برنامه BROOKDALE برای افزایش ارزش سهام Stokholmer -DEPTH
بررسی استراتژیک

برنامه استراتژیک بروکدا در حال ارائه نتایج آشکار است و [
بطور قابل توجهی تقویت برنامه های طولانی مدت شرکت

صفحه كلمات بروكد به طور مجدد مورد بازبيني قرار گرفت و خوش آمديد و خوش آمديد و
ارزش هاي شناسايي شده از همه STOCKHOLDERS ما [اولينسالاستراتژيماهیئتمدیرهشرکتوتیممدیریتیهمچنانبهبحثوگفتگوهایمنظموعمیقباسهامدارانمامشغولبودهاند،ازجملهبرگزاریبیشاز30جلسهتلفنی،حضورییاویدئوییباLand&Buildingsبرایدرکایدههاییکهتاکنونارائهشدهاست[19659038] به عنوان یک نتیجه از بررسی مداوم ما در مورد ساختار مدیریت شرکت ، و تعامل مداوم ما با سهامداران ، Brookdale به طرز تحریک آمیز اقدامات بسیاری را برای بهبود شیوه های مدیریت شرکت در شرکت و ارتقاء به روز کردن هیئت مدیره انجام داده و اطمینان حاصل کرده است که بهترین افراد را در اختیار داریم.

<p class = "بوم اتم -text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" با مقایسه ، خانم فرید و آقای سانسون دو نامزد مستقل و برجسته هستند که & nbsp؛ [19659019] در کنار هم ، طیف گسترده ای از تخصص های مربوطه را به هیئت بروکدیل ارائه می دهند ، از جمله در فروش و بازاریابی ، برنامه ریزی استراتژیک ، امور مالی ، مهمان نوازی ، عملیات و استراتژی مراقبت های بهداشتی ، و عملیات مسکن ارشد .در صورت انتخاب ، ما معتقدیم خانم فرید و تخصص متنوع آقای Sansone باعث تقویت تلاشهای مداوم شرکت در اهرم مقیاس و جمعیت در حال رشد می شود تا به اولین انتخاب کشور در زندگی ارشد تبدیل شود و از این طریق ارزش بلند مدت قابل توجهی را برای سهامداران ایجاد کند. " data-reagid = "89"> با مقایسه ، خانم فرید و آقای سانسون دو نامزد مستقل و ممتاز هستند که در کنار هم ، طیف گسترده ای از تخصص های مربوطه را به هیئت بروکدیل اعم از فروش و بازاریابی ، برنامه ریزی استراتژیک ، ارائه می دهند. امور مالی ، مهمان نوازی ، عملیات و استراتژی مراقبت های بهداشتی ، و عملیات ارشد مسکن . در صورت انتخاب ، ما معتقدیم که تخصص متنوع خانم فرید و آقای سانسون باعث می شود تا تلاش های مداوم این شرکت برای اهرم مقیاس و جمعیت در حال رشد به اولین انتخاب کشور در زندگی ارشد تبدیل شود و از این طریق ارزش بلند مدت قابل توجهی را برای سهامداران ایجاد کند.

امروز ، نمایه انجمن ما تعهد ما را به طراوت ، تنوع ، برابری جنسیت و بهترین شیوه های حاکمیت گسترده تر نشان می دهد:

• هفت از هشت مدیر مستقل هستند.
• چهار از هشت مدیر در هیئت مدیره زن هستند.
• دو از هشت مدیر به توصیه سهامداران به هیئت مدیره اضافه شدند.
• چهار از هشت کارگردان تازه از سال ژوئیه 2017 منصوب شده اند ، سه نفر از آنها مستقل هستند.
• پس از نشست سالانه سال 2019 ، متوسط ​​دوره تصدی هیئت مدیره کمتر از سه سال خواهد بود ، که بسیار پایین تر از معیارهای مربوطه است.

علاوه بر این ، به عنوان بخشی از تعهدات بروکلدیل برای بهبود مدیریت شرکتها در ارتباط با سازمانی جامع ما. به نوبه خود ، ما اصلاحاتی را در گواهینامه ادغام و آئین نامه خود ارائه داده ایم ، که شامل موارد زیر است:

• حذف هیئت مدیره توسط نشست سالانه 2021؛
• تسریع در انتخابات سالانه مدیران کلاس دوم که برای انتخابات در نشست سالانه 2019 حضور داشتند.
• حذف شرط رأی فوق العاده برای سهامداران برای حذف مدیران؟
• ایجاد دسترسی به پروکسی؛ و
• اجرای استاندارد رأی اکثریت در انتخابات غیرقابل اعتراض.

ما متعهد هستیم که به طور مداوم عملکرد و مدیریت شرکت خود را بهبود ببخشیم ، و تلاش کنیم ارزش پایدار سهامدار را محقق کنیم.

<p class = "بوم-اتم بوم متن متن Mb (1.0em) Mb (0) – smm (0.8em) – sm" = "text" content = "بر اساس ارزیابی دقیق و ذهن آگاهانه ما ، ما معتقدیم که ساختار OpCo / PropCo پیشنهاد شده توسط Land & amp؛ Buildings یک برنامه مهندسی مالی کوتاه بینی است که پیشرفت فعلی بروکلدیل را به سمت یک استراتژی بلند مدت به خطر می اندازد. برای ارائه ارزش سهامدار پایدار و همچنین توانایی این شرکت در ارائه خدمات و مراقبت های برتر به ساکنان و بیماران ما. ما معتقدیم که انتخاب آقای فلایستی در هیئت بروکدیل منجر به فشار مضاعف برای تصویب شد. از این تنها فکر و سرگرم کننده است برنامه ذاتاً ناقص ، به ضرر تحریک حرکت بروکلدیل در زیر برنامه استراتژیک خود است. "data-reagid =" 107 "> بر اساس ارزیابی دقیق و ذهن آگاهانه ما ، بر این باوریم که ساختار OpCo / PropCo پیشنهاد شده توسط Land & ساختمانها یک برنامه مهندسی کوتاه بینانه اقتصادی هستند که پیشرفت فعلی بروکلدیل را به سمت یک استراتژی بلند مدت برای ارائه ارزش سهامدار پایدار و همچنین توانایی شرکت در ارائه خدمات و مراقبت برتر به ساکنان و بیماران ما به خطر می اندازد. ما معتقدیم که آقای. انتخاب Flaherty به هیئت بروکدیل منجر به فشار مکرر برای اتخاذ این طرح یکجانبه و اساساً ناقص ، به ضرر بالقوه حرکت Brookdale در برنامه استراتژیک خود خواهد بود.

<p class = "canvas-atom canvas- text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" در هسته خود ، بروکلدیل یک شرکت بهداشت و درمان است که عمدا صاحب املاک و مستغلات است. حفظ اسکان و بیماران بطور ذاتی با استاندارد خدمات و مراقبت هایی که ما روزانه ارائه می دهیم مرتبط است. & nbsp؛ در طی چند سال گذشته ، ما تصمیم عمدی برای سرمایه گذاری در نیروی کار و کیفیت خود گرفته ایم. همانطور که در سه ماهه دوم گزارش شد ، امتیاز خالص تبلیغ کننده ما (NPS®) از آخرین نظرسنجی ما با بیش از 50،000 پاسخ مشتری بیش از 20٪ است. جای تعجب ندارد که با افزایش رضایت مشتری ما ، نتایج مالی ما را نیز انجام دهید. "data-reagid =" 108 "> at the cor e ، بروکلدیل یک شرکت بهداشت و درمان است که عمداً مالک املاک و مستغلات است. توانایی ما برای نگهداری ساکنان و بیماران به طور ذاتی با استاندارد خدمات و مراقبت هایی که روزانه و روزانه ارائه می دهیم مرتبط است. در طی چند سال گذشته ، ما تصمیم آگاهانه ای برای سرمایه گذاری در نیروی کار و کیفیت جامعه خود گرفته ایم. همانطور که در سه ماهه دوم گزارش شد ، امتیاز خالص تبلیغی ما (NPS®) از آخرین نظرسنجی ما با بیش از 50،000 پاسخ مشتری بیش از 20٪ است. جای تعجب نیست که با افزایش رضایت مشتری ، نتایج مالی خود را نیز انجام دهید.

ساختار پیشنهادی OpCo / PropCo منجر به دو شرکت عمومی مستقل با چشم انداز طولانی مدت نامشخص خواهد شد در حالی که به شدت توانایی ما در اجرای استراتژی چرخش ما را مختل می کند. حتی با دیدگاه کوتاه مدت نیز مورد بررسی قرار می گیرد ، ما معتقدیم ساختار OpCo / PropCo یک جایگزین پایین تر از برنامه استراتژیک جامع ما است ، زیرا ریسک اجرای قابل توجهی را به همراه دارد و بعید است که بتوانید به ارزش های تجاری موردعلاقه پیش بینی شده توسط مشاوران گرین استریت برسید ("خیابان سبز" ") تجزیه و تحلیل گرین استریت توسط Land & Buildings تهیه شده است ، تهیه شده توسط گروه مشاوره و مشاوره گرین استریت ، و دارای یک سلب مسئولیت صریح برای فاصله گرفتن از تیم معتبر REIT تحقیق گرین استریت است. تجزیه و تحلیل گرین استریت حاوی نقص ها و خطاهای بیشماری در داوری است ، از جمله اینکه:

• فرض می کند که PropCo معاملات خود را با حق بیمه به ارزش خالص دارایی ("NAV") علیرغم مسائل ساختاری انتقادی مانند غلظت مستاجر تنها ، افزایش اهرم بالا و اجاره نامه های کم پوشش داد. . REIT های بهداشت و درمان با موضوعات مشابه با تخفیف های قابل توجهی با NAV تجارت می کنند.
• درآمد معمولی و معیارهای ارزیابی ارزش REIT را نادیده می گیرد. ارزش گذاری به PropCo بر اساس عملکرد چند نفری و سود سهام AFFO ، منجر به قیمت سهم از نظر مادی به دلیل ضعف جریان نقدی PropCo خواهد شد.
• از فرضیات ارائه دهنده سهام غیر واقعی 1.5 میلیارد دلار استفاده می کند. سهام عدالت در این اندازه تقریباً 90٪ از PropCo NAV را قبل از معامله نشان می دهد. فقط تعداد معدودی از IPO های املاک و مستغلات یا بزرگتر بوده اند یا سهم بیشتری از NAV قبل از معامله را نشان داده اند ، و ترکیب هر دو این ویژگی ها بی سابقه است. همراه با مسائل ساختاری ، چنین پیشنهادی ریسک قابل توجهی برای اجرای برجام دارد و به تخفیف قیمت قابل توجهی نیاز دارد ، برخلاف تصرف 9٪ گرین خیابان به NAV اختصاصی خود ، و در نتیجه رقیق قابل توجهی برای سهامداران فعلی.
• OpCo مستقل خرده مقیاس را با قابلیت زنده ماندن مشکوک ، قدرت مالی ضعیف و توانایی محدود برای دسترسی به بازار سرمایه توصیه می کند ، که بعید است تجارت در فرضیه EBITDA فرضی به عنوان یک شرکت دولتی جداگانه انجام شود.
• هزینه های اصطکاک مواد و موانع ، مانند رضایت وام دهنده و صاحبخانه (از جمله هزینه های قابل توجه افزایش اجاره نامه) ، و همچنین تأثیرات احتمالی مالیاتی ، نظارتی و اقامت را نادیده می گیرد. این هزینه های اصطکاک و موانع می توانند ارزش سهامدار را به میزان قابل توجهی کاهش دهند.

در عدم درک دینامیک اساسی بازار ، تجزیه و تحلیل گرین استریت به طور قابل ملاحظه ای پتانسیل ایجاد ارزش بلند مدت را تحت استراتژی فعلی شرکت کاهش می دهد. همانطور که به اتفاق آرا توسط هیات مدیره ما و کمیته سرمایه گذاری آن تعیین شده است ، با کمک BofA مریل لینچ و مورگان استنلی ، دو مشاور مستقل برجسته ، بروکدیل مسیری را دنبال می کند که ارزش برتر از اجرای معامله OpCo / PropCo را ارائه دهد.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "در رابطه با اجرای استراتژی چرخش ما ما تیم مدیریتی خود را تازه کرده ایم ، سرمایه گذاری های قابل توجهی انجام داده ایم و یکسری ابتکار عمل را انجام داده ایم. ما در حال شروع به دیدن نتایج اولیه از همه این تغییرات ، از جمله پیشرفت در حرکت و گردش مالی همراه هستیم. ما معتقدیم که ابتکارات استراتژیک ما ، با تمرکز بر توانمندسازی مردم ، بهبود عملیات و بهینه سازی سبد ما ، به ما کمک می کند تا سال 2024 ، 7٪ NOI CAGR را در نمونه کارها مشترک خود در جامعه تحویل دهیم ، که معتقدیم با گذشت زمان به ارزش قابل توجهی به سهامداران ما تبدیل خواهد شد. " data-reactid="117">In connection with the execution of our turnaround strategy, we've refreshed our management team, made significant investments, and executed a number of initiatives. We are beginning to see the early results from all of these changes, including improvements in move-ins and associate turnover. We believe that our strategic initiatives, focused on empowering our people, improving operations, and optimizing our portfolio, will help us deliver 7% NOI CAGR in our consolidated same community portfolio through 2024, which we believe will translate to significant value over time to our stockholders.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="As a result of our high-quality care and personalized service strategy, today, Brookdale is the #1 Senior Housing operator in the United States. Driven by our vision to be the first choice in the nation's senior living, we are focused on enriching the lives of those we serve with compassion, respect, excellence and integrity. We believe executing our strategy under our current structure is the best path to enhancing value for all stockholders." data-reactid="120">As a result of our high-quality care and personalized service strategy, today, Brookdale is the #1 Senior Housing operator in the United States. Driven by our vision to be the first choice in the nation's senior living, we are focused on enriching the lives of those we serve with compassion, respect, excellence and integrity. We believe executing our strategy under our current structure is the best path to enhancing value for all stockholders.

We're focused on doing the things that matter most to our communities. We're focused on building the best team in the business. We're focused on improving the basics of our sales and marketing cycle. We're focused on strategically allocating resources into our communities and delighting our residents. And that is what is allowing us to outperform our senior housing peers and lead the way for our industry.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Your vote is very important to protect the future value of your investment. The Brookdale Board of Directors unanimously recommends all stockholders vote "FOR" the Board's two new, independent and highly qualified Class II director nominees on the enclosed WHITE proxy card today. Please follow the instructions on the enclosed WHITE proxy card to submit your proxy by Internet or telephone, or sign, date and return the enclosed WHITE proxy card in the postage-paid envelope provided. Please simply discard and do NOT vote using any blue proxy card you may receive from Land &amp; Buildings." data-reactid="124">Your vote is very important to protect the future value of your investment. The Brookdale Board of Directors unanimously recommends all stockholders vote "FOR" the Board's two new, independent and highly qualified Class II director nominees on the enclosed WHITE proxy card today. Please follow the instructions on the enclosed WHITE proxy card to submit your proxy by Internet or telephone, or sign, date and return the enclosed WHITE proxy card in the postage-paid envelope provided. Please simply discard and do NOT vote using any blue proxy card you may receive from Land & Buildings.

On behalf of the Brookdale community, we thank you for your support.

Sincerely,

The Brookdale Board of Directors

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this letter may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to various risks and uncertainties and include all statements that are not historical statements of fact and those regarding our intent, belief or expectations, including, but not limited to, statements relating to the execution on our strategic objectives. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "could," "would," "potential," "intend," "expect," "endeavor," "seek," "anticipate," "estimate," "overestimate," "underestimate," "believe," "project," "predict," "continue," "plan," "target" or other similar words or expressions. These forward-looking statements are based on certain assumptions and expectations, and our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Although we believe that expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our assumptions or expectations will be attained and actual results and performance could differ materially from those projected. Factors which could have a material adverse effect on the Company's operations and future prospects or which could cause events or circumstances to differ from the forward-looking statements include, but are not limited to, events which adversely affect the ability of seniors to afford resident fees and entrance fees, including downturns in the economy, national or local housing markets, consumer confidence or the equity markets and unemployment among family members; changes in reimbursement rates, methods or timing under governmental reimbursement programs including the Medicare and Medicaid programs; the impact of ongoing healthcare reform efforts; the effects of continued new senior housing construction and development, oversupply and increased competition; disruptions in the financial markets that affect the Company's ability to obtain financing or extend or refinance debt as it matures and the Company's financing costs; the risks associated with current global economic conditions and general economic factors such as inflation, the consumer price index, commodity costs, fuel and other energy costs, interest rates and tax rates; the Company's ability to generate sufficient cash flow to cover required interest and long-term lease payments and to fund its planned capital projects; the effect of the Company's indebtedness and long-term leases on its liquidity; the effect of the Company's non-compliance with any of its debt or lease agreements (including the financial covenants contained therein), including the risk of lenders or lessors declaring a cross default in the event of the Company's non-compliance with any such agreements and the risk of loss of the Company's property securing leases and indebtedness due to any resulting lease terminations and foreclosure actions; the effect of the Company's borrowing base calculations and the Company's consolidated fixed charge coverage ratio on availability under its revolving credit facility; events that impact our ability to deliver projected net operating income growth, including any events causing increased vacancies or operating expenses; increased competition for or a shortage of personnel, wage pressures resulting from increased competition, low unemployment levels, minimum wage increases and changes in overtime laws, and union activity; failure to maintain the security and functionality of the Company's information systems or to prevent a cybersecurity attack or breach; the Company's ability to complete pending or expected disposition or other transactions on agreed upon terms or at all, including in respect of the satisfaction of closing conditions, the risk that regulatory approvals are not obtained or are subject to unanticipated conditions, and uncertainties as to the timing of closing, and the Company's ability to identify and pursue any such opportunities in the future; the Company's ability to obtain additional capital on terms acceptable to it; the Company's ability to complete its capital expenditures in accordance with its plans; the Company's ability to identify and pursue development, investment and acquisition opportunities and its ability to successfully integrate acquisitions; competition for the acquisition of assets; delays in obtaining regulatory approvals; risks associated with the lifecare benefits offered to residents of certain of the Company's entrance fee CCRCs; terminations, early or otherwise, or non-renewal of management agreements; conditions of housing markets, regulatory changes and acts of nature in geographic areas where the Company is concentrated; terminations of the Company's resident agreements and vacancies in the living spaces it leases; departures of key officers and potential disruption caused by changes in management; risks related to the implementation of the Company's strategy, including initiatives undertaken to execute on its strategic priorities and their effect on the Company's results; actions of activist stockholders, including a proxy contest; market conditions and capital allocation decisions that may influence the Company's determination from time to time whether to purchase any shares under its existing share repurchase program and the Company's ability to fund any repurchases; the Company's ability to maintain consistent quality control; a decrease in the overall demand for senior housing; environmental contamination at any of the Company's communities; failure to comply with existing environmental laws; an adverse determination or resolution of complaints filed against the Company; the cost and difficulty of complying with increasing and evolving regulation; costs to respond to, and adverse determinations resulting from, government reviews, audits and investigations; unanticipated costs to comply with legislative or regulatory developments; as well as other risks detailed from time to time in our filings with the SEC, including those contained in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements in such SEC filings. Readers are cautioned not to place undue reliance on any of these forward-looking statements, which reflect our management's views as of the date of this letter. The Company cannot guarantee future results, levels of activity, performance or achievements, and, except as required by law, it expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or change in events, conditions or circumstances on which any statement is based." data-reactid="130">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this letter may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to various risks and uncertainties and include all statements that are not historical statements of fact and those regarding our intent, belief or expectations, including, but not limited to, statements relating to the execution on our strategic objectives. Forward-looking statements are generall y identifiable by use of forward-looking terminology such as "may," "will," "should," "could," "would," "potential," "intend," "expect," "endeavor," "seek," "anticipate," "estimate," "overestimate," "underestimate," "believe," "project," "predict," "continue," "plan," "target" or other similar words or expressions. These forward-looking statements are based on certain assumptions and expectations, and our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Although we believe that expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our assumptions or expectations will be attained and actual results and performance could differ materially from those projected. Factors which could have a material adverse effect on the Company's operations and future prospects or which could cause events or circumstances to differ from the forward-looking statements include, but are not limited to, events which adversely affect the ability of seniors to afford resident fees and entrance fees, including downturns in the economy, national or local housing markets, consumer confidence or the equity markets and unemployment among family members; changes in reimbursement rates, methods or timing under governmental reimbursement programs including the Medicare and Medicaid programs; the impact of ongoing healthcare reform efforts; the effects of continued new senior housing construction and development, oversupply and increased competition; disruptions in the financial markets that affect the Company's ability to obtain financing or extend or refinance debt as it matures and the Company's financing costs; the risks associated with current global economic conditions and general economic factors such as inflation, the consumer price index, commodity costs, fuel and other energy costs, interest rates and tax rates; the Company's ability to generate sufficient cash flow to cover required interest and long-term lease payments and to fund its planned capital projects; the effect of the Company's indebtedness and long-term leases on its liquidity; the effect of the Company's non-compliance with any of its debt or lease agreements (including the financial covenants contained therein), including the risk of lenders or lessors declaring a cross default in the event of the Company's non-compliance with any such agreements and the risk of loss of the Company's property securing leases and indebtedness due to any resulting lease terminations and foreclosure actions; the effect of the Company's borrowing base calculations and the Company's consolidated fixed charge coverage ratio on availability under its revolving credit facility; events that impact our ability to deliver projected net operating income growth, including any events causing increased vacancies or operating expenses; increased competition for or a shortage of personnel, wage pressures resulting from increased competition, low unemployment levels, minimum wage increases and changes in overtime laws, and union activity; failure to maintain the security and functionality of the Company's information systems or to prevent a cybersecurity attack or breach; the Company's ability to complete pending or expected disposition or other transactions on agreed upon terms or at all, including in respect of the satisfaction of closing conditions, the risk that regulatory approvals are not obtained or are subject to unanticipated conditions, and uncertainties as to the timing of closing, and the Company's ability to identify and pursue any such opportunities in the future; the Company's ability to obtain additional capital on terms acceptable to it; the Company's ability to complete its capital expenditures in accordance with its plans; the Company's ability to identify and pursue development, investment and acquisition opportunities and its ability to successfully integrate acquisitions; competition for the acquisition of assets; delays in obtaining regulatory approvals; risks associated with the lifecare benefits offered to residents of certain of the Company's entrance fee CCRCs; terminations, early or otherwise, or non-renewal of management agreements; conditions of housing markets, regulatory changes and acts of nature in geographic areas where the Company is concentrated; terminations of the Company's resident agreements and vacancies in the living spaces it leases; departures of key officers and potential disruption caused by changes in management; risks related to the implementation of the Company's strategy, including initiatives undertaken to execute on its strategic priorities and their effect on the Company's results; actions of activist stockholders, including a proxy contest; market conditions and capital allocation decisions that may influence the Company's determination from time to time whether to purchase any shares under its existing share repurchase program and the Company's ability to fund any repurchases; the Company's ability to maintain consistent quality control; a decrease in the overall demand for senior housing; environmental contamination at any of the Company's communities; failure to comply with existing environmental laws; an adverse determination or resolution of complaints filed against the Company; the cost and difficulty of complying with increasing and evolving regulation; costs to respond to, and adverse determinations resulting from, government reviews, audits and investigations; unanticipated costs to comply with legislative or regulatory developments; as well as other risks detailed from time to time in our filings with the SEC, including those contained in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements in such SEC filings. Readers are cautioned not to place undue reliance on any of these forward-looking statements, which reflect our management's views as of the date of this letter. The Company cannot guarantee future results, levels of activity, performance or achievements, and, except as required by law, it expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

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