<SEC-DOCUMENT>0000921895-25-001157.txt : 20250425
<SEC-HEADER>0000921895-25-001157.hdr.sgml : 20250425
<ACCEPTANCE-DATETIME>20250424202545
ACCESSION NUMBER:		0000921895-25-001157
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250425
DATE AS OF CHANGE:		20250424

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Brookdale Senior Living Inc.
		CENTRAL INDEX KEY:			0001332349
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-NURSING & PERSONAL CARE FACILITIES [8050]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				203068069
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32641
		FILM NUMBER:		25869452

	BUSINESS ADDRESS:	
		STREET 1:		105 WESTWOOD PLACE
		STREET 2:		SUITE 400
		CITY:			BRENTWOOD
		STATE:			TN
		ZIP:			37027
		BUSINESS PHONE:		(615) 221-2250

	MAIL ADDRESS:	
		STREET 1:		105 WESTWOOD PLACE
		STREET 2:		SUITE 400
		CITY:			BRENTWOOD
		STATE:			TN
		ZIP:			37027

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ortelius Advisors, L.P.
		CENTRAL INDEX KEY:			0001804502
		ORGANIZATION NAME:           	
		EIN:				300870509
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		450 PARK AVENUE, SUITE 2700
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		917-595-5010

	MAIL ADDRESS:	
		STREET 1:		450 PARK AVENUE, SUITE 2700
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
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<SEQUENCE>1
<FILENAME>dfan14a11126009_04242025.htm
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITIES
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">SCHEDULE 14A INFORMATION</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Amendment No. )</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Preliminary Proxy Statement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Definitive Proxy Statement</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 100%; text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">BROOKDALE SENIOR LIVING INC.</P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Registrant as Specified In Its Charter)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ORTELIUS ADVISORS, L.P.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PANGAEA VENTURES, L.P.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ORTELIUS ADVISORS GP I, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PETER DESORCY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">STEVEN J. INSOFT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PAULA J. POSKON</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">FRANK J. SMALL</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">IVONA SMITH</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">STEVEN L. VICK</P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">LORI B. WITTMAN</P>
</TD></TR>
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    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Persons(s) Filing Proxy Statement, if other than the Registrant)</P>

</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Ortelius Advisors, L.P.,
a Delaware limited partnership, together with the other participants named herein (&ldquo;Ortelius&rdquo;), intends to file a preliminary
proxy statement and accompanying <B>WHITE</B> universal proxy card with the Securities and Exchange Commission to be used to solicit proxies
with respect to the election of Ortelius&rsquo; slate of highly qualified director candidates at the 2025 annual meeting of stockholders
of Brookdale Senior Living Inc., a Delaware corporation (the &ldquo;Company&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">On April 24, 2025, Ortelius
issued the following letter to the Company&rsquo;s stockholders:</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center">Ortelius Outlines Pathways to Build and Unlock Sustainable
Long-Term Value for Brookdale Senior Living Inc. Stockholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Issues Letter to Stockholders that Identifies Multiple
Paths to Value Creation for Brookdale</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Departure of Long Time CEO Cindy Baier in the Face
of Ortelius&rsquo; Campaign Just the First Step in Holding Board Accountable</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>We Believe Ortelius&rsquo; Nominees have the Skills
and Experience Necessary to Oversee the Execution of Its Strategic Plan to Drive Real Change for Stockholders</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NEW YORK, April 24, 2025--Ortelius Advisors, L.P.
today issued the following open letter to fellow stockholders of Brookdale Senior Living Inc. (NYSE: BKD). The full text of the letter
follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">April 24, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">Fellow Brookdale Senior
Living Stockholders,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">Over the past seven years,
investors in Brookdale Senior Living Inc. (&ldquo;Brookdale&rdquo; or the &ldquo;Company&rdquo;) have witnessed the massive destruction
of stockholder value, spearheaded by the Company&rsquo;s Board of Directors (the &ldquo;Board&rdquo;), and a management team led by former
CEO Lucinda (&ldquo;Cindy&rdquo;) Baier, whom the Board <FONT STYLE="background-color: white">supported and defended.</FONT> During that
period:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt; background-color: rgb(254,254,254)"><TR STYLE="text-align: left; vertical-align: bottom">
<TD STYLE="width: 0.25in"></TD><TD STYLE="vertical-align: bottom; height: 0; width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#167;</FONT></TD><TD STYLE="text-align: justify">Brookdale&#8217;s stock price dropped 39%, and underperformed benchmarks by 165 percentage points<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT></TD></TR></TABLE>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 5pc; margin-top: 12pt">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT> Bloomberg as of February 21, 2025. Stock price change represents the change from February 21, 2018 to February 21, 2025. Returns are adjusted for dividends. See Ortelius Advisors, L.P. <I>Letter to Stockholders</I>, March 5, 2025 for benchmark performance figures.</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt; background-color: rgb(254,254,254)"><TR STYLE="vertical-align: bottom; text-align: left">
<TD STYLE="width: 0.25in"></TD><TD STYLE="vertical-align: bottom; width: 0.25in; height: 0; text-align: left"><FONT STYLE="font-family: Wingdings">&#167;</FONT></TD><TD STYLE="text-align: justify">The Company&#8217;s occupancy rate dropped from 85.2% to 79.4%<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT>,
versus 88.8% to 87.2%<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3</SUP></FONT> for the senior housing industry</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt; background-color: rgb(254,254,254)"><TR STYLE="vertical-align: bottom; text-align: left">
<TD STYLE="width: 0.25in"></TD><TD STYLE="vertical-align: bottom; text-align: left; width: 0.25in"><FONT STYLE="font-family: Wingdings">&#167;</FONT></TD><TD STYLE="text-align: justify">A<FONT STYLE="background-color: white">nnual net operating income margins fell from 32.5% to 26.8%<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>4</SUP></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt; background-color: rgb(254,254,254)"><TR STYLE="text-align: left; vertical-align: bottom">
<TD STYLE="width: 0.25in"></TD><TD STYLE="vertical-align: bottom; width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#167;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">Average annual adjusted EBITDA margins declined from 14.8% in 2011
- 2017, to 9.4% in 2018 - 2024<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>5</SUP></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt; background-color: rgb(254,254,254)"><TR STYLE="text-align: left; vertical-align: bottom">
<TD STYLE="width: 0.25in"></TD><TD STYLE="vertical-align: bottom; width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#167;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">Cumulative free cash flow imploded</FONT> from $304 million in 2011
- 2017, to negative $660 million in 2018 - 2024<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>6</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt; background-color: rgb(254,254,254)"><TR STYLE="text-align: left; vertical-align: bottom">
<TD STYLE="width: 0.25in"></TD><TD STYLE="vertical-align: bottom; width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#167;</FONT></TD><TD STYLE="text-align: justify">Brookdale&#8217;s tangible book value per share plunged 83%, from $5.49 to $0.93<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>7</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">Consequently, Ortelius
Advisors, L.P. (&ldquo;Ortelius&rdquo; or &ldquo;we&rdquo;) nominated six highly qualified, independent director candidates for election
to the Board at the Company&rsquo;s 2025 Annual Meeting of Stockholders to effect meaningful change, and hold the Board and management
team accountable for Brookdale&rsquo;s dismal results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">The Board reacted by hastily
announcing a transition plan for the Company&rsquo;s CEO, including the formation of a CEO Search Committee led by Denise W. Warren, who
has served on the Board for most of the former CEO&rsquo;s tenure, and a review of &ldquo;potential governance enhancements&rdquo;. Following
years of defending Brookdale&rsquo;s CEO, despite the Company&rsquo;s abysmal performance, and acting only after our launch of a director
election contest, we believe that <FONT STYLE="background-color: white">the Board&rsquo;s actions are &ldquo;too little, too late&rdquo;.
Brookdale stockholders deserve more and better, and </FONT>Ortelius <FONT STYLE="background-color: white">remains committed to holding
each of the Company&rsquo;s directors responsible, providing viable paths to reversing Brookdale&rsquo;s decline, and maximizing long-term
stockholder value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>MAXIMIZE STOCKHOLDER VALUE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Ortelius targets holding companies, or conglomerates
with disparate business segments, whose &ldquo;sum-of-the-parts&rdquo; is worth significantly more than the current market price, and
invests in businesses whose asset values and free cash flows are materially underappreciated in the marketplace.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 5pc; margin-top: 12pt">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT> Brookdale Senior Living Inc., <I>Brookdale Senior Living Supplemental Information 4<SUP>th</SUP> Quarter 2017</I>. Brookdale Senior Living Inc., <I>Brookdale Senior Living Supplemental Information 4<SUP>th</SUP> Quarter 2024</I>. Senior housing occupancy per Brookdale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT> National Investment Center for Senior Housing and Care (NIC), <I>NIC MAP Vision</I>. Overall senior housing combines majority IL and majority AL properties. Data for the Market Fundamentals is representative of the top 31 primary metropolitan markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>4</SUP></FONT> Brookdale Senior Living Inc., <I>Brookdale Senior Living Supplemental Information 4<SUP>th</SUP> Quarter 2017</I>. Brookdale Senior Living Inc., <I>Brookdale Senior Living Supplemental Information 4<SUP>th</SUP> Quarter 2024</I>. Figures are segment operating margin for all segments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>5</SUP></FONT> Brookdale Senior Living Inc., 10-K filings, 2011 to 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>6</SUP></FONT> Free cash flow is defined as operating cash flow minus capital expenditures. Operating cash flow is net cash provided by operating activities per 10-K filings. Cumulative free cash flow is the sum of annual free cash flows for the period noted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>7</SUP></FONT> Tangible book value per share as of December 31, 2017 and December 31, 2024. Calculations use basic shares outstanding as of February 20, 2018 and February 17, 2025. Tangible book value is defined as total assets minus goodwill minus total liabilities. Tangible book value per share is defined as tangible book value divided by basic shares outstanding.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Regarding the Company, we strongly believe that there
are multiple ways to win, and many paths to building and unlocking intrinsic value over the near- and long-term, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#167;</FONT></TD><TD STYLE="text-align: justify">monetizing the underperforming owned properties</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#167;</FONT></TD><TD STYLE="text-align: justify">improving Brookdale&#8217;s financials</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#167;</FONT></TD><TD STYLE="text-align: justify">reducing mortgage debt</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#167;</FONT></TD><TD STYLE="text-align: justify">eliminating the leased portfolio</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#167;</FONT></TD><TD STYLE="text-align: justify">unlocking the value of the real estate</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#167;</FONT></TD><TD STYLE="text-align: justify">reviewing strategic alternatives</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#167;</FONT></TD><TD STYLE="text-align: justify">installing a new management team; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#167;</FONT></TD><TD STYLE="text-align: justify">refreshing the Board</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Brookdale&rsquo;s &ldquo;parts&rdquo; comprise the
following<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>8</SUP></FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#167;</FONT></TD><TD STYLE="text-align: justify">353 owned properties, the (&#8220;<B>PropCo</B>&#8221;)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#167;</FONT></TD><TD STYLE="text-align: justify">266 leased facilities, the (&#8220;<B>LeaseCo</B>&#8221;)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#167;</FONT></TD><TD STYLE="text-align: justify">406 of the 619 communities, or 66% of the owned and leased portfolios, reported occupancy rates of greater
than 75%, the (&#8220;<B>GoodCo</B>&#8221;)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#167;</FONT></TD><TD STYLE="text-align: justify">213 of the 619 communities, or 34% of the owned and leased portfolios, reported occupancy rates of less
than 75%, the (&#8220;<B>BadCo</B>&#8221;)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>MONETIZE UNDERPERFORMING OWNED PROPERTIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A newly installed Board, supported by the owners of
the Company, should immediately begin to evaluate the monetization of the BadCo owned properties. Per the JLL Seniors Housing and Care
Investor Survey and Outlook, 4Q 2024 rolling four-quarter seniors housing transaction dollar volume in the U.S. was in excess of $10 billion,
demonstrating abundant deal flow. Over the last 10 years, annual transaction dollar volume peaked at $14 billion in 2015, bottomed out
at $6 billion in 2020, and averaged in excess of $9 billion.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>9</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The remaining GoodCo owned properties would yield
higher occupancy rates, rents, NOI, NOI margins, adjusted funds from operations, free cash flow, and valuations; and lower capitalization
rates and loan-to-value ratios. Additionally, Brookdale would gain pricing power, enjoy operating leverage, eliminate BadCo PropCo capital
expenditures, and rationalize costs for the smaller footprint, further improving financial performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>8</SUP></FONT> Brookdale Senior Living Inc., <I>Brookdale Senior Living Supplemental Information 4<SUP>th</SUP> Quarter 2024</I>. Figures represent property count as reported by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>9</SUP></FONT> Jones Lang LaSalle Incorporated (JLL), <I>Seniors Housing and Care Investor Survey and Trends Outlook</I>, Spring 2025.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>REDUCE MORTGAGE DEBT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Brookdale should use the proceeds from monetizing
the BadCo owned properties to pay down mortgage debt, which would improve credit quality, and lower loan-to-value ratios and borrowing
costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>ELIMINATE LEASED PORTFOLIO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company should also eliminate its poorly performing
LeaseCo. The leased portfolio <FONT STYLE="background-color: white">average annual </FONT>adjusted EBITDA margin was a meager 1.0% in
<FONT STYLE="background-color: white">2018 through 2024<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>10</SUP></FONT>,
and </FONT>highly dilutive, and pro-forma free cash flow generation is questionable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Driven by rising senior housing expectations, landlords
are increasingly converting triple-net leases to RIDEA (REIT Investment Diversification and Empowerment Act of 2007), which exploits NOI
growth rates in excess of 3% rent increases, improves financial performance, and boosts stockholder value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In particular, Ventas, Inc. (&ldquo;Ventas&rdquo;)
and Welltower Inc. (&ldquo;Welltower&rdquo;), accounting for roughly 75% of Brookdale&rsquo;s leased facilities, have significant and
growing exposure, representing approximately 70% of their revenues and 45% of their net operating income. Ventas&rsquo; RIDEA bucket comprises
629 properties, and Welltower&rsquo;s senior housing operating portfolio owns 1,232 communities.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>11</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On the 2Q 2024 Ventas earnings call, Mizuho analyst
Vikram Malhotra asked:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>&ldquo;Could you just give us an update
on the Brookdale leases that come due next year? Just what the metrics are in terms of coverage or just latest thoughts on what you might
do there?&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">J. Justin Hutchens, Ventas Executive VP and Senior
Housing/Chief Investment Officer, replied:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>&ldquo;So really, if this portfolio were
to make its way to our SHOP portfolio [RIDEA], we would be very happy.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: white">Months later, on December 19, 2024,
Ventas released the following statement regarding the Brookdale Master Lease Agreement:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>&ldquo;The forty-four SHOP conversion
communities will increase our SHOP footprint and expected growth rate by adding assets in markets that should support strong net absorption
during the next few years. As we have in previous transitions, we expect to capture significant occupancy and NOI upside.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 5pc; margin-top: 12pt">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>10</SUP></FONT> Brookdale Senior Living Inc., <I>Brookdale Senior Living Supplemental Information, </I>2018 to 2024 quarterly documents<I>. </I>Revenue figures include other operating income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>11</SUP></FONT> Ventas, Inc. and Welltower Inc. 10-K filings, 2024.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><I>The agreements enable Ventas to accelerate the conversion
of forty-four select large-scale senior housing communities with significant upside potential (the &ldquo;SHOP Communities&rdquo;) to
its Senior Housing Operating Portfolio (&ldquo;SHOP&rdquo;) starting September 1, 2025, to grow its SHOP footprint in attractive markets
and to increase its expected SHOP growth rate. Brookdale has agreed to cooperate in the transition process. The SHOP Communities represent
a majority of the units covered by the current Master Lease.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><I>The Company intends to leverage Ventas OI<SUP>TM</SUP> and
deploy its active asset management playbook to reach, and then exceed, market levels of occupancy and double the NOI over time. The playbook
is expected to include engaging aligned, proven, local market-focused operators and refreshing the communities.&rdquo;</I> <FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>12</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>UNLOCK REAL ESTATE VALUE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Upon monetizing the underperforming owned properties,
reducing mortgage debt, and eliminating the leased portfolio, the remaining entity <FONT STYLE="background-color: white">would be a pure
play on the </FONT>GoodCo owned properties, valued on NOI and capitalization rates, versus a senior housing operator, valued on lower
EBITDA and EBITDA multiples.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Fueled by secular demographic tailwinds, and a supply/demand
imbalance, revenues should continue to grow by mid-single digits, driven by occupancy rate and rent gains. While the Company&rsquo;s weighted
average occupancy rate (owned portfolio) was a dismal 78.6% in 4Q 2024, the historic high occupancy rate (owned and leased portfolios)
was 89.0% in 4Q 2013, and the GoodCo occupancy rate (owned and leased communities greater than 75%) was in the high-80&rsquo;s in 4Q 2024.
And while NOI margins (owned portfolio) were a substandard 24.7% in 2024, NOI margins (owned and leased portfolios) were 36.5% in 2013.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>13</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In light of favorable industry dynamics, the GoodCo
owned properties should generate substantial revenue, occupancy rates in excess of 90%, significant NOI, NOI margins in excess of 30%,
and meaningful free cash flow. And per the JLL Seniors Housing and Care Investor Survey and Outlook, and according to data from NIC MAP,
average 4Q 2024 capitalization rates for seniors housing were 6.5% (Ventas and Welltower, which generate mid-80&rsquo;s occupancy rates
and approximately 30% NOI margins<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>14</SUP></FONT>, are afforded lower capitalization
rates). Over the last 10 years, year-end capitalization rates bottomed out at 5.5% in 2021, peaked at 7.5% in 2016, and averaged 6.5%.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>15</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 5pc; margin-top: 12pt">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>12</SUP></FONT> Ventas, Inc., <I>Ventas Reaches Mutually Beneficial Agreements with Brookdale Senior Living</I>, December 19, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>13</SUP></FONT> Brookdale Senior Living Inc., <I>Corporate Overview &ndash; select financial information</I>, as of December 31, 2013, Brookdale Senior Living Inc., <I>Brookdale Senior Living Supplemental Information 4<SUP>th</SUP> Quarter 2024</I> and Brookdale Senior Living Inc., <I>Investor Presentation</I>, February 18, 2025, and Brookdale Senior Living Inc., 10-K filing 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>14</SUP></FONT> Ventas, Inc. and Welltower Inc. 10-K filings, 2024. NOI figures are adjusted for an assumed five percent management fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>15</SUP></FONT> Jones Lang LaSalle Incorporated (JLL), <I>Seniors Housing and Care Investor Survey and Trends Outlook</I>, Spring 2025 and National Investment Center for Senior Housing and Care (NIC), <I>NIC MAP Vision</I>. Overall senior housing combines majority IL and majority AL properties. Data for the Market Fundamentals is representative of the top 31 primary metropolitan markets.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Consequently, Ortelius believes that the GoodCo
owned properties&rsquo; equity is worth billions of dollars &ndash; multiples of Brookdale&rsquo;s current market capitalization.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white"><B>REFRESH THE
BOARD</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE"><FONT STYLE="background-color: white">We
believe that stockholders support our drive for a new Board, and a new direction. Notably</FONT>, <FONT STYLE="background-color: white">Brookdale&rsquo;s
stock price rose 8% on heavy volume on March</FONT> 5, 2025<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>16</SUP></FONT><FONT STYLE="background-color: white">,
following our </FONT>nomination of six candidates for election to the Board, and jumped 9<FONT STYLE="background-color: white">% on heavy
volume </FONT>on April 14, 2025<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>17</SUP></FONT>, after C<FONT STYLE="background-color: white">indy
Baier&rsquo;s departure.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">Ortelius&rsquo;
</FONT>independent director candidates, each with 25 to 35 years of experience in Senior Housing, Real Estate, REITs, Acquisitions/Divestitures,
Financial Restructurings, Operational Restructurings, Turnarounds, Operations, Capital Markets, Investment Banking, and Stockholder Communications,
are well-qualified to oversee our plan to build and unlock intrinsic value, and maximize stockholder value. Additionally, Ortelius&rsquo;
nominees can provide leadership, and ensure operational stability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">After years of missteps and shortcomings, stockholders
have lost confidence in t<FONT STYLE="background-color: white">he incumbent Board&rsquo;s </FONT>decision-making abilities, and the Board
<FONT STYLE="background-color: white">cannot be trusted to take decisive action, necessary after the vast destruction of stockholder value,
and put stockholders first. In the coming weeks, Ortelius looks forward to providing additional details, and earning your support.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Peter DeSorcy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Managing Member</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ortelius Advisors, L.P.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTAIN INFORMATION CONCERNING THE PARTICIPANTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ortelius Advisors, L.P., a Delaware limited partnership
(&ldquo;OA&rdquo;), together with the other participants named herein, intend to file a preliminary proxy statement and accompanying <B>WHITE</B>
universal proxy card with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) to be used to solicit votes for the election of their
slate of highly-qualified director nominees at the 2025 annual meeting of stockholders of Brookdale Senior Living Inc., a Delaware corporation
(the &ldquo;Company&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">OA STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY
TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING A PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC&rsquo;S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS
IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES
SHOULD BE DIRECTED TO THE PARTICIPANTS&rsquo; PROXY SOLICITOR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 5pc; margin-top: 12pt">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>16</SUP></FONT> Bloomberg as of April 18, 2025. Stock price change represents the change from 12:02pm EST to 4pm EST.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>17</SUP></FONT> Bloomberg as of April 18, 2025.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The participants in the anticipated proxy solicitation
are OA, Pangaea Ventures, L.P., a Delaware limited partnership (&ldquo;Pangaea Ventures&rdquo;), Ortelius Advisors GP I, LLC, a Delaware
limited liability company (&ldquo;OA GP&rdquo;), Peter DeSorcy, Steven J. Insoft, Paula J. Poskon, Frank J. Small, Ivona Smith, Steven
L. Vick, and Lori B. Wittman.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of the date hereof, Pangaea Ventures directly owns
2,504,155 shares of Common Stock, par value $0.01 per share (the &ldquo;Common Stock&rdquo;), of the Company, 1,000 shares of which are
held in record name. OA, as the investment advisor and manager of Pangaea Ventures, beneficially owns the 2,504,155 shares of Common Stock
owned by Pangaea Ventures. OA GP, as the general partner of Pangaea Ventures, beneficially owns the 2,504,155 shares of Common Stock owned
by Pangaea Ventures. Mr. DeSorcy, as the control person of OA, beneficially owns the 2,504,155 shares of Common Stock owned by Pangaea
Ventures. As of the date hereof, Messrs. Insoft, Small, and Vick and Mses. Poskon, Smith, and Wittman do not beneficially own any shares
of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: #FEFEFE"><B><U>About Ortelius Advisors, L.P.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: #FEFEFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Ortelius is a research-intensive, fundamental-based, activist-oriented
alternative investment management firm focused on event-driven opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>Contacts</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">Stockholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: #FEFEFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: #FEFEFE">Saratoga Proxy Consulting LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: #FEFEFE">John Ferguson &amp; Joseph Mills</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: #FEFEFE">(212) 257-1311/(888) 368-0379<BR>
info@saratogaproxy.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: #FEFEFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: #FEFEFE">Media:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: #FEFEFE">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: #FEFEFE">Gagnier Communications</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: #FEFEFE">Dan Gagnier &amp; Riyaz Lalani</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: #FEFEFE">(646) 569-5897</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: #FEFEFE">ortelius@gagnierfc.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: #FEFEFE">&nbsp;</P>

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