<SEC-DOCUMENT>0001213900-23-093864.txt : 20231207
<SEC-HEADER>0001213900-23-093864.hdr.sgml : 20231207
<ACCEPTANCE-DATETIME>20231206215937
ACCESSION NUMBER:		0001213900-23-093864
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20231207
DATE AS OF CHANGE:		20231206

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SilverSun Technologies, Inc.
		CENTRAL INDEX KEY:			0001236275
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
		IRS NUMBER:				161633636
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38063
		FILM NUMBER:		231470976

	BUSINESS ADDRESS:	
		STREET 1:		120 EAGLE ROCK AVE
		CITY:			EAST HANOVER
		STATE:			NJ
		ZIP:			07936
		BUSINESS PHONE:		973-251-0056

	MAIL ADDRESS:	
		STREET 1:		120 EAGLE ROCK AVE
		CITY:			EAST HANOVER
		STATE:			NJ
		ZIP:			07936

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TREY RESOURCES INC
		DATE OF NAME CHANGE:	20050923

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TREY INDUSTRIES INC
		DATE OF NAME CHANGE:	20030528
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>defa14a1223_silversun.htm
<DESCRIPTION>DEFINITIVE ADDITIONAL MATERIALS
<TEXT>
<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY STYLE="margin:0;padding:0;border-width:0;text-justify-trim: punctuation; margin: 0; padding: 10pt;"><DIV STYLE="margin:0;padding:0;border-width:0;width:600px;margin: 0 auto;">
	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<DIV STYLE="border: none; border-bottom: double windowtext 6.0pt; padding: 0in 0in 4.0pt 0in; margin-left: 0in; margin-right: 0.0pt;"><P CLASS="H1" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;font-size:6pt;">&#x00a0;&#x00a0;</FONT></P></DIV>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:10pt;text-align:center;margin-top:10pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>WASHINGTON, DC 20549</FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;text-align:center;margin-top:8pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">________________</FONT></P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:5pt;text-align:center;margin-top:5pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">SCHEDULE 14A</FONT></P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:0pt;text-align:center;margin-top:0pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">________________ </FONT></P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;text-align:center;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE <BR>SECURITIES EXCHANGE ACT OF 1934</FONT></P>
		<TABLE CLASS="No-Table-Style" STYLE="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;">


				<TR CLASS="No-Table-Style _idGenTableRowColumn-4" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 37.39%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">

						<P CLASS="Texttable_wrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;">Filed by the Registrant</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 61.32%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;"><FONT CLASS="GrepStyle" STYLE="font-family:'Wingdings 24', sans-serif;">&#9746;</FONT></P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-4" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 37.39%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable_wrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;">Filed by a Party other than the Registrant</P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 61.32%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;"><FONT CLASS="GrepStyle" STYLE="font-family:'Wingdings 24', sans-serif;">&#9744;</FONT></P>
					</TD>
				</TR>

		</TABLE>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:8pt;">Check the appropriate box:</P>
		<TABLE CLASS="No-Table-Style" STYLE="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;">


				<TR CLASS="No-Table-Style _idGenTableRowColumn-4" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 3.85%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">

						<P CLASS="Texttable_wrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;"><FONT CLASS="GrepStyle" STYLE="font-family:'Wingdings 24', sans-serif;">&#9744;</FONT></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 94.87%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Preliminary Proxy Statement</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-4" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 3.85%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable_wrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;"><FONT CLASS="GrepStyle" STYLE="font-family:'Wingdings 24', sans-serif;">&#9744;</FONT></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 94.87%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Confidential, for Use of the Commission Only (as permitted by Rule 14a<FONT CLASS="nobreak">-6</FONT>(e)(2))</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-4" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 3.85%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable_wrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;"><FONT CLASS="GrepStyle" STYLE="font-family:'Wingdings 24', sans-serif;">&#9744;</FONT></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 94.87%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Definitive Proxy Statement</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-4" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 3.85%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable_wrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;"><FONT CLASS="GrepStyle" STYLE="font-family:'Wingdings 24', sans-serif;">&#9744;</FONT></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 94.87%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Definitive Additional Materials</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-4" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 3.85%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;"><FONT CLASS="GrepStyle" STYLE="font-family:'Wingdings 24', sans-serif;">&#9746;</FONT></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 94.87%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">Soliciting Material Pursuant to &#x00a7;240.14a<FONT CLASS="nobreak">-12</FONT></P>
					</TD>
				</TR>

		</TABLE>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;text-align:center;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;font-size:16pt;">SILVERSUN TECHNOLOGIES, INC.</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"><BR>(Name of Registrant as Specified In Its Charter)</FONT></P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:5pt;text-align:center;margin-top:5pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">_____________________________________________________________</FONT></P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:0pt;text-align:center;margin-top:0pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)</FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:8pt;">Payment of Filing Fee (Check the appropriate box):</P>
		<TABLE CLASS="No-Table-Style" STYLE="width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0pt; margin: 10pt 0 10pt 0;">


				<TR CLASS="No-Table-Style _idGenTableRowColumn-4" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;width: 3.85%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">

						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:5pt;"><FONT CLASS="GrepStyle" STYLE="font-family:'Wingdings 24', sans-serif;">&#9746;</FONT></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;width: 94.87%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;">No fee required.</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-7" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-top:10pt;width: 3.85%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable_wrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-top:8pt;"><FONT CLASS="GrepStyle" STYLE="font-family:'Wingdings 24', sans-serif;">&#9744;</FONT></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:10pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:10pt;width: 94.87%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:8pt;">Fee paid previously with preliminary materials.</P>
					</TD>
				</TR>
				<TR CLASS="No-Table-Style _idGenTableRowColumn-7" STYLE="height:12pt;">
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-top:10pt;width: 3.85%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable_wrap" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:10pt;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-10pt;widows:1;margin-top:8pt;"><FONT CLASS="GrepStyle" STYLE="font-family:'Wingdings 24', sans-serif;">&#9744;</FONT></P>
					</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:10pt;width: 1.28%; padding: 0in 0in 3px 0in;border-width: 0pt;white-space: nowrap;" VALIGN="bottom">&#x00a0;</TD>
					<TD CLASS="TB" STYLE="border-bottom-width:0pt;border-left-width:0pt;border-right-width:0pt;border-top-width:0pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:3pt;vertical-align:bottom;padding-left:0pt;padding-right:0pt;padding-top:10pt;width: 94.87%; padding: 0in 0in 3px 0in;border-width: 0pt;" VALIGN="bottom">
						<P CLASS="Texttable" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:8pt;">Fee computed on table in exhibit required by Item&#x00a0;25(b)&#x00a0;per Exchange&#x00a0;Act Rules 14a<FONT CLASS="nobreak">-6</FONT>(i)(1)&#x00a0;and&#x00a0;0<FONT CLASS="nobreak">-11</FONT>.</P>
					</TD>
				</TR>

		</TABLE>
		<DIV STYLE="border: none; border-bottom: double windowtext 6.0pt; padding: 0in 0in 4.0pt 0in; margin-left: 0in; margin-right: 0.0pt;"><P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:5pt;margin-top:5pt;">&#x00a0;&#x00a0;</P></DIV>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">&#x00a0;</P>


	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H4" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;"><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">The following is a transcript of an interview conducted by Bloomberg TV of Brad Jacobs on December&#x00a0;4, 2023. This transcript was prepared by a third party and has not been independently verified and may contain errors.</FONT></P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad on Bloomberg TV<BR></FONT><FONT CLASS="CharOverride-4" STYLE="font-style:normal;font-weight:normal;">Alix Steel, Guy Johnson, Brad Jacobs<BR>December&#x00a0;4, 2023</FONT></P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">1.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Alix Steel:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Let&#x2019;s get an investor view on how to view the world and the markets and investments. Brad&#x00a0;Jacobs, executive chairman of XPO, career CEO and serial entrepreneur. Brad founded and led seven billion<FONT CLASS="nobreak">-dollar</FONT> companies, but really want to know is what&#x2019;s going to be his eighth. Today he announced that he is creating a $1&#x00a0;billion investment vehicle. But where will that money be going and which industry is it rolling into? And his new book, <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">How to Make A Few Billion Dollars</FONT>, is also out in January. Maybe there&#x2019;s some clues in there? Brad, nice to see you.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">2.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;There are. The whole book is about that. Great to see you.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">3.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Alix Steel:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Okay, so give us like the teaser. What are you going to do?</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">4.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;What&#x00a0;I&#x2019;m going to do in the news today is that we&#x2019;re taking $1&#x00a0;billion dollars, $900&#x00a0;million of mine and $100&#x00a0;million from friends and family, the biggest one being Sequoia Heritage. And we&#x2019;re putting that in the form of a PIPE into a company called Silversun Technologies. Then we&#x2019;re going to spin that company off back to the legacy shareholders, give them a $2.5&#x00a0;million dollar dividend, give them a small percentage of my next company and then&#x00a0;I&#x2019;m off to the races.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">5.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Guy Johnson:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Okay, Brad, great to see you. Good morning. It&#x2019;s Guy. Where are the races taking place? Which particular area should we think about maybe those races being?</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">6.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Well, we&#x2019;re not announcing the industry today. We want the market to digest this $1&#x00a0;billion dollar PIPE first. But&#x00a0;I can tell you it&#x2019;s gonna be a similar industry in terms of its characteristics to the other industries that we&#x2019;ve successfully consolidated over the&#x00a0;years. So, it&#x2019;s going to be in industrial services; a large industry, hundreds of billions of dollars in size; something that&#x2019;s growing; something that&#x2019;s rich with acquisition opportunities; and where bigger is better.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">7.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Alix Steel:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;I&#x2019;m like looking through to think like what the clues of what that would be like. Why is now a good time to be doing all of this? Aside from the fact that this is what you do and this is what you love to do. In the macro environment, why does now make sense?</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">8.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Any time is a good time to start a company that&#x2019;s got a good strategy, a good business plan, and has an ability to put together an amazing management&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;team, because that&#x2019;s what it&#x2019;s all about in the end, and have an opportunity to take technology and apply it to improve the industry that we&#x2019;re entering. And so, this is a good time. As good as any.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">9.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Guy Johnson:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x201c;As good as any.&#x201d; There are differences you could argue over the last few&#x00a0;years to what we see now. We&#x2019;ve got higher interest rates; we&#x2019;ve got a labor market that is significantly tighter; labor seems to have more power. Does that make, do those, some of those characteristics make this time different, Brad, for the industry you&#x2019;re targeting?</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">10.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Yes and no.&#x00a0;I mean, first of all, labor&#x2019;s loosened up a little bit in the last couple of&#x00a0;months. But, more importantly, that&#x2019;s the economics of where the world is at the moment. But&#x00a0;I&#x2019;m not doing this for a quarter or for two quarters.&#x00a0;I&#x2019;m doing this for 10&#x00a0;years, something like that. And the other companies that we&#x2019;ve consolidated, the other industries that we&#x2019;ve made a lot of money for our shareholders in, we were in there for an average of 10 to 11&#x00a0;years. So, where we are, what the world looks like right this minute is really not the point.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">11.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Alix Steel:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;So, help me understand it. Is it going to be like taking old industries and like helping it modernize? Is it going to be going where the new sexy thing is? Is it going to be a combination of both?</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">12.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;I don&#x2019;t go for the new sexy thing.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">13.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Alix Steel:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Okay.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">1</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">14.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;I go for industrial services that are real companies.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">15.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Alix Steel:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Like the Warren Buffett of like industrial services.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">16.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Well,&#x00a0;I&#x2019;m humbled for you to be comparing me to Warren Buffett. But&#x00a0;&#x2014;</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">17.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Alix Steel:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;But like things we know, we can see, we can touch, understand.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">18.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Yes. Real things. Things that are not going to go into the metaverse. Things that are not going to go into virtual reality. Things that AI is going to be our friend, not going to be our disruptor.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">19.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Alix Steel:&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>Okay.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">20.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Guy Johnson:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Okay, so, you bring up AI, so let&#x2019;s talk a little bit about that. Industrial services&#x00a0;&#x2014;&#x00a0;you would have, people talk about the productivity enhancements that AI is going to bring. And industrial services is often an area that they talk about it affecting, because the productivity opportunity there could be quite significant. Brad, when you think about where the opportunity is going to come from here, is it scale? Is it the application of technology? Is it the application of a good HR team and being able to manage the people better? Is the secret sauce going to be a combination of all of those and what&#x2019;s going to go into the mix in terms of the kind of percentages, and are those percentages again different?</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">21.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Well, you raise excellent questions there, and&#x00a0;I wrote a whole book about that. And it&#x2019;s not one secret sauce of one particular one item. It&#x2019;s a whole bunch of stuff and putting those all together, and the things that you mentioned are definitely part of it. Applying technology in order to do the business better; in order to give better customer service; in order to create a better workplace for our employees, to communicate better with our employees; foster a really engaged culture; to have an organization that&#x2019;s got fantastic people at all levels. That&#x2019;s the biggest component of all the different components to the trick: Have world<FONT CLASS="nobreak">-class</FONT> talent at every level of the company and be very, very picky and disciplined on that. But, also, be in a business where you have tailwinds in terms of the trend. And where scale is something that&#x2019;s a beneficial thing, where as you get bigger you have economies of scale and you can serve the customer better and you can provide more career advancement for your people and you can spread your SG&amp;A across a bigger revenue base. So, all the things you mentioned are important components to creating a lot of shareholder value, but the people is the most important one.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">22.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Alix Steel:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;How hard is it to find good people right now?</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">23.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;I am lucky in that&#x00a0;I know a lot of great people from various industries and various companies that&#x00a0;I&#x2019;ve worked at and led over the&#x00a0;years. So, it&#x2019;s not that hard for me, but it&#x2019;s hard. Good people, great people are rare. And, of all the different components of what&#x2019;s going to hopefully make us more successful than we&#x2019;ve been in the past even, it&#x2019;s sticking to that discipline of only bringing into the company rock stars, superstar people.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">24.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Guy Johnson:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Yeah, we&#x2019;ve met a few. Calling them rock stars,&#x00a0;I think they&#x2019;re&#x00a0;&#x2014;&#x00a0;they&#x2019;re definitely up there.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">25.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Alix Steel:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;They have rizz. They have rizz. Can we use that?</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">26.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Guy Johnson:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Yeah, they have rizz. They have rizz. Mark, we&#x2019;re talking about you here. Brad, you talk about being able to attract great people. You mentioned a moment ago that you think the labor market is beginning to ease up a little bit. What is your sense of where we are in the economy right now?</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">27.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;It&#x2019;s softened. It has softened quite a bit in the last few&#x00a0;months.&#x00a0;I don&#x2019;t see it having turned, and suddenly getting better yet.&#x00a0;I still,&#x00a0;I see it still softening a little bit more.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">28.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Alix Steel:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Speaking of the broader economic cycle that we&#x2019;re in,&#x00a0;I appreciate that you say you&#x2019;re making decisions for 10&#x00a0;years. So, like, where we&#x2019;re going in the next quarter is not that relevant. But, there are some like structural forces like onshoring/nearshoring, &#x201c;friend<FONT CLASS="nobreak">-shoring</FONT>,&#x201d; the energy transition, the rise of unions, as Guy pointed out earlier. What are the trends that you see developing over the next 10&#x00a0;years that really make it a different place to invest than you might have, say, 30&#x00a0;years ago?</P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">2</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">29.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Clearly the biggest trend is technology. And, within technology, it&#x2019;s AI.&#x00a0;And&#x00a0;I have a whole chapter in the book about the last two million&#x00a0;years of the various inventions that we humans have made in our tools and our technology, and how that&#x2019;s accelerated in the last, even 20&#x00a0;years, it&#x2019;s dramatically accelerated. And now, with generative AI, it&#x2019;s going to take a whole &#x2018;nother leap forward. So, in terms of making money in business, you have to figure out a way that you position yourself, so that you can use AI to run the business better. You have to be in a business that AI is not going to replace what you&#x2019;re doing, but AI is going to make what you do more profitable. You can get things done faster. You can get information gathered and transmitted more effectively. You can write your comms, your marketing stuff more quickly and more effectively from using AI.&#x00a0;You can use AI to do demand forecasting and workforce level product predictions. So, you have to figure out a way to position yourself to benefit from these dramatic changes in technology.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">30.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Guy Johnson:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;When do you think that&#x2019;s going to happen? Over what time frame should we be thinking about it? How are you thinking about the impact that it&#x2019;s going to have? If we can make the economy more productive, we can use people better. It&#x2019;s going to be sort of disinflationary. The impact is going to be disinflationary because we can deal with this with lower rates. Over what time frame should we think about that?</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">31.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Much faster than we&#x2019;re thinking about it.&#x00a0;I think it&#x2019;s accelerating. The pace of progress in technology&#x00a0;&#x2014;&#x00a0;particularly in AI, but also in robotics, in machine learning&#x00a0;&#x2014;&#x00a0;the pace is of progress is increasing. And, Guy,&#x00a0;I think that&#x2019;s a great thing.&#x00a0;I think that it&#x2019;s going to make life much more interesting, much more human<FONT CLASS="nobreak">-like</FONT>, even though that&#x2019;s a paradox. And&#x00a0;I think we&#x2019;re going to have a lot more free time for people to do what they want to do, because computers and technology and robots. Automation is going to replace a lot of that stuff.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">32.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Alix Steel:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Except for TV anchors, right? Like, that, that can&#x2019;t be replaced.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">33.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;I don&#x2019;t know.&#x00a0;I mean, even CEOs, we&#x2019;re going to be replaced by AI.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">34.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Alix Steel:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Well, that&#x2019;s depressing.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">35.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>Holograms and robots.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">36.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Alix Steel:&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>Oh good, we&#x2019;ll have an Alix and Guy hologram show.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">37.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;You and Guy are irreplaceable.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">38.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Alix Steel:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Thank you, woah,&#x00a0;I was digging hard for that. So, Brad&#x00a0;&#x2014;&#x00a0;Wait, go ahead.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">39.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Guy Johnson:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;I was gonna say, we&#x2019;re gonna cut that bit and use it time and time again. That&#x2019;s a good thing.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">40.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Alix Steel:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;That&#x2019;ll be on our holograms. So, as you take a look, then, are you optimistic about the global economy? Like,&#x00a0;I get that you&#x2019;re really pumped about tech, as well as the evolution of how you use AI into certain business streams. But when you look out into what&#x2019;s happening today, how do you feel about where we&#x2019;re headed?</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">41.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Uncertain.&#x00a0;I think there&#x2019;s a lot of variables up in the air, depending on how they&#x2019;re resolved, may be very good for the economy or may be very bad for the economy. And&#x00a0;I&#x2019;m particularly referring to geopolitical events in Europe, in the Middle East, in Asia. These could have a big effect, one way or the other. And government programs are going to have a big effect, as well.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">42.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Alix Steel:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Right, and all the money going into different things. Hey, Brad, thanks a lot. It was really fun to catch up with you. We could talk to you forever. Brad Jacobs, Chairman of XPO Logistics. And congrats on the book. Congrats on the new venture. We&#x2019;re looking forward to keeping track of you.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">3</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="H4" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:italic;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:1;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;"><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">The following is a transcript of an interview conducted by Bloomberg Radio of Brad Jacobs on December&#x00a0;4, 2023. This transcript was prepared by a third party and has not been independently verified and may contain errors.</FONT></P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs on Bloomberg Radio<BR></FONT><FONT CLASS="CharOverride-4" STYLE="font-style:normal;font-weight:normal;">December&#x00a0;4, 2023</FONT></P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">1.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Paul Sweeney:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Brad Jacobs, he&#x2019;s the executive Chairman of XPO.&#x00a0;You know that logistics company XPO as a ticker on your Bloomberg terminal.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">2.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Jess Menton:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Stock&#x2019;s up more than 170%.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">3.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Paul Sweeney:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Not bad. It&#x2019;s got $10.5&#x00a0;billion market cap. But before that, XPO, he was Chairman and CEO of United Waste Management&#x00a0;&#x2014;&#x00a0;United Waste Systems,&#x00a0;I&#x2019;m sorry; former Chairman and CEO of United Rentals; and he was CEO of XPO from 2011 to 2022 before becoming Executive Chairman. So, this is somebody who just can&#x2019;t sit still.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">4.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Jess Menton:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Quite the CV.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">5.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Paul Sweeney:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Brad Jacobs, he&#x2019;s in our Bloomberg Interactive Brokers studio today. So, Brad,&#x00a0;I know you&#x2019;ve got a new fund out there, $1&#x00a0;billion dollars.&#x00a0;I&#x2019;m guessing most of it, if not all of it, is your money. What are you guys looking to do with this new fund? What&#x2019;s next?</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">6.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;So, only $900&#x00a0;million is mine. The other $100&#x00a0;million is from friends and family, the largest one being Sequoia Heritage.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">7.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Paul Sweeney:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Oh, nice. That&#x2019;s a good friend.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">8.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;And the family being real family. Like, my sister and my brother and my niece and my nephew. So, we&#x2019;re taking that billion dollars and we&#x2019;re putting it into a small<FONT CLASS="nobreak">-cap</FONT>&#x00a0;&#x2014;&#x00a0;about $15<FONT CLASS="nobreak">-20</FONT>&#x00a0;million market cap. Well, it was. It&#x2019;s doubled its stock price today, so maybe it&#x2019;s $30&#x00a0;million or $40&#x00a0;million market cap, now. It&#x2019;s called SilverSun Technologies. And we&#x2019;re then going to spin that company back off to the legacy shareholders of SilverSun. So, in a few&#x00a0;months, when the deal closes, the SilverSun shareholders will have their company back. They&#x2019;ll also get a $2.5&#x00a0;million dollar dividend, and they&#x2019;ll get about a 0.3% share in my new company.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">9.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Paul Sweeney:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;And your new company is going to do what?</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">10.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Well, we haven&#x2019;t announced the industry yet.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">11.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Paul Sweeney:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;But you&#x2019;re going to use this shell, this public entity, this vehicle to make an acquisition?</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">12.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Absolutely.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">13.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Paul Sweeney:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;So, tell us what the acquisition is.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">14.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;This company will be publicly traded. It&#x2019;ll have a billion dollars in cash. And we&#x2019;ll do the same playbook that&#x00a0;I&#x2019;ve been doing for decades. We&#x2019;re going to consolidate an industry.&#x00a0;I&#x2019;m going to buy companies.&#x00a0;I&#x2019;m going to assimilate them.&#x00a0;I&#x2019;m going to improve them. We&#x2019;re going to get synergy from them.&#x00a0;I&#x2019;m going to assemble a world class team.&#x00a0;I&#x2019;m going to apply technology to improve the business. And we&#x2019;ll be off to the races.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">15.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Paul Sweeney:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;So, you&#x2019;ve identified the company, you just haven&#x2019;t announced it yet.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">16.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;That&#x2019;s correct. No&#x00a0;&#x2014;</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">17.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Jess Menton:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Will you tell us? [laughter]</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">18.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;We&#x2019;ve identified the industry.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">19.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Paul Sweeney:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;You&#x2019;ve identified the industry.</P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">4</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">20.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;We don&#x2019;t have a company, per se, that we&#x2019;re about to buy, although we&#x2019;re talking to several of them.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">21.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Jess Menton:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Can you tell us what the industry is?</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">22.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Well, we&#x2019;ll play &#x201c;bigger than a refrigerator, smaller than a....&#x201d; [laughter]</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">23.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Paul Sweeney:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;So,&#x00a0;I gotta get you back again in. like what, a week&#x2019;s time or something?</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">24.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Something like that.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">25.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Paul Sweeney:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Alright, alright. So, what do you look for?&#x00a0;I mean, waste management, logistics.&#x00a0;I mean, these things aren&#x2019;t sexy, but what do you look for?</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">26.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;I think they&#x2019;re sexy, come on.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">27.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Paul Sweeney:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Well, they&#x2019;re sexy for your bank account.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">28.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Sexy means making a lot of money for shareholders.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">29.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Jess Menton:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;There you go.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">30.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;And at United Rentals we got in, it was $3.50 a share when&#x00a0;I started the company in 1997. And, on Friday, it was over $500 a share. XPO Logistics, when we started in 2011, the investors who came in with me made 32x their money as of last year. So,&#x00a0;I consider that very, very sexy.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">31.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Paul Sweeney:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;When you put it that way. So, what characteristics do you look for in a business when you go to acquire? Because you remind me of,&#x00a0;I&#x2019;m gonna have to think of his name again, who did this in the cable industry, the radio business, and then the entertainment business up in Boston. Anyway, what do you look for in a company or an industry?</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">32.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;So,&#x00a0;I look for very specific things. They&#x2019;ve all been in industrial services. That&#x2019;s my bailiwick.&#x00a0;I look for large industries.&#x00a0;I look for industries that are hundreds of billions of dollars in size.&#x00a0;I look for ones that there&#x2019;s lots of interesting companies to buy. It&#x2019;s not consolidated so much that there&#x2019;s not a whole lot to buy. It&#x2019;s still fragmented. And at reasonable prices; at multiples less than what we&#x2019;re going to trade at, so we get some accretion from what we&#x2019;re buying. And&#x00a0;I look for an industry where it&#x2019;s not totally tech<FONT CLASS="nobreak">-forward</FONT>, yet. And&#x00a0;I can take our tech prowess and apply it to the industry to get an advantage.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">33.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Jess Menton:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;So, what industries do you see that have opportunities at this point?</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">34.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;You&#x2019;re not going to give up. [laughter] So, stay tuned.&#x00a0;I will definitely tell the whole world what industry we&#x2019;re going to consolidate, but not today.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">35.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Paul Sweeney:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;What kind of capital structure do you think is appropriate today versus maybe when you did United Rentals, when you did XPO? Debt is not free anymore. Talk to us about that. Talk to us about, maybe, if there&#x2019;s any other external equity you need, can you get it?</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">36.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;So, in the first instance we&#x2019;ll be debt free. We&#x2019;ll have $1&#x00a0;billion dollars of equity that we&#x2019;re putting into the company and we&#x2019;ll have no debt. Over time, to answer your question,&#x00a0;I think one or two turns is probably a conservative way to approach it, given the world and the turbulence and the risky nature of what&#x2019;s going on in geopolitics. And in terms of it being available, there&#x2019;s never any problem raising money if you&#x2019;ve got a good track record and you have a good team and you have a good business plan. So,&#x00a0;I&#x2019;m not worried about access to capital.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">37.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Jess Menton:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;What do you think that tells us about the direction of the economy right now?</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">38.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Well,&#x00a0;I&#x2019;m not gonna give a prediction, because my predictions have been bad over the last year and a half. Like most everyone else, a year and a half, two&#x00a0;years ago,&#x00a0;I thought a recession was coming, and no recession came. So,&#x00a0;I&#x2019;ve withdrawn my conviction on predicting the economy. Having said that,&#x00a0;I do see it being generally soft out there in Europe and in the United&#x00a0;States. And&#x00a0;I see it slowing.&#x00a0;I don&#x2019;t see it picking up.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">5</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">39.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Paul Sweeney:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;So, in your investments, let&#x2019;s say what you&#x2019;re looking at coming forward, is it that you prefer to stay in the US? Are you looking for a global business? How do you just think about geography? Because a lot of folks are saying, &#x201c;I can&#x2019;t go to China. The growth isn&#x2019;t there in Europe for me.&#x201d; How do you think about it?</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">40.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Well, Asia has an extra level of risk because what&#x2019;s going on with China. So,&#x00a0;I&#x2019;m not eager to get into Asia.&#x00a0;I like North America a lot.&#x00a0;I like the United&#x00a0;States a real lot for all the obvious reasons. But&#x00a0;I don&#x2019;t mind Western Europe&#x00a0;&#x2014;&#x00a0;France, UK, Spain, Germany. These are great countries with big economies and the rule of law.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">41.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Paul Sweeney:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;So, what we saw during the pandemic was a sense of re<FONT CLASS="nobreak">-shoring</FONT> or &#x201c;friend<FONT CLASS="nobreak">-shoring</FONT>&#x201d;, that type of thing. Did you see that? Do you see that at XPO? And how does, maybe, how does that change our supply chain? Because&#x00a0;I kind of grew up in an era where it was all about globalization, more and more globalization. That seems to have stalled a little bit.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">42.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;It&#x2019;s stalled a lot.&#x00a0;I see that more in our supply chain spin<FONT CLASS="nobreak">-off</FONT>, GXO Logistics, which has about 200&#x00a0;million square feet of warehouse across 1,000 warehouses around the world. There, you&#x2019;ve seen a lot of our customers who had a big part of their supply chain originating in China migrate to Malaysia, to Vietnam, to India, to Mexico, back to United&#x00a0;States. So, that&#x2019;s trend that&#x2019;s probably not going to turn around.&#x00a0;I think people want to de<FONT CLASS="nobreak">-risk</FONT> being dependent on China.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">43.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Jess Menton:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;And especially when it comes to the supply chains and what we just went through because of the pandemic, where are you seeing improvements and where are there still some lags there that are issues for the broader global supply chain?</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">44.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;The supply chain has normalized quite a bit. It&#x2019;s not anything like it was a couple of&#x00a0;years ago, during COVID, when it was hard to get anything and things moved very slowly and the prices were real high. To the contrary, the price of freight transportation and logistics in general has come down a lot. And capacity, the availability of transportation, is available quite a bit.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">45.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Paul Sweeney:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;So, what&#x2019;s the biggest challenge as you think about it?&#x00a0;I mean, you&#x2019;re going to put some capital to work here. What do you think, just broadly defined, are some of the biggest challenges that you&#x2019;re going to have for, again, redoing your playbook, growing maybe through acquisition and so on and so forth. What do you think are some of the challenges over the next several&#x00a0;years for you?</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">46.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;The most important thing that has to be accomplished in any business plan, but particularly one that&#x2019;s going to be high<FONT CLASS="nobreak">-growth</FONT> and where we&#x2019;re aiming for the stars in terms of very high returns to shareholders, is people. You&#x2019;ve got to assemble a world<FONT CLASS="nobreak">-class</FONT>&#x00a0;&#x2014;&#x00a0;real world<FONT CLASS="nobreak">-class</FONT>, not even first class&#x00a0;&#x2014;&#x00a0;a world<FONT CLASS="nobreak">-class</FONT> management team that&#x2019;s hard working, that&#x2019;s honest, that gets along well, that plays well in the sandbox together; is super smart, very focused; really understands what they&#x2019;re doing; they&#x2019;re on top of everything. And if you can get a management team assembled that&#x2019;s got those kind of superstars, the rest?&#x00a0;I won&#x2019;t say it&#x2019;s super easy, because nothing&#x2019;s super easy, but it&#x2019;s relatively easy.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">47.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Jess Menton:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;What&#x2019;s one of the top questions that you get from shareholders?</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">48.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Well, shareholders are always thinking about&#x00a0;&#x2014;&#x00a0;Well, it depends which shareholders we&#x2019;re talking about. So, there&#x2019;s two categories there. You have short<FONT CLASS="nobreak">-term</FONT> and long<FONT CLASS="nobreak">-term</FONT>. So, the hedge funds and some of the high<FONT CLASS="nobreak">-velocity</FONT> funds, they&#x2019;re very interested in the quarter, maybe the next quarter; at the most, the outlook for the next year. But the long<FONT CLASS="nobreak">-only</FONT> institutions who own, you know, 5%, 10%, 15% of a public company and are owning it for several&#x00a0;years, they&#x2019;re seeing way past that. They&#x2019;re not so interested in the quarter, although that&#x2019;s interesting, but it&#x2019;s not the real focus. The focus is, &#x201c;How are you going to grow the business? How are you going to grow this business over the next five&#x00a0;years; over the next 10&#x00a0;years? What kind of organic growth are you going to have? What kind of margin expansion are you going to have? What are you looking at in terms of return on capital? And what is the specific business plan and the levers we should watch in order to hold you accountable?&#x201d; Those are the kind of questions that the serious shareholders ask.</P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">6</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">49.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Paul Sweeney:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Alright. We&#x2019;ll be paying attention. We&#x2019;ll be watching the Bloomberg Terminal to see that headline go across. Brad Jacobs, he&#x2019;s Executive Chairman&#x00a0;&#x2014;&#x00a0;for now&#x00a0;&#x2014;&#x00a0;of XPO.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">50.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Not &#x201c;for now&#x2019;&#x201d;.&#x00a0;I&#x2019;m executive chairman.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">51.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Paul Sweeney:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Okay. He&#x2019;s got a new fund out there, folks. So, you know, keep an eye out on your Bloomberg Terminal to see what Brad and his team go for next. Brad Jacobs, Executive Chairman of XPO in our Bloomberg Interactive Brokers studio.</P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:8pt;"><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">The following is a transcript of an interview conducted by Fox Business of Brad Jacobs on December</FONT><FONT CLASS="nobreak"><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;"> </FONT></FONT><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">6, 2023. This transcript was prepared by a third party and has not been independently verified and may contain errors.</FONT></P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">1.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Charles Payne:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Well, my next guest is creating a new, billion<FONT CLASS="nobreak">-dollar</FONT>, publicly listed company designed specifically to make acquisitions. Wanna bringing out XPO executive chairman, Brad Jacobs. And Brad, so, here&#x2019;s the thing.&#x00a0;I know that you&#x2019;re specifically looking for companies in that AI space, which,&#x00a0;I&#x2019;m glad you&#x2019;re doing this, because the big question everyone asks me is, &#x201c;Outside of the picks and shovels, the Nvidias and AMDs of the world, how do you make money in AI?&#x201d;</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">2.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;So, first of all, great to see you, Charles. So,&#x00a0;I&#x2019;m not going to do an AI company.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">3.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Charles Payne:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Sure.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">4.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;I&#x2019;m going to do a company in the industrial space and use AI and robotics and technology and all the different forms of automation to improve the business.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">5.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Charles Payne:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Okay, so, walk us through how does that look, then. Because, the industrial, it&#x2019;s industrial<FONT CLASS="nobreak">-based</FONT>, which is, of course, is your background. And the applications, the robotics seem pretty obvious. The AI stuff, maybe not so much. But, then again,&#x00a0;I read that it&#x2019;s gonna cure everything.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">6.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;So,&#x00a0;I was in two board meetings this week&#x00a0;&#x2014;&#x00a0;XPO and GXO.&#x00a0;XPO is the trucking company and GXO is the warehousing company. AI was a big part of both agendas.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">7.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Charles Payne:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Right.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">8.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;People are using AI now for pricing. People are using AI to communicate with customers. People are using AI now to write marketing materials. People are using AI to do demand forecasting. People are using AI to do inventory management. It&#x2019;s moving very fast.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">9.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Charles Payne:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;You know, earlier, we were talking about productivity. We had the third<FONT CLASS="nobreak">-quarter</FONT> revision today. You know, unit labor cost down more than expected; productivity, you know, growing. We could be in the midst of another miracle productivity miracle. Obviously, AI&#x2019;s going to play a role in that. Could it play too big of a role? Could,&#x00a0;I mean, in terms of Main Street and job losses?</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">10.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Well, robotics and automation is not great for jobs, because, by definition, it replaces a human being with robots or types of automation. But AI should make the economy stronger. AI should make the economy more efficient. That should create jobs.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">11.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Charles Payne:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;XPO,&#x00a0;I just gotta give you a shoutout, because the company&#x2019;s been on fire. You got an upgrade today. Cowen,&#x00a0;I think, is like $96. They range the price. Stock&#x2019;s under a little bit of pressure, but you&#x2019;ve got a higher target yet again. We&#x2019;ve got a 20<FONT CLASS="nobreak">-year</FONT> chart on. It&#x2019;s been absolutely unstoppable. How have you been able to pull this off? Because it&#x2019;s a pretty enviable chart for most companies over the last 20&#x00a0;years.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">12.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Well, first&#x00a0;I need to give credit where credit is due.&#x00a0;I haven&#x2019;t been CEO for a year.&#x00a0;I&#x2019;ve been executive chairman. Mario Harik&#x2019;s been leading the team, doing a fantastic job executing on operational excellence.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">13.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Charles Payne:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;But as&#x00a0;I said, we&#x2019;ve got a 20<FONT CLASS="nobreak">-year</FONT> chart, so it&#x2019;s been going pretty good for a long time.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">14.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Oh yeah.</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">7</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">15.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Charles Payne:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;I just,&#x00a0;I like the humility, but still, you can take some, you can take a small bow. The reason&#x00a0;I mention that is because it&#x2019;s, it&#x2019;s been a tough environment. We call it &#x201c;a stock picker&#x2019;s market&#x201d;. This is certainly one people wish they would have been in. Let me segue outta that, though, because now we&#x2019;re talking about making money, and nothing could catch your attention more than <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">How to Make a Few Billion Dollars</FONT>.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">16.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Catchy title, right?</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">17.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Charles Payne:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Pretty good, yeah. This could get you number one on the list, just without any of that&#x00a0;&#x2014;</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">18.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;It is number one on Amazon.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">19.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Charles Payne:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;There you go. There you go. But, well, tell us how. Without giving away the entire book, give us some juicy tidbits.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">20.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;So, it&#x2019;s the same answer that&#x00a0;I was going to give to your last question, which is, how did we do that? How did we create 32x, original investors&#x2019; money, in XPO? How did we create over 100x return of investors&#x2019; original capital in United Rentals. It was by following a playbook and sticking to that playbook with discipline. And that playbook was do accretive acquisitions&#x00a0;&#x2014;&#x00a0;meaning, be disciplined on the price&#x00a0;&#x2014;&#x00a0;but buy good companies, put them together and get synergy between them. Find where there&#x2019;s duplicative costs. Find where there&#x2019;s opportunity to do cross<FONT CLASS="nobreak">-selling</FONT>. Find where there&#x2019;s opportunities to transfer best practices. Find opportunities to use technology. Find opportunities to upgrade the quality of management on all levels. That&#x2019;s the playbook, and that works.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">21.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Charles Payne:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;It does work. And, again, we just had the 20<FONT CLASS="nobreak">-year</FONT> chart to prove it. <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">How to Make a Few Billion Dollars. </FONT>Brad Jacobs, thank you so much.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">22.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Good to see you.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">23.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Charles Payne:</FONT>&#x00a0;&#x00a0;&#x00a0;&#x00a0;Great stuff, man.</P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:8pt;"><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">The following is a transcript of an appearance by Brad Jacobs on Yahoo! Finance on December</FONT><FONT CLASS="nobreak"><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;"> </FONT></FONT><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">6, 2023. This transcript was prepared by a third party and has not been independently verified and may contain errors.</FONT></P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">1.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Julie Hyman:&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>Alright, moving on. Let&#x2019;s talk about billionaire Brad Jacobs, founder of five publicly traded companies like freight transit company XPO and the world&#x2019;s largest equipment rental company, United Rentals. Well, Brad&#x2019;s back at it again with a new investment vehicle. Alongside minority co<FONT CLASS="nobreak">-investors</FONT>, he&#x2019;s going to funnel a billion dollars into software firm SilverSun Technologies. That cash will then be used for acquisitions at a later date, and Jacobs will become the chairman and CEO of SilverSun. He&#x2019;s here with us right now. He&#x2019;s still chairman of XPO.&#x00a0;It&#x2019;s great to see you, Brad. You also, by the way, oh, in your spare time, just wrote a book: <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">How to Make a Few Billion Dollars</FONT>.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">2.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>Thank you for reading it.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">3.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Julie Hyman:&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>Yeah. Sure! So, first&#x00a0;I have to ask you, because we, you know, we have talked and&#x00a0;I knew that you were looking, sort of, for your next chapter.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">4.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>Chapter... [points to book]</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">5.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Julie Hyman:&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>Ah,&#x00a0;I wasn&#x2019;t even doing that on purpose. So, why structure it in this particular way? So, it&#x2019;s interesting because you are buying this company, effectively, but you&#x2019;re going to get rid of what it does now and make it do whatever you want it to do. But why do this versus, say, a SPAC, or another kind of investment vehicle?</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">6.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>I don&#x2019;t like SPACs from the point of view of&#x00a0;I don&#x2019;t know that there&#x2019;s a real, fair alignment between the &#x201c;promoter&#x201d;, so to speak, and the investors. They don&#x2019;t put any money in, usually, and they get 20% off the top. What&#x00a0;I&#x2019;m doing is something very different. We&#x2019;re actually putting, we&#x2019;re putting our money where our mouth is. We&#x2019;re putting a billion dollars into a very small<FONT CLASS="nobreak">-cap</FONT> company who&#x2019;s $15&#x00a0;million or $20&#x00a0;million of market cap, as of a few&#x00a0;days ago. And then we&#x2019;re going to spin back that company to its legacy shareholders. We&#x2019;re going to give them a little </P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">8</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;text-indent:0pt;margin-top:8pt;">dividend, $2.5&#x00a0;million dollars. We&#x2019;re going to give them a little taste of the new company, like less than half a percent. Then we&#x2019;ll be left with a publicly traded company with a billion dollars of cash in it, and we&#x2019;re off to the races.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">7.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Julie Hyman:&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>And how did you pick this one?&#x00a0;I mean, could it almost have been any company?&#x00a0;I mean, what criteria then, because you&#x2019;re getting rid of that fundamental business?</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">8.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>I like the fact that it was small, so we had less dilution. You remember with XPO, we did a similar concept, where we had a company called Express<FONT CLASS="nobreak">-1</FONT> &#x2014;&#x00a0;which is where the ticker, &#x201c;X<FONT CLASS="nobreak">-P</FONT>&#x201d;, Express, &#x201c;One&#x201d; came from&#x00a0;&#x2014;&#x00a0;and we put $150&#x00a0;million into it, we did a PIPE into it, and we got about 70% of it. We had a lot of dilution. 30% made billions of dollars on our backs. So, this time, we&#x2019;re going to have over 99% of the company from the beginning. So, its small size actually was a benefit to us.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">9.<FONT STYLE="width: 20px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Julie Hyman:&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>Okay, so, businesses you&#x2019;ve done so far: oil brokerage; waste management; logistics; and now&#x00a0;&#x2014;</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">10.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>Equipment rental.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">11.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Julie Hyman:&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>Equipment rental&#x00a0;&#x2014;&#x00a0;a small one that&#x00a0;I forgot. So, what&#x2019;s this one going to be?</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">12.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>I&#x2019;m not going to tell you, yet. But&#x00a0;I will describe, in general, what&#x00a0;I&#x2019;ve been looking for for over a year, and what&#x00a0;I&#x2019;m soon going to announce, but not today.&#x00a0;I look for large industries. All the industries you just mentioned are ones that are hundreds of billions of dollars in size; some actually even over a trillion dollars. Why? Because&#x00a0;I want to create a company that&#x2019;s tens of billions of revenue. So,&#x00a0;I can&#x2019;t go to an industry that&#x2019;s only tens of billions of revenue, or else that&#x2019;s not realistic. So,&#x00a0;I look for large, large industries, ones where there&#x2019;s lots of companies to buy, where&#x00a0;I can do acquisitions and where it makes sense to do acquisitions. In other words, where 1 + 1 + 1 = more than three. And&#x00a0;I have found an industry that&#x00a0;I&#x2019;ll announce soon that meets those requirements.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">13.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Julie Hyman:&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>So, in in looking through this book and in learning a little bit about your thought process, it is not a traditional thought process.&#x00a0;I think it&#x2019;s&#x00a0;&#x2014;</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">14.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>Well,&#x00a0;I&#x2019;ll take that as a compliment, Julie.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">15.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Julie Hyman:&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>And&#x00a0;I, and&#x00a0;I mean it as one.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">16.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>Because if you have traditional thought processes, you have traditional results.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">17.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Julie Hyman:&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>Exactly. So, as you&#x2019;re thinking about what industry you want to get into, what are you, how have you been trying to find it? What are the sort of, you know, types of methods like you described in the book that you&#x2019;re using?</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">18.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>Oh,&#x00a0;I&#x2019;ve looked at so many industries in the last year. It&#x2019;s been fun; very intellectually stimulating, and&#x00a0;I&#x2019;ve learned tons and tons about many, many industries. But&#x00a0;I ruled out almost all of them, because they didn&#x2019;t check all the boxes&#x00a0;I was looking for. Either they were not terribly profitable industries or they were way over<FONT CLASS="nobreak">-valued</FONT>, in my humble opinion, or acquisition wasn&#x2019;t really the proper way to go for that industry, or there was no way to apply technology to improve the business, or&#x00a0;I couldn&#x2019;t bring some of the management techniques that have worked so well at United Rentals and at XPO and United Waste.&#x00a0;I couldn&#x2019;t apply it there. So,&#x00a0;I studied a bunch of stuff, but crossed almost all of them out. But&#x00a0;I did find one that&#x00a0;I like.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">19.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Julie Hyman:&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>Well, and it&#x2019;s interesting to hear you describe this, because with the passing of Charlie Munger recently, you know,&#x00a0;I was struck by his commentary that what he did got more and more difficult as time went on, especially because everything, he said, was overvalued at a certain point. So, now that you&#x2019;ve been at this a little while, is it a lot harder, now, to find something than it was?</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">20.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>So, two things there. One is, it&#x2019;s a lot easier to do the business plan now, because&#x00a0;I&#x2019;ve made every mistake in the book and&#x00a0;I&#x2019;ve learned from them all, and&#x00a0;I&#x2019;ve learned what worked and </P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">9</P>



	<DIV CLASS="Basic-Text-Frame" STYLE="margin:0;padding:0;border-width:0;">
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;text-indent:0pt;margin-top:8pt;">what made all these companies very, very successful. In terms of finding something, there&#x2019;s always something out there.&#x00a0;I mean, you&#x2019;re not looking for everything. You&#x2019;re looking for one thing. So, it&#x2019;s not, it&#x2019;s no harder now than it was in the past. And, in some ways, it&#x2019;s easier because&#x00a0;I couldn&#x2019;t have looked at hundreds and hundreds of deal flow, like&#x00a0;I did the last year, 15&#x00a0;years ago. The world wasn&#x2019;t as small and my relationships weren&#x2019;t as strong, either.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">21.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Julie Hyman:&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>So, you know, How to Make a Few Billion Dollars is the title of the book, which is, you know, a little bit funny, obviously, to a certain extent. But you know, you have done this. You know other people who have done this. What is sort of the characteristic of people who are able to build these kinds of businesses and make a few billion dollars? What really stands out to you that makes those people different?</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">22.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>Many things, but if&#x00a0;I had to just pick one,&#x00a0;I would say it&#x2019;s the way people think. Thinking in a way that problems are friends and not enemies. Thinking in a way where you can rearrange your brain to stay cool in the midst of all the incoming missiles that you get. Figuring out ways to think very big, very, very, very big and moving extremely fast. Those kind of, it&#x2019;s really psychological,&#x00a0;I would say was the main thing is, psychological differences that in some ways are abnormal and in some ways are very helpful.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">23.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Julie Hyman:&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>And&#x00a0;I think that was the thing that struck me about the book, thus far, is that whole &#x201c;think different&#x201d;, right. It struck me how much you were striving to do just that.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">24.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>Yeah</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">25.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Julie Hyman:&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>So, Brad, thanks for coming in. Obviously, we&#x2019;re going to keep in touch and learn what you, what this industry is that you&#x2019;re going to be getting into.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">26.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Brad Jacobs:&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>Great to see you.</P>
		<P CLASS="NL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;">27.<FONT STYLE="width: 13px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Julie Hyman:</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT>Appreciate it.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Cautionary statement regarding </FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">forward-looking</FONT><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;"> statements</FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:8pt;">This communication contains forward<FONT CLASS="nobreak">-looking</FONT> statements. Statements that are not historical facts, including statements about beliefs or expectations, are forward<FONT CLASS="nobreak">-looking</FONT> statements. These statements are based on plans, estimates, expectations and projections at the time the statements are made, and readers should not place undue reliance on them. In some cases, readers can identify forward<FONT CLASS="nobreak">-looking</FONT> statements by the use of forward<FONT CLASS="nobreak">-looking</FONT> terms such as &#x201c;may,&#x201d; &#x201c;will,&#x201d; &#x201c;should,&#x201d; &#x201c;expect,&#x201d; &#x201c;opportunity,&#x201d; &#x201c;intend,&#x201d; &#x201c;plan,&#x201d; &#x201c;anticipate,&#x201d; &#x201c;believe,&#x201d; &#x201c;estimate,&#x201d; &#x201c;predict,&#x201d; &#x201c;potential,&#x201d; &#x201c;target,&#x201d; &#x201c;goal,&#x201d; or &#x201c;continue,&#x201d; or the negative of these terms or other comparable terms. Forward<FONT CLASS="nobreak">-looking</FONT> statements involve inherent risks and uncertainties and readers are cautioned that a number of important factors could cause actual results to differ materially from those contained in any such forward<FONT CLASS="nobreak">-looking</FONT> statements. Factors that could cause actual results to differ materially from those described herein include, among others:</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;<FONT STYLE="width: 27px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT></FONT>uncertainties as to the completion of the equity investment, the separation by SilverSun Technologies, Inc. (the &#x201c;Company&#x201d;) of its existing business into SilverSun Technologies Holdings, Inc. (the &#x201c;spin<FONT CLASS="nobreak">-off</FONT>&#x201d;) and the other transactions contemplated by the investment agreement by and among Jacobs Private Equity&#x00a0;II, LLC, the Company and the other parties thereto (the &#x201c;Investment Agreement&#x201d;), including the risk that one or more of the transactions may involve unexpected costs, liabilities or delays;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;<FONT STYLE="width: 27px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT></FONT>the risks associated with the Company&#x2019;s relatively low public float, which may result in its common stock experiencing significant price volatility;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;<FONT STYLE="width: 27px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT></FONT>the possibility that competing transaction proposals may be made;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;list-style-type:none;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;<FONT STYLE="width: 27px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT></FONT>the risks associated with raising additional equity or debt capital from public or private markets to pursue acquisitions or other strategic investments, including in an amount that may significantly exceed the initial equity investment, and the effects that raising such capital may have on the Company&#x2019;s business and the trading price of the Company&#x2019;s common stock, including the possibility of substantial dilution;</P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">10</P>



	<DIV CLASS="Basic-Text-Frame" STYLE="margin:0;padding:0;border-width:0;">
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;list-style-type:none;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;<FONT STYLE="width: 27px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT></FONT>the possibility that additional future financings may not be available to the Company on acceptable terms or at all;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;<FONT STYLE="width: 27px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT></FONT>the effects that the announcement, pendency or consummation of the equity investment, the spin<FONT CLASS="nobreak">-off</FONT> and the other transactions contemplated by the Investment Agreement may have on the Company and its current or future business and on the price of the Company&#x2019;s common stock;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;<FONT STYLE="width: 27px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT></FONT>the possibility that an active, liquid trading market for the Company&#x2019;s common stock may not develop or, if developed, may not be sustained;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;<FONT STYLE="width: 27px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT></FONT>the possibility that the warrants, if issued, may not be exercised;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;<FONT STYLE="width: 27px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT></FONT>the possibility that various closing conditions for the equity investment, the spin<FONT CLASS="nobreak">-off</FONT> and the other transactions contemplated by the Investment Agreement may not be satisfied or waived, or any other required consents or approvals may not be obtained within the expected timeframe, on the expected terms, or at all, including the possibility that the Company may fail to obtain stockholder approval for the transactions contemplated by the Investment Agreement;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;<FONT STYLE="width: 27px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT></FONT>the effects that a termination of the Investment Agreement may have on the Company, including the risk that the price of the Company&#x2019;s common stock may decline significantly if the equity investment is not completed;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;<FONT STYLE="width: 27px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT></FONT>the risk that the spin<FONT CLASS="nobreak">-off</FONT> may be more difficult, time<FONT CLASS="nobreak">-consuming</FONT> or costly than expected or the possibility that the anticipated benefits of the spin<FONT CLASS="nobreak">-off</FONT> may not be realized;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;<FONT STYLE="width: 27px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT></FONT>uncertainties regarding the Company&#x2019;s focus, strategic plans and other management actions;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;<FONT STYLE="width: 27px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT></FONT>the risk that the Company, following the closing of the equity investment, is or becomes highly dependent on the continued leadership of Jacobs as chairman and chief executive officer and the possibility that the loss of Jacobs in these roles could have a material adverse effect on the Company&#x2019;s business, financial condition and results of operations;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;<FONT STYLE="width: 27px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT></FONT>the risk that Jacobs&#x2019; past performance may not be representative of future results;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;<FONT STYLE="width: 27px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT></FONT>the risk that the Company is unable to attract or retain world<FONT CLASS="nobreak">-class</FONT> talent;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;<FONT STYLE="width: 27px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT></FONT>the risk that the Company may be unable to identify suitable acquisition candidates or expeditiously consummate any particular acquisition candidate on acceptable terms or at all;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;<FONT STYLE="width: 27px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT></FONT>the risk that the failure to consummate an acquisition expeditiously, or at all, could have a material adverse effect on the Company&#x2019;s business prospects, financial condition, results of operations or the price of the Company&#x2019;s common stock;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;<FONT STYLE="width: 27px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT></FONT>the risk that the Company may fail to satisfy the ongoing requirements of Nasdaq if it is unable to expeditiously consummate an acquisition following the consummation of the spin<FONT CLASS="nobreak">-off</FONT>;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;<FONT STYLE="width: 27px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT></FONT>the risks associated with cybersecurity and technology, including attempts by third parties to defeat the security measures of the Company and its business partners, and the loss of confidential information and other business disruptions;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;<FONT STYLE="width: 27px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT></FONT>the possibility that new investors in any future financing transactions could gain rights, preferences, and privileges senior to those of the Company&#x2019;s existing stockholders;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;<FONT STYLE="width: 27px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT></FONT>the risks associated with the uncertain nature of the building products distribution industry in which Jacobs, upon becoming chairman and chief executive officer of the Company, plans to pursue acquisitions after consummation of the transactions contemplated by the Investment Agreement;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;list-style-type:none;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;<FONT STYLE="width: 27px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT></FONT>the possibility that industry demand may soften or shift substantially due to the cyclicality and seasonality of the building products distribution industry and its dependence on general economic conditions, including inflation or deflation, interest rates, consumer confidence, labor and supply shortages, weather and commodity prices;</P>
		</DIV>

		<P CLASS="RRH" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin: 10px 0px 10px 0pt; page-break-after: always; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">11</P>



	<DIV CLASS="_idGenObjectStyleOverride-1" STYLE="margin:0;padding:0;border-width:0;border-width:0pt;">
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;list-style-type:none;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;<FONT STYLE="width: 27px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT></FONT>the possibility that regional or global barriers to trade or a global trade war could increase the cost of products in the building products distribution industry, which could adversely impact the competitiveness of such products and the financial results of businesses in the industry;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;<FONT STYLE="width: 27px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT></FONT>the risks associated with potential litigation related to the transactions contemplated by the Investment Agreement or related to any possible subsequent financing transactions or acquisitions or investments;</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;<FONT STYLE="width: 27px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT></FONT>uncertainties regarding general economic, business, competitive, legal, regulatory, tax and geopolitical conditions; and</P>
		<P CLASS="BL_m" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:48pt;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-24pt;widows:3;margin-top:8pt;"><FONT CLASS="bullet" STYLE="font-size:10pt;">&#x2022;<FONT STYLE="width: 27px;display: inline-block;">&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;&#x00a0;</FONT></FONT>other factors, including those set forth in the Company&#x2019;s filings with the U.S.&#x00a0;Securities and Exchange Commission, including its Annual Report on Form&#x00a0;10<FONT CLASS="nobreak">-K</FONT> for the fiscal year ended December<FONT CLASS="nobreak">&#x00a0;</FONT>31, 2022 and subsequent Quarterly Reports on Form&#x00a0;10<FONT CLASS="nobreak">-Q</FONT>.</P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-left:24pt;margin-top:8pt;">Forward<FONT CLASS="nobreak">-looking</FONT> statements herein speak only as of the date each statement is made. Neither the Company nor any person undertakes any obligation to update any of these statements in light of new information or future events, except to the extent required by applicable law.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Additional information and where to find it</FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:8pt;">In connection with the proposed equity investment, the Company will prepare a proxy statement to be filed with the U.S.&#x00a0;Securities and Exchange Commission (the &#x201c;SEC&#x201d;). When completed, a definitive proxy statement and a form of proxy will be mailed to the stockholders of the Company. THE COMPANY&#x2019;S STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT REGARDING THE PROPOSED TRANSACTIONS BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION.&#x00a0;The Company&#x2019;s stockholders will be able to obtain, without charge, a copy of the proxy statement (when available) and other relevant documents filed with the SEC from the SEC&#x2019;s website at <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">http:</FONT><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">//</FONT><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">www.sec.gov</FONT>. The Company&#x2019;s stockholders will also be able to obtain, without charge, a copy of the proxy statement and other relevant documents (when available) from the Company&#x2019;s website at <FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">https:</FONT><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">//</FONT><FONT CLASS="Italic" STYLE="font-style:italic;font-weight:normal;">www.silversuntech.com</FONT> or by written request to the Company at 120 Eagle Rock Avenue, East Hanover, New Jersey 07936.</P>
		<P CLASS="H2" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:12pt;"><FONT CLASS="Bold" STYLE="font-style:normal;font-weight:bold;">Participants in the solicitation</FONT></P>
		<P CLASS="Text_flush" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:8pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:8pt;">Jacobs Private Equity&#x00a0;II, LLC and the Company and its directors and officers may be deemed to be participants in the solicitation of proxies from the Company&#x2019;s stockholders with respect to the proposed equity investment and the other transactions contemplated by the Investment Agreement. Information about the Company&#x2019;s directors and executive officers and their ownership of the Company&#x2019;s common stock is set forth in the proxy statement for the Company&#x2019;s 2023 Annual Meeting of Stockholders, which was filed with the SEC on November&#x00a0;27, 2023. The interests of the Company and its directors and executive officers with regard to the proposed equity investment may differ from the interests of the Company&#x2019;s stockholders generally, and stockholders may obtain additional information by reading the proxy statement and other relevant documents regarding the proposed equity investment and the other transactions contemplated by the Investment Agreement, when filed with the SEC.</P>
		</DIV>

		<P CLASS="LRH" STYLE="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:1;page-break-after:auto;page-break-before:auto;text-align:center;text-indent:0;widows:1;margin: 10px 0px 10px 0pt; border-bottom: 1px solid; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">12</P>



</DIV></BODY></HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
