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<div><font color="#1F497D">Dear Client Committee,</font></div>
<div><font color="#1F497D"> </font></div>
<div><font color="#1F497D">Attached is a revised draft of the CWG comment letter on the PTI bylaws. As noted previously, we have updated the letter to address the appointment of the initial independent PTI directors. We also understand that the Nominating
Committee will be prepared to begin nominating the two independent PTI directors in 2017 (rather than waiting until 2018 or 2019). These changes are reflected in Sections 4 and 5 of the draft comment letter and in Sections 5.2.2 and 5.5.1 of the revised bylaws.</font></div>
<div><font color="#1F497D"> </font></div>
<div><font color="#1F497D">We note that strategy/budget still needs to be finalized in the letter and the draft bylaws.</font></div>
<div><font color="#1F497D"> </font></div>
<div><font color="#1F497D">As a reminder, the comment letter is due Thursday, August 11.</font></div>
<div><font color="#1F497D"> </font></div>
<div><font color="#1F497D">Best regards,</font></div>
<div><font color="#1F497D">Sharon</font></div>
<div><font color="#1F497D"> </font></div>
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<div style="margin-top:5pt;margin-bottom:5pt;"><font face="Arial" size="2" color="#1F497D"><span style="font-size:10pt;"><b>SHARON R. FLANAGAN<br>
<br>
<br>
</b><font size="2"><span style="font-size:9pt;"><b>SIDLEY AUSTIN LLP<br>
</b></span></font><font size="2"><span style="font-size:9pt;">+1 415 772 1271<br>
</span></font><a href="mailto:sflanagan@sidley.com"><font size="2" color="blue"><span style="font-size:9pt;"><u>sflanagan@sidley.com</u></span></font></a></span></font></div>
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