425 1 d277584d425.htm 425 Filed by Tesla Motors, Inc. Pursuant to Rule 425 under the Securities Act of 1933 and deemed filed pursuant to Rule 14a­6 under the Securities Exchange Act of 1934

Filer: Tesla Motors, Inc. Subject Company: SolarCity Corporation Form S­4 File No.: 333­213390

Date: October 25, 2016

The following presentation was given by Tesla to Institutional Shareholder Services Inc. on October 25, 2016. * * * *

TESLA TO ACQUIRE SOLARCITY TESLA Solarcity Presentation to Proxy Advisory Firms October 2016

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MT O D A Y ’ S P R E S E N T E R S R O B Y N D E N H O L MIndependent DirectorE L O N M U S KChairman and Chief Executive OfficerT O D D M A R O NGeneral Counsel and Corporate SecretaryJ A S O N W H E E L E RChief Financial Officer 3 ? TESLA . C O tEo wXa Erd Cs aU s oTl aIr V el Eec Str iUc eMco Mno mA yR• FYoCcOusMedB oINn AinTnIoOvNat iCveO iNntSeIgSrTatEioNnT o Wf eInTeHrg yT EgeSnLeAra t’i oSn M, sItSoSraIgOeN a nAdN cDon AsuCmCpEtiLoEn RtoA aTcEcSel LerOatNe Gtr—ansTiEtioRnM to G aR sOusWtaTinHab Sle T f uRtu Are TS TE RG AY •T T Ees Gla ’Is Clo Cng O­te Mrm B p uI rNp oAse T i sI tOo hNe lCp eRx Epe Adi tTe Eth eS mTo Hv eE f rWom O a R m Lin De­ a’ nSd ­Ob uNrn L h Yyd Ir oNc aTrb Eo nG e Rco Ano Tm Ey D eSx Upe Srt iTse A in I eNle Act rBic aLl Een Eg iNne Eer iRn gG a Ynd C m Oan Muf aPc tAur Nin gYH• AI Gcc Hel eLra Yte sC t hOe Mtra Pns Lit iEon M to E s uNs tTai nAa bRl eY e nOe rFg yF bEy R e nIh Nan Gci nSg• Ltheev vearaluge sp Troepsloas’ist idoens iogfn s oanladr m+ asntourfaagcetu• rDinrgiv eexsp perrotidsuec tto d dervievleo pdmeveenlot pamnde nint noofv baetiaounti fbuyl ,f udlilfyfe irnetnetgiaratetidn agn eda ctehc chonmolpoagnicya’sll yp rsoudpuecrti osru iptreo adnudc tlse•v Ceruasgtionmg eTrse solaf’s ntheetw tworok c •o Dmepvaenlioeps sh ianvneo svhaatirveed eidnearglsy asntodr bagene epfrito dfruocmts t(hPeo cwoemrwbianlel da nodf fPeroiwngesr poafc sko)lSa rU p Bro dSu Tct sA, eNn eTr gIy A s tLo rCag Oe aSn dT eEle Fc tFri cI Cve Ih iEc lNes TCE I SE LS A HN AD SR AE TV RE AN CU KE RS YE CN OE R DG OI E F S S D U R C I C V E E S I SM• EPV R mOa Vrk eEt Dle aCd eAr aSn dH h Fa sL b Oui lWt t h• e$ w15o0rmldm’s loafr gdeirset chti gcohs­st pseyende rEgVie sc hfraormging asallloews &s f omra SrkoelatirnCgi teyf’fsi cpireondcuiecsts a tnod b oevneerfhite fardo msa vTiensglsa ’esx lpoeycatle cdu tsot obme earc hfoiellvoewdi ning tahned f ilrasrtg feu rlle tyaeila rf oaofteprr icnlto, slienagd•i nAgp tpol yth Tee psolat ecnotsiat ld fioscr ispilgineif iacnadn tplyar itncereshasipe da prepvroenacuhe Tto E t hSe Lc oAm Bbi nOe dA c Rom Dp Oan Fy’ sD c Ia pRi tEal Cex Tp eOn dRit uSr Ce rOoa Ndm Da pU a Cnd T c Eos Dt s Atru Tc tHur eO• CRo Om Ubi nGin Hg TAe sNla D a nFd AS oIl Rar CPi Rty O mC oEs tS a Stt•r aOctvievre tahses ecto fuorrs eT eosfl ma iann yth me seoeltainr gesn, earngdy winidthu stthrey •a sTshiset adnecael wofa isn adpeppreonvdeedn tb yfi nthaen cTieasl laan Bd oleagrda la aftdevri csorms,p trheeh eTnessilvae B douaer dd iolifg Denirceec, tdoersli breevraietiwoend a tnhde asrtmraste­lgeincg athn de xfitneannsicviael niemgpoltiicaatitoionnssT o Ef tSh eL t rAa nHsa Act iSo nC a Ond N c oDn sUid Cer eTd E it Ds f Ein aXn cTi aEl aNd vSi sIo Vr’ sE v Sie wH tAh aRt SEo Hla rOC iLty D w Eas Rth Oe tUer Tm Rst rEa tAeg Cy4 H ?• TTEesSlLa Aha .s Cac Oti vMely engaged and had discussions with investors who hold a majority of Tesla unaffiliated shares• The vast majority of Tesla’s large institutional investors understand the strategic rationale of the combination and how it accelerates Tesla’s long­

AGENDA I . S T R A T E G I C R A T I O N A L EI I . F I N A N C I N G A N D L I Q U I D I T Y I I I . G O V E R N A N C E A N D P R O C E S SI V . C O N C L U S I O NA P P E N D I X5 ? TESLA . C O M

I. S T R A T E G I C R A T I O N A L E6 ? TESLA . C O M sAu sCta Cin aEb Lle Een Re rAgy T p Ir oNd uGc tTs BEU SR LN A H ’Y SD LR OC NA GR—BOTN E E RC MON SO TM RY A T eTs lEa’ Gs r YesTidEeSnLtiAal ,H coAmSm AeLrWciaAlY anSd S •O uUtiGlitHy­Ts cTaOle HenEeLrgPy • T IOnnWovAaRtiDveS v Aer StiOcaLl AinRte gErLaEtioCnT oRfI Cen EerCgOy NgeOnMeraYtisotonr, asgtoe rpargoed EucXtsP EinDtrIoTdEu cTeHd Ein M 20O1V5 ET hFeR SOeMcr eAt TMesINlaE M­AotNoDrs­ M anadst ceor nPsluanm, pAtiuognu tsot d2e, v2e0l0o6p??Storage TinEcSreLaAse s. Cel eOc tMric system efficiency, leading to lower cost overall to customers and grid operators??Storage allows for higher levels of renewable penetration, while supporting grid operations broadly• Gigafactory supports global scale production of lithium­ion batteries7 ?

T O D A Y ’ S E N E R G Y L A N D S C A P ERecord High CO2 Levels400300 PPM200­400,000 ­300,000 ­200,000 ­100,000 0 YearsSource: Mauna Loa Observatory, Vostok Ice Core, Law Dome Ice CoreSustainable Transportation• One­third of all fossil fuels consumed Pinr othdeu cUtinointe•d 8 S2%tat eosf itso tuasle edn ienrg tyra cnosnpsourtmateido ni sa pnrdo adnuoctehde rf rtohmir df ois suils efude ilns •e Olencter­itchiitryd p orfo daullc ftoiosnsi•l Tfueeslas choans scurmeaetedd i na tmhea rUkenti tfeodr Selteactetrsi cis v uesheidc liens tarnands epsotratbaltiisohne dan idts ealnfo aths ethr eth wirodr ilsd ’uss feads tiens te­lgercotrwicinitgy apurotodmucatkioern, •a 9c4ce%le oraf tCinOg 2th eem trisasnisointiso nre tsou lat sfruosmta ifnoasbsliel feuneelr gcoym fubtusrteiUonS• E~nergy t7h,0re0a0t emnsil lhiomn emoewtrnice rtso’n asb oilfi tCy Oto2 seeqllu eivxacleesnst gpernoedruacteiodn a bnancuka ltloy tShoeu grrcied:• UA.eSs. tEhePtAicSso alnadr Lcoanstd oscf acpuer•r eTnht es osulanr’ s ypsotetemnsti acla nas b ae rseingenwifiacbalnet leyn eimrgpyr osovuedrc8e ?i sT lEimSLiteAd .b Cy Oin tMermittency; energy needs extend beyond daylight hours• Opposition to net metering programs in the US

A H I G H L Y C O M P L E M E N T A R Y , S T R A T E G I C C O M B I N A T I O NS T R A T E G I C C O M B I N A T I O N C R E A T E S T H E W O R L D ’ S O N L Y I N T E G R A T E D S U S T A I N A B L E E N E R G Y C O M P A N Y• Creates a dveprteicnadlelyn cien toeng rfaotsesdi le fnueerlgsy a cnodm thpea nuyti loitfyfe grirnidgE eXndP­AtoN­eDn dS cAleDaDn RenEeSrgSyA p Bro Ldu Ec tMs• WA iRth K a EM Tod• eEl xSp, aMndosd Tele sXla, ’osr t oMtaold aedl d3r,e as ssaobllaer mpaanrkele ts ytos tienmcl,u adned t ah eP soowlaerr wmaalrlk, ecto,n as u$m12ebrsn (c1a)n m daerpkleoty i nan tdh ec oUnSs uamloen e ntheragt yis i ne xapne ecftfeidc iteon gt raonwd saut sat acionmabploeu wnadye,d l oanwneurainl gg rcoowsttsh a rnadte m oifn 1im5%iz ianngd E20 S% C i nO t hRe Ene Cx tO 5 Mye aPr sE• HT uEg eN o Cp pIo Ert uSn Oity F i nE rAoo Cf mHa Crk Oet Mas fPi vAe Nm iYlli•o Tne UslSa’ sh oeuxspeehroielndcs er einp ldaecsei grono, fesn egainchee yreinagr•, aCnuds tmomaneursfa ocft uthrien gtw woi lclo hmelppa ntoie asd hvaavnec es hsaorleadr pidaenaells taenchdn boelnoegfyi,t ifnroclmud tihneg c boym mbiankeidn go fsfoelrairn gpsa noefl so mlaorr per aoedsuthctest,i ceanlelyrg pyl esatosrinage• Canodm ebliencattriiocn v enhaicblleessL T Ees Vla Eto R A G EprFoFvIiCdeI EthNeC bIeEs tS p AosNsiDbl eR EinVstEalNlaUtiEon S sYeNrvEicReG foIEr SP•o w$1e5rw0malmls aonf dd icrheacrt gcionsgt sysnteermgise bs ye xuptielcizteindg i nS othlaer Cfiritsyt ’fsu blle yste­ainr ­acfltaesrs c ilnosstianlgla, tdiorinv etena mby asnadle asl s&o malalorkwest iTnegs elaf ftioc ileenvceireasg aen Sdo cloarCpoitrya’tse e&x poevretirshee iand osfafveirninggs •c Lusetvoemraegre­f rGieignadflayc ftionrayn’sc ignlgo bparlo dscuacltes SbUatBteSryT AceNllT pIrAoLdu CctOioSnT facility for sretadnudc eind tphreo dwuacyti onf pcroosgtsr•e sDs rtiovwe arredv ethneusee s gyonaelrsg(i1e)s Vtharlouue gohf sniemwp lUifSy irnegs iadcecnetsiasl t aon sdu sctoaminmabelrec ieanle arngdy ipnrdoudsutcritasl a snodla lre vinesrtaaglliantgio cnosm9 p?l eTmEeSnLtaAr y. Cch Oan Mnel strengthsG R E A T C U L T U R A L F I T• Shared mission of sustainability, innovation and overcoming challenges that

C R E A T E S T H E W O R L D ’ S O N L YI N T E G R A T E D S U S T A I N A B L E E N E R G Y C O M P A N YS U S T A I N A B L E E N E R G Y G E N E R A T I O N• Solar has become the most affordable renewable energy source due to lower component hcoalsft so af n2d0 1sy6s, tseomla pr raicceos•u nWteidth f tohre 2 f6e%de roafl aIlTl Cne ewx teelnedcetrdic t hgreonuegrhat 2in0g2 1ca (pfraocmity i tbsr opurigohr te oxnp­ilrianteio inn itnh e2 0U1S6S),o UurSc es:oUlaSr Siso elaxrp Mecaterkde tto I nacsicgohutn Qt f3o 2r 0m1o6r, eG trheaenn 6te%ch omf eodpiear•a Ttihneg aebleilcitryi cto g feunlelyra htianrgn ecsasp athceit ysu bny’s 2 p0o2t1e,n ctioaml apsa raend e tnoe jrugsyt s0o.3u%rce a its t hliem bietegdin bnyi nigts oinf ttehrims ditetecnacdye ?a?nIdn itnhaeb fiilristyt to Pacacretiscsi peanter giny daet mniagnhdt r?e?sEpnoenrsgey p srtoograragme s?o?lvReesd buoctehs trheelisaen pcero obnle nmest­•m Keeteyr Binegn seufibtsi odfie ssoSl aUr +S sTto Ara gI eN: ?A? SBto Lre E s oTl aRr eAn eNrg Sy Pfo Or uRs eT a At n Tig Ih tO?? NPr•o Tvoid cer eeamtee rsguesntaciyn abbalcek turpa npsopworetra?t?ioSnh,i fetn eenrgeyrg syo cuorcnessu malpsoti onne etdo toim bees rwenheewn aeblelec.t rSicoiltayr iiss cah heiagphelry? ?eRffeicdiuecnet spoeuarkc ed eomf saunsdt acihnaarbgles?? Teneeslrag’ys• p Droedmuacnt din fnoorv baattitoenr,y g elloebcatrl inc evtwehoirckle os fh waso rlidse’sn lsairggneisfti chaingthly­s pine ethde c phasrgt ifnogu rs tyaetaiorsn,s g arnodw sinalge sa ta annd ~se8r5v%ic eC cAeGntRer sin h Navoer tahc Acemleerraitceadn w reidgeiospnr•e Dade caldinoipntgio bna ottfe reyle ccotrsitcs vaenhdi cimleps1ro0v ?e mTEenStLs Ain .v Ceh Oic lMe range are expected to further accelerate growth of electric vehicle adoption•

L E V E R A G E T E S L A ’ S D E S I G N E X P E R T I S E A N D D I S T R I B U T I O N T O D R I V E S O L A R E N E R G Y A D O P T I O NH I G H L Y C O M P L E M E N T A R Y O F F E R I N G SS O L A R P O W E R W A L L / G R I D S E R V I C E S sRc aOle O • Fu Il lNy iGn tPeg Ora Wted E p rRo dPu Act Csu Kite S f oOr aF sTe aWm lAes sR u Ese• rA ecxcpeelreireantcee d, edveelliovperminegn ta onf i mbeparuotvifeudl, ldoiwffere­cnotisatt pedro adnudc tt efcohr ncoulsotogmicaelrlsy• sDuepveerilorp pprroodduuccttss• fLoer vrersaidgeen Gtiaigl,a cfaocmtomrye’rsc iaabli alintyd tgor ipdr­osdcualcee acpeplllsic tahtaiot nsusCppRoOrtS cSo m­Sb Ein Led L T Ie sNlaG / S oYla NrC Eit yR p Gro Id uEc Sts ,L e nEa Vbl iEn gR g Are aGte Ir Nec Gon Tom Ei eSs Lo fA PDo It eSn tTia Rl t oI Bex Upa Tnd I sOo lNar• o1f9fe0r+in rgesta iinl tloo cnaetwio nUsS, 3a nmdi lilniotenr neantgioangaeld m staorrkee vtsiTsi tEoSrsL a Ann Su aTll yO• RB rEo aSd e&n eGd Age Log Lra Eph Ric I g Ero SwSt hO o Lpp Ao rRtu nCi tIi eTs YviCa TOe sVla ’Es Rin tAer nGa tEio 1n1a l? r TeaEcShL• AC u. sCto Om eMrs have overlapping product interest• Single ordering experience, installation and service contact•

D R I V I N G S H A R E H O L D E R V A L U E A N D R E D U C I N G C U S T O M E R C O S T SGIGAFAC T O R Y E N A B L E S L O W C O S T E N E R G Y S T O R A G E• Gigafactory is on track to begin cell production later this year and will quickly scale to sbuepcopmoret cthoem wbionreld’ sT elasrlag e/s St oliltahriCumity i opnro cdeulcl tms, aennuafbalcitnugr ignrge afatecri leitcyo•n Bomy ireesd uocf isncga lset oDra Rge I cVos Et wSi tIh N G Nig aOf aVct oAr yT c Ie Vlls E, T Pe sRla O w Dill Ura mC pT p Dro Edu Vct iEo nL oOf ePn Merg Ey Nsto Tra• gCeo pmrobdinuicntgs tbhoatth c coommppleamniens’t steoclahrn oenloegrgyy e sxypsetretmises• s Lpeevdesra tghe Gdeigvaefloacptmoreyn’ts oafb nileitwy tion nporvoadtuivce pcerolldsu tchtastI wNo Cul dR E A S E LC LU IS N T G O S M O E L R A C R O• TNe sVla Ein Nte nI dEs Nto Cco En tAin uNe Dth eL t rOa nWsi tEio nR iNni tOia tNed— bSy YSo Sla TrC Eit yM f rCo mO lSe aTsi Sng• Btoy s leolwlinegri nsogl saar lseyss atenmd sin• sTtahlilsa tiroan sciotisotns, itmhep rcoovmesb ipnreodfi ctaobmilpitayn ayn pdr orevdiduecse sa tbhet tneere cdu tsoto rmaiesre emxopnereiye nfrcoem an idn vinesctroerassAes C s hCa rEeh Lo lEd eRr vAa lTu eES TH R I FA TN F S R I OT IM O L N E T A O S A I NS UG ST TO A S I gNr eAa tBer Len Ee rFg yU s Tec Uur iRty E12• T? eTslEaS’sL eAle .c tCri cO v Mehicles are catalyzing the transition to sustainable transportation • In the same way, more compelling solar energy systems will drive solar adoption and accelerate the transition to a sustainable future, with lower customer costs and

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W H Y N O W ?C O N V E R G E N C E O F P R O D U C T R O A D M A P S• Tesla is planning an imminent launch of next generation Powerwall and Powerpack– Products will have increased energy capacity and be easier to install and integrate with solar systems• ESo Sla HrC Oity L i sD p Ola nFn iAn gM a nA i mR mKi nEe nTt Ela uXn cPh A o fN n Sew I, Oim Np•r oMveadrk seot ldary npamneilcss asnudg gae ssot laa rf orortohfc womithin sgi granmifipc aunpt liyn ismolparro avdeodp etfiofincIimenpcryo vaned aesthetics –o fT ethsela s’so leaxrp reorotifs we inll ameastkhee thices parnodd udcets imgnu cehn amboler er adpeisdi rtarbanles–it iIonn oavnadt isoena manleds ssc eaxlee cdurtiivoens ocfo snte swa,v iimngpsr otivpepdi npga npeolisnOt fNor Tc uHst Eom Te Hrs •R tH ou gs ec ma al rekGet io gp pao fr tau cn itt yo ra ys foi vne tm r iall cio kn tU oS r hao mus eph bo lad st tr eep rl ayc ep rro oo fds ue acc th iy oe anr1S5 o ? lT aE rS CL Ai t .y C g O e tM t i n g r e a d y t o p r o d u c e h i g h l y d i f f e r e n t i a te d in t e g r a t ed s o la r r o o f s ys t e m sT e s l a ’ s n e xt—g e n e n e r g y s t o r a g e p r o d u c t s a r e r e a d y

1T8E%SLA’S TRACK RECORD OF SUCCESS OEVve Mr 1a6r0k,e0t 0L0e Tadeeslra vehicles delivered to date – grew market share(1) from 8% in 2013 to 18% in 2015 FVeoalutumrees p irnocdludctei obna tatenrdy dpealcivkesr tihesa to afc Mhioedvel w 3o srcldh’esd luolnedg efsotr h liagthe w20ay1 7range of 315 miles, vehicle Md fO 0D tE 6L0 Sh iS dH dA R4GE LINT EC tU kR dR tE dN tT f th i WTE OSL RA L M DA ‘R SK FE TAS S G TL EO BSA TLLY( 1 ) 8G% R O W I N G C A R C O M P A N Y 2110%13 2014 2015 sopfetewdasr oef u tpod matpehs in under 3 seconds, over a network and a steady stream of over­the­air ~H7a1s5 B huiiglth t­hspe eWedo rsludp’se rLcahragregsetr Hchigahrg­Sinpge esdta tEioVn sC ihna ragni negx pNaentdwinogrk network spanning North America, Europe and Asia (NTuemslab eDr eolfi vsetariteiosn) s expected to greatly expand worldwide (1) Source: IHS Global Sales and Registrations, IHS Light Vehicle Forecast (Hong Kong), Tesla PInonwoevrawtiavlel Eannde rPgoyw Setropracgke lTitehcihunmo­lioogny energy storage systems enable elegant and effective solar load shifting, Egrniedr sgeyr vstiocerasg, ea nadp pblaickatuipo npso rwanerge from single homes to large utility­scale projects, such as the Southern California Edison Mira Loma substation Oprfofjeercint,g ws hairceh d, iwffhereenn ctioamtepdl ebtye ,h wigihll ebfefi cthien wcyo,r l*dL’sa rlgaerg Lesutx luitrhyi uVmeh iiocnle b Mataterkrye ts dtoerfainged p alasn: tTesla Model S, Audi A7/S7/RS7, Audi A8/S8, BMW M6­Serecreiedse sG Sra­Cn lCasosu, pPeo, rBscMheW P 7an­ aSmereireas;, eJxagcluuadre Xs J2/ XdoJRor, vLaerxiauns tLs,S, Mercedes CLS­Class, caonmd epsletatete s/wysatgeomn ibnotedgyr asttiyolne,s compact footprint, and low cost EGxigpaefcatcetdo rtoy sPurpopgorerst sthe production of energy storage products and ~500,000 vehicles annually FE sAti mTa Ete dD to produce more lithium ion cells by 2018 than all of the world’s combined output in 2013 U16 L ¦ TLE YS LVA E.C RO TM I C A L L Y I N T E G R Design Manufacturing Sales Financing

C O N T I N U E D A B I L I T Y T O S U C C E S S F U L L Y E X E C U T E M U L T I P L E P R O J E C T S S I M U L T A N E O U S L Y• Q3 2016 was best quarter ever for Tesla for deliveries and production– Delivered ~24,500 vehicles, an increase of 70% from Q2 t2h0e1 h6a–r dVwehaircel en eperdoeddu cftoior nfu rlol ssee ltfo­ d2r5iv,1in8g5 ,c aanp ainbcilrietyas –e Nofe 3w7 m%o fdroelms sQu2ch 2 a0s1 6M• oGdiegla Sfa Pct1o0r0yD d ewvietlho Lpmudeinctr oisu so nm toradcek a wndit hM Poadneal sXon Pic1 0p0aDrtn weritshh iLpu• dCicornotuinsu medo,d uen winetreer rluaputnecdh perdo–d Mucot dinenl o3v daetivoenlo wpmithe nset voenr atrla kceky w pirtohd vuocltu lmauen pcrhoedsu acntinoonu nancedd d–e Alivlle rTiesl asc vheehdiucleds nfoorw l aptreo 2d0u1c7e–d have fO on gr osi ne gl wf—ordk ro in v f ui tnu rge cT ae spla a v be hi ilc il ets y• 1S7a l?e Ts,E SSeLrvAic .e C a nOd MSupercharger locations continue to expand worldwide Gigafactory o n t r a c k t o r a m p b a t t e r y p r o d u c t i o nM o d e l 3 d e l i v e r y s c h e d u l e d f o r l a t e 2 0 1 7F u l l y e q u i p p e d wit h h a r d wa r e

R O A D M A P F O R S U C C E S S F U L I N T E G R A T I O N• Joint integration team from both Tesla and SolarCity led by corporate development and human resources• Priority in the near­term is business continuity for both companies• Over the course of 2017 the fcoocmubseinde tdo gcoetmhepra ntoy dwriivlle t rgarnoswittiho nin t oth orepe rpartoed ausc otsn ea ncdo mdepvaenlyo pu njodienrt Tperosldau ncat mofef•e rTinegslsa• wShilal rheadv vei s3i opnro –d uTcetssl as oblrda nadn da nmda grkloebteadl ruenadcehr wthiell Taecscleal ebrraatned a b–iAliutyto tso, rBeaatltiezrei evsi,s aionnd oSfo sluars•t aAinlal belme pelnoeyregeys fwutiullr eb1e8 T ?e sTlaE eSmLApl o. yCe eOs sMupporting Tesla’s three products• Employees will be

R E C E N T T E S L A / P A N A S O N I C P A R T N E R S H I P A N N O U N C E M E N TA N N O U N C E M E N T O V E R V I E W• Blending best from Tesla, SolarCity & Panasonic in PV cell technology & manufacturing processes• Entered into a non­binding sleetatmer loesf silnyt ewnitt ho nT eOsclato’sb ern e1r6g,y 2 s0t1o6ra tgoe c porloladbuocrtast (eP oonw pehrwotaolvl oalntadi cP ocwelel rapnadc km)–o dPualnea psroondiuc cetxiopne cinte dB utoff baleog,i nN PewV Yceolrlk a–n Cd omnotidnugleen pt ruopdounc tsihoanr eaht othlde eBrsu’f faaplpor foavcail iotyf Tine s2l0a1’s7 a–c Tqeusilsait ionnte nodf sS tool aprrCoivtyid, eT eas lloan wgi­ltle rumse ptuhrec chealsles acnodm moitdmuelenst fino ra t hsolsaer ceenlelsr gfyro smys Pteamna tshoanti cw–i lTl hweork dcoevllealbooprmateionnt• ePxatertnndesr sthiep e esntaabblliessh eadcc reelleartaiotends hpirpo dbuectwtioeenn o Tf ehsilgah a­nefdf iPcaiennacsyo,n riecl,i awbhleic sho ilnarc lcuedlelss athned pmroducletiso ant othf ee lbeecsttr icco vset–h iTcelecsh naincda le enxeprgeyrt issteo•r aEgnea bbalettse rTye scleal ltsoS l eI vGe rNag Ie FP aI nCa sAo nNic T’s B30 E+ Nye Ear Fe xI pTe rSie Fn cOe iRn Tm Ean Su fLac AtuPrianrgtn seorslahri pp abneenlesf iatns din ictsl uvdael:u a–b Alec mcealenruaftaecdt uprriondguct pexropdeurtcistieo•n C foacmilbitiyn1es9 t?h eT EbeSsLt Ace .l lC c oOm Mponent technology from both companies and integrates them into the new solar modules that will be produced in Buffalo– Credibility• Partnering with market leader such as Panasonic signals the value proposition and capabilities of the

I I . FINANCING AND LIQUIDITY20 ? TESLA.COM aCnOdM TePsLlaE sMucEcNesTsIfNulGly S aTccReOssN tGhe B cAapLitAalN mCaEr kSeHtsE fEorT tWwIoT dHis RtinEcTt AreIaLs oAnNs:D1 2PCR OJ REC PT O F RIN AA NT CEI NDG E CBA TP AAB NIL DITEI EAS N• WDeP eRx pOe cJt ES oCla TrC Fit Iy Nto Are Nac hC cIa Nsh G fl oAw N b rDea Rk eEv eTn Aw iIt hL cFo sIt N an Ad Nre vCe nEuQe sUy nI eTrg Yie sT aOnd E T Xes Pla ’Ps pRru Ode Dnt Uca Cpi tTa lS a And S o pSe Ora tUin Rg eCx pEe nSs Oe mFa Cn aAge Pm Ie Tnt •A S Lo lFar BC iUty fSo Ir Nne wE Scu Ss tOom Pe Ers •R T Aes lTa Ip Oar tNne SrsO w RitCh aU g Slo Tb aOl nMet wEo Rrk S o• fTfiensalna’csi aelq iunisttyi truotiuonndss tsoi npcreo v2i0d1e2 a tutsraecdt itvoerxeptanild f ipnraondcuicntg o sfofeurricnegs• f Soor uvnedh ilcilqeubiodlistyte raendd bcyo rrpeocreantte p daeyb dt opwosnit oiofn nse,•a rS­otelramrC pituyr cehnagsaegseCso inv perrotijbelcet Nfinoatensc•i n3gx teoxppualnl sfioornw oarfd c acsahsh a nfrdo mav asoillaabrl ein lsitqaulliadtiitoyn osnanTde srlead’se pblaolyan ccaep sithaelet NduorritnhgA 2m0e1r6i?c?a Talhorneee wneitwh efuxnisdtsin cgr eaantde dn einw tlheea sliansgt 9p0a rdtnaeyrss ,t oa se nwaebllle a asl msuocscte $ss1o.0f blona inn psrooldaru cptrso ljaeuctnsc, hdeedm ionn Mstraayt e‘ 1S6o?l?a$rC30it0ym’sm di avsesresti­fbieads epdo orel toafil ilnesatsiteu2t1io ?n aTl EinSvLeAst.oCrOs?M?WQi t,h p rtol rloepurt eosfe nte w30 l%oa onf o sfafleersinfagc ilniQty2 e 2x0ec1u6t,e cda sinh tahned 3 lroda nq upaurrtcehr atosemso??n$e1ti.z6eb dni lreacst el ecaaspeascity in

SIGNIFICANT COST AND REVENUE SYNERGIES• Leverage Tesla’s footprint to drive solar sales leads and consumer trust• Increase solar leads from foot traffic in Tesla stores – customers haveC O S T S Y N E R G I E S R E V E N U E S Y N E R G I E S• $150mm of sdyirneecrtg cieoss td sryivneenrg bieys:? e?xSpaelecste adn tdo mbea rakcehtienvge edf fiinc ifeirnscti efus lelyneaabrl eadft ethr rcoluogshin cgroovsesr­lsaepllpiinngg? ?pSroigdnuicfti cianntet rceosrt•p oGrlaoteb aaln rde aocvhe rohfe Taeds sla’vsi n1g9s0•+ A sdtodrietiso annadl pboratenndt iaasl csolsat rs pavroindgusc:t? e?xLpoawnedrsiinngte hrnaradtiwonaraell yT•C SOim)• pSlifnygilneg o trhdee riinnsgta ellx preoriceenscse f,o irn vsteahlliactlieo cnh aanrgdi nsegr,v sioclea rc oantda cstcoorasgtse apnrodd tuoctatsl• c Cosots ot f hoawsnneortsehdi p$ 1(?5?0R medilulicoin gi ni nssytnalelragtieosn, awnhdi cshe rwviec eth cionskt sis? ?eIamsiplyro avcihnige vmaabnleu“fa2c2t u?r TinEgS eLffAic.CieOncMy??Reducing customer acquisition costs through combined sales channels??Optimizing capital expenditure costs“There are likely cost synergies due to operating overlaps…Management

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I I I . GOVERNANCE AND PROCESS25 ? TESLA.COM sBoOlaAr­RelDec PtrRicO eCcoEnSoSmTy E h Sas L b eAe nB l oOn Ag­ tRim De Rel eEm Ven It Eof W Te Ssl aS’ sT s Rtr aAte gTi cE p Gla nI •C T Oes lPa PB oOa rRd Tp eUrf oNr mI eTd I a E t hSo Ir oNu gTh ,H c oEm Op rReh Den Is iNv eA r eRv iYew C o Of pUo tRen Sti aEl •s Toleasrl ain Bdouasrtrdy e txaprgloertes dw oitpht itohnes atsos icsrteaantcee a o mf ionrdee vpeerntidceanllty a dinvtiesgorrast•e Fd oslulostwaiinagb tlhei se nrevrgieyw c,o tmhep aTneysl–a EBxopaerdi tcionngc tlhued etrda nthsaittion to a MSoulasrkC aintyd wAanst othneio m Gorsatc aiattsr arcetciuvsee ads tsheet mfosre Tlveessla f rionm th aen syo lvaor ten beyrg tyh ei nTdeusslatr yBRo aOrd B o nU m Sa Ttt ePr sR r eOla Ctin Eg Sto S t hAe Dtra Vns Ia cSt iEon DT BE YS LI NA DB EO PA E R N D D C E O N N T D A U D C V T I ES DO TR HS• O T eRs lOa eUn gGa gHed D i nEd eLp Ie nBd eEn Rt f iAn aTn cIi Oal Nad vOi sVor E ( ERv eTr cHo rEe )C a nOd Uou Rts iSd eE l Oeg aFl Mco uAn sNe lY (W Ma cEh tEe lTl LI iNpt oGn )S•• E Tleosnla iBnodaerpde nmdeetn wt fitihn aintsc ieaxlt aedrnvaisl oardavnidso orus tnsiudme eleroguasl ctiomuenss ethlTro Ru gAh oNu tS t hAe Cpr Toc Ie sOs ,N in Tcl uEd Rin gM 8 S s pAe cRia Rl m I eVe tEin gDs Aov Te rV th Ie A co Au rRse M of ’t wS oL m Eo Nnt hGs •T T Hes lNa BE oGa rOd cTa rIe Afu lTly I eOv aNlu SatAed P t hPe R tr aOn sVa cAti oLn Pf rRom O v Ca rEio Sus S p•e Ersxpcehcatnivgees raantido rdeevtieerwmeidn eedx tbeansseidv eo dnu teh ed itloigtaelnitcye o, fin dculued diinlgig fernocme ritesview of ESololanr CMiutys,k i nacnldu dAingto neiow G inrafocriamsa rteiocuns dinisgc othveemresde ldvuersi n–g u dnialingiemnocues• lTye asplap rBoovaerdd t –h ew tirtahn sEalcotnio MnTursakn saancdt iAon tmonuisot Gber aacpipasro rveecdu sbinyg a tmheamjosreitlyv eosf –t hre jveocteds ctwasot bcoyu unntaefrfpirloiaptoedsa Tlse sfrlao msh SaroelhaorCldietyrs a2n6d ? u TltEimSaLtAel.yC sOeMttled on anexchange ratio below the initial offer• Tesla Board – with

THE BOARD AND MANAGEMENT TEAM CONDUCTED A THOROUGHPROCESS OVER THE COURSE OF MANY MEETINGS• May 31, 2016: Tesla Board discussed the possible benefits and detriments of acquiring a solar energy company in the context of Tesla’s ienxdisetpinengd setrnattaedgviicspolrasn•, Jaunnde i2n0st, r2u0c1te6d: Tesla mBoaanradg emmeet ntot tdoi sacsusses ss ttrhaet epgoitce anlttiearln aactqivueisi, tinocnl uodf ian gso al apro etnenertigayl accoqmupisaintiyo•n J oufn ea 5so –la Jru ennee 2rg0y, 2c0o1m6p: aTneys.l aT hBeo Baroda prde rufoltrimeadte lay t hdoecroiduegdht,o c momovpere fhoernwsaivrde wreivthie awn oinf iptioatle onftfiaelr sto lacr qinudirues Stroyl atarCrgietyts iwn iatnh athlle­ satsoscikst atrnacnes aocftion at an exchange Jrautliyo 1o3f ,0 2.102126x: —So0la.1rC31itxy• pJruonpeo 2se6d, 2h0a1v6in: gS coolanrsCiditeyr agtriaont ebda sTeeds olan a an dfi xitesd a vdavliuseo rpse arc scheasrse t,o i nacnl ueslieocntr onf iac gdoa­tsah roopo mpr;o Tveissiloan a anndd i tas laodwveisro tresr mbeignanti opna rfteicei panatdirnegq uine sntuemd tehraotu Ts edsulae dciolingseindceer pserossviiodnins gr esghaorrdt­integr,m a mfionnangc ointhge dr uthriing st,h beu pseinedsesn, clye goafl ,a f minearngceiar.l Taensdl ar eaggurelaetdo rtyo ma atters• icnussttroumctaerdy igtso a­sdhvoispo prsro tvoi sreiojenc wt tihtheS ao rleadrCuciteyd Stepremciinaal tCioonm fmeei tbteuet ’rse pqruoipreods aSl otlhaartC tihtey atoc qoubitsaiitnio fni ncaonncsiindge rfartoiomn ab teh birads epda rotyn da ufriixnegd tvhael upe npdeern schya roef• aJ umlye r2g2e,r •2 0Ju1l6y: 1T9e,s l2a0 B16o:a Trde smlae tB tooa redv mieewt tdoi lriegveinecwe fdiinlidgienngcse a fnidn duipndgast,e idn cpleurdsipnegc twivitehs roens pveaclut atoti oSno•l aJruClyit y2’3s, f2in0a1n6c: iSngo lnareCeditsy, and aduetlhivoerriezded a ac oreuvnitseerdp rporpoopsoasla ol ft oa aficxqeudi rex ScohlaanrgCei trya taito a onf e0x.1ch3a6nxg• eJ uralyti o2 4o,f 2 00.160:5 xT•e sJlual yB 2o6ar, d2 0m1e6t: tSo orleavriCeiwty d ciolimgemncuen iucpadteadte as raenvdi sdeids ccuosusn vtearluparotipoons,a iln actl uadni negx cthaen Jguel yr a2t3ior do fc o0u.1n2te6r5pxr•o pJuolsya l2. 7F,o 2ll0o1w6i:n Tge dslias cBuossairodn m, tehte t oT erselvaiBewoa drdil irgeejenccte du pthdea tJeusl ya n2d3 rddis ccouusns tvearpluraotpionsa, li nacnlduding TthEeS JLulAy. C26OthM c•o Aunutgeurpstr o1p, o2s0a1l.6 T: Thes Tlae salnad B Sooalradr Creijteyc atendn othuen cJeudly t2h6atth t hceoyu netnetreprreodp ionstaol aa nmde argerer eadg rtoee am reenvtised proposal at an exchange ratio of 0.110x, to which SolarCity agreed• July 30, 2016: The Tesla Board approved the proposed merger• July 31 agreement was 27 ?

INVESTOR OUTREACHTesla management and independent directors have activelyengaged with investors• Tesla conducted comprehensive investor outreach,including extensive conversations with toph h lde gaged es o sshareholders• Tesla’s discussions with investors have lhoenlpgetedrtmhesmtra btegttyeTr ul ntdi et rtsi tla nitdh tihtWe sItTraHte TgEicS rLaAtio’Sn aLleA,cRaGpiEtaSlT sStrHucAtuRrEe HofO SLoDlaErCRiSty2 8a n?d T pErSocLeAss.COOVMER• NTeUsMla EcoRnOtiUnuSeDs ItSoC aUctSivSeIlOy NenSg•a Tghee w viathst i mtssahjoariethyo oldf eTre bslaas’es large institutionalinvestors understand the strategic rationale of thecombination and how it accelerates Tesla’s

POSITIVE INVESTOR AND MARKET SENTIMENTTesla isn’t just a car company looking to buy asolar company. It’s also a battery company thatwants to link its two biggest markets: energyOf greater importance, Musk has a marketadvantage that his competitors oarpgeurabtilnyg doovner’tl:aTpess…laM itsaenlafg. eTmhee ncta hrmasa kneort eids i$n1 t5h0em pirlolicoens sin o sfmynaenrugfiaecs,t uwreh iwchh awt eB tuhti nthke i sm eoarsei lwyaec rheiseevaarbclheesdu pthpilsy, (thsoel amr)o rwesitehn esen eitr gmya ddeem toa ncdo m(ebleincter iTcecsalras )w. Cith esaopla arnpdan eeflfsi.c iWenet bbealtiteevreie tsh aerye cwanh amtmakake eb Tetetselrap rcoadrsu cptoss esfifbilcei,e anntldy tThheyer hea avree tlhikeeployt ecnotsita ls yton ecrhgainesg ed uthee t oeconomics of msoolarer, teofofi.cNienwtsly J, uanned r2e9a lciozne sttrreumcteindgo au fsa scatovrinyg tso bityt hsienlklisn gw itlhle btwe oth per modousct tasd tvoagnectheedr .bRaottnearyld y Beta.rTohne, Fadovuanndtearg, eBsa orfo nth Cisa bpaittatel,rAy uagreu sptl 4ai,n 2l0y1ev6iCdoewnte fno,r S Teepstleam cbaersr r8e, l2ia0n1t6 oBnl oboamttebreyrpgo Nwewr, sb, u2t9 t,h 2e0 p1e6rTceSiLveAd rseytnaielr gstioerse os fo sfufecrh SanC aTdYv athnec ea bexiltietyn dto tsoi gSnoilfaicr aCnittlyy. prreodduuccet sc,u mstoakmee trhem arceqTuhisei tpioronpsiotuseadti omne…rg[earn [db]rFinogrbse] sa, wAiudgeulystr e8c, o2g0n1i6zeTdh eb rcaonmd btoin tahteio sno olafr T inesdluas Mtryo twohrsi cahncdo sStos lanrCd iitmyips rionveev ictasbhle f,l ofwfe drsr iavtet rgarcetiavter f cinuasntocmiael rr ethtuer nrasm topI fo sf od ifnfcelriennetdia, tyeodu s ocolaurl dp lpurso svtiodrea gfoepr raolld uocf tyso ausr ewneelrlg ays nbeaettdesr yw pitahcokust… evFerro lmeaTvSinLgA ’tsh es tTanesdlpaoFionrtg, etht eth aec eqcuoisniotimonie ms oakf ewshexicehcution (osnig tnhief iPcoanwte),r wthaaltl’ ss ijdues tm puocwhe erfausli ebrraanndd ninogt .h Aarnddeardshdainregh boaltdtersie osf t ob ostohl acro ims paabnoiuets t, oa nbde ccormeaetiensc arreeanseinwgalyb lceo emnemrgoyn ,l aecacdoerd tihnagt itso uan rieqcueenltyapnoasliytsioisn ebdy tBol ocaotmalbyezreg a N treawn sEfonremrgayt iFoinn oanf cthe.eNeneewrsg yJ uanned 2t1ra cnospuoldr tacticoenp tianndcues toriferos.oAfv­toonpd saolela Pr…artSnCerTsY, J ucanne r2e8d, u2c0e1 c6ufastmomilye.r sacaqlueisition cost Bbya rlcelvaeyrsa,g Jiunnge T 2S2L, A20’s1 r6etailsales network and brand recognition…There isnothing in the solar industry with brandawareness even approaching TSLA’s29 ? TESLA.COMDeutsche Bank, June 22, 2016Bloomberg News, 21, 2016

I V . CONCLUSION30 ? TESLA.COM

A HIGHLY COMPLEMENTARY, STRATEGIC COMBINATIONS T R A T E G I C C O M B I N A T I O N C R E A T E S T H E WOR L D ’ S O N L Y I N T E G R A T E D S U S T A I N A B L EENERGY COMPANY• Creates a vertically integrated energy company gorffiderEinXgP AenNdD­toS­ eAnDd DclReaEnS SenAeBrg Ly pEr oMdu Act sR• KW iEth T a• MExopdaenl dSs, TMesoldae’sl Xto,t aolr a Mddordeesls a3b, lae smoalarrk epta tnoe li nscylsutdeme t,h aen sdo ala Pr omwaerrkweta,l la, $c1o2nbsunm(1e)r ms caarkne dt eipnl othye aUndS caolonnseu mthea te inse ergxyp eicnt eadn teof fgicrioewnt a atn ad c soumstpaoinuanbdled w aanyn, ulaolw gerroinwgtcho rsattse a onfd1 5m%in aimndiz 2in0g% d ienp tehned ennecxet 5o ny efoarsss•i lH fuegles oapnpdo trhteu nuittiyli tiyn Hro oCfO mMarPkAetN aYs •f iTvees mla’isll ieoxnp eUrSie nhcoeu sineh doelsdisg nre, pelnagcien reoeorifnsg e,a acnhd y meaarn• uCfaucsttuorminegr sw oifl lt he ltpw to caodmvapnacnei esso lhaarv pea snheal rteedc hidneoalolsg ayn, din bcelundeifnitg f broym m tahkei ncgo msoblianre pda onfeflesr imngosre o af essothlaert ipcraoldlyu cptlse,a esninegrg• yC sotmorbaignea tainodn elneacbtrleics vTeehsilcal etos Lp rEo vVid Ee tRh eA b Ges tE p So sCsi bOle R i nEs tCalOlaMtioPnE sTeErvNicCe If oEr SP oOw Fer Ew aAll sC San• d$ 1ch5a0rmgimng o sf ydsitreemcts c boys tu styilnizeirnggie Ss oelxaprCecityed’s ibne tsht­ei nfi­rcslta fsus liln ysetalrl aatfitoenr cteloasmin agn, ddarlisvoe na lbloyw ssa lTees s&la mtoa lrekveetirnag ee fSfoiclaiernCciiteys’s a enxdp ceortripsoer iant eo &ffe orivnegr hceuasdto smaveirn­fgrsie• nLdelvye friangaen cGinigga pfarcotdourcyt’ssS g Ulo bBa lS s cTa Ale Nba tTte Ir yA c Lel lC p Oro dSu Tct iEo nF fFa cIi lCit yI Efo rN r eCd uI cEe dS pAro Ndu Dct iRo nE c Vos Ets •N D Uri vEe Sr eYve Nnu Ee R G I E psyrongergesiess t othwroarudg hth seisme pgloifaylsin(1g) a Vcacleuses otof snueswta UinSab rlees iedneenrtgiyal p arnodd uccotms manedr cleiavle arnagdi ningd cuostmripale smoleanrt ainryst aclhlantinoenls strengthsG R E A T C U L T U R A L F I T31 ? TESLA.COM• Shared mission of sustainability, innovation and overcoming challenges that stand in the way of

APPENDIX32 ? TESLA.COM

TESLA OVERVIEW• Leading vertically integrated provider of high­performance fully electric vehicles and energystorage productsD i d hi l i i biliti bi d ith t h i l d t f t i t id t ithTesla FactsNASDAQ: TSLA– Design and vehicle engineering capabilities, combined with steecrhvniciec acle andtevrasn acnedm Senutpse orcf hpaorwgeerr tsrtaaitnio snyss tgelmob, aplrlyo–v iBdeu icludsintogm beartste wryi tmhlaonnugf aracntugrei nagn dfa rceiclihtya r–g iGngig falfeaxcitboirliyt y–; thoi ginht­epgerrafoter mbaatntecrey w mitahtoeruita cl,o cmelplr, ommoidseudle d aensdig bna ottre rfyu npcatciokn parloitdyu; catniodn e nine rognye leoffciactiieonnc fyo ar nudsaet tirna cetlievcetr cico svte ohfi colwesn •e rFsohuipn–d eEds:t a2b0l0is3h•e Bda nsetdw: oPrakl oo fA vlteoh,i cClAe •s aElems palnodyees: M13o,0d5e8l *Xa n(cdr oensseorgvye rs/StoUraVg)ew aoprpldli’csa ttriaonsi•t iMonis tsoisouns:t Aaicncaeblleer aetnee trhgey•• E20le1c5tr Rice veehniucele: s$–4 bPnla(nGnAedA pPr)o• dMucatrikoent mcaopd: e~l: $ M29o.d9ebln 3* *(m• Easnse­rmgya rskteotr aagffeo prdroabdluec tvse–h Licelev)e rwagitehd v voeluhmiclee ps’r oednuecrgtiyo nm aannda gdeemlivenert iteesc shcnhoeldouglieds afonrd lmataen 2u0f1a7ct–u rCinugrr epnrot cpersosdeusc ttoio dne mveolodpel es:n Mergoyd eslt oSr a(gluex purroyd suecdtas nf)o rand 1u2se/3 i1n/h1o5m**eAs, sc omf 1m0e/2rc0i/a1l6 s3i3te ?s aTnEdS uLtAili.tCieOs–M Began production and deliveries of energy storage products – 6.4 kWh Powerwall for residential applications and 100 kWhPowerpack for commercial and industrial applications – in Q3 2015• Retail locations: >190*As of

SOLARCITY OVERVIEW• America’s #1 installer of residential and commercial solar; provides homeowners, businesses andgovernment organizations with solar energy as a serviceF ll ti ll i t t d h l fi i i i f t i i t ll ti it i d i tSolarCity FactsNASDAQ: SCTY– Fully vertically einvteengtruaatelldy ,a tphper owaocrhld: –sa Fleosc, ufsin oann cteincgh,n eonlogginye­beraisnegd, smoaluntuiofancst utori nbgu,i lidn sat acllleaatnioenr,, mornei taofrfionrgd abnlde ,m maoinrtee nreasnicliee–n tL eenveerrgayg idnigst driibffuetrioent giartiedd• t2e0c0h6n o2l8o5g y0 0a0n d• Fsiogunnifdiecdan: t2 s0c0a6l•e Btoa sderdiv: eS daonw Mna ttheeo ,c CosAt •o fE smoplalor yeeneesr:g y~ t1o2 a,0n0 a0f*f•o rMdaisbslieo lne:v Sepl efoedr Sminocre a2n0d0 6m, oinresptaelolepdle s oaclarro sesn ethrgey U sSy satnedm,s $fo4r0 o0vmemr 2–8 R5,e0s0id0e cnutisatlo manedr sc–o mMmoreer cthiaaln: S1o0l0a,r0L0e0a snee w(le iansseta pllaanteiolsn sto i nc u2s0t1o5m–e Dr);e pSloolyaerPdP 7A7 8( imnsetaglalw patntse lasn adn din cstuasltloemd e8r7 0p amyse gfoawr eanttesr giny 2p0ro1d5u• cPerdim);Mary Psowlaer ro (flfoearinn gtos :pwuirdcehsapsree apda naedlos)p;t iuopnf roofnsto lpaurr pchoawseer (binyc oluffdeersi nfgepdreoradlu tcatxs tbheante sfaitv)e; PoouwrceursGtoumideer s( mmoonnietoyr•i n2g0 1s5o lRuteivoenn)–u eU: t~ility ianncdl ugdreid f osercrvei dceoso:r U­toti­lditoyo­Sr csales S coelnatre (rsso •l aMr parokweet rc appla: n~ts $);2 Dbnis*t*ri*bAuste odf E1n2e/3rg1y/1 S5o*l*uAtiso nosf (1w0/o2r0k/ 1w6i3th4 g?r iTdE oSpLeAra.tCorOs MtoD cirsetartiebiuntciorena dseirde cflte oxuibtsiilditey saanleds r feosrilcie,n dcoyo);r Dtoi sspaaltecsh, acballel cUetniltietrys­,S cchaalne nEenlpeargrtyn eSrt onreatgweo (ruks (ee s.gto.,r aHgoem seo lDuteiopnost aton dm Banesatg Be upye)a ka nloda cdu astnodm cearp raecfietyrr)a•l cphraongnrealms

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