW$Z40`-/A?WI6$>!G>3E!?@$"
M@!=4$>A':Y/6!R0`$]0`!Q8T$ZY`>B53*76&!B3S8A4A>L]&$_>7>C<1#`@0
M<S:A"@?@%CIQ`@.0?-*'>S.(!B3@7BI``AK&6-2`!Q80`BL`#3$1!YP#"-C&
M$R'`*%V841K8>SC!`0H`@J5!?#B1@AM7!P&PA#4Q"@,013P!""0P(7@0`B<R
M$\>4%VH@/A9H$7?PA37A!M5S!U,(0U-7?8MQ>]F7$]PGA#1!"^&W$^17@Q>!
M?H>1@U=V3-*P`N4S`5HH$ZLP):U02]3@"XH1!ZU07-2@`L9$$<7X6_#_YXC2
MUP?XEQ/#P(8XX7H#)8>TAQ-WJ!-@<P=WH`ILH`?EE#1#5A%FPHW%P0>AYE[/
M0"]4<0HS5A%YT4H5H0RGT%W2P&(.&6K?B%$2$`&^AP"5*!,>$``-6!,I&%D5
M<0<!,`*Z^'BAN!-K,0.C,!$EH'$U5BU.02C`L4@TI%6900W;%0VM<'.CP"QH
M4!PW"8XO=`*YN%CMEGTTYHLXH83#6'XX<8PD=PI)@P9UH!VY%XUTT`LK$%@!
MI0)F9SI?V(T6<1;>P6$5(8XX48Y&AQ/!D`!M.!,5L0H#J'US6(<]M(N*L68J
MX"J700VJD#>&>`*GP`*.L@9Z>0>]H`):Z0<>_\`"<.`?6*@*3<$&[;(&*D<1
M(:`,YV)VP<`<JP2).<$!P*<3&EE\-D%X=4D3=<""-S$*`F"2.>$*S^$&,`$(
M*.!8)9`TU.@':/!VH\`")S`*=``"+#`*>-`+;)`5J0`?#R$M/TD'L1A50XF*
M-N%NWD>2W9=_U26,.D%^F7D33YEPI_`<:"`'<]&`J@`(E`4^SS`*?8`&FB8\
M=/``KE(187E[[#F.Z@4V99A_%9&6V6D<;.DUK2>7.>&1M@>/'C9]K)$_;*%Q
M4W%S^S,#*:$*K8`&>G`'*"0\>#!,J\(0;!`,WM$"PW`4:?!<TL"7\XB5X..9
M$1")-_&!VC>"X5:4!?](A]JGFN+G?#&H%ZXP.ZI2+2;07:OP'\:Q`CN5"G+0
M"ZI`;BU`"VD4!Z80#"U`!Z^P!L%0"G)P/!QJ$6KPDW&`FK=8@``P)9%5G0`*
M*]BI?,&HHSA!C+HHA23W"BJG!J[4@&]0`L]%"\'@"E5:5W&0!E\:`N59$2N`
M;9-9+AP&-F=Y$_^9$P*JC@6JBZ?YC@`0;NYW$:M!#4F3)A<Q$.6)A1.A!ROP
M*YZB!_5A$7I`+W'@!XKQ!J9P`I_F"Q,!HI<9(!=*!YPY%,E8)!N($QN``"UF
MB:79D>ZH-*M)$V#SB:]Y."H'!W)0*6O`3'1``K7C!RZ`!GW0"^RQ`K&6!E?_
MX9/#1:6T,"Z]<SR`4#W38A&3<5C4-YUON8O6.838&5E+R9T,$)1/B:F+U@*C
ML`(!<H\T<0HH,`/;T1W]D39K`*TG@&TGP'.M,`-Z0*4GQI_*YZAKV98X$9?L
M:*#&2IT,B*9#QFIFMS\21!-N\`%^4`)Z0"DLT&GW40JC%&ZKHB,M,`/75@*^
M,"%H`$DMM&S/L09UH`83X4:?*8D*(*P9*0`TFJP%Z+'*MX(CJ7PEN1?ZT@*]
M$`+^ZH<Q\0',E;5U0`)^\`9LH`9O\`:%)"X^%R[/``AZ\&TDL!MI,%&G$`=;
MNTI@0WUEBJ!'Z7AJ:A/VRH1-^9WIAW/UI7'?99<6__$K5V%IP^1TG/D,K601
MNYD8P[`&=%&66#AZC643_TEC^S>@;BBIRD>7NKB`5ID3>``3?I`&+3`E4$A#
M:#`#Y6D*L7,@TK";KM`+,AD>=%"0;,`>PQ`DIG`L=*`M7A$,]@B=+Z2!%2F)
M%SF:EW@3I9L3FRBUS@>*>Z&S)',*::"%T<*%DPL(W^41_^$&A")*<!"YPOM:
ME.%TU7,*O(D'JX"1,.2NE2JOSL>W-<&F3)FOA!M]CG:63_A_<X%_G\M_A8*`
M8R:`'(N)`G"`!6QG=\BKDB8!-E1C!`RL]6L<(\@0>?9F3GMW-C$-RS>2".AF
MQO%\&.4&8:H&<8`"KA)AQ_\'`#V(A,9QIA])#41X;S><A,(X?@W@A+!;P'&*
M<V:66`J\&)FUKU%EEJ,'H!>KA@@0NC7A>BRB?81GMW:9H&#FDLJ7Q%\L?7%6
M$YQ[08_HHC06FAQL$1Z,B0.PQ=*W@L_Q=<O*%V'LBF=&9L.E@Q<Q#&^@B!WX
M6_>K?&?:BWY;$X#KIH)K$T]9P0%L9&8I`&C@'ZT*");<JJ6P!D6G$R2!`8O4
MJJ$<RJ,`.@ZL?"A0`'(`RJ%\R:UJ"H2'NM$G#10``7W0RJ(\RAB@=J-)`&L0
M0KCL!Y=<"A]@`&$J$WGG`;\,S'Y0"FY@`($'R<9!>"U0R:P<RJ_,>-I7"@30
M'\O_W*JC4`>5MQ.8IP>W',RB/`H<@`"V&,U4Q@;U%G+SQG#P)C#X=@`#(,_Q
M3'#^!G`Z87+R5G$5]W%R\<B/)@T/0''Q_'(+_7`19Q,3=W(*_7($D'':)WH?
ME\\,'0!1T\X6,0+PO-`A_7$;06,LA\_]IL\`T`$[,7,,%]`,70#+V]%5YIMI
MD`:E=-,WC=,V/3FBA@8_G=,YC=,_[0)GH8(M$-0V#=0V?=/R,=/2X`8SH-1!
M74I#C09!:1%Q@-15S=1"W=0.71."J=0[/=0V[;HS30WP,=5CW=6\R3/?A]14
MG=1F_9,Y41])O=1"C09)B]9][==_#=B!+=A^=L8@'++P_\J!+J@7B1W"!0UM
M<+;`A;W8QC$-=!;9>%;8C%W9?0W9FQW9.?B$%>'9=Z:@BOW9@XW:J:W:J\W:
MK>W:KPW;L2W;LTW;M6W;MXW;N:W;N\W;O>W;OPW<P2W<PTW<Q6W<QXW<R:W<
MR\W<S>W<SPW=T2W=TTW=U<W9A\V\UNUHCNTL>*S=WPW>X2W>6$8+,\("J"7&
M.*$'YK)8OO(JNK.-,A&PU=*2,4%:,='"V#W>OW4*\?&MB9L3S^`&\)7$<<`:
MNL-:E;A`-_FN-69.SY`&?+W?4^:?![`"AN$7$N!!;PDV?6"&,1$"Q'H1&EX1
M'F*7JS"@T6)3$^YB%:$&#<`"+?^`U32A!T19$W0@PV=F"JPG$\%``*<$"!5C
MERJ@MTNQ!A+.XE+F$Q<!,.AQ(\UG$Z:``1B@&#2CEZ^0`58S"GJP"B@[(2V0
M=*Y@`%`U9*4PY8KQ3R"@"@`S,6E0`,ZS-M(0!\31`AW`QDD>56J@<A7Q!JB3
MUCEBH!IP2M2P`B&@`BM!`1_P#'=`/19B625@`?UM=W8I!UD^#*K05M-!02?P
M"@V`'B$P`0S1PG!@`OF(YU8&"`E0`7*S`6O0`B<`!Q`0R/#*`MR!%_.9(*,0
M!Z>X!J3R`$3D!@_0<ZIS(O1C%FF@<ALP`UE!`B'PG'P``9X5**[P1!-0!QZ0
MOZ=^6/O_F``30,T04`H/L`HEL`$W9Q/!H%(4$`Q$5`H&@*YU\,DAX`:MC@(K
MX`9)AZYF,Q,?H`<8TNE!/@HR$@>]P`%IX`IL@`:SXP!\T`"`(`$,T<3:[F.>
M-`H,J52]$#"6Z::,Z#HSU#A;$162LYA_<@HK`"(6-1.3]`$C1S=L(>48L`JJ
MD#-Z@`+\P^\8$`QXH]\2OSMK8""]<$#<Z`8J,!&.]6$,H`8&H`=TU4*`H`HU
M?PJQ^@&F<"_2T`$58,LRZ*D,T`(28`*KP"(M8.`2``+/0`)3T@(@L`)UY`=^
MX@%US?-.]F%^8A$>(@<EP`8G?!.FP`")"0%WH$@8$`<UA09O_S#T&T4-H4X'
M?&``O9`!KWL1?+\"+,```%.P']`'?6`"'K`*#Y`*#$!&K1`77S(V=1;W4@4\
M;@5B,&4*8)03(X`!P$("H[`@M2P!?A`"@%`"<,`!P1D"X.,&<Q)(+AD''&0"
M%(`DM*`!?,#H3=(X6='OB<\'+$\MI^]DHZ"C8D0!?9KM=CGT%K$"<'`''H`!
MXA]17JH&NN\>@``"JH$E('7&;&`>X;\&(*!2=U`@HT`6:A0"5(X"?0`0(8*Y
M24/-X$&$"14N9-C0X4.($25.I%C1XD6,&2'":4%-&K45$$Q04T''8\-G&U11
M>[5AV(P0$_RH^8#A3HL[)T[I8;$*@_^'.\,@L$EX`H[!$FM*;"A!;48&@7(F
MQ/$`(L2P$(`^4"NA1^-7L&'%CB5;UNS9LQ]/!C/A9\/19R<-1D,8E^%'M7CI
M>E1+C2Y>M($%#R9<V/!8P-1.M9U@BEK<O@BE14Z8]V1?NY?E'N;<V?-GT(4I
M3UQ3@<7HT*E5KV;=6B'JB<]45'#CVO9MW+EU[^;=V_=OX,$YHXX&>Z)QX<AM
M[Q4N47ESZ-&EJWX^W?IU[&;[6OY(EWE$[@<M?W^XU[)<M>2SKV>O,?'F[A6]
MFT<_EV)>P-X-5@\]#$V?A.AH80TT_'BE,H2^>T::55SI90T][/I.FF=4.?`Y
M_0QZIA0$%2+_3SV_J#%E&,D46X.N!5?I1;R)_CH(0(1(I"RRO8:)["-?T`BF
M/1ZI42:8S#P"<I@%-WM(.?X>(Y'%AB8C#+;(A@'2R+L.LI&O_9(\KD<N&V+A
M)@X/.@4-#/R@XPXJ%8HK#CIZ>="-$='[:!07:'&E0_%0ZT6-^O9C\C7)/F+C
MP(10J,.@&4;!8Q2',MM.(3_\5`4%/XV3AH0E_70#C=6D66&$$D@0=5120RTA
M4X?0""%44ELEH80/O(*H%U=K+2&$CL;JI0,/XI#+E)HTD.,.0B-Z`[5@]`C&
M)(E8((H:/5SQ%38W5#`K&#0AHH/0."P@(01?Y`C2(3U"B(L.#@QR_V,D+2%Z
M8]RP:*VUU5MS?>B9$T1@=5Y13X!W(3I`V'=>6`'131I&XWACLU-.$+&$$]"D
M(^*#WBAAE15(<`6-$GH9!8,W3'GFCA#NZ.6$$E[1(P-3@CD%A36HN6.&%NP:
MA@422GE%#10X;*$$/@VB(P0WGF'#!).4,HED5=XX015EA^'CE1-.Z$4.0@$Y
M(0Y7),@V!`A-*$&59U9HH=@X0H#C&35*N$.:--RFI@Z*1Z'%#13Z`*2"4]A0
M08\3DD9AQ#54P$,:"1BE9A46=,2`4^H>$(``RBNWO'($5H0(@P`,N+R`RPT`
MH#;E7#'`\\LK'X```P2@@*Q1%AYMA%6H@?]#;X-,.04A/_3XR!4_8J;%C[AH
M\6H4#J2A13''GG%EE+Z"(=Z5#33?0`\W1EF)&NT14J&$'9,-WS'=<]]=FE=&
M@::/Y55A%/U(1]G@H&?HN'.84>X,!A`V[J0&#3E0@PYHB,,S:"&''?G"#SO:
M3_ZH43*A)6!'&@@!-5P!B(^TPA7/T,.*GN&'%07#%&HY8/@`L:)7!.]?7S$=
MZ%)W.==%1!D,((`+7TBY`3!@A2Q"`0!0=T/6`<`D[3H,5C0GIJ;X807!.)L'
MI&$"@SU04<![`QW@`(@^J,`4<?##"89!ASCT0@]P.`4+^H`'?Z7A#BIP!1LB
M18T^G.(4$%+#*MC_X`8]`&(%!@E&`%&P"G.UH`_F4@'&L$<'6J@@#GKH`QSX
MT`LZG.E`P2`!-7!R,8.LH`]W>,,IW*"&.`#2(+2@@S14H(H0>&J0TFA!'/88
M@E6\811>;($I5-`'-(S"`\IH`>`NI0<5#$,%S_@``TM`RC?TLE,3@,`J7N$*
M:$8SFBU9`*H:X@$"R*$7#9(F-%5$@@!,ZR&T.,`':*'!;KI"17<P0`;(<@</
MG*!8!R%!*YR"`A.,XB9N-(@>U`!*8;8@!+U801K0X`H-K,$-;EG%'4;1@K^A
MD06^HL8P5K`&,U+`,=38`!Y"H(801",.:%B#XJ1%!Z]<M'H;:.6`],F"_S64
MHA0D:($)UM`"0*#`#7W0@PE6<(=38``R+9C8*TK`AA$$8P9LR,#RJ+&&F*V!
M#758!5%7\(H/L,%A@EK#"0#!@9A1PPX8*,4S0C`#5Y2`3::0P`#7L`%:K.`-
M:.C%!T@0EUZP@`Y7!4'AA)F&#I3E([1`P`=Z@4YI/O,5JF@`!LKSF`=4H)O<
M5*<K7E&!!^P0(2T(0`L.F]@&M:(7:0@`FHAH&!/@(4&*2:)7KO@!.JC@?#$C
MJ*$B>8I1K&`5>G"E05ZA`A3@X12UE`-11N$&7^E!<3=39!]&\8PXK($61CN(
M*PM9FSC`P21X]-4:5E(@-[BA%;\]`1_J<*!5%/^D#W%0@>9PJ@=5+(L%,R#(
M0=RP`A:HXBC(-4D<4.`5+CKT4-EKP2A&\8J1Q&%=<6@!']"T!K/&Y1D=<84;
M6O#&U"!.`A#A``(8^!`/!`!&#>GA42#R"@-4T"&C((`[Q^(*5?BAD@D)P9VD
MJPHZD$`/0_.M*>`0ASMLUPTF:4$=?+6".K2@CV@MFQQ&,8QGZ:$@:,C)24HP
M)MNMX@.`<(/#!-@"CLR1&FDX!9\\P`<ZA&K'*-#G*RKH!A+(89!T`$0PX&#4
M!KY,%9R*9$?6X#\W5*`$)7B&&SSFAU/&#`UQ&482+;P[:L0A!7;HPX#2T()3
M?.`.>G@%I]P`SUZ4``[_SWK,*!"MBIB]X<>6U"Q&4*QBE#3``A%YAJPA8H$&
MM/HC+0!`6!L"!P#8(42X`2"6Q%1)/SRX%=:ZPXZDP:D0^.$4<)`#'$Q=R$TS
MVP*K\$,<3K$"0-RA*7!PP\+N\$83$&L->H/N0E^1*ZU0([\LL&2E0>)):J@!
M35M!024WH+)(WHD6%5P#'4S@U%O"=UEKJ+-JH57)_'9D!7[H2`LL3`T3E,+)
MVQV%"OQ@H#??H3;*-4D:GN&!)9E+#VN8`893(P$)O&?8']F`AR/B`0%XY5%^
MZB%%'_)JS90($`1P[%A>\8R34Z8$=W+#,%2Q1CSP07$".M.F(XW'IY[)D@+J
M_R,::/%L.JS"SOWT516]S)53+$P.JS@!3S?ZO1;HN#9D/(J.]6"*KNB!VX!`
M,#6<1@=IWT'L]AO)8R*F!GP'&;OVS/I)R'@"?YXB:8S>HRDLO%%RPP%":'`#
M&PRLW(T)D&ZFP,,J2&?!KB"^O\-Z:JLO0HL44RD^M9XU1)1AZX?@6AD1X77,
M9.YX`&0+-RD)P0;\<."#5%5$`*K-&X"+EZ/L%::G*($?4J&&5S2[RV]PY0K<
MH(P0Q.$5$SM!,'P51X.LL05JD/8SZD`+$G">CR=0`PE.$0(5I$$:'UC!#"(M
MC5#;&FJ0@]I@@Q8('#QP*C9``7]9HO0S(U<8AF;+&/^'HP6;NC(04`$V.+D5
MX),54(&.H(.=L!U*"B5:Z(BU08,3Z!_56A@48):<*`%?**DT&0X)B`#EX``)
MNKD`X(,FH882JT&$("=88XA1&``7`PNZN*\[8(-H6`FU^(#:60.7";([8!.#
M"`$\D(.S&0$_*(%1(`%`"`%3"($^N*H-D+RYBH,9`*IA""M7\(!2^(!3`(&#
M4!NB<(-7<`,^<`/5<H7"8P,Y0`,VD$(^60,\>(,=NP,XT(./<P6"`Z,[&)93
M"(8WZ`4+(!%5J)X/&(54.P42&(4:0Q1Q>@.G:85.7)A%RT(]^*^>,8@UD(,X
M>!J=2(/@X2F2<`,/>#=58`'_,?L(@W.%5'RJ^QN%#SBMGXL]XG@,W+N79FP(
M"]"A([&D7A/"2`L^:U0-I,M&^AD-I,.+&;&+!7F/(EF(;TR(;:0?O%J#CP@&
M=HR,=(P1;QP-RHC'QXB+5WB6?)0+:_H3R>C'S5`&USL,#<O!'72(CP@Q`#&.
MGN-&H%LQHB,+::`#<1D&2#,(/]#$9QB&5X@&,+(+7\"C2-DQQ^`#Z7J%%0BE
MN6F0`7R75R"2[>&>-=@=61$1O5L<&XD#.8`&EE"<%'(%/6@!=7H,*Z(0*Z(&
M6NB%#U(,:1`YYP&2E6@3LN.#5JB=5:B0.``$NS@%_V'*2/(#:&)*@^B%3Z.&
M!3((_U5PD+("$)/L!5]`+SXXFUY@`Q^\2`$"O+#<G3Z@@XT:"[J`O2(T1P:H
M/6<D3&AL`(!4B-ZKP8\`-N$+#FE0#Q"1B&@`D211CI$Q"`F<1F3L$X3`EK$T
MK3_IS"TA2)B#B)I+S(0(,1^LDB!TB+^,O2IAL23TC5$8HL,(!A6H%M+D#=G`
MFX$T#*`SCMLSS%@SSH7`-5VC1E]C"&`[E-[L$NFTC>B<")C+007X,(?`.1]D
M2``X"N48SH8XPMH4#-28D9F;BX\PH#2YD1(!E$#Q$`N*`^V<$#_!$W]TDM5"
MCO@8-B:AQS[YB%?0)O^$3P,E"\`L3%I[1H903MZK1N.(`_]L%`YIN:*#>(4+
M><_V/`\?Z4KFV+G-Z`4@XU`0'8^$4`4WD(-MZ<I*24\-89,S.84@<9&#:(4W
M\,$O@H,[B`N=.0CFZ`5(>X;=H0^R>0PC><F#H`4=!13WQ$_GN,Z'Z##51`C6
M_,&&/#'9;(BA*[K.J$[[R`XO/=`O38COF$QN%(L$;10&90C:N[5<F\;%K!+'
M/%/72`,."!A9.854J(@T4!R$B"4ZI1\28"]Z`PM32(,W@``_J(W8B(,-^``\
M4!:'$,8[T#15F(H3*`B6HI(UXJ/61(@(08,]91$YV"BL,+B"$`TH=8B:T\YK
M$K&&H(O7_+D#"$R%8#$N#8QA\(#_$``K%GI,A+`;9KF()X.(B=R/`+*2]ZF(
MCZ@R@S@!/TV(.U`%AW.*$&@%:2@^1@T1.M`T:E"%$V#4WGD,"$,(7Q!-RJ0&
M/)BGC!BL+&73-37'>$T(!T5(YGP("3T4,Z7.?%N:%>A%0!B&1*H-1"L%4W"%
M5F"440@&%*B9#W"#1#*)JJ(#FD$3/5@!&=T=Z+&P`V$#%VC*F*D?LYRXD368
MV(H455@!DXC+55BJ(*DVDFB!A=$C`-$#-#`)1*,#R&B\4Y`&/P@!DSBN<OT?
MK^B%/K`EI(0ELXF+-7`!S0E*#;$L.$@#4W@:5X`&#=@6%4"3,BHD@U@UD;W8
M$9J9X#F*_S7R"CT@@5*R6<$SF#[0M55M"!UT58;H@`#0.1(#`'%B"+IXR/%$
M0L(01@H!@=IQA1V)A@CTB.5Y)M\*DV?`5@,R(!OYH+CP`%,((4)!'W@QW+%<
M$0[8G5=8D6A0RF=8A8_H!50[B#LI73BJ(.?!C("E!M2M"U?X"!!0'%K8`$:U
M2,T,AL-BU"!3AC\*681X-R#L-%I`@U/HA0D(H!9(PKX=E'/D23[R`[Q`TF?8
MP]H1"[\%E#:%B.]UB&@<R,4\3]O!QGV]C4*4`P\`!!6H(HK;RW+IA1;`"3N@
MPS1`)#RZI%58-_8J0XS1(Z/J-FKX-$SKMC2H*EL\"7"EA:YHK_]0]`!:D*=K
M142D88$ZT(,AM:"M.#F,F:50$\4/5H&6\(6#2`-?<8-26!M_:0LU:$VK.0E3
MP(`X*`$^'`5OZX,9,`59@5J6B*0UB`,3,`4TN,03P(,1Z+0Z(.$0V!Y?/(F.
M@[\PG&%78*,.0,ENPQ=`^N".,`'7@U+`B,QI<)(-.$@0R[G+B(9IT(P3T-N(
M2%`Q#N./&+KR/`M7&`%J@`82,+_&^:*?4086\``_P)D_PR]QH:D6,)X^>(,-
MN`.#6@%IR(!%0LD7O!2(2@@+0X-AJ-]CR@`^:$6Z<H,R40$J$Z83*#QIJ(-4
M(`&YZH,,>(D5@!Q60@,2KM^%>8P6N"C_6FBK]!,0:2@%#_@I56@K#:8HO)HX
M$)@!$U9'DAB%IJ`#-P@&/%"MXPJ28=@`[UMDD#AF-/"_$YB!$I`&-F`!N!H+
M.%;C,-:0>45'W$L,_:2&>OW!\FU1"CG?0P$.05%;KXB9</-B:@`$H(@8J2)E
M5:!?,,Q?H/TO8GD%7\DN-$G1!YLP$'@&%I#9`7FCIC0).D`!--%)DV"#H8DM
M,*(&7\"5OL@GDB8*BO05,-)H("O@Y?F(_"U@7PA*$Q@&@FW-J](0^1GI6^$`
M;^Z8?LJ5[",60.@([MMD.P`!.I@OE8:T/D76A]:ZK8@#4U@8D3S`IBG@![E"
M8XU;AI!2'JQ)_T`)PO!\UX7`5<)X!0UH`0B(D`P8+138HSKXI&=(X.2E!:A)
M`_H=LU+PE8Y[!D!P8'PQ!3J`$&HX`>6;@0\;AKB>@370/SKH.%<`@5-P)3;H
M!3A8H@_H)4_1D#=8U*?R@P*)&118"<'N!14H!6AEO#LP[54P`<U9@8XS!4`X
M"A4PL@*^;+G("N.Y@QE#B#2`,`\80$XQ;%@,DKPB"3QP@]"3W5)@.]F(M*:F
M!A=@O+!(T^-\K&<83#>-B_2=9X:04'3M#9G&S9CQ`SQ``6EP!0&!EF=H6#KP
M`&+*/AV^`T@^H6UYA87Y,:)065]I@8+N`YB)D%'@`X<)!J#EE$N+F?\B(PH6
M0#2$:2/%>(;(%IJP<L<!?.^;;>@[<`%Y6Y'SCC22L:2!H`8^:$V%HH92R"=K
M0<HKTYI3&(:T'6K?.I-6H+@"A@/=O%CNR2UB-(@ZH#>CHH/_KH,[B(;B]C9.
M^:>F4-X"E$`/B,DFH8`&0`,LSW(M1X,TF(`&H-N%\``#2`HM-Z@L7X,,$`"?
M<XA74``+4`,L-W,M5X,3.(`Z-@M7J*2">P80V#$\*(CC\A6Z>@8RLF$XH(6R
M,X5#`9_?;($G,H4F_"[>;KJ#Z(40T`,YP#?A.J42J(-,/Q8+B]0U<(RP@JY1
M<"W2=K"GXI"RL;!A`*2PTCHV:)CE&08-.`'_W3UU2ZJ#2"$C<8H#7R$2:N@`
M5"F%CF@T`5H815>7(+D;>3LN%X`1JIDK"Y>9HXP#[`:+-G_S.)?S.&\!!LA5
ME'@`"-AR<T\#"("`Y6R!`?@`EHOS+5^#$!``8/4-D#X)HCB^5E0!6O#82F(#
MJ[9##1R!*\0)@<(66B`EKBZ!7+X4-3@E4C:9#ZR-%<@8KV!X%'@&$X"H8.B`
M%J`W+M28VKB#B@X3$O"`;R'@.(BK`W3V-UB6$!`(?.\O0!"U73P*/X"11A.H
M5S"%/9(9BG*#F\()@P`$"F#E[.,TTHXT<3$HBKV*&0#G[34E%HBV;*UH]WZ@
M`43%^J6%$8"#+2N[_V`(!@QX#FF```$(``!0>P!8>[=O>P+(G(C```$0@+=O
M>[Q7^P(8'6XT'0)X>[9G>P"H^PH(W`[6`%=(Y.R!I=RNC3^'JJW5(V=GN#O`
M\OZ]*_H&6C#"M!&@A9A)@U?87I+80U.(F3HP!1(('LE;5&7PQ'[G`XR=,6E8
MJ`<315'L!0]8$3]PHA#@@S#Z@+BX_0X(!G,2H-J0#0$Q]F2C!L]C5#S``%/0
MKQU>`><9I0GH@SYXME.8@=K9(H-8M&`@%$M_!1*0!CZH@"4QP)+VCP)V9C=C
M41;RG+MO>\$/@!@"7P9(>\#'>_K/H2D]"(!0`8`````!"B(\.!"`'&K2J/]!
MC"AQ(L6*%B]BM/CL(<1G#A^Z&N;0E<=G&SU*"[DQ&+57+%&6I/:LE<=AM&JZ
M>CCL5<17O3K2E.F*&JTUO3RV?`F1%JV(SU[1>B7M84F2,I?V&<:B:4>JU'::
M?#@U8DJ6TI":[/AL)]E>/J.-/2NS)$N7#E\AA2C-KE"O*'T9]1@,;UJ/H]1D
MC#BJ#R!`?AH_=BS9CQ^.&4WU>:RY,63(?'@F?D9YLN;-?OJ,2JPZ8[`Z$/6,
MZM6"#;53+>!0JRSMSAHWP5K$N=/+%#5`KU3=07/"3QPV<8;YD7-*FIL6-/U0
M&^5K1D17,]Q(PZXJF)\[S]*D>3;*XQT6J=W`Z:/_M]3QW-+2!&N/'2(<YZ_P
MM'!*1'2T(!\='N$Q5&YQK)`&5*MD1TLIKZW0X#-NH!',*K11X\H*+*@0S#`S
MZ+&4@+G5QN$S=*!1XBHG.*7&&W3T@MUZ?JQQATBKA39::9(!R4=JB87G(Y"1
M;6891J[H\2.2D_7Q$X]34EGE:DJ.9261%5G6"QT.:8E1"Q[@%J:99ZHV3$-*
M2O0,"`*RB::<<])9)T5WN)&GG=+(EU@T=IZI1XE_\MC+A%0:2I$T)MP!)J"/
M0AJII)-26BF5>5F:Z954<M2I7I_R*!:8GH(:*JA*_AFGI5D2JI<;;Y2J:JRE
M7D2J1'':RBE9$^7:$VB\_Y)E*T=P#:MJKE1]>2NMQ`(JJJ,/I3JEL],02JJL
MM2H[JJ.:HMEJJQ#UT10M?HS"@ALLG/*;&S5A&>VNU!#J;4L\01O1G]$,V>HI
MH%FV2E.>6J:J+W!N"]&.V[;ZT"@'2[-CO!`]W`J_\K:DH"NTK&=1P,#:NZU(
M?B"5,+<CCWRM:IV>-<PSP=2$Z;:]9C2LGTJNG%>U$&L\Y[>*GGPKRRI_Y3)&
M)I-<M-%F2G,SF";(5TH)M,!1`1VK,#I#"]2,X.R[7$KTIZ#P9BO-&H[^F<JO
M8-:QWY2JN%&PPBL,#='"8(X"-]%?/XSSU]3HP<<I*'$,MN")G?"**2X3?;3B
MJ_\JJX9\KK3@!P<8;"`H!Q[T\4RC:(Y28N(4!8-!"!]@QQ$M#>V\Y9RCM#(*
M<1FYT2@M*@#B008:W.&'!QXTJN/BOP-?)RTHE-"**R>L@=0*@-0&XS`A?*6!
M2!=+H$H<(1S8X"HE<*?'"71$PV!S*DS$!R"NI('"*L^L<$)3RJRB3`LK@.:O
M'BU<78H*(:QRR@EMT^$$B.G%"EJ@C%*DH7##6`$)ZO`,%;A@&*9(8##T4`&Q
MH&$%JU`!&IXQ/!6<0A7#@(,)3J$'#`1C!O23Q@K0H(H3T.84*"`!\W*3`A8\
M8Q40&L4H0H""5YQ&%=*X7HEDDH80E"@-)#C%,%"`@F'_G$(%:Y!&B?9UOQ8\
MPP)W6$4O&`1`$X`G>&+4$BWHP))@`$(]$((.2X8Q"IY4\&`MP$.'H">-#VQD
M`]+H11I&L0%J>.DGO1`0(`3T#$#\1((:&E)$`-&H5V1L%7VBB!_XT!WH]<(#
M+`-9+]KV"CH,(QAGV<@>S?@54TAC%:^#R"OT\!!3J$(FJNA%+_10$C_XXBL"
M\D.)5C#%84C#.#(Y!80^A88O]0($$`G!3S:@LA5(`P/KHT-3@B&@5LK$#S]1
MCUMJ.,9O*NX.M-!#'%K`ARA!1`78,44)J!&,$'BD#Z+#2PA.81X5J`($M"C!
M*OQ`!_*=H`\EZ$4&7I$&`1%*_P^GH,,;3/&&.,AA%8UZ2!S6H(K7U6$4*'"%
M&[SW0#^$H"AR.($KWG"_.XRB!6Y(6QS0L%`XM`"E*F7I*=HI$P^X@@25;,$,
M7L$&.=SA#H5SC$K9\(H2O.(#K\!I'-2@@F&TH(@LP(,?V-`Y:KC!#RUH8I/D
MX`<4/`-6U#"%'VAASA;D!PUX0,X)SD.'MF5THVPHA0E<`8=3D`"J?6B!-#R@
M#'`"-B.T8`$=6/"*$*`A!&_(ZVQ0X(L0L*$$6EE#!G84U0Z-P"$A$,D)5A!+
M/V3`K')002\P@`8XJ`"$:EB#"8)1`C1\X'H*@DAD2`"<5H2@!:Z9"&^.R4H2
M0"2J*__H3RODX(L5M%0-KT!#'$J!AC7$@7P@(,$=5!`[B*PBMW?0@W(<BH$[
M>$`-:*#&;%KK`13(80U1G0$:_.#0-9!@=FDHP6RIH88OT0)ZU&`F-=H')PQP
M-X"]V(!G;=N<-0ST!+"%0ST+%M@'2^H5*D#!@3S`@H@LIS9M>]Y7FL*'$`2#
M!-0IX"E<XX&'^`$W=XC#ET(@#3R<Z#6FT,,J@D$'%,088BOX@)3P,`I8\8$.
M8]-#'4@0!Q;H`3=^<$.#TL!BIL@A#=)HQ3_3H(8GO^(.481(,-H&`C>H@0UI
M&*L>S$@'#*BB%#-(PPK<D(95?(E,:!`SW_KT!E_X`@V+H4;_'"I)#0KS<@UC
MZ]0,K)N&9(6`)Z^XVBC<$`>^E4+%,BSC*1Y-ASB4R#<0WK13'`/"MG&`SRRB
MQAK2*VI8H8$K<Z3&!C5;$C=L8`TORDTIU#>VS5*C#Q=^Z*U]055'0<:6<4@#
M=KC2KU/HJ4/`Y3,+!OH!.=2A2',D$`O>4$A`M/5J)>ASJ*F1AD>:X!G>@<,K
M5M&V%=SA:@^EC2M.P88ZO,''=(`;GL:6NT\=FB@PVN]/AL@!N"7Z%*9`@2K&
M^^U<DX\.<!@;"5P!B")R.N*`\L`I`.$&5++@T5AMFQN^-(P/L-J.2"T!'%!`
M#70]&IZF<`/Y5G!I:GC@&75XG=<Z_Y<N.J@!D1/-CB_T8`*(W,'BU-@N^=:@
M!VCZ`7+/"(X:]C4*.KSB%75`@RN8LX9]E0+J63[%S]TYMA^NHFZ?#*H?5)'?
M^V'Z&7IX!6Y*\(Q2U!JK17SS*-C@R#S[X0TL;%(=DD,-.'CDN<\X)JS:8_8X
MM!,.;U!#--BPY*&S\Y,KE_O53'`PB0/6%2;00]._I,P[R`$WE_X2'1B*5:Z@
MH5&3EX:+7Z'Q$MAAJR7`0],?'?/<(.8.</@2"7PAI(_DAC+KF3=V6#*1.,S@
MY2VQ*0O4L()2*!3J),##&@XK9C1030\S>,;85$`'RD`$R>Z$&RW2(`<-?:D%
M;QTZ'!I23O\ZZ,$->#`%'<9L\4?#!EY_^BFKQ[;?4+8--2P1P:'`':@!V_07
M':44WS@:-13.*%C2YV#>!&(+@ZB`2:D`6G5$"9``/,D$"CR$&WP`$CG@&C3(
M"8Q"HW@/"PP#&J#`5C7$"5"1N>52;IQ"T@V#<)0`P94"A$31\X$+_>4:G*D`
M_?2!"I!`,#B1"D1#*S!0YS"%'JA""<P1+3RA'C"%>7!`(CV:*3#0X9A`"/`!
MC<W/'2C#!]A&"=R!+WS)T3%3=;D'1*A!";A/B*'!&Z3""2Q'Q9E'"ZA`F8R"
M@IW`,$S8VI6`"KA"`+D=@ZQ`*GQ)'[A";RB4:P#>'81`6U$@8-'_05U]0"D\
MF@9@U2B`0"F`P"B,#1NL@DIYP(ZH`NF0X#-P@$=\@!O(00NL@@<4V5*50MN@
M01VH@27V$([`7"V5'5*<QF-<B!_,P!T853`A!>E4!RM50+JA`2&NP@J4V#^E
M0JAQ`'>Q0!\T'`>T(#7401Q0'T0`PAQ51TN]@1ST@BN`0!^T50>80@@(HP?@
MB*-%E1^40!]L'FVDC0BQD@?P`75!A`?\1`BLP8WM5PN,`"UX0-WE1E2U``WI
MU*U5'<1EXD96"3`9#*:<A:JD!9BLQ;8H`U)<GD34@?%51%I81DE>Q$88S$.D
M@4?.!46,Y$AF2YMX!-3)0;(TS*?HI%K,_R28N$$L$24U0$-*!J53R&13YB1:
MQ`DT3(1$]<)3<>0WE1XD#D6)J,(SG,(:I(:`C,<JW`]7Y$;J100?>$11N`%/
MT`@>R`$D0D@G>>4:8(>`9`Y>N$$K+$4OT$(O1(.`7)IZ8)5?MD1'[<?2W9='
MA&4I2$,LQ4$=N)(?:`B$E)X>!`-2,B-+ZI[*M%]DLEK&Q5)8KE-+L($>E$(O
MW$%(%$45=<@PN,%0*$P:[!;?>$0GL<%0/$8?Q`$?N$(Q*9RXK8$E$8<?#(-;
M9.5R2@NE"$R=J`H=6$;J;,VFE(('K`"F[,SGW('Q36>W6`D:>(!&,N<$!H-U
MJ8`$RDG&J`9[_O].UCE8E1Q.>=)G?=KG?>+G1FH-EE#$*L1!#58G?S[+X`RH
MMLB*R.2,L@0,Q0A.K[")@';83G:-_D$,T<C*@Z:.M>3GACH$'="1AC:2Y]!*
M2H"D1/`2A&R,X`2#L>TD@H()@]*"+ZR"U@R.*4"4E&3)RV3+C&Y-E\C!CM`"
M2T9$'VS.**A-,04IARKIDC)IDSJIE7B/>6#$,X0`(TT$'=P!U%G$\V1&1I0'
MG7B-^0C-IURB"*(ECZ"!R3P0D\E$!C#20_`!"Z1>*JI`B="!!\@$!ECID]8G
M+7`'-8"21$@GT)G0A%X$'(Q`"-27E@!"!XJHF0A'1-P@1@Q#LEP$=5[_Q"F<
MZ4-@$\D,PVWRZ7*&@&<-0T4AF[6=@)3<005DF6&=A\:M`(6Y``O^70N`1AQ@
M@,0$PPK`BA6VS6()W.;P`2V$AX=X'(BXQ0H,B1^L@(VXP=B8%0H`0I#B`8D,
MG0K0$43@&*!B$7!,!<M!49V.%7SXP0D$`YL]FC*DP12Y0AP.PX1LUAULJXDF
MIPJH02H$`PO\QGC=&'&H9ZANFBOH%QNP1$A0PWAI"!O0DCN!QGA@UT_\B1_\
MG#\"$F@\PT]<C$6H0C&Y4TCU`HAE!\N@Q%0,A2NP1"\,B;A9!ALTQ80XTEB!
MQD[\"<JV3;I(A'+"1(<8'UX,0S%%G0#2$5-@_X7&48.,LI+Q]0++("4M%-,J
M("5;[$A>O,*AB-M2-%JGI23`0MA#J-0;G,(&^`\>6!>>0(0I&-D!+@<'%),:
MN(%SR`$>Z(%AV11(P5GJW8&$^4$==!3DE,+FU`'4-9LJ&)U"92GBL01$!D/A
MH$`?K$$?:-!RQ$$].F$ZKL(&$(H)$,<II($ZT8$<:)\IK,$(7&4JBFWL1!>.
M^,%],2X<E`!+%B%$X($W?4J.8".'<1_LRJ[6+F=2G8)M2$-AF>L;]`(+H(`)
MK`(@_-,2`8(*?(!"L0`0DII\G(4JL,`)V))IS<`AG@W0^6&?I.Y,LH$*^<%X
MX24*M(\:F(`3JE0KD/_`"B!&"';2##A.']S/"9S"*.Q@'<Q."/31\R)EN6*?
M2;G!*LA!"T$5"Y"`&^`4&Y"`"AR6URJ8*D11"`3@*I#`<CCNT[!<"8A@"H(`
M"`$"B/0!'IQ`"3P=R%S-6%4('8R""13@[-B67JR9"HRI[@+6M\W?HXU-C@1#
MF;2""L0!\RRD]&(5EFZF'JP!A;E=;3Q5'`2#!ZS!,("`6)Q+&IC"YO#1WV*/
M]PW>"015,=7.'92`*2C9J/$=?,9!?)`:4MCO6"'A&P!'Y-0&!X@Q(,2!V'1G
M',`*]=FK&JA!'7!L-!!B:@1=P>B!,ADOE<K$&OP)2MEP>=)"!:#`"21:.]7_
M@='1(GE!WQOTCQS,`!7=P5[9+#6`T%6TP(2<0"KVEVB,EY*4`BT\%$2D\57D
MQGFJ@AJ4WRJ,UQ]EU46UP-6F,#6\P>S<[</Y"UX2J6P>%"VLE$OM"!*!E#1D
M@)1EP':L@1I(PPF40N>\)>C.@"EL'DBM@*$$8(N,53L!0ICUPD)^$@LKX2JX
M7NF5@BO(@5V-@L;ID!ZDIHY@B"GTPI^*1B^XSR-SFMW^F'W9EW"4R0;M'BEO
M%Y@L9!T,DAY`&Q5!A`S))DG,!@W3`@FLP;FF()BT@/N8@#3$1@D\!I8BY9;9
MTMB4Q]7001_0@2?^G=Z2,E*,,:G5XF8:E'RP`?ED_P5X_&(P#!N@UI^F+M32
MTL8*6%(A2\0U>H0;[,MX/0-B#)W:$/1&NH)-1>YXF2(>9)4P=\Y*PAEB+!0U
MR($'U-`;3%1U\00:""%BF,)X340=^-+FF$(**Y28M4`9Q50O-`3T?!\*Y,E5
M^1]6'<4)(!F1-HB1KD=ZW<2O>L#KF`"+E<@&Q,$S?``>Q`&R]5?O]H$<Y)`:
MG#*OQC1?O4)#."#S:$5+0!=U"$=0A<0*'.$:X,'=?M+)89_<_$],/_8:1'9'
MF$L+2$E6@]-#&!V,Z;#<!8-JNP)I-3`;%.I#]$$(Q`'\W)/[7O0*?&JZT4]U
MJ904G<##@0D=`%=+,=,:N/\@&^`!QZ8!&HA8V_2!C;:/(PDA&SP#&X1`2:?3
M!L3P_9"`/Q\B.:'!"%P(<].!U;A=7C-->V,83[U&:KR!@JB`!9!`JLU/+%%'
MA`]=#1OW@\&C'":3$VZE"FQ/W_ZG/:4QML)&NEUT!["===D=2;5-":2S+0U#
M*W`$!G`4A]Q1'USG*&B`-)#`+$6`Q,`**-(!!1\/(+C&U81@*ZR!,DB1'G@`
M+:0>93S#[K'!7FF9J5%#E_O!;;.!"[S".#?4V&"N*?!!BW048<D!'XQYCHP:
MH+J!Q:%@;\"!-/1B&<5!<+A!")B"'*R4*[P"+^(I1%"75NE!&LV(XYE<;IR8
M/GW_>&"%A5R4A%<8C#O1II(<!;SHQ&QA>DM`["N(!%2$143`@>?8132H1(ZF
M4DR,A:G+1#0@13\1$%I`14]("6#>14P4QE,@+4]@2@YU"GL4DP?Y!"`5-U*,
M1=96.H39&&U)@VVT#7:\05:5V^$,QQ"EWGVDAV*T0'IPGZVZ$3583=O$!G#+
M#7!`W'+9(J`Z62RY6#`0QZ.50BNP;1UL+(J@HWJL`!:V0E[#P2@8>C!)PY6-
M0C`(7D=4!RW4`;[$QFR$Q]`!)D?-!C64@MZQ00OX0@O2P>N(C1KL1`M,$?,4
MHRK8M1KDT&W,]S"<^QV,&:?.`!RLE50`0L)[542\`71M_V^T`_U$G`(>/<HS
MG`#O$"BF$NB<$&O0!ST;I!MYJD8'F:B'7\2ZDLR_>IN0(@U6<6Q%?"Q2.OW8
MRXG62XO5DWW::TF*@HY:.AA<]&AME&AUTDIY"^EWQDQ%?$O`0"C.Z+W<=TS?
M)TW=1T2-Y8PK@"K=4X2[J'WC0XK2._ZMI/K:)VB.\DA>]#VHH#UT_KVJ*/WG
M2"#`$'[@>"3?JPS0K`R/>,N]6`3D$PFN!$WJ!TWDTW[M1]P)/,`#P(C9O\(#
M[.E$>%]\?FI%]'YJF$*W300/200@Z%>EZ!U%T,$IT-'>6\D;>'BI4@1FR,V8
M<WU&W(&(897L+$\'4`Z-A(`'C/\7'D#[I03@F3Q_XLKA_61`!I!`?GO`!UR,
MI=K^_O._XFS`G@-$,&K/^CRCINS5*6H+&39<"(=`BX6O1@V3-HS.*VJG:#VC
M-6KA*3W4Z#R0UO`D1(F`*JSJ-5#/*FH8)*JJ<]&4M&>G9#KT^1/HPF#/B.I<
M,\H4-6F`-+HI%<<@48:K3DGS14T@T6&C!`;SHXS:*S]K#%(;IN>9SH'!U@"B
M16U5'[,"1]'18S$8G9?!1KV4JM0M-0]RJ:&A0ZU7B(4AWIZX0ZW%*@X*[R3=
MZ;'/25,RI:U:I8S/28;/UH0=9?!5GV@_7]$9AK@B-5=C3_8"L;#%8SEH-GJ@
M!NA-KS?_2H,6-WX<>7+ERYDW=_X<>G3ITZE7MW[]N8<6;I]EP*!!6@L&,XYS
M2(,!\80/#/R0V&"!6@DZ)T(TN./'P@8Z+1"H\MD!#?1.:0`$"(8YP0,/1H&`
MA%,LP&`&4SR@Q8(1'M"(NI/64,4--DZ)0X46&'-CC1)<H6.4.EJ0YH['J.FC
MA17V>\:#5M[`@X0U5!BFA#C6Z$4%-'Q;B(4WTO!C)++,:Z&5%=R(XQ0_[D"#
M`S[N6*4%.E2@!0,53J`FCI&H66.-$T;!((Z%U#@LL<5>HN,#/Z21QH)1XG@#
M!55:X$`/$UBX0P\T3C#E#15*2`,%.:A9[:`X1B$!#382:R%-_X=>82&.&5P)
M08T6@EEAAML0&P&WQ^A0PZP/?J2FE31%PP[66&6=E=9:;;T5UUR/.RD$""KP
M@P[?.M#C!%1?_4F5"GR!0!4Y;I.@#U7>J(":$.+@`%@2[H`@CE[\0,^A9(.1
M8+,)JJWC@Q`>"P$.:O1`0851-*#E`6HX..S8Z/J((PT5WB@%53WH8($:/-:X
M`Q`^Z@#$C57\6$4%5YY980T_/HC#P]*>)"$Q%@YKH:P6W*#HL36&D0B-.#P>
MIA0MW17X%5-,44&5-*C)^*5>3*#F#CA6Z"F-PU[YLMJ7J.$C!`^>(2$85519
M`1`VI#DX+!.>604--VB)PPW2B&O4C_^;WJ`:PZ^W\H.%4]R@Q@TW/EXHL9/0
MD.M4N`/$@Y9V==V;[[[]_AOPP/OFP$4V%#L!Q+6#.ND-`S`@@(TX%,N`CAX]
MD(8$.$VY0[$X,BC!CPQ0HN:-`S`P0`U7S%7!M18>Z$,^4T)8HX51.*#%7`]<
MK"Z8$=18@X5GV#BZ[J@1CDF%KE&(HP5?I$%##W9EW)H:.>)8H10_XL!CS+)(
M<VPD-H)9&_IA4$##%#IL3K@RQ](XI=T^G%R(%HG\\+DG-Q15I31J2+C*#:]9
M0Z%ZH8:VV0DR(_D48M(`%3G(01G#88@RY.`'.>V'>Z\)EPGPP(;T@0D.<EG#
M28)!@H6D02/_=>N#`D.P"GP)#H8QE.$,:5C#65G@,&&!``HD0*/AY<LA$V##
M,^A0`5I4H%=KD$`<$!",#[PA`W8*@1X^,(,-F*(`(WG5!,@B!PN8`@$MD,`J
M<H0!+6'`!!]0P6`L\`H&S.2%U?D`'>#P`<CPS`\E@)T>*GB8#`SG)&H(V@J>
M(8%>9$`/O1A>&K"D"A:L(@2C^,!)I,$"5ZQ`97T@@304%"\UJ$(%?.`#&NKP
MIYZ1@!8?,,7:GH&!.C`$!'XP01Y[X@H/M.>5@GE+&D[0!Q.\0ET><(4)[N`&
M:8PB-VZ@5!K>$(=AM.T96NO),-ZPPIN5H@5Z2,,P>O&*_*U`%9%4_]112@`(
M45&#!88)P4GD()%7;.`.:G@#+11G0WO>$Y_YU.??]-`*XIAB.^[R3W&>(8?7
M%)06@,)`'^ZGEX<ETA5\`%,:`$B8A13TH'10A1_>X`=JJ,(PK%K#*^!`!SRX
M`BV'T8,KL..65B@D*:X(!BW6,!)5]$(F:2..-.[T&CQ(PP]$204UDF**-21%
M8*,0S2HJ1HTZW*$J?G"#1_NP!EH$XQ71[`-.GW$'.:RT)Q$CSBO8\)@^:/`W
M(5T('PP2#3FHP:-^`,0JW*`'5:S"('0D2C,_VIE52.,5@,CAU6BA$87H5::"
M70A/Z>`'5[`4J71(RD7=H`8,M6*RIV`F4?\&ND_/?A:TH15MK5:SB@F$``,"
M&6UU*G=/-Q#M5HQB#4N1\PK:KA:WN=7M;GGK$R`FYR0N?,MJ*-D0XC($B*\Z
M[NB^)II7_58ZT%6*:%9CBK(MUB%`C(9TC^5<YZ*DNPT9Q5N8ZUOC(C=?<P+O
M8H\E6Z`P"KKQS:Y[L]M;^]X7O_G5[W[YNQSZ+D>Z/_EO?PF<6^X6&+3I/2^`
MBQ/@XC!*M@[&CA-S%H*R1&<58FJ.*380`A6H=B'#V)W?7/$*/!BM.:N0*'+H
M<&&&\.$4(W[.:NJ`5@3C]B\-&091TC)@X_@8*+^]R&B\YUQ&I44Y$O:)>Y6\
M.-_^M\G-B?*-_Q;_C`*8Z@`&:4547K(*U=+":(55BL08\L%>D/<5UVV(*Q2R
M$&*1Q(32<(4TV"(;A1BDN,\`!)?#@N*!M+D71AO&:ZHRD#D/Y"76I88@=RQG
M/&>U(7<5"GEI(3#B\,6[7UO#*C#T"H&@*(#8A=M;\+Q32#O:+*]8`XBI+-IG
MM(`$21&-*T"0@0RPP:ZT>H8$D<NV%83$P\\8F@H,(E6XG("0MN)#+U9Z'3Z4
M8G1ZF*S#K*,765WML=FV;;8?ZTU6+\X5K7BLN+E=8MMR6LDX+3&WMZUMO-:*
M2\-3@P:&@0:1T>@$>EC!!_0PBA.@02PD,($KY+""$VC0%'JX@PH:!`@2_YR@
MLPP!Q`IDY&:)5"L8]M9:'""&*35(HP2KN$,?TM`"%@1C`[D)DC\14P+'G&(%
M)E#%'2I`AQ"L0&HM4(')(+2?$[Q"#?E6)`M`9H(6G$`T>&@!"NK"\%.,8@4>
MR&$O5H`&\A`U#K18)QM0@`+&W($%)1@&'D91S*!>?!4L.`$>U/",D`,J1"J@
M1M6-B8:HN[C5H`5$(A7CD%Z2A.P&H4I#8DS"NV"%#Z\)!DPEYA>BU"&K_1N(
M'X:A#`T,%`T$6</(Z'"'[MBL!;V@0PZI08O0;&2HG5'%,]@J&SG)!B2`/<V+
M>J('CZJ+QX"XRC`4O5BH8@7X!AF%F&CQUU'``?\D3!G(\4'"MB^=(N)\$4AK
MNG*:4<AD&'[H"B"L*BLZ#$`!"!#_^,5_`/$K@``$<_`S'F#^\K^?_`AX`-Z!
MP@("A#_^\5>``.(8*U?D2!740`7N8))"@`YX`P6D06#*Z0Z,3F+X``6H`0X4
MA:CTH&'29P5DBK9>Y110BC?<Y>+2@``Q)P[NX!54@0\&R`]`P$=6P11H@68D
M8@-.83X6XDX^Z@0*BU+Z0B)<H`6&8P7NH#0HKP72YZOVHS#J@#<L:R'ZP@UZ
MABH*CB`JI1<V@VA.)G0L,`V406#DS@+[0+!,00X0"#*42@72`!`NQ@V0Z69L
M;FE:8'AV).]6ZWDH<"'_5D,%/$IR!M`43N`)%P*@2$0:-(!V>F$#.L47((1?
M3L`/;"8.QB(.4*`5ZJD%=(0EQ,0@Y.`-D&X4@@>![&@4Y"XL2*`%Y`!&4D"P
M3N`$9H!U_`!`-*H$ZDJ3LB10(H,.W`![>B0FTJ!,@J$$UH`$-*B!XF5%YJ5#
MV,`PQJ5MTB`#5H$-U``-Z&D-KF@AUL`$](`578060$!'/D5E@`D-0N`-2.`9
M4.`-T"`8*I'>8.4DZ,``'D`"($`"(@`"(B`>[U$""D#]C&,8($`!)"`>[5$>
M!Q(@%<!`C.,D[`\@Z?$>[?$>'X``2$]6(`8/T(`/6J`.KI$./F3N-J(.5"`.
M_QHK!%ZB9EZD4D2"#H)!Y$K`SQK"#_Q0@O1`(IXAWTI`8-)'%4S@24PA1UH`
M#LK1#=!`%0X#!.A`#@!A(6;@,*(A>$B##FB!>G1$+MZ@\]BF!69@*"LH#M*D
M#D*2;<CK#E8@#?H@)5W(9DXAEVC!#Z^.&F:`8E;@0Y:"#DI#%>"@WZ`BG7IB
M!C0B#?2@!-B`4GIA;8PRW^Z@!&_FV^;0LUYM>-PK#\&$*T#D$3<`;C:G!8:!
M/()FD6[1?XAJ\P"J%Z`/!4Y!@F".;>@`!=`J#9_!C@`A`DE*,*(!$(A&?TKO
M!(*A%RBE%>X@#:3A#?1@)`S.*4``4*))#U0`$*0A%?_TQ`]:`"4EHIE0I6$`
M$90XQ`_N90W8C&M>X0V6AB0(<!5FX`0D(@Z0DB3<8`9Z(1B(QA50)0UHH10`
M@6;6A@/`A`Y`H!=*@&(*@[Q@Y0X"0#%X3$"EP@\"X.*,XQD:P`(&E$&?P0(:
M@/Y^H@4"P*,:5"K<``#Z#U;(:!4LP!="X!2"!PU.H3369`#?8.\L4&#D(`2&
M1DS*3@Y"LY@$!@]V;,L6(D[TS<T\`&N&*#75('T<0SZE00):07<`89U"8)4@
M8^;$Q`]FX!38(`A5A`Z\K$550`\X)@3Z0%$J8&*`Q6.0)ABF:&U&:B$PP!6>
M1`X6CS<M4'%HQXF(HXY<8?[_;(8/_/(4<L/V2D-(&$(-V.!1"FD5/``J4&4-
M2D%$>3*5(E0Q\<FV[`7%3F(%/$JC?&$_&LNCJ.$E[T!2RE0.#F--7DGN7&$-
M0A0.I.$$U`=^`!%5[F`^-.AD7L($HF$4>`,V2X`:1L%F"N,PGH'8G@$-8K28
MB(@/D'(%0-(/2@$/3"&:W"662&0-G7-?UN8.WD!1XH"V*$4-6J$/K`5+]6WT
M=G,8"$;A3F#O^H`W[J#YYM)D)F8A6H5T3F'M2I4HG4I+3*$/NO(KV9%G`-0X
M1L%`OR8H$A0^C.-!&;77)C3V?N(DX@``9`Q6@N$FTD0.CLEC@,HLX@`-[D`:
M2FX8_])Q;3JQ4DI/%4[A&4+S9-9&3MR@S;`$#ESDDE#@5'_#8YZ!!TL*3*0!
M\MAF#>)`%:"M%](`#=#J'%^AWH;V%+CIWSQ*#E@@J)`2&^&@%-@BJ/2`!7[*
MHP!!@Y`)#OR`67M!%8+!!33JHM+`#7[R7?'@&=K%HSC-%>!P(RC"77CC)$BC
M!5@J#EBD(Y!23M#FE>B@K!"V46U(EF!D(QK"!.3"9X,A3+9G>.9NJLA107[N
M`UR3J?SG#GR2&B"`*3;`B4;A<8?!`V1G%$)`@SX`!:!*#G@S*52-;7BSS4QA
M!?1@#;*&1)Y2":6AK@:0#:2*#^HJJ/1G6C_@:>Y@!EX62?]E9RS81B:"`0,2
M0_LD8!@HH`^]BDG2)`3R:!2`%$H9T03,\PY*P';1;FW:!@5<X0.>@AI$QPU2
MX9%^1DD_H"6MHP[\5<BHH10"]C@(]C@.%CD4ULD<]C&F#%;**INJ@RMDB*X$
M-I\2(^(&%\&**1B.R27?8A5V3"'JP`U4*YKJP`]H807>(&E7``YR0B$$DPY.
M8O;TX#=7H;-(U*/T0#0T>`;T$!/O+$P:HIAZ01K@X`TZ0]BJPA5@9$UYQF1>
M@8=7CZ\X1`].X16NY!GXQZ.2XH(7@F%RC7MD.!C8@.Q4DE6FZF/=1C8ZBH/7
M]$[*8AAD(B=&CP\>RUTVXAE(52[_`,%1!/<Y3J)^^RXH`%8BUD]!^Q="$1(R
M`J#Y@@(.'E97(*PA,FYW%"S`PLO)T$O4[E>VEJO7&'@8VNP.1X?)1(V!Y>N2
MRZN^-MD59$R]EDR4(5@QR6HBUH:`^>8^5-D_`<"$BB-_#Y2@_MA@`_DX)A3:
M!BPE`."57IDYDHN^GHN!D>,9-.C"=&+'8-6.@6R4/WF:/?DGEKG!KD.:D0.9
M=XJ897EOIBP:.GD@,$38%F6]4OD.J0N]V-F_@$(]&6*;3YEAS2O(IAF2U5F?
M+_F;CV,U[```%$.Z^#B9?8)_=SF:!QG:W@M,$)EO]`#:CB4E%T*C'F.;&T(^
ME.($#"(D_]W`UN3W#CA@=,]".N`R5U?,S28+HF\B.4HW!';UH:\B5S49*-;V
MHD:6).87G'<ZE'D:M^J`EIUL%```EP5L('2Y.#"@`<"B.*9AD!<6E0]YF&GE
M%)`R+4Y"8!;Z8<(",:(&S')5BUPA)\R"(6@!*5=3*4#@-=KF1;[$$&6C8GR#
M%B8:;'_#/[+O-5AF&$H6G4M`(:0$+D`"87(5^7:,+UY#+%#C]`:",:@!!?Z*
M\OYL&&@A,WZ"V0P"+-)BKY]!#][BH$[B]W9")J)H(58`55R0(5["(J*!+3:#
MJU]A)+JVD'U:OUP"*9*#>90)8FE[GV@,`$BE.`C:J7.Y8(O#?_][&0`B.B@$
MN%:>IJ;\X#3L@@,VMB)M\15:(`UX%&'0@)3TP`(PR;$-`H318`WJH`(T0AI,
MEVU45NXPYVYYYG8PA06.B`W<0`54`&O4``4^5`VL9207HE@`H8;3;@7JH`]&
MP4BN"*I>VE-"A!Q1P`UV54\6Z]6LD1I4X`/DX`/,UB=:@1`SKS3D`)+^#1?I
MR5U6*1)7H>I(P)9<1`6PD@5"&#>`!`\4!E)(H#4VY4_8P`3RK:!Y>X;D#!K4
M*RI<836B.&%_^!7R[+;&+"VRMT4U8J\7@LRP`K#4#,@#QZG_$[B#XI;1F;@!
MV8Y/`H#O^9`'>%96X1HY^S3"9"1*H)3_*!5C"H,&@\$4X``.\,"CT&`54$4"
M#^-/1#&]!8(J-54420--3D'N`"$4U:9:T@(/R&,-YE(PGJ$.%MH$2,!P``%(
MYZY%?NT108UM?A,R#F1G7X0W#`(0).)(AH@L_:<L1&-)5<#1H80W@C(I;`9A
M7%@%3$'70Y&VH.>HXB.O/C)K3H$WD$\('V,8V,";[##+;:@%1`9(3D$-#F0&
M[D`9!`Y0"NLBG;.8P*0/SF=W<+$%2J$"T*`"%*X7!,X"TPE,T,3N-"S:!0>H
MN]R355A_$12I@Z("EOI_`V"AZ_G,;4452"!,3L,4D9(<^R"6\,`K2[@.P'7B
M0:+DS#.')UT4_ZMEK:'-#^2.!A>%!.I@!H9!6^A5,+!Z,+W2PGZ/&D[@KZ5*
M)K)="'FF+E*D>JIIT1"#!52@-HC&#\`[#O@@3?I`+L3.(4)^!994LMI%9T'`
MT?$`$)CIJ(8##^0UV"W0GY)M4Y`Q#;P&13)7B]Y@KZ>ZWF?H%#@@O?=N`H(!
M#DYNP]-D%>(@S684NC4%#5A`#7H!`PQ"%;Y$XU>A!)Z!:P[C#C;`?.C`9TMA
M-/OS[/T&M.UWCP/6P92A`:@%H<&\G@%8N@J^GX]#JI")#V:`Y/6-4^F@#YI)
MLF(-1.?#,-%`ZMV%`LK"#R)I!`"!5$["OO7``UY#ELS"`ZSG?4!`#O].`'U+
M83A8(%`X1WG79@.(:+(BR5W(\D]FUS5ER0^.4E$8:>=8L@5>803*`@4JY@-&
M`>H]P'7[(-\(!J^:+YQFTW]*ET3I/)M:0/WO8$)(@`^&IPY,`<ZK$2!:T&EQ
MAP2U@QA&K6!!K04U.*/BC&J!QPT<7ZKB'-S(L:/'CR!#BAQ)LJ3)DRA3A@1$
M0L^;8:<@4'-#D`^+.@?CT'JEQXT>/Z?TH+G#9@:>.M*HF5I##8^<%:I*#!NH
MA]JJ$"YIT7E%38^'.RK#BAU+MJS9D'<"A*`V[-FSMG"'4?,3P"')9PTLN&W[
M=J_;9Q8</!N9M(4`/VS[OH4[$P#8LR+OK`G_1BW.'5>][K@)]@R.QE-S)09;
M-6P-GE&M>EE=P5&/&E?*^FR4)@<-:&J]$%-SI<:-ZCB]ZM#1XVH5-5ILJHY2
M,TII5VFN*%/K0[D75SILAKT*1LN-G]&]7%$[]6S4'8>`U!@_^(R.>FJCU@!R
M#J@%\&>G@J$YN&H%'%5*P0$(3+BY`58KWCU3BD^J`.@*3%7A1H<T=/A&35)Z
M/&.*>*98U0N`=+SQC"IOK0?9B2BFJ&)8P:CP#!JOK!#'&_'UP@8@,ZC"!AQW
MR!$''&KP,<HS#+C2AQNOI'%0+Q[T0H(?)*@2PC,^J7%*"RT$HT9WP0"BQR@G
MO+7BF&26258TU-`1_X`"#+3I9@-MPLE``"I<.-(P#1C@YIY\'L"`7"2M$`"?
MA+89`!UVF@G9,R#PD:BB*YZRPAK[G81A54E1H^%!ILCQ**2@ABKJJ"H!LL(=
MJL@&QS-WK("8&S.\,LP,<JCR"ANVICG84QT>U`<+B-+1RX2OSM#+*BVX00T@
MSTA#$TQ<D2KMM&;I,4$&%F"@[;;<9D`!&R4]XP&WW&:;K;8>#"82FFQ0D`&Y
M\'H;H9F9<B1-IO=V5&^F:#ZCF[T'H3E;O=0(?*'!C^Y[$,$DY3N;1TD!0H>Z
M#']:;S"J?:0=P!Q?B&_%`#,,\L/4EFSRR2BGK/+*++?L\LLFCPSSS#27A/_P
MPB3+C+.]-^?<4<\U!RWTT&'1,L-!;@"B@@<>G!!,"QVH04TKCA[W@5RNK'5F
M5]&>A*H?H]RV$=`GH=F'*COA`6C#B%ZHT4;#],K1,RTD-1P:'7@0PC!Z<$`"
M+7&?=<?:1!=N^.&()ZXX65D?=()L:!RM!E,HG.+*VZ\0@!@;"F@J'C7*4$;:
M0:_X0CHM%[JB[D/&]9+Q*ZB'3/HK<OQ4L*:HKY+4,)^+2=Y!JB\\6*9<V4?'
M*5WCUIRFKR0UFM0'M>+Y=",PG^DPZ5*#AJ=QG+";!UVMT4<)4]_VC&K1L16M
M-%R]DK&=:ZA&BW2M2+?X_?CGK__^T[IB$#4J>)7_LN@``E<DY11M<T4%--("
M$*SB!&C@@RHD0(<^+&T4?4!!"WJA!Q*<@!9O6(&+<@+"%9#`%1T\0==>H89G
M?(!*<5!%'?HPG^F8``5H0,$:GE&"H;AB`FZ(PPHZT`LWK"`-<I&&0T+PBCNH
MH1<L:`$:3!""V\0H6:L@P0K<\`P5F(!\%T)5"50`ASY@8!AH4(&2-!6"I*@!
M47AP"/;N,)@X?,!4*AA<!=8@!Q*PX$HGH&,)6'""-4R)(VQXQ@Q:0()AP&&,
MA..?)"=)R4I:LB/^.\@*YN,&95'C#A[X@#14T395D,`-JD!#"U2P!EI\P`Z>
M,L$G[U!%.IQ@!;T(AA[J_[2&QP`G#;EI52]VPI$5E`(#>F"#1.[0!]W400^G
M(!\;W,"".<9A&+S$@P>PZ4DTC((#(7(#@GI""T#@A!JO.,651J&L-1@(@`M[
M@Q^4I08_H,$/4CL!@(9QR#7@Y#RD.X$%_&!/6K1",TFB1AN#<0+$F,`5#MG`
M3$Q$C>RP0!IWP`,*I+&*]UWRHR`-J4AG]HK_`9,:;U!6'4Q'AU:V35)W2(,>
M5IF&.^C!=JPQSPGH4,%#LO.3;=-)'!14D,$(#$UN8*6K[E"*._"AAJB2%#7D
M0),[.-4/O=C/'>I0`CW`83UZ*,$:"**'5;@!#Q,;181<<8).FJ<R;N@04]RF
M5O^4VK,/8%E#AYYQ2#>`9J;C0<PP2N`>59B`#71P!1T_<!`T`,@VG@)!FCZ'
MM&$H2P]W`.-(-\O9SGH65"5@IM;8P)0UH.`5+?!#*]YFBA.<P@).HD,<7E%&
ML!#D!'I8PRGNX(<T^$&V(7!2#9'$13_@80U^B$,?VN(KV#Z@%W*0F!YDDZ93
MF()\R(V?=\""VRJR(!BX.@@M)O`*#/0!FFY``Q?->9`6K.$5)WAK<EJ@BNII
M:KO46,,H0C`*$O2"B`=A`1Q,`0*YW*%.KN!`*?"0ACZ<(`1^$(HKX$`-?3Z2
M#:=@(K@R4)E1H,Z-^OED?521AOSP[K,H3G%G*Z:SS[[_@@4JN`T@YB,-T[[A
M.+VB!1TU,E0ZJ,!6Q@D&'&;`AQ?-X!FT$/!T5M`V^`QC%.Q+C7WFHJY@(.K&
MHTCG*CYWBF&"139T6($I>@$:5]#$%:CU9,$H+(=AK((6M$`N.@%$#?VX@0ZJ
M,(YLW/"&"$DCRP#R@S308&464+?.J]2-*B+D!PW2XAG,F<$;\-"+#IF"!72D
MR2J>,9_/+&4C?O#7>(YUD[F\HE(J3K6J5U8OLKFLQ9Q5@QY8\"^4T<W!L?NH
MJ,-5ZU7[^M=FXNL'I%,"G,2A3BI)BA\D<+3IK$5<TH.U1]"DM(,$PP/BV:E)
MDF+:]CZF(\SB"&[+Y#!]N;IC_TMJ`:8^`K)SHYLD"+M2AY+"XG?C3&'T#HG"
M[.VSF^5;W^XVF+2!3?""6^HA)E"!UN(P`6E,`#'*Z`5^3O(,"M2!`C1^@!_>
M`#XDCV=U)3E%`S"PD1"LP!40D,LK0`X2:5A``:CS`%-V!YI3/&`P:(//AYM'
M;GW/YB_#V%V+038R?I%,7^SF]TC<#>^C'UPD1$_)P`U.]:J;Q"TAH/!!-E`!
M[\U@`B0P@050L&VNF/<@<I"`!71,@0^@``,@8+E(?-R!C:QB`A6X`RV\E>N0
M^($#(5`6"2PP`>!LP`*=U-P:)%"!%@'B#2&0P!I5E!0Y]`(0H^CU">02APIE
M(`-,1/^#WX:AR[,(ZRQ-3!0<6NT1/KSB;2R3AM8[<KPFK^MG'GG#U*W.>X/?
M?=UX*(!Q/&`;!="AUR-I@04X(@'RH>%J#%A#AK9-#3Z0W$XGD(DI(-#WD*#`
M#760Z`?\N@$\,.`.R)/`G_5@@55X0`\KH&\$4!0,:30K&F_Q`X3I,`I`2>-J
M,Z$L?.`]>$`^='`'HP`^IJ`'TA`-KD`+TJ`'E/$*4(8;IB`-?I!K28$DU-`@
M!P$(%+4;B&%_FB(-O3`DFJ(=E`$-2"8-P=!_Z!1J&\$!1U(*`,)I[P,=F]8'
M@^$*RX-FS\`'<N$O<D$@I#,X2K$\!Z$*='00RO`7=:97MW'_"L8Q8&X0=&RQ
M$1Y(&4/H@C#H"S+X"GZP!KO7>V:X:M%Q"O,7/7JA4!1&!QFP`9'D=Q7@45E'
M#6G@/7[P`15`9R:A!]=W$'"P%L=D$A7`>`H@#2&@$1KP#'%0`25P=]K3`A]P
M%7Z0+*]0`2BR!JK@!ACF$WVC!Q_0`FNDB'+127.!8!QP39_D`7XP`VH@$1``
M?RPP`_V1+%+2`H?E/1QQA5)$`J^'`BI`6;2@`D$4%#/Q6BL`+LAU7,^`6>@7
M`FJ0)2K0`EI##1E`2VC02"R07M+Q!BAP`C.@`G&P"B;@$\MV!VB`!AO0(F^0
M!L'``2:0%"\V9*9`BH]QC^EU$'I0_P?]%0PS0`+6R"HS8`*F@(!UL`:KL`IK
M-%,J0`=H(`T:8"-X0`)IT`*#!0>^48W7>(8>R7MJL`$F`#Y+*!C4L`%PP$]Z
MP`!^.!(-D`'AE10<P!36J%!Z``&V1Q+6@C-L(%&`(!,DT0<-T`>F(`%AQ0'6
M&$UT\`"F8'P.@`<2,`H;H`<G\!H/@")]``=I0$:C0`?U,0HX@6I[\Q">X@<I
M$#TK8`'6M0+E42$_P5:@(VO4P&2#PUAH0#$S$0QI\`QX%2;#L#;!8`*#\U9O
M``@:@0(0M0IW<'Q^)0<_Q6=5P1`'40*I-%6@%%M(HUAI('LMP`:F$`)UX`>J
MP!1L<`?#MO^(:O9D?K`"I_`XTM$+I3!KI#,4'\!33$$'IL"6$%4'I1":=<!,
MCH,QD_)W%5(*X-))'Q0"F$8-DOF1SDEUS^`"*_!AU.`+:I`4<<!)+6$24+0"
M560G<8`8?(`H!0%[)F%6'&&8Z#17(Z$';X-61X("O3!H)=`<+0`'\#<#HR`'
MJX`'?E`:]$<"D\.6V<D"H^`H[#F6;]`A?E`G3-6!)U`*+3`*#SD<UL6+\H&'
MQ^<D%05R;U!$<U$0]P)RKX`"S`$6-`(65$$+=8!:UPD'O3E5;R`;USF9IW!C
MOQFA=Q`MP($';``-M>$=YJ$*IP`N/*6CJG!C2QA(1V,*)*!U?A#_2.RI`MTX
MC"IE"F@0#;V0!KQ)!\.P`F@`*&PY#&F`!XNH`GC@"H@B!V_@`H`P3XA!AL\Y
MIW3*/TPG*K7Y!HRE6[7I*/O!;2O@%93A!^0#"!QPB7>P"B!``@?(`K93GP+1
M4"408=>&A[10"K<3/TSQ$])W3]'"D`]$H5':E;O1`+RC+!C03H#@*6FP"JQD
M7VYXG%?2']'B&W40D=[A!GW09XCQ?1\0(ZW``CIB)T9T%6C5H)KD'6M1&"I@
M"A/0$)6!+'20!G<V"N!R`MY3&"E%:!(P#!5@"JN@$6J@"O3E`J=``J,@676Z
MKJM6=/=F*2+C,\F&="@1KPN#+_>J=&6!_U6M`!H=4@>`H!IR(PUQ8!M+HAM]
ML#UVTXEW`(*H$Q^@(1GSLW)5H0HA=A#D`1JP$PSB4QX;T0>OD29U@#;B@8%L
M`2"EH!JJT`O20QY@Z0*9<I``0B*O('U:^`RN4'.?-!FTH!JI$$?!X`H-YAP+
MTWEZ,`Q$`2A4XE290J3#@!@=L@J<81$>`AIO`!9)T1DB@E'/X6;PL2Q6`E28
MRJ[D5H8]1[9HRS\>*RJ2P@:H9A8M`@<;-2JEP`%SF+9XZY%W*BU,9[:W4S)&
M1S+^UG)'1S#[%C`^-S;U]BF$RQ'4)@<@YV^+ZS$<D:0>Q6Z!^Z[TVC%)D;/F
MUC!.E[=A\0PAV/\'!XAG'D4PKU`'J\-ZF_MOC+LSG_0Y!#4W]+JX^+H1SQ`M
MKD,RO6`ZN)$QN7MTP6-MG[-O?BNZ1+.W?_MKS&L6SZN\*4%+':$')K!`<;!N
M'M&-BK)?0_@!H!$Q[&D2::"$''$K_#@O&W%3Z1N[2.<&QH$F8K@RC+(!]GN_
M^(N_<5<2;H`!')"_`-P!%J"^:&$!_PO`^"O`B-)BV(/``*P!))"\9`$4S9LF
M@)*HWV82*N`I2C08&<4&'/`!']`+?:`W*R<W8M&J2E%K%#P7NS5PJU`"(>`I
M9!-U$,,U'U%6)3$AH-L1J^`H$BR];#$I`',*LC0*430?IE)#KS`!1,G_`J]`
M!S.`.F_0`J=`3!T2!QL4#7I0IM.!`GW@*)Y[(6]PE^&(G1G@8;LA!QXP&DIA
M67*09-\V#,E"#1ZP&0*Q&RI0!UJA8TC<`ATR$/[RGZO4?WF,6KK17QIQCRW`
M!\9A"JW@"Z^PQU9!$%W1`I[R@J"B#'FB``J``)ZL``GPR:%L``T@=TBG`FN2
M`*/,RJ+<RI]\*.Z+,VX0`*,LRJ'\RK<,`,TV$L&0``>0R[C\R;=L`!`0Q"5!
M"Y25%'AP!QDCM;MA?Z^`)%SA"G0V#+%3+S@['B]T(0#(!N!2!Q',)-*`(_O%
M%A7X#*;C/LRC+LW3NTE!`@P*%M8A8L?AE?/)_SZ[LQYN'##RS%?&84#69G\M
MR1%/1CR#@63B1+GYLJ%HLC&:,H%RH1Y!IRY'M7(7`H,=.![W(<1C00=X,'L;
M<5W+0@*G4$U-\F.:L@$/Q&<MX`K`TF<JX"4S<1[PY0L>L`HHD$6=N'E]=A!J
M\)OJ91?C8U,S@0<K$*[Y90H;L%^C^1AH,!RN\)`JT!_PYP=E!`=6#`CQ55/Z
MI0)]T`>L:0*-QDZ8%5QLL4,K,`JG%0(X(@U+Y2I;80(E"@@C4`<ML`I>-<LH
M@A<60'J`'0R`#=B!853))P!%)MB*_9?!P!DA(``9'!)Q``!Q``V*W=B!C5$!
M,+XA$0P*L`'/T-B7C?_9P^`+$M!P9?)B*_!4IL`J?<`!K@((,.8*E)9&!01-
M*J`"/X$!)X`3+#`8=(P"G3<!T3:6J(BLXC(QGY0!O8`E,Q`,&!#5)""?1M0"
MSW!+;366%48'(-0'O;`"9$V4![8!"Q@51P37V*I$G1D]DMD6:[`"K.$"X!0"
ME$PPWRU%`*2+5+("&X`ZI@`<)$`E<A`"7>4*/30*P;!'<J`"=WD")F#%#H%A
MC>5>S[`&,Q`F:=!#JN`!U>C18=$*.SU"'!%-<X$'*`4(7T$"-;0WRC(#,K(0
MNA.>?4`;XR@')]`*;#9D![&8V=%>E$&M2GK2IB`;<<`'6W)E"_8,&^!CGH+_
M&R'@$`(A-;G)B\_P`&MA.W&@6]JS5?OA![2TX,,A-WPPCG4`+G!0LRZA6*ZP
MY*YP-'S@!IX""!J9/&7BUR1A`:=,&`T1`.;[$2,0`%CK<W#@&!7<$7T``#/G
MRP@@45`G`>I7)JUE"GPS)-F+%&VE5^WA'@UQ"G+@"HIUM0P((\WF(P!T8"4G
M%V^@$<AZ'"@PP+E9SL5X"OLQ)<&`U]H#D=30`8[8*R<`VVDL']*@VW=`=DG#
M?TJR!I8QE\%0G^LQYG:B$`T!"$B4E=00X!U1::Z``L]`=G!0!ZSQTHCF!QG@
MGLS4"T)T/"$PFM2``;X`BV18!RF%6H/1"AL@#2<0_P?YL0(.-C5CV!#(G+>O
M\`9PD-,=0>*`8.)^52<2>!`A$`S*8B#ED2#(E2$[@A09J"P\XA!^<!7*DA15
M/0PLD%*<XBH4+Q2TI3T'*0T17`K2TX&*5+`^]DGCV(%^(`?(%9N5H0:RD4>`
M]9LK$#<ZUBNMX`$U!EC&(N[%L177S0:L$0=!9'\ET,N*8N=C\Q%XCLH`TP)\
M[A'3@#,A`.A\G1.$'G5\@.@E,0P)P.C3MC"._N\CP0<<H`="TAXT5.V=T0&*
MF>P#5@>MZ4]ZT"'K2%W*-1-AMC!C*1%SP1JK(!LJ?Q[V[@8EAA-$/QTXVGD*
MQ2JWX5IS,4]<45,M)6(("/\6,S(?4G,5E5*,2YC'PZ$185QAD=0+;7673+&8
M-U:.C<4"[ZW7%CL0B`44=`0"=X#ORA+2?#!EXX$5Y;B._L2+IX`3<NKA*E'A
MU9=KK;DL5<$4ZVCMU6Y9YP/?DT$"ZT@+(9`&,_"E+)`=#_\T+<`0(1#HXX-;
M\(ZQTQD"Z_@*&_`*8F7%B%*P(;`>YY'7`.&F!9L5(8+%6<%B5)U>)_3XH09G
M50@5;T:-0GC"E!XT(5SI.46-6K`0<CJH:I&F1*]@&ZB=TA,'S8I@+5J0H.4F
M&K45:T3^!!I4Z%"B0)4UL%#TIX4&SY3^;!&@%#5I14D`J/.T*AP`=Z@6[0/`
M9U7_I<$2<*"VLZ@$"62?OBWJYXXJ%7C<])G!<12:.JOBN*'CIP0M$J;HD.BC
M)PT>0-3N5!@F4L\)6B'ZD/@Z8\VJ#[VH]2E!K1<'0'Y:"*9SXEGA-]1.G((3
MAP1)/6ZH;7A&9RJU$*.H/82S9I1#/R=:J?`CQT\<:FM*L;AC(N<P#TYYTW'U
MX8Y!$*O8?&YQ"H6T7L]<B5S3@N0P--0LKB1QGEJ<#ZX<4*-SRE><.G=.T?&+
M&A1\>>.4UV8`1!D)(*+F&12&<>,.#Z@AH1057DGC#CJHF<$MN#X$,4011R2Q
M1!"K<FH8MZ1QBL4&J5K%.FHBLVZ8543R916?>J$EQ1NC_W$JR%6JH@DH6LY[
MQCH7>:S*LV!>><9%:ESQ!:A77FG0%VE6"0;&($=2\<5>;G31E3!?\2S*GX(Q
M,TE7U&S1J54\V[)+ZV90Q<01GT'J+0L8D)&HJJ+R3:D1L/I**:Z\$O0SL1(M
M:A@$7%)*&@C:TO,M:=YHX15IT(!CE%<$HB48--:0Q@]IZ%A##UI,>:6%-_2`
ME9I53DA+)#@4"F9#D9Z9P2&17&%T%!18.`^-5]A8(PY53*$&)3FHP6.%.U*=
M3YI3:!&I#FY=R3.-%FA9A9939J#CU5="XB/5]!Q;H3&1@EDC7L=8R$H/:@`Y
M`8TW`?%E!I&&2<.-.(*!")!G^/_@*S);[WBFM5'*:XR@5X*9:I46?%+,-@J[
M%*F4%>"83PTW7AEE!3]Z@;:/3%^&.6:99Z;Y5^9`?+=FG7<6B8[0>`9J)SZ3
M>NK/0(N*"EH/@SJ4T:*VZ@I2H<+RZ:U@$$#K*;:`KED:%)SFFN=1,FQA1#WT
M_>D9!L/^22"VWX8[;KF?EGIIH-0,.D2UYJ99&KN!'MK/IG)5J@4`=BLJA`"\
M^ANH.*+>&ZBJJ(9+TJR?9JMQG:O::461_N9\X#B6]GNHTH4Z/70/5Z<[J-`_
M'^H.-+H$_2>RJGI%/MMW7SIRR7TG?'?8'</2=*GY1CYYKMU*\OC==P*>J%-Z
M*?1YR?/_]CRH*%<I?GCA(?7<0[6J<BMR%GL)29KQE2<J\*('KY0:0NF^*JOX
MN;(?K$<UG_>LMR+`%-!>!Y?3>4\HT3/>A_@7/]<)JG??(Q$"KZ>5IRV0?1?$
MX,M(YQK=&5!3UW.#*JHG,S?@@5QL4TLTJL*'-#QCA!D4BON4PI2C$65^FKL*
MXYZ"/^=]A7(+-`NE,"<!"<+L%6#[4!P<II12H(THO>`#4/S0O:#L9!5ZX(/N
MBO@&"_ZD<]00ETC\X(IIS6T4-_+>08Q'!Q/`T(UOU),TLK**4O!!6!70`R!*
ML"$YG,!E5$'##%R!`C9$J04HZ,,S6$"";9$`#\4YP2M6X0HV_Z@`6G$X`<E$
M<@>'#",.N9'&&E00DC60X%F^",8J5*""8`!"7W[0T0KR))(^A(`YF!P%A%:@
M!Q;89@TG\$IJVA6'%C#'#1J1'R/IL(%>M,(7-G&A&E;`+0P*K4_OJV$#YZ>4
M$"#J?E%3"N6L-BFM2"`"7'L&M_C`K6#HP6]?0EF31K$&D#WC#EAZQBFP)`W#
M.%$5>8I25?3P`6K`DC=>F0M57@&MEVCH&<IX1JV>T8=@W,Y5S2E%^A+Z#%5(
MXQ6(:Y#">K&!XGE`#V\P14A>@D:1K,(W_,2G*FC1"XA(HQ4QZD-55I&^A;H%
M$'DR06MVVE)3#.,[W0O&**+$@1?"T?^I3T4:&='0`FF$@!9^#,$S6@"'2#*J
M%QYH10A.<0>#Z:$/+"B%*4S1*A4,9S7_N4,:5)&&4[2`.DYQA0>D80)3J"$$
M?M"#"I11`CNTH!=WB$/N[`"8/O"A!5J=P>Q",+`0^.(.<&AA"?J@@E5@8!@K
M6`4(GK$".H1@KY>I26!=X8=2^*$5,W#L*NC0@E3<@5EXT`/)NLBV9S`@*2I,
M%/E$4@'XT>V&PQ/N"`*0E04^3H>WH\H*'S5.ET"W=.0#X&Y+=,4XU"M6;E@#
M'R#RAE:4X`URD,8*TH`;JK2@C[0P02E7A08.,$H/P0+$/6EQ!S]\0`[B:@4)
MW/"&-U"&#BC_0"0@6A`".O!!%2<H)7O2H`%J@I<F)EAP3@H\R`_H`06`^5P+
MI`F("3"(`SYS05;OT!,&^8$$R*$#&DKPBADLV`TA,$4<5%""-`#S%"Q`P=E*
M0-I-UI@N;##%(4$2@JW>X0YE&PD+IMJ+">0/JE?&LF3BL.6L6*0%=6`P"C:"
M`0;1@CD>$`@=W!",8;Q!D2J(`Q].80K;P,$4=^"#4NE@UN8X!1`?./!-&]"<
M$[PA#2JP@TCD0(M7U.:1IX@#'>2@AHJLP"FE^%D<7`88/CP#!/,Q!<GB@((3
MT&&7&UK#,]R@@3RU0`5W44,OY+"&:/AB#7)(I:\R*,.BT!`N40'I_U":1D'G
M]I"6^WO*,!1PN;4$<&>JT-`,I@)G6OBA#]&0`QK0P)D[^,2N5#DC"E0AL`*A
MX#>,.D$O>M$".ES)/RWH@\IX`DM5KD(.^B1F,`QSAU*TAPZL`F,K1.(&-$RE
M;/Q=Q2I68(HT4./5I\A`5491MC5PTCJO:8\<5!$"/M!A!"*QY$MPY8<UL$$:
M\%X%8LW\!D^VH!6*E`,@Z"49Y,C/#VAX^0I"O@H/3+8J9'7X@SV39:)#]1D<
ML(@*7",>/:S@,RD=Q@8B,RIJE&`8IUB%&_QP"C=`9UE]$)726=!/A86J/:J)
MEM+O,(Q2F@(/).M#'$AFEU4`0LW\+<4K)O_PGPTQZA6AN;EM2G`'/#QC0FZH
MJ_QD\ANN4\,-@'#%*DK`@CCX(@T,>P4=4M"+4K@W&*K8D';1"8$'G,#TIT?]
M"5#@@`<LL5$L(`!%3)#ZTZ.@`@1@[@X%X`$5T-[T)E#!!P:@!F.OB0$0(+7O
M3]\`"HA^1/;&SP=.\0P7J*`.JNKN&OS@RFFQP4XHH`-=;9,?@;E2))9^!AKD
MX&[Q..8#2?:#R=*0\BN%WSQWT$,I;*.A.@N<*G3X`%6PC3PR&>=HC:T"+#$:
MO]2X.#JCACHX!17`OT)A)&IX!19XB34@F1D8(SV@`T^2@V'XKU[X%`!ILY_@
M@P\`A#3H@S4@033_J,"K4@'YH(.L4`,#H::BTT$8&A27624,;($(Z;V:V"J1
MH(5I\8,5J$`6"`$XL*,60`/6XHD98($K`@13D`9C"H'Q&#@56(%1<(/T&H9@
M^0X$`XD2:($\.H&MHX81&`:M.@';J`HW0($T&`;5<X./>`9<P8X/4*_F4`$6
M.$)JD(-58`$6>(A^68%7^*M1$(P22+EA:(4^<`6&NJ!A:``#(``!&``!$(!-
M'(!.Y$0#*"ZE6`$!,`!/Y,1.W$151``!T+5&<0-4Y$15K,563,7V>(M>8``#
MZ,1?_$11_$0#<#:=404Y0#PT8)57@#,T"*RUVHMA`(%3^(#(4(4-"(8/_Y@G
MQZ.%%G@R7V&!-P`O.A#'/$0S0'B#\%,!#^@%$AB%=LL\.'"#`;L#0/")$'*!
M-_``:D(#54`#VW(,"6E'/?B.D_*#AJ,&6O"`4P`!4_@`LB@!-_B../`+#_05
M-:,#3`HLH%N!/D@Y.%`U-WB&.#`T.G`!_YBY^?#`[',#-9@M/:@X=CN%R7J)
M:>2`9^B,'=1).)*&8>B<JJ@H:H`&7P">-V2\FQL)O*$*A_$057`5%9"1BBJ=
M%G&89ZA*IU"AI;'*H`C*K12>9;DNIDP;D'E#%%$+HY0<Y^.9+5&%56C+A(/+
MN,2Z#T&?N+1+N72]H@@&K+M+NU0%_2"@?[K+M_],N+]DJ9U)I6!@@PTYA33P
M#3GPC]](@_.(B5$@B]K0`[=\B6<(!C>XJ`8AL"3QS/.0`U?8LH<I!3:X`U=P
M!8CJ*,_,'?2QE5YP!3QH`33J!=6DAJEH!8QA`SPXA5GJMAP<!35H#"<:JY#@
MDBP4R5^)#6F@A<6D!F@9!5H8ALB3!E5(!6V)")'LS7RR&=O(/.94$3B@@[UT
M#)#1@QO\C6S:R??4P9VH#)P(D?3R@+51BB*"&<N"S_[TS__<DQ48-?<$T`(U
MT`-%T`3]H.!1RR\*GN)C(//1SP6=H.11G^A:'^<I("]RG0S]B@T%'=^I"E<X
MF:`I'P_:T.ABT`0R(.'_*J)HD"#K@J`-4M`:M=$;Q=$<U=$=Y=$>]=$?!=(@
M-1)=?+P5\``/.(&:\`"?D"28H8,)E1S_V`B'6;N:D<V@:#21."*@8$VA&`95
MZ`4G0AUJN`B@H`/K.`60:=(2H0.U%-(WA=,XE=.W<`6:]",.$9@U\(D36(4W
M$!A5D(^RG*5@H*9A\(PA"0HTJ(H>::E`X1SRH2D]D(.A8X/I$0F6N!LT@I)+
MI9%?\2@4R4*G4[=+78Y?P9)AP)(@'(D<M*.<Z`4:<04/>8:+B9;(6`-7X)80
MD)<U:`]"O9LN>06'H4V%TBFQM$Z@&`9JFE53G=-F==9GY=%7P(QY<[SQ\XA!
M_T&D%="(.JB`>",![%B!$FBMV5.#H`H*D52!%BB!3YD\X5J#Z`3../"#>3U/
MD;@)%0C3?I&/8"B!P;N#WAO#F\C-5)&=('R&#=@8=^R7OU0!$&B-*0&L$RB!
M))LF%@"F3=J`O`I$`0&5GY@!#J#(P/(`E#@!J_(`36J!=--67Z$%"U@#.E`!
M-'`A$CB!?E-5/*`#I1)"-*"F6'$(52@!%%"B$I@!)(+6HT7:I-U!5YA6>YG'
M3>J`"8F-5J"%-[BL*R(^NN`2RBL-I2L;MUB#85"Z63$W4Y`1.GBR8NJ#P/#`
MH3.LE!F!_\"5^6B-.P@-<I39_(@#0(@#E9`&$*@#?_^CPSP*@16@'H^!-CDX
M(S6#R<8@@:I0L)IH#I^1A@V8)188!C^H@[*!`Y(;!OYJ`8:*D#C0%Q)PBKZB
M!@SHA1D@.&A9`]/R`+L#!"1#`Q`@40P$(WT!OS9MR33H!0P@4*45WN$E7KZ1
M5I%0`VXA,,?P##I037FMPXZ+&(]1#S!:/Z2LFI]@`Z-RC-1XT+]+@S1``Q$$
MA+4=.I%4!5++2'E!ERD1&#!D#N!L!5")#@_$"$(4",#0@[(AHY9RLBO!S#R4
M'Z<PC6`@&3D8M9@`&9^P.XXI53XPA84;N(P,B>H=*T^[6A(0.#TH@9/J!3=0
M!C70OCV*@T)9@SQQ24!8%37_*-HV+=X7AN$89AL2,"N:9!9JH+1NM+L5J`^#
MF5150);T:##2FD2GD]GN40-3<8]14(%N1).?T``\D#%J8`/`B@-J0@$_B)`3
MQC\QPKD5`(%7(*W]@P@+`&&HI*OOD`,5Z%S`JKCP$PE5J`/L(!;P>@,DH\E1
M\`A?FCA@L8[V,*N**P$M_@TFMA^"BS'.$(D<<XU@>`-7L%K3D-GQ;8\UR`">
MR#P&(3B@/1O'.RE:(#X9%N51)F43$6,44*EYI8HU^+"$U+X9>(,^,(4N(:88
MF;(T_0@R;;RJ\(.)*JAG`(1=^HV?H`.::HPQHB/K(+F&ZP5M6R*!6)<5L`V7
M287S_\"#&VDZB(&(9LY-%GA5]V(H]#F%8=A+6F@A-;C-7Z&KEOD-"?P)ETDX
M"#D-:.&>47A86I!9-@@/(Z3GC>G)@5";%<B**+HB]VVA7V$#9&E2ET&(IBKE
MAX;HB`X;ZDE:-.`#"9;HC-;HC;90XX&N%O6@"K4;S4FA,86@1`&NUJDBE:[0
MD$:@"_RC1FD<N]D;X&$=D^;HG-;IHX6N)&D>%KEI!2(1T4/+!RV*Z''0O=DM
M&#61VCF1H\Y/D8#2G:;JJM91,1:)*%R!#,@`RCB!#G`Z$2*@`[(5W`5)V]&D
M+!R&T/LU$OB`PQP1@3H%*PN1)F+I,=V(>2FC!M&DH8`#-_\%"E4`K/\0':.V
MZL-&[`2M4Y'(8BKV"33XCFWKNH)JC"T9AF%()%O)$X]2!;5!TY])-6F8&#""
M6).CA6C@O*HXA5/@9=W9W((2U5)PBF82[0Z*8S1BM&?0OS25AJ22$X@1#;-M
M$.MP!9<9A7OKDI1SBB-YB5E:DQF9'#HH*@N<$J6Z09:2AC[@EC5(*:JX@QO)
M)X]BJ#'ZG,B(C-X>25-X6+:KS@;)I<2N40>%;XEF6I"#B*?5`P_H-/FQEGI)
MCFX]@17P,A3@`STP`12P"81<A0Y(#!4()95X!3AP!2\L@=QPL14HQ!U+`X[8
M9PX)"?E<@1E(W@DXIA58@0ZZKS7_=`4)^`LTT("Q,H40.!5:D&8U6(4*"''Y
MN9%>4`$VH$B$30,:;\E6@(`]8S&@8(%G,`'`F@$FR]N)P)<1:'+KL+!@P#"K
M&K`3F/`/P`-"T@,I9H&0&*W;R(GKXS=-.KJI<A"""][Y=O,W=Z/ZI@:%J%:1
M``02R("1A`/TJ;@K!D@>?Q/*.P4_P$!==`4+F`GC,#?&;14.\04Y.)N(N=4/
M;CJE$@GC^(HXF!9\(1FG(\A$2=)>^,+SQ!4W>$=`(!DT\(52Z(,6*(4#I#$<
M,8&UN]\TP)A6'P62X8"UQ8S2@0,\B*](VQ`TZ`4Z4`.700G'FR6",SC'H+<O
M;(]7<T@Z_U"(._&#$S-U/>"W]::X!<M&,87OE1&*5YW+H/BIH>A`NAP&/<C+
MH6`)/U`&HJ"%$CB!"YG1E[#$F;D8<`]LA_X*<;?`-O^)3>4:/1#XA_Z[K/:,
MY84#;G'>.H"#.X!E#YQ>JF`!+5&_5\!>D3`073$%0"XA4W<\7V@PI9HU*/D.
M//B`/VKTD72#*'I9?6DXF$P4]$.#4>B#U<6/A3`_-S"%$UBL4?`*8LH]5X"P
M4L`#Q_MYLBH%KW"D/`**F12(4$EZ-R!Y>:,%GRC-SP%``?P->P2O5Y_S-TC`
M@?JC.R`!.%B!:\:#.PBU>?D.-S#QA<C!Q*Z*-R`3K*0&-'BDG/_Z%:=X8AEA
M$3=(N*3\^U\9[KU/ER]!_-WYQ\2RCN81HWVL@S::RJ"@!6Y1$VFH$J`HC\]!
M$<FI>Y$H#)&L$2/9I\\1?,(7B1``;^:YFZIP_0;1')"1DA<92]3IDC4@^)W^
M,-E`#Y^(@]XX`3DN`>E#`TWO!68\2#V5@Y-<A<WB$(ZGR=EY/QI6CC4D@39[
M"%43&19XV>7PF%/P@"1+@QB/<;[EC8LVA5<5B7`T-,)N2'?4-*\@N/,O`;N;
M$@F8I5:8/T0"B#O4W*!)4XH$(#K4U.BA<^<5+6K4I%501>*-*H5I>KWQDT9/
M"S<#5TE$HPK-'3;4[MSQT(L$'Y5Z.K[_H>,'CDAJK2;TFE!JU1TZHW(^\V#J
MA*L527U);.KT*=2H4J=2K6KU*M:L6IW&H76'18E7$D^T\!."A)YG)U:H4N7*
MS89>$M^8"/$*D"H5*GJ-"J'BU`>&)M)0.Z'"SS`W)]P\:['"Q=,3+-;4]56J
M!)J(U`"IH/8*(8:&)>#T2O,*CEM`)=(\HX."L$0ZAI_=P>!'C0J!$M.<4--+
M()UA&62?.$%-=@MJ<3C0455G30A3:'(K/^%!<P4]IU2@D#N0VB@_@"0/PX#G
M%&;O>GKU\M,K1`D]TM#$I[7B1)RF;$X(727M3C`FC*#*&B78M16""2JX((-6
M!<.&:1*=<DIL_RA1$TQS:]Q1BBK#4(,'&[1($P=CK@Q#RRC4F")1,'U(M*(J
M#%%3RG%TG/+,*J_T(LV-?I`HC1MQ2-/4*6K((1$>:9A(4D@"G1*,1,^XX88T
MO9!TBAM^!+,*+:Y0<Z,;=/3ABEC/F#"D1'QD%HR7ID@I)IG4/(/32BX.F99[
MO;3Y#(5QD$:A*E!2TPL;=8!'C2O!C,*&=JI(=(=O4L81391Z4",?FZOT0N%$
M?+CA8I%\-#@JJ:6:>M60<?32PBM]*$3-1WW(X0M!;[P2PAVCM,#I*2A0HX(I
M=$R92C`GO/)*'"THD\$P:-`1!TMT)*>"'BM0PX*@0Z*AQQJMZ%$'"?^JW-&9
MBA*<D($?=`AEK0FJN)'!77?8!4<+*HP"R)"T4;/"*VOX<8=Q&T34"Q_/_"42
M&FJMTID;XU+3`B!IF#**0GVT`+`T'_3AJPI>4D."*R<\`U))6.IA7$U*A;!*
M'>3:^DISR:W@;&&0[AME"&W=`<@S<;Q1QS.CH.&*JZ<:?33223M%:=)WH(%&
M?FA"Q?13:4A=Z@HJ+7B*9DI[_37881_=51S/F*+;1X",\HP<,S29JY`2W40-
M'*;DMT((KH2@S)=X%$4'&JLT/)-`<L2AD!O9PHH''7P"_,8:EH)7@B]>TO%*
MNG2?8HH$U/Q;0AQJ`-*+!\E)!(=>M,C1&G__:W@HC=LMJ`('-6P\@P*6*\E!
M^QT-F6TI":V90`<<GBI'$C4EG((&-;0PO]F4JA!62AQLD0!'Y!)U]<H=XE(S
MG:-LB$G-&DV9H@$=>I32V@I^2,28*7A,)#;]]5<ES=5/H8DFU1-1?77^`D@I
MJ3&M@"O1S?ST)Y'\^2<JT0B@5/#GE#YXJ"D07*#4\N<4#2Y0(OWK(%0D:,']
M*?!^&[0?"E.(%5LQ9A2ZF8$<_."'9]3D#K_1@Q\8(Y%7E*`PIXC#>D(W@U7X
M80;R*P%M:*&&AMVAAVAY`ZR&,0PTS>`-;W@&(/"`AKNXR'/&&9(<5G$*$E`C
M.F[K`R!`$@P^9(X$_RMR!0:H@8)6J"IB`QG2'<AX@E0D)P32"$$?R@=$/0*"
M,6F$(6W*]P9:Z-%C($`/+:35E`R4SP//<%8)3-$"6LA0(FP8Q4Q6T8)AK,`-
M:G@&6@3RO%[001JK.8^S+D<B+")0A;:\)0H_:$M=XK*7OOPE"O40#/FL(D4S
M:L$H_",?^HSB%*J03U/<$!)7^&$5*VC!,U2Q&%.X#Q`K4($T3,&"M"@F#L.0
MWQVDL0:/B3.=8K2/L20RN_GYP4MKX(\+!Y),:Z)@&'=``>TDL@:WG<(]U'@#
M?B0RC!:DH06]<,,,5$('&0FS#B=@7CI;`0@TK.`#IZ`#Z`[:`C8("@YRT/_F
M"I@R)#A0"&#)B4-7N*.95:!@#<D$0?L>=H(^W(4:AII+;H91TSM`8P5*(:8Q
M@:G4!G%/*Y2Z@X=:(Y5A0$8Y?FB!!SX0/#IXP`3#"(:C&#0#*/DAK'<2RZ6`
M4A6JC8($(9"<UU31M:8\8P0IXI,JW+?4O?*UKPWB@W?\*EC/"82#@SWLJ9XA
M%E4\0T[(H]HPT*K8-3#E&6MXA3*>,20T]>(#$F&!0-9@+56$X#@-LU8O5B0G
M*)E(3I*-R"LJ2(T/1.0.[F,/W4A"BS=P34Z:Z05:*]>48=BELU-\!6>I,8Q6
M0&48IA@21)R"(XEL*DJNA.N)5F(<:JPB!`GQ16/_I?&*QC:E%\\(!EII4<%@
M2,,7DD6K-`2%V/E^C9>EXB4!Z6HJPT;0J0@2H0.;8M^LO()3":0O@AM$-)#L
M90TC51LUY-`+$Z!!?HZQ)#6B$0(4J,$4:OA>1'Q1VH<!Y\.TX$`?&@N=7JR`
M!6YX!07@``<2L*!9*""I";Y)'Z:%@`^T6$-;5E`"H+@"=1Q8A1Y,40(5F%,%
MF'E&BU_E$84V:P6$,5`<_*)7%EVS6T:5W"@\0"U:J,#%U-B`"D!0/NZRP`06
MXP"43!&:#W#X82-%DU%+X`8/!..?,QB&&C1P51*D81B8T4,T-K#=!#.ZT8Y^
M-*0C315QK2$.IS`T3_7`_X<1I2$-M/B`%G\555^M@0XA,MU[).("2]$!-A;!
MP"E2H@Q3G`*95"KM*]Z@DA7<80W2V,!"T.H!$*A``]:DQ2O&20=KS2!8?1#2
M&MPPBF"X@(>G8*YRH-C87A=&%2]-2P^9]HI2M*)]*^CMI6B7R6*.LC,J`(1$
MD"F-%4Q4(JT`EDC2<`H.E-%2TO`5"5;1ASN`X"UH6$,PI.V+-:P!#;W8@"M,
M)^F).R@:Z_/@"24"[ZE1-ZEKI6LP:-1<\A[8*O\KX8&'I(K`1H6_3PG:_#9+
MC3[D)(,CA[=]^;<TIPPC&J-@.<8I#NE5**0%(6`/";;E/CFH809UT$-0!E+9
M\O^Y@7$ST$TP1KS.XWQX%"FB10F$I8P2L$':?4CU<00"!X=0`P1TTPP)Y)*K
M4SY##4&AG1Q<Z(<^1$,.;+#G9CR0'Q7-0"*E:(&EI`W%YA3&*;U83'+PP`')
M]<%%AUD,&V@EQXUOD7S8DX@K_B*_.``"+7"(B#H+,^X[#*]N(EFG-)A^]8<$
M5.BV'V'R'LKR`*(!P!:\T(IL#L*4E\!="=1L83S6P?V%M^4H%[Y$\AX5DMM<
MA%(+QH=_3PV[EGSXOD`B84BH0/%/9$@K*(4K@$[RVS-Z%7&0<!J"I):RCV(%
M-*>%&QCYGM>!@!;&6H4$D`2EH$`=]$5CR4%RG$('4)K_';"`&ES6"0""0(2%
M&\#!"62=K%"#!@R$L(F%C5S,'5R,:O1""92"'/2!I;"!'T`-"[@"'=""V\F)
M!_@!8(!4,'C`*Q`&3A11\PA4"P0(#BF91(#$\JQ`'*S""?C"AR740DB;"M!!
M5;G"!T#=]P0#"CS#1DQ$X=F%'^B!:0B%2/0!U)1%_KE!+Y0/6K'?Q'&&KUG`
M3)Q`"0P#$EJ-'GQ`6*F`"5")I0""5Y0`5&T.&AB++Z#`*&E3[P',D2@7!?Q3
M3<U<"/P@!KP*(+3`.(7`^JP`0M`!>^B&'YQ`/Y7"!WQ.6K2`'P[$"8C*?D"+
M0-0!6M%!"!R)&YB`*?A"&N2&_PI0"0NP`/(\0PF8P)'(AAZ,P@.4`B#<V$`$
M7`NPBD2L`@24FPHD!R+.3QVT@!JX(H[TQC5:C0>X@:;(`0LPCQZ4P)^I88)M
MRBN$Q*6L@*6DP1N(2O6DB!QH2&-%`^`<"7%)#2VPP`D8DRF(RJ6013`TRRN@
M09BH`H7X`:\IA_TI0XI`$2!4D#E]B7JYP"B-PC"(81W0@BFL`DFX"*1\&!RP
M0%@AR@RL`$E4CZ58RKB@03#PA4(19%=($UIUXA8%0TC0@2]T4TX`VB:=@C_6
MSAUXR1X:85.P&IND'T,]PPRM1!I\6/6X";S!%3D^VC/X41K\$RVT0"FPQ`F<
MPG.DP?_@E=$PE)I(I$]8E%4=_`P@("`>U%\+L-&M(-D"K0P2J0"&4,,,E`(*
MA!5#Q`$+Y&`I3(B&5%Y`I4$=K`)!N@')E(`?])`1]A`(?$9&Z(K!0`DMA,#(
MK,$5F0!(K,(&7%(++%(,5J4TM$"6%08>F(`KD-'%G(`JT%MW49<?A<`PI($?
M?(`T4(M$D,`KC(`?X`'`Q%H@QIJ#48R2-4NUE)'R325S0@5!(M:=N($<P`96
MI(IJ884>6,J`*4UTUMMV-F>"#21XQ($*T`(<\$D=Y.'5R4&VE`\=E-IQM,(H
MN"'W/$0DJ4`:1-LP?$!GC$(&)*(KJ0(4K<$S]($*G`!->4S_'`P3U1G,+3H/
M&Z!5'(Q7"]#!,*D='1B*8J"`7[Y"6;["[@24'Y"+&]"(^`!",)!1')A`2#S/
M@QP4"N`'"XQHD7C.&^3'1;%!]KV$9:V$*_JE,7W8N3F'GD$-"4@3$:H/%-V!
M'"C$$8(G?0%0T$&?@$U$1*+<5##-!76?54AI"+W!*0V?]IV0IO17R;W"<I8<
M!ZWIF)KI^Q"HF$*IHPV#VP4)4K00'C@4K;U!8!D'&SC-]_#!VKS5MQS+1)W"
M*_!!'Y2FM$6#!Y#$,SR22+B!*FS@&IA"N\S%;ZB!-,`!"CQ$<I2`K[S/*)S$
MY?0!"R1/J#WAAS4.\]#!*J@"!FP<_Q*NA&DFSQWT03"XW1N@08K]U#`81X5"
MXVK>RD*0R/>@J&YT%A8J!ZJNA&8P3U?&FD.=0OVEUL*XT*(X*SBA0!K**;B&
MJ[B.*R[%07&0CV+R23*I`,@`2%-0HK6XP36YPAHP6:+Z&"VL!R:6`A\\XS"P
M02DUQ0IDCSD]30D,1?9!50;:U@G,0*JNP8<-B1N0P`GDJY?<1^)X0,"J0</2
MS:4PUP9`":7LAQL(U0D<YD-:R^60XJM`V0H4WAN@P`J0DBFJP#`<25;&1U/`
MA*'8$".25WZD`4>N*V]N!PG0@AV4Q4>MA"^T5=SI@6R1J]3^DLNQ7]5.[6`A
M7_=I[<NA"?]Y1</Z29?7CBU5-%_9Y@M;S`]O045C"<[Q0<55O=P"A:T%A2W)
MV:W^A.T'T6W76I=4],*"\@O6#B[A%J[A_M+)G0K)%.5<.46^5@4*>-Q]_1(<
M>,!/'2[F9J[F;B[G=J[G?B[HAJ[H:NYWCJ[IGB[JIJ[JKB[KMJ[KOB[LQJ[L
MSB[MUJ[MWB[NYJ[N[B[O]J[O_B[P!J_P#B_Q%J_Q'B_R)J_R+B_S-J_S/B_T
M1J_T3B_U5J_U7B_V9J_V;B_W=J_W?B_XAJ_XCB_YEJ_YGB_ZIJ_ZKB_[MJ_[
MOB_\QJ_\SB_]UJ_]WB_^YJ_^[B__]J___B\`![``#S`!%[`!'S#_`B>P`B_P
MZFXI`S\P!$>P!$\P+O6"*L0J1[;%!6<PWU*P!TOP"@B``B!``I2P`HPP`BB`
M`1A8+P40E0(3^64<J5PMH]$PEG+I[<J<V/B>5N@P_PX)"QA``XRP`1R``2``
M`R0Q`HSD!S>Q!`<Q`H2%*^1K!22`$CM*_L!4"+$(>(B$EV:8)_E;_]A<0SAN
M0]&(=(BI#Q_8%&4<E?(P54@#&\Q`PV5&A-+3FN'P%V>0AZ"!R*EI'+=IR<F7
M/MUPG,9P]7D&G#Y%&S\%I;2"KS5%4BC$%SNR\^&>(+]<!6G0,U#?4Y3Q"Q]R
M('-QG)9&U%Z%TX3$7'DMW^#P@`V)*0\7_QO,Z$2T`$F07_[<P0P4A(%IJ1H@
M3P+%L/D.20L8@`$D1QVTDA\<P!6S+0,8`"$WQ7A\#P-<Q458LP7,SS-,@`-,
MP``4%+]IQ7O8<()(@P=(@`%```:80@'8R7&,6)=.!1RHQ.3A,(/<B;6@"0.$
MG]+X@0#(UY"LIO/=`0$T'PDT@%32C[845E2L@*A`$`ED<](4H_.=0@!\ZU5L
M@`%H@`(T0#3C)4,GB$6GX08P0`4(@$!HP,8%,@<8@`4\``%([C,00$C+;Q`?
M\S,$``"<T@(H``,<`!,/"2`PP`((1"_4@32,3&%(@(=6@`L*RK\TUBGT05F-
M@BO\4%!$Q+^@2?\PJ@"_#8D?&(!8?(#M4%Z2S=!#T`$[N0&%P`$#T*"E8,Z'
MQ,\S`"Y:J0(;7"=6#(,"P%LO,$`?X,$;N4@PP$$M*9=A%R5<I8N'8,`'4!-:
M9:?<E$(^-44QJ14?6(HK",0P/<H;0$D(P%I33(`:T&"4R(%>>X:E14FN#&$O
MX($KS(E8W,LI6,HH*`"4N)]<J($#N`@=>4=MTT$#D)<K2(`'>,@H``TUJ`)5
MJU9M3P0>0$DI!`>B</:BWH$I0!-M-%9V7XB-4(,R0,`)R%T74=<#K`!9I9-3
MH(!12$[/I'9KE'=@<[>+K`*\/<0=4,@)3,"*T$(<>$PKY*H"8+15<(#_K_3"
M`C`/AMQ!)XLW>3-RAFX;]W"**]1!'PPXZ!4`O!WHI42$"]7V?[Q"';"P@4M$
M!1@';8C*,S"`O^$!81O*;R"*_`SSPQASJD)=-!1S,T>&"5C'S`7`>7DT!@R`
M"L@!`H2``9"1"J2P!SR,`!P`'51`"\S``30``*1+`C1`:='!`&#``<`S7UM`
M'3`%'!C`I1"`!AR`!M`"`62`!#C`F6<`4)^``'@`"D#`<<11`QP`!'`.!#1`
M+Y3"`Y```JST500#`MP6`W!`!1R`.C6`-&``"#1`/LN)!81``[A;$J<J&A``
M`E2$`QC`&C0`%'T``B"`<80``G@``=#.2BG`_P8<^08(P,"9N3`6!@9@0`9L
M<P&0"S580`/(N?M@``0L@+]Q5Q(+@'Q0P`B+Q`2\M`240`-,@!P=@`4$`%L?
M`)\P``1,0*0.P`>8`@-(@`0\@RM\^@,\`'FM@3'C@1L8@`)DP$`\><(6P)<8
M0&(<P`)D<QP<`'A(`*)_.IHT0'Y4P,PV``,D^BD@P`'H`0L0=<12`Q\<0**C
M`;SCYOP$\08<`&$0NP+`5:0C``'X2@FD<&F10`603Y-_>@4HP"ID``%<X`-(
M0`.,5P.0.X97)S5PP':M0,I/``0P0%<B@`$X/%%3)S4`?0.0@#0@``54L<WC
M?!I*``1TA9P0@!Z\0O\!8``#/`!?5X`%)(!8#(D'<`#%2(#[2#L#E`\"6`H'
M)``"L*0!X%\`?`P\DR\0&W%R<&1K&,".6]`#J(\"@(<"*$,P=$X<-+D;$,`P
M\`$$K`("G$+3WX384P,&0$:D\]L#V`&""T=R8$"3-X4?4$``,,!O5+.BE5'(
M&H!"+("6\,P"P$%QXV4VUT&3#_JUQ-$&N,$;,(`K_!Q==;+P"[_4]$("P%LP
M'$#Y-(`?R(%38WVL-H4J8+U;!(,"3(RZ/T#CG,E%40,#X($J'$`PL/DKJ$#G
MM,`&#@D=(,!"L+\%?$0#J$@V-P`+T`*\I4$/H8FYG)D)`,+@8Q5`4)-&K47_
M!6IH_,!Y0$T/@F<56E`[X$85`6DM'%"3,\$/`FDD0E"3H,>4!6HA0D;HL\8@
MF@7/J$6CM@&%M`-^J"FX<\>`*FH_GRDX]0:#-)W4'KS1TX":*0S#%*#Y.9#%
MAZ"O5F"@MF;AACO##KC2`^'G3PM^@ADX%2W!'8'45)!U(^$.`X(?J,'L.(S/
MFE5AAZEMH8&:&Q+4&,R@!N%.'0_46&C=X$:/73H&7KT%^HQS9\YE.9SXN48"
M0VEK['*X$^S`J[%EI?$YW>!9`\6,*U.CT[JL*@P"#@#*.:I%!H(1GB46">=M
M"`,,#C#P12NL'@E!`0'RJ,H`+0YT6@APZE9F6?/G_]&G5[^>?7OW[^''ES^?
MOGH6!@RT>$8``%X,T1'P:2IJ1B%`@PT$`.04!(;QA:PX\%J#+#\:H*,"F$)H
M@0V#J+$@HC4,Z(46!":H``(_*N"#&A,V>$M$:ERI@(0[F*K`#L@R\.6`5!"C
MXYD/-CB`#E<F(,@@.CJ@IH$XJ/&`@0H>8.&9#`#0(#.!-H!`@BTEF&#+*ZD)
M!@'AQ!3N`3GH(`L-`(XJ:P8`$NACE`,HH*""4RI8Y2T3U$!,CSM,ZE".$R*,
MX"TZ[&+#I`HHL\L4"A@Z0`#%TC#!/`G6*(R$-1"P0(+'?CHAHH%,$&T8!T:Q
M(-,&^E#E`&E4:'&5">I@(/\8#!RHP($XG*(&2@L:&'0%:NYXJ:P-5GBE@6%6
M1$$.L@;TH`42W`BF`5H@F]&N4IX:T[Q1*&"C2`XR;46!8#S0PX\#*K"SE[<P
M&.44"`8*0;2!3FCQ%`Q44*""3\NZP[B![N!P`S9F,,Z-D!+`@YH)UKCC,2>A
M3`,-$*A9$,R\+-#2RRXEH""8GS80[2"#W,"`@M(VX`,0`RHH\=V?B"IQ&`8<
MID"--3#6^*=A,J/E@PL5\".$-*B)XX'D'(;H+0Y*P)*$=6.VX!4&`(&C19'T
M>(.#$)"UNKZQR2[;[+/1-GN@%O!K01H,))`*`P08"#"FLEAX``44'E#AE`.&
M667_(0BI8:,T0!X8A8%6%J/#C4`M4,,5`O3(JP$]AI'CF<BI^>"Q@?3`C)I\
M::0F@V$UX,`7!/2\W`2\((B#2((@9>,Q!^2@!@6\[CCE%5-<82!JF7IYQ7A:
MD*=EXV`4$,Z7YANGXSI`?"DA@;*>0:L$!H)7Y94ZAGG`+1."4:%/G$]1@#,%
M1B&T\")_HH.I-2RM@`T]%&#(H%%>H0.`5]P0M8$\;%@E*,%8H@$(%0UD!2V"
M0QW<8)`%T<(";A!)+Q9$C144R3I^4(`T0*`"W=#"#UKQ@`CE$(SB4`,.#(#)
M3SBP`FD@X!2^<@,=#&6>.DQ@`JHP2A],-P,]+(`A%K@9_TX&2`T..$`Q)."=
M73J@!UHHX!6MN$,2X[4Z5XC$@@-1`:3N0($X3$`:?JC<3_JP`&F<H@6F4,"[
M+M<"K4P+,4USPQWPLCMBN2(.9.G#`6CQ#&;]1'G(,][Q!M@!%`@$`BV@!0&"
M40>F<$"*"J!%*^HPP%,8())+:X!;&'4'/P+R)ZH8@'#60!L&C&(%CS$!!&KC
M%@LH9B`<6*0&+;`*!KQB%5_!6A_L(J93M((`&=!#`CB0-F4NDYG-=.9Z[G,`
M%ICG#M&IFX"F@@"I),T`P=M`"!!`K`#(80WY\X,`@K&!!W#`(2V`U@/0<`(`
M6(`!I3C!IQ;B!@*4@`!;R\L$$/]0`0'4X3+$(@"P/$"+`-30`'5H`0/"XX9>
M"&`%>AC`"2;0H@.\(5(F,(`?Z$"`-#`@4_$)A@!P,E&<)``.;[B6`4S``:W\
MQ!4&.(%,J8&!#&#`)"I``#@O<H"Z,.<!%K#`0CS0(C38129P,`!!0N*`%@Q#
M`&`C"P7XE8!GR$$`%OR)!`Y``@-@#@$D@.A;3D$`<,*A%P;X@`/PPH#ST6(4
M`;@(`4[0`!>8`@#2H`,"2F"`5J@B`#.(`P(\NHI5$``$$7#(6RP0$@\TX`.<
M9(-=S-,+!EA@("500`@*L(I'AB`#$S@I3GXB$Q8`P"=^4"L"1/@!K&%@`Q5(
M9EDR\(#_4WA@G99\"PH`$`(&K&`896W`J/("`0M,`"_MR@`#I*$'`<0E)`)P
M"SS[$(`WK,NC>GC&`3:`@0#T@@(B3")[-F``"SC@`<%P!0).@`$B"K>$M;TM
M-5Q5`@PLRP#7U0\"PBN`+<)0O0.(B`#TL-@)0,"T!;BN>94(,PD`P((3X$`%
M/A`-`CB,`:4UR'=#,`P`#*L\SS3QB5&<8O3<AP$4`,$'0+`!!LRX`0GPR0"#
ML09L46,8:OA="T`JC6>@H7?,H04;A.P&-&P1I#^1PR@`D88U+/D9;FC!@.5P
M1[>4I1=KJ"A^.:J,.ZC"!1PXS<C<L(HATP$/*GJ#&_R:!C\X_\P--:1&'[Y,
MC3JL8,OI*;%YGL$&;#U#Q]1X@RI4P5%3M&`-@_S)HM<PLBZGX5W/@$,+]/0*
M(-.AAEU>P[OPX)92,*>4%AQ%Y>@@'#RXP`]UH$8OTM`"GP2#R&61@Q[2L&4V
MQN&%/P$$"[:LBAG``29P*$72GD&+3,6*#GTZ,DSNP`+A2,,-%HRV<*CA!S3H
M(0Y)K$/EGA&'&?BD%$PZ#P:FF1?PV%D/0+Y#E7=<EE7`^=$MR&3&6*`*6K-A
M9&49!0M<4>4EFZ</=8B#&V"RZ_.^8@9K@$DPE)P9:<1A#68LS!;C,`IIH($.
M#&'!&=G(AS<\@PZH?8\>U)`&8O^DW?^`Z+8J6+`*6D?:/'IP@<N'X88MECQC
M+>B:HX<!!Q6XFMJNB.XHI%<8QO&<Y5(F\D!>@09^7YP:KTC#U'4SBL+H2<5=
M]_K7U:8[`$@J`&4/0`$*0``#",#.8"=;"4;R`*2YG>YU=R8)`O7U8,S@`*;0
MC-T!'_BTH>&3&!"@X!&?>,7'YPXG6,$*6/#XQZM@!2I00;P'!)L!E>>\FDEB
M-#H_D`&>=_3GD482!^(+X:(`)J%/[=\'\N?,3Z7S9BMQ[4EOGFC<'O:X3X_K
M2Z]YW>?>]'\WOGD&0@<V>%[X?^>]\7E?^U='P*NS'U#LVR-ZX<O^]=9GOO>]
MC_KG(]_ZI^__?GS,3_[8#Y#[V/<\ZM&C_;<\`P4,",&[@I]YU\.>_'=;_/\!
M,``%<``)L``-\``1,`$5<`'=SOQ.3R:T3_H*4`(9L`+/A@(M,`,U\/@VL`,]
M\`-!,`1%<`1)L`1-\`0[D/O60P51L#U8,.SFXP4W4`9=D#UH<&PPT)ERL&QN
M4)EV\#UZ$`>7Z0<1CP4XX`,:K>/(Y@XVAFQH017$PO]$<!B4,`C?@PZ2:*LR
M2^OHXP83[#S^;!7.2`PY$#V^L/CJ`//40P\P@`0XP.^XC_N&03BLT#Q.`8FH
M"4RTL"Q.8<"0S^3<8Q3Z33T42P>I`1!*X=W29AA.P12P;3VD805,_X!QLJWM
M,HOHSJ/;SB\][D`-SV,4N!`4T0/*V*,.3.8GQNR,GL$43@$05F$8],`/SX8,
MU>,..X<+RZ(/+-$\-'$]](`$B-#NZL7O4(`.F*07N,X5N/`49L85,&\5,N,5
MGF&-6N\5!I$:E"<OJ`$:8`(0=NP4I.$.5.`52`WT_.U*3J'?/L/\U.PM1(\6
M!N@9`H['_``FY%$:7@%;I.$5S4,5[(P6N`X@">E*>L$/9&(8@F$5RR+'7@'_
MVA$;I2%P?J(7!FP87.$%T6`@VC$S)/(.HF8J7M$!WP)Y)O)*?.$9>@&;8$1/
MZ*`/C.[5)(X/.TXLE!`F?R(8`,$>_:XE7_^AQ%0!6UY!R,!1(.9Q0-Q@^>PQ
M+V""'S-FD`:B%![#%RHR&*2A%'H-*/Q@9E[A#AR&%GKA&6I(&F&$6;;(>T:'
M28)&ZVC!.)1A%08")5>Q\SB@TYX!`JEA%;:(!9:/(F]RP$[!%]##%;:H]%SA
MV,)D9/JG#T9F&.HQ+S:2ZX"B'9.M+"1R%*;F#N;Q&21SQ_R`!&B!+.7@$0<"
M(/'Q+OTN+[)1,P>B%631+-V@%`:L(=V1(2K'%>C@C/#K78)!+$]/(LOB`[A0
M)E[3W%;!`Q+R,GUB%92A'^W,%!RM*EM/,TQ!&E0A#E[!T<S##_I`#TZ1EUZ-
M69SS)V0S,U3SU53_H<1"`"=<`3"CX2L#L`1\0@7H`#--(`WZ8!56H`5*K@7&
M40]4``VX[M]6P!3T`(!8P`->005FH`1>R`]0``U4X8[<(!7B()YH(0Y*P`74
M(`1.@0XR,M1^HD)/0`SY<\"&A2OI@`5.P!<XZ@Y6004\@%F&@01F0`6>H072
M@`5ZH018H`38(`0V;@;4X(7:307\X`Y"Z!3J(`14P!1&P030@!G_DPV().70
M8)N>05I*(!I:``WZ9##ZX#_UH!=6``5ZAP16H/K0(U/6@#][X0Y,@03D\PX(
M(T3Y4P_D@!9"X!G48`:FY154`4I-H0\FX`W0H`7,[118@`5&`4D/J!54_^`$
M`.$^@\%%[V`45.`#E+!]T@`0AN$_9^`92N`$YA,$3,#5LHT_54&*U(`%0(`6
M3L`%3N"\X&`%7`$0I&$&_"`-?"'6U"!73R`-AF08+A4#V,A,5T$"C!$-5N`J
MO?0$GD$/6&`#$D(%J"4$`,$/\+,%3.!-_:`%5F`54$`-U,"87*`%WH`6*,`4
M:E2B*L!+T4`QS,,"^L`-,B`.<"+CP)6-6.`52L`^_57.OG4%5%(5K-4-0)'D
M5"$_Z<`4($`/\&!:`:%`<70&:($$6J`%L,+>RB+6FM4#2F`@5&@%X``0-@`/
M/``%+`@%T@#A2F8T-N`-6B%%-^`4F$0/_)%)[_^@#TSA\;[B7>_`%TZ`X[;U
MC/J`/^>-!$:@%7MT%<!G%?Q@%,RH@5!+#U;@`_3`BBSH-O]3"5^!+IC$#UH-
MZ7Z"6TB"!.(`,]7`!=*`2,'U3]QT-&*-177#ZDY@W&(H(G3O$/L`#3B`+/-3
M#T9!%>A@!3I@%0[5,\<,8]'@&2SO(WU!6?&@!4J`%B((,A</;#Y`1\$CS3A`
ML?0@8F;`%++T%`:%Y5:@%,*QV0Z"C;;N)T)`73`F`Z0"+7QN5H,!#JA4#S@M
MS7RM%UP`Z=3@%%ZHSN#`/Y,&#IB##DHA5`DI(M*@,%\!!81M)G0#CT15"7TG
M#NB`#@2Q!>!`$%>`!-3_)<1*H11:8!0LB`3X@.N&89K<H`X^0!H^P`^&U&)>
M`02`#"ZZER#*L,Y$B`W2EG<+YVAO,FKNH`4HPY@,]1GN`!!6P'M#H.2JAW]\
M305&@>2R\@UF0#DC6-]DIW"?H0_,K00:-D9+@8WJ8/E>`5]S#!7;B.24CR!4
M(2)\;$`L9`5&X!4IH`YZ(0/H;P:FR7)E3@Y<@04H`R[N('?DTQ*E`1!Z`056
M033N('1SC`Y>00[N`'T+`^D26.M:8"5$I!6GREF89.@LZ(!4DAI((!C4`(/<
M@C)60.O40`_0(,V8]`U6X0,JE'3-8P9:X178H`]RT@V>,'3_Y"0TP@]D!WC\
M_T8JU``04*`4=HR5J$%8^V0@XN",[V`&``$+UP`0K`($6/<GM`WI1,@-`,':
MV,B'^`"+>TGGD.8-WH#U/$`.4G?'OG@K7*%#62!P6D`.>B$52$(<->*,4"`:
M_D1JTV`5VK0%;J7?0BQ3^`"D2D$)70$%I'9T_\0J3/@GMC?+Z@P:?N*#GP%I
M;FV17L$/+,AMT,,/)G;N3N$$,IAW(P)A,_(.0&H4,D6`W4*$?H($6D$T1J%E
M,7?Q2H#K>L%#(T9P3^`-E@]"_*`$".H1\8`#_(`/Y(`Y>(6C9.<G3$"+*V<R
M+AD-(N8C[V`-7`/F2JHP9D#."L,#!.37X`!Q[\P-F/_D4LVMZBQ(Y](40G,'
M2.^`#@Y(#JX$#U2`#4+-%89!/U]!&5;@!-+6#U[!!.#@-=W"7X<E3+:6#DZ`
M#^*@%RPH#=(`#_K6)]0@U0HG_K8H?#,%#]P`#[1SXOA`;VDA(D;AJI/:;YA$
M3A3X@7N'0$*@^O3``_H`#U;!%\C)%Z1!6%]Q2%BW0W]"!>ZH#U[AH=]@#;R*
M#EZ1.9+/`TH!3W,'#DZ!.=+5/%I*,SCB%4*`#X;:9#@[&#A[!=Z@AH05)YJZ
MC>_F(M@`0A5C4K'PCMY4#TJ!HSAM>3D@%=)`HZG3!-XL&)Q%1=C@-K'Q!%2`
M_4["%WBM%!SFK3E`?4-7#?3_>04BQF'B`+1C8B#0()!:,H/CX!1,X(;Z0'6G
M25WHH!50X`V&M^/60!I&@8]-F:,,KN,T6;KE``U&047D8*(+SF;?0MNN.5,N
MU8+P`+ZWR#;;YX9L,VG<H**PL`\\P"T&PC%,@0Z"814\]-760`Z&855-MT_X
M`(BD89I.07"AK`7NX-+TX-Y.`N*RK=5*(7>H`5+OL`5.X95-`$\'S#]OZ))#
MH"+_5,+IX)8DN[]',9[?`A!"_).7[X&9`P\^N5&39KLN>8!.P'5?8<5G!@`_
M8,!ZX7C?>U#T63]M]LU*W&&(93O1H`[0%P]`8!7ZQ'<+0P_Z8">4#!"`^`2^
M]124_PP%3-=TO&ISAL'#6X$-.$H@-(`Y.,!?^2!<36`4ED\\,^4-X(`$GB$$
M3,&"C"/C6(#6KJ1F#TX.WH`.Y"`.9AT.;FT[UR`-6L$$`.&*&A<$=%,JW&#1
MFKK'J($/TFS6C=P$^*!RI&)CHH%450!=+I9W]:!RW,`/\$(@/D!<"]T#7.$!
M-HXA?OV!YS,56L$Z0X(V`0''F9&<W@`/^"P.ZB!Z[Z"LJRU$+S7'5Z`72*`4
M\BVM3V$82LI[4[IA5P`/0D`5V+0A!\@P&E79XJ`%>J':`52*^W0^U_L#K,P4
M3B#;">)3I0B<-T`:0@`KM.T.WF#C?'@^`6'4`0%-&M4-=O]F^4CV%!B4`^(`
M!5PA/3LN5$<`"M^B?A&.C4P!!0C=CM\@#?#49KG-9CDM#MC`%P8)#TQ:#5;"
MCE5@9WT.B$C`%#XNI5%@&%"=HRBC#E3A,*HNH=*SBQC"!'Y^%$+@#E1$#8*!
MN*(4[ON`!?K`#TY`%;39R,^<>]L-#TB@T)>,.=1@%-"@R[+]2>.G4=<@#H+A
M%.Z@HHYRWF_HU.:8!?!<@)7^U!"C$=.`%N15B9I:X'DW:\0SQ+^5#NJ`.%R=
M9$I<#:QSSP4"#88!!?Q`!5R!!$Y!!1!WJ*DA5)M0;"?7U^I@^/4`$(@,U24<
MI%R.&H8W@MN]2:K:?G%ZS?]O-8#_0NLJOB$-ZPZZC`VBP8T=#BB4#"PI\M)4
MP>],868$;BNK4FK1(`Z@$,<);15J2`4`HA2U@7S0Q#$5#(T;:0.IK1A%#5`+
M.1'7W.D%<>`PB("&P7%#1]4I:G2HF7JV:F)#53/B`**S0@U)%FR>/7/3(MBS
M-&_NJ%)%34\+0`.?$07TS%2+DDA)MAB)\]4K5]1&#?/3<."H$A#]M+@3;90K
MJDC3#!MXJ@4<:J[T/(M##6LKJF]:]%)%RVFKHF_0#$O5ZUDI:6O2^-HIYU0P
M5</0A"P*IP4M:6K@R'E&9\:K58$S#BLL#>&JR*U,133Z#*V*%BKHX`FZ:A4+
MBA+]/'-L_WK-JC@M7M$"FA9/+S0-Z:R)\VKXG5==5ST[M8JY25JFAK%1(VV5
M&XC#XY1\<^K.TV"F_;#P(ZU%0SUW3E)S`\>V&S3/7JV9QGL5-=ZOAJ59LQ]1
MU$AS!QMN4*.&'*;TTI(>JE"E"AIWT&*5&R"M,I)M_*W'@A[2"#@0'2U`Y(8>
M>6%EGEL@OM*'*[])N%@:=QR&!AROG$)+@[UD&-1Y[Z'1BT9KK"'-*,_<E=`:
M1SKFBE2O2/B*1G1(V(M^=Z0F7D8D92<A+3B:-A`<>MP5QRG#I$310!'&H<>3
M<*'50AW4\&'1,Z,,M>-I6&4EU2I]#"0-;[W,%4P<,XQBFBHWWO\8ES1^S!?-
M0'4\0XM"1::65:::;LIIIYY^"JJGD0[3X0EGB1JJ'B2$&M2JK+[:Z1M`O:<?
MK+;>BFNNG$:J*ZR]M*#'"9B"RE"O&NUIK+&.)IOI*$%2<X>%!S)+;;76>LJ&
MB'I<RZVNZ05+%:>F.*9>M^8VQ&M6TA0[(*`-K:MN5FGIQ^Z[N[K;+C5]C!2O
MO0/MZR^\Z685*4/L&HPNP0RM<NHJP?3+T,#Y:EHOOM%4S&FQ"%.<*<8=9QJ-
MQ!)3$[*[Z6X\<<3X;HKPG5%VJC',*_OK*<H#CPSR0`/'3/+'Q-ZK\\R`PO$&
MH.Q*[/'$+"]-L]"?)NTQSTU#[+-&:6S_2S/43\OL]+M)LUKO*S,(]#4>:IR:
M\KEJK\UVVVZ_#7?<<L]-=]UVWXUWWG7CG*LJ!`Y+[&L<=]V0'_QR>@?:#:U"
MPL,#^=&6K5\/$ZZWZ_D"ZS."HW7XIZ_XXE;06?ERAZ>G=#[0*R?<L8(<CBNK
M=^S5?BU[[8/;;BWM4^/>Z2N`#W-6-&BG]HSC-C64FBNI>4"+*PRA/0S&@5%#
MG#2GUE?4L\<W-,S#R5$S65'#.D=-]`VIE54<HTP[H/:8PMM+L<.7'Z4<ZA6?
M:3`,/5/Y6?B7[RXWG()XFO)=5NH#H/643E/*RY0*\&`C96A$8\/82_2>QZMG
MW&%;STM-&GA3_P<#QF]`\^.="4^(PA2J<(6XH@,*4/`R/X3@!,%P80ND<8(2
MR&$$)W#%*E90@E70`@,@.<$*7F&!/O#A,R>`PS!4L`+B9`6(,QB&&Y[8H2>B
MX`W18,T=5E&"%LRJ%RQ0`2!.T983A.`5;F"!"1QGHA:PH%S/L(!%>D$+/[1G
M+=1XA@I(L!P@J@(0%J"#"DIPH#6<`$`M\(`?5F`"/KSA`W[LT$!Z`<4T4*,%
M*"`.&E2``C=\H!=L4`'[UA""%:Q"DWU8X!U0<():D3$$:%`%1.[P$@#1(2-N
M0($*:%&2,9D`#6A0XU5`^0P_8.`-I>`#&T*@AUX>2`\H\("`1K&"6/]Z0`49
M*-%G0E`3%*R@#T.4"0O/B<YTJG.=;HN&AUP@H!+0@A9W4`'UZK`"POBA%RLX
M8BM8<(H94`,/TEC!*=[H'4VB0"C48`'@2D`-.,`A6@ZU9BI<<402K,(5)=##
M*#XP$$"@0!6]8(]Z#N50.>Q)@/;,R4!&2H>IU,&C?+P#<;!)TM;581@FH%X:
M-'D"54C&%*X8Q1H@")-G:.`L/]SD*CIB@F><0!HA6(575D4"K*'A%"R!@RH$
M.!"WK`%K:M!#0@"Q+3?X`1!KJ%1>GN$A%JPOHJ](@Q_0`+HZH(`:=8C#'>C@
M"P"YX@2`\``U0G"'$[P':R481BG2H`;SM(+_#M2DQBG2T()G?.`.FF2G9S\+
MVM"*-GTK`&@?/9":4;`A*&^@"'*>@8+,/D,-HR@=&UBP@E:4(!AW>,.VXB"'
MTBGI73+1PUC7T!H;J2`-+HC+!O3*AHDVY`X9&(4?Y'"@.XQB+1X=2)G@X@;'
MJ2`\4KD#'K8[$`L-Q*4)8MB!X'""W_H!+JXPP0SH<`<XN)`.;DA-*R@27A:@
M(;,`ZJ%03V"<E[TA&*]H@2EF0*00K49`:G">2O\4!S^8H@\*:4@;Q7@@.M!"
M#7R`BQ^,0XU4L(DQ:^GA*1"['>+TX4_28`$U>N&&&9AG%7J`PPH&4DHYT*$/
M'!RMD8^,Y"3;S1<6_]CDGE2@"CV\@0320$&TJ&$1/["A!7XP3WB"@0%JH.#%
MJO#K5*$)%S0$XW6-FX$>*-M?$;$A&"=X11V"00('JZ(D5>G#*N+K%5.8P!0`
MNL-*37&@-#BN!*=0:6^U.RVO!,,-*VB/"NXP0!+X\0X0!<$J9)+54Z!!#W+M
M;P*U0XTWE/*PSQ!H"%Q1BAR_YUE<UL-J-3"M.DI#1MYU@VP`X6LN\T$:%5B@
M*\*L@E&P8!@GJ%0<#M0'/,AS#:XYA2_DP)N-_#B\)J@4UDA@BCNH`0U^0,$J
MZ.`'%3R##7&`PUOT>&,ERWO>]*YWKWB#!@&I0@5$2FQ_2Q<'$[1@&*]8@?\*
M>O$*@>08#>=&]TVL/`P^!*52#3'B@5[S!A/HP1<K&-)-S'B;D18E#2JXD<-8
M8PJLE*)6?'"%Q/&`J3BX`I-N*(4I5B%Q("=[&`9_A2E\%P(6E*27<"G=*3H>
M!UJ@X"TG$%P>@_*K-:B!%FD-1FS\<(+5AG4&+D4!LD2$AIP_HP5LN$.-QXJA
MPU9NX:KH0PNN^.!MG:(5IUA-6&AQ%3FP``1]*#>``,$"-\QJWRO`S)Y[89M7
MENX-)^B#=#9G[\A+?O*4SUBJZ=4KN`)*BJ++U4Z.CCINL=%N6]$=IRI;^=2K
M?O6L-U?4$C:0!1%L]IVO?32&A:QBW:QGA(M]"5[_8_JJ69Y[1$'9UFJ/JH_5
M(>>T%UJQX``FPHV,;_:B_L]:C_WL:W_[W.^^][\/_O"_ROCI+!CY[6;]U$LC
M4NE76_#%#__XRW_^]*^_">%UM_?;7YU\4(,;GO4NJ5$QO1`N]5(Q'0$^+T.`
MTS$UZ?(<H>('4F<:AX,Q1^,IHU`R15$OC'%`NM<0ON$OWY,V]#8*Y&82BN-\
M@-,S(^,*K],I.$9M-U8YHI,N$G,*!DB#.P,H6N)\?<0TG#(,IB$-''B"'#-S
M32,5^:)_^\>$<N,!:"`'S.,N=/`FF?(&M?(I]!$7<A(7):$&+^,QZ9(&`-@I
M(7!I(0`(6F<LPX8N414T_U?H+B.B*886+W1(>:<P`GK@`:.@&#7C$*&W*;1`
M`5BX-'J``7@02J=0$DN(!DN(/%CC*7=U*\$0'G404X_C@@R1!J-P7J<'B<)G
M+GY``L11"K/B*<%`ACDS$(.U0)^R!B9P`GR03+?R$[EB=J!B0+#R-[XP=P/Q
M=/4"/#[7*9]8;R5`%7%`'(>4(R3`<V=3%,2A!S/0$R5@)VA05B30"QZ!227@
M!SQ7`G^2!B7Q"I15%7$@$/QE63Q6.@<3+R=@&FB0+0C"`GM!!R$`8",5##&!
M*4QT$BV@&[X0!RLP;!"0$>56`@A7`H7W`6[0"B=0A7I0`BPP&0,V#![U"BKP
M!O_/4`?1L!:`D(JC10>*-16J`%<G<$7B432G$$;/L`%O8!JE0(F,1@<I8!J1
M(B)8*#5AI1Y@=`IFI0*K55\J,`RGX)!QL3H>%@S8\4I_DEA8P7B0.`H(%AK4
MD`9>AV,/03TAD`ITP`%>$A?!\':K@`)Q4"PE00=G,@I@Z9#9=":\U0)%,Q`A
M,%8JT$/I,0//`@@)"134Y`>\A1EJ0PL@4"EK0'``A#P:\3!JL(CQ`C@ID!)$
M87T<X!/0M!;/4"S_8SX#4C!!L2T"R"O0<)F_PQ`W:#V'V3YQF8H&HX)9X0I>
MT7?/4RLJPU_GYH.WASQI8)E%,3'MATX:515J=0J/@EW_+,`';H<6!Q("J@!-
ME,5E*_`&?1`'/)9;+8`'+.`*P-(+=[`&DR4BWX*;I85C'LD^G6("))`&'G`*
M=6`_O5`"KW`9*Z`'*M":*,`'#&59(3`,7O<!J\`&6]$+*"`-'A`DO:!I(0!,
MP>!;7T$"]I$FF7&=;K`&KJ`">M`'-/05DC$!:?&1H]4"&*!)S[EL^QD"F-0+
M<?`,:_!(?0`@<.`*:E!VPH*?[4('@)@I?6`!;``",QHLM:4&=X"@KQ1NKD!)
M*K!2P-(*E(0"=*!I)B!#S!8N(1`>M*!?=``(9J1*,Y!RJS!J+;`;6&8*^^D!
M]L%G*^`*&Q!-=9!?<%!V=_!7_R\6#`<W$"K`!P4R"JKF53T5%`<W9DOW:D!$
MC-=2I@\3A*_@!R6`C>91`@^20ZK03UPE#7JP"AE@B4791_IA$:""C=2@`GY%
M9]9)"SED.%"43"5@%@2Q7?59`JMU4`.'!R10<EH!1<'0!R=:`C,`EC])/:E*
M;.0X)H?TIBL@(/^78:^`:77``78P`B30!QOQ2"4`)FH`I2&@0PXAD`U1GL21
M6/2A9C5Q9"2P%WI`'"Q@9?R%`FN`!@F4GE3YAU%&$667G7YP)U4Q)7'A!Z5P
M"HA&)/IU(%#(!\`&(+0P+6@0`B90`@4+`@)R`FJ`!R0I!Y\4!RH@#7HG+&O`
M`:I``O]L<*YH41*.D5:E8`=8]@PQ:E3[(160-`KA&`(!Z4H0`4MO-VHH]A+:
MB0)I,)Y'1@M'8DI\(%UP<`IK$5Z,RF@L4`I%0P>N0`?*H*1R<`(`.*.75+"&
M:J@F<!9\``)\\!JUA4@M@!S9!#D80`>KP`$AN2<A``%SDJ,MD`8D`!-Z0!$H
MBA8;X&[/]@J!TF74P`;2\$ENT`=I`$RI9@HPMP&&Y$IJL`(SX`:N\%?!=1=X
ML$?OD1>;A%:J4$.%NV7_\B>;^AWW&@%LXP<;P`$E=0<VM@*JX%NDNR!_]09X
ML%9O@0>"QP'4H*PK$0(:8Q.U.RP>\`$A`$/B\;4A,`J$Z@;_V;(@S`,'`E45
M(1!>&_`,+*!7@,`'-`$(3;5)=`"3<5`'!V("=>=4MF$"TD`"I[!:`M2]A<&2
MJ<$F*^`"^(5N81<'P9`&=A8'?*`*6C>;,[!K`2D-&W`J)2`-;X!<U*,'>I`!
MI<.;+!0">_$0"U5F<M`74[$GII!FU'`"IZ,'9-FCO2`'<!`,*2`-=E`'F353
M14M5Q&$*&O`:<="5S^`!J[4*"?0*JA`;L4&2`\%H&A$'?A4-?M`'(;!)/Z><
M*$`+A(H6`#*A0S<*)8&;("!!%[E)K2"@=>!V>/!CT3L0;+J\))9,K:18-_P*
M&#`*'D#`2<8&10,(,X`'>*`>HWL@_[[&`<.@/LGF2:[0OK8&+0C3M`,2PWG,
M$&C<+H!0G5;W4?1$!ZD@#2;`&U"77GC`<#9&9.KA(.HQ7@."%8`4+2:2!FBU
M']+8"V.%!J/G8"6Q*E1,#5TLBN%%A=[1"ZG`IG/E!H]K1GJ@&'*P!AV!-16L
MJ0R%`H1&`CS(+1M5%4R*CE^T'';V"B8`GR4""$9"6:<3`E-2*\_PO8!R`B`0
M`M4<`A\P*VCH/,`D8"`Q6%I+#8;J"BE;5B'E`(#E`720!J5@`FPP5G'0"V]:
M%,94!V^`%0)4$FPP#"W0`C^6J.]U"D73S\^6&JN@`F@P`V.H4N0V"H%"K,M!
M"PWZ!JT`</_(%0?#11C04@)PT0=T(`T,L*'L%"DGP`$@L%H!V7&FX+LLP(V^
MN&V;]!-^4`?]JP=69);B-`K!`BQTD!H(-A`;`"$;,!`D\!JV+#,&511RP',G
M\`:^0`)NL,MSA`='1P)[`K8K@!REDQBE<R`EP(4L,`,HD!!H4`)_!2PKL*#_
M`HO="$2&=@IQ@`*[%;+1L$:E,(.C-0PA0`(A4$.\-;"KX%J_DK9]X`8TRTGT
M%"3]7"Y5;(J=LK<^.`J`8`IH?0KC5@)4R,_2``<L?2H',E*4ME=K8'#!X`$"
MUA!KT`)W"1<M8-(I1Q+!@@9DV@&T8`)I4$NE0P<LD-9Q"5M^H`S_[=',RH!S
ML.Q:C[NVK5!#_&0""P0()F!E$JP"A])?#A9]UP(((?`<P-('9!I+13N.4/IF
M;L`F=Y`*:-`'';%7[3O45W(JTF`3[NW>#2&@J\C`?O`*JI+,964=.2:K&:$'
M7B'%TB!B,[`*IJ!:UB5%/&T@,]4"@]6SJ;9J5`8"\3K!)\W3?$0-&V!3$*56
M*:`'2.$&XQA"KP"7#1L>[]&Z[]$0FD9MJ\(">%`7!X*"GV4]:',8!`0\<?BX
M[*@QQ:(3D?+CQ+,">2$;55PT3_0P$[T[,[,_F%,^^G,Q(Y3C:&&B/-XNVR,-
M^G-)QY,:AY$5W5,4+C@]/F@PCLA"Q8,I_\3Z1#O>/O"=&B-TF;Z`@QG#*_CG
M+L%P*O'SYJD1#7)N+S81#7`>)+2@)/4RYAJ6%NW"$,&@#`3T#&>!?SH1+S&3
MF^YB?)6^/R[X#$Y^)+='/)7>+6X@K=3!&73Y5+V`>.F6OG47##,+RR.A5\8[
M#!]0`HX$*FIV26[1`LXZ"BC0$J:P&L^13<]2BO,K4BL0#0UVD&Z0D$X^"L$.
M%M3$I1(72&E0>"#!&R'^&CNQW.VR!L1:$G>@#"I0!\XS)ET6SUCS"B@P"A`Q
MTXK$9W;+SR0Q3*V0:%0G>1AS"@)A+,4;IZ43#&N$90`R#/&.*[I3+#RF-*$B
M,LW'Y+E2P)T2\?^;4H/)@@9A>RX1CS$5'RK9R7M*0PM[W=@,#WLE'RH5XX&U
M<Z*NP`)"V"UFKBN1P@8O\S%OK0J*]2D3WS8PWX0][_,_SRV``$A&AH"=PNR$
M"/2>!SQ+S_3#H`S`\^A-+_53S_113_5+__1-G_5./_5X?O7#$/56/_5BS_5-
M3_9,O_5:7_9G7_5?#_57G_97S_;`$_=4/_=@WSVKJ2YR3_5I?_=X[_9GO_5L
M[_=?'_5U?_A?7_=+'_:&S_>`;_=N#_E83_>4?_6TTSUQ;S"3+_EH__:1+_5_
MG_5WO_A@;_5G7Q1N/_J.7_:>S_EF+_F"7_F=S_BUTP(*T``+P``*H`#_#+``
MO0_\"R#\NC_\P+_[PN_[PM_[PS_\#)#\QL_[S*_\TD_]RS_]NP_\O+_[R8_\
MRN_\"B#]S\_]S"_^P7_\Q3_^S=_\VP_^Q._]Q=_]S0_^Y\_]UO_[\8_\\]_^
M]5__U$_\N`\0"5Q0DT;-X$&#JA@\4,!@P8*&$1\^=`BQXD2*#R,R4("Q8D.,
M%#]RY-AQP460&BE&E,@Q)$2,)E'.;$CSXDF-)!7(M&@Q94:1/W'V?#G2I,F8
M#A4X2-"'(,*#SR8T**E400*D0&MVY)GSY="?&QGH!$HTY$B7,EGNE.@5*\NR
M0B=>'-NVY\:L:+."15G68U>S'!L@6`/5\&'$_XD5&R[(0H`%#1DD3Z:<`4/E
MRY4U8][<N7-FSZ$E@_XLFO3FTYI/IQ:MNK7IUZ\W6!#`0K$J`P\VL+8,.S3O
MR<!C#R?.F?+JXLB/&_<L//0&"03T)!X&`8%PYZVS%Q_-W?MOYK&=;U\^',-L
M`6J>+F;?WGV+`*7<SZ=?W_Y]_/GU[^=_L&"I`%I8#Z&"5B'@A/X25'!!!AO<
M;PT`G"H(H6BH><:Z5QS4<$,..\2OH#X`*&Q"#Q<K"+Y1!BQQ119;=-&]40)4
M;!4!$"3Q11QSU/&P@B!T"K$+$<AP1R*+U#'$PHP\J`4`Y%-RL6>>3"Q**4N,
M4<#$5!D`P2J[]'*_"O]]5/&@ZH3\\DPTZ4/RR1,#2#%-:H*9`(\QGWSE@3?A
M[*^@*^LLL,8Z]134RQXCG!+#01-%$T0`U+N12!0#E3*.`%1!4P4$AE&4OSX3
M,Y#+34.M4LQ'#:I.@2%%5;7(-4O%L<T\SY1&@A"HJ=!+6@P8<57[^G25&AIM
MY'58%POEXU`SB56V1$:3-+)-)[\LB`X!3I&6&C<(2'59Q?Z3T=,MN16W0U(/
MNS"!#&\==]T$UY0RTC0QP`#-9Q@`E5W$2@%`P%^#E11?@-LK],?#JD,W8(3M
M:_;?%F%EF$A`!)CNS&Q=2=BP3AD#%M"+.V9OX$"#W-9CD@UK]4EXSYPMS0K_
M."C9(%\16R7<7U_N6$P@(3A879L]GH8:=Y^E)F4O72'`C8=UU$,`0&P>9=\Z
M*Z01A9ZKI@9G<Q&U^F4^1$R:1?CDJUG'@DYH@,HO(7N9SV]E!G3LK<<U-E!E
M($`U;H\75M+A+U\I`&DO*SQ%`#IZCOFPF>_%&V&0<TYV\8N#5I+)6)^L4`T#
M:$$S!`G@!MB4MA$'E&?(`2[7,(,S]+ST50OJ>M<BH?UR&`94^!I'&@M?75QO
M^75;<=;QQ=JPNA\/'M^3)W?S2S8$6.7+"EM`()BJ,X:J0)J/9[<@-0QU563M
MV:U0<B(=WKW%"3Q`LQ<$T.CY/ZC[%8#J\(4'P`_J_[2N?USRBR3ZR3L((%I5
M*L@,#D"]ZH7.,/[:'^^N!H!C?4]_#236PL[G(28-\$D5F)>L'D""JO5.4HFC
MX+A.!Y74E9!;(5+/WH:VO"J-0@!W0%,<"&`IJP$(2[^[G0H7]4""&>9<JO-A
MZX#FM0MV*%))[)`')I`F"-1J:X<CT,:`5\1-@4R"QL.BJ))7OA=6KDBG",`;
M>LBB@OA!`!+*(=3`98(N#FMX4!EB'$6E-Z&%K4HJ6("FSB0OO#W-=U"1VOS.
M:$<IS1$AQ1L9(@?5/TC%YY`;>L4!G.6E&$TLA-2PW@(YYLA$S4V"=V,B*'-D
MP3S"<'($T!RAJ%&"!Z#-:O]4A`H)2VG*5P$Q?US$99J^Z#]5%ND9#4`0Z9YD
MH#A,<EV@VZ'HKMC+,YT0(76$9II^!LE3AE%H%4,3"A0@R_=10X<C_&0UTZ1(
M,DW0G%]ZG3(UI,=;+D@:#U#?F8:1@&9.48'^`5;VUNG*[K%1B.K\)YN.>$DP
M_D]I`L"?*]&`@%[@383RHU]!OP2AAA;,;NFR:)>PJ2/**:D"&Z"7`H052#?R
M,)X==9`HL\9+EN[(=4A,I09SM(H$U,%672J(*A1@+<B-4W[/C.F.I!D5@A9U
M1[^,9(I6FJ!A@+-+?L1;A3I9R[<I-7:Z1$P*GZK5_<P4H3+5)EB)5:%Q_LR9
M9C7_TE$-0DVV'LEK[PJ`'Z0QC*CB5:_/T"M>^=K7O^ZUKX,E;&']:EC#!O:P
M@!VL8O/*6,@BUK&.16QE+4O8R396LY%=K&`Y.XQH]$%&QBP0`4H0)\^FMK.K
M?:QJ6\M:REY6MI7-[&=KZ]K;PG:VNRTL]69@J)PEX!2*S>UKC5O<V.K6MIO%
M+7.5RUOH8M:YQYUN;(,A#3S05$DL(,`#O/M=\(97O.,E;WG->U[TIE>]ZV5O
M>]W[7OB*EP"V^94J$+"0^.97O_OE;W_]^UX'%$"3J+/.?PU\8`0G6,'R;:'0
M6&"`DK!%PA.FL(3?4F$,9UC#&\;PA3G<X0]KV,,A)K&%_TM\E1-SF`$&R"=4
M[!MA$H\XQ2"><8UC;..=R/C$.L:QA!EP@.F,LL(\[C&135QB(]LXR3U6<I%]
M7`!'/6D8KZ!%E:U\92QGF1:]H+*6O?QE6G09S%:FLIBSS.4QCQG-:?[RFME,
MYC>'.<Y7=O.<T_R*5U"51V9.<YWMW&8^_QG.;RXSH`5M93_;.=%WCG.9I8J0
M,P?ZT'26]*2KO&A+;[G2?]YTE@OM94R_>=%YCFNI37UJ5(.)1SLUC#%73<CY
MN/H@KI;U]5@-ZX_=FD+LJ76KZ5,06@L,U[K>$[$-TFM^[OK8AT&V04K5[%DK
M)MBYGK:)C'WM8?,Z0=!^E+JJW?^M57\[,=V.MJ]SG>W%]%K<B`$VLU/];GC'
M6][SIG>][7UO?.=;W_OF=[_]_6^`!US@`R=XP0U^<(0G7.$+9WC#'?[P0:E5
M01)W#\7;8_%$61SC$.=XQZ6T\9?]#.2*4:O&1XX0D1^&XM-(.518SIZ3JTKB
M,:\/S5T4<YM[Z.0Y+^@TG-$,H(L<Z"@?.C5^+G2@-^-G25>Z08IND&D4_>C4
MB'K2D=X,9T"]Z0<).M6+SO2K-SWJ%)]ZU:^N5K`[O1E$7[O1Q9YT9_SLYT#/
MNM?)+G9FU#WM52_ZV%%>=YGKA^>+>SG+F:&+F4N<%[QP.M5%SG)=K%VMAV<&
MU)W!C,/_%Y[ET]`%X.-.C69T'O2Z8/S+#\)YB3-C%T8G_31VP8O*4UWVH1?Y
MXE<?>H2T'?54W\725V]TQVN>&K"G.ND;WPQ>[*(9E#<G,W:`@QW4@!'4T$4-
M>M!V:C2"!D'X61!H,'U'U``'X^\]#\9?@S,,'_J5_YDF:/"#GQV!!NGGA/AQ
M<`-<4",+-8C^$0Q2!1K0!-EC!AZH`4Z@AC.@`?^;!AZX@>@S`VJH/^BK@5N@
MADB@@2J0/6H`P#"@!ERX`?S3/_ZK`?]S!O-[0&IPOAV(/6IPOQ_(.OF#0$^P
M/QRHP/WKO_\+P`$LP`,T`Q*DNA-$OPCDO_O+OPO,0+62@B"P_P]00((B"`(R
M.+DQ``6$<(0C.`(!=+HR"((L8$'9&X-$D#U=*(,Q*(,PJ$"#8(0@H`)1,(A&
M&`,R*$,S.,#ARP(B.`/LVX4L"((P/`A>R((?&(/!ZY"?P84CP#ZC.P(Z-`@I
M\`2$:(0?*((CD((C>$)=N(\S<$0JX(0P8`0R.(@RR,);8(0P:$,LT`4]S+XQ
M8(0QR,1-`+TL8`1'3$%/:$)&@`11F(9&``51\`1%"`.UPH)<T#]6;(98?,4Q
M>$7J:P1?%,3A8T5.2(0S<`1F&(,JH,)I2+]&R(4P.(/TR\9-Y(4P&(-%@+HJ
MJ+Q&4(0H=(1$*`->@$-&:`8LH(90$/_&#E2$,Q"%,0B#7`B%,PB#2ZR"Y*."
M*>Q$*JPF9J@!A90!1:`^_LNZGV$$&>@!JNL!ALP^&E#(&N"%:<`!A:2!,AB^
M&Z@!%G0$&=B!M0L"&0C)3<A(A:Q``%3('S`(*I`!2!C`&J"!5RP#&5A"9_#(
MG`Q)3J`!&WA):C#)*4`(*HB!#!2%G(3)C'P_H_-(&P#)X5-(]CM*&D!):E#)
M3QS*CX1*F:1)F\1)G:0&GES"9@!*&A@#:FC)L,P^&:`"A#@"'JB/,J`!,O"$
M1L"!I$2,,(@!1_R9,=B!2("$&^C#(H@"4:`"[D,(4(@!,9"],KB!+*@"-C2(
M,>`!3TC`"DS_!"K(@LN,@48`O1_(`E`P`BDP"&:X`2H(A2.81ZH#`C9,@GD<
M1`X!!1K0O13<RK:3AALH3;7*!4?@1!IH!$Z`!$2<#TAHA&F@@DTH33*HO&90
MA.FC!DC0A)_CA3/@A&8`QC-(!$:8AD\8@P-DAC!4*U%HPY`$!440A40`!4](
MA-:CAETX@TZ8AI!,A%%T.D8H1^I;A#-(OI\1!468!F;`0X.X!4=PNO1;A%MH
MR#*XQ%T(PT5H0_JDAELH@UO`A=(4A>2D!@.E0D8(A3%H!D<(@UWHP%94!&EH
MAC.XA6G@A4;@A3(XP$;`A69(S^8;R9QLR.KCRH)@A/?[F1^X2.WS_U&.9$L(
MY`6%E#RMW(&L(P*K;$D?S3\LH(&1?,R:O$G6Q`$:.,"\],GHR\FO=$D*U$JZ
M/`@JH(%YQ(6GW$`MW3[0*U.K=-(;R$I(V,HIM4JP-,HLW5*R]-(4!--.H`8R
MZ,DZK8$;\%,TK4!(F$N$0`**G(];J($V9,T;.$"*TX4>"`(#A+H;"`6#<`0<
MH+['[,B;+(A="((=Z,"?20(>-8A=N('?,X,&18@LD,U.X($*T04:N,0Q\#^J
MNP$J;(1*988<N,0G<4HOY(4>X($U[<C21+DAQ$VH$]%=-`-/R((IR-5/$-#5
MT\4P<`9'<(0SV(5=7`1(.(,L>,^;;`8J*/^#2$C#R@M)43@"*B`#40"%:0##
MGVF$1CB#:<@"*@C#*DA&4%B$#-6%1OA.`(W`+,B%?6S(6ZC6:8#`'`V#,*C6
M76C(1$#'SW2$10"%0Z4&3YC%1;C$3=@$3O`$1U`$&@4%1CB#<IR&]XR[1F`$
M1PC)1I#1>55&:$K(CP32AY0](J7(:>@!&FC()%7()674.QU)/>73KI2!,XU+
M`&S4):2&+AU`,#W`1/5)CVS4K#5*DYQ6:I@"-]50HZP"C9S)COS(3^0%JCT(
M1[!:KXS`1Y73+?V9K_T99@#3G:33N373M^S;M,U6)+C+BZ.&,``"QV/-Y8Q`
M@JV!+)R&7'BY1KC_RY3+A1K(OY\Q@D:0`ME<6D80S]ASA!?4A(/,UDVP@=C3
MA1W(/T[@RB+(`MD+@NFC@MOL2N$LDI\!A1J`TN'K@5"@@7JEAN#40-G;A!J`
M2/S`!4?8RT:(A.\T".L,@P9E!&9@T#-H!"S8!%S(`KYDA/R[V!1,OX,(6;2D
M!E`@45!H3FI@A$LD`T?`@H6=AC!`3^UMA"RXR3$L3458O4T0A698A`-=T%S-
M1@2\!8(]B`JE!D6XR3-@!OYUA"S@A-)L!/I]PWI]SUS(@NC4!5%`S3=4/47`
MA6G`A3((7RI@!DW0T3XT)R<M6NJC`1Q(N:0M"*9MR$?04H7LO>@SVZLD_\F#
MV%,IO5H(_%-,W4!&K8&NK<EZ_1F[/<LQG4JZY5N-K$"37,V#D`(9F,=+3=-`
MK8&97$OQHX$FQ4K9R]LEWENX5,C\@UNN!5P9J&*1#-.,5=2Y->(_I0$OI@&Z
M5*O&I8_0=%[%<(90A8I=L`$>;08DT,LO7$TNM&(;*((Q^($=N,0S(`(EW`$B
M0,0?B-CLJX$BJ(&3'5:GJP&W)(+?E8+IPU8'$04:>-8=F(9$L(&LPX'@A=T:
M:#G[T`7BQ`5..$!&J,#29(;I$X5N!%%JR(5$<`9&R`5/\$[[#`-N+0,R2(2?
MX01E%M%<Y`11N(5(>%?[%$!1*,X6Y`0S.`,RF/\^9J8^4-#@ZWQ'@'S#,E"]
MP7S+,7"$:6C0R:OB,YA"#:5"3@@%3@Q#1QB#`TV$,/!79LA13M@%9K;F%26#
M9KB%,3"#7H3?]42\,"B#AJPF7BC;IG5(KM3>B:S(BPQBC8S:G&SC/'UCO754
MC:SCJ)Q)KY6!7-WC'E149[#33W0_'X54&4!"LB3C.-U:--9BQ+5;)/Z92(UC
MG,[)-HQ).NWIGS[I,$5+H6;+LTW3+YY4QX4YKUW3]F#D5TRY7>`!MSP]3F"$
M'G!$7`B"M3L"W06]1H@](YA'B>14((#5"+P!Z16%'5`$4!"#(Z@\7;`!)%`$
M)+B!]"N"6+Y.X85?)-[_P9^A36JH@6J%BOJCY<<]/=,FN92SXK;.C\(S#(V#
MNHVCN953N=->C))#N94C[?!I3:DU6AR07HGL@9_YX?I%TUV0!K8,2:DN2:LE
M`JQ-7(W,ZCGM6C&^2<%MU%<D`SK]R2UVXC9<7-F3@K8M8ZALU)D<ZH]4;O%C
M[CB6@29V21K0::YEQ+(4W+!%U.T6:RXVRDA5:VHXY/D0@R5,.4_(5->N`67\
MF<<F[&RE!C`P`FJ(@ATPV.?[Y8"]`6I(A!U`6O\KB"CP;R,H9&H`@CYL!C*@
M@EPXV+7]7=Y59!QY.>+U0N=;.UQ07A[`[&P=;0;9.5MS<=>N7,00YHISN<20
M_VW[B&TB9ZL;_E&'_&VDE<IH(.Y&B.(:Z#W]ON&LA..L4TD(G./0I88L5<@I
MSF.PQ>*PEMHS/>JCE-2#J((QUM",A,FXI3HPG>DC+CWL],VNI.3ZRVDP=\DQ
MU^.$-'.R1?/])FLV_QD`=X]0J(%+%#E(]O%I0'#9>^N2-HA-`&/(%0)JZ`1O
M5`0>^`%';$S9.P/_`X5<-H@S^,MIV`%2E;THT-V?D8+TNX59;'4J-'5GVX%/
M*!)=X`'&TTU<;KLS`,%?/HCZ`SS\P#DOT>TC)SC>9O(@!;S@'NZ4UCZ-Q&"4
MINDLW\KNJ]*^C<FG[FGK+E0=-(/M)NI#]V(VI\GQ?O];ESQOE*Y;-Z9JO5W)
M0S=%(>;2LOQ2+#;<.N=SQ96!U33DLW:/+-@!3]`%4/`!(`"Y24_P'9@"70B%
M4*A`9K"!9MY4J+!LUM1X$;6!@PP"+)@&43!6@WALQCN(3]#!*;_$4+"!S9T"
M"!?)TC2#KBT2'LB"79B"G&=-'M"])(B!<D>(EG3VTZL01,1@V;OM%.1-UERZ
MY8LZCIS1VIOM`>1(V#X(9H#ZV\X[#410['/ZX6/!KV?Z!@<]]G-ZPVLY!#7[
MM.<%(`<EHI5V'09NJ5Q:)!7B*C_<.X7:)-;SO77B"L2"CR0"=R_W01=;157C
M1GWOZ%[S@E]JM_UR``330K?_\Y.NZ5*]Z4_T<OG>ZL`U]^QN_"*F9*/F[Z0V
MZYI3A&B=<"]TN2`XR%SX@2#H@1_H@2,HT"!``B#`[)?#@K@6T2`X@A[@45TX
M@MOG45R0`HMKA"!(`B+H9YPO_G&%WR`H`B1@UB*YA1^X@2!`PP%$`L##A1Y8
MQ&P%!2+0[8)=/4^XA17M=<MU1_"3^WG<A'%TQ#)X15&`YUQH!(!`$HG1&$7-
MS)P)TXS3&3.X>%&CIK!9%5!ARD2*"$E1Q%N)PNBBEH77M"S4<&7A%&9,J$81
MQYAA%%&725$R&>DJ$T84M9+3>&'Q='%3QS`1>3$*`XH:EF;-:H;1%(8,*$<1
MPYRQ_]H3R[105AGATLDS(MFR9L^B3:MV+=NV;M_"1<NK!ET:''75P.&L)S5&
M,GI,H_;#+K5&-&[0W34-1UTRU'@A9L;7$8T=>X/(<+R)1MU;3`_7"!)1B@Q(
M9)GAH,&)6AD9HIVEKD%#,V>ZN*A1IE*6B@PLU&YQ]HSE,(W7C&6;>4Q7<F#*
M.YI1PUR&&J?:-6Y7(1XD,&_31U.O+E.<&NS&U*WS="1#-UDD/.*6A0Y_;>"W
MS>K'Q\\7[33]$:?)9Y9_\Q'85H`%(E@6*%5`!%(CS)Q!C2Z)4`,*+F,P4\8N
MN(2QBR:Y[$+A&8Q,,]TMMTP3X2(A41.A(Y^<P0LOMW@WQO^)56@2RC2.%79&
M8(R`T@PSNXSQB43,2.4(B&*XQ%I@@8$RQBY`[<)(+LRD^)(NH&0!R2W-3$>-
M)U)2U\A/NHS!4Q;.-#(&(\S@(H9569*5BXTT5:D+,\Y0F*"??P(:Z%FHU757
M7GO]2$,//?4@`T>&T54#28S=0$-R<]T@643.74;#=)M$6H-GV56Z'37=\86:
M:JR-Y\P.-53J6'61>J8>>]SU]IMLPM7V`WFORC8=ILSA5ME>1,QV7F?45!&I
M:*>6QA<OX%%#AFOD49IL=8B)BMMZ_U'CWGSX#3@N6>66A:Z@`J[;KKMQ_;@+
M**#L8E!&MS1)C114$,&,(I!$P@G_%50P(THCB]RR"%G-1,@(%F<T,P858T@8
M1B/2S*D))YPD$DD54W@V82,\I6A4(YLH,HTCG@S42!9DV'25FQ&=$8DCSF@R
M1B.YA/0@-0&C#$D55.324\U:N<Q,(YJDW$A5C#"211FWR"32S-0L$HDBS#A"
MQLZ[]+77NV.3W2XSB%5Z5V5/]O578#T0!FEBB]4E['*3K1U=9LK2-2JLH>&:
M46"0T4!4:Z(UDZVLUM4J@Q1ED>;;+7TS"YJOY<GFV%R2DL4I-43L/2M=/&5'
MEZ_ZRB#X8ZD114:KK\;*=PWI?4O6$>^5G;ONN_,N:&"-X')&%HH\&.$N$7+B
MR:.?N)E%_R.Z-.*5\([()(KA?17=8C-DY&)5(A[V=(O7CC1RRR<R;5(&&<F1
M*$HD(U(A"H<V+T(4,Q2F6)\N8BB2!2[-,*(*4YJ&49IQBS$XPA&+P`4G,A*G
M1/A&$WHZ0QD8005<W"(JC6"$)Z@1(J.=2PP!]$2)LK`+9C"#8KU;(0O/LCG9
M&`H'`5($#7PUC48]"C0UV(4TLG6INVVJ,M#!3')$UZW2C0=:6GE,I5HW'KIE
M3G;IH8%NZL,;R>V*6;!JE0^5DRF^0$*(>IN.$6^#!6=%A`HTF!,35R4>XYC'
MB)Z!A./V(ZX6XC&/>LR=)L`F(UQ4)"*:(,,8FN$24#"")YL8`_])PJ"P792/
M#&'`DDP@$08SB,(JGJ">\WCA$F?L8A.>`(4F>#*&:33B/A'BTAE`T8D*-8)-
MHO#$AWHR%`J:81J@X$DC./&3&(UA)]1HQBX<,2]-X&(:%-M$2!)!3*D!B3J.
MF`8C;L$)"0Y3:IPH0QERR4`QW241:++1'LM9MK-MT5"6X8M?`".8N%E',5V$
M3`V(Y;D@>(H:FZ%5Y4HUFF@%YFQNO):KS+-/RMFJ)]RA`1:[-1S3]018-1#6
M#6X`$8T8*SK:0L]G_`FMC$1$5:V[5N+JID_&%>M6X<*=.5OJTI?"*UWL`A<U
MI%&?)_FG/^3BBRC&PA^:XK2F"DV+3GO_XHR;GJ4_]`'738NJKJ(>E:8"4A=,
MJ_H69D2*,'C1"SL5Q2A'%<8Z6#I.LH;5N8SB<W'\?&AHTIBZ5%'+=7",G1R]
MQ1ZW2BXX_:SA,!6GG'KB;9U$I(8FK(,=RT5D"@"EADA9<ZUI`"M9!^U60MO#
M4JMB-K/EU`]GW:74/5)U=Z'5+&G3LKFT2>A09&&$HMX&5KGM$(KY-&MS\H9/
M,G*T=#4X':H"2JTW]L2O=4UH?2*GJR/2(#6(RY;=`!M$P6Z4GZ1*8F_;J`EJ
MF(&+6U1K%NGX.,N6-KSB;>EHW5+>\:(WO>Z:5J%2R]4?R<"&<,LAMR9ETLU=
MM%C/&>,TRLB4_[H0(8TT,$U`93/2Y<:1H^KYKEM-,CD:C*HV<(PB9"PZ&1GL
M5SI\@[`6$?,L5'UG5=9"<!2'^ZWZW%&]*EZQ6O;TF&GD0A2:\N!I1+$7(3$6
M.GO2A2B<\J1;R#BD@;G/47D1Y&%*9D^\H!=9%/,?44!D&F!SAF2<(:10[*D^
M,681CN\S#2N+@D4T_LDT@%P?9@2(QSV)<I31'.9A'D5^_P';EX<Y#3FSV%W2
M(,N>R]+G/KL%G:C=*G3@Z\X?O%:'\C0//>V)5AG@-E)F!,VS2.,=QK*.5<;A
MC&0-F]+=,/0W>AU.I7Q5TF!YT=$["`P^BXA2)%9ZL:H*#T$CRUW*4O\17"G.
M,Z_5&Y@S$$4*D1A#SIY$A9!0TQ'+%$-A9%*%1GCM#*>DABC"P`D6C<$T(YG7
M)AHQ27U&:'AFD,I%Q?#*ODA%&KK03;5;5!!&2#LDS,C")CQ3&(JUDA?&3$K1
MIH$%=4]!$V;88$06T2=<P/NZ4]B3;SQ1!4><X0R0D`D!C1F19DRA&:"(D"(0
M7H;5`"H:O6[7"[5:@U6OUJLWA&>D[%NI'WX1H]#E+H>G:ZKJSKI:M=ZN[!JG
MTBL>EU<0A2RC@4B-,&8X=*'B"5L_3`/58=6-VJ4K2BL;D5V//.OAA40JJ[`)
MF91!,KA0Q'6=,08]_<R9HCB#-+(0"84)+S#_!K,I8P]6&$6`@A.W`44'UUX2
M1U"HFH]91)/,@&5J?$*<S`B#,J$F#4U,`2*\\%&A(9&(.Z?)$;J0<I/.;A%C
M0J@GC5#$7D21""S=`N]':D09&K$A!/;$#,T06^I!,6^JZ8(D'-$Z@EK@@1"`
M(`3"#S[QA1\"#NA!J&Q!)PPEE%RVM?-MA'F$#DD"N]G>K;:"#5UN_W;SMPZN
M4JN1*[9X7E<ZWA5U#8TP8DS-F-3`/,I'?_2M)^U1WH`4TX5S+(FCB]`Z@A?O
M":!F&8PG)$(GA`$5:(4B+`+C/<89/,@8G`$G*`U#J`08<`(C0(<H8`'"4$,G
M?(0N0$\6R!GT4$,N_S2"`6X3%81))"2"&(`-`)6!,BW"(J#2U[T/%DR<O&$!
M!TF(!'X"+T@%)^1"?W#$-&P"P/Q+%D@!V-P"-X5"1(1"&(S=(I#!-`!,(QQ,
M%2A"+BB,2-0,S2Q"&2R9Q>0"1)">G_A>"/0"BV&``!R``<CA'-*A`2```+C!
M5='%H.7%#/'5#8$5];6<;/V0<^G794":[!R6;'R8#"P1X1B.=I68@M61%>7*
M@_E-^Y4?JLT%#JA:I[B:=%%:8"@6&S46^1%=%!46M\R1#%2!'5U6'@':`";5
M?IC7+:X0+D#"&'1"(T`"`?5'&(1"%N0>^QQ,F^A")X`!*-A=BX!-**A.(O^D
MS\Y00Q%\`HHDPE+@`I=\@MUU2(MP`B]2`\4T`L1Q@O_<`A9TXYOT!4_HPA'B
MAA:>P:@L0BXTPR8H#)SHS-OAPMIAS>A%2/1$S!E\0A:$@BZ`P290SVU\$,.D
MRAAPB6DH`A;LPNO]208$P`&\`HMY``(PP$>"9$A^9`,8`!PHWUJ4G-JLDZ%)
M'T>P5J0L&G(P$6!IW['XW^SL5:P1&&,UD<XACJV=%#_E!KA(0:A-CD-QVN4`
M9:.=U?9]RJLAUD>1!>'0VH3=).U446!@76;-8M:=%V;M0C+J0B@LQ8<PPU+<
MPE)X&RA\`G0H"9*,Y5+<V_.,01EH0G\-D^9]8"[_C$F3G%`DR,M2B((OK08S
M9(1*E%)(<$(H.`,D!":4C($XG0$9R`0)X4;1I.6%7%Y/G&4_@D)(D(@OH1)C
MK8\G>(;U(&%<0H0SJ(\G,,+Z3(,NG*95&.8ND$'8_4E',L!&BIQZ=<`!,,`"
M".=P#J<"+``#$,`;7!59Q1"B](571<-\%<;?Q!99:0ZLS-@]R4!R%):D?09=
M-"+4_=9C"5?5U4Y$5,$EZA6I[%9P<5HARM\]^5_-U46EK9&TQ-43I49J+`XK
MVE59;"5;[%D=N``U]"99J($*1(3(T4$(G,4=6``&8$`%D(`?F$4)L(#RH8&"
MK@N4F(1:-(<*L44N$$%^_Z$%(P2!%,@E427"#QR!3Z%%"OW`L2T5E^Q.5R;(
M5Q)5H.AH[O1H7'"``>PFBW$`<!HG<2(I<BIGH'&+R:U31$0?-4@G;(W5%C77
MC"$=(CZE*$(4M.SD*9)G@D4*[3#8J1@EY>C6Y?C5YGRBWMQ:A'4ISF4:^6'.
M51[=B47$$2P*?-P!`)"`6>Q9"61`6:S!`_@9-:Q!`OB!'^B!"A!`\I'%*1``
M'42$'AS`*KB+*-"`$+#%)N1*:!D!#8!-6I`!#U2%#<"H693!#C!C#HPJ6AP!
MR(@!#\P86FCJ$>@9V]CB4,G4?N34@)`+L/(J4_U'N2"5KPJK4'V63'76N1PK
M4O\]Z[)*U:X6R)X5J0)LY(H%:7`B:7$J0`,DYTFJ14HZWWL]IWPE&K?$I*6D
M6F!URIO^EVP$F)E^J6R,WW@T`U!N!K?<!AV]HB4VU&$IUR:RZ[3$W/QEV$V:
M$8`)6+T.U%S=I,\!:"P*Z`=4P`24@+A2PPEP0$3LF1M(P%F`;%F$@`<(U<<>
MP#`$`P+<@;MDP0X$01&`*!+\P`Z\(EN,`1#@@)B=!1!XQQ18`;62QPU$X:E\
MJ`L5@=CL`/Z@Q<O^@,S2(H(<Z(K]:%O\Y@)L)(Z&5Y$RP)$*I]<*)P,4@')J
MK5DPG\F9:Y0.!GW-#7,QD85IWQ#MS4%Q&*FU%>I<6F/_'4Y?$0>\6AVTY!52
M^E.=%B*Q9.D8]5Q'W:VEG<:<2F(^358KWNS54>Q:!,,,4(/P`>K&;H#'(FK(
M\ADUL`'H[MD)#*I9>``(<,`):*R?*)/9G0Y:1(R^3('0\@4H`($HU`#/F@46
M^,8T_$#5G(4HR%!$-`(0+%4N=`M_7.$8V-"?W((3GJ65D$4H]!GT@(T(2DA(
MG*%-Z(*3->;S1$20%0V:X0+P1,2&2,@NX(M/?<G%E<\P\00S>,8NY,+YX@*:
M&2@GC,Q,A,3F49DGK2@H]`>410(DB,WWDD55R%U/\(0SW((`QZ84.LV3,99D
MZ$(S.((OP8<T],('?_`P;`!P_Y;",(!P+SS#>(UPUW;K`ARIV"YI6V!5>VV5
M<[+6H@!B#@VB=?Y5=F84LGQ*J+!?<>#*E_[6$UT?;8SI?_(%T&'B=[9G07$B
M=KKKYW`?MY".=A0Q7.W?WI9'[$3NG7Z75E9N6VAN5YY`Y_;9Z(IL`_2!'O@!
M&A!`RYI%,"@`!)0MH(1![*J%%)3I6>0KS]``[Y:%,P#!#MS`'X.+)M1`?7C"
MLQ#5$=``&"R5\P9*QU"#$4"<+CC@-%"!9QP$+CA&)/@&X%'#%#3"&8B")`5&
M*"C>2\B$_X2")WC"%(9$^IS*(IP!FF0/&&B%&3SA-.!"[=X")==E(GS"1((-
MD2AP8?^81"(X`B2)PL8MQ31<@3!+@2884W)0@R*H4%4TD#1$P>8%;2<HH":D
M\IS<R<5%0<&$@31T'/_F2UOLF2HPP`,XP`,T@`.X\`+L<P,\P`,@@!J,%]<6
M9[=^9+CF\53NH5;E#4M**<NU;5T4;A6##KPVBX<%CK3T)'"=&KL:$59"SB6B
M*6+5Z74:HG9BM/=M].#,Z6,!I>AP&/K!8@=GKH,>*@ITKE"M`>AZKAL<P`9D
M``9D`*4>*A]\ZRB\2V!8,HCJR^.@2Q5$R.0@&ZR"3"<$`4=,;42`BM@\,GVX
M3P_,,[LT]9_TXKPQ1$Y`!S1Z![`U0S1$@NMYQ%/@HS.P,K7_G<$9>E!<2P-#
M=((GW,8M$,43.D-4Y'5>2TBW_8CKZ=/(;`_#;)#2"-!CC`'/]`37T6^11$(N
M2(/2&`TN,`\ZBP)'&*;/Z`+,4(-7$(64`-[S>$)6]$2:9`\H!`POA$$WHMT7
MPL4I"$`!$,!O$X!'*H`!`+<!`$`+C%<'"&FW>JT"P/!5-6D,^2&ZLNT.]1#/
M,65@()W<AF)),Z);/6)/CECY49U_+MA^.'$69?34%2RLR!\=0=>6>C=U.>)4
M'C&"@3%*-<)YKA2!G+%9F$#'2L/'0L!9L/%:],(!W`$+-$`*MPM3/V\?*S)9
MX((,(($4%$$-%,&KED4HT("F>,(._Z3%+11O8?!QK](,\NYH6?O)+200(VP"
M&61!U43<-4\#,W`,382!(W"-(RA")XR!C3@3M4%D2`S;%=Q",F*!G)UO-.B"
M-L.X&5S$IHP!1<HO&>S"14`,^3""P)$@-=HV*'@&2F1!)_#",!(A@.#/)FEA
MUU1!2(B"&&2!D5"9(G@"-X%!,_2B%CI,'U6-M8T%3(B!+G`(3D#$&8C-6_0"
M"[1`HS?Z!"3``IR`"SBZ"O1!00/GU[;P<8:K6[`7'ZYDVQR:1%>GE2J')Y+%
MX=Y64):T1S%N0(F?IA%L_7V:4JG1^D&Q#4D417U13;HIJ]><=OS33DZ+B)$4
M#X?QWP;H6O_LF>8>JAM00%F00`<<ZH%[KEELP`=0PS-`0,9N-:"P>"WZL>UJ
M,".T20V,0:*#"RXXURVX$R#?P&V(1!6=!2ALQZ]!<EJ$.X+<PB!UHTMDP8UC
M"!E\218P`]1TPBV(02Z``ABTQ!>6@8R%PB(X`T2,`2[X^&T8P2BAB6?D0B@X
MO#=ZQMDM@E50Y`8]3QC<`BY@P<-+1OTP@RX@.MAP$"A,C4@D`BZ,'6WF`AE`
M@@+A0BX8A2I_@F-HH9U\#QETPBZ`02<H4$CP@I3DA(Q("!F6@<(T@A7L0BAH
MPG14+5EXP`%@*Y$N]Z:[,+B2;5O04_/5<%?A,`Z%5:14J4SB5Q7_8P:\-IU;
MB:>QOT82LSI._JT3KR=QN!]V&]UV:U00KY6$Z3U'=[%^\ARH""4-C'%_S\<'
M:'M7VO$'``(@S$``7/HLID$#K$4+-,`P1(0J"$`<//@X^D!;3$'M+A4NB*I:
M'$&_[,(.&$4M4H$0%,P.%&U2\<`,BH(-[&0MAL'K`PH*17`N%$V8,4/1R":U
MF<']2D,TA,(N.`.6.3^4*$(D'#R0E%E/V-YO%$PVAE0S</]MR.;X:]P)JC+:
MK;PTR%CWGP34*(TB6(6]?:8'\0PF`P2U:<UR[=*5BQ<U3]-N"?PDL!&C6[NH
MZ0HE;>)!9A`5B>*DB-$T7KHJ@J+F3!0S_T6-IE%S^1)F3)C2J$FCR>$``U<U
MH]F4^1-H4*%#A=+LD%.!`@8*%C1EVI1!@3<UB3*[4:,&#445:>QH)I`:(QH]
M6O:0L;41#:PU=DG#4>,&C3+4>&'=V-)15V?4@L@P0XV36JP-J]"X&L0E%1F.
MP%JEP8E:&1F(G;W-2@:PX!JXJ$&2006F8BS4;F4E;+C&CY.6Y=*%F[`E)+U\
M9<P-O%84M<)855-3'.DE,QR/(T]>C;7U)LT-'7T&2PT)#Z(_7<P`JHH$!0D>
M]/RL$R*HJ@RCJ%)SL^'9=/4O&54A.F:,T)85B\#^R0S+D2-CYO^<EB6((S0!
MJJ5<]".B$:+:6_^/09GZ:Q#"Z1Z,D,(*+;SP)0X,8.`5##V,$"<&G'I*J:86
M8("`J:9C!JNXMM*E!ASV<HF1R::9Y@>MJ$G+LEVF8>TO7FZX82.7\MIA+R)H
M^.NVP:C!`K7>J*`!N):$(XX,&H@X:8<8DUN.FN9``TLTTIR$\C`ND<.L+ASN
M"G.V(&C`++"K-M.-AK<0HT8*&2!I;+A-IBE#R^.RL@VU&AKR;$R7HOLP)I\B
MI`G22C^<,"A,";2T04UA:FE"3><+-29//76)5/]0=9#54EW]M+]38WWU4P]#
M[)#37&7R``$&?/T56%\;,`".\H1B$3E&N)(1K!I[H,FLK<2RP:YIXKK_S+4:
MWFP.2;YBF$NYM1J",JL]J8CA3Y<<@XR,&"@;#MMPL\I-S-!D&.T6M<95BP;5
MFMF!W[F03<C(.+^E1EX:3LL*B)842Y>:=2-SE\N`,T...>=>.D(Z2RFE)AI=
M11[Y.9)-/AGEE%6VD%<.05[9PPP$0,"``PZH&>>;#T```#?48V8''+I4=A<<
M?NBOD1H0FZ:(&I2%I(8=@N8%1QQXJ.$,NGC@X4U-4MOK"*P!BSIHSK*H@0<<
MCF@)RDT:ZZ$&3Z@YHX8C3OK!ZAJ8)!L'SC2A8;3YH`R#&EQPP"$7:L[FX0:[
MI^DA[ZR!WN'-2&IHF)JPL^:$;\["B%IME]H&_XN7J^6FVVYG(+]Z;ZG[IB82
MP%>E8D^8;;\=]]QUWYWW"&4^`-?>&51EE.*-/_YX0'I9;QIGG`?UQD^=&75Z
M@6Y\_J3IJQ=H1E2CYQ[ZYJL7?_OF'QPH?)><Q_Y&\=-_R7SKHT>__/7GVQ[5
M\IL!5?OQ[<__?./[WO,$Z#[PP4IX"53@`AG80`?^1!5^&$5Z'EA!"UX0@QG4
MX`8YV$$/.I!2'W,)343X00>>RH0I5.$*6=A"%[X0AC&4X0QI6$,;WA"'.=3A
M#GG80Q_^$(A!%.(0B5A$(QX1B4E4XA*9V$0G/A&*493B%*E812M>$8M9U.(6
MN=A%+WX1C&$4XQC)6/]&,YX1C3DL(81"ED8WOA&.37S&&E^RQF<,@X+/H&`<
M^=A'/_)P%6AP`TWDL`J7E.`4PU@#-=(0!VK$P0TM<,-41I&&%JCHCYG4Y"97
MF(97W.$.K@B!*:AABDM20P7/:$$+>K$&..!J&"M(CQZ"P4E;WA*7#T0#-?2@
M`FK<`1#4F,$H5A",.\CA#G&(@Q_HH`(T2+`%U*@#'9:72VM>$YLIH\D*>N$'
M.5"##J.0!@CB0()0;L`5IN#`,.*`*UJH0!JJQ$,VZ5E/>W[H%"M`0RWUL(I2
MW($:P6A!,,#3"_#`09*.](,@TU#+>SX4HA$5"AYG$L*/46H8P1B&2YX1C#8Q
M2A2D(17I2$E:4I.>%*4I5>E*6=I2E[X4IC&5Z4QI6E.;WA2G.=7I3GG:4Y_^
&M(8!`0`[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>g85643.jpg
<DESCRIPTION>G85643.JPG
<TEXT>
begin 644 g85643.jpg
M_]C_X``02D9)1@`!`0$`[0#M``#__@`R35),3%]'4D%02$E#4SI;55135$%2
M0T]-75544U1!4D-/35]435]+7TQ/1T\N15!3_]L`0P`!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!_]L`0P$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!_\``$0@`2P$>`P$B``(1
M`0,1`?_$`!X``0`"`@(#`0`````````````)"@$'!@@$!0L"_\0`1!````8!
M`P(#!04%!04)`````0(#!`4&!P`($0D2$R$Q%$%189$*%2*!T18C)'&Q%S)"
MDJ$9)292\2@T0V*$AM+5X?_$`!@!`0$!`0$````````````````"`0,$_\0`
M)A$``@(!`@8"`P$```````````$"$2$Q40,206%QD02!$_#Q,O_:``P#`0`"
M$0,1`#\`O\:_"BA$B'44.5-,A3'.<Y@(0A"@)C&,8P@4I2E`3&,80`I0$1$`
M`1T44(D0RBABD(0ICG.80*4I2@)C&,8P@4I2@`B8QA`I0`3&$``1U!=NPWA2
M><+!)XKQ7)N&.)XMTO'3L_'+F2<Y)=H&%%R1-PD)5$J0@L51)LV3.`V4Z8OW
MHFBQ9-50.WF<>H;1:0X>UO$D27*EI;G5;+RZ;PS&A1CI,QB'3/,H$6=V)=$Y
M1!1"!1%@)A\,TXDJ0Z98P,E;O=X5Z4<*IY0>T9@H<QT8C'43&5MLW*81$"A)
MK-I2R+<!Y"9>;/SQ_<+W"`\CI6,B.$$>&Y1#M*``!`X````\@#R`"AP4`#@`
M#CR`H!KG\MB<J34QA;>I!X'L]_'KZ`/(A[@]/Z@1CV_+VZ)H544-P6:4#?B[
M13R#9"<#Z_X7@<>?/I^7/'`:@CNH1OVPN](XKFXJYSS%H`IF@LBLX/(4(LB!
MBF%%4ECC%Y=,@]@%%1C-,G!`$P)N"`<PCWGR1C]-$C@/!`!`#!SVA[P$`X'C
MW#Z_/XB'.HWLMU)-,'(^&`=O>'D`>?KP'/O^0\>7NT!+-MA^T,4Q[)Q5+WDX
M_3QJLN9-H?,>.22DY1"+"*"1'5IHZQ9"VU5H;]ZJZD(-]<&+01!1PU8-"J+)
MV.:7=:AD:K0-XH5F@KE3K1&MYBN6BLRC.:@9R+=%[F[^+E8]5=F]:J``E!5!
M4X%.4Z1^Q4AR%^9IDN%*D9P':`"43!SQY^\/7GGGSYY`/</&MS]/+JIY?Z;.
M4&R"BTW?]LMFF>[*&&?:_%]A]L523>9`Q@1XH#:!OL<D7VAU')*-8.]MDU(F
M>*A)J15BB0/I%Z:UWB7*^/<Z8UI.7\46J*NV.<B5V.M-/M,*MXS"7AI1$%6Z
MQ2F`B[1T@?Q&<E&O4F\C$R39Y%R39L_9N6Z>Q-`----`----`----`----`-
M---`----`----`----`----`----`----`----`----`13]4S<VOBG',%A>J
M2)VETS.G))2[IJN=%Y"XWC#H-K`JF=(Q%$7%G>.D*VV5`P#[`,^HGPJ@F(1-
MX@10$K3@"```0"@``4.````H```4"E`.`X``````#@-:+Z@.=5LG[\,T&%\*
M\-CB6C,2UQ,%O&1094I@@68,@/<8G\7;Y&QNE3$X*?N)SSV!KE6*+:DD5M^\
M#_"(>?O#@?C_`*CZ<!_+0$OV-V[(K0A_W0'!,!)W"4.1```>.1#G@!Y]_/KY
M<:V6_206:+`J!#$!,P@/D(!P'EP(?/R\A^6O%V%S#&RS5T:.$6SP&=;B%R%<
M(HN`3,I*.$A,4JI#@43`3@1`/Q`''NUZ/<1>V\)DN[PJ(HMTF3YHF5%(I$DR
M>)#1JX@":8%*7S6$WNY$1$>!'G0'4/+J#4@.A#L`I0.(B(@!0`/>(B(``!Y\
M\\<\>OKJ*[,0M!*^$B[<P%*H8XE52'M)P/)SB4_X"_$3=H<!ZCZ:E-J=J9S.
M;<2,'((N6\AD^CLUVZY$UD5TG-CCT545D5`.15-4IQ*=,Q#$.41*<HASSOCJ
MPR]*PFSVLY$3HT$]8UK.Z5CFH*/C8:*-9XRNQ"4RY@7+CV`[<R,@1H9O_&MW
M;8AE/$5;JE*)1`IR96=1P'=_QS'C\7J\:E\OCP*H?F'NX^/K'+D]]&`#KF2C
M0_&;GE^T#CR\O,5O?\?KJYQ9^N;MHASG!ST^X61X.8.3SV+0YY,/F/BXY5'C
MYB(^7J.I)I_<=MOCNFD_ZCCC:!CQ]#,L**9F-B<\#C;[X5;$?@Q^X`MJE+/&
M%<B(^)]XC#B@`?@%OSYZ`KA?9>NI$%)S;9^G7D6WL%Z9EHEAR+MW2=RK-48'
M*,.T/,9#H$6)G/<DPOU89OKS'QY.4T[15[&JW2%W9UN^]]R'`#Z@/F'`"/(?
M$..>0^>J*[O[5'M!QS.,[#&=*B-B):!>>W-+%"W?"\7+0XH%4(XDHY\RQ"C(
M-G#=H=P8IFKE%<Y1.@50H*"(S<=6#<]8:TM@J*I5TE(RAWK',ODD"U^2>186
M))PXB2PSAX[CUT%7;%*+="HS:G/[+XKQ1PHFH<$12VGA[Z?1*DFY1NW&K5/%
MY79_7HGPY#Y_0?TTY#Y_Y3?IJ!6L]-W<#9JY`6-KN"KK=M8(.(G&[=5A?U%4
M$)>.;2*2"ATIOPSJ(IN2I'.0"E,8@F`I.>T/U8>FONE@H61F*QFB$M-@CFQG
M417F#FY5QY+/4SD!-HWG9:>)'12IBF.<CQV/A)BGVCP)RB&%$]'(<<^?T'GZ
M<<_Z:<A\_H/Z:B1QCMSWB7+;!DK!N8;&A4+&I<J?)XZLTQ:QO"K6N,7,?)SD
M0O(UV74F2-TG4:=./:NW!`0+)&*D=5H4R*.G5>F%N(2344-N(JX@FF=00!CD
M`!$"$,<0Y&<X`1`O`?,?0?30$Z'(?/Z#^FG(?/Z#^FJ?>VX;SN5S)!X8K>0W
M%>F9UE9WK>7EG]B?,$25B+<RCDBC5E)(NCF<IMC))"10`3.8#'`P`)1DZ3Z8
M.X@BB:AMQ%7$J:B:A@]AR`')2'*<P><X(>8`(>?EY^?EY:`G+UCGG_\`0$/Z
MZ@2ZHN\=5O<J]M4QK)NW4XP=0;^_!`N7/WA(V>330&G4%I[`<KE5R0';>>E6
MB9E#'=/8!`Y"G;N2:U1M;W/SVT3=I-8!S5/O252TS,;4I5]-.W0M8N:?$0/2
M+TS,_<JD1@I4SY.&E':*WLHLWJ3U90QH4Y``LBZQR'S^@_IK!AY(8?3\)OY@
M(`/]!^'Y:JD;HLA3\QOFR?C&+M,A$N)_-L-2H]0TG+@RCW-C-6(ALNHT:.TN
M6S9>2*NJBW`ACD*<J8@<P#H"UQR'S^@_IIW`'Q_RF'^@:@Q_V8&X?D>-Q56\
MC&#_`+CD#_"(A[IT0]WN$0^`CZZZH[LL#YKV8U6J7BPYH2GV-LLRU12"KR-U
M@G[-Z2(=SJ1UC.I54'+-9",<E/V*I'1<$;B!%BG$R(%GW6.0^?\`E-^FH<H#
M=/D(_2BF<ZJVB24OD9'2M.;7$RQ59H3!E).@LYA5VH4AQEFD0[*F61_>/3.V
MZ4@=59Z)UACZVD8>R_O7;Y#G*YF48!>BR=?CY5:U/;C.NY-6PLI)\W62<LYD
MBA0;DCE"*^T"H8YE2B0Q0*(&`M)<A\_H/Z:<AZ>?Y@(?U#_34&0]+_<3P/\`
MVB*N/_H,@_\`WFM&X0@=XV#-VE5JB57S=-T>*RPPI%JM32JW]3&=GJ#V60B9
MBQ"K(H/X@L$#1<9=M+*J&%D=DBZ*](5,Q]`6/Q$`^/Y`(_7@!X_F.G(?/Z#^
MFJWW50W&7B"W*!BUO;YF)JT#1J>\:PD7*R,:P=/[,I*+OI.2;L7*!'[I0$VS
M5,SCQ"(-&Q$T")F46,KO%+IA;B%4TU"[B*N`*)D4`!8Y`$0`Y"G`!$)S@1`#
M<#\P]`]-`3H<A\_H/Z:`(#\?S`0^G(!S^6H,O]E_N)Y#G<35^!$H<^P9`\N1
M`/?.@'O]X@'Q$`\]=2-FV?\`(6/=Z]2PPK>9F8BW63+9BFT1"DM+KP$P:+_:
M6--)(Q<BY=)M5F\M$)2C!<I$WJ0`=LHN9-=P4X%H3G^?T']-9U65ZG.8YRC;
MP)-C$6*:B'#&BXVE60Q<K),SM7@H2CE)VV(U7(0CA-5`BQ52D$W<F4Q^X"\:
ME7Z?N^.O[KZ2M79Y\R:YIHS!O^UT4F";8MEB!.1JTO<*U*!2`S>K&3:SS)N`
MDA9LW8!$XZ1BE%@)$]8Y#Y_D`C_0-:UR_ENBX,QU9\H9&F4H2J56/,]?.#`"
MCIVN<P(1\1%->2G?S,P^40CHE@E^\=O7"28=I.\Y*F6;M\5TSKDZ0O<K,2,&
MQ=/$6-:K+"5?),*W7&[WAC$IBU601>/0!0SF9D>SO?RB[A0OALRLVR`%Q?G^
M?T']-.0^?T'GZ<<ZZS.L%P+W-41D1*H5XT6-'G7L@_,<"OU<G+V2JR4#.F9"
M`E6>(1K2;`)81[VPJ>S`4Q7(@7K#,[5,\S&)Z11)/(+^0B*VRJDBRJ\=;Y2!
MG8JS/H"1)>VTQ?FZAG%FK4#-BDCCUD1)NLVC9^:;RRCY**KYFH%'JN9/E[)8
M92U6"25DY^Q2SZ<FY%82%6?RLHZ4>/W:A4P*F!W#A5100(4I"]W:0I2%*&N\
M&.LE%2(@`N`#@"_B[N`XY#\///U\M1BYKJ;O;EN-S=@J064\?$63[71?%57,
MY.LSAGXC&.C.3)-S."O8APP>E<>"D"R;@JH)D*<"EYS6\@+L51;KG.W<(*&1
M705$2*)*IF[5$CD,("4Y#`)3%$`.40$!#GG0%P7I)7,++>\L-05\3V6B5E?C
MD#<`K8GR8^GISV\>GKS\-:#WNY)&'W-9ABO&,7V*<B$P#D0X[ZA7%A``#W_O
M>?3SY\_3RCVZ8_4"H&U7,-BE\L-YEQ0K[3D:M)RE?9#+25;DHZ81E8>7/$%4
M(ZD8HP*2#.40CQ4D$07;.VS9YX"B!I:+QOGZ+F1K/-72]1S"S6BP+I.IJ<E,
M,946?22[=HV8(+.%"1*93&39LVS<@@F3A-$@<<\\@1^81R.,CN5V_-!6$PNL
MUXR;@'F/(+W"*)P(![OQ?]..-=YOM!TQ]TX9V^F[NSQ\I6Q+GGC^Y1')_P!/
MS]VO4Q6]'H64ZQP-OAZS#Q-DJ\S&V&`F6F#\L@]BIJ(=I/HR19J#%'*5RS>(
M).$#B0Y2J$*(E,`<:B?ZU75!POO$'$V/L"!8I&EXU?V2TSMRL,(ZK`6&QST:
MUA6$=!0LJ1*;2C(:,3?JOI&3;,!D'\BBBS9G0CS/%P(.[_9RJ*GX4_O'X#S]
MW=YC[A\_0/3W_P`M6T+H]`WV6J>>@/D.Q)RKW?\`N$H<\A[_`.7OU2.N]U`3
M*"*WH;N,(#R!2@(<@''/H'Y?+GS"P7<>L/L62Z`LIL//D^QAN?<;1UL5)4W^
MR_(PPIKX:=!T$4-X"N_L>5N#/^(&5&8"*`OX!>`X_A]%EI;DRDHIR;223;;V
M12TR0^&1/(LTQ[A72?I"'_D%!8ROEYAQV!V^?KW"'F.OJ!9CZ?F0=Z>RWIYW
M7%N1:I7LB43:1AJ`E8C(<A)H05I@K!BRA2Q724O%,)J186!I+-%0%1W'/F4L
MTD5"K+,UFB:KGYD^)<<6'-N3ZG1*VQ<R<[D>X5[']:9-4C*N7<M=YYE6(XJ"
M10$156>RJ78`<<$*(F_"4=?0KZK/2.WEVW..&\Q[*(=GD.#IV(,/8W6KIKW6
M:9:J?9,&E6CJO86;*Y/H6L3,$_C$(1R;PI([UI+Q[I)W"N8YVDH7IQ*7+!:Q
M6?+J^KV//\?FD^)Q7A3:Y8[)*K]5'S%]*/#2Z2_5,02201S%3$$44DT44$=R
MF5DD4$DB%320223JA4TDD4RE2223*5--,A2)E*0I0#A^1^G'U-\/8^O&6K'F
MJ$2K^,:C8K_.*PFY#*SJ93B:C%.IV0/%-E*^R37D2M62HLD5'C0BK@$TS.40
M-WAZ8:M]J=$3#[5=`$QC&'MN^R\I>3&$QN"E$I2AR(\%*`%+Z%````UQBZXD
M^T[Y$I]JH-T96^?I]VKLS4[3!N;]L[;MYBNV"/7BYF+6<1[MF^02?Q[IPU45
M9.VKI,BIC-W"*@%.7F>HE.Z">Z[+&X*C9]I.3KQ8<@(8MF<=2%3F;9)KSD^P
MC+O'6A%]`K3;]1>4?1S5W5$GT<F_<.5&1G[Q!)?V<444)_'X\,G8_!LX'Z(*
M:@JZ%G3VSUL?QEFBP;CVL%7LAYHL--]DHD)86=J4J56H,?/H1YIR<B%5X%>=
MFY*SR;E5C#NI)M&QS2/35DEGB[ENUG6>IG59NDTR]RBC=<A"\@')SHG*0.1$
M`#DP@'(B`!SR(@&@*171@O9YOJ.8OC!<&4!6MYL.)1-R`@WI,R</+GSX[>0_
MEJU]OKW:U;9;MNO.:Y\[-U-,T"5_'5;=+&2-;LC3B:R-9@R`3A0S1)1)Q-SJ
MB9BBUKL1+.NXHI%YK.=(SIB]0;;;O_QQF3/.!1H^+(.O9A92]F_M+Q98O97=
MFITM&5]+[GK-SF)I;V^0<H-^]"/43;>)XKHR*13'+N[J][/^IYU`-UM0J&.<
M)GK^U7&+R+J=,O$SDK%[:/=R-K<1I,BYMEZ@6['M*K:(:*!$P4*,0,ZO`5IT
M+:-;N[.N@($/>&>H3E?#F8'F:!5K]\L5@LKVS7DUPJU?FI.S*S+Y1[9!B[(Z
MCSV6J24D1P[2CWM?EF1&!C-4%&SM@@+,^\^H'U%W6XK*-DK=,1JI<-59U]RT
MJ3"I5QY;[`Q(V;J/YMY='T<ZL3!K(R*CL&<-!/XJ.:M$4CK).GBRSD;65"Z4
M6P"DTBHT]UM8PK<757KD/`NK;;L?P4U:K0[BV*+5W8K'+/$%G+^:FW*:TG(N
M%5#?Q+DZ278@FDF3DKOI@]/9XU=-#[.-O:2;ILX:J*-,:5]F[33<HG044:/&
MS=%RR=D(H8[5XV52<LW`)N6ZJ:R29R@=8^CEOO:[MMOJU!N$V1YFS!+6,KEH
M%VND,E;:4LBHVI-\[1$JKQPNW9JURSN"E5.6PQ(OG9R_?K/Q*X>]^^W1IU0<
MVP^.53&R"GN9KC*A(]\>`&NRIZ06I)_[W,$2`'L*L<'^].(W\7\?_">-K?&"
M.FQU2^GMOX/E/;QA)SF?!]/O<O7$Y9OEC%%;6RYM\LCMN=]"RL/:;O$2;"U,
M84[)9)238)H(9!JK64:J+Q*Y57'O-P'3`ZA=UZL-BW&5;`1I+!<CN^Q?DUG=
M#9,Q6S$]`@[%CN0F9LU=?71O9$CL6<-+'/&'B0DECLS)MFJYEF_C`<XW&[M.
MN#M-K,9=\^RDE2*?,S7W"VL[2H;>;9`MYM8#*-8V5?4V'G48)>3$JI(;[V!B
MVEED56D:LX=D!N/6:OY"ZCO5=9%JT7:8/,C/&,N27=5AQ9\)8Q?5YU*,E&"=
MK?5M,:Q9I>(]F<.(I*P-XV9BF#E=S']R#U84SW9[Q0Z=DRGV.@9`K4-;Z9;8
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M,`F`-BWV@O:.G<XG;KCJ4QPRN<E&/+4:NY2VP33.P.Z\@^8Q#PCBXS<H\30;
M-7[PK84$(P7"3@%'C0%BD*B!>V$Y``1$Y>`\Q_$'ZZZ>NM_^S-EEP^!W6XK&
MR&8"7I#&A\?J2[H+$6^.I)"(0JPM`8BE][*R;A!D1#Q^P5U"E%0`Y$*R@U7[
M4X("`NKKP/D/_'.S#_YZXILUZ2O4\N&_;&NX_=S4(RAPL!FF&SOE"\SF1,;S
MD]=)ZORY+,$9`UG&,G+MPD[#.L(]L^56:UZ"BHM5ZZ1,LX3;Q[@#\];J\'@>
MH5/1OCF3$F,L,*"4#<``KIS/=Y`/O[?/CX:NGL#E%DT$3%\VS8?,0]Z"8_'W
M\ZJD];#I3;S]R.Z2,W&;7ZK!94A++CRG52S58]TK%+L]3L=)=3"2#YLE<I"%
MA9JO2\=(L7!7#:9"482+5ZW<1:K15JXUI$E2^U-)D(F1S=2D(0I"%"\[,?(I
M"@0H>9Q$>"E`.1$1'CD1$1$=`7+3&*(!P8O]XGO#_G+\]4<]MM\,ZZQ=7AO:
M#""F];*[$"=W(<)6C)9.WCGT`40X\O0-;A"K?:G0$!]JN@\"!@YO&R\P<E$!
M#DHF$#!R`<@("`AY"`@(AKR.FATD.H-#;\J-N<W=4Z*QM6Z)=+3EVR2C^_T6
MS6C(=^G6%B]G9Q$+CJ3FX]DBZLEC4G;`]D582/;LVJK"+9.E7:23<#:>_6T)
M)=;G;_6''AK-)*T[0V;IDX(FLV=-I6TJMG#9PW5`R2[=R@<Z"Z"A#)K)'.DH
M4Q#B`\"ZA."LK]+7<G4=SVW5=]$8?L5I<.Z.](*SR*HEI>IKN)[#-L1`W+FF
M6:-*]_9=)XH;V^`*]A!6";K+!^\[';UM@>]'*?63P1N<QQAX;#M[I]KVI2%F
MOW[>8]BPC6..K4:0O"_[,RUI8VIW]RL1!?PV<*X5D.?#C2.U0[-6)<[X,QON
M1Q+>,*99@D[!1+]"N8:99]P(O&ICB"T?,PSWL44C)^"D$VTO!2J!17C91FV=
M)@;L,F<"IID'=-GCK3;D,5X&Q)!26.L85Z+C;%86"JP2T94%2LFJ&0LL71TV
M.BVE"Q#EZXJF,XA91%:0]H:)`FTD[)-?=&HNK=4:1MAW0XTPGC=H>(J=/V]X
ME;M"JG(>1E'CBV7TTI8)QV0I!D)Z>?$6D)=^<H"LY5%-(B+1%LW1M&]/[IZ8
M?Z?&,IJCX[D9JZ6BWSBDY>LGVYK$(6VU"V.LC78E=.%:M8^/@:Q'*F;142Q3
M*U]N=2TTN4\E+NU-0-=:KIP;[]TV]F&RIMTP@.0<<-<-XSK#BP_VB8SJX)V"
M!M%X?S+#[KMEOA)8WL;*6C5O:2,C-5_:?#;K*J)*E3`MIL!Y9-!^+9N/U03U
MY>O%9)G29M4U"]JB;=`AR\@/!R(D*<.0$0'@P"'("(#QR`B&O*T!\_?[2IMV
MD\![YX7<%'L3)X_W7TUA(.7B1`2:)98QC&1=0NL8?M4,)'$M4"4:QHF,4GM2
MBLTH3N%HN)8S<ABY>XAPCN9@3IN:ID9HZQ'D!9H4`)5MPF((J/93\+,)ID(F
MS5R+C-2CY:KB@]H2Z<I;P2,JX@)$4_H0=4_8#5^H[M!OF`Y!Y'UZ_MC(WC"E
M[?-E'"5(RQ7&[H:Z_>@W,5P>N3S=T_J-P;H@HHK69Z07;HG?LV)D_GA[&\R5
M;;+G?.W3FZDM<EL>8#SC.-,1[@6DVD@C9-M&<J:[6+B;<=5)55)RW8*T>1DC
M)25ICB/(&S8OL:5A73G*HT*T?*;T5DN48M)M*]+:5^^N5C7MJ<089,$"EX7]
MP>B@@`#\!`PC_H/D'.O9*Y-,)!#V@?0/50`^G'F(?#CG7JNH#LCW"].7*@4O
M*K`UEQC:ESO<*[@:PT56Q=F:KN$"R$8^@IANJ]CXJUEBU4%YZC/)!23CU.]_
M$*3M77CK`\Z"J9*$2^3@1\O7O_U#@1\O^OGH4=V9C)7)3\N0#R$.`-R(C_,1
M$0X^7&M(6?(G<50"K>0\AR)O,>>??SY\A\OD(<^>NMTGD<.TW\0`>0CYF\Q\
MOYB`_'T^`<>8ZU//9"%03%*J(F,/`!R83&'T#M3+R8WNX#@`'S\]4HREHG^_
MTYSXO#@KE)+3'5W6D5<GAK15NT;1M]Y`05'QN>1$..[DQA^(`'F/P`.?3CSU
MUU=.7MID/9T!.+<5.U4X"(E,'("*1!`>#<_^(</+C@H#_P`_[09S5G<!WD52
M;''@?4%5"B/H80Y!(@\^90$3CZ"/'I+CTS^E?G[J!96:T#$%>&+JD*Y:J9,S
M!/1KX^/L8Q:A?&$TP\;I@66M<@@4X5JBQRPS4TY,1R\&*@$I"<9VJX><2GTZ
MJ/?N]OZ>9.?R6G3AP4T^\FJ[Y[5<8ZMN224I/V8'IYR&=-W[3<[;(-0<3;2S
MM[&Q>.D%B,I[.4PP<)4"%9*@*:;A:EQSAY?Y8B9U#1[E&E^T)@662Y^CX`!P
M`>H```'/GZ>7O]_SUUDV>[2\1;(]O]%VZX4B58^GTMHN=S)R!D%[%;[-)J^U
MV.Z6R0010+(V.Q2`F<O%BIIMF;<C.(C$&D1&Q[-OV<UR;O+/9%**22I)))>%
M1C@/@'T#3@/@'T#6=-#1IIIH#'`?`/IIP'P#Z:SIH!IIIH#'`?`/IIP'KP'/
MQXUG30#00`?4`'^>FF@,<`'H`!^6G`?`/H&LZ:`QP'P#Z!K/`!Z``:::`<`/
MJ'.L<!\`^@:SIH#'`?`/H&L\`'H`!IIH#'`>O`<_'C6=--`-8X`?4`'\M9TT
M`TTTT`U`?UI.A;B'JFU-MD*GRT7AC>!2(12,I66PC3+U^]0;8JZ[''&98]@B
M=_-55)TJH>NV9@FXL]#<.G2D6E+P3V5K,E/AIK4W%VG3)E&,XN,DFGJG^ZKH
M?/+VP[U\\=-6%=]*KKU[7;)EK95+M@JF.+3::<7):5%AV*RH1X4:RH&&/S1B
M*)*NB[JZE)ED<O8;*@5O78Y1%JSJ$#V)R[]E^VE[PZD&X'I1;XH:/Q_:VYI.
M!I%[57S7C)FY=IBY)",,BP4HPRE108@8C9[`Y!AKS9H58%FD@1%=L9H6[%E7
M$.*\WTV2QUF3'-)RE0YT0)+5"_UF(ME=>B4BH)KJ14VT>,RO$!.8[5\DDF\:
M*\+-ETE2E.%'[JP;<\6=+S,Q;_T^VMYVHVF0;+.9%WB?,&8(F.D>V/5=%:2-
M>>WN0KC^+(L')(9W$K1)$Q%`K($#&3'>=W:I/JDL/ZT\[^[C\,'%1ES22Q'F
M:M+9.*C:Q=._251;73[*CU>Z[+*Q\35L$Y+CR+G33FZ1GF#B&2Z1"E,5P9ID
M""IDN@FL)A(1,6JBQ5"'\0A4^Q4_(,<_94NJA-RR36ST/"&/6QE$P5F[;G:`
ME6I2'[O$4(WHL1<I1;P@*'B)BT1$XG3!,3@*ATK`/22ZE>]O<)41',F<'5Z5
M8_>#=NZD:)C!F^%-LDP,C[0_B*3'/7BA3+JB99XNNLIW?O%#]I>+2^$K--VW
M'T5-V!Z#^3<N9--9R#5FS[R-WATD0\!BW;-B]B90+R1$HFXY,)C>>M?$DU5T
MNRJ_->"8_&X,7:C;QKE8=Z?Y^VKV95*V;_9+\44*2B;1O'SF]RR=BJ1PXQ;A
MV,DJ!2GJB0IF!I.7^5<K7V8C5!`Y5DZ]'T-TLF)2^VE+W`:U]AO"6)-O6/H+
M%6$<>5/%^/*TAX,-4J;#M8:);&,0A%WBJ3<@*OY1Z*959*9D5G<O*..YS(OG
M3@QE1VEIJ#OH----`----`----`----`----`----`----`----`----`---
3-`----`----`----`----`?_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>g227993.jpg
<DESCRIPTION>G227993.JPG
<TEXT>
begin 644 g227993.jpg
M_]C_X``02D9)1@`!`0$!+P$O``#__@`L35),3%]'4D%02$E#4SI;55135$%2
M0T]-74I!0TM?3%5?2U]324<N15!3_]L`0P`!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M_\``"P@`60"=`0$1`/_$`!X``0`"`@,!`0$````````````'"08(`00*`@,%
M_\0`.Q```00#`0`!`@,""0T!````!@,$!0<!`@@`"1$Q$A,4%187(4%188&1
MDJ$*&",X4V)Q<GB"L='PM__:``@!`0``/P#W\>>>>>>>>>>>>>A:[>BJ2YR'
M&)3=5CC@#&S,A^Q1IK*.%W9&:D.R65D1:OPV';R1A89>\3UVS'B(/`D!+([X
MPFRBUU-L:YK).?DGZ$LF5FZ^X[Y89N+$@],.R5UU4>-JRAJL@T$VL@Y*KR&Z
M[U/IBD8A>#?-YJ*%KB(J[O&9C4GLA`TC.,&;ARG6IRKT';G8/>L+TBXR/?(D
MQINN2()Y^=4Y5+VF>6*5O0AF-86S[B`[)-+`/TQFN<!3)_7+NR[85-^D+N<O
M5Y3G2AX"H(&3GC:[:3Y-O;HK5%7L"_9&,"73+5&1YIY1DRJI:SD$G&JNCZ'L
MBZ=GK2^K=8?E;_I<H0DA1@=+-%'"4U7;[5?Z)_W^*OCIYVX)(^CY7G<99`X_
MT188:<.02!8XC!4*;!59CP"QAH5ONZ?O9!S*RC`F."(@DWF\C+SY@]3433;L
M&N5=]?/////////////5LWE\CM&5U<%U\Z2I04UQ(U#2+$ZL?I!Z`K%%+U(?
M'TG`Q-34HNMHXU>'72-AQ1*U/:\HT9BITC+!EKJLBP=N'S.*>U8%R`'SO&R7
M1_2,_P!!4V)V<\;5B*618\S,6=\P7>9$2X=/XREJ6#@N'T<<75D7.'#M.!I7
MG.)KNR%$=M)XBBN6I*$?/Y#<6J>&"/JVOXL>ZJJ.)YCXICGGZZKOC/K26;C[
M0FBDI%*5AR[NPMKF11:V,92+M!M-RG.P@32E.1LONY6MLBO@DRV<#=Q(<%!U
M=C,*%@(H-A`<-L]8X>$Q&#BQH9@8_3;??1C"P$(T8Q,4STV4WSHU8,VZ&N=]
MLXT^NV<YR?SSSSSSSSSSSSS_`._M^WN,YQC'USG&,8_ESZMCJOY&@:DA:]'%
M70:5NS/.P68%MYEN9=$>HR@]12#5F5(2WK152=-LV#(Z:I-HBF*_8EUH.'CR
M+R5Q5?#<NU,4Z-JDLP9I.`?63`8@+5[A,-Y[HGH+J;HDK_(Y?Y:M&_XX>4L,
MIHL5G)?<0J.I-5EX^J:UN)\T0)[V$08>&*:7ZWCH>8'H#<GXE!6CK)Z1O&VR
M2/ZJZNZ\J^#@0RRN^^E:V>@-4#LR3,FY"OSER"!GDVW,*B@8<<(VI.7#T57T
M)-88D#32QB-*2FXT3:7?WQT-37,0*G9M[G,96E<Z$,`,2!R0-I341&WY*[S'
MP[LPGV$>]C0P<6?_`)3%R6E2\.*Q;ITR1EIEAEZVRI,B*R+A/19!5-9)3311
M-1+?51/=-37&Z>^F^F<Z[Z*:;:[Z;ZYSKOIMKOKG.NV,Y_7SSSSSSSSSSSV'
M6!80/50:0V%9!9``X.)QRLL2%91*-(:"A(Y+;1/9U(R3Y5%LWTW642;H:[;_
M`)KIVL@S:IKNW"""E?!UT!+EL6QNJV#0CY$X_@R2.:CD811,D-]"]3S3M=FH
M*Q20EO%.K*K,0)I%%5J*U`+P&>GKC64:M7T16L-AT(&\%W3TE8=I+L1<]CK7
MH@'+856:KCDJG9/+#OGHH:;:/MU9JUB6,DA^"X-I3?5FEK(3LQ8@N1_I7'Z(
MVNJEIQK(UK+T[HV;:7R!V15_&G'[BM`'G*K3%.];1B^>YH,BN&:OJNH9B6;Q
MC![9A-4:LQW--6=>,FE*F9/!A([03<MJ<PA!=I81*'D5^1,K0`H)6'94?5_-
MKVTK\6$SF5*3WI<?&(`CM\[L20UA!N5+^/&Q.1+`-`:$S"0?1QM\H?4!5/W2
M60+!<<YIL*VWK2!,ZWN)^-NWRLNVL6H!GG>D*>YXY^0CJ_'2"D+.*[+#5K>:
M3<XG9=9QID15I7S2TR4`T;Q[FY[-@$I.&1MT@G`1T7'QT.6!*0MGTU%QA!'/
M1^<AFLY!3L>_C)F/E&;"0AWT:\;Y;/(V7C)'\Q)^RDFRZS9=FLR=M7".54GB
M>$M\84UPYJY4%^4M"T2JDP-F]'2>T0XKJA)Q['30%0ZK3>4Q,PE-/W,?J8#5
M>32;J,V85A)$$V&`BL3E*NF`M$23R&]G%M=)T+1,K7T#;UN`5?$5L&,#7U7C
M1*1Q[$GL0T)9)")AQP)&<*JSY/).'KE/59.&C7B3!OA9[(K,V3=PX2F[_P"_
ML\\\\\\\\\]QG.,8SG.<8QC[YSGZ8Q_QSGU+O9\Y5[_I>+L)H>R_05@\RCT7
M(->;3&R0^O\`ACE(MDVTI,YZE[#+MA*83'SQK!.X)6HX\L<EMHP>K+$S1-=0
M[<C/SV/UMDB.9CGP_P!)6;;A)*'1JC*!=4]3D%/II6Z4RIB[W<[T)\1W!),T
M*G@K@@C&>FDQ?]R0YH9F4&RCR@MVMVK&S4R`\@E./@_6M#"[OD1(&',?%L-L
MP-SCEA]:,D5$MZ2Z3IJW'"_Y)NCVLI*%W3IH_D'C:!@>60R?):6;2*T0$)R-
MXH:CT/%:X<]\QS?R6V'UI9QR@0\>_&VWLR!YU8<[C;)Y0MX6]3W'8HU$D:0M
M[2%:0Z?/?+XO:$[=1;)5J#2\2>&[T\GAD_7`(`'CX^8S"QNE".^@QC2GQ=5J
M'5#\;P>\*&?0_=I0;ON9J2LS5EMD1=U=S=8<-`3MOV3L8S^=XTXZ#JJ%1FBA
M6+4#:MN4<*R!"RX;#>8^U'\^T*>6YSI+4.I1YT3S+SQSQMR-R/,\_P`_"5F5
MNY.HC,.BXB:*2P@YMH8CN!S#UU2%ZV).Q%V&C,,MV9J&)D-HB./(6UBR?D3H
M/E3IBA>*TAC6,`%D8^M3VYGIL.059\\%D@#?MVBZQ+%2*2<$4\667'M8AJKG
M17&HC^_=0N2Z45DKC"6LMBW>/R,*U5F<IOF]9$BM]F1P]>FQPS$G5DL*O/C*
M%S+`M,5W7K27'$N@>S;+8+MY>M^=&14/0(6%)REZ]+&E74O!-GAAW.$?CEA:
MKL61[;Z1@&1IW39`=&#4F;DY6XMDGJ,*UU?NM@*)LF28Q;":+9%69D4[%,P`
M3K<!>([,Z]JFO`2GQ8='7%M?GGGGGGGGL6-C@-K84(#NPBL<!PH3BG<Z3EQ=
M-QHX,CL*P3RJ]EIR=F'+.+B8UHGC.[AZ_=(-DL?3\:F,[:XS2U;?8EY=:FZE
M)\MBEFC(FD[C7$UF$=OJJNJP1*3@I&7C9\Z/9F*7=\"4`8:8B_W<L0D&R7LN
MX89>2?T%0(C`(QMNOHZ:5P/5(6!G,H:/5WU[UP)OH`XK[FT.@W0'PSPIA37+
MZ"Z!Z/8:2IF32QIH_9O9,1M2Z92Q>J+P-FCB2IL5KMHZL(K&=LSJ8K3@-F/6
MO<K^P>TN\;V6<5;5K8>#X!6[+CGTFN2.2J+GH!3=HA]#4>.-D5C$VU4(8P-%
MAV-7/;KL$R)&Z4[(R?5O)1O9MDBO4'<4@-'-P"#W$[25%"+V2F.=>3WN[=ZT
M0F09&<9QSJUN@-(N1=1$]TP6P$'+)M'+^'J()J<7D9AD0:GWE\4]T69:)[`"
MO4H_"\0V>>6'?!WR4<U84F$(6WQ9KB&DRC<Y(A&VZPEK"H5P5Q<E86>?B&40
M!YTT+B1*P4#P'Q"AD5NS5O!U?#"P^17&:G?2A\+-=$@^<M!>#B`NJ%<P:$`K
M_`+2]=Q`C4]+?I8U)2.A9T5&5;%BXA;>,4L%^ENLHO"9W\5=)"O/M)TEQ?$5
M_P`GH<Z=!"W35;[LZQTM.!D[,$1PU'V<M8,3/F@V1GT\HD9*2D>6$QZ[FXXC
M@!5\\<2L3#YA''CL(X:XR8_HL)L&O.G@Z[+8Z8KNTNS#@#@--^O[Q[`90A3U
M>_YRI\?:.S01Y3#(-]5%.302.P?[H1JL)FM>D.FGU:B0I5\=,^R7AOX^!^AG
MD3;ED"X+'69%0T_!5#58*M*SE5<F!)N^_;IZ*UN0%&N26R+=M4@54G>E.J3%
MNSLOH&?1CT)!N/@\%!"Z-H7GGGGGGGN,[8U^^?O]L??.?I_-C'\><_T8QG/M
M,.QN_.9.&Z[=G=X'[%&6<9=,0:IQ9S%D%SVR4(:H_EAE6UQK)M9LJ(U=W+7]
M5C75I#P#);:9)Y:$A6[F02J4*R^[>MRX(M*YJRZKEZN2<#I175`\X5`7JR$%
M*RKB-:L7SVVK?3IRHX,K&%=G;A_<#&3)C^&9KRSJHYSFY]'[O3RQ(2?VQ7U.
MR-<\[_'D259!ZCY4I"C9;?M(U+).B:<D-6RTO)%-9DE\3;4I(_U\D7SUBR:D
M^7*3".)&5S.D+W??3&.;:KZ8YBKR(JZC.)N6JZ'W3F2+#:9).V;/+C$TL&5;
M16LT=6&9?YH$N76G91<NDHH76$93;V=E%V"&R[]RWW;(MY_D"GY`M6ZZ["@>
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MS6]+`MUM>KT@N.<)"]Q<]WG7E>\^R%@P1$K7)[TO8W\%Y>)@PJO)0CC:,'HS
M)<8F<L@Q@(@:W923R;BZO/C>1XMH+KCEE0A^02JKVN$-Y"ZKG;VMD]MP0"U"
MKH6^;OIO8HAQVOR-X(JLY%>2KRXR0F+):*F;4L!)I'35B$3J'BPEC$^KH7LN
MNS='+D-.PPL;Z[9TRN,E4`0(XWU5W0VURI$2+S3\6%M-T<Z_B_%A739/Z?CU
MSKC-<;XS]L;?UZ;X_P#.N//QZ8^^VO\`>Q_[]\_G)?[5/^_K_P"_:>&/;])5
M/=)S35X$X_3KH?#ZY/0LG,B2/:P5EC!ZX-H9VH/[[)H[MY<.**^GX@EAEMW"
M[1F\%YK*VK<C;-T-Q_//1I<Q<;@-362;5I64E=%A"@03$`34L01P(A)604Q,
M2Y>084S*2=5*`'5B.120C-9J5SNSCL+[.E$'.R>K9;SS2Y%\BW;Y)"5"\V7&
M#9UE21N6+@SE]4?,/'L)*CL8]BA:XJ_J.SWG5/6UIS2+N0BF%9V#<W+`D5:+
M(&D[30W7+9O+DUN/&WQR\S<4_M\EK0&@7]R'35)O9%XR0N)QEA&#=+=!9*"1
M5&(2%BA`&CUVZ&\.!B3&+@&NZ"4A):39$J_('^^&4],_3.=-=LX^V=L8VVQ]
M/][;ZY_Q]]^>>>>^<Z:[??7&?IG&V/KC'\6VN?KC./Z<9Q]<9]#]'T#3_-H"
MC65)A$<!!:4V1E#B-CW,F^>2Q07S3PB*RHCGIE_)D).4$<V_=R4V1D4K*34D
MX5Q^J?*)(MTTM*:9`1*[.T/DC+#T.'S06B,\L\BXC"Z'ARH>EXJKZE6Z-G&R
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MI>SY0>V>:!,GTIT26DF]?LI1*/TFXX)BP9K7@["-R!6)BW9`YQ"N)69<QL;E
M_(K(QK!%O<YY[KNW;5@V7>/7"#1JU15<N7+E5-!!NW03V577765VT21012TV
M5665WT212UV44WUTUVVQ7_(62==IN=1GG,MEP3E_9628G_4PLX4C2JTM&BCJ
M.=@_)\NKKC=M#.GB>,$?4C-G)#B41HZA*#=S9D^4LRL=NZAIJKZ$`X:LZ?"(
M``"('5SNR@A]I^0FL_?N-WLQ.S#U;=>4(BDBDE7$R5%Q"^E2@LG7;V>)9B5F
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M=O%PJ+UTH]=Z--WKM]G#ATK_`*1PKE=XMMNKOC&V^=OKG&/MB2/////5X'O<
MF[[HEQSASB*Q-X'80WEV]JLXX@1;L!<S6@4GX\"$!"PUE&M<MH%"3B3.V3DN
MCG*`W!/!:OP$4LNW+"8BXS.%74!*LR9C;U\%C>VKQ;MIAK#2C2+<P%<55#SC
MI%PZ%Z=!',C*X@D\MVK%C.V!/OYNS37+97]KD4<-J1H7![/XQC&/IC'TQC^+
M&,?;&/YO/////////////////>=[_)Q/]5?H;_K5Z+__`$,C]Z(?////////
*//////////?_V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
