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<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif"">Dear Co-chairs and CCWG Members and Participants,<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:.5in"><span style="font-size:10.0pt;font-family:"Arial","sans-serif""><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif"">Attached please find our memo in response to the certified question regarding Default Judgment and Arbitration for distribution and posting.
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif""><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif"">Warm regards,
<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:.5in"><span style="font-size:10.0pt;font-family:"Arial","sans-serif""><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif"">Holly and Rosemary<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><b><span style="font-size:10.0pt;font-family:"Arial","sans-serif";color:#1F497D">HOLLY</span></b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:#1F497D"> </span><b><span style="font-size:10.0pt;font-family:"Arial","sans-serif";color:#1F497D">J.
GREGORY</span></b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:#1F497D"><br>
Partner and Co-Chair<br>
Global Corporate Governance & Executive Compensation Practice<br>
<br>
</span><b><span style="font-size:10.0pt;font-family:"Arial","sans-serif";color:#1F497D">Sidley Austin LLP</span></b><b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:#1F497D"><br>
</span></b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:#1F497D">+1 212 839 5853<br>
<a href="mailto:holly.gregory@sidley.com" title="Click to send email to Gregory, Holly">holly.gregory@sidley.com</a><o:p></o:p></span></p>
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