Contract analysis

1. Scope of Production In response to IDR No. 9, PPC is producing the following categories of documents relating to PBI:

1. PBI Board of Directors Meeting Minutes. Complete minutes for all meetings of the PBI board of directors held during calendar years 2017 through 2020, encompassing a total of forty-two (42) board meetings conducted during the four-year examination period.

2. PBI Memorandum and Articles of Association. PBI's Memorandum and Articles of Association, as originally adopted upon incorporation and as subsequently amended through the end of the examination period (December 31, 2020).

3. PBI Governance Documents. Additional governance documents maintained by PBI, including the PBI board charter, committee terms of reference, written board resolutions adopted outside of regularly scheduled meetings during 2017 through 2020, and the register of directors and officers for the examination period. By way of background relevant to the production, PBI is a Designated Activity Company ("DAC") organized an

2. Description of PBI Board Minutes Produced 2.1 Overview of Board Meeting Activity (2017–2020) During the four-year examination period encompassing calendar years 2017 through 2020, PBI convened a total of forty-two (42) meetings of its board of directors. These meetings consisted of regularly scheduled quarterly board meetings — typically held in February or March, May or June, August or September, and November or

3. Description of Articles of Association and Governance Documents Produced 3.1 Memorandum and Articles of Association PPC is producing PBI's Memorandum and Articles of Association as originally adopted upon PBI's incorporation on March 15, 2012, together with all subsequent amendments adopted through the end of the examination period (December 31, 2020). PBI was incorporated as a Designated Activity Company under Pa

4. Document Production Index The following index identifies each category of documents produced in response to IDR No. 9, together with the applicable dates and Bates number ranges: Total pages produced: 1,418

5. Privilege Reservation and Limitations Certain documents or portions of documents otherwise responsive to IDR No. 9 have been withheld from production on the basis of the attorney-client privilege, the work-product doctrine, the tax practitioner privilege under Section 7525 of the Internal Revenue Code, or other applicable privileges and protections. To the extent that any such documents or portions thereof have be

6. Relevance of Produced Documents to PBI's Economic Substance Without waiving any position, objection, defense, or privilege, PPC respectfully notes that the board minutes and governance documents produced in response to IDR No. 9 reflect PBI's substantive management and control over its non-Americas business operations during the 2017–2020 examination period. The produced documents evidence, among other things, PBI

7. Continuing Cooperation PPC remains committed to cooperating fully with the examination and will continue to respond to IDRs issued by the examination team in a timely and comprehensive manner. PPC understands that additional IDRs may be issued as the examination progresses, and PPC will endeavor to respond to each IDR within the timeframes agreed upon with the examination team or as otherwise reasonably practicabl