These Compliance and Disclosure Interpretations (“C&DIs”) comprise the Division’s interpretations of the proxy rules and Schedules 14A/C. They replace the interpretations published in the Proxy Rules and Schedule 14A Manual of Publicly Available Telephone Interpretations and the March 1999 Supplement to the Manual of Publicly Available Telephone Interpretations (“Telephone Interpretations”). In particular, C&DIs 124.01, 124.07, 126.02, 151.01, 161.03, and 163.01 reflect substantive changes to the Telephone Interpretations. C&DIs 126.04, 126.05, 158.01, and 158.03 reflect technical revisions to the Telephone Interpretations. The remaining C&DIs reflect only non-substantive changes to the Telephone Interpretations. The Division currently is in the process of updating other previously-published interpretations relating to the proxy rules and any revised or new interpretations will be published here.

The bracketed date following each C&DI is the latest date of publication or revision.